IPH LIMITED — Capital/Financing Update 2015

Dec 1, 2015

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ASX Announcement

IPH LIMITED (ASX: IPH)

Wednesday, 2 December 2015

IPH SHARE PURCHASE PLAN

IPH Limited (ASX: IPH) ( “IPH” ) announced its intention to conduct a Share Purchase Plan ( “SPP” ) on Tuesday, 24 November 2015.

Further to that announcement, the SPP Booklet will be sent via post to each eligible IPH shareholder who has a registered address in Australia, New Zealand or Singapore. The SPP Booklet is attached.

The SPP opens at 10.00am (Sydney time) today and is expected to close at 5.00pm (Sydney time) on Wednesday, 16 December 2015.

For more information, please contact: David Griffith, Managing Director Malcolm Mitchell, Group Chief Financial Officer Ph: +61 2 9393 0301

– ENDS –

This announcement has been prepared for publication in Australia and may not be released or distributed in the United States. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction. Any securities described in this announcement have not been, and will not be, registered under the US Securities Act of 1933 and may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration of the US Securities Act and applicable US state securities laws.

IPH Limited | Level 35, 31 Market St Sydney, NSW 2000, Australia | www.iphltd.com.au

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ACN 169 015 838

IPH Share Purchase Plan (SPP)

DECEMBER 2015

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IPH Share Purchase Plan

2 December 2015

Dear Shareholder,

On 25 November 2015, IPH Limited ( IPH ) announced to ASX that it had successfully raised $60 million from an institutional placement of approximately 8.2 million IPH fully paid ordinary shares ( Shares ) to new and existing investors at an issue price of $7.30 per Share ( Placement ), representing a discount of 7.6% to the closing Share price on Monday, 23 November 2015 and a 2.6% discount to the 10‐day volume weighted average price.

The Board recognises that a number of IPH’s loyal shareholders did not have an opportunity to participate in the Placement. Therefore on behalf of the Board, I am pleased to offer you the opportunity to participate in the IPH Share Purchase Plan ( SPP ). The SPP provides you with the ability to acquire Shares for a total subscription price of up to $14,994.20 at an issue price of $7.30 (being the issue price under the Placement) ( Issue Price ) without paying any brokerage costs, commissions or other transaction costs (subject to any scale‐back at IPH's absolute discretion).

The proceeds of the SPP will primarily be used to provide additional financial flexibility and strengthen IPH’s balance sheet to underpin the next phase of acquisitions in its pipeline.

Issue Price

The market price of the Shares may rise or fall between the date of the offer under the SPP and the date when the new Shares are issued. At the time of issue, the Issue Price of $7.30 per Share may be higher or lower than the price of Shares trading on the ASX.

Participation in the SPP is optional and is open to eligible IPH shareholders ( Shareholders ) who were holders of Shares at 7.00pm (Sydney time) on Monday, 23 November 2015 ( Record Date ) with a registered address on the register in Australia, New Zealand or Singapore. Certain eligible Shareholders who are custodians holding Shares on behalf of certain beneficiaries are also invited to participate in the SPP on the terms and conditions set out in this booklet ( SPP Booklet ). IPH will not issue new Shares to an applicant if those Shares, either alone or in conjunction with the issue of Shares under other applications received by IPH, would contravene any law or the ASX Listing Rules.

New Shares issued under the SPP will rank equally with existing Shares from the date of issue.

Scale‐back

IPH has the absolute discretion to scale‐back applications. In the event of a scale‐back, you may be allotted Shares to a value which is significantly less than the parcel for which you applied. Should this happen, the balance of any application monies, in excess of $1.00, not applied to acquire Shares under the SPP will be refunded to you, without interest. IPH will make an announcement on the ASX on the outcome of the SPP and the number of Shares to be issued on or around Wednesday, 23 December 2015. The new Shares will be issued on Tuesday, 29 December 2015.

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Parcel of Shares and rounding

The SPP enables eligible Shareholders to acquire new Shares to a value of $992.80 (136 Shares), $2,496.60 (342 Shares), $4,993.20 (684 Shares), $7,497.10 (1,027 Shares), $9,993.70 (1,369 Shares), $12,497.60 (1,712 Shares) or $14,994.20 (2,054 Shares), free from brokerage and other transaction costs. In each case, the number of Shares to be issued will be determined by dividing the value of Shares validly applied for by the Issue Price. Refer to the SPP application form ( Application Form ) for the numbers of Shares applicable for each investment value.

If you make a payment for an amount not equal to $992.80, $2,496.60, $4,993.20, $7,497.10, $9,993.70, $12,497.60 or $14,994.20, IPH may round down the dollar amount of Shares you are applying for to the next lowest parcel at its discretion and refund any excess application money, in excess of $1.00, without interest. If the amount received is less than $992.80, IPH will not allot any new Shares to you and the money received from you will be refunded, without interest.

