INDEPENDENCE GROUP NL ANNUAL REPORT 2017

RESULTS SUMMARY SHARE OWNERSHIP 1 FY17 FINANCIAL SUMMARY INSTITUTIONAL VS. RETAIL (AND OTHER) Retail & Other Institutional HIGHLIGHTS HIGHLIGHTS IGO finished FY17 in a position of strength with cash of A$36M and debt of A$200M. Cash flows during FY17 included A$166M to complete the Nova construction which has been designated commercially operational from July 2017. In July 2016, the Company raised net A$274M in equity to secure additional funding for this construction, as well as to repay A$71M in debt. The Company’s gearing (represented by debt / equity) fell as a result from 19% to 12%. Cash flow from operating activities was A$77M, and Underlying EBITDA for FY17 increased 9% to A$151M, with margin over revenue increasing to 35%. Net profit after tax of A$17M included an after-tax impairment expense of the Stockman project of A$17M. The year ahead promises to be exciting as Nova ramps up to nameplate production, value enhancement programs are advanced at Jaguar and Tropicana and IGO’s exploration teams accelerate significant exploration initiatives within the Fraser Range, Jaguar and Lake Mackay regions. 1 See Notes to Glossary of Terms for definitions INSTITUTIONAL SHAREHOLDING International Domestic 40% 60% 78% 22% Mark Creasy 17% FIL 10% T Rowe Price 8% CBA 5% Australia 60% USA 26% UK & ROE 9% ROW 5% 1 As at 31 August 2017 FY17 $M FY16 $M FY15 $M Total revenue and other income 422 417 499 Underlying EBITDA 1 151 138 213 Profit (Loss) after tax 17 (59) 77 Net cash flow from operating activities 78 102 202 Free cash flow 1 (113) (328) 116 Total assets 2,208 2,007 820 Cash 36 46 121 Marketable securities 15 5 16 Total liabilities 476 552 155 Shareholders’ equity 1,733 1,456 665 Net tangible assets per share ($ per share) $2.95 $2.85 $2.84 Dividends per share – fully franked (cents) 2.0 2.0 8.5 06 — IGO ANNUAL REPORT 2017