Zip : Ceasing to be a substantial holder

Form 605

Corporations Act 2001

Section 671B

Notice of ceasing to be a substantial holder

605 Page 1 of 3

ToCompany Name/Scheme		Zip Co Ltd
ACN/ARSN/ABN	139 546 428
1. Details of substantial holder (1)
Name	JPMorgan Chase & Co. and its affiliates
onlyACN/ARSN (if applicable)
	NA

The holder ceased to be a substantial holder on	19/11/2021
The previous notice was given to the company on	16/11/2021
The previous notice was dated	12/11/2021

use	2. Changes in relevant interests
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
personal	scheme are as follows:
	Date of	Person whose	Nature of change (4)	Consideration	Class (6) and	Person's votes
	change	relevant interest		given in relation	number of	affected
		changed		to change (5)	securities affected
		J.P. MORGAN	Holder of securities		292,058
	See Appendix	SECURITIES	subject to an obligation	See Appendix	292,058
		AUSTRALIA	to return under a		(Ordinary)	(Ordinary)
		LIMITED	securities lending
			agreement
		J.P. MORGAN
	See Appendix	SECURITIES	Purchase and sales of	See Appendix	441,690	441,690
		AUSTRALIA	securities in its capacity		(Ordinary)	(Ordinary)
		LIMITED	as Principal/Proprietary
			Holder of securities
	See Appendix	J.P. MORGAN	subject to an obligation	See Appendix	711,432	711,432
		SECURITIES LLC	to return under a		(Ordinary)	(Ordinary)
			securities lending
			agreement
For			J.P. MORGAN	Holder of securities
	See Appendix	SECURITIES PLC	subject to an obligation	See Appendix	668,500	668,500
			to return under a		(Ordinary)	(Ordinary)
			securities lending
			agreement
	See Appendix	JPMORGAN CHASE	Securities on Loan as	See Appendix	19,950	19,950
		BANK, N. A	Agent Lender		(Ordinary)	(Ordinary)

605 Page 2 of 3

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:

For personal use only

Name and ACN/ARSN (if applicable)	Nature of association
J.P. MORGAN SECURITIES PLC		Subsidiary of JPMorgan Chase & Co
J.P. MORGAN SECURITIES LLC		Subsidiary of JPMorgan Chase & Co
J.P. MORGAN SECURITIES		Subsidiary of JPMorgan Chase & Co
AUSTRALIA LIMITED
JPMORGAN CHASE BANK, N. A		Subsidiary of JPMorgan Chase & Co

4. Addresses

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

Name	Address
JPMORGAN CHASE & CO	383 Madison Avenue, New York, New York, NY, 10179, United States
J.P. MORGAN SECURITIES LLC	383 Madison Ave., New York, New York, NY, 10179, United States
J.P. MORGAN SECURITIES PLC	25 Bank Street, Canary Wharf, London, E14 5JP, England
J.P. MORGAN SECURITIES	LEVEL 18, 83-85 CASTLEREAGH STREET, SYDNEY, NS, NSW 2000, Australia
AUSTRALIA LIMITED
JPMORGAN CHASE BANK, N.A.	1111 Polaris Parkway, Columbus, Delaware, OH, 43240, United States

Signature

print name	Irfan Khan	capacity	Compliance Officer
sign here
	date	23/11/2021

605 Page 3 of 3

DIRECTIONS

For personal use only

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. If 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 671B(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. 1. any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(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
   2. 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.

1. D etails 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 ssociate ain relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.
2. The voting shares of a company constitute one class unless divided into separate classes.
3. G ive details, if appropriate, of the present association and any change in that association since the last substantial holding notice.

TRADES FOR RELEVANT PERIOD
	Transaction Date
Balance at start of relevant period
	15-Nov-21
	15-Nov-21
only	15-Nov-21
15-Nov-21
15-Nov-21
16-Nov-21
	15-Nov-21
	15-Nov-21
	15-Nov-21
	15-Nov-21
	15-Nov-21
	16-Nov-21
	16-Nov-21
	16-Nov-21
	16-Nov-21
	16-Nov-21
	16-Nov-21
	16-Nov-21
	16-Nov-21
	16-Nov-21
	16-Nov-21
use	16-Nov-21
16-Nov-21
16-Nov-21
17-Nov-21
	16-Nov-21
	17-Nov-21
	17-Nov-21
	17-Nov-21
	17-Nov-21
	17-Nov-21
	17-Nov-21
	17-Nov-21
	17-Nov-21
	17-Nov-21
	17-Nov-21
	17-Nov-21
	17-Nov-21
personalFor	17-Nov-21
17-Nov-21
17-Nov-21
17-Nov-21
	17-Nov-21
	17-Nov-21
	18-Nov-21
	18-Nov-21
	18-Nov-21
	18-Nov-21
	18-Nov-21
	18-Nov-21
	19-Nov-21
	19-Nov-21
	19-Nov-21
	19-Nov-21
	19-Nov-21
	19-Nov-21
	19-Nov-21
	19-Nov-21
	19-Nov-21
	19-Nov-21
	19-Nov-21
	19-Nov-21
	19-Nov-21
	19-Nov-21
Balance at end of relevant period

