15 August 2017

Standard Lit/Aberdeen

Via Fax 001 612 9778 0999 and 001 61 29347 0005 Only

Australian Stock Exchange Exchange Centre

20 Bridge Street

Sydney, NSW 2000

Australia Dear Sirs

I am writing to notify that accounts managed or advised by Aberdeen Asset Management Asia Limited now own a total of 16,227,891 shares in Syrah Resources Limited across all mandates, equivalent to 6.15% of company's issued shares. This report was generated due to the merger of Standard Life pie and Aberdeen Asset Management PLC on 14 August 2017.

Please find enclosed a copy of Form 603 • Notice of Initial substantial holder. Yours sincerely

For and on behalf of

Aberdeen Asset Management Asia Limited

N'qnm orn S.

Wannaporn Sirijiwanont Compliance

enc.

Aberdeen As1;1t Me.nagemiant A5la. Limited

21 Chul'Ch Street #01-01 Ca.pltal Square Two Singapore 049480

Telophono: +65 6395 2700 Fa.: +65 66322998

603 Page 1/4 14 Apr 2017

Form 603

Corporations Act 2001 Section 671B

Notice of initial substantial holder

10 Company Name/Scheme

ACN/ARSN

Syrah Resources Limited

125 242 284

1. Details of substantial holder (1)

Name Aberdeen Asset Management Asia Limited, a company registered In Singapore (AAMAL) and Its associates (togethor the Standard Life Aberdeen pie Group). CompMles within the Standard Llfo Aberdeen pie, Including AAMAL, are basically International fund managers,

ACN I AASN (if applicable)

N/A

The holder became a substantial holder on 14/08/2017

2. Dotalls of voling power

The total number of votes attached to all the voting shares in the company or voting Interests In the scheme that the substantial holder or an associate (2) had a relevant Interest (3) In on the elate the substantial holder became a substantial holder are as follows;

Class of securities (4)

Number of

securities

Persons' votes (5)

Voting power (6)

Fully paid ordinary shares

16,227,891

16,227,891

6.15%

3. Deta11$ of relevant intere:tt:t

Tho nature of tha relevant Interest the substantial holder or an associate had In the following voting securities on the date tha substantial

holder became a substantlal holder are as follows:

Holder of ralavant Interest

Nature of relevant Interest (7)

Class and number of securities

Standard Life Investment (Holdings) Limitad

Relevant Interest under s608(3)(b) of the Act as ultlmata holding company ofIha Standard Life Aberdeen Group

15,956,390

See Annaxure 'B'

Please nota that shares were purchased in the ordinary course of business on the ASX In accordance with the rules of the ASX and containing no special terms or conditions

4. Dotall• of present registered holders

,he persons registered as holders of the securities referred to in paragraph 3 above are as follows;

Holder of relevant hiterest

Registered holder of securities

Person entitled to be registered as holdar (8)

Class and number of securities

Sea Annexure 'C'

603 Page 2/4 14 Apr 2017

5. Cansldor:itlon

The consideration palci for each relevanl ln1eres1 referred 10 In paragraph 3 above, and acquired In the four mon1hs prior 10lhe day that the subslanllal holder became a substantial holder Is as follows:

Holder of relevant Interest Dale of acqulsllion consideration (9) Class anci number of securl les

Cash Non-cash

See Annexure 'D'

6, A5 ociates

The reasonsIha parsons named In paragraph 3 above are assoclales oflhe substantial holder are as follows:

Name anci CANIARSN (if applicable)

Na1ure of assoclallon

Standard Life Abercieen pie Group of companies

Companies wllhln the Stanciarci Life Aberdeen pie Group are associates of AAMAL by virtue of AAMAL ellher controlling Iha relevant company or Iha ralavanl company controlling AAMAL

Additional Information

The disclosure was generalad as a result of the merger on 14 Augusl 2017.

As a resull of lhe completion of the court-sanctioned schoma of arrangement and all-share merger under Part 26 of the Companies Acl 2006 of Aberdeen Assel Managemenl PLC and Slandard Life pie which became affecllve on 14 August 2017, this notification details the assets under management of the new Combined Group ('Standard Life Aberdoon pie') as of the dates noled above.

The shares detailed are managed by Iha named discretionary Investment management enllty wilhln mulllple ponfollos on behalf of underlying cllenls, baseci on lnveslment management agreements wharaby tho cllen1 has delegatad Iha exercise of the voling power 10 Iha referenced inveslmenl manager.

Aberdeen Asset Management Asla Limited has an authority to make the disclosure on behalf ofIha new Combined Group which effecllve on 14 August 2017.

7. Addrosses

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

Name

Address

AAMAL

21 Church St #01·01 Capital Square Two, Singapore 049480

Signature

print name

Wannaporn SlrlJlwanor,, Capacity Compliance

signhere rih'r)'"dClrli S. date15 Aug 2017

603

DIRECTIONS

Page 3/4

14 Apr 2017

(1J If there are a number of substantial holders with similar or related relevant Interests (eg. A corporation and Its related corporations. or the managar and trustea of an eulty trust). the names could be Included In an annexura to the fom,. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the fom, as a speclflcally named group If the member.ship of each group, with the names and addresses of mombers Is clearly set out In paragraph 7 of the fom,.

  1. Sae the definition of "associate" In section 9 of Iha Corporations Act 2001.

  2. See the definition of "relevant Interest" In sections 609 and 6718(7) of the Corporations A.

(4) The votir'lg shares of a company constitute one class unless divided into separato classes.

  1. The total numbor of votes attache

  2. Tha parson's votes divided by the total votes In tha body corporate or scheme multiplied by ,oo.

  1. Include details of:

    1. any relevant agreement or other circumstances by which tho relevant lntarast was acquired. If subsection 6718(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the parson giving full and accurate details of any contract, scheme or arrangement, must accompany this form. together with a written statement certifying this contract, scheme or arrangement; and

      2. (b) any quallflcatlon of the power of a person to exerclso, control the exercise of, or Influence the exercise of, the voting powers or cilsposal of the securities to which the relevant Interest relates (Indicating clearly tho particular securities to which the qualification applies), ·

      Sea the definition of "relevant agreement" In section 9 of the Corporations Act 2001.

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