IPH LIMITED — Major Shareholding Notification 2016

Mar 1, 2016

$\boldsymbol{6}$

2^nd March 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

$\ell$ eff Phillips Chief Financial Officer Encl

Forn, 604

Corporadons Act 2001

Section 6718

Notice of changes of Interests of substantial holder

TO:	Umbd IPH
ACN:	49189015838
ASX Code:	IPH

1. Details of substantial holdor

Nan,e: Bennelong Funds Management Group Pty Ltd (ACN 144 676 344).

of intere®Ie the was a change in the There substarlal holder on:	1 March 2016
to The previous was given company on nouce Ule	280' January 2016
The previous notice was dated	281' January 2016

1 Previous and present vang power

The total number of votes Z 2 - · to all the voBng shares [n the company or volng Interests In the scheme that the subs illtial holder or an : ™ --.1-' i had a relevant interest in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

of Class secudve.	notli Pr,vious		Pr,-!lt no c
	Person's votes	Voting power	Person VO	Vodng power
Ordinary shares	9,460,144	5,0771%	14,008,585	7,5182%

3. Changes In relevant Interests

Paaculars of each change In, or change in the nature of, a relevant Interest ofthe sub*nual holder or an ammoclate In volng securities ofthe company or scheme, since the substadal holder was last required to give a substnntlal holding notice to the company or scheme are as follows:

Da. of chan,	Mer# P,Ion whose relannt d.,ed	Nature of chan,1	Oven In relltion to chanD	a=in ruda 0	Person' #=W
				4,548,441
1 March	Bennelons Punds Manasement	Purchased		Ordinary
2016	Group Pty ltd	on market		shares	4.548.441

4 Present relevant In*rests

Partlculars of each relevant interest of the substantial holder In voting ⁼ - 'i= after the change are as follows

Holder ofrelow=* Inl,r=&	R.5 red holder of	pwflll. annlid mba rB:Istered = holder	a=sand numberof
Bennelong Funds Mangemerit Group Pty Ltd	RBC Irrvestor & Treasury SeNkes		8,752,031 Ordinary shares
Bennelong Funds Management Group Pty Ltd	NAB Asset Servidng		4,350,847 Ordinary shares
Berlnetong Funds Manmmem Group Pty Ltd	Clt'		482,779 Ordinary shares
Bennelong Funds Management Group Pty ltd	BNP		421908 Ordinary shares

The custodians in the table above hold shares In IP.11 Umlted as custodian and for which companies In the Bennelong Funde Management Group are either:

• the responsible entity or trustee of pooled investment products such as registered managed Investment schemes (Funds); or
• the investment manager of Portfolios held for a number of Institutional Investors. The Institutional investors are generally superannuation funds regulated under the Superannualon Industry Supervision Act 1993.

The holding of shares in IPH Umlted was acquired as part of the wide port o[10 of Australian shares and units acquired for the Fwds and the Portfolios.

The members of the Bennelong Funds Management Group and the Custodians may hold relevant Interests due to the capacity of these elitttles to dispose ofthe shares in IPH Umbd.

Each Investor In a Fund owns an undMded hterest In the Fund's assets and no investor directly owns any asset of the Fund. The unitholding of each Fund varies *om Ame to time as Investors enter and withdraw from the Funds. The various 1-IstltuRonal Investors with po,Vollos delegate the management of the poaollos to the members of the Bennelong Funds Management Group.

5. Changes in association

The persons who have become- · ^C :t:-of, ceased to be assodal»® of, or have changed the nature oftheir association with, the su.-4 z: holder In relation to voting Interests In the company or scheme are as follows

(lfapplicable) and ACN/ARSN Name	of association Nature
Applicable Not

6. Addresses

The addresses of pereons named In this form are as follows:

Na,Ii	Address
Bennelong Funds Management Group Pty Lbd	1,9 Street VIC Level Queen Melbourne 3000

Signature

Print name:

Capacily: CPO

Date:

Sign here:

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