ST BARBARA LIMITED — Major Shareholding Notification 2007

Nov 22, 2007

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme	St Barbara Limited
ACN/ARSN
1. Details of substantial holder (1)
Name		JPMorgan Chase & Co. and its affiliates
N/AACN/ARSN (if applicable)
There was a change in the interests of thesubstantial holder on		13/Nov/2007
The previous notice was given to the company on		27/Feb/2007
The previous notice was dated		27/Feb/2007

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	41,631,000	5.07%	58,097,789	6.07%

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 or scheme are as follows:

Date ofchange	Person whoserelevant interestchanged	Nature of change (6)	Consideration given inrelation to change (7)	Class and numberof securitiesaffected	Person's votesaffected
	See Appendix

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder ofrelevantinterest	Registered holderof securities	Person entitled to beregistered as holder(8)	Nature of relevantinterest (6)	Class and numberof securities	Person's votes
	See Appendix

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
N/A

6. Addresses

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

Name	Address
JPMorgan Chase & Co.	1111 Polaris Parkway, Columbus, Ohio 43240.

Signature

print name	Winnie Chow	capacity	On behalf of JPMorgan Chase Bank,N.A.
sign here		date	22/Nov/2007

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.

• (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 identity 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.

(2) See the definition of "associate" in section 9 of the Corporations Act 2001.

