IRON ROAD LIMITED — Major Shareholding Notification 2011

May 3, 2011

Form 604 Corporations Act 2001 Section 671B

Notice of change in interests of substantial holder

To: Company Name/Scheme IRON ROAD LIMITED _______ ACN/ARSN 128 698 108__________

1. Details of substantial holder (1)

Name SENTIENT EXECUTIVE GP II, LIMITED__________

ACN/ARSN (if applicable) __________

There was a change in the interests of the substantial holder on 02 / 05 / 2011 The previous notice was given to the company on 01 / 09 / 2010 The previous notice was dated 01 / 09/ 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:

Class of securities (4)	Previous notice		Present notice
	Person’svotes	Voting power(5)	Person’svotes	VotingPower(5)
Ordinary shares	21,609,053	27.91%	33,178,330	29.18%

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 relevant interest changed	Nature of change (6)	Consideration given in relation to change (7)	Class and number of securities affected	Person’s votes affected
20/09/2010	SENTIENT EXECUTIVE GP II, LIMITED	ON-MARKET SHARE PURCHASES	$8,840	19,217	19,217
21/09/2010	SENTIENT EXECUTIVE GP II, LIMITED	ON-MARKET SHARE PURCHASES	$4,950	10,000	10,000
22/09/2010	SENTIENT EXECUTIVE GP II, LIMITED	ON-MARKET SHARE PURCHASES	$9,653	19,500	19,500
23/09/2010	SENTIENT EXECUTIVE GP II, LIMITED	ON-MARKET SHARE PURCHASES	$113,585	211,283	211,283
24/09/2010	SENTIENT EXECUTIVE GP II, LIMITED	ON-MARKET SHARE PURCHASES	$94,864	173,725	173,725
30/09/2010	SENTIENT EXECUTIVE GP II, LIMITED	EXERCISE OF LISTED OPTIONS	$728,565	3,642,826	3,642,826

Date of change	Person whose relevant interest changed	Nature of change (6)	Consideration given in relation to change (7)	Class and number of securities affected	Person’s votes affected
30/09/2010	SENTIENT EXECUTIVE GP II, LIMITED	EXERCISE OF UNLISTED OPTIONS	$200,000	1,000,000	1,000,000
16/12/2010	SENTIENT EXECUTIVE GP II, LIMITED	BY AGREEMENT (PLACING OFFER)	$244,970	445,401	445,401
16/12/2010	SENTIENT EXECUTIVE GP III, LIMITED	BY AGREEMENT (PLACING OFFER)	$2,491,052	4,529,185	4,529,185
13/04/2011	SENTIENT EXECUTIVE GP III, LIMITED	ON-MARKET SHARE PURCHASES	$88,325	87,800	87,800
14/04/2011	SENTIENT EXECUTIVE GP III, LIMITED	ON-MARKET SHARE PURCHASES	$68,221	66,847	66,847
15/04/2011	SENTIENT EXECUTIVE GP III, LIMITED	ON-MARKET SHARE PURCHASES	$198,378	198,436	198,436
18/04/2011	SENTIENT EXECUTIVE GP III, LIMITED	ON-MARKET SHARE PURCHASES	$128,988	129,037	129,037
19/04/2011	SENTIENT EXECUTIVE GP III, LIMITED	ON-MARKET SHARE PURCHASES	$77,727	77,880	77,880
20/04/2011	SENTIENT EXECUTIVE GP III, LIMITED	ON-MARKET SHARE PURCHASES	$80,460	80,000	80,000
21/04/2011	SENTIENT EXECUTIVE GP III, LIMITED	ON-MARKET SHARE PURCHASES	$33,000	33,000	33,000
27/04/2011	SENTIENT EXECUTIVE GP III, LIMITED	ON-MARKET SHARE PURCHASES	$111,975	112,000	112,000
28/04/2011	SENTIENT EXECUTIVE GP III, LIMITED	ON-MARKET SHARE PURCHASES	$113,382	114,224	114,224
29/04/2011	SENTIENT EXECUTIVE GP III, LIMITED	ON-MARKET SHARE PURCHASES	$213,044	216,183	216,183
02/05/2011	SENTIENT EXECUTIVE GP III, LIMITED	ON-MARKET SHARE PURCHASES	$396,567	402,733	402,733

4. Present relevant interests Particulars of each relevant interest of the	4. Present relevant interests Particulars of each relevant interest of the	substantial holder in voting securities after the change are as follows:	substantial holder in voting securities after the change are as follows:	substantial holder in voting securities after the change are as follows:
Holder of relevant interest	Registered holder of securities	Person entitled to be registered asholder(8)	Nature of relevant interest (6)	Class and number ofsecurities	Person’s votes
SENTIENT EXECUTIVE GP II, LIMITED	SENTIENT EXECUTIVE GP II, LIMITED	SENTIENT EXECUTIVE GP II, LIMITED	BY AGREEMENT	27,131,005	27,131,005
SENTIENT EXECUTIVE GP III, LIMITED	SENTIENT EXECUTIVE GP III, LIMITED	SENTIENT EXECUTIVE GP III, LIMITED	BY AGREEMENT	6,047,325	6,047,325

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/ARSN (if applicable) Nature of association

6. Addresses

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

The addresses of persons named in this form are as follows:
Name	Address
SENTIENT EXECUTIVE GP II, LIMITED	LANDMARK SQUARE, 64 EARTH CLOSE, WEST BAY BEACH SOUTH, PO BOX 10795, GRAND CAYMAN KY1-1007, CAYMAN ISLANDS
SENTIENT EXECUTIVE GP III, LIMITED	LANDMARK SQUARE, 64 EARTH CLOSE, WEST BAY BEACH SOUTH, PO BOX 10795, GRAND CAYMAN KY1-1007, CAYMAN ISLANDS

Signature print name sign here	PETER JAMES CASSIDY capacity date	DIRECTOR
		_____ 03 / 05 / 2011

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 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 Act 2001.

• (3) See the definition of “relevant interest” in sections 608 and 671B(7) of the Corporations Act 2001.

• (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 Act 2001.

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