Holding in Company

Independent Resources plc (the 'Company')

Notification of substantial shareholding

The Company received notification on 9th December 2008 from Matterhorn Investment LLP that:

    1.  Non-beneficial funds under the discretionary management of Matterhorn Investment Management LLP now hold
        an interest in 4,416,667 ordinary shares of Independent Resources Plc.

        The following interest is included in the number of shares shown below:

        Fund Name and Address                No of Ordinary Shares

        The Palmyra Master fund              2,973,522
        Queensgate House
        South Church Street
        PO Box 1234
        Grand Cayman KY1-1108
        Cayman Islands

    2.  The registered holders of the total above mentioned shares are:

        Registered Holder                                 No of Ordinary Shares

        Credit Suisse Client Nominees (UK) Limited        2,973,522
        Goldman Sachs Securities (Nominees) Limited       1,443,145

    3.  Matterhorn Investment Management LLP and The Palmyra Master Fund are interested in none of
        the above shares by virtue of such an interest as is mentioned in s.208(5) Companies Act 1985.

Enquiries:

For further information please contact:

Independent Resources plc

Tim James 00 39 06 45 49 07 20

Deloitte Corporate Finance

Jonathan Hinton/David Smith 020 7936 3000

Independent Resources plc