DYNO NOBEL LIMITED. — Major Shareholding Notification 2021

May 17, 2021

Form 605

Corporations Act 2001 Section 671B

Notice of ceasing to be a substantial holder

To Company Name/Scheme ACN/ARSN		Incited Pivot Ltd (ASX:IPL)
1. Details of substantial holder (1)
Name		Paradice Investment Management Pty Ltd
ACN/ARSN (if applicable)	ABN 64 090 148 619
The holder ceased to be a substantial holder on		14/05/2021
The previous notice was given to the company on		04/03/2021
The previous notice was dated		02/03/2021

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 of change	Person whose relevant interest changed	Nature of change (4)	Consideration given in relation to change (5)	Class (6) and number of securities affected	Person's votes affected
SEE ATTACHED ANNEXURE

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

4. Addresses

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

Name	Address
Paradice Investment Management Pty Ltd						L27 Chifley Tower, 2 Chifley Square, Sydney, NSW 2000

Signature

print name

PETER MANLEY

sign here
	$\sim$

18/05/2021

date

DIRECTIONS

• If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the $(1)$ 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.
• See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001. $(2)$
• See the definition of "associate" in section 9 of the Corporations Act 2001. $(3)$
• Include details of: $(4)$
• any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) $(a)$ 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.
• The voting shares of a company constitute one class unless divided into separate classes. $(6)$
• Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice. $(7)$

CEASING TO BE A SUBSTANTINAL SHAREHOLDER

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l,

ANNEXURE 1

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STOCK: INCITEC PIVOT LTD (ASX: IPL.)

DETAILS OF RELEVANT INTERESTS

Class and number of	Person's votes securities affected Consideration given in	affected 군 모 relation to change Nature of change	971.265 1,317,442 9, 1.265 1,317,442 -\$3,625,221.78	101.827 101,827	1,100,000 1,100,000 374,241.97	29,305 29,305 -584,151.61	g 505 -\$1,379.26	-3,540 ភ្នំភ្នំ \$9,766.10	$-1.307$ -1307 \$3,697.18	5,573,965 5,573,965 -\$15,395,900.87	1,827,278 1,827,278 -55,087,560.43	518 -318 \$213.73	$-1.589$ $-1,689$ \$4,794.65	284 284 $-5/88/4$	64.77 -64.777 \$183,238.25	792.257 792,257 55,270,409.08	530 530 -\$1,548.28	841 841 $-52,254.87$	561 $\overline{50}$ 51,571.49	306 806 52,233,60	-49,884 -49,884 \$137,604,12	-999.598 -999,398 \$2,674,278.59	5,006,734 5,006,734 \$13,280,367.20	-56.161 \$15133979	1,736.735 1,736,735 \$4,617,521.50	751 731 \$1,930.69	291 $\bar{\mathbb{S}}$ \$783.13	$-1.812$ 1.812 \$4,835.92	214 214 \$569.49	$\frac{1,898}{695}$ 1,398 -\$3,707.41	693 \$1,830.32	2.139 2.139 $-55,756.44$	567 797 -52,144.88	$-3,115,450$ $-3,115,450$ \$7,564,071.39	ि 758 \$1,820.00	1.799.008 1,799,008 \$4,293,556.90	-1.176 $-1,176$ \$2,832.22	$-4,853,490$ \$11,596,210.58	13,723,887 13723,887 38,280,418 44,625,028 Total Purchases	17,691,479 17.691,479
		Person whose relevant interest changed Date of change	Share Purchase Paradice investment Management Pty Ltd S-Mar-21	Share Purchase Share Purchase Paradice Investment Management Pty Ltd Paradice investment Management Pty Ltd l 2-lew-b 5-Mar-21	Share Purchase Paradice investment Management Pty Ltd 8-Mar-21	Share Purchase Paradice investment Management Pty Ltd B-Mar-21	Share Purchase Paradice investment Management Pty Ltd 11-Mar 21	Share Sale Paradice investment Management Pty Ltd $12$ Mar 21	Share Sale Paradice investment Management Pty Ltd 16-Mar 21	Share Purchase Paradice Investment Management Pty Ltd 18-Mar-21	share Purchase Paradice investment Management Pty Ltd 19-Mar 21	Share Sale Paradice investment Management Pty Ltd 22-Mar 21	share sale Paradice investment Management Pty Ltd 23-Mar-21	Share Purchase Paradice investment Management Pty Ltd 12-16W-b2	Share sale Paradice Investment Management Pty Ltd 25-Mar-21	Share Purchase Paradice investment Management Pty Ltd 29-Mar 21	Share Purchase Paradice investment Management Pty Ltd 1-Apr-21	Share Purchase Paradice Investment Management Pty Ltd $6 - A$ pr-21	Share Purchase Paradice investment Management Pty Ltd 12-Apr-21	Share Purchase Paradice investment Management Pty Ltd $13.00 - 21$	Share Sale Paradice investment Management Pty Ltd 16-Apr-21	Share sale Paradice Investment Management Pty Ltd $20 - Ap - 21$	Share Sale Paradice Investment Management Pty Ltd 21-Apr-21	Share Sale Paradice investment Management Pty Ltd 22-Apr-21	Share Sale Paradice Investment Management Pty Ltd 23-Apr-21	share Purchase Paradice investment Management Pty Ltd 26-Apr-21	Share Purchase Paradice Investment Management Pty Ltd 27-Apr-21	Share Sale Paradice Investment Management Pty Ltd 28-Apr-21	Share Purchase Paradice investment Management Pty Ltd 29-Apr-21	share Purchase Paradice Investment Management Pty Ltd 30-Apr-21	Share Purchase Paradice investment Management Pty Ltd S-May 21	Share Purchase Paradice investment Management Pty Ltd $5.09 - 5$	Share Purchase Paradice investment Management Pty Ltd 7-May-21	Share sale Paradice Investment Management Pty Ltd 10-May-21	Share Purchase Paradice Investment Management Pty Ltd $11$ May 21	Share Sale Paradice investment Management Pty Ltd $12.$ Mav $.21$	Share Sale Paradice Investment Management Pty Ltd 13-May-21	share sale Paradice investment Management Pty Ltd 14-May-21	Total Sales

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re 1 of 1 pages referred to in form 605 Notice of Ceasing to be a Substantial Holder COMPANY SECRETARY
CAPACITY DATE: 18/05/2021 This is anne)

$-3,967,592$

-3,967,592

\$6,344,610.02

Total