QR National : Change of Director`s Interest Notice

Dominic D Smith

SVP & Company Secretary

QR National Limited

ABN 14 146 335 622

Level 14, 305 Edward Street Brisbane QLD 4000, Australia GPO Box 456

Brisbane QLD 4001, Australia

T [phone]

F [phone]

[e-mail]

3 January 2012

Company Announcements Office Australian Securities Exchange Limited Riverside Centre, Level 5

123 Eagle Street

BRISBANE QLD 4000

BY ELECTRONIC LODGEMENT

QR National Appendix 3Y - Change of Director's Interest Notice

Please find attached an Appendix 3Y in respect of a Change of Director's Interest

Notice for Mr J B Prescott AC. Yours faithfully

Dominic D Smith

SVP & Company Secretary

QR National Limited ACN 146 335 622

Appendix 3Y Change of Director's Interest Notice Appendix 3Y Change of Director's Interest Notice

Rule 3.19A.2

Information or documents not available now must be given to ASX as soon as available. Information

and documents given to ASX become ASX's property and may be made public.

Introduced 30/09/01 Amended 01/01/11

Name of entity: QR National Limited

ABN: 14 146 335 622

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	John Barry Prescott AC
Date of last notice	23 December 2011

Part 1 - Change of director's relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of "notifiable interest of a director" should be disclosed in this part.

Direct or indirect interest	Direct
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	N/A
Date of change	23 December 2011
No. of securities held prior to change	Middle Crescent Pty Ltd ATF The Prescott Family Superannuation Fund 172,165 Ordinary Shares Cathkin Pty Ltd ATF The Prescott Family Foundation 10,703 Ordinary Shares CFPT Pty Ltd ATF Claudia Prescott Superannuation Fund 2,355 Ordinary Shares IRPT Pty Ltd ATF Ian Prescott Superannuation Fund 2,355 Ordinary Shares

+ See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 1

Appendix 3Y Change of Director's Interest Notice

	Suezette Maree Prescott (by authority) 816 Ordinary Shares
Class	Ordinary Shares
Number acquired	Suezette Maree Prescott (by authority) 40 Ordinary Shares
Number disposed	N/A
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	N/A
No. of securities held after change	Middle Crescent Pty Ltd ATF The Prescott Family Superannuation Fund 172,165 Ordinary Shares Cathkin Pty Ltd ATF The Prescott Family Foundation 10,703 Ordinary Shares CFPT Pty Ltd ATF Claudia Prescott Superannuation Fund 2,355 Ordinary Shares IRPT Pty Ltd ATF Ian Prescott Superannuation Fund 2,355 Ordinary Shares Suezette Maree Prescott (by authority) 856 Ordinary Shares
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	Off-market trade (Loyalty Bonus Shares)

Part 2 - Change of director's interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of "notifiable interest of a director" should
be disclosed in this part.

Detail of contract	N/A
Nature of interest

+ See chapter 19 for defined terms.

Appendix 3Y Page 2 01/01/2011

Appendix 3Y Change of Director's Interest Notice

Name of registered holder (if issued securities)
Date of change
No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed
Interest acquired
Interest disposed
Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation
Interest after change

Part 3 - +Closed period

Were the interests in the securities or contracts detailed above traded during a +closed period where prior written clearance was required?	No
If so, was prior written clearance provided to allow the trade to proceed during this period?	N/A
If prior written clearance was provided, on what date was this provided?	N/A

+ See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 3