For theriode p	bet26Feb20ween	0713Nov 2007to
Tractionsandate	Entity	Instruntsme	Tyofpectiotransan	Ccy	Price	Quityant	TotalPositions	Issuedshareitalcap	ed% own	JPMSL	JPMAM(UK)	JPMWF	Total
Balanat 2ceas	6 Feb2007						41,631,000	820,481,000	5.07%	-	41,631,000	-	41,631,000
27-Feb-07	JPMAM(UK)	STBARBARA LTD	Purchase	AUD	90.5	869,000	42,500,000	00820,481,0	5.18%	-	869,000	-	869,000
28-Mar-07	JPMWF	STBARBARA LTD	Sell	AUD	20.5	(79,271)	42,420,729	00820,481,0	5.17%	-	-	1)(79,27	(79,271)
30-Mar-07	JPMWF	STBARBARA LTD	Borrow	-	-	00080,	42,500,729	00820,481,0	5.18%	-	-	00080,	80,000
30-Mar-07	JPMSL	STBARBARA LTD	Loan	-	-	(80,000)	42,420,729	00820,481,0	5.17%	0)(80,00	-	-	(80,000)
3-A07pr-	JPMWF	STBARBARA LTD	Sell	AUD	20.5	(42,869)	42,377,860	00820,481,0	5.17%	-	-	9)(42,86	(42,869)
4-A07pr-	JPMWF	STBARBARA LTD	Borrow	-	-	00043,	42,420,860	00820,481,0	5.17%	-	-	00043,	43,000
4-A07pr-	MSJPL	STBARBARA LTD	Purchase	AUD	50.6	222,000	42,642,860	00820,481,0	5.20%	0222,00	-	-	222,000
4-A07pr-	MSJPL	STBARBARA LTD	Loan	-	-	(430),00	42,599,860	00820,481,0	5.19%	0)(43,00	-	-	(430),00
11-Apr-07	JPMWF	STBARBARA LTD	Purchase	AUD	50.5	165,140	42,765,000	00820,481,0	5.21%	-	-	0165,14	165,140
23-Apr-07	JPMWF	STBARBARA LTD	Purchase	AUD	30.6	10087,	42,852,100	00820,481,0	5.22%	-	-	10087,	87,100
Ap23-r-07	JPMSL	STBARBARA LTD	Purchase	AUD	50.6	265,000	43,117,100	00820,481,0	5.26%	0265,00	-	-	265,000
Ap23-r-07	JPMSL	STBARBARA LTD	Sell	AUD	50.6	00)(265,0	42,852,100	00820,481,0	5.22%	00)(265,0	-	-	(2600)5,0
Ap27-r-07	JPMWF	STBARBARA LTD	Sell	AUD	10.6	(870),10	42,765,000	00820,481,0	5.21%	-	-	0)(87,10	(870),10
Ma11-y-07	JPMWF	STBARBARA LTD	Loan	-	-	00)(166,0	42,599,000	00821,305,0	5.19%	-	-	00)(166,0	(1600)6,0
11-May-07	JPMSL	STBARBARA LTD	Borrow	-	-	0002,166,	44,765,000	00821,305,0	5.45%	0002,166,	-	-	2,166,000
14-May-07	JPMAM(UK)	STBARBARA LTD	Sell	AUD	60.5	00)(830,0	43,935,000	00821,305,0	5.35%	-	(830,000)	-	(830,000)
15-May-07	JPMWF	STBARBARA LTD	Sell	AUD	40.5	(1,651,416)	42,283,584	00821,305,0	5.15%	-	-	)(1,651,416	(1,651,416)
15-May-07	JPMAM(UK)	STBARBARA LTD	Sell	AUD	40.5	00)(945,4	41,338,184	00821,305,0	5.03%	-	(945,400)	-	(945,400)
16-May-07	JPMWF	STBARBARA LTD	Sell	AUD	50.5	18)(230,9	41,107,266	00821,305,0	5.01%	-	-	18)(230,9	(230,918)
17-May-07	JPMWF	STBARBARA LTD	Borrow	-	-	0002,000,	43,107,266	00821,305,0	5.25%	-	-	0002,000,	2,000,000
17-May-07	JPMSL	STBARBARA LTD	Loan	-	-	(2,000,000)	41,107,266	00821,305,0	5.01%	0)(2,000,00	-	-	(2,000,000)
13-Jun-07	JPMAM(UK)	STBARBARA LTD	Purchase	AUD	00.5	944,700	42,051,966	00821,555,0	5.12%	-	944,700	-	944,700
26-Jun-07	JPMSL	STBARBARA LTD	Loan	-	-	(100)	42,051,866	00821,555,0	5.12%	0)(10	-	-	(100)
27-Jun-07	JPMAM(UK)	STBARBARA LTD	Purchase	AUD	10.5	2001,305,	43,357,066	00821,555,0	5.28%	-	2001,305,	-	1,305,200
12-Jul-07	JPMWF	STBARBARA LTD	Purchase	AUD	30.5	330,000	43,687,066	00836,555,0	5.22%	-	-	0330,00	330,000
16-Jul-07	JPMWF	STBARBARA LTD	Loan	-	-	00)(330,0	43,357,066	00836,555,0	5.18%	-	-	00)(330,0	(3300)0,0
16-Jul-07	MSJPL	STBARBARA LTD	Purchase	AUD	60.5	0002,000,	45,357,066	00836,555,0	5.42%	0002,000,	-	-	2,000,000
16-Jul-07	MSJPL	STBARBARA LTD	Borrow	-	-	0002,330,	47,687,066	00836,555,0	5.70%	0002,330,	-	-	2,330,000
Jul16--07	JPMSL	STBARBARA LTD	Loan	-	-	(2,5)90,000	45,097,066	00836,555,0	5.39%	0)(2,590,00	-	-	(2,5)90,000
Jul18--07	JPMWF	STBARBARA LTD	Sell	AUD	20.5	93)(170,9	44,926,073	00836,555,0	5.37%	-	-	93)(170,9	(1793)0,9
Jul18--07	JPMSL	STBARBARA LTD	Borrow	-	-	100	44,926,173	00836,555,0	5.37%	100	-	-	100
Jul20--07	JPMWF	STBARBARA LTD	Borrow	-	-	200,000	45,126,173	00836,555,0	5.39%	-	-	0200,00	200,000
20-Jul-07	JPMSL	STBARBARA LTD	Loan	-	-	00)(200,0	44,926,173	008365,0,55	5.37%	00)(200,0	-	-	(200,000)
23-Jul-07	JPMAM(UK)	STBARBARA LTD	Purchase	AUD	0.57	0001,530,	46,456,173	008365,0,55	5%5.5	-	0001,530,	-	1,530,000
24-Jul-07	JPMAM(UK)	STBARBARA LTD	Purchase	AUD	80.5	700,000	47,156,173	008365,0,55	5.64%	-	700,000	-	700,000
9-A07ug-	JPMWF	STBARBARA LTD	Purchase	AUD	20.5	18452,	47,208,357	008365,0,55	5.64%	-	-	18452,	52,184
10-Aug-07	JPMWF	STBARBARA LTD	Purchase	AUD	00.5	118,809	47,327,166	00836,555,0	5.66%	-	-	9118,80	118,809
16-Aug-07	JPMWF	STBARBARA LTD	Sell	AUD	00.4	40)(192,9	47,134,226	00836,555,0	5.63%	-	-	40)(192,9	(192,940)
21-Aug-07	JPMWF	STBARBARA LTD	Purchase	AUD	40.4	164,041	47,298,267	00836,555,0	5.65%	-	-	1164,04	164,041
30-Aug-07	JPMSL	STBARBARA LTD	Loan	-	-	(1,410,000)	45,888,267	00836,555,0	5.49%	0)(1,410,00	-	-	(1,410,000)
31-Aug-07	JPMWF	STBARBARA LTD	Purchase	AUD	80.4	670,000	46,558,267	00836,555,0	5.57%	-	-	0670,00	670,000
4-S07ep-	JPMWF	STBARBARA LTD	Loan	-	-	00)(200,0	46,358,267	00836,555,0	5.54%	-	-	00)(200,0	(200,000)
4-S07ep-	MSJPL	STBARBARA LTD	Borrow	-	-	200,000	46,558,267	00836,555,0	5.57%	0200,00	-	-	200,000
5-S07ep-	JPMWF	STBARBARA LTD	Purchase	AUD	10.5	89928,	46,587,166	00836,555,0	5.57%	-	-	89928,	28,899
5-S07ep-	JPMWF	STBARBARA LTD	Loan	-	-	00)(670,0	45,917,166	00836,555,0	5.49%	-	-	00)(670,0	(6700)0,0
5-S07ep-	MSJPL	STBARBARