ECHO.L Regulatory News (ECHO)

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

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

ü

Other (please specify):

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

Brandon Hill Capital Limited

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

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

09.03.17

6. Date on which issuer notified:

10.03.17

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

20,19,18,17,16,15

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

GB00B0RNX796

476,430,665

476,430,665

14.2%

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

476,430,665

14.2%

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

Proxy Voting:

10. Name of the proxy holder:

11. Number of voting rights proxy holder will cease to hold:

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

13. Additional information:

14. Contact name:

Karl Hughes

15. Contact telephone number:

020 3463 5084

Note: Annex should only be submitted to the FCA not the issuer

Annex: Notification of major interests in share

A: Identity of the persons or legal entity subject to the notification obligation

Full name

(including legal form of legal entities)

Brandon Hill Capital Limited

Contact address

(registered office for legal entities)

1 Tudor Street

London

EC4Y 0AH

Phone number & email

karl.hughes@brandonhillcapital.com

020 3463 5084

Other useful information

(at least legal representative for legal persons)

B: Identity of the notifier, if applicable

Full name

Karl Hughes

Contact address

Brandon Hill Capital Limited

1Tudor Street

London

EC4Y 0AH

Phone number & email

karl.hughes@brandonhillcapital.com

020 3463 5084

Other useful information

(e.g. functional relationship with the person or legal entity subject to the notification obligation)

C: Additional information

For notes on how to complete form TR-1 please see the FCA website.