						Appendix
Entity	Product Type	Type of Transaction	Quantity	Price (AUD)		Consideration
			30,380,026
J.P. MORGAN SECURITIES PLC	Equity	Borrow Return	(120,000)	-	$	-
J.P. MORGAN SECURITIES AUSTRALIA LIMITED	Equity	Borrow Return	(128,458)	-	$	-
J.P. MORGAN SECURITIES PLC	Equity	Borrow Return	(63,500)	-	$	-
J.P. MORGAN SECURITIES AUSTRALIA LIMITED	Equity	Borrow Return	(43,000)	-	$	-
J.P. MORGAN SECURITIES AUSTRALIA LIMITED	Equity	Sell	(4,507)	5.98	$	26,951.86
J.P. MORGAN SECURITIES AUSTRALIA LIMITED	Equity	Sell	(2,694)	5.91	$	15,921.54
J.P. MORGAN SECURITIES AUSTRALIA LIMITED	Equity	Sell	(673)	5.98	$	4,024.54
J.P. MORGAN SECURITIES AUSTRALIA LIMITED	Equity	Buy	2,000	6.00	$	12,000.00
J.P. MORGAN SECURITIES AUSTRALIA LIMITED	Equity	Buy	103,902	6.02	$	625,072.67
J.P. MORGAN SECURITIES AUSTRALIA LIMITED	Equity	Sell	(22,398)	5.98	$	133,940.04
J.P. MORGAN SECURITIES PLC	Equity	Borrow Return	(502)	-	$	-
J.P. MORGAN SECURITIES PLC	Equity	Borrow Return	(70,310)	-	$	-
J.P. MORGAN SECURITIES PLC	Equity	Borrow Return	(22,811)	-	$	-
J.P. MORGAN SECURITIES PLC	Equity	Borrow Return	(6,377)	-	$	-
J.P. MORGAN SECURITIES PLC	Equity	Borrow Return	(9,225)	-	$	-
J.P. MORGAN SECURITIES PLC	Equity	Borrow Return	(40,775)	-	$	-
J.P. MORGAN SECURITIES AUSTRALIA LIMITED	Equity	Sell	(11,195)	5.81	$	65,042.95
J.P. MORGAN SECURITIES AUSTRALIA LIMITED	Equity	Sell	(9,440)	5.82	$	54,978.30
J.P. MORGAN SECURITIES AUSTRALIA LIMITED	Equity	Buy	84,627	5.83	$	493,154.79
J.P. MORGAN SECURITIES AUSTRALIA LIMITED	Equity	Sell	(16,146)	5.82	$	93,962.44
J.P. MORGAN SECURITIES AUSTRALIA LIMITED	Equity	Buy	9,005	5.81	$	52,319.05
J.P. MORGAN SECURITIES AUSTRALIA LIMITED	Equity	Buy	262	5.83	$	1,527.46
JPMORGAN CHASE BANK, N.A.	Equity	Borrow	5,929	-	$	-
JPMORGAN CHASE BANK, N.A.	Equity	Borrow	2,278	-	$	-
JPMORGAN CHASE BANK, N.A.	Equity	Borrow	13,527	-	$	-
J.P. MORGAN SECURITIES AUSTRALIA LIMITED	Equity	Borrow Return	(120,600)	-	$	-
J.P. MORGAN SECURITIES PLC	Equity	Borrow Return	(335,000)	-	$	-
J.P. MORGAN SECURITIES AUSTRALIA LIMITED	Equity	Sell	(592)	5.92	$	3,504.64
J.P. MORGAN SECURITIES AUSTRALIA LIMITED	Equity	Sell	(49)	5.97	$	292.53
J.P. MORGAN SECURITIES AUSTRALIA LIMITED	Equity	Sell	(2,650)	6.02	$	15,944.80
J.P. MORGAN SECURITIES AUSTRALIA LIMITED	Equity	Buy	859	5.93	$	5,093.87
J.P. MORGAN SECURITIES AUSTRALIA LIMITED	Equity	Sell	(62)	5.92	$	367.04
J.P. MORGAN SECURITIES AUSTRALIA LIMITED	Equity	Buy	115,515	5.96	$	688,695.92
J.P. MORGAN SECURITIES AUSTRALIA LIMITED	Equity	Sell	(2,418)	5.92	$	14,314.56
J.P. MORGAN SECURITIES AUSTRALIA LIMITED	Equity	Buy	10,797	5.92	$	63,918.24
JPMORGAN CHASE BANK, N.A.	Equity	Borrow Return	(64,683)	-	$	-
JPMORGAN CHASE BANK, N.A.	Equity	Borrow Return	(15,878)	-	$	-
JPMORGAN CHASE BANK, N.A.	Equity	Borrow Return	(11,933)	-	$	-
JPMORGAN CHASE BANK, N.A.	Equity	Borrow Return	(45,272)	-	$	-
JPMORGAN CHASE BANK, N.A.	Equity	Borrow Return	(4,476)	-	$	-
JPMORGAN CHASE BANK, N.A.	Equity	Borrow	15,878	-	$	-
JPMORGAN CHASE BANK, N.A.	Equity	Borrow	21,103	-	$	-
JPMORGAN CHASE BANK, N.A.	Equity	Borrow	36,981	-	$	-
JPMORGAN CHASE BANK, N.A.	Equity	Borrow	36,981	-	$	-
J.P. MORGAN SECURITIES AUSTRALIA LIMITED	Equity	Buy	223,527	5.87	$	1,311,213.18
J.P. MORGAN SECURITIES AUSTRALIA LIMITED	Equity	Sell	(3,980)	5.85	$	23,268.70
J.P. MORGAN SECURITIES AUSTRALIA LIMITED	Equity	Buy	1,346	5.85	$	7,874.10
JPMORGAN CHASE BANK, N.A.	Equity	Borrow	16,358	-	$	-
JPMORGAN CHASE BANK, N.A.	Equity	Borrow	4,084	-	$	-
JPMORGAN CHASE BANK, N.A.	Equity	Borrow	323	-	$	-
J.P. MORGAN SECURITIES AUSTRALIA LIMITED	Equity	Sell	(4,205)	5.70	$	23,968.50
J.P. MORGAN SECURITIES AUSTRALIA LIMITED	Equity	Sell	(5,470)	5.70	$	31,179.00
J.P. MORGAN SECURITIES AUSTRALIA LIMITED	Equity	Sell	(3,587)	5.70	$	20,445.90
J.P. MORGAN SECURITIES AUSTRALIA LIMITED	Equity	Sell	(57,332)	5.76	$	330,206.64
J.P. MORGAN SECURITIES AUSTRALIA LIMITED	Equity	Buy	500	5.75	$	2,875.00
J.P. MORGAN SECURITIES AUSTRALIA LIMITED	Equity	Buy	38,543	5.72	$	220,511.02
J.P. MORGAN SECURITIES AUSTRALIA LIMITED	Equity	Sell	(1,795)	5.70	$	10,231.50
J.P. MORGAN SECURITIES LLC	Equity	Borrow return	(711,432)	-	$	-
JPMORGAN CHASE BANK, N.A.	Equity	Borrow	33,000	-	$	-
JPMORGAN CHASE BANK, N.A.	Equity	Borrow Return	(10,502)	-	$	-
JPMORGAN CHASE BANK, N.A.	Equity	Borrow Return	(942)	-	$	-
JPMORGAN CHASE BANK, N.A.	Equity	Borrow Return	(2,106)	-	$	-
JPMORGAN CHASE BANK, N.A.	Equity	Borrow Return	(8,700)	-	$	-
JPMORGAN CHASE BANK, N.A.	Equity	Borrow Return	(2,000)	-	$	-
			29,169,676

