IPH LIMITED — Major Shareholding Notification 2021

Aug 10, 2021

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	Kabouter Management, LLC; Kabouter International Opportunities Fund II, LLC; Kabouter International Mission Fund, LLC; Peter Zaldivar; Marcel Houtzager
ACN/ARSN (if applicable)	N/A
There was a change in the interests of the substantial holder on	09/08/2021
The previous notice was given to the company on The previous notice was dated	16/03/2021 15/03/2021

2. 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 interest
(3) in when last required, and when now r

Class of securities(4)	Previous notice
	Person's votes	Voting power (5)	Person's votes	Voting power (5)
Ordinary Shares	13.903.589	6.43%	16.406,878	17.55%

1. Changes in relevant interests
   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
   substantial

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	See 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 asholder(8)	Nature of relevant interest(6)	Class and number of securities	Person's votes
ÍKabouter. Management. ILLC.	Goldman Sachs	Kabouter International Relevant interest in Opportunities Fund II. LLC	securities held by Kabouter Management. LLC in its capacity as	14,271,128 ordinary shares	14.271.128
	Goldman Sachs	Kabouter International linvestment manager Mission Fund, LLC		341,337 ordinary Ishares	341.337
	Goldman Sachs	Goldman Sachs		19.158 ordinary shares	19.158
	BNY Mellon	BNY Mellon		1,650,491 ordinary 1,650,491

				shares
	Fidelity	Fidelity		124 764 ordinary shares	124.764
Kabouter International Opportunities Fund II, LLC	Goldman Sachs	Kabouter International Holder of securities Opportunities Fund II. LLC		14,271,128 ordinary shares	14,271,128
Kabouter International Mission Fund, LLC	Goldman Sachs	Kabouter International Holder of securities Mission Fund, LLC		341,337 ordinary shares	341,337
	Peter Zaldivar Goldman Sachs	LLC	Kabouter International Kabouter Management. Opportunities Fund II. LLC is a body corporate ordinary shares of which Peter Zaldivar's voting power is more	14.271.128	14.271.128
	Goldman Sachs	Kabouter International than 20% Mission Fund, LLC		341.337 ordinary shares	341.337
	Goldman Sachs	Goldman Sachs		19,158 ordinary shares	19.158
	BNY Mellon	BNY Mellon		1,650,491 ordinary 1 650,491 shares
	Fidelity	Fidelity		124.764 ordinary shares	124,764
Marcel Houtzager	Goldman Sachs	LLC	Kabouter International Kabouter Management, Opportunities Fund II, LLC is a body corporate ordinary shares of which Peter Zaldivar's voting power is more	14.271.128	14.271.128
	Goldman Sachs	Kabouter International than 20% Mission Fund, LLC		341,337 ordinary shares	341,337
	Goldman Sachs	Goldman Sachs		19,158 ordinary shares	19.158
	BNY Mellon	BNY Mellon		1,650 491 ordinary 1.650,491 shares
	Fidelity	Fidelity		124.764 ordinary shares	124,764

5. Changes in association

$\bar{z}$

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:

Name and ACN/ARSN (if applicable)	Nature of association

6. Addresses

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

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 Clarbrough

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 mambership of each group, with the names and addresses of mambers clearly set out in paragraph 6 of the form
• $(2)$ See the definition of "associate" in section 9 of the Corporations Act 2001.
• $(3)$ See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.
• $(4)$ The voting shares of a company constitute one class unless divided into separate classes.
• $(5)$ The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.
• $(6)$ 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
  of any document setting out the terms of any relevant agreement, and a statemen $(a)$
• 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 $\left( 0\right)$ 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 relevant 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.

