INSIGNIA FINANCIAL LTD — Major Shareholding Notification 2011

Oct 20, 2011

Form 604 Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To: Tox Free Solutions Limited ACN: 058 596 124 ASX Code: TOX

1. Details of substantial holder

Name: IOOF Holdings Limited 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: 18/10/2011 The previous notice was given to the company on: 11/07/2011 The previous notice was dated: 07/01/2011

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	12,033,122	12.469%	11,031,900	11.432%

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:

Please note this includes the share dilution as a result of the Waste Solutions acquisition.

2

Date	Person	Nature	Consideration	Class & number (ord)	Person's votes
19/07/2011	Perennial Investment Partners Limited (ACN 087 901620)	Purchased on market	$ 8,850.33	4,414	4,414
28/07/2011	Perennial Investment Partners Limited (ACN 087 901620)	Sold on market	-$ 266,159.31	- 127,064	- 127,064
29/07/2011	Perennial Investment Partners Limited (ACN 087 901620)	Sold on market	-$ 21,841.30	- 10,427	- 10,427
5/08/2011	Perennial Investment Partners Limited (ACN 087 901620)	Purchased on market	$ 108,726.79	57,272	57,272
8/08/2011	Perennial Investment Partners Limited (ACN 087 901620)	Purchased on market	$ 44,316.30	23,513	23,513
9/08/2011	Perennial Investment Partners Limited (ACN 087 901620)	Purchased on market	$ 21,272.84	11,941	11,941
10/08/2011	Perennial Investment Partners Limited (ACN 087 901620)	Purchased on market	$ 85,813.22	45,839	45,839
11/08/2011	Perennial Investment Partners Limited (ACN 087 901620)	Purchased on market	$ 4,788.01	2,653	2,653
12/08/2011	Perennial Investment Partners Limited (ACN 087 901620)	Purchased on market	$ 56,448.94	29,635	29,635
15/08/2011	Perennial Investment Partners Limited (ACN 087 901620)	Purchased on market	$ 15,314.64	8,040	8,040
16/08/2011	Perennial Investment Partners Limited(ACN 087 901 620)	Purchased on market	$ 3,232.46	1,697	1,697
18/08/2011	Perennial Investment Partners Limited(ACN 087 901 620)	Purchased on market	$ 22,743.40	11,343	11,343
16/09/2011	Perennial Investment Partners Limited(ACN 087 901 620)	Sold on market	-$ 127,526.03	- 59,170	- 59,170
29/09/2011	Perennial Investment Partners Limited(ACN 087 901 620)	Purchased on market	$ 60,572.87	28,500	28,500
4/10/2011	Perennial Investment Partners Limited(ACN 087 901 620)	Purchased on market	$ 3,975.37	1,900	1,900
18/10/2011	Perennial Investment Partners Limited(ACN 087 901 620)	Transition to another Manager	$-	- 1,031,308	- 1,031,308

4. Present Relevant Interests

Particulars of each relevant interest of the substantial holder in voting securities after the change 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 087 901 620)	Northern Trust		InvestmentManager	2,437,242	2,437,242
Perennial Investment Partners Limited (ACN 087 901620)	NAB Asset Servicing		InvestmentManager	3,785,093	3,785,093
Perennial Investment	JP Morgan		InvestmentManager

3

			128,258	128,258
Citigroup		Investment Manager	2,131,932	2,131,932
BNP		InvestmentManager	2,549,375	2,549,375

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:

Name & ACN	Nature of association
Not applicable

6. Addresses

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

Name	Address
Tox Free Solutions Limited	Suite 1A, 1050 Hay Street West Perth, WA 6872
Perennial Investment Partners Limited	Level 24, 303 Collins Street, Melbourne Victoria, 3000
IOOF Holdings Limited	Level 6, 161 Collins Street Melbourne VIC 3000