IODM LIMITED — Major Shareholding Notification 2012

Mar 15, 2012

Form 604

Corporations Law Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme	_____Paradigm Metals Limited	_____Paradigm Metals Limited	_
ACN/ARSN	________________________________________________________________
1. Details of substantial holder (1)
Name	JPMorgan Chase & Co. and its affiliates
ACN (if applicable)	N/A_
There was a change in the interests of the
substantial holder on		02 / Dec/2010
The previous notice was given to the company on		08/ Jul /2010
The previous notice was dated		08/ Jul/ 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:

Previous notice		Present notice
Person’s votes	Voting power(5)	Person’s votes	Voting power(5)
8,000,000	7.64%	8,000,000	5.37%

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 of change	Person whose relevantinterest changed	Nature ofchange (6)	Considerationgiven in relationto change (7)	Class and number ofsecurities affected	Person’s votes affected
See Appendix	JP Morgan Metals &Concentrates LLC.	Change in ISC	See Appendix	8,000,000Ordinary Shares	8,000,000

4. Present relevant interests

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

Holder ofrelevant interest	Registeredholder ofsecurities	Person entitledto be registeredas holder(8)	Nature ofrelevantinterest(6)	Class andnumber ofsecurities	Person’s votes
See Appendix	JP Morgan Metals &Concentrates LLC.		In its capacity asinvestment manager orin various other relatedcapacities	8,000,000OrdinaryShares	8,000,000

Paradigm Metals Limited _Form 604 Page 1 of 2

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 follows:

Name and ACN (if applicable) Nature of association N/A

6. Addresses

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

Name Address JPMorgan Chase & Co. 111 Polaris Parkway, Columbus, Ohio 43240

Signature

print name Kezia Wong capacity JPMorgan Chase Bank, N.A. sign here date 16 / Mar / 2012 __________________________________________________________________________________________

DIRECTIONS

• (1) If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 6 of the form.

• (2) See the definition of “associate” in section 9 of the Corporations Law.

• (3) See the definition of “relevant interest” in sections 608 and 671B(7) of the Corporations Law.

• (4) The voting shares of a company constitute one class unless divided into separate classes.

• (5) The person’s votes divided by the total votes in the body corporate or scheme multiplied by 100.

• (6) Include details of:

  • (a) any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and

  • (b) any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of “relevant agreement” in section 9 of the Corporations Law.

• (7) Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

• (8) If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write “unknown”.

• (9) Given details, if appropriate, of the present association and any change in that association since the last substantial holding notice.

Paradigm Metals Limited _Form 604 Page 2 of 2

Paradigm Metals Limited AU000000PDM0	Paradigm Metals Limited AU000000PDM0	Appendix	Appendix	Appendix	Appendix	Appendix
Transaction dateEntityType of transactionCcyPriceQuantity		Total PositionsIssued share capital% OwnedJPM M&CLLCTotal
Balance as at 1 Jul 2010		8,000,000104,661,1197.64%8,000,0008,000,000
02-Dec-10Change in ISC-		8,000,000148,881,4925.37%--
Balance as at 2 Dec 2010		8,000,000148,881,4925.37%8,000,0008,000,000
"JPM M&C LLC" = JPMorgan Metals & Concentrates LLC

Paradigm Metals Limited - Appendix.xls