ST BARBARA LIMITED — Capital/Financing Update 2009

Feb 18, 2009

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MARKET RELEASE

19 February 2009

St Barbara Limited

TRADING HALT

The securities of St Barbara Limited (the “Company”) will be placed in pre-open at the request of the Company, pending the release of an announcement by the Company. Unless ASX decides otherwise, the securities will remain in pre-open until the earlier of the commencement of normal trading on Monday, 23 February 2009 or when the announcement is released to the market.

Security Code: SBM

James Gerraty Manager, Issuers (Melbourne)

St Barbara Limited

ABN 36 009 165 066

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19 February 2009

Mr James Gerraty Manager ASX Limited Level 45, South Tower, Rialto 525 Collins Street Melbourne VIC 3000

Dear Mr Gerraty

St Barbara Limited – Request for Trading Halt

St Barbara Limited (St Barbara) requests a trading halt for a total of two (2) trading days pursuant to Listing Rule 17.1 to be implemented immediately. For the purposes of Listing Rule 17.1, St Barbara provides the following information:

• a) As foreshadowed in our letter dated 16 February 2009 to ASX Limited, St Barbara has reviewed strategies of how best the Company can proceed in respect of the A$100 million 8% convertible notes due 2012, convertible into ordinary shares and intends to conduct a capital raising via a placement primarily in order to provide the Company with funds that will enable it to strengthen its balance sheet and partially buy back the convertible notes and/or fund their potential redemption. St Barbara is seeking the trading halt pending the making of an announcement by St Barbara to the market in relation to the conclusion of the placement.

• b) St Barbara requests that the trading halt continues until the opening of trading on Monday 23 February 2009 unless St Barbara requests that the trading halt be lifted before that time.

• c) St Barbara is not aware of any reason why the trading halt should not be granted.

If you have any questions, please feel free to contact me on 03 8660 1903.

Yours faithfully

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Ross Kennedy Company Secretary

LEVEL 21, 90 COLLINS STREET, MELBOURNE VIC 3000 LOCKED BAG 9, COLLINS STREET EAST VIC 8003

TELEPHONE + 61 3 8660 1900 FACSIMILE + 61 3 8660 1999

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