How to participate in the SPP

The SPP opens at 10.00am (Sydney time) on Wednesday, 2 December 2015. If you are an eligible Shareholder and wish to participate in the offer, you may apply for Shares in the amount of $992.80, $2,496.60, $4,993.20, $7,497.10, $9,993.70, $12,497.60 or $14,994.20 at an issue price of $7.30 per Share.

Please ensure you send your payment (whether by BPAY ® or by cheque, bank draft or money order) and Application Form, allowing enough time for payment, to be received by 5.00pm (Sydney time) on Wednesday, 16 December 2015.

I encourage you to read this SPP Booklet carefully and in its entirety before making a decision on whether to participate in the SPP. This SPP Booklet is not financial advice, and has been prepared without taking into account the objectives, financial situation or the needs of individuals. Before making an investment decision, you should consider the appropriateness of the information having regard to your own objectives, financial situation and needs and seek such legal, financial and/or taxation advice as necessary or appropriate. A cooling‐off regime does not apply in relation to the acquisition of Shares under the SPP.

If you have any questions in relation to the SPP, please call IPH’s share registry, Link Market Services Limited, between 8.30am and 5.00pm Monday to Friday on 1300 853 598 (within Australia) or +61 1300 853 598 (outside Australia).

On behalf of the Board of IPH, I thank you for your continued support.

Yours sincerely,

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Richard Grellman Chairman

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Summary of the SPP Offer

1. The SPP

The SPP provides each eligible Shareholder with an opportunity to acquire Shares (subject to any scale‐back at IPH's absolute discretion), without paying any brokerage fees, commissions or other transaction costs, at the Issue Price for a total application price not exceeding $14,994.20.

2. Eligible Shareholder

An eligible Shareholder who may participate in the SPP is a registered holder of Shares at 7.00pm (Sydney time) on Monday, 23 November 2015 with a registered address on the register in Australia, New Zealand or Singapore. Shareholders who hold Shares on behalf of persons who reside outside Australia, New Zealand or Singapore, are in the United States, or acting for the account or benefit of a person in the United States are not entitled to participate in the SPP on behalf of those persons.

IPH will not issue new Shares to an applicant if those Shares, either alone or in conjunction with the issue of Shares under other applications received by IPH, would contravene any law or the ASX Listing Rules.

3. Treatment of custodians, trustees and nominees

Please refer to Section 1(g) in the SPP Terms and Conditions for information on eligibility for custodian, trustee and nominee Shareholders.

4. Key dates

Event	Date
Record Date	7.00pm (Sydney time), Monday, 23 November 2015
SPP offer opens	10.00am (Sydney time), Wednesday, 2 December 2015
SPP offer closes	5.00pm (Sydney time), Wednesday, 16 December 2015
Issue date	Tuesday, 29 December 2015
Dispatch of holding statements	Wednesday, 30 December 2015
Expected quotation of new Shares on ASX	Thursday, 31 December 2015

This timetable is indicative only, and subject to change. IPH reserves the right to alter the above dates at its discretion and without notice to you, subject to the ASX Listing Rules and the Corporations Act 2001 (Cth) ( Corporations Act ).

5. Maximum Investment

You may apply for Shares under the SPP up to a maximum subscription amount of $14,994.20 at the Issue Price. You may apply to acquire Shares worth $992.80, $2,496.60, $4,993.20, $7,497.10, $9,993.70, $12,497.60 or $14,994.20. IPH has the absolute discretion to scale‐back applications. Should this happen, the balance of any application monies, that are not applied to acquire new Shares under the SPP will be refunded to you, without interest except where the amount is less than $1.00 in which instance it will be retained by IPH or donated to charity.

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6. Issue Price

The Issue Price is $7.30 per new Share, which was the issue price under the Placement and represents a discount of 7.6% to the closing Share price on Monday, 23 November 2015 and a 2.6% discount to the 10‐day volume weighted average price.

7. Ranking of SPP Shares

New Shares issued as part of the SPP will rank equally in all respects with existing Shares quoted on the ASX, with the same voting rights, dividend rights and other entitlements from the date of issue.

8. Costs

No brokerage, commissions or other transaction costs are payable by eligible Shareholders in relation to the application for and the issue of, Shares under the SPP.

9. SPP Participation

Participation in the SPP is optional. If you do not wish to participate in the SPP, no action is required on your part. The offer under the SPP is non‐renounceable. This means you cannot transfer your right to purchase Shares under the SPP to anyone else.

