TIVAN LIMITED — Major Shareholding Notification 2007

Jun 24, 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 Registered Company)
There was a change in the interests of the substantial holder on	10/06/2007

substantial holder on:	10/06/2007 ,,,,,,,,,,,,,,,,,,,,,,
The previous notice was given to the company on	19/02/2007 ,,,,,,,,,,,,,,,,,,,,,,
The previous notice was dated	19/02/2007

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:

Class of securities (4)	Previous notice		Present notice
	Person's votes	Voting power (5)	Person's votes	Voting power (5)
Ordinary Shares	11,927,138	11.748	24,065,338	13.22%

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	Person whose	Nature of change (6)	Consideration given in relation to change (7)	Class and number of securities	Person's votes affected
change	relevant interest changed			affected
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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	Westpac Custodian Nominees Limited	Westpac Custodian Nominees Limited	Beneficial holder	24,065,338 Ordinary Shares	24.065.338

Property
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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
	SEAL ARCHITECT COMMUNISTICATE AREA ARCHITECT ARCHITECT CONTAINING A ANTIFICITION OF CONSULTANCE ARE

6. Addresses

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

Name	Address
Westpac Custodian Nominees Limited	275 Kent Street, Sydney, Australia
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 22 7 $\sqrt{2}$ $-6$ $-$

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.
• See the definition of "associate" in section 9 of the Corporations Act 2001. $(2)$
• See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001. $(3)$
• The voting shares of a company constitute one class unless divided into separate classes. $(4)$
• $(5)$ The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.
• 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
• $(b)$ 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.

• Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired $(T)$ 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 (eq. if the relevant interest arises because of an option) write $(R)$

"unknown".

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

Date of change	Person whose relevant interest changed	Nature of change	Consideration given in relation to change (AS)	Class and number of securities affected	Person's votes affected
13/04/2007	RAB Special Situations (Master) Fund Limited	Sale 96,448 Ordinary Shares	$\sigma$ f 42,352.25	96,448 Ordinary Shares	RAB Special Situations (Master) Fund Limited
16/04/2007	RAB Special Situations (Master) Fund Limited	Sale 100,025 Ordinary Shares	$of \sqrt{ }43,972.88$	100,025 Ordinary Shares	RAB Special Situations (Master) Fund Limited
17/04/2007	RAB Special Situations (Master) Fund Limited	Sale 13,550 Ordinary Shares	$\sigma$ 5,950.08	13,550 Ordinary Shares	RAB Special Situations (Master) Fund Limited
18/04/2007	RAB Special Situations (Master) Fund Limited	Sale of 99,977 Ordinary Shares	43,901.90	99,977 Ordinary Shares	RAB Special Situations (Master) Fund Limited
19/04/2007	RAB Special Situations (Master) Fund Limited	of Sale 112,750 Ordinary Shares	49,510.78	112,750 Ordinary Shares	RAB Special Situations (Master) Fund Limited
20/04/2007	RAB Special Situations (Master) Fund Limited	of Sale 63,250 Ordinary Shares	27,774.34	63,250 Ordinary Shares	RAB Special Situations (Master) Fund Limited

23/04/2007	RAB Special Situations (Master) Fund Limited	Sale 14,000 Ordinary Shares	$\sigma$	6,217.54	14,000 Ordinary Shares	RAB Special Situations (Master) Fund Limited
24/04/2007	RAB Special Situations (Master) Fund Limited	Sale 140,000 Ordinary Shares	of	62,874.00	140,000 Ordinary Shares	RAB Special Situations (Master) Fund Limited
26/04/2007	RAB Special Situations (Master) Fund Limited	Sale 26,8910 Ordinary Shares	οf	120,800.49	26,8910 Ordinary Shares	RAB Special Situations (Master) Fund Limited
07/05/2007	RAB Special Situations (Master) Fund Limited	Sale 41,090 Ordinary Shares	$\sigma$ f	18,453.52	41,090 Ordinary Shares	RAB Special Situations (Master) Fund Limited
08/05/2007	RAB Special Situations (Master) Fund Limited	Sale 145,000 Ordinary Shares	of	66,067.64	145,000 Ordinary Shares	RAB Special Situations (Master) Fund Limited
10/05/2007	RAB Special Situations (Master) Fund Limited	Purchase 7,000,000 Ordinary Shares	of	2,870,000	7,000,000 Ordinary Shares	RAB Special Situations (Master) Fund Limited
15/05/2007	RAB Special Situations (Master) Fund Limited	Sale 17,866 Ordinary Shares	of	9,093.44	17,866 Ordinary Shares	RAB Special Situations (Master) Fund Limited