Signed: Name:

Capacity:
Date:

Christopher Garbrough
Christopher K. Yarbrough
General Counsel & Chief Compliance Officer
10/08/2021

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
16/03/2021	Kabouter Management, LLC	Acquisition of securities	(110, 119.81)	21,758 ordinary shares	21.758
30/03/2021	Kabouter Management, LLC	Sale of securities	80,151.22	15,932 ordinary shares	(15, 932)
1/04/2021	Kabouter International Opportunities Fund II, LLC	Acquisition of securities		(900,028.10) 133,459 ordinary shares	133 459
7/04/2021	Kabouter International Opportunities Fund II, LLC	Acquisition of securities		(696,720.31) 99,842 ordinary shares	99 842
7/04/2021	Kabouter Management, LLC	Acquisition of securities		(443,920.02) 63,615 ordinary shares	63.615
13/04/2021	Kabouter International Opportunities Fund II, LLC	Acquisition of securities		(176,052.89) 24,153 ordinary shares	24.153
13/04/2021	Kabouter Management, LLC	Acquisition of securities		(112,171.49) 15,389 ordinary shares	15.389
14/04/2021	Kabouter International Opportunities Fund II, LLC	Acquisition of securities		(268,992.12) 36,928 ordinary shares	36.928
14/04/2021	Kabouter Management, LLC	Acquisition of securities		(171,397.98) 23,530 ordinary shares	23.530
3/05/2021	Kabouter Management, LLC	Acquisition of securities	(3,436.42)	385 ordinary shares	385
1/06/2021	Kabouter Management, LLC	Acquisition of securities	(1,768.22)	323 ordinary shares	323
15/06/2021	Kabouter Management, LLC	Acquisition of securities	(152, 419.06)	21,723 ordinary shares	21 723
15/06/2021	Kabouter Management, LLC	Acquisition of securities	(16.327.36)	2,327 ordinary shares	2.327
22/07/2021	Kabouter International Mission Fund, LLC	Sale of securities	41.428.61	5,230 ordinary shares	(5, 230)
29/07/2021	Kabouter Management, LLC	Sale of securities	29,793.06	5,105 ordinary shares	(5.105)
2/08/2021	Kabouter Management, LLC	Acquisition of securities	(2, 140.87)	354 ordinary shares	354
2/08/2021	Kabouter International Opportunities Fund II, LLC	Acquisition of securities	1,227,713.37	153,862 ordinary shares	(153, 862)
6/08/2021	Kabouter Management, LLC	Acquisition of securities	(5,217.99)	643 ordinary shares	643
6/08/2021	Kabouter Management, LLC	Acquisition of securities	(228, 203, 95)	28,121 ordinary shares	28.121
6/08/2021	Kabouter Management, LLC	Acquisition of securities	(165.896.42)	20,443 ordinary shares	20 443
6/08/2021	Kabouter Management, LLC	Acquisition of securities	(18, 202.11)	2,243 ordinary shares	2.243
6/08/2021	Kabouter International Mission Fund, LLC	Acquisition of securities	(86,060.34)	10,605 ordinary shares	10.605
6/08/2021	Kabouter International Opportunities Fund II, LLC	Acquisition of securities		(3,553,955.30) 437,945 ordinary shares	437.945
9/08/2021	Kabouter Management, LLC	Acquisition of securities	(16,591.96)	2,020 ordinary shares	2.020
9/08/2021	Kabouter Management, LLC	Acquisition of securities		(725,421.69) 88,317 ordinary shares	88 317
9/08/2021	Kabouter Management, LLC	Acquisition of securities	(527, 377.80)	64,206 ordinary shares	64 206
9/08/2021	Kabouter Management, LLC	Acquisition of securities	(57, 858.29)	7,044 ordinary shares	7.044
9/08/2021	Kabouter International Mission Fund, LLC	Acquisition of securities		(273,570.15) 33,306 ordinary shares	33.306
9/08/2021	Kabouter International Opportunities Fund II, LLC	Acquisition of securities *Note: The person whose relevant interest changed includes the following persons:		(11,297,528.86) 1,375,426 ordinary shares	1.375.426
1. 2. 3.	Kabouter Management, LLC in its capacity as investment manager;	Peter Zalvidar as Kabouter Management, LLC is a body corporate of which Peter Zalvidar's voting power is more than 20%; and Marcel Houtzager as Kabouter Management, LLC is a body corporate of which Marcel Houtzager's voting power is more than 20%.