10. Application Form

Eligible Shareholders who receive more than one Application Form under the SPP, for example, because they hold Shares in more than one capacity, may apply on different Application Forms for Shares but may not apply for Shares with an aggregate dollar amount exceeding $14,994.20.

11. Refunds

Refunds pursuant to the SPP may be paid under various circumstances. For example, if applications are made incorrectly the entire payment may be refunded, or if allocations are scaled‐back a partial refund may be made. If a refund is made, payment will be made in the same manner that IPH's dividends are paid. This may be either by direct deposit to a bank account or by cheque, according to your instructions held by IPH's registry, Link Market Services Limited, at the time the payment is made. You can change your payment instructions by calling Link Market Services Limited on 1300 853 598 (within Australia) or +61 1300 853 598 (outside Australia).

Refunds will be made as soon as practical after the SPP closes.

12. How to apply

Option 1: Pay by BPAY ®

You can make a payment by BPAY®. To do this, you must use the Reference Number shown on the Application Form. If you make your payment with BPAY® you do not need to return your Application Form. You will not be able to withdraw or revoke your application or BPAY® payment once you have submitted it or made it or change the amount of Shares you have applied for.

Option 2: Use the enclosed Application Form

You can complete the Application Form, attach a cheque, bank draft or money order and submit your application in accordance with the instructions on the Application Form. Cheques, bank drafts and money orders should be made payable to "IPH Limited" and crossed "Not Negotiable".

Payments must be made in Australian dollars.

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Application Forms together with application monies equal to the number of Shares you wish to acquire should be submitted in the reply paid envelope enclosed to:

IPH Limited

C/‐Link Market Services Limited

GPO Box 3560 Sydney, NSW 2001

All payments and applications must be received no later than 5.00pm (Sydney time) on Wednesday, 16 December 2015.

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SPP Terms and Conditions

Important Notice

The offer to purchase Shares under the SPP is not a recommendation to acquire Shares. If you are in any doubt about the SPP, you should consider obtaining professional financial and/or taxation advice to assist you in determining whether or not and the extent to which, you wish to participate in the SPP (taking into account your own financial situation, needs and objectives). Nothing in these terms and conditions ( SPP Terms and Conditions ), the Application Form or any other accompanying documentation constitutes investment or financial product advice or is intended to influence your decision whether or not to participate in the SPP. If you apply to participate in the SPP by making a BPAY® payment or completing and returning the Application Form with a cheque, bank draft or money order, you are accepting the risk that the market price of the Shares may change. This means it is possible that, between the time you make your application and up to or after the issue date, you ‑ may be able to buy Shares at a lower price than the Issue Price. No cooling off regime applies in relation to the acquisition of Shares under the SPP.

Important Notice to Singapore Investors

This SPP and any other materials relating to the new Shares have not been, and will not be, lodged or registered as a prospectus in Singapore with the Monetary Authority of Singapore. Accordingly, this SPP and any other document or materials in connection with the offer or sale, or invitation for subscription or purchase, of new Shares may not be issued, circulated or distributed, nor may these securities be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore except pursuant to and in accordance with exemptions in Subdivision (4) Division 1, Part XIII of the Securities and Futures Act, Chapter 289 of Singapore (the SFA ), or as otherwise pursuant to, and in accordance with the conditions of any other applicable provisions of the SFA.

This SPP has been given to you on the basis that you are an existing holder of Shares. In the event that you are not such a Shareholder, please return this SPP immediately. You may not forward or circulate this document to any other person in Singapore.

Any offer is not made to you with a view to the new Shares being subsequently offered for sale to any other party. There are on‐sale restrictions in Singapore that may be applicable to investors who acquire new Shares. As such, investors are advised to acquaint themselves with the SFA provisions relating to resale restrictions in Singapore and comply accordingly.

1. Eligible Shareholders

• (a) Subject to clauses 1(c) to 1(j), all persons registered as holders of fully paid ordinary Shares in IPH at 7.00pm (Sydney time) on Monday, 23 November 2015 ( Record Date ), whose registered address in the register is in Australia, New Zealand or Singapore may participate in the SPP ( Eligible Shareholders ). IPH has determined that it is not practical for holders of Shares with registered addresses in other jurisdictions to participate in the SPP.

• (b) Directors, officers and employees of IPH, who hold Shares may be Eligible Shareholders.

• (c) Shareholders who hold Shares on behalf of persons who reside outside Australia, New Zealand or Singapore, are in the United States, or are acting for the account or benefit of a person in the United States are not entitled to participate in the SPP on behalf of those persons. A trustee, nominee or custodian must not participate in the SPP on behalf of, nor

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distribute this document or any other document relating to the SPP to, any person in the United States. The Shares to be issued under this SPP have not been and will not be registered under the United States Securities Act of 1933 , as amended ( U.S. Securities Act ), or the securities laws of any state or other jurisdiction of the United States. Accordingly, Shareholders who are located in the United States or are acting for the account or benefit of a person in the United States are not Eligible Shareholders entitled to participate in the SPP.

