IPH LIMITED — Major Shareholding Notification 2021

Mar 15, 2021

			604	15 July 2001
		Form 604 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		12/03/2021
The previous notice was given to the company on		09/03/2021
The previous notice was dated		08/03/2021
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 required, to give a substantial holding notice to the company or scheme, are as follows:

Class of securities (4)	Previous notice		Present notice	---------
	Person's votes	Voting power (5)	Person's votes	Voting power (5)
Ordinary shares ______ ---	10.934.983	5.06% ______	_ 13.903.589 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,	$ -$ . 6.43%
_____	-------

3. 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 holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of change	Person whose relevant interest changed	Nature of change (6)	Consideration diven in relation to change $(7)$	Class and number of securities affected	Person's votes affected
	See Annexure AlSee Annexure A	iSee Annexure A	See Annexure A	¦See Annexure A	ISee Annexure A

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as 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, ILLC	Kabouter IInternational lGoldman Sachs Opportunities Fund II. LLC.			12,178,916 ordinary 12,178,916 Ishares
	lGoldman Sachs	Kabouter International Mission Fund, LLC	Relevant interest in securities held by Kabouter	299 102 ordinary ishares	1299.102
	Goldman Sachs	lGoldman Sachs	Management, LLC in its capacity as investment manager	16,305 ordinary shares	16.305
	BNY Mellon	BNY Mellon		1,298,822 ordinary shares	1.298.822
	lFidelitv	Fidelity		1110,444 ordinary shares	130.444

lKabouter linternational Opportunities Fund II: LLC	ÍGoldman Sachs	Kabouter International Opportunities Fund it LLC	Holder of securities	$\big $ 12,178,916 ordinary $\big $ 12,178,916 İshares
Kabouter IInternational Mission Fund iLLC.	Goldman Sachs	Kabouter International Mission Holder of securities Fund. LLC		299,102 ordinary shares	299.102
lPeter Zaldivar	Goldman Sachs	Kabouter international Opportunities Fund II. LLC.		12,178,916 ordinary 12,178,916 shares
	lGoldman Sachs	İKabouter International Mission Fund, LLC	Kabouter Management, LLC is a body corporate of which 299,102 ordinary Peter Zaldivar's voting lpower is more than 20%	shares	299.102
	Goldman Sachs	Goldman Sachs		16.305 ordinary	16 305
	BNY Mellon	BNY Mellon		1,298,822 ordinary	1.298,822
	Fidelity	Fidelity		110,444 ordinary shares	110.444
Marcel Houtzager	Goldman Sachs	Kabouter International Opportunities Fund II. lLLC		12,178,916 ordinary shares	12.178.916
	Goldman Sachs	Kabouter International Mission Fund, LLC	Kabouter Management, LLC is a body corporate of which 299,102 ordinary Marcel Houtzager's voting shares loower is more than 20%		1299.102
	Goldman Sachs	İGoldman Sachs		16,305 ordinary shares	16.305
	BNY Mellon	BNY Mellon		1,298,822 ordinary shares
	Fidelity	Fidelity		110,444 ordinary shares	110,444

6. 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) with, the substantial holder in relation to voting interests in the company or scheme are as 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

print name Christopher Yarbrough

capacity General Counsel & CCO

sign here

Chris Cfarbrough

$_{\text{date}}$ 15/03/2021

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 equity trust), the names could be included in an ann $(1)$ is 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 $(a)$ 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, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or 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
  securities to which the relevant interest relates (indicating clearly the $(b)$

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 $(7)$ contingency. Details must be included on 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.
• $\langle 8 \rangle$ If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write "unknown".
• $(9)$ Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.

Annexure A

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

Signed:

Name:
Capacity:
Date:

Christopher Kreibrough
Christopher Kreibrough
General Counsel & Chief Compliance Officer
15 March 2021

