TIVAN LIMITED — Major Shareholding Notification 2009

Feb 5, 2009

604 Page 1 of 3 15 July 2001

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)

Namo		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		16/12/2008
The previous notice was given to the company on		02/10/2008
The previous notice was dated		02/10/2008

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 r company or scheme, are as follows:

Class of securities (4)	Previous netice			Present notice
	Person's votes	Voting power (5)	Person's votes	Voting power (5)
Ordinary shares	19,020,336	7.37	17,020,336	6.60x

3. Changes in relevant interests

Patticulars 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 chanced	Nature of change (6)	Consideration given in relation to change 71	Class and number of securities pifected	Person's votes affected
16/12/2008	RAB Special Situations (Master) Fund Limited	$B4$ le of 2,000.000 ordinary Shares	A\$45,908	2,000,000 ordinary Alares	RAB Special Situations (Master) Fund Limited

4. Present relevant interests

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

Holder of mlovani Intorest	Registered holder of securities	Person entitled to be registered as holder (8)	Nature of relevant $ n $ erest $ B\rangle$	Class and number of securities	Person's votes
RAB Special Situations (Mastor) Fund Limited	H8BC Custody Nominaea $(A)$ ustralia $}$ Limited	HSBC Custody Nominees $(A$ ustralia) Linited	Beneficial holder	17,020,338 ordinary shares	17.020.338

604 Page 2 of 3 15 July 2001

	--- -
$\cdots$

6. 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 spplicable) Nature of association

6. Addresses

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

Namo	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		JAKE LEAVESLEY	FRASER MCGEGapacky		Authorised Signatories for RAB Capital Pic for and on behalf of RAB Special Situations (Master) Fund Limited
sign here	سألملو	lea Ph		dato	$12/a$ / 2009
$\mathbf{r}$
			DIRECTIONS

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 ann $(1)$ 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.
• See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001. $(3)$
• (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. $(5)$
• $(6)$ include details of:
• 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 egreement, and a statemen $\langle 0 \rangle$ 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 $\left( b\right)$ disposal of the accurities 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.

(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 lest substantial holding notice.