IPE : NTA and Investment Update (9 August 2017)

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

9 August 2017

The Manager, Listings

Company Announcements Office Australian Securities Exchange Level 4, Exchange Centre

20 Bridge Street

SYDNEY NSW 2000

Net Tangible Assets

We advise that the unaudited net tangible asset backing for the Company's shares at 31 July 2017 was:

Fully Paid Ordinary Shares	Fully Paid Ordinary Shares
30 Jun 2017	31 Jul 2017
NTA before tax	$0.106	$0.106
NTA after tax	$0.110	$0.106

As the Company continues its wind down strategy the number of underlying investments in the portfolio also continues to decline and the five largest exposures are now approximately 70% of the total private equity portfolio value. Consequently, the potential exists for greater volatility in the monthly NTA. That NTA relies heavily on the fund valuations advised by the various managers within the portfolio and those managers generally value their investments on a quarterly or six monthly basis.

FY17 returns of capital - ATO class ruling

The Australian Taxation Office issued Class Ruling CR2017/45 "Income tax: Returns of share capital: IPE Limited" on 26 July 2017. A copy of this ruling can be found on the Company's website.

Cash Position

At 31 July, the Company held $1.31 million in available cash ($1.35 million at 30 June).

The Company has no debt. Future cash requirements are expected to be modest and able to be managed through operating cash-flow and reserves.

On Market Share Buy-Back

During the month the Company bought back 2,000 shares as part of the on-market share buy-back scheme.

Private Equity Portfolio

July was very quiet across the portfolio with nothing material to report. Commitments at month end are summarised below:

Manager	Fund	Commitment	Uncalled
Archer Capital	Archer Capital Fund 4	$9.7m	$0.6m
Talu Ventures	CM Capital Venture Trust No 4	$8.0m	$0.2m
NBC Capital	NBC Private Equity Fund III	$10.0m	-
Pacific Equity Partners	Pacific Equity Partners Fund III	$7.6m	-
Pacific Equity Partners Fund IV	$7.3m	$0.1m
Quadrant Private Equity	Quadrant Private Equity No. 1	$8.0m	-
Wolseley Private Equity	Wolseley Partners Fund I	$8.0m	-
Wolseley Partners Fund II	$10.0m	-
Totals*	$68.5m	$0.8m

*Subject to rounding.

Further information on the Company can be found on the website at www.ipelimited.com.au including links to the Managers above, where further information on the underlying companies may be accessed.

Yours sincerely,

Sam Jackson Company Secretary