DYNO NOBEL LIMITED. — Major Shareholding Notification 2021

Apr 20, 2021

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company Name ~~/Scheme~~ Incitec Pivot Limited

ACN ~~/ARSN/ABN~~ 004 080 264

1. Details of substantial holder (1)

Name Allan Gray Australia Pty Ltd ( Allan Gray Australia ) and its related bodies corporate as set out in Table 1 of Annexure A (together the Group ), as investment manager for the funds or investment mandates listed at Table 2 of Annexure A ACN ~~/ARSN (~~ if applicable) 112 316 168 (ACN of Allan Gray Australia)

There was a change in the interests of the substantial holder on 19 April 2021 The previous notice was given to the company on 25 May 2020 The previous notice was dated 25 May 2020

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

Class of securities (4) Ordinary shares	Previous notice		Present notice
	Person's votes	Voting power (5)	Person's votes	Voting power (5)
	95,945,001	5.01 %	117,101,994	6.03 %

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate 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	Person whose relevant interest changed	Nature of change (6)	Nature of change (6)	Consideration given in relation to change (7)	Consideration given in relation to change (7)	Class and number of securities affected	Class and number of securities affected	Person’s votes affected	Person’s votes affected
See Annexure A, Tables 2 and 3
4. Present relevant interests Particulars of each relevant interest of the substantial holder in voting securities after the					change are as	follows:
Holder of relevant interest		Registered holder of securities		Person entitled to be registered as holder (8)		Nature of relevant interest (6)		Class and number of securities		Person’s votes
See Annexure A,Tables 2 and 4

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) 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
See Annexure A,Tables 1 and 2

6. Addresses

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

Name	Address
The Group	C/- Allan GrayAustralia,Level 2 Challis House,4 Martin Place Sydney ,NSW 2000

Signature

print name sign here	Elizabeth Lee Company Secretary
	Date 21 April 2021
	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 6 of the form. (2) See the definition of “associate” in section 9 of the Corporations Act 2001. (3) See the definition of “relevant interest” in sections 608 and 671B(7) of the Corporations Act 2001. (4) The voting shares of a company constitute one class unless divided into separate classes. (5) The person’s votes divided by the total votes in the body corporate or scheme multiplied by 100. (6) 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.

(7) 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.

(8) If the substantial holder is unable to determine the identity of the person (eg if the relevant interest arises because of an option) write “unknown”.

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

Incitec Pivot Limited

THIS IS ANNEXURE A OF 3 PAGES REFERRED TO IN THE ABOVE FORM 604

Printname	Elizabeth Lee	Company Secretary
Sign here		Date 21 April 2021

Table 1 – Related bodies corporate

The following entities are associates of Allan Gray Australia Pty Ltd (AGA) and each other by virtue of being related bodies corporate. Orbis Allan Gray Limited Orbis Mansfield Street Properties Ltd Orbis Holdings Limited Orbis Investment Management (BVI) Limited (OIMLBVI) Orbis Investment Management Limited (OIML) Orbis Investment Advisory Pty Limited Orbis Asset Management Limited (OAML) Allan Gray (Holdings) Pty Ltd Orbis Administration Limited Orbis Investment Management (Hong Kong) Limited Orbis Investment Research Limited Orbis Client Services (Canada) Limited Orbis Investment Management (MIS) Limited Orbis Holdings (UK) Limited Triple Blue Holdings Limited Orbis Investment Management (Europe) LLP Pictet Overseas Trust Corporation and Pictet Trustee Company SA Orbis Investment Management (Luxembourg) S.A Allan & Gill Gray Foundation (Guernsey) EmCap Limited (Guernsey) (EMCAP)

Orbis Mansfield Street Properties Ltd Orbis Investment Management (BVI) Limited (OIMLBVI) Orbis Investment Advisory Pty Limited Allan Gray (Holdings) Pty Ltd Orbis Investment Management (Hong Kong) Limited Orbis Client Services (Canada) Limited Orbis Holdings (UK) Limited Orbis Investment Management (Europe) LLP Orbis Investment Management (Luxembourg) S.A EmCap Limited (Guernsey) (EMCAP)

