NOVONIX Ltd — Major Shareholding Notification 2017

May 31, 2017

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By Facsimile

1 June 2017

The Company Secretary Graphitecorp Limited 14 View Street North Perth WA 6006

Fax: (08) 9328 8733

Dear Ms Ambrosini

Notice of change of interests of Substantial Holder

We enclose Corporations Act 2001 Form 604, Notice of change of interests of Substantial Holder, lodged today with the Australian Securities Exchange.

Yours faithfully

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I.D. Bloodworth Company Secretary

604 page 1/2 15 July 2001

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

ToCompany Name/Scheme	ToCompany Name/Scheme	ToCompany Name/Scheme	GraphitecorpLimited	GraphitecorpLimited
ACN/ARSN			ACN 157 690 830
1. Details of substantial holder(1)
			Washington H. Soul Pattinson and Company Limited ACN 000 002 728 (WHSP)
Name			and its subsidiaryExco Resources Limited ACN 080 339 671(Exco)
ACN/ARSN (if applicable)			As above.
There was a	change in the interests of the
substantial holder on				26 / 05 / 17
The previous notice was given to the company
on				27 / 10 / 16
The previous notice was dated				27/10 /16
2. Previous and present voting 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 when last required, and when now required, to give a substantial holding notice to the company or scheme, are as
follows:
	Class of securities (4)			Previous notice			Present notice
				Person’s votes		Voting power (5) Person’s votes			Voting power (5)
	Ordinary Shares			16,028,818		18.73%	16,028,818		17.70%
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 are as follows:
	Date of		Person whose	Nature of	Consideration		Class and	Person’s votes
	change		relevant interest	change (6)	given in relation to		number of	affected
			changed		change (7)		securities
							affected
	29-03-2017		Additional Shares Issued	Dilution of Interest		N/A	Ordinary Shares		N/A
	07-04-2017		Additional SharesIssued	Dilution of Interest		N/A	Ordinary Shares		N/A
	18-04-2017		Additional Shares Issued	Dilution of Interest		N/A	Ordinary Shares		N/A
	21-04-2017		Additional Shares Issued	Dilution of Interest		N/A	Ordinary Shares		N/A

Date of change	Person whose relevant interest changed	Nature of change (6)	Consideration given in relation to change (7)	Class and number of securities affected	Person’s votes affected
29-03-2017	Additional Shares Issued	Dilution of Interest	N/A	Ordinary Shares	N/A
07-04-2017	Additional SharesIssued	Dilution of Interest	N/A	Ordinary Shares	N/A
18-04-2017	Additional Shares Issued	Dilution of Interest	N/A	Ordinary Shares	N/A
21-04-2017	Additional Shares Issued	Dilution of Interest	N/A	Ordinary Shares	N/A
28-04-2017	Additional SharesIssued	Dilution of Interest	N/A	Ordinary Shares	N/A
05-05-2017	Additional Shares Issued	Dilution of Interest	N/A	Ordinary Shares	N/A
12-05-2017	Additional SharesIssued	Dilution of Interest	N/A	Ordinary Shares	N/A
19-05-2017	Additional Shares Issued	Dilution of Interest	N/A	Ordinary Shares	N/A
26-05-2017	Additional SharesIssued	Dilution of Interest	N/A	Ordinary Shares	N/A

604 page 2/2 15 July 2001

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 (8)	Nature of relevant interest (6)	Class and number of securities	Person’s votes
Exco	Exco	Exco	Direct Holding	16,028,818 OrdinaryShares	16,028,818
WHSP	Exco	Exco	Relevant interest pursuant to section 608(1)(b) of the Corporations Act – has the power to exercise, or control the exercise of, a right to vote attached to therelevant securities	16,028,818 Ordinary Shares	16,028,818

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) 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

6. Addresses

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

Name	Address
WHSP	Level 1, 160 Pitt Street Mall, Sydney NSW 2000
Exco	Level 32, 10 Eagle Street, Brisbane QLD 4000

Signature

Ian David Bloodworth capacity Company Secretary print name

sign here date 01 / 06 / 2017

DIRECTIONS

• (1) If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, 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 6 of the form.

• (2) See the definition of “associate” in section 9 of the Corporations Act 2001.

• (3) See the definition of “relevant interest” in sections 608 and 671B(7) of the Corporations Act 2001.

• (4) The voting shares of a company constitute one class unless divided into separate classes.

• (5) The person’s votes divided by the total votes in the body corporate or scheme multiplied by 100.

• (6) Include details of:

• (a) any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person 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

• (b) any qualification of the power of a person to exercise, control 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 Corporations Act 2001.

• (7) 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 may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

• (8) If the substantial holder is unable to determine the identify of the person (eg. if the relevant interest arises because of an option) write “unknown”.

(9) Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.