INDEPENDENCE GROUP NL ANNUAL REPORT 2017

Directors' report 30 June 2017 (continued) Remuneration report (continued) Additional statutory information (i) Relative proportions of fixed vs at-risk remuneration expense The following table shows the relative proportions of remuneration that are linked to performance and those that are fixed, based on the amounts disclosed as statutory remuneration expense: Name Fixed remuneration 1 At risk - STI At risk - LTI 2017 % 2016 % 2017 % 2016 % 2017 % 2016 % Executive Directors of Independence Group NL Peter Bradford 56 58 19 21 25 21 Other key management personnel of the group Keith Ashby 82 99 14 - 4 1 Rob Dennis 74 93 16 - 10 7 Matt Dusci 66 72 18 16 16 12 Joanne McDonald 85 99 11 - 4 1 Sam Retallack 79 88 14 8 7 4 Scott Steinkrug 67 66 18 14 15 20 Brett Hartmann - 61 - 20 - 19 Tony Walsh - 63 - 37 - - 1. Fixed remuneration paid is not based upon any measurable performance indicators. Non-performance based remuneration is based on relative industry remuneration levels and is set at a level designed to retain the services of the director or senior executive. (ii) Performance based remuneration granted and forfeited during the year The table below shows for each KMP how much of their STI cash bonus was awarded and how much was forfeited. It also shows the value of share rights that were granted, vested and forfeited during FY17. The number of share rights and percentages vested/forfeited for each grant are disclosed in the table on page 60. Total STI bonus (cash) LTI share rights 2017 Total opportunity Awarded Forfeited Value granted 1 Value vested 2 Value forfeited 2 $ % % $ $ $ Peter Bradford 375,000 75 25 298,732 - - Keith Ashby 100,500 60 40 38,411 - - Rob Dennis 199,290 60 40 110,714 - - Matt Dusci 156,000 77 23 92,638 - - Joanne McDonald 61,677 61 39 31,633 - - Sam Retallack 100,500 60 40 38,411 - - Scott Steinkrug 156,000 77 23 92,638 106,367 35,456 1. The value at grant date for share rights granted during the year as part of remuneration is calculated in accordance with AASB 2 Share-based Payment . Refer to note 27 for details of the valuation techniques used for the EIP. 2. Value of shares vested and forfeited is based on the value of the share right at grant date. Independence Group NL 28 IGO ANNUAL REPORT 2017— 59 DIRECTORS’ REPORT 30 JUNE 2017 (continued)