Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To:Company Name/Scheme

1. Details of substantial holder

   
   

   The Secretary Western Areas Limited Lev el 2

   2 Kings Park Road West Perth WA 6005 Ph: (08) 9334 7777

   Fax: (08) 9486 7866

   
   

   ACN 091 049 357

   WSA

   Name & ACN (if applicable) National Australia Bank Limited (ACN 004 044 937) and its associated entities listed in

   Annexure A give notice of a change in relevant interests

   
   

   There was a change in the interests of the substantial holder on

   
   

   The previous notice was given to the company on

   
   

   The previous notice was dated

   26/11/2015

   
   

   25/11/2015

   
   

   20/11/2015

   
   

2. Previous and present voting power:

   The total number of votes attached to all voting shares in the company or voting interests in the scheme that the substantial holder or an associate had a relevant interest in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

   
   

   Class of securities	Previous Notice		Present Notice
   Person's votes	Voting power	Person's votes	Voting power
   Fully paid ordinary shares	15,469,173	6.627%	18,225,102	7.808%

   
   

3. Changes in relevant interests

   Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate 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	Consideration given in relation to change	Class and number of securities affected	Person's votes affected
   Fully paid ordinary shares
   25/11/2015	Antares Capital Partners Limited	Sale	$44,938.79	18,631	18,631
   23/11/2015 to 26/11/2015	National Australia Bank Limited	Securities Lending	No consideration directly referable to the securities provided by NAB.	Refer to Appendix 1 Table	Refer to Appendix 1 Table

4. Present relevant interests

   Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

   Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder	Nature of relevant interest	Class and number of securities	Person's votes
   MLC Investments Limited	National Nominees Limited (ACN 004 278 899)	Power to control the voting and /or disposal of securities pursuant to its position as the responsible entity or trustee of various managed investment schemes and trusts	Fully paid ordinary shares 4,949,282	4,949,282
   Antares Capital Partners Limited	National Nominees Limited (ACN 004 278 899)	Power to control the voting and /or disposal of securities pursuant to its position as the responsible entity or trustee of various managed investment schemes or trusts.	Fully paid ordinary shares 12,600	12,600
   MLC Wealth Management Limited	Navigator Australia Limited (ACN 006 302 987)	Power to exercise voting rights pursuant to position held as the Registrable Superannuation Entity licensee for the superannuation products it issues.	Fully paid ordinary shares 30,208	30,208
   National Australia Bank Limited	National Nominees Limited (ACN 004 278 899)	Power to control the voting and /or disposal of securities pursuant to securities lending agreements	Fully paid ordinary shares 4,962,587	4,962,587
   Antares Capital Partners Limited	National Nominees Limited (ACN 004 278 899)	Power to control the voting and /or disposal of securities pursuant to its position as the responsible entity or trustee of various managed investment schemes or trusts.	Fully paid ordinary shares 2,067,967	2,067,967
   Antares Capital Partners Limited	JP Morgan Nominees Australia Limited (ACN 002 899 961)	Power to control the voting and /or disposal of securities pursuant to its position as an investment manager in accordance with investment mandates and as an investment manager of Antares Capital Partners Limited trusts.	Fully paid ordinary shares 6,202,458	6,202,458
   Grand total		18,225,102

5. Changes in association

   
   

   The persons who have become associates of, ceased to be associates of, or have changed the nature of their association 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
   No change

   
   

6. Addresses

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

Appendix 1 - WSA