Holding(s) in Company

1. Identity of the issuer or the underlying issuerof existing shares to which voting rights areattached: ii

Independent Resources Plc

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

X

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

An event changing the breakdown of voting rights

Other (please specify):

3. Full name of person(s) subject to thenotification obligation: iii

Matterhorn Investment Management LLP;

and The Breithorn Master Fund - a non-beneficial fund under Matterhorn's discretionary management.

4. Full name of shareholder(s)  (if different from 3.):iv

Credit Suisse Client Nominees (UK) Limited

5. Date of the transaction and date onwhich the threshold is crossed orreached: v

7th March 2014

6. Date on which issuer notified:

12th March 2014

7. Threshold(s) that is/are crossed orreached: vi, vii

falling below 5% for The Breithorn Master Fund only

(but remaining above the 5% level for Matterhorn Investment Management LLP)

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type ofshares

if possible usingthe ISIN CODE

Situation previousto the triggeringtransaction

Resulting situation after the triggering transaction

NumberofShares

NumberofVotingRights

Numberof shares

Number of votingrights

% of voting rights x

Direct

Direct xi

Indirect xii

Direct

Indirect

Ordinary shares of 1p each

ISIN:

GB00B0RNX796

2,710,739

2,710,739

2,615,739

2,615,739

5.71%

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate xiii

Exercise/Conversion Period xiv

Number of votingrights that may beacquired if theinstrument isexercised/ converted.

% of votingrights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financialinstrument

Exercise price

Expiration date xvii

Exercise/Conversion period xviii

Number of voting rights instrument refers to

% of voting rights xix, xx

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

2,615,739

5.71%

9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable: xxi

This interest is held by non-beneficial funds under the discretionary management of Matterhorn Investment Management LLP, including The Breithorn Master Fund whose interest in Independent Resources Plc has now fallen to 2,277,474 shares or 4.97%.

The overall interest held by non-beneficial funds under the discretionary management of Matterhorn Investment Management LLP still remains above the 5% level.

Proxy Voting:

10. Name of the proxy holder:

N/A

11. Number of voting rights proxy holder will ceaseto hold:

N/A

12. Date on which proxy holder will cease to holdvoting rights:

N/A

13. Additional information:

N/A

14. Contact name:

Ewan Christian

15. Contact telephone number:

+44 (0)20 7340 2800