$\mathbf{3}$ Changes in relevant interests

Date of	Person whose relevant interest	Nature of change	Consideration	Class and	Person's
change	changed*		given in relation	number of	votes
			to change	securities	affected
			(AUD\$)	affected
8/03/2021	Kabouter Management, LLC	Acquisition of		432 ordinary	432
		securities	2,685.12	shares
8/03/2021	Kabouter Management, LLC	Acquisition of		47 ordinary
		securities			47
8/03/2021	Kabouter International Mission		292.13	shares
		Acquisition of		189 ordinary	189
	Fund, LLC	securities	1,174.74	shares
8/03/2021	Kabouter Management, LLC	Acquisition of		11 ordinary	11
		securities	68.37	shares
8/03/2021	Kabouter Management, LLC	Acquisition of		426 ordinary	426
		securities	2,647.82	shares
8/03/2021	Kabouter International	Acquisition of		8.398 ordinary	3,398
	Opportunities Fund II, LLC	securities	52,198.18	shares
9/03/2021	Kabouter Management, LLC	Acquisition of		10,267	10.267
		securities	65,214.64	ordinary shares
9/03/2021	Kabouter Management, LLC	Acquisition of		1,119 ordinary	1,119
		securities	7,107.74	shares
9/03/2021	Kabouter International Mission	Acquisition of		4,497 ordinary	4,497
	Fund, LLC	securities	28,564.35	shares
9/03/2021	Kabouter Management, LLC	Acquisition of		267 ordinary	267
		securities	1.695.95	shares
9/03/2021	Kabouter Management, LLC	Acquisition of		10,115	10,115
		securities	64,249.15	ordinary shares
9/03/2021	Kabouter International	Acquisition of		199,326	199 326
	Opportunities Fund II, LLC	securities	1,266,092.61	ordinary shares
9/03/2021	Kabouter Management, LLC	Acquisition of		16,465
		securities	104,421.17	ordinary shares	16,465
9/03/2021	Kabouter Management, LLC	Acquisition of		1.795 ordinary
		securities	11,383.91	shares	1,795
9/03/2021	Kabouter International Mission	Acquisition of		7.212 ordinary
	Fund, LLC	securities	45,738.57	shares	7,212
9/03/2021	Kabouter Management, LLC	Acquisition of
		securities	2 714 38	428 ordinary	428
9/03/2021	Kabouter Management, LLC	Acquisition of		shares 16.221
		securities	102,873.72		16.221
9/03/2021	Kabouter international	Acquisition of		ordinary shares 319,658
	Opportunities Fund II, LLC	securities	2 027 273 84		319,658
10/03/2021	Kabouter Management, LLC	Acquisition of		ordinary shares 20.854
		securities			20.854
10/03/2021	Kabouter Management, LLC	Acquisition of	133,000.31	ordinary shares
		securities		2,273 ordinary	2,273
10/03/2021	Kabouter International Mission	Acquisition of	14 496 49	shares
	Fund, LLC	securities		9.135 ordinary	9,135
10/03/2021	Kabouter Management, LLC	Acquisition of	58,260.18	shares
				542 ordinary	542
10/03/2021	Kabouter Management, LLC	securities	3,456.71	shares
		Acquisition of securities	131,029.60	20,545	20,545
10/03/2021	Kabouter International	Acquisition of		ordinary shares
	Opportunities Fund II, LLC	securities	2.582.147.38	404,872	404,872
11/03/2021	Kabouter Management, LLC	Acquisition of		ordinary shares
		securities	226.151.23	35.499	35,499
11/03/2021	Kabouter Management, LLC	Acquisition of		ordinary shares
				3.869 ordinary	3.869
11/03/2021	Kabouter International Mission	securities Acquisition of	24,647.99	shares
	Fund, LLC	securities		15,549	15,549
11/03/2021	Kabouter Management, LLC	Acquisition of	99.057.03	ordinary shares 922 ordinary
		securities	5,873.73	shares	922
11/03/2021	Kabouter Management, LLC	Acquisition of		34.973
		securities	222,800.28	ordinary shares	34,973
11/03/2021	Kabouter International	Acquisition of
	Opportunities Fund II, LLC	securities		689,188	689,188
11/03/2021	Kabouter Management, LLC	Acquisition of	4,390,566.33	ordinary shares
		securities	58,287.04	9,102 ordinary	9.102
11/03/2021	Kabouter Management, LLC	Acquisition of		shares
		securities		992 ordinary	992
11/03/2021	Kabouter International Mission	Acquisition of	6,352.53	shares
	Fund, LLC	securities		3,987 ordinary	3,987
11/03/2021	Kabouter Management, LLC		25,531.80	shares
		Acquisition of securities	1,517.69	237 ordinary	237
				shares

11/03/2021	Kabouter Management, LLC	Acquisition of securities	57 422 53	8,967 ordinary shares	8 9 6 7
11/03/2021	Kabouter International Opportunities Fund II, LLC	Acquisition of securities	1,131,640.79	176.715 ordinary shares	176.715
12/03/2021	Kabouter Management, LLC	Acquisition of securities	255.201.97	40.960 ordinary shares	40.960
12/03/2021	Kabouter Management, LLC	Acquisition of securities	27.813.03	4.464 ordinary shares	4464
12/03/2021	Kabouter International Mission Fund, LLC	Acquisition of securities	111.781.70	17941 ordinary shares	17.941
12/03/2021	Kabouter Management, LLC	Acquisition of securities	6.20	1 ordinary share
12/03/2021	Kabouter Management, LLC	Acquisition of securities	251.420.04	40 353 ordinary shares	40.353
12/03/2021	Kabouter International Opportunities Fund II, LLC	Acquisition of securities	4,954,612.86	795.217 ordinary shares	795,217
12/03/2021	Kabouter Management, LLC	Acquisition of securities	6.635.50	1,065 ordinary shares	1065

*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 whic