1/1

Appendix: Prescribed information pursuant to securities lending arrangement disclosed under the substantial shareholding notice filed with ASX.

	Date:	23-Nov-2021
	Company's name:	Zip Co Ltd
only	ISIN:	AU000000Z1P6
Parties to
	Date of change of
	relevant	19-Nov-2021
	interests:
	Schedule
	Type of agreement	Global Master Securities Lending Agreement ("GMSLA")
use	agreement	JPMorgan Chase Bank, N.A. (acting as agent) ("lender") and Bnp Paribas Arbitrage Snc(Borrower)
		Settlement Date
	Transfer date	02-Nov-2021
	10-Nov-2021
		15-Nov-2021
		23-Nov-2021
	Holder of voting	Borrower
	rights
personal
Are there any
restriction on	Yes
Does the lender
	voting rights
		The borrower undertakes to use its best endeavors to arrange for the voting rights to be exercised in
	If yes, detail	accordance with the instructions of the lender, provided that the lender uses its best endeavors to notify the
	borrower of its instructions in writing no later than 7 business days prior to the date upon which such votes
		are exercisable or as otherwise agreed between the parties. This undertaking is set out in clause 6.6 of the
		standard form GMSLA.
	Scheduled return	None
	date (if any)
	Does the borrower
	have the right to	Yes
	return early?
	If yes, detail	Borrower has right to return all and any equivalent securities early at any time in accordance with the
	lender's instructions.
For	have the right to	Yes
recall early?
		Lender has right to recall all or any equivalent securities at any time by giving notice on any business day of
		not less than the standard settlement time for such equivalent securities on the exchange or in the clearing
	If yes, detail	organisation through which the relevant borrowed securities were originally delivered (and where there is a
	difference between the settlement time for sales and purchases on the relevant exchange or clearing
		organisation, the standard settlement time shall be the shorter of the two times). The borrower must return
		the securities not later than the expiry of such notice in accordance with the lender's instructions.