SIMS LIMITED — Major Shareholding Notification 2007

Mar 28, 2007

Form 604

Corporations Law Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme	Sims Group Limited
ACN/ARSN
1. Details of substantial holder (1)Name	M&G Investment Funds(1)
ACN/ARSN (if applicable)
There was a change in the interestsof the substantial holder on	26 March 2007
The previous notice was given to	26 July 2006
the company on
The previous notice was dated	26 July 2006

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 Security	Previous Notice		Present Notice
(4)	Person's voles	Voling Power (5)	Person's votes	Voting Power (5)
OrdinaryNPV Shares	6,300,000	5.06%	7.595.000	6.05%

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 interestchanged	Nature ofchange (6)	Consideration given inrelation to change (7)	Class and number ofsecurities affected	Person's votesaffected
	M&G InvestmentFunds $(1)$
		PLEASE SEE ANNEX 1(Below)

4. Present relevant interests

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

Holder of relevantinterest	Registered holder ofsecurities	Person entitled to beregistered as holder	Nature of relevantinterest	Class and numberof securities
M&G InvestmentFunds $(1)$	NortrustNoms Ltd A/CMEJ01	NortrustNoms Ltd A/CMEJ01		6,095,000
M&G InvestmentFunds $(1)$	NortrustNoms Ltd A/CMEN01	NortrustNoms Ltd A/CMEN01		1,500,000

The persons who have been 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:

$\cdots$.CAN/ARSNName andapplicable11	N 1-49$-1 - 1 - 1 - 1 - 1 = 1 - 1 - 1 = 1 - 1 = 1$association.٦Œ
No.⇜

7. Addresses

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

Name	Address
M&G Investment Funds(1)	Laurence Pountney Hill, London EC4R OHH, England
Nortrust Nominees	The Northern Trust Company, 50 Bank Street, CanaryWharf, London E14 5NO, England

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Signature

print name Emma Thompson

capacity Notifiables Administrator

sian here Emma Thompson date 28 March 2007

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 7 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.
• The total number of votes attached to all the voting shares in the company or voting interests in the scheme (if any) that the person or an associate has a relevant interest $(5)$ in.
• $(6)$ The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.
• Include details of: $(7)$
  • any relevant agreement or other circumstances by which the relevant interest was acquired. If subsection 671B(4) applies, a copy of any document setting out the $\langle a \rangle$ 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
  • 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 $(b)$ 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.

• $(8)$ 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".
• $(9)$ 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.

Annex 1: Transactions: 27 July 2006 to 26 March 2007

Holder of relevantinterest	Date ofacquisition	Consideration (9)		Class andnumber ofsecurities
		Cash	Non-cash	Ord NPV
M&G Investment Funds (1)	$14 - \text{AUG} - 06$	2,734,023		150,000
(Nortrust Noms Ltd A/CMEJ01)	$15 - AUG - 06$	3,623,939		200,000
	$18 - \text{AUG} - 06$	2,000,589		109,800
	$21 - AUG - 06$	750,729		40,200
	$23 - \text{AUG} - 06$	3,785,262		200,000
	25-AUG-06	845,947		45,000
	$28 - \text{AUG} - 06$	2,008,262		105,000
	29-AUG-06	1,953,212		100,000
	$13 - NOV - 06$	2,184,444		100,000
	$21 - FEB - 07$	3,322,598		150,000
	$26 - \text{MAR} - 07$	2,262,418		95,000