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

   23/12/2015

   
   

   01/12/2015

   
   

   26/11/2015

   
   

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	14,760,923	6.401%	17,167,519	7.423%

   
   

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
   8/12/2015	MLC Investments Limited	Purchase	$100,794.48	30,824	30,824
   18/12/2015	MLC Investments Limited	Purchase	$87,157.60	24,910	24,910
   3/12/2015	MLC Investments Limited	Sale	$1,084,471.75	305,485	305,485
   2/12/2015	MLC Limited	Purchase	$1,084,471.75	305,485	305,485
   9/12/2015	MLC Limited	Sale	$119,454.02	35,362	35,362
   10/12/2015	MLC Limited	Sale	$49,932.69	14,758	14,758
   11/12/2015	MLC Limited	Sale	$830,464.76	255,365	255,365
   27/11/2015	Antares Capital Partners Limited	Purchase	$172,432.51	48,657	48,657
   27/11/2015	Antares Capital Partners Limited	Purchase	$237,206.77	66,935	66,935
   27/11/2015	Antares Capital Partners Limited	Purchase	$110,936.29	31,304	31,304
   30/11/2015	Antares Capital Partners Limited	Purchase	$110,851.29	32,012	32,012
   30/11/2015	Antares Capital Partners Limited	Purchase	$8,109.88	2,342	2,342

   
   

   30/11/2015	Antares Capital Partners Limited	Purchase	$4,016.86	1,160	1,160
   30/11/2015	Antares Capital Partners Limited	Purchase	$170,757.80	49,312	49,312
   30/11/2015	Antares Capital Partners Limited	Purchase	$59,137.77	17,078	17,078
   30/11/2015	Antares Capital Partners Limited	Purchase	$43,617.48	12,596	12,596
   14/12/2015	Antares Capital Partners Limited	Purchase	$7,026.87	2,263	2,263
   14/12/2015	Antares Capital Partners Limited	Purchase	$11,423.72	3,679	3,679
   15/12/2015	Antares Capital Partners Limited	Purchase	$112,193.61	35,511	35,511
   15/12/2015	Antares Capital Partners Limited	Purchase	$7,841.63	2,482	2,482
   15/12/2015	Antares Capital Partners Limited	Purchase	$3,882.90	1,229	1,229
   15/12/2015	Antares Capital Partners Limited	Purchase	$182,430.33	57,742	57,742
   15/12/2015	Antares Capital Partners Limited	Purchase	$61,061.80	19,327	19,327
   15/12/2015	Antares Capital Partners Limited	Purchase	$39,432.53	12,481	12,481
   16/12/2015	Antares Capital Partners Limited	Purchase	$9,675.07	3,066	3,066
   8/12/2015	National Australia Bank Limited	Sale	$196,074.08	60,000	60,000
   14/12/2015	National Australia Bank Limited	Sale	$456,652.32	146,000	146,000
   27/11/2015 to 23/12/2015	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 6,499,034	6,499,034
   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 21,673	21,673

   
   

   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 7,451,496	7,451,496
   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 796,085	796,085
   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		17,167,519

   
   

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