IPE Limited IPE Limited ABN 48 107 843 381 c/o Pomona Australia Pty Limited Level 12, 83 Clarence Street Sydney NSW 2000 Australia 11 November 2014 The Manager, Listings Company Announcements Office Australian Securities Exchange Level 4, Exchange Centre 20 Bridge Street SYDNEY NSW 2000 Net Tangible Assets and Investment Update We advise that the unaudited net tangible asset backing for the Company’s shares at 31 October 2014 was: NTA before tax NTA after tax (excluding tax on unrealised gains/losses) NTA after tax Fully Paid Ordinary Shares 30 Sep 2014 $0.377 $0.359 Fully Paid Ordinary Shares 31 Oct 2014* $0.353 $0.340 $0.386 $0.368 * includes provision for 3 cps dividend Cash and Debt Position At 31 October the Company held $6.0 million in cash (September month-end: $6.0 million). This is prior to the payment of a fully franked dividend of 3 cents per share scheduled for 4 December (totalling $4.1m) declared on 29 October 2014. The $2 million debt facility remains undrawn. Private Equity Portfolio October was a relatively quiet month with modest amounts of cash received from PEP IV and Wolseley II, generated by dividends from underlying companies. Wolseley II also put additional funds into its freight forwarding business, AGS World Transport. Subsequent to month end, PEP IV sold another 20% of its holding in ASX listed Veda (ASX: VED) returning further proceeds to the Company. More cash is expected from PEP III once the Griffins sale settles (expected late in November). IPE Limited P 1 of 2 Commitments at month end are summarised below: Manager Archer Capital Catalyst Investment Managers Talu Ventures Direct Capital Management IFM Investors Ironbridge Capital NBC Capital Pacific Equity Partners Propel Investments Pty Limited Quadrant Private Equity Wolseley Private Equity Total Commitments Fund Archer Capital Fund 3 Archer Capital Fund 4 Catalyst Buyout Fund 1 CM Capital Venture Trust No 4 Direct Capital Partners III HPEF II Ironbridge Capital 2003/4 Fund NBC Private Equity Fund II NBC Private Equity Fund III Pacific Equity Partners Fund III Pacific Equity Partners Fund IV Propel Private Equity Fund II Quadrant Private Equity No. 1 Quadrant Private Equity No. 2 Wolseley Partners Fund I Wolseley Partners Fund II Commitment $6.6m $9.7m $8.0m $8.0m $7.0m $8.0m $5.0m $6.0m $10.0m $7.9m $8.0m $3.4m $8.0m $9.6m $8.0m $10.0m $123.1m* Uncalled $0.1m $0.6m $0.3m $0.3m $0.1m $0.2m $0.1m $0.4m $0.8m $0.0m $0.8m $0.0m $0.9m $4.7m* *Subject to rounding. The total uncalled commitments fell from $5.0 million to $4.7 million over the month. 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 IPE Limited P 2 of 2