IPE : Buy-back and Cancellation of Securities

ING Investment

IPE Limited

IPE Limited ABN 48 107 843 381 c/o Pomona Australia Pty Limited Level 9, 1 Castlereagh Street Sydney NSW 2000 Australia T: [phone]

E: [e-mail] W: ipelimited.com.au

29 December 2015 The Manager, Listings

Company Announcements Office

ASX Limited

Level 4, Exchange Centre 20 Bridge Street

SYDNEY NSW 2000

IPE Limited - Share Buy Back and Cancellation of Securities

Attached is a copy of Form 484 lodged with the Australian Securities and Investments Commission in relation to the cancellation of 567,232 IPE Limited shares.

The total number of IPE shares that have been bought back and cancelled since the announcement of the buy-back on 16 November 2015 is 567,232. There are 136,003,970 shares on issue following the cancellation.

Yours sincerely,

Sam Jackson Company Secretary

IPE Limited P 1 of 1

Electronic Lodgement

Document No. 7E7589327

Lodgement date/time: 29-12-2015 11:24:58

Reference Id: 93531885

Australian Securities & Investments Commission

Change to company details

Form 484

Corporations Act 2001

Company details Company name

IPE LIMITED

Australian Company Number (ACN)

107 843 381

Lodgement details Who should ASIC contact if there is a query about this form?

Name

Samuel Richard JACKSON

Signature

This form must be signed by a current officeholder of the company.

I certify that the information in this form is true and complete Name

Samuel Richard JACKSON

Capacity SecretarySignature

Date signed

29-12-2015

Form 484 - Change to company details IPE LIMITEDACN107 843 381

C1 Cancellation of shares

Reason for cancellation Shares cancellation details

Reason for cancellation

ss.257H(3) Share buyback - Minimum holding buy-back only

The cancelled shares are listed below:

Share class code	Number of shares cancelled	Amount paid (cash or otherwise)
ORD	567232	147276.32

Earliest Date of cancellation

29-12-2015

C3 Change to share structure

The updated details for this changed share class are shown in the table below.

Share class code	Full title if not standard	Total number of shares	Total amount paid on these shares	Total amount unpaid on these shares
ORD	ORDINARY SHARES	136003970	78045503.85	0.00

Earliest date of change

29-12-2015