• (d) In accordance with relevant New Zealand securities law, a person who on the Record Date was registered as a holder of Shares with a New Zealand address but who, at the time of this offer, no longer holds Shares is not eligible to participate in the SPP.

• (e) To the extent that you hold Shares on behalf of another person resident outside Australia, New Zealand or Singapore, it is your responsibility to ensure that any application complies with all applicable foreign laws. You must not distribute any documents relating to the SPP to any person in the United States. Consistent with the representations, warranties and acknowledgements contained in clause 3 and the Application Form included with these SPP Terms and Conditions, you may not submit any completed Application Forms for any person in the United States or who is acting for the account or benefit of a person in the United States. Failure to comply with these restrictions may result in violations of applicable securities laws.

• (f) Shareholders who are joint holders of Shares are taken to be a single registered holder of Shares for the purposes of determining whether they are an Eligible Shareholder, and the certification under clause 3(a)(v) by one joint holder will be effective in respect of the other joint holder(s).

• (g) If you are a custodian (as defined in Australian Securities and Investments Commission ( ASIC ) Class Order CO 09/425), you may apply for Shares with a total subscription price of up to $14,994.20 for each beneficiary subject to you annexing to your Application Form a certificate addressed to IPH with the following information:

• (i) confirmation of either or both of the following:

  • (A) that you hold Shares on behalf of one or more other persons (each a participating beneficiary ) that are not custodians; or

  • (B) that another custodian ( downstream custodian ) holds beneficial interests in Shares on behalf of one or more other persons (each a participating beneficiary ), and you hold the Shares to which those beneficial interests relate on behalf of the downstream custodian or another custodian;

• (ii) confirmation that each participating beneficiary has subsequently instructed the following persons:

  • (A) where paragraph 1(g)(i)(A) above applies – you; or

  • (B) where paragraph 1(g)(i)(B) above applies – the downstream custodian,

to apply Shares on their behalf under the SPP;

• (iii) the number of participating beneficiaries and their names and addresses;

• (iv) in respect of each participating beneficiary:

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  - (A) where paragraph 1(g)(i)(A) above applies – the number of Shares that you hold on their behalf; or

  - (B) where paragraph 1(g)(i)(B) above applies – the number of Shares to which the beneficial interests relate;

• (v) in respect of each participating beneficiary:

  • (A) where paragraph 1(g)(i)(A) above applies – the number or the dollar amount of Shares they have instructed you to apply for on their behalf; or

  • (B) where paragraph 1(g)(i)(B) above applies – the number or the dollar amount of Shares they have instructed the downstream custodian to apply for on their behalf;

• (vi) confirming that there are no participating beneficiaries in respect of which the total of the application price for the following exceeds $15,000:

  • (A) the Shares applied for by you under the SPP in accordance with the instructions referred to in 1(g)(v) above; and

  • (B) any other Shares issued to you in the 12 months before the application as a result of an instruction given by them to you or the downstream custodian to apply for Shares on their behalf under an arrangement similar to the SPP;

• (vii) confirmation that a copy of these SPP Terms and Conditions was given to each participating beneficiary; and

• (viii) where paragraph 1(g)(i)(B) above applies – the name and address of each custodian who holds beneficial interests in Shares held by you in relation to each participating beneficiary, ( Custodian Certificate ).

• (h) If you hold Shares as a trustee or nominee for another person, but are not a custodian as defined in ASIC Class Order CO 09/425, you cannot participate for beneficiaries in the manner described above. In this case, the rules in clause 2(b) apply.

• (i) Custodians wishing to participate on behalf of a beneficiary or beneficiaries must provide the certifications required by ASIC Class Order CO 09/425 and should contact the registry on the Offer Information Line to request a Custodian Certificate that contains these certifications and other details required to be provided by the Custodian.

• (j) If you are an Eligible Shareholder, your rights under this offer are personal to you and are non‐renounceable, which means you cannot transfer your rights to another person.

