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156 Independence Group NL

Directors' declaration

30 June 2015

In the Directors' opinion:

(a)

the financial statements and notes set out on pages 91 to 155 are in accordance with the

Corporations Act 2001

,

including:

(i)

complying with Accounting Standards, the

Corporations Regulations 2001

and other mandatory

professional reporting requirements, and

(ii)

giving a true and fair view of the consolidated entity's financial position as at 30 June 2015 and of its

performance for the year ended on that date, and

(b)

there are reasonable grounds to believe that the Company will be able to pay its debts as and when they

become due and payable, and

(c)

at the date of this declaration, there are reasonable grounds to believe that the members of the extended closed

group identified in note 36 will be able to meet any obligations or liabilities to which they are, or may become,

subject by virtue of the deed of cross guarantee described in note 36.

This declaration is made in accordance with a resolution of Directors.

Peter Bradford

Managing Director

Perth, Western Australia

Dated this 21st day of August 2015

Independence Group NL

92

DIRECTORS’ DECLARATION