IPH LIMITED — Major Shareholding Notification 2021

Dec 20, 2021

604 page 1/3 15 July 2001

Form604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme	IPH Limited
ACN/ARSN	169 015 838
1. Details of substantial holder(1) Name ACN/ARSN (if applicable)	Kabouter Management, LLC; Kabouter International Opportunities Fund II, LLC; Kabouter International Mission Fund, LLC; Peter Zaldivar; Marcel Houtzager N/A
There was a change in the interests of the substantial holder on The previous notice was given to the company on The previous notice was dated	17/12/2021 11/08/2021 10/08/2021

1. 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 interes
(3) in when last required, and when now re

Class of securities (4)	Previous notice
	Person's votes	Volingpower (5)	Person's votes	Voting power (5)
Ordinary Shares	16.406.878	_ 7.55%	14 196 907	6.50%
	.

3. Changes in relevant interests

J. J. Shanges in necessity inverses
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
substant

Date of change	Person whose relevant interest changed	Nature of change (6)	Consideration given in relation to change (7)	Class and number of securities affected	Person's votes affected
	See Annexure See Annexure A	lSee Annexure A	See Annexure A		See Annexure See Annexure A

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change areas 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!
Kabouter Management, LLC	C oldman Sachs	Kabouter International Relevant interest in Opportunities Fund II, isecurities held by LLC	Kabouter Management, LLC in its capacity as	12.162.498 ordinary shares	12, 162, 498
	i Goldman Sachs	Kabouter International Investment manager Mission Fund. LLC		307.449 ordinary Ishares	307.449
	lGoldman Sachs	Goldman Sachs		18,757 ordinary shares	18.757
	BNY Mellon	BNY Mellon		1,569.748 ordinary 1569.748

604 page 2/3 15 July 2001

				shares
	Fidelity	Fidelity		138,455 ordinary shares	138,455
Kabouter International Opportunities Fund II, LLC	Goldman Sachs	Kabouter International Holder of securities Opportunities Fund II LLC		12.162.498 ordinary shares	12,162,498
Kabouter International Mission Fund. LLC	Goldman Sachs	Kabouter International Holder of securities Mission Fund. LLC		307,449 ordinary shares	307,449
	Peter Zaldivar Goldman Sachs	iLLC.	Kabouter International Kabouter Management, 12,162,498 Opportunities Fund II, LLC is a body corporate ordinary shares of which Peter Zaldivar s voting power is more		12.162.498
	Goldman Sachs	Kabouter International than 20% Mission Fund, LLC		307,449 ordinary shares	307.449
	Goldman Sachs	Goldman Sachs		18,757 ordinary shares	18.757
	BNY Mellon	BNY Mellon		1,569,748 ordinary 1,569,748 shares
	Fidelity	Fidelity		138,455 ordinary shares	138,455
Marcel Houtzager	Goldman Sachs	LLC	Kabouter International Kabouter Management, 14,271,128 Opportunities Fund II, LLC is a body corporate ordinary shares of which Peter Zaldivar's voting power is more		14.271.128
	Goldman Sachs	Kabouter International Mission Fund, LLC	than 20%	307,449 ordinary lshares	307,449
	Goldman Sachs	Goldman Sachs		18,757 ordinary shares	18.757
	BNY Mellon	BNY Mellon		1.569.748 ordinary 1.569.748 ishares
	Fidelity	Fidelity		138 455 ordinary shares	138,455

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), the substantial holder in relation to voting
interests in the company or scheme areas follows:

---- $\sim$ $\sim$ $\sim$ $\sim$ $\sim$ $\sim$ _ ___ ٦e Name a LА - 17	$\sim$ $ -$ $\cdots$ _ . . _ _____ Nature atior ------------- _____ -------------- __ ---------------------
-------------------------------------- ______	_ ------ __
_ -------- __ ____	---------- ------- ___ .

6. Addresses

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

ī

Name	Address
Kabouter Management, LLC	401 N. Michigan Avenue, Suite 2510, Chicago, IL 60611
Kabouter International Opportunities Fund II, LLC	401 N. Michigan Avenue, Suite 2510, Chicago, IL 60611
Kabouter International Mission Fund, LLC	401 N. Michigan Avenue, Suite 2510, Chicago, IL 60611
Peter Zaldivar	401 N. Michigan Avenue, Suite 2510, Chicago, IL 60611
Marcel Houtzager	401 N. Michigan Avenue, Suite 2510, Chicago, IL 60611

Signature

Christopher Yarbrough	General Counsel & CCO
print name	capacity
Christopher Cfarbrough
sign here	Date 20 /12 /2021

604 page 3/3 15 July 2001

DIRECTIONS

• 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 $(1)$ 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 clearly set out in paragraph 6 of the form
• See the definition of "associate" in section 9 of the Corporations Act 2001. $(2)$

÷.