2. Applying for Shares

• (a) Participation in the SPP is optional. Eligible Shareholders may apply to purchase a parcel of Shares with a dollar amount of $992.80, $2,496.60, $4,993.20, $7,497.10, $9,993.70, $12,497.60 or $14,994.20. If you are an Eligible Shareholder and wish to participate in the SPP, you must follow the instructions on the Application Form and:

• (i) make payment by BPAY® equivalent to the dollar amount of the parcel of Shares you wish to apply for (including providing the unique identification number provided to you for the purposes of the SPP only) ( Electronic Application ); or

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• (ii) complete the Application Form and provide a cheque, bank draft or money order made payable to "IPH Limited" and crossed "Not Negotiable". Payments must be made in Australian dollars. Please ensure that sufficient cleared funds are held in your account, as your cheque will be banked as soon as it is received. ( Written Application ), so that it is received by the registry by 5.00pm (Sydney time) on Wednesday, 16 December 2015 (the Closing Date ). Payments must be in Australian dollars.

If IPH receives an amount that is not equal to $992.80, $2,496.60, $4,993.20, $7,497.10, $9,993.70, $12,497.60 or $14,994.20, IPH will round down the dollar amount of Shares that you are applying for to the next lowest parcel. If IPH receives less than $1,000, IPH may reject your application and refund your application monies that are not used to purchase Shares, without interest, as soon as practicable following the issue of Shares.

If you make an Electronic Application, in applying for Shares, you represent to IPH that the total of the application price for the following does not exceed $15,000:

• (i) the Shares the subject of the application;

• (ii) any other shares in the class applied for under the SPP or any shares in the class issued under a similar arrangement in the 12 months before the application;

• (iii) any other shares in the class which you have instructed a custodian to acquire on your behalf under the SPP; and

• (iv) any other shares in the class issued to a custodian under an arrangement similar to the SPP in the 12 months before the application as a result of an instruction given by you to the custodian or another custodian and which resulted in you holding beneficial interests in the shares, noting that IPH has not conducted a similar arrangement in the preceding 12 months.

• (b) Eligible Shareholders who receive more than one offer under the SPP (for example, because they hold Shares in more than one capacity) may apply on different Application Forms for Shares but may not apply for Shares with an aggregate dollar amount of more than $15,000.

• (c) IPH may accept or reject your application for Shares at its discretion. IPH may reject your application in the following circumstances (among others):

• (i) your Application Form is incorrectly completed, incomplete or otherwise determined by IPH to be invalid;

• (ii) you have applied for Shares with a total application price of less than $1,000;

• (iii) your cheque is dishonoured or the cheque, bank draft or money order that you enclose with your Application Form is not made out for the amount corresponding to the value of the parcel of Shares you have applied for;

• (iv) your BPAY® payment is incomplete or invalid;

• (v) it appears that you are applying to acquire Shares with an aggregate application price in excess of $15,000;

• (vi) you are a custodian and you have not provided the required Custodian Certificate;

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• (vii) your Application Form or BPAY® payment is received after the Closing Date. Late payments will be refunded, without interest, as soon as practicable following the issue of Shares; or

• (viii) IPH believes you are not an Eligible Shareholder (subject to compliance with any applicable ASIC or ASX Limited ( ASX ) requirements).

• (d) References in this SPP Booklet to $ should be read as Australian dollars.

3. Effect of Making an Application

• (a) If you make an Electronic Application or Written Application, by making that Electronic Application or Written Application:

• (i) you have read and accepted these SPP Terms and Conditions in full and you declare that all details and statements in your Application Form are true and complete and not misleading;

• (ii) you acknowledge that you are an Eligible Shareholder using the unique identifier provided to you for purposes of the SPP only;

• (iii) you irrevocably and unconditionally agree to these SPP Terms and Conditions and the terms of the Application Form and agree not to do any act or thing that would be contrary to the spirit, intention or purpose of the SPP;

• (iv) you acknowledge your application is irrevocable and unconditional and cannot be varied;

• (v) you certify that the total of the application price for the following does not exceed $15,000:

  • (A) the Shares the subject of your application;

  • (B) any other shares in the class you applied for under the SPP or any shares in the class issued under a similar arrangement in the 12 months before the application;

  • (C) any other shares in the class which you have instructed a custodian to acquire on your behalf under the SPP; and

  • (D) any other shares in the class issued to a custodian under an arrangement similar to the SPP in the 12 months before the application as a result of an instruction given by you to the custodian or another custodian and which resulted in you holding beneficial interests in the shares.

• (vi) you, and each person for whose account or benefit you are acting, are not in the United States and you are not acting for the account or benefit of a person in the United States;

• (vii) you acknowledge that the Shares have not, and will not be, registered under the U.S. Securities Act or the securities laws of any state or other jurisdiction of the United States, and accordingly, the Shares may not be offered, sold or resold in the United States;

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• (viii) you represent that you have not, and you agree that you will not, send any materials relating to the SPP to any person in the United States; or to any person acting for the account or benefit of a person in the United States;

• (ix) you accept the risk associated with any refund that may be dispatched to your address or to your nominated bank account as shown on the IPH register;

• (x) you are responsible for any dishonour fees or other costs IPH may incur in presenting a cheque for payment that is dishonoured;

• (xi) you acknowledge that no interest will be paid on any application monies held pending the issue of the Shares or subsequently returned to you for any reason;

• (xii) you acknowledge that you have not been provided with investment advice or financial product advice by IPH or the registry and that neither of them has any obligation to provide this advice in relation to your consideration as to whether or not to participate in the SPP; and

• (xiii) you acknowledge that IPH is not liable for any exercise of its discretions referred to in these SPP Terms and Conditions.

