INDEPENDENCE GROUP NL ANNUAL REPORT 2017

Directors' report 30 June 2017 (continued) Remuneration report (continued) Additional statutory information (continued) (iv) Reconciliation of share rights held by KMP (continued) 1. The Company achieved shareholder return over the 3 year period to 30 June 2016 of greater than 115% of the S&P ASX 300 Metals and Mining Index (Index) resulting in 100% vesting of the share rights attributable to shareholder return (75%). 2. The Company achieved less than 100% of average target Return on Equity (ROE) for the 3 year period to 30 June 2016 resulting in 0% vesting of the share rights attributable to ROE (25%). 3. No other vesting conditions for share rights granted in 2017, 2016 or 2015 were met during the year. (v) Shareholdings of KMP The number of ordinary shares in the Company held by each Director and other KMP, including their personally related entities, are set out below. 2017 Name Balance at the start of the period Received on vesting of share rights Other changes during the period Balance at the end of the year Directors of Independence Group NL Debra Bakker - - 5,200 5,200 Peter Bilbe 20,000 - 12,000 32,000 Peter Bradford 595,680 - 204,320 800,000 Peter Buck 4,700 - 17,500 22,200 Geoffrey Clifford - - 10,000 10,000 Keith Spence - - 22,125 22,125 Neil Warburton 103,368 - 2,666 106,034 HEADER Other key management personnel Keith Ashby 53,885 - (53,885) - Rob Dennis 16,644 - - 16,644 Matt Dusci 9,900 - - 9,900 Joanne McDonald - - - - Sam Retallack 19,865 - - 19,865 Scott Steinkrug 46,845 49,704 (18,000) 78,549 Total 870,887 49,704 201,926 1,122,517 (vi) Other transactions with key management personnel During the current financial year, there were no other transactions with key management personnel or their related parties. (vii) Voting of shareholders at last year's annual general meeting Independence Group NL received more than 90% of “yes” votes on its remuneration report for the 2016 financial year. The Company has endeavoured to address feedback received throughout the year on its remuneration practices through developments to be implemented in FY18. This feedback has included advice on the introduction of an additional performance condition for the LTI and continuing to ensure the weighting of the STI KPIs are more aligned with the financial performance of the Company. The Committee has continued to work to improve the transparency of its Remuneration Report and ensure remuneration across the business reflects the strategic direction of the Company. * End of Remuneration Report * Shares under option At the reporting date, there were no unissued ordinary shares under options, nor were there any ordinary shares issued during the year ended 30 June 2017 on the exercise of options. Independence Group NL 30 IGO ANNUAL REPORT 2017— 61 DIRECTORS’ REPORT 30 JUNE 2017 (continued)