• See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001 $(3)$
• The voting shares of a company constitute one class unless divided into separate classes. $(4)$
• The person's votes divided by the total votes in the body corporate or scheme multiplied by 100. $(5)$
• $(6)$ Include details of:
• any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy $(a)$ 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, schemeor arrangement, must accompany this form, together with a written statement certifying this contract, schemeor arrangement, and
• 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 $(b)$ 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.

• 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 m $(7)$ 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 refevant interest was acquired.
• If the substantial holder is unable to determine the identity of the person (e.g., if the relevant interest arises because of an option) write "unknown". $(8)$
• $(9)$ Give details, if appropriate, of the present association and any change in that association since the last substantial holder notice.

Annexure A

This is Annexure A of 2 pages referred to in the Form 604: Notice of change of interests of substantial holder issued by Kabouter Management, LLC and its related entities.

Christopher Garbrough
Christopher K. Yerbrough
General Counsel & Chief Compliance Officer
20/12/2021 Signed: Name:
Capacity:
Date:

3. Changes in relevant interests

Date of change	Person whose relevant interest changed*	Nature of change (6)	Consideration given in relation to the change (7)	Class and number of securities affected	Person's votes affected	Trade Currency
8/13/2021 LLC	Kabouter Management,	Acquisition of securities	(122.861.00)	20,311	20,311	USD
8/18/2021 LLC	Kabouter Management.	Acquisition of securities	(11.004.37)	1,341	1,341	AUD
9/1/2021 LLC	Kabouter Management,	Acquisition of securities	(7, 141.45)	1,063	1,063	USD
9/3/2021 LLC	Kabouter Management,	Acquisition of securities	(77, 810.40)	11.146	11.146	USD
9/17/2021 LLC	Kabouter Management.	Stock dividend		25,591	25,591
9/17/2021 I.LC	Kabouter International Opportunities Fund II,	Stock dividend		237,826	237,826
	Kabouter International 9/17/2021 Mission Fund, LLC	Stock dividend		5.688	5,688
10/1/2021 LLC	Kabouter International Opportunities Fund II,	Sale of securities	671,031.06	(73, 996)	(73.996)	iaud
10/1/2021LLC	Kabouter Management,	Acquisition of securities	(8, 463, 15)	1,268	1,268	USD
10/6/2021 LLC	Kabouter Management,	Sale of securities	154.031.93	(17, 133)	(17.133)	AUD
10/6/2021 LLC	Kabouter Management,	Sale of securities	130.360.30	(14,500)	(14, 500)	AUD
10/6/2021 LLC	Kabouter Management,	Sale of securities	14.294.68	(1.590)	(1,590)	AUD
	Kabouter International 10/6/2021 Mission Fund, LLC Kabouter International	Sale of securities	64,550.83	(7.180)	(7, 180)	AUD
10/6/2021 LLC	Opportunities Fund II,	Sale of securities	2,607,340.89	(290,015)	(290.015)	AUD
10/6/2021 LLC	Kabouter Management,	Sale of securities	3,551.19	(395)	(395)	AUD
10/6/2021 LLC	Kabouter Management,	Sale of securities	1,759.53	(197)	(197)	AUD
10/6/2021 LLC	Kabouter Management,	Sale of securities	76,320.85	(8.545)	(8,545)	AUD
10/6/2021 LLC	Kabouter Management,	Sale of securities	64,593.60	(7, 232)	(7, 232)	AUD)
10/6/2021 LLC	Kabouter Management,	Sale of securities	7 082.79	(793)	(793)	AUD
	Kabouter International 10/6/2021 Mission Fund, LLC Kabouter International	Sale of securities	31,984.19	(3,581)	(3.581)	AUD
10/6/2021 LLC	Opportunities Fund II,	Sale of securities	1,291,979.27	(144, 652)	(144.652)	AUD
10/7/2021 LLC	Kabouter Management,	Sale of securities	2,506.07	(283)	(283) AUD
10/7/2021 LLC	Kabouter Management,	Sale of securities	108,407.40	(12,242)	(12.242)	AUD
10/7/2021 LLC	Kabouter Management,	Sale of securities	91,759.31	(10, 362)	(10, 362)	AUD
10/7/2021 LLC	Kabouter Management,	Sale of securities	10,059.70	(1, 136)	(1, 136)	AUD
	Kabouter International 10/7/2021 Mission Fund, LLC	Sale of securities	45,436.89	(5, 131)	(5, 131)	AUD
10/7/2021 LLC	Kabouter International Opportunities Fund II,	Sale of securities	1,835,265.91	(207, 249)	(207,249)	AUD
10/7/2021 LLC	Kabouter Management,	Sale of securities	1,257.96	(142)	(142)	AUD
10/7/2021LLC	Kabouter Management,	Sale of securities	54.216.48	(6, 120)	$(6.120)$ AUD