• (b) In addition, if you make a Written Application, by making that Written Application:

• (i) you authorise IPH to correct minor errors in your Application Form and to complete the Application Form by inserting any missing minor detail; and

• (ii) you acknowledge that IPH may determine that your Application Form is valid, in accordance with these SPP Terms and Conditions, even if the Application Form is incomplete, contains errors or is otherwise defective.

4. Price of Shares under the SPP

• (a) The Issue Price is $7.30 per new Share, which was the issue price under the Placement and represents a discount of 7.6% to the closing Share price on Monday, 23 November 2015 and a 2.6% discount to the 10‐day volume weighted average price.

• (b) You agree to pay the Issue Price per Share for the number of Shares calculated under clause 2(a) or, if there is a Scale‐back (as defined below), the number of Shares calculated under clause 6.

• (c) You acknowledge the risk that the market price of Shares may change (i.e. rise or fall) between the date of this offer and the date the Shares are issued to you under the SPP ( Issue Date ) which may mean that the Issue Price you pay for the Shares may exceed or be less than the market price of the Shares on the Issue Date.

5. Ranking of Shares

Shares issued under the SPP will rank equally in all respects with existing Shares quoted on the ASX, with the same voting rights, dividend rights and other entitlements.

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6. Scale‐back

• (a) IPH may in its absolute discretion allocate to you less than the number of Shares you have applied for ( Scale‐back ). If there is a Scale‐back, IPH may in its absolute discretion determine to apply the Scale‐back to the extent and in the manner that it sees fit.

• (b) If there is a Scale‐back, you may receive less than the parcel of Shares for which you applied. If a Scale‐back produces a fractional number of Shares when applied to your parcel, the number of new Shares you will be allocated will be rounded down to the nearest whole number of new Shares.

• (c) In the event of a Scale‐back, the difference between the application monies received, and the number of new Shares allocated to you multiplied by the Issue Price, will be refunded to you in the same manner as your IPH dividends are paid to you.

7. Costs of Participation

No brokerage, commissions or other transaction costs will be payable by Eligible Shareholders in respect of the application for, and the issue of, Shares under the SPP.

8. Timetable

Event	Date
Record Date	7.00pm (Sydney time), Monday, 23 November 2015
SPP offer opens	10.00am (Sydney time), Wednesday, 2 December 2015
SPP offer closes	5.00pm (Sydney time), Wednesday, 16 December 2015
Issue date	Tuesday, 29 December 2015
Dispatch of holding statements	Wednesday, 30 December 2015
Expected quotation of new Shares on ASX	Thursday, 31 December 2015

IPH may vary any of the above dates at its discretion (even if the offer has opened, or BPAY® or Application Forms have been received) by lodging a revised timetable with the ASX.

9. Compliance

The offer of Shares under the SPP is made in accordance with the requirements of ASIC Class Order CO 09/425 (as amended) and the Securities Act (Overseas Companies) Exemption Notice 2013 .

10. Dispute Resolution

IPH may settle in any manner it thinks fit, any difficulties, anomalies or disputes that may arise in connection with or by reason of the operation of the SPP and the decision of IPH will be conclusive and binding on all participants and other persons to whom the determination relates.

11. Waiver, amendment, suspension and withdrawal

IPH may, at its discretion, waive compliance with any provision of these SPP Terms and Conditions, amend or vary these SPP Terms and Conditions, or suspend or withdraw the offer at any time. Any such waiver, amendment, variation, suspension or withdrawal will be binding on all Eligible Shareholders even where IPH does not notify you of the event.

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12. No Underwriting

The SPP will not be underwritten.

13. Governing Law

These SPP Terms and Conditions are governed by the laws in force in New South Wales.

14. Privacy Policy

• (a) Chapter 2C of the Corporations Act requires information about you as a Shareholder including your name, address and details of the Shares you hold) to be included in the public register of the entity in which you hold Shares. This information must continue to be included in the public register if you cease to be a Shareholder. The Privacy Amendment (Private Sector) Act 2000 (Cth) does not alter these statutory obligations.

• (b) IPH and Link Market Services Limited may collect personal information to process your application and implement the SPP, and to administer your shareholding.

