Major Shareholders

Top 20 shareholders as of 31/1/2012.

Name	Number	%
BOULLE TITANIUM LTD	61,726,074	20.7%
NA & S NOMINEES PTY LTD	44,581,250	14.9%
RUNNING WATER LTD	12,250,004	4.1%
QUANTUM HOLDINGS PTY LTD	11,997,223	4.0%
NATIONAL NOMINEES LIMITED	9,790,336	3.3%
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED	9,374,557	3.1%
J P MORGAN NOMINEES AUSTRALIA LIMITED	7,583,000	2.5%
LARKHILL PTY LTD	7,437,500	2.5%
GUY FRANCOIS MARIE LECLEZIO	5,916,666	2.0%
JULES LECLEZIO	5,712,500	1.9%
RAGLAN CAPITAL LTD	5,620,371	1.9%
BODEN CORPORATE SERVICES PTY LTD	5,404,000	1.8%
NEFCO NOMINEES PTY LTD	5,000,000	1.7%
GRAHAM ROBERT FORWARD PTY LTD	4,977,777	1.7%
CHETWYND NOMINEES LTD	4,725,000	1.6%
PENNOCK PTY LTD	3,888,889	1.3%
RAYMOND MARIE MARC HEIN	3,466,669	1.2%
SPRINGTIDE CAPITAL PTY LTD	3,430,996	1.1%
CAERUS (WA) PTY LTD	3,316,693	1.1%
ABM AMRO CLEARING SYDNEY NOMINEES PTY LTD	3,280.320	1.1%
Total Top 20	219,479,825	73.6%
Total Quoted	298,358,859