ST BARBARA LIMITED — Major Shareholding Notification 2006

May 11, 2006

Julius Bär

ASIC PO Box 4000 Gippsland Mail Centre Australia

Zürich, 12. April, 2006

Notification of ceasing to be a substantial holder

Dear Sirs,

l,

Please be informed of the holding of St. Barbara Ltd.(ACN:009165066) of Julius Baer Investment Fund Services has changed as follows:

Date	Fund Name	Transaction	Share holding	% of issue
10.Jan.2006	St. James's Place Recovery	Sold1'030'000	40'430'000	totaloutstanding6.54% of
	Unit Trust	shares		617'968'757 shares
06.April 2006	St. James's Place Recovery	Sold4'000'000	35'400'000	outstanding5.73% oftotal
	Unit Trust	shares		617'968'757 shares
07.April 2006	St. James's Place Recovery	Owner'scoporate	35'400'000	4.93%totalof.outstanding
	Unit Trust	action (conversion)		717'968'757 shares

We also sent a notification to the attention of the company concerned.

Yours sincerely Julius Baer Investment Funds Services Ltd. Daniel Hösli Čarol Žhu Investment controlling Head Investment controlling .

Form 605

Corporations Act 2001 Section 671B

Notice of ceasing to be a substantial holder

To Company Name/Scheme	St. Barbara Limited
ACN/ARSN	009165066
1. Details of substantial holder (1)
Name	St. James's Place Recovery Unit Trust
ACN/ARSN (if applicable)
The holder ceased to be a substantial holder on
	$07/$ April $/2006$
The previous notice was given to the company on	$17/S$ ept./2003

$17/$ Sept. $/2003$ The previous notice was dated $17/Sept. / 2003$

2. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest (2) of the substantial holder or an associate (3) in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date ofchange	Person whoserelevant interestchanged	Nature of change (4)	Consideration givenin relation to change(5)	Class (6) andnumber ofsecuritiesaffected	Person's votes affected
07.04.2006	St. James'sPlaceRecoveryUnit Trust	CorporateAction(Conversion)	no	35'400'000	After thecorporateaction, ourtotal holding ofthis stock isonly 4.93%(35'400'000shares of totaloutstanding717'968'757shares)
06.04.2006	St. James'sPlaceRecoveryUnit Trust	Sold	no	35'400'000	After sold1'030'000 shareson 10. Jan. 2006and 4'000'000shares on06.April.2006,our totalholding of thisstock was5.73% (35'400'000shares of totaloutstanding617'968'757shares)

3. Changes in association

The persons who have become associates (3) of, ceased to be associates of, or have changed the nature of their association (7) 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

4. Addresses

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

Name	Address
Daniel Hösli	Julius Baer Investment Fund services, Hohlstrasse 602, 8010,Zuerich, Switzerland
Carol Zhu	Julius Baer Investment Fund services, Hohlstrasse 602, 8010,Zuerich, Switzerland

Signature

• (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 4 of the form.
• See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001. $(2)$
• $(3)$ See the definition of "associate" in section 9 of the Corporations Act 2001.
• Include details of: $(4)$
  • any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) $(a)$ 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
  • any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or $(b)$ 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.

• Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was $(5)$ 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.
• The voting shares of a company constitute one class unless divided into separate classes. $(6)$
• Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice. $(7)$