Table 2 - Funds

Table 2 - Funds	Table 2 - Funds	Table 2 - Funds
Anentitywithinthe Group acts asinvestmentmanager forsome			orallofthe assetsinthefollowingfunds.
No	Fund name	Manager	Code	Registered holder	Persons entitled to be registered holder
1.	Allan Gray Australia Equity Fund	AGA	SMEF	Citibank N.A., Sydney Branch as SMEF’s custodian	Equity Trustees Limited as SMEF’s responsible entity
2.	Allan Gray Australia Balanced Fund	AGA	SMBF	Citibank N.A., Hong Kong Branch as SMBF’s custodian	Equity Trustees Limited as SMBF’s responsible entity
3.	Allan Gray Australia Stable Fund	AGA	SMSF	Citibank N.A., Sydney Branch as SMSF’s custodian	Equity Trustees Limited as SMSF’s responsible entity
4.	AMP Capital Specialist Australian Share Fund	AGA	SMAP	BNP Paribas Fund Services Australasia Pty Ltd as SMAP’s custodian	AMP Capital Funds Management Limited as SMAP’s responsible entity
5.	Morningstar Australian Shares High Alpha Fund	AGA	SMIA	JP Morgan Nominees Australia Ltd as SMIA’s custodian	Morningstar Investment Management Australia Limited SMIA’s trustee
6.	Construction and Building Unions Superannuation Fund	AGA	SMCB	JP Morgan Nominees Australia Ltd as SMCB’s custodian	United Super Pty Ltd as SMCB’s trustee
7.	HESTA Superannuation Fund	AGA	SMHT	JP Morgan Nominees Australia Ltd as SMHT’s custodian	H.E.S.T. Australia Ltd as SMHT’s trustee
8.	Hostplus Pooled Superannuation Trust	AGA	SMHP	Citibank N.A., Sydney Branch as SMHP’s custodian	Host Plus Pty ltd as SMHP’s trustee
9.	Russell Australian Opportunities Fund	AGA	SMRI	State Street Australia Ltd as SMRI’s custodian	Russell Investment Management Ltd as SMRI’s responsible entity
10.	MyLifeMyMoney Superannuation Fund	AGA	SMCS	NAB Custodial Services as custodian for SMCS	Togethr Trustees Pty Ltd as SMCS’s trustee
11.	Maritime Super	AGA	SMMS	NAB Custodial Services as custodian for SMMS	Maritime Super Pty Ltd as SMMS’s trustee
12.	Non-Government Schools Superannuation Fund	AGA	SMNG	State Street Australia Ltd as SMNG’s custodian	Non-Government Schools Superannuation Fund Pty Ltd as SMNG’s trustee
13.	Non-Government Schools Superannuation Fund	AGA	SMNP	State Street Australia Ltd as SMNP’s custodian	Non-Government Schools Superannuation Fund Pty Ltd as SMNP’s trustee
14.	REST Superannuation Fund	AGA	SMRT	State Street Australia Ltd as SMRT’s custodian	Retail Employees Superannuation Pty Ltd as SMRT’s trustee
15.	Government Employees Superannuation Board	AGA	SMGB	Northern Trust Corporation as SMGB’s custodian	Government Employees Superannuation Board
16.	Statewide Superannuation Trust	AGA	SMSW	NAB Custodial Services as custodian for SMSW	Statewide Superannuation Pty Ltd as SMSW’s trustee

