IMAGE RESOURCES NL — Major Shareholding Notification 2003

Aug 20, 2003

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TIELEMAN AND CO

01/04 PAGE

CAIRNGLEN INVESTMENTS PTY. LTD.

ACN 006 643 769

FACSIMILE

Rudolf Tieleman To: Image Resources NL 08 9316 0046 Facsimile:

Peter J. Woodford From: Facsimile 03 9620 9077 03 9620 9211 Phone

Thursday August 21, 2003 Date:

Rudolf

Attached is a change in Substantial Shareholding in Image Resources N.L. for Cairnglen Investments Pty. Ltd.

Kind regards

Quelis

Peter J. Woodford Director Cairnglen Investments Pty. Ltd.

/08/2003	13:52 raa vi	61893160046 E 15 L ista - Ha uluwan	TIELEMAN AND CO		PAGE	02/04
		TRESS COCKS & MADDOX
		LAWYERS, AUSTRALIA SYDNEY & MELBOURNE & BRISBANE
		FACSIMILE TRANSMISSION
			ATTENTION:
	To:	ASX Company Announcements 1900 999 279
	FAX NO:		OUR REF:	GRH:AZG:10865
	DATE:	20 August 2003	NO OF PAGES:	(incl this page) -3
	FROM:	Alfonso Grillo
	RE:	Image Resources NL
		We act for Cairnglen Investments Pty Ltd.
		We enclose Notice of Change of Interests of Substantial Holder in respect of Image
	Resources NL.
	Yours faithfully	TRESS COCKS & MADDOX
		$-$ ful
	Alfonso Grillo Senior Associate
		Email: Alfonso Grillo@tcm.com.au
	m39488_1,DOC/AG
		IMPORTANT CONFIDENTIALITY NOTICE
		THIS FACSIMILE CONTAINS CONFIDENTIAL INFORMATION WHICH IS INTENDED ONLY FOR USE BY THE ADDRESSEE. IF YOU HAVE RECEIVED
		THIS FACSIMILE IN ERROR YOU ARE ADVISED THAT COMYING, DISTRIBUTING, DISCLOSING OR OTHERWISE ACTING IN RELIANCE UPON THIS IF YOU ARE NOT THE INTEMPED RECIPIENT COULD YOU PLEASE NOTIFY US IMMEDIATELY	FACSIMILE IS STRICTLY PROHIBITED.
		PLEASE TELEPHONE, QUOTING MESSAGE NUMBER IF ANY OF THIS TRANSMISSION FAILED OR WAS MISOIRECTED. THANK YOU,
		LEVEL 9, 469 LATROBE STREET, MELBOURNE VIC 3000 AUSTRALIA POSTAL ADDRESS: PO BOX 13072, LAW COURTS PO, MELBOURNE VIC 8016 AUSTRALIA TELEPHONE: (03) 9602-9444: DX: 402 MELBOURNE FAX: (03) 9642-0382

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604 Page 1/2 15 July 2001

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

Company Name/Scheme ľΩ	Image Resources NL
ACN/ARSN 1. Details of substantial holder (1)	063 977 579
Name ACNIARSN (if applicable)	Calmgten Investments Pty Ltd 006 643 769
There was a change in the interests of the
substantial holder on	19 August 2003 4 July 2002
The previous notice was given to the company on	4 July 2002
The previous notice was dated

2. Previous and present voting power

The total number of votes attached to all the volting shares in the company or voting interests in the scheme that the substantial
holder or an associate (2) had a relevant interest (3) in when last required, and when now

Class of securities (4)	Previous notice		'Present notice
	' Person's votes	Voting power (5)	Person's votes	Voting power (5)
Ordinary	6,033,338	12.38%	6.665.590	13.69%

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company of scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of change	Person whose relevant interest changed	Nature of change (6)	Consideration given in relation to change (7)	Class and number of securities affected	Person's votes affected
5/6/2002 ю 19/8/2003	Cairnglen	Various GU. market purchases & sales		632,252	632,252

4. Present relevant Interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder of relevant interest	Registered holder of sacurities	Person entitled to be registered as holder (8)	Nature of relevant interest (6)	Class and number of securities	Person's votes
Invia Custodian Ltd Pty	tnvla	Caimgien		4,533,338	9.31%
(lnvia) Calmolen	Caimglen	Caimglen		2,132,252	4.38%

21/08/2003 13:52	61893160046
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15 July 2001 604 Page 2/2 5. Changes in association The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows: Name and ACN/ARSN (if applicable) Nature of association 6. Addresses The addresses of persons named in this form are as follows: Address Name Level 3, 15 Queen Strast, Melbourne Calmglen C/- JB Were & Son, 101 Collins Street, Melbourne Invia Signature capacity DIRECTOR DR PETER WOODFORD print name $21/8/03$ date ÷. sian here DIRECTIONS If there are a number of subtiential holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager
and trustee of an equity trust), the names could be included in an an $(1)$ See the definition of 'associate' in section 9 of the Corporations Act 2001, $\left( 2\right)$ See the definition of 'relevant interest' in sections 606 and 871B(7) of the Corporations Act 2001. $(3)$ The voting shares of a company constitute one class unless divided into separate classes. $(4)$ The person's votas divided by the total votas in the body corporate or scheme multiplied by 100. (6) Include details of: (8) any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 6718(4) applies, a copy of any document setting out the terms of any relevant setting out the terms of $\left( a\right)$ accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement, and any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or $\phi$ disposal of the securities to which the relevant interest relates (indicating clearly the particular sacurities to which the qualification applies). See the definition of trelevant agreement in section 9 of the Corporations Act 2001. Details of the consideration must include any and all benefits, money and other, that any person from whom a relavant interest was acquired has,
Or may, become entitied to receive in relation to that acquisition. Details m $\sigma$ If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest anises because of an option) write 'unknown'. $(0)$ Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice. $\Theta$