IMAGE RESOURCES NL — Major Shareholding Notification 2012

Nov 6, 2012

Form 604

Corporations Act 2001

Section 671B

Notice of change of interests of substantial holder

To	Company Name/Scheme	Image Resources NL
	ACN/ARSN 1. Details of substantial holder (1)	063 977 579 ×,
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	7 November 2012
	The previous notice was given to the company on	20 August 2010
	The previous notice was dated	20 August 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	6.153.940	7.13%	6,398,995	6.00%

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 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
13/03/12	Cairnglen	Acquisition of shares through placement	\$122,500	350,000 ordinary shares	350,000
31/07/12	Cairnglen	Acquisition of shares through placement	\$90,000	300,000 ordinary shares	300,000
06/09/10 - 7/11/12	Cairnglen	Various on-market sales and purchases	Various	(404, 945) ordinary shares	(404, 945)

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
Cairnolen	Cairnglen	Cairnglen		6.398.995	6.00%

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 fo

Name and ACN/ARSN (if applicable)	Nature of association
$\overline{\phantom{a}}$

6. Addresses

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

Name	Address
Cairnglen	Level 3, 15 Queen Street, Melbourne

Signature

print name PETER J. WOODFORD

capacity DIRECTOR

sign here

Term J. Woodpard Date 07/11/12

m811082_2.DOC/TP