INSIGNIA FINANCIAL LTD — Major Shareholding Notification 2008

Oct 30, 2008

Form 604 Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To: Mermaid Marine Australia Limited ACN: 083 185 693 ASX Code: MRM

1. Details of substantial holder

Name: IOOF Holdings Limited ACN: ACN 100 103 722

This notice is given by IOOF Holdings Limited on behalf of itself and its subsidiaries.

There was a change in the interest of the substantial holder on: 29/10/08 The previous notice was given to the company on: 30/10/08 The previous notice was dated: 28/10/08

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 had a relevant interest 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	Previous notice		Present notice
	Person's votes	Voting Power	Person's votes	Voting Power
Ordinary	12,198,035	6.691%	16,830,923	9.233%

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	Person	Nature	Consideration	Class & number (ord)	Person's votes
29/10/2008	Perennial InvestmentPartners Limited (ACN 087901620)	Purchased on market	$5,364,299.53	4,632,888	4,632,888

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4. Present Relevant Interests

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

are as follows:
Holder	Registered holder of securities	Person Entitled to be holder	Nature of relevant interest	Class & Number (Ord)	Person's votes
Perennial Investment Partners Limited (ACN 087 901620)	State Street		InvestmentManager	1,128,574	1,128,574
Perennial Investment Partners Limited (ACN 087 901620)	NAB Custodian Services		InvestmentManager	5,779,793	5,779,793
Perennial Investment Partners Limited (ACN 087 901 620)	JP Morgan		Investment Manager	3,283,088	3,283,088
Perennial Investment Partners Limited (ACN 087 901620)	Citigroup		InvestmentManager	6,148,651	6,148,651
Perennial Investment Partners Limited (ACN 087 901 620)	BNP		Investment Manager	490,817	490,817

5. Changes in association

The persons who have become associates of, ceased to be associates of, or have changed the nature of their association with, the substantial holder in relation to voting interests in the company or scheme are as follows:

company or scheme are as follows:
Name & ACN	Nature of association
Not applicable

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6. Addresses

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

Name	Address
IOOF Holdings Limited	Level 29,303 Collins Street Melbourne Victoria 3000
Perennial Investment Partners Limited	Level 29, 303 Collins Street Melbourne Victoria 3000
Mermaid Marine Australia Limited	Eagle Jetty, 20 Mews Road Fremantle WA 6160