IMAGE RESOURCES NL — Major Shareholding Notification 2005

Feb 8, 2005

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

IMAGE RESOURCES NL To_Company Name/Scheme
ACN/ARSN	063 977 579
1. Details of substantial holder (1)
Name	GEORGE SAKALIDIS
ACN/ARSN (if applicable)
There was a change in the interests of the substantial holder on	31/01/2005
The previous notice was given to the company on	01/04/2003
The previous notice was dated	02/04/2003

2. Previous and present voting power

The total number of votes attached to all the voting 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 required, to give a substantial holding notice to the company or scheme, are as follows:

Class of securities (4)	Previous notice		Present notice
	Voting power (5) Person's votes		Person's votes	Voting power (5)
SHARES ORD	6,098,370	12.52	6,732,770	12.08

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 or 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
Refer to Annexure

4. Present relevant interests

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

Holder of	Registered holder	Person entitled to be	Nature of relevant	Class and number	Person's votes
relevant	of securities	registered as holder	interest (6)	of securities
interest
George	George	George	Direct	Ordinary
Sakalidis	Sakalidis	Sakalidis		Shares	6,732,770

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
NOT APPLICABLE

6. Addresses

The addresses of persons named in this form are as follows:

Name	Address
George Sakalidis	33 Rule Street NORTH FREMANTLE WA 6159

Signature

print name	Rudolf Tieleman	capacity	Company Secretary
sign here		date	09/02/2005

DIRECTIONS

$(1)$ If there are a number of substantial 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 annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 6 of the form.

• See the definition of "relevant interest" in sections 608 and 671B(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 votes divided by the total votes in the body corporate or scheme multiplied by 100. $(5)$
• $(6)$ Include details of:
• any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) $(a)$ applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and 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 $(b)$ disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant 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 relevant interest was acquired $(7)$ has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.
• If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write $(8)$ "unknown"
• Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice. $(9)$

See the definition of "associate" in section 9 of the Corporations Act 2001. $(2)$

FORM 604

NOTICE OF CHANGE OF INTEREST OF SUBSTANTIAL HOLDER

ANNEXURE 1

CHANGE IN RELEVANT INTERESTS:

Date of Change	Person whose relevant interest changed	Nature of change		Consideration given in relation to change	Class and number of securities affected		Person's votes affected
1/05/2003	George Sakalidis	Purchase on market	\$	500	Ordinary shares	5,000	5,000
22/05/2003	George Sakalidis	Purchase on market	\$	5,750	Ordinary shares	50,000	50,000
1/08/2003	George Sakalidis	Purchase on market	\$	8,100	Ordinary shares	54,000	54,000
9/09/2003	George Sakalidis	Purchase on market	\$	2,300	Ordinary shares	10,000	10,000
19/12/2003	George Sakalidis	Purchase on market	\$	6,700	Ordinary shares	20,000	20,000
22/12/2003	George Sakalidis	Purchase on market	\$	7,820	Ordinary shares	23,000	23,000
23/12/2003	George Sakalidis	Purchase on market	\$	2,586	Ordinary shares	8,200	8,200
24/12/2003	George Sakalidis	Purchase on market	\$	2,728	Ordinary shares	7,964	7,964
31/12/2003	George Sakalidis	Purchase on market	\$	692	Ordinary shares	2,036	2,036
5/01/2004	George Sakalidis	Purchase on market	\$	6,650	Ordinary shares	20,000	20,000
6/01/2004	George Sakalidis	Purchase on market	\$	665	Ordinary shares	2,000	2,000
8/01/2004	George Sakalidis	Purchase on market	\$	15,500	Ordinary shares	50,000	50,000
14/07/2004	George Sakalidis	Purchase on market	\$	4,200	Ordinary shares	10,000	10,000
16/07/2004	George Sakalidis	Purchase on market	\$	1,025	Ordinary shares	2,500	2,500
23/07/2004	George Sakalidis	Purchase on market	\$	830	Ordinary shares	2,000	2,000
26/07/2004	George Sakalidis	Purchase on market	\$	1,400	Ordinary shares	3,500	3,500
26/07/2004	George Sakalidis	Purchase on market	\$	1,400	Ordinary shares	3,500	3,500
27/07/2004	George Sakalidis	Purchase on market	\$	600	Ordinary shares	1,500	1,500
2/08/2004	George Sakalidis	Purchase on market	\$	2,507 760	Ordinary shares	6,776	6,776
8/09/2004 9/09/2004	George Sakalidis George Sakalidis	Purchase on market Purchase on market	\$ \$	740	Ordinary shares Ordinary shares	2,000 2,000	2,000 2,000
6/08/2004	George Sakalidis	Purchase on market	\$	1,193	Ordinary shares	3,224	3,224
29/09/2004	George Sakalidis	Purchase on market	\$	1,950	Ordinary shares	5,000	5,000
6/10/2004	George Sakalidis	Purchase on market	\$	2,125	Ordinary shares	5,000	5,000
12/10/2004	George Sakalidis	Purchase on market	\$	4,620	Ordinary shares	12,000	12,000
13/10/2004	George Sakalidis	Purchase on market	\$	760	Ordinary shares	2,000	2,000
13/10/2004	George Sakalidis	Purchase on market	\$	527	Ordinary shares	1,506	1,506
14/10/2004	George Sakalidis	Purchase on market	\$	8,223	Ordinary shares	23,494	23,494
14/10/2004	George Sakalidis	Sell on market	-\$	9,000	Ordinary shares	25,000	25,000
	28/10/2004 George Sakalidis	Purchase on market	\$	20,400	Ordinary shares	60,000	60,000
		24/11/2004 George Sakalidis Purchase on market	\$	19,462	Ordinary shares	51,000	51,000
25/11/2004	George Sakalidis	Purchase on market	\$	1,520	Ordinary shares	4,000	4,000
26/11/2004	George Sakalidis	Purchase on market	\$	4,000	Ordinary shares	10,000	10,000
1/12/2004	George Sakalidis	Purchase on market	\$	4,200	Ordinary shares	10,000	10,000
6/12/2004	George Sakalidis	Purchase on market	\$	6,225	Ordinary shares	15,000	15,000
	12/01/2005 George Sakalidis	Purchase on market	\$	13,840	Ordinary shares	35,000	35,000
	13/01/2005 George Sakalidis	Purchase on market	\$	21,790	Ordinary shares	54,200	54,200
14/01/2005		George Sakalidis Purchase on market	\$	8,700	Ordinary shares	22,000	22,000
		31/01/2005 George Sakalidis Purchase on market	\$	22,777	Ordinary shares	60,000	60,000
Totals			\$	206,764		634,400	634,400