INSIGNIA FINANCIAL LTD — Major Shareholding Notification 2012

Feb 28, 2012

Form 605 Corporations Act 2001 Section 671B Notice of ceasing to be a substantial holder

To: Thorn Group Limited ACN: 072 507 147 ASX Code: TGA

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.

The holder ceased to be a substantial holder on: The previous notice was given to the company on: The previous notice was dated:

27/02/2012 02/02/2012 31/01/2012

2. 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 as follows:

Person	Nature	Consideration	Class &number(ord)	Person'svotes
Perennial Investment PartnersLimited (ACN 087 901620)	Sold on market	-$ 345,229.79	-201,388	-201,388

3. 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

2

4. Addresses

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

	Address
Thorn Group Limited	Level 1,47 Rickard Road, BankstownNSW, 2200
IOOF Holdings Limited	Level 6, 161 Collins StreetMelbourne VIC 3000
Perennial Investment Partners Limited	Level 29, 303 Collins StreetMelbourneVIC 3000