IMAGE RESOURCES NL — Major Shareholding Notification 2009

May 31, 2009

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme Image Resources NL ACN/ARSN 063 977 579 1. Details of substantial holder (1) Name Cairnglen Investments Pty Ltd ( Cairnglen ) ACN/ARSN (if applicable) 006 643 769 There was a change in the interests of the substantial holder on 29 May 2009 The previous notice was given to the company on 19 October 2006 The previous notice was dated 19 October 2006

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	Previous notice	Present notice	Present notice
	Person’s votes	Voting power (5)	Person’s votes	Voting power (5)
Ordinary	7,847,330	10.62%	8,023,473	9.43%

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
20.10.06 – 20.05.09	Cairnglen	Various on- market purchases	-	2,907,475 ORD	2,907,475
23.10.06 – 04.03.09	Cairnglen	Various on- market sales	-	(3,981,475) ORD	(3,981,475)
17.09.07	Cairnglen	Participation in share placement	$2,000,000	1,000,000 ORD	1,000,000
27.11.08	Cairnglen	Off-market transfer from Invia Custodian Pty Ltd (Invia)	-	5,093,338 ORD	5,093,338
27.11.08	Invia	Off market transfer to Cairnglen	-	(5,093,338) ORD	(5,093,338)

mASIC Form 604 - Peter Woodford - Image 28 05 09.DOC/TP

29.05.09	Cairnglen	Cairnglen	Participation in share placement	Participation in share placement	$137,500	$137,500	250,000 ORD	250,000 ORD	250,000	250,000
relevant interests f each relevant interest of the substantial holder in voting securities after the change are as follows:
Holder of relevant interest		Registered holder of securities		Person entitled to be registered as holder (8)		Nature of relevant interest (6)		Class and number of securities		Person’s votes
Cairnglen		Cairnglen		Cairnglen		-		8,023,473		9.43%

4. Present relevant interests

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

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:

Name	Address
Cairnglen	Level 3, 15 Queen Street, Melbourne
Invia	C/- Goldman Sachs JB Were, 101 Collins Street, Melbourne

Signature

print name PETER J. WOODFORD capacity DIRECTOR sign here Date 1 June 2009

ASIC Form 604 - Peter Woodford - Image 28 05 09.DOC