IMAGE RESOURCES NL — Major Shareholding Notification 2010

May 20, 2010

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 19 May 2010 The previous notice was given to the company on 1 June 2010 The previous notice was dated 1 June 2010

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
	Person’s votes	Voting power (5)	Person’s votes	Voting power (5)
Ordinary	8,023,473	9.43%	7,230,000	8.376%

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	Person whose	Nature of	Consideration	Class and	Person’s votes
change	relevant interest	change (6)	given in	number of	affected
	changed		relation to	securities
			change (7)	affected
01.06.09 –	Cairnglen	Various	-	(793,473) ORD	(793,473)
19.05.10		on-market sales
		and purchases

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	Person entitled	Nature of	Class and	Person’s votes
relevant	holder of	to be registered	relevant	number of
interest	securities	as holder (8)	interest (6)	securities
Cairnglen	Cairnglen	Cairnglen	-	7,230,000	8.376%

mIMA_2010 05 21_Form 604_Cairnglen.doc/TP/kp

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
-	-
eses of persons named in this form are as follows:
Name	Address
Cairnglen	Level 3, 15 Queen Street, Melbourne

6. Addresses

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

Signature

print name PETER J. WOODFORD capacity DIRECTOR sign here Date 21 May 2009

IMA_2010 05 21_Form 604_Cairnglen.doc