Atlas Iron : Ceasing to be a substantial holder

Corporations Act 2001

Section 671B

To Company Name/Scheme Atlaa lron Limited

ACN/ARSN 110 396 168

1.Details ofsubstantlal holder (1)

Name Ausbil Investment Mana ement Limited

ACN/ARSN (If applicable) 076 316 473

The holder ceased te be a substantial holder en !.YE.!/:£!! The previous notice was given to the company on 20 /g/2016 The previous notice was dated H/12/ 20H

1. Changes In relevant Interests

   Partlc:ulars of each chanse In, or change In the nature of1 a relevant lntere:st (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 er scheme are as follows:

   Oate of change	Person whose relevant Interest chanoed	Nature of change (4)	Consideration given In relation to change 15		Class (6) and number of sec:urltlas affected		Person's votes affected
   12 /01/2017	Aual:>il T.nveetm@nt Management I.:1.m:1.ted	on m&rket trading	R,eer to Anl14!!1XUrl!!I	B	R,eter tQ Annexure	B	Refer to Anl1i!!!IXUr4!1	B

2. Changes In association

The peroons who have beeome associates (3) of, eeased to be associates of, or have changed the nature of their association (7) with, the

substantial holder In relation to voting Interests In the c;.ompany or S'-heme are as follows:

1. Addresses

   The addresses of per5ons named in this form are as follows:

   Name		Address
   Ausbil Inv@stment Management Limited	I.evel 27, 225 George Street, Sydney NSW 2000

   Signature

   print name Gian J?andit eapaelty Deputy Head of Equities

   sign here date 16/0l/20l7

   DIRECTIONS

2. If there are a number of substantial holders with similar or related relevant Interests (eg. a oorporatlon and Its related oorporatlons, 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.

3. See the definition of "relevant lntere,t" In ectlon• 608 and 6718(7) of the Corporation• Act 2001.

4. See the definition of "associate" In section 9 of the Corporation• Act 2001.

5. Include details of:

6. any relevant agroomont or other circumstances because of which the change In relevant Interest occurred. If subsection 6718(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and ac:c:urate details of any contract, sc:hem or arrangement, ffll.l$t i;IICCornpi;i.ny th1$ form, tOgi;!lthii!lr with a written sti;lltenient certifying this oontract, scheme or arrangement; and

7. any qualification of th• power of a person to exercise, oontrol 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 CorporaUons Act 2001.

8. Details of the consideration must Include any and all benefits, money and other, that any person from whom a relevant Interest was acquired has, or may1 become entitled to receive In relation to that aec:iulsltlon, Detalls must be lnclu!:letl even If the benefit Is eondltlonal on the happening or not of a oontlngency. Details must be Included of any benefit paid on behalf of the substantial holder or Its assoelate In relation to the aequlsltlons, even If th•y are not paid dlreetly to the person from whom the relevant Interest was aequlred.

(6) The voting shares of a company constitute one class unless divided Into separate classes.

(7) Give details, If appropriate, of the present association and any change In that association Ince the last ub,tantlal holding notice.

Annexure B - 16 Jan 2017

Ausbil Investment Management Limited Atlas Iron Limited

Security	Date of Change	Units	Consideration
AGO	12/01/2017	-2,375,744	$ 99,781.25
AGO	12/01/2017	-22,624,256	$ 950,218.75
)f	Total Change -25,000,000 (A ,' I
I
Giar Dep				'andi1
	ty Head of Equities

16 January 2017