INSIGNIA FINANCIAL LTD — Major Shareholding Notification 2011

Aug 30, 2011

Form 604 Corporations Act 2001 Section 671B Notice of change of interests of substantial holder

To: PRIMEAG AUSTRALIA ACN: 127 984 123 ASX Code: PAG

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: 29/08/2011 The previous notice was given to the company on: 14/08/2011 The previous notice was dated: 12/08/2011

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	17,866,350	7.998%	17,618,219	6.613%

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:

A large portion of the % change is as a result of a change in the issued shares of the company

Person	Nature	Consideration	Class & number (ord)	Person's votes
Perennial Investment Partners Limited (ACN 087 901 620)	Purchased on market	$ 331.82	294	294

2

16/08/2011	Perennial Investment Partners Limited (ACN 087 901 620)	Sold on market	-$ 276,368.84	- 248,433	- 248,433
17/08/2011	Perennial Investment Partners Limited (ACN 087 901 620)	Sold on market	-$ 1,313.40	- 1,194	- 1,194
18/08/2011	Perennial Investment Partners Limited (ACN 087 901 620)	Purchased on market	$ 39.45	35	35
23/08/2011	Perennial Investment Partners Limited (ACN 087 901 620)	Sold on market	-$ 1,078.31	- 978	- 978
25/08/2011	Perennial Investment Partners Limited (ACN 087 901 620)	Purchased on market	$ 1,993.50	1,792	1,792
29/08/2011	Perennial Investment Partners Limited (ACN 087 901 620)	Purchased on market	$ 408.62	353	353
29/08/2011	IOOF Holdings Limited (ACN 100 103 722)	As a result of the shares issued by PAG in respect to the Retail Offer, IFL's % voting power reduced to 6.613%

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 901620)	NAB Asset Servicing		InvestmentManager	10,176,915	10,176,915
Perennial Investment Partners Limited (ACN 087 901620)	JP Morgan		Investment Manager	1,928,262	1,928,262
Perennial Investment Partners Limited (ACN 087 901 620)	JB WERE		Investment Manager	124,705	124,705
Perennial Investment Partners Limited (ACN 087 901620)	Citigroup		InvestmentManager	3,355,196	3,355,196
Perennial Investment Partners Limited (ACN 087 901620)	BNP		Investment Manager	2,033,141	2,033,141

5. Changes in association

3

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
IOOF Holdings Limited	Level 6, 161 Collins Street Melbourne Victoria 3000
Perennial Investment Partners Limited	Level 24, 303 Collins Street Melbourne Victoria 3000
PrimeAg Australia	78 West St, Toowoomba, QLD 4350