• (c) The personal information contained on the IPH register is also used to facilitate payments and corporate communications (including financial results, annual reports and other information to be communicated to Shareholders) and to ensure compliance with legal and regulatory requirements, including Australian taxation laws and the Corporations Act.

• (d) The personal information we collect may include your name, address, other contact details, bank account details and details of your IPH shareholdings.

• (e) Shareholders who are individuals and the other individuals in respect of whom personal information is collected, as outlined above, have certain rights to access, correct or update the personal information held about them, subject to some exceptions allowed by law. Such individuals should contact Link Market Services Limited by email capitalmarkets@linkmarketservices.com.au in the first instance if they wish to request access to that personal information. Reasons will be given if access is denied.

• (f) Your personal information may be disclosed to joint investors, registry, to securities brokers, to third party service providers (including print and mail service providers, technology providers, and professional advisers), to related entities of IPH and each of their agents and contractors, and to ASX and other regulatory authorities, and in any case, where disclosure is required or allowed by law (which may include disclosures to the Australian Taxation Office and other government or regulatory bodies or where you have consented to the disclosure). In some cases, the types of organisations referred to above to whom we will disclose your personal information may be located overseas.

• (g) The main consequence of not providing the personal information outlined in clauses 14(a) to 14(d) above would be that IPH may be hindered in, or prevented from, processing your application, and from conducting and implementing the SPP.

• (h) Link Market Service Limited's privacy policy is available on their website: www.linkmarketservices.com.au.

15. Other Terms and Conditions

Shareholders will be bound by the constitution of IPH and these SPP Terms and Conditions by accepting the offer to acquire Shares under the SPP.

IPH Share Purchase Plan (SPP)

14

Corporate Directory

Directors

David Griffith Richard Grellman Sally Pitkin Robin Low John Atkin

Company Secretary

Malcolm Mitchell

Principal registered office in Australia

Level 35, St. Martins Tower

31 Market Street Sydney NSW 2000 Telephone: (02) 9393 0301

Security exchange listings

IPH Limited Shares are listed on the Australian Securities Exchange (ASX).

Website address

www.iphltd.com.au

Share registry

Link Market Services Limited Level 12, 680 George Street

Sydney NSW 2000 Telephone: (Australia) 1300 853 598 (Overseas) +61 1300 853 598

IPH Share Purchase Plan (SPP)

All Registry communications to: Link Market Services Limited Locked Bag A14 Sydney South NSW 1235 Australia Telephone: +61 1300 853 598 ASX Code: IPH

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ABN 49 169 015 838

Website: www.linkmarketservices.com.au

SRN/HIN:

SRN/HIN:
Entitlement Number:
Record Date:	23 November 2015
Offer Opens:	2 December 2015
Issue Price per Share:	$7.30

Offer Closes 5:00pm (Sydney Time): 16 December 2015

SHARE PURCHASE PLAN (“SPP”) APPLICATION FORM

How do I apply for Shares under this offer?

• Carefully read the SPP Terms and Conditions accompanying this form.

• Decide on the amount you wish to apply for.

• Pay for the Shares in accordance with the instructions outlined in the Terms and Conditions Booklet and further important instructions on the reverse of this form.

Option 1: Paying by Bpay[®] .

Option 2: Paying by Cheque, Bank Draft or Money Order.

• Payments must be in Australian dollars.

PAYMENT OPTIONS

Option 1: Paying by Bpay[®]

If paying by Bpay[®] , you do NOT need to complete or return the Acceptance Slip attached to this Application Form below. Payment must be received by the Registry by Bpay[®] by 5:00pm (Sydney Time) on 16 December 2015. By paying by Bpay[®] , you will be deemed to have completed an Application Form for the number of Shares the subject of your Application Payment. If you make a payment by Bpay[®] and IPH Limited receives an amount which is not equal to either $992.80, $2,496.60, $4,993.20, $7,497.10, $9,993.70, $12,497.60 or $14,994.20, IPH Limited may round down the dollar amount of Shares that you are applying for to the next lowest parcel at their discretion. Your payment must be for a minimum of $992.80.

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Biller Code: 898502 Ref:

Telephone & Internet Banking – Bpay[®]

Contact your bank or financial institution to make this payment from your cheque, savings, debit or transaction account. More info: www.bpay.com.au

® Registered to Bpay Pty Ltd ABN 69 079 137 518

Option 2: Paying by Cheque, Bank Draft or Money Order

If paying by cheque, bank draft or money order, complete and return the Acceptance Slip attached to this Application Form with your Application Payment.

• A. Tick the box beside the amount you wish to apply for, either $992.80, $2,496.60, $4,993.20, $7,497.10, $9,993.70, $12,497.60 or $14,994.20.

