Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To:Company Name/Scheme

ACN

1. Details of substantial holder

   
   

   The Secretary

   Syrah Resources Limited Level 9

   356 Collins Street

   Melbourne VIC 3000

   
   

   Tel: (03) 9670 7264

   Fax: (03) 9642 0698

   
   

   125 242 284

   SYR

   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

   31/12/2015

   
   

   28/12/2015

   
   

   23/12/2015

   
   

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	17,167,519	7.423%	14,475,233	6.259%

   
   

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
   24/12/2015 to	National Australia	Securities	No consideration	Refer to Appendix 1	Refer to Appendix 1
   			directly referable
   31/12/2015	Bank Limited	Lending	to the securities	Table	Table
   			provided by NAB.

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	Registered holder	Person	Nature of relevant	Class and	Person's
   interest	of securities	entitled to be	interest	number of	votes
   		registered as		securities
   		holder
   MLC Investments	National Nominees	Power to control the	Fully paid	6,499,034
   Limited	Limited	voting and /or disposal	ordinary shares
   	(ACN 004 278 899)	of securities pursuant	6,499,034
   		to its position as the
   		responsible entity or
   		trustee of various
   		managed investment
   		schemes and trusts
   MLC Wealth	Navigator Australia	Power to exercise	Fully paid	21,673
   Management Limited	Limited	voting rights pursuant	ordinary shares
   	(ACN 006 302 987)	to position held as the	21,673
   		Registrable
   		Superannuation Entity
   		licensee for the
   		superannuation
   		products it issues.
   National Australia Bank	National Nominees	Power to control the	Fully paid	4,759,210
   Limited	Limited	voting and /or disposal	ordinary shares
   	(ACN 004 278 899)	of securities pursuant	4,759,210
   		to securities lending
   		agreements.
   Antares Capital	National Nominees	Power to control the	Fully paid	796,085
   Partners Limited	Limited	voting and /or disposal	ordinary shares
   	(ACN 004 278 899)	of securities pursuant	796,085
   		to its position as the
   		responsible entity or
   		trustee of various
   		managed investment
   		schemes or trusts.
   Antares Capital	JP Morgan	Power to control the	Fully paid	2,399,231
   Partners Limited	Nominees Australia	voting and /or disposal	ordinary shares
   	Limited	of securities pursuant	2,399,231
   	(ACN 002 899 961)	to its position as an
   		investment manager
   		in accordance with
   		investment mandates
   		and as an investment
   		manager of Antares
   		Capital Partners
   		Limited trusts.
   Grand total		14,475,233

   
   

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:

Signature

Name

Signature

Appendix 1 - SYR