16/05/2007	RAB Special Situations (Master) Fund Limited	of Sale 50,000 Ordinary Shares	25,449.00	50,000 Ordinary Shares	RAB Special Situations (Master) Fund Limited
18/05/2007	RAB Special Situations (Master) Fund Limited	Sale 50,000 Ordinary Shares	of $25,449.00$	50,000 Ordinary Shares	RAB Special Situations (Master) Fund Limited
22/05/2007	RAB Special Situations (Master) Fund Limited	Sale 50,000 Ordinary Shares	of $25,449$	50,000 Ordinary Shares	RAB Special Situations (Master) Fund Limited
23/05/2007	RAB Special Situations (Master) Fund Limited	Sale of 9.859 Ordinary Shares	5,018.03	9.859 Ordinary Shares	RAB Special Situations (Master) Fund Limited
30/05/2007	RAB Special Situations (Master) Fund Limited	Sale of 15,000 Ordinary Shares	7,634.70	15,000 Ordinary Shares	RAB Special Situations (Master) Fund Limited
31/05/2007	RAB Special Situations (Master) Fund Limited	Sale 57,275 Ordinary Shares	of $29,151.83$	57,275 Ordinary Shares	RAB Special Situations (Master) Fund Limited
5/06/2007	RAB Special Situations (Master) Fund Limited	οf Sale 285,000 Ordinary Shares	160,830.94	285,000 Ordinary Shares	RAB Special Situations (Master) Fund Limited

07/06/2007	RAB Special Situations (Master) Fund Limited	Sale 55,000 Ordinary Shares	οf	31,287.30	55,000 Ordinary Shares	RAB Special Situations (Master) Fund Limited
08/06/2007	RAB Special Situations (Master) Fund Limited	Sale 154,765 Ordinary Shares	$\sigma$	88,039.62	154,765 Ordinary Shares	RAB Special Situations (Master) Fund Limited
12/06/2007	RAB Special Situations (Master) Fund Limited	Sale 75,235 Ordinary Shares	of 1	46,447.89	75,235 Ordinary Shares	RAB Special Situations (Master) Fund Limited
13/06/2007	RAB Special Situations (Master) Fund Limited	Sale 395,000 Ordinary Shares	of	272,004.90	395,000 Ordinary Shares	RAB Special Situations (Master) Fund Limited
14/06/2007	RAB Special Situations (Master) Fund Limited	Sale 575,000 Ordinary Shares	of 1	419,886.04	575,000 Ordinary Shares	RAB Special Situations (Master) Fund Limited
15/06/2007	RAB Special Situations (Master) Fund Limited	Sale 325,000 Ordinary Shares		of 238,591.86	325,000 Ordinary Shares	RAB Special Situations (Master) Fund Limited
18/06/2007	RAB Special Situations (Master) Fund Limited	Sale 330,000 Ordinary Shares	$\sigma$ f	244,897.22	10,000,000 Ordinary	RAB Special Situations (Master) Fund Limited
18/06/2007	RAB Special	Purchase	$\sigma$	5,050,000	10,000,000	RAB

10,000,000 Situations Ordinary (Master) Fund Limited Shares	Ordinary Special Situations Shares (Master) Fund Limited
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