IPH LIMITED — Director's Dealing 2018

Nov 26, 2018

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/09/01 Amended 01/01/11

Name of entity	IPH Limited
ABN	49 169 015 838

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Andrew Nathaniel Blattman
Date of last notice	23 August 2018

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest	(a) Direct(b) Indirect
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to the relevantinterest.	(a) N/A(b) Power to exercise or control the exerciseof the right to vote or dispose of shares heldby the following entities:(i) Talabah Pty Limited (ABN 66 832 247 501)(ii) Aliand Pty Limited (ABN 19 110 176 844)
Date of change	(a) N/A(b) (i) N/A(ii) N/A
No. of securities held prior to change	(a) N/A(b) (i) 2,067,175(ii) 438,991
Class	(a) N/A(b) (i) Fully paid ordinary shares(ii) Fully paid ordinary shares
Number acquired	(a) N/A(b) (i) Nil (ii)Nil

3475-7464-7308, v. 2

• See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

Number disposed	(a) N/A(b) (i) Nil (ii)Nil
Value/ConsiderationNote: If consideration is non-cash, provide details and estimatedvaluation	(a) N/A(b) (i) N/A(ii) N/A
No. of securities held after change	(a) N/A(b) (i) 2,067,175(ii) 438,991
Nature of changeExample: on-market trade, off-market trade, exercise of options,issue of securities under dividend reinvestment plan, participation inbuy-back	(a) N/A(b) (i) N/A(ii) N/A

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract	Performance Rights issued under the IPHLimited Employee Incentive Plan as approved byshareholders at the Annual General Meeting on 23November 2018 and the Annual General Meeting on 20November 2017
Nature of interest	Holder of Performance Rights
Name of registered holder(if issued securities)	Andrew Nathaniel Blattman
Date of change	27 November 2018
No. and class of securities towhich interest related prior tochangeNote: Details are only required for a contract inrelation to which the interest has changed	156,780 Performance Rights
Interest acquired	198,676 Performance Rights
Interest disposed	N/A
Value/ConsiderationNote: If consideration is non-cash, provide detailsand an estimated valuation	Nil
Interest after change	355,456 Performance Rights

• See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

Part 3 –[+] Closed period

Were the interests in the securities or contracts No detailed above traded during a[+] closed period where prior written clearance was required? If so, was prior written clearance provided to N/A allow the trade to proceed during this period? If prior written clearance was provided, on what N/A date was this provided?

• See chapter 19 for defined terms.

3475-7464-7308, v. 2

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