To:1300135638

10/7/2021 LLC	Kabouter Management,	Sale of securities	45,889.11	(5, 180)	(5, 180)	AUD
10/7/2021 LLC	Kabouter Management,	Sale of securities	5 031 86	(568)	(568)	AUD
	Kabouter International 10/7/2021 Mission Fund, LLC	Sale of securities	22,723.08	(2, 565)	(2.565)	AUD
	Kabouter International Opportunities Fund II,
10/7/2021 LLC	Kabouter Management,	Sale of securities	917,826.59	(103,605)	(103, 605)	AUD
10/8/2021 LLC	Kabouter Management,	Sale of securities	2,406.02	(271)	(271)	AUD
10/8/2021 LLC	Kabouter Management,	Sale of securities	104,586.49	(11,780)	(11780)	IAUD
10/8/2021 LLC	Kabouter Management,	Sale of securities	88,525.63	(9, 971)	(9,971)	JAUD
10/8/2021 LLC		Sale of securities	9,712.87	(1.094)	(1,094)	AUD
	Kabouter International 10/8/2021 Mission Fund, LLC	Sale of securities	43,841.09	(4.938)	(4.938)	AUD
10/8/2021 LLC	Kabouter International Opportunities Fund II,	Sale of securities	1770.414.88	(199,409)	(199, 409)	AUD
10/27/2021 LLC	Kabouter International Opportunities Fund II.	Sale of securities	1 519 193.86	(174, 432)	(174.432)	AUD
	Kabouter Management,	Sale of securities	15,242.54	(2, 328)	(2,328)	USD
10/27/2021 LLC	Kabouter International
10/28/2021 LLC	Opportunities Fund II,	Sale of securities	771,995.89	(88, 815)	(88.815)	AUD
10/29/2021 LLC	Kabouter International Opportunities Fund II,	Sale of securities	308,103.12	(35,448)	(35.448)	AUD
	Kabouter International
11/1/2021 LLC	Opportunities Fund II,	Sale of securities	1.178,199.52	(135, 684)	(135, 684)	AUD
11/1/2021 LLC	Kabouter Management,	Acquisition of securities	(1,319.07)	195	195	USD
11/2/2021 LLC	Kabouter Management,	Sale of securities	6,907.94	(795)	(795)	AUD
11/4/2021 LLC	Kabouter Management,	Sale of securities	90,268.95	(14,141)	(14.141)	USD
	Kabouter International 11/30/2021 Mission Fund, LLC	Sale of securities	143,708.99	(16,181)	(16,181)	AUD
11/30/2021 LLC	Kabouter Management.	Sale of securities	9 743 96	(1.570)	(1,570)	lusd
12/10/2021 LLC	Kabouter International Opportunities Fund II,	Sale of securities	890,773.38	(102, 324)	(102.324)	AUD
	Kabouter International
12/13/2021 LLC	Opportunities Fund II,	Sale of securities	2,082,182.05	(238, 995)	(238, 995)	AUD
	Kabouter International Opportunities Fund II.					AUD
12/14/2021 LLC	Kabouter International	Sale of securities	1,217,101.42	(139, 151)	(139, 151)
12/16/2021 LLC	Opportunities Fund II,	Sale of securities	1.682,008.75	(192, 180)	(192, 180)	AUD
12/17/2021 LLC	Kabouter International Opportunities Fund II,	Sale of securities	1893,933.62	(220, 501)	(220, 501)	AUD

Note: The person whose relevant interest changed includes the following persons:
1. Kabouter Management, LLC in its capacity as investment manager;
2. Peter Zalvidar as Kabouter Management, LLC is a body corporate of which