TIVAN LIMITED — Major Shareholding Notification 2007

Nov 28, 2007

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme	TNG Limited
ACN/ARSN	000 817 023

1. Details of substantial holder (1)

Name		RAB Special Situations (Master) Fund Limited
ACN/ARSN (if applicable)	(A Cayman Islands Reqistered Company)
There was a change in the interests of the substantial holder on		13/11/2007
The previous notice was given to the company on		03/10/2007

The previous notice was dated $03/10/2007$

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 Class of securities (4)		Present notice
	Person's votes	Voting power (5)	Person's votes	Voting power (5)
Ordinary shares	19,133,038	10.5%	24,020,338	13.15%

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
Please see attached schedule

4. Present relevant interests

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

Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder (8)	Nature of relevant interest (6)	Class and number of securities	Person's votes
RAB Special Situations (Master) Fund Limited	HSBC Custody Nominees (Australia) Limited	HSBC Custody Nominees (Australia) Limited	Beneficial holder	24,020,338 ordinary shares	24,020,338

_________	_________			--------	.
	.	_________		______ __	---
	,我们也不能会不能会不能会不能会不能会不能会不能会不能会不能会不能会不能会不能会不能会不		________		_________

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:

Name	Address
HSBC Custody Nominees (Australia) Limited	GPO Box 5302, Sydney NSW 2000
RAB Special Situations (Master) Fund Limited	C/O RAB Capital plc, 1 Adam Street, London, WC2N 6LE, UK

Signature

print name	Alex Worner	Solicitor capacity
sign here		date $\sigma$

DIRECTIONS

• If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the $(1)$ 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.
• See the definition of "associate" in section 9 of the Corporations Act 2001. $(2)$
• $(3)$ 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.
• The person's votes divided by the total votes in the body corporate or scheme multiplied by 100. $(5)$
• Include details of: $(6)$
• any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) $(a)$ 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
• any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or $(b)$ 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.

• Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired $(7)$ 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.
• If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write $(8)$

"unknown".

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

Schedule to Form 604

Date of change	Person whose relevant interest changed	Nature of change	Consideration given in relation to change (A\$)	Class and number of securities affected	Person's votes affected
13/09/2007	RAB Special Situations (Master) Fund Limited	Purchase of 448,129 Ordinary Shares	267,983.22	448,129 Ordinary Shares	RAB Special Situations (Master) Fund Limited
14/09/2007	RAB Special Situations (Master) Fund Limited	Purchase of 370,500 Ordinary Shares	222,744.60	370,500 Ordinary Shares	RAB Special Situations (Master) Fund Limited
17/09/2007	RAB Special Situations (Master) Fund Limited	Purchase of 263,826 Ordinary Shares	158,612.19	263,826 Ordinary Shares	RAB Special Situations (Master) Fund Limited
18/09/2007	RAB Special Situations (Master) Fund Limited	Purchase of 257,876 Ordinary Shares	155,035.05	257,876 Ordinary Shares	RAB Special Situations (Master) Fund Limited
19/09/2007	RAB Special Situations (Master) Fund Limited	Purchase of 116,764 Ordinary Shares	70,198.52	116,764 Ordinary Shares	RAB Special Situations (Master) Fund Limited
20/09/2007	RAB Special Situations (Master) Fund Limited	Purchase of 75,000 Ordinary Shares	45,090.00	75,000 Ordinary Shares	RAB Special Situations (Master) Fund Limited
21/09/2007	RAB Special Situations (Master) Fund Limited	Purchase of 150,550 Ordinary Shares	90,510.66	150,550 Ordinary Shares	RAB Special Situations (Master) Fund Limited
24/09/2007	RAB Special Situations (Master) Fund Limited	Purchase of 419,855 Ordinary Shares	252,416.82	419,855 Ordinary Shares	RAB Special Situations (Master) Fund Limited
08/10/2007	RAB Special Situations (Master) Fund Limited	Purchase of 87,300 Ordinary Shares	52,484.76	87,300 Ordinary Shares	RAB Special Situations (Master) Fund Limited
09/10/2007	RAB Special Situations (Master) Fund Limited	Purchase of 100,000 Ordinary Shares	60,120	100,000 Ordinary Shares	RAB Special Situations (Master) Fund Limited

Schedule to Form 604

Date of change	Person whose relevant interest changed	Nature of change	Consideration given in relation to change (A\$)	Class and number of securities affected	Person's votes affected
10/10/2007	RAB Special Situations (Master) Fund Limited	Purchase of 63,484 Ordinary Shares	38,166.58	63.484 Ordinary Shares	RAB Special Situations (Master) Fund Limited
11/10/2007	RAB Special Situations (Master) Fund Limited	Purchase of 36,516 Ordinary Shares	21,953.42	36,516 Ordinary Shares	RAB Special Situations (Master) Fund Limited
12/10/2007	RAB Special Situations (Master) Fund Limited	Purchase of 26,999 Ordinary Shares	16,231.80	26,999 Ordinary Shares	RAB Special Situations (Master) Fund Limited
15/10/2007	RAB Special Situations (Master) Fund Limited	Purchase of 163,701 Ordinary Shares	98,417.04	163,701 Ordinary Shares	RAB Special Situations (Master) Fund Limited
23/10/2007	RAB Special Situations (Master) Fund Limited	Purchase of 409,300 Ordinary Shares	246,071.16	409,300 Ordinary Shares	RAB Special Situations (Master) Fund Limited
13/11/2007	RAB Special Situations (Master) Fund Limited	Purchase of 4,000,000 Ordinary Shares	2,200,000	4,000,000 Ordinary Shares	RAB Special Situations (Master) Fund Limited