• B. Enter your cheque, bank draft or money order details. The amount of your Application Payment should be equal to the amount applied for in section A of the Acceptance Slip. Cheques, bank drafts or money orders must be drawn on an Australian branch of a financial institution in Australian currency, made payable to “IPH Limited” and crossed “Not Negotiable”. Please ensure sufficient cleared funds are held in your account, as your cheque will be banked as soon as it is received. If you provide a cheque, bank draft or money order for an amount that is not equal to either $992.80, $2,496.60, $4,993.20, $7,497.10, $9,993.70, $12,497.60 or $14,994.20, IPH Limited may round down the dollar amount of Shares that you are applying for to the next lowest parcel at their discretion. Your payment must be for a minimum of $992.80.

• C. Enter your contact telephone number at which we may contact you regarding your application for Shares, if necessary.

THIS IS A PERSONALISED FORM FOR THE SOLE USE OF THE SHAREHOLDER AND HOLDING RECORDED ABOVE.

Please detach and enclose with payment

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----- Start of picture text -----

SRN/HIN:
Entitlement Number:
ABN 49 169 015 838
9999999
A I/we wish to purchase a parcel of Shares to the dollar amount of (tick one box only):
136 Shares 342 Shares 684 Shares 1,027 Shares 1,369 Shares 1,712 Shares 2,054 Shares
$992.80 OR $2,496.60 OR $4,993.20 OR $7,497.10 OR $9,993.70 OR $12,497.60 OR $14,994.20
B Make your cheque, bank draft or money order payable to “IPH Limited” and crossed “Not Negotiable”
Drawer Cheque Number BSB Number Account Number Amount of Cheque
$ .
C Telephone Number – Business Hours Telephone Number – After Hours Contact Name
( ) ( )
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IMPORTANT INFORMATION

1. This is an important document which requires your immediate attention. If you are in any doubt as to how to deal with this Application Form, please consult a professional adviser.

2. If you do not wish to purchase additional Shares under this SPP, there is no need to take action.

3. Please ensure you have read and understood the SPP Terms and Conditions and this Important Information, before you make the Application Payment by Bpay[®] or you submit your Acceptance Slip with your Application Payment.

4. This SPP is non-renounceable. Applications can only be accepted in the name printed on the Application Form.

5. If you are a custodian, trustee or nominee within the definition of “custodian” in ASIC Class Order [CO 09/425] you must complete and submit an additional Schedule that contains additional certifications and details that must be provided (“the Schedule”) before your Application will be received. The Schedule can be obtained by contacting the IPH Limited SPP Offer Information Line. Applications received by custodians that are not accompanied by the Schedule will be rejected.

6. For applicants that are not required to complete the Schedule, by submitting the Acceptance Slip (with a cheque, bank draft or money order) or making payment by Bpay[®] , you certify that the aggregate of the Application Payment paid by you for:

7. the parcel of New Shares indicated on this Application Form or Bpay[®] payment; and

8. any other Shares applied for by you, or which you have instructed a Custodian to acquire on your behalf under the SPP or any other similar arrangement in the 12 months prior to the date of submission of the Acceptance Slip or payment by Bpay[®] ,

9. does not exceed $15,000.

10. IPH Limited reserves the right to make amendments to this Application Form where appropriate.

11. Applicants are not assured of receiving the Shares for which they have applied as IPH Limited may scaleback applications in its discretion.

How to Lodge your Acceptance Slip and Application Payment

A reply paid envelope is enclosed for you to return your Acceptance Slip and Application Payment. No postage stamp is required if it is posted in Australia.

Acceptance Slip and the payment for New Shares must be received by the Registry no later than the closing date shown overleaf. If paying by Bpay[®] you do not need to complete or return the Application Form. You should check the processing cut off-time for Bpay[®] transactions with your bank, credit union or building society to ensure your payment will be received by the Registry by the close of the offer.

Mailing Address IPH Limited C/- Link Market Services Limited GPO Box 3560 Sydney NSW 2001	or	Hand Delivery IPH Limited C/- Link Market Services Limited 1A Homebush Bay Drive Rhodes NSW 2138(Please do not use this address for mailing purposes)

Make sure you send your Acceptance Slip and Application Payment allowing enough time for mail delivery, so Link Market Services Limited receives them no later than 5:00pm (Sydney Time) on 16 December 2015. Please ensure sufficient cleared funds are held in your account, as your cheque will be banked as soon as it is received. IPH Limited reserves the right not to process any Acceptance Slips and Application Payments received after the Closing Date.

If you require information on how to complete this Acceptance Slip please contact the IPH Limited SPP Offer Information Line on +61 1300 853 598.