Syrah Resources : Ceasing to be a substantial holder

Form 605

Corporations Law Section 671B

Notice of ceasing to be a substantial holder

To: Company Name/Scheme SYRAH RESOURCES LIMITED

ACN/ARSN 125 242 284

1. Details of substantial holder (1)

   Name UBS Group AG and its related bodies corporate ACN/ARSN (if applicable):

   The holder ceased to be a substantial shareholder on The previous notice was given to the company on The previous notice was dated

   3 January 2017

   15 November 2016

   11November 2016

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 scheme are as follows:

   Date of change	Person whose relevant interest changed	Nature of Change (4)	Consideration given in relation to change (5)	Class (6) and Number of securities affected	Person's votes affected
   Please see Appendix A.

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:

Name and ACN/ARSN (if applicable)	Nature of association
N/A	N/A

4. Addresses

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

Name	Address
Details of all UBS offices can be found through the following link: http:l/apps2.ubs.com/locationfinder/

SIGNATURE

Print Name: Kyu-Ri Kim Capacity: Authorised signatory

Sign He,ec

/

Date: 5 January 2017

Print Name: Serene Peh

Capacity: Authorised signatory

Sign Here: __,cc,,(_ z o_a_•_•' s_J_a_n_""__2_0_11 _

Contact details for this notice: Serene Peh

Group Risk Control (T) [phone]

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