IPE : Ceasing to be a substantial holding WAM (4 September 2017)

Form 605

Corporations Act 2001 Section 671B

Notice of ceasing to be a substantial holder

To Company Name/Scheme IPE Limited (ASX: IPE)

ACN/ARSN ACN 107 843 381

1. Details of substantial holder (1)

   Name Wilson Asset Management Group (refer entities listed in Annexure A)

   ACN/ARSN (if applicable)

   The holder ceased to be a substantial holder on /.>.Y

   The previous notice was given to the company on The previous notice was dated

2. Changes in relevant interests

   21/§/

   17 / 03/

   Particulars of each change in, or change in the nature of, a relevant interest (2) of the substantial holder or an associate (3) 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 (4)	Consideration given in relation to change (5)	Class (6) and number of securities affected	Person's votes affected
   Refer to Annexure B

3. Changes in association

   The persons who have become associates (3) of, ceased to be associates of, or have changed the nature of their association (7) 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
   N/A	N/A

4. Addresses

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

Signature

DIRECTIONS

1. 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 annexure to the form. lf 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 is clearly set out in paragraph 4 of the form.

2. See the definition of "relevant interest" in sections 608 and 6718(7) of the Corporations Act 2001.

3. See the definition of "associate" in section 9 of the Corporations Act 2001.

4. Include details of:

5. any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 6718(4) applies, a copy 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

6. 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 particular securities to which the qualification applies).

   See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

7. 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 must be included even if the benefit is conditional on the happening or not of a contingency. Details 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.

8. The voting shares of a company constitute one class unless divided into separate classes.

9. Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.

Annexure A Wilson Asset Management Group 1. Details of Wilson Asset Management Group

Name	ACN / ARSN
Wilson Asset Management (International) Pty Limited	ACN 081 047 118
MAM Ptv Limited	ACN 100 276 542
WAM Capital Limited	ACN 086 587 395
WAM Research Limited	(ACN 100 504 541
WAM Active Limited	(ACN 126 420 719
WAM Leaders Limited	ACN 611 053 751
WAM Microcap Limited	(ACN 617 838 418)
Botanical Nominees Ptv Limited as trustee of the Wilson Asset Manaaement Equity Fund	(ACN 081 032 000)
Century Australia Investments Limited	(ACN 107 772 761)

6. Addresses

Name	Address
Wilson Asset Manaaement (International) Ptv Limited	Level 11, 139 Macquarie Street, Svdnev NSW 2000
MAM Ptv Limited	Level 11, 139 Macquarie Street, Svdnev NSW 2000
WAM Capital Limited	Level 11, 139 Macquarie Street, Svdnev NSW 2000
WAM Research Limited	Level 11, 139 Macquarie Street, Sydney NSW 2000
WAM Active Limited	Level 11, 139 Macquarie Street, Svdnev NSW 2000
WAM Leaders Limited	Level 11, 139 Macquarie Street, Svdnev NSW 2000
WAM Microcap Limited	Level 11, 139 Macquarie Street, Sydney NSW 2000
Botanical Nominees Ptv Limited	Level 11, 139 Macquarie Street, Svdnev NSW 2000
Centurv Australia Investments Limited	Level 12, 680 Georae Street, Svdnev NSW 2000
RBC Investor Services	Level 47, 2 Park Street, Sydney NSW 2000
BNP Paribas Securities Services	Level 4, 60 Castlereagh Street, Sydney NSW 2000

Signed: __· ·__ Date: 04/09/2017

ANNEUXURE B

Date of Change	Persons whose relevant interest changed	Nature of Change (4)	Consideration given in relation to change {5)	Class and number of securities affected	Persons votes affected
22-Mar-17	WAM Capital Limited	on Market Sale	19,167.57	112,999 ordinary shares	112,999
27-Mar-17	WAM Capital Limited	On Market Sale	5,388.12	40,000 ordinary shares	40,000
os-Jun-17	WAM Active Limited	On Market Sale	95.31	796 ordinary shares	796
08-Jun-17	WAM Capital Limited	On Market Sale	1,422.58	11,881 ordinary shares	11,881
08-Jun-17	Botanical Nominees Pty Limited ATF Wilson Asset Management Equity Fund	On Market Sale	69.69	582 ordinary shares	582
30-Aug-17	WAM Active Limited	On Market Sale	118,856.08	1,123,756 ordinary shares	1,123,756
30-Aug-17	WAM Capital Limited	on Market Sale	1,839,146.52	17,388,694 ordinary shares	17,388,694
30-Aug-17	Botanical Nominees Pty Limited ATF Wilson Asset Management Equity Fund	On Market Sale	89,350.10	844,784 ordinary shares	844,784

s;gned,_/!J;t

Date: 04/09/2017