IPH LIMITED — Major Shareholding Notification 2016

Oct 30, 2016

31st October 2016

The Manager Market Announcements Office ASX Limited By fax 1300 135 638

Dear Sir/Madam

IPH Limited (ABN 49 169 015 838)

Notice of changes of interests of substantial holder: Form 604

Please find attached a Form 604 (Notice of change of interests of substantial holder) in relation to shares in IPH Limited (ABN 49 169 015 838), lodged on behalf of Bennelong Funds Management Group Pty Ltd (ACN 144 676 344) in accordance with section 671B of the Corporations Act 2001.

Yours sincerely

Jeff Phillips Chief Financial Officer Encl

31/0CT/2016/MON 04:27 PM

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Form 604

Corporations Act 2001

Section 6718

Notice of changes of Interests of substantial holder

TO:	Umlt.d IPH
ACN:	49189015838
ASX Code:	IPH

1. Details of substantial holder

Name: Berinelong Funds Management Group Pty Ltd (ACN 144 676 344).

wasa of There change In the the Interests holder substantial on:	28'1 October 2016
was to the company on The pmvious notice given	15" July 2016
was The previous notice dated	1501 July 2016

1 Previous and prisent vo«ng 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 associste had ^a relevant Interest in when last required, and when now required, to give a substantial holding notice to the company or scheme, are am follows:

of Class secuilties	Privlous notice		Present notice
	Person's VotDS	Voting power	Person: votes	Voting power
Ordinary shares	12,028,647	6.4656%	10,153,127	5.3257%

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3. Changes In re[evart Interests

Partlculam of each change In, or change h the nattire of, a relevant interest ofthe substantial holder or an associate in voting securities ofthe company or scheme, since the substanual holder was last required to give ^a substantial holding notice b the company or scheme are as follows:

Dats of chanp	Plrson,vhose relevant Int,rest cha ed	Namre of	van In relation to change	aam and numberof mal	P.rsont ./"b.5 aHected
28				1,575 20
October	Bennelong Funds Manngpmerrt	Sold on		04Inary
2016	Group Pty ltd	market		shars	1,875,520

4. Present relevant Interests

ParOculars of each relevant Interast of the substantjal holder In voting securities after the change are as follows:

Holder f r,Im,am Interest	holdIr Reghtsm of seatrltles	Persom ennti.d to be = re /afed holr	aam and numb r of
Bennelong Funds Management Group Pty Ltd	RBC Investor & Treasury Services		7,004294 Ordinary shares
Bennetong Funds Management Group Pty Ltd	NAB Asset Servicing		2,456,682 Ordinary shares
Bennelorig Funds Management Group Pty Ltd	ati		289,776 Ordinary shares
Bennelong Funds Management Group Pty ltd	BNP		405,375 Ordlna shares

The custodians In the table above hold shares In IPH Umlted as custodian and for Imlch companies in the Bennelong Funds Management Group are either:

• • the responsible entity or trustee of pooled Inve*nent products such as registered managed Investment schemes (Funds); or
• Ula investnent manager of Portfolos held for ^a number of Institutional investors. The Institutional Investors are generally superannuation funds regulated under the Superannue[Oon Industry Supervision Act 1993.

The holding of shares In IPH Limited was acquired as part of tile wide portfolio of Australian shares and units acquired forthe Funds and the Portfolios.

The members of the Bennelong Funds Management Group and the Custodians may hold relevant interests due b the capacity of these entities to dispose of the shares In IPH LAbd.

Each Investor In a Fund owns an undlvlded iriterest In the Funds assetB and no Investor directly owns any asset of the Fund. The unltholdlng of each Fund varle8 from ame to time as Investors enter and withdraw from the Fund8. The various ing#t,Oonal Investors with portfolios delegate the management of the portfolios to the members of the Bennelong Funds Management Group.

5. Changes Irl *ssoclat!on

The persons who have become associates of, ceased to be associates of, or have changed the natire of their association with, the s darrtial holder In relation to voting interest8 In the company or scheme are as follows:

(If applicable) and Name ACN/ARSN	associdon Niture of
Applicable Not

6. Addr,8885

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

Nan»	Address
Bennelong Funds Management Group Pty Ltd	1,9 Street Queen Level 3000	Melbourne VIC

Signature

Prhit name: Jeffrey Phillips

Capacity: Chief Financial Officer

Sign here:

Date: 31 Odober 2016

31/0CT/2016/MON 04:28 PM

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FAX No.

P. 006

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