DYNO NOBEL LIMITED. — Major Shareholding Notification 2021

Aug 1, 2021

605

15 July 2001

Form 605

Corporations Act 2001 Section 671B

Notice of ceasing to be a substantial holder

To Company Name/Scheme	Incitec Pivot Limited
ACN/ARSN	004 080 264

1. Details of substantial holder (1)

Name Vanguard Group (The Vanguard Group, Inc. and its controlled entities including Vanguard _________Investments Australia Ltd. and those listed in Annexure A) ACN/ARSN (if applicable) N/A The holder ceased to be a substantial holder on 28 July 2021 The previous notice was given to the company on 29 July 2021 The previous notice was dated 29 July 2021

2. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest (2) of the substantial holder or an associate (3) in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date ofchange	Person whoserelevant interestchanged	Nature ofchange (4)	Considerationgiven in relationto change (5)	Class (6) andnumber ofsecuritiesaffected	Person's votesaffected
28 July2021	VanguardInvestmentsAustralia Ltd.	Vanguard Investments Australia Ltd. hasceased to be the Investment Manager for aninstitutional client mandate and as a resulthas ceased to hold a relevant interest in theshares held within that mandate.	Nil – There is no selldown activityassociated with thischange.	1,670,808shares	Vanguard Groupnow holds4.935% of votingpower
SeeAnnexure Afor all other transactions

3. Changes in association

The persons who have become associates (3) of, ceased to be associates of, or have changed the nature of their association (7) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable)	Nature of association
N/A	N/A

4. Addresses

The addresses of persons named in this form are as follows:

Name	Address
Vanguard Group	P.O. Box 2600, V26 Valley Forge, PA 19482 USA

Signature

print namesign here	Shawn AckercapacityCompliance Manager date30 July 2021

605

15 July 2001

DIRECTIONS

• (1) If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 4 of the form.

• (2) See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.

• (3) See the definition of "associate" in section 9 of the Corporations Act 2001.

• (4) Include details of:

  • (a) any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and

  • (b) any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

• (5) Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

• (6) The voting shares of a company constitute one class unless divided into separate classes.

• (7) Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.

Annexure A

To CompanyACN/ARSNSubstantial Holder NameACN/ARSN	Incitec Pivot Limited
	004 080 264
	Vanguard Group
	N/A
Date of change	Person whose relevant interest changed	Nature ofChange(6)	Considerationgiven in relationto change(7)	Class	Number of securitiesaffected	Person's votesaffected
27-Jul-2021	The Vanguard Group,Inc.	BUY	2.66	Ordinary	105,821	105,821
27-Jul-2021	The Vanguard Group,Inc.	BUY	2.67	Ordinary	246,842	246,842
28-Jul-2021	The Vanguard Group,Inc.	BUY	2.66	Ordinary	10,950	10,950
27-Jul-2021	Vanguard Investments Australia Ltd.	BUY	2.67	Ordinary	28,036	28,036

This is Annexure A of 1 page referred to in Form 605, notice of ceasing to be a substantial holder.

Signature: Name: Shawn Acker Capacity: Compliance Manager Date: 30 July 2021

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