ST BARBARA LIMITED — Capital/Financing Update 2009

Nov 25, 2009

St Barbara Limited ABN 36 009 165 066

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26 November 2009

ADJUSTMENT TO CONVERSION PRICE FOR A$77.1 MILLION CONVERTIBLE NOTES

Entitlement Offer

On 11 November 2009, St Barbara Limited (St Barbara) announced that it proposed to undertake a 4 for 13 pro-rata accelerated non-renounceable entitlement offer to shareholders (the Entitlement Offer) and Shortfall Placement (if any) (together the Offer) to raise A$124 million (before costs) and instigated a trading halt in respect of its shares listed on ASX over the two day trading period from 11 November 2009 to 12 November 2009 inclusive.

On 13 November 2009, St Barbara advised that it has successfully completed the institutional component of the Entitlement Offer. The Retail Entitlement Offer is still to be completed.

Effect on conversion price of the Convertible Notes

St Barbara has A$77.1 million convertible notes (the Notes) on issue, which are listed on the Official List of the SGX-ST Mainboard. The conversion price of the Notes, prior to the current adjustment was A$0.67 per share.

As a result of the Terms and Conditions on which the Notes were issued, and the Listing Rules of the ASX, the conversion price of the Notes will vary as a result of the Offer.

Notification of adjustment to conversion price

As required under the Rules of the SGX-ST Mainboard, the ASX Listing Rules and the Terms and Conditions of the Notes, St Barbara advises that, as a result of the Offer, the conversion price will be adjusted from A$0.67 to A$0. 65 per share (an adjustment of A$0.02) with effect from completion of the Institutional Entitlement Offer on 25 November 2009.

Investment Market & Media Enquiries

Ross Kennedy or Xian Davies +61 3 8660 1900

This document is not a prospectus and does not constitute an offer of securities. The offer of shares will only be made in, or accompanied by, a copy of the Offer Documents which will be sent to eligible shareholders. Eligible retail shareholders wishing to acquire New Shares should consider the Retail Entitlement Offer Information Book and will need to complete the personalised entitlement and acceptance form that will accompany the Retail Entitlement Offer Information Book.

NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES

The entitlements and New Shares have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (Securities Act), or any U.S. state or other securities laws. The entitlements and the New Shares may not be offered, sold or otherwise transferred except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable securities laws.

LEVEL 14, 90 COLLINS STREET, MELBOURNE VIC 3000 LOCKED BAG 9, COLLINS STREET EAST VIC 8003 TELEPHONE + 61 3 8660 1900 FACSIMILE + 61 3 8660 1999