No	Fund name	Manager	Code	Registered holder	Persons entitled to be registered holder
17.	Legal Super	AGA	SMLS	BNP Paribas Fund Services Australasia Pty Ltd as SMLS’s custodian	Legal Super Pty Ltd as trustee of legalsuper
18.	Orbis Global Equity Fund (Australia Registered)	OIML	GAPL	Citibank N.A., Hong Kong Branch, as GAPL’s custodian	Equity Trustees Limited as GAPL’s responsible entity
19.	Orbis Emerging Markets Equity Fund (Australia Registered)	OIML	EMAF	Citibank N.A., Hong Kong Branch, as EMAF’s custodian	Equity Trustees Limited as EMAF’s responsible entity
20.	Orbis Global Equity LE Fund (Australia Registered)	OIML	GALE	Citibank N.A., Hong Kong Branch, as GALE’s custodian	Equity Trustees Limited as GALE’s responsible entity
21.	Orbis Global Balanced Fund (Australia Registered)	OIML	GBAU	Citibank N.A., Hong Kong Branch, as GBAU’s custodian	Equity Trustees Limited as GBAU’s responsible entity
22.	Orbis Global Equity Fund Limited	OIML	OGEF	Citigroup Fund Services Canada, Inc (Citi Canada) as OGEF’s custodian	OGEF
23.	Orbis Optimal SA Fund Limited	OIML	OSAP	Citi Canada as OSAP’s custodian	OSAP
24.	Institutional Global Equity Fund	OIML	IGEF	Citi Canada as IGEF’s custodian	IGEF
25.	Orbis Optimal LP	OIML	OOLP	Citi Canada as OOLP’s custodian	OOLP
26.	Orbis International Equity LP	OIML	IELP	Citi Canada as IELP’s custodian	IELP
27.	Orbis Institutional Global Equity LP	OIML	OGLP	Citi Canada as OGLP’s custodian	OGLP
28.	Orbis Institutional International Equity LP	OIML	ONLP	Citi Canada as ONLP’s custodian	ONLP
29.	Orbis Institutional U.S. Equity LP	OIML	USLP	Citi Canada as USLP’s custodian	USLP
30.	Orbis Institutional Emerging Markets EquityLP	OIML	EMLP	Citi Canada as EMLP’s custodian	EMLP
31.	Orbis SICAV – Global Equity Fund	OIML	SGPL	Citibank International plc (Luxembourg Branch) (Citi Lux) as SGPL’s custodian	SGPL
32.	Orbis SICAV – Emerging Markets Fund	OIML	XJPL	Citi Lux as XJPL’s custodian	XJPL
33.	Orbis SICAV – Global Balanced Fund	OIML	GBSA	Citi Lux as GBSA’s custodian	GBSA
34.	Orbis SICAV – International Equity	OIML	SNPL	Citi Lux as SNPL’s custodian	SNPL
35.	Orbis OEIC Global Equity Fund	OIML	UKGE	Citibank N.A., London Branch as UKGE’s custodian	UKGE
36.	Orbis Institutional Global Equity (OFO)	OIML	OGEO	Citi Canada as OGEO’s custodian	OGEO
37.	OEIC Global Balanced Fund	OIML	UKGB	Citibank N.A., London Branch as UKGB’s custodian	UKGB
38.	OEIC Global Cautious Fund	OIML	UKGC	Citibank N.A., London Branch as UKGC’s custodian	UKGC
39.	Orbis SICAV Global Cautious Fund	OIML	GCPL	Citi Lux as GCPL’s custodian	GCPL

Table 3 – Change in relevant interest

Ordinary shares

Trade Date	Reference Code	Action	No of security	Consideration	Curr
22 May 20 to 5 Jan 21	SMAP	Buy and Sell	928,594	1,912,858	AUD
22 May 20 to 22 Jan 21	SMBF	Buy and Sell	63,548	74,472	AUD
22 May 20 to 6 Apr 21	SMCB	Buy and Sell	2,392,575	4,818,918	AUD
22 May20 to 5 Jan 21	SMCS	Buy and Sell	806,795	1,618,142	AUD
22 May20 to 6Apr 21	SMEF	Buy and Sell	6,799,285	14,387,916	AUD
22 May 20 to 6 Apr 21	SMGB	Buy and Sell	1,337,258	2,692,131	AUD
22 May 20 to 6 Apr 21	SMHP	Buy and Sell	1,666,687	3,357,087	AUD
22 May 20 to 5 Jan 21	SMHT	Buy and Sell	1,664,301	3,356,998	AUD
22 May 20 to 6 Apr 21	SMIA	Buy and Sell	49,347	-11,710	AUD
22 May20 to7Sep20	SMLS	Buy and Sell	-2,264,090	-4,746,005	AUD

Trade Date	Reference Code	Action	No of security	Consideration	Curr
22 May 20 to 6 Apr 21	SMMS	Buy and Sell	554,369	1,096,679	AUD
22 May20 to 6Apr 21	SMNG	Buy and Sell	1,818,048	4,685,374	AUD
22 May 20 to 1 Apr 21	SMNP	Buy and Sell	-606,251	-2,036,799	AUD
22 May 20 to 19 Apr 21	SMRI	Buy and Sell	2,830,722	6,886,735	AUD
22 May 20 to 6 Apr 21	SMRT	Buy and Sell	2,472,240	4,985,710	AUD
22 May 20 to 31 Mar 21	SMSF	Buy and Sell	165,348	-383,760	AUD
22 May 20 to 5 Jan 21	SMSW	Buy and Sell	478,217	963,551	AUD
	Total		21,156,993	43,658,298	AUD

All trades occur on market, under a dividend reinvestment plan, or pursuant to a capital raising (as applicable).

Table 4 – Present relevant interest

Ordinary shares

Reference Code	Total no of securities
SMAP	3,357,660
SMBF	585,945
SMCB	13,961,507
SMCS	6,893,439
SMEF	31,933,514
SMGB	7,729,256
SMHP	9,628,366
SMHT	9,769,490
SMIA	1,016,937
SMMS	2,111,838
SMNG	4,802,112
SMRI	6,051,923
SMRT	14,652,113
SMSF	1,777,766
SMSW	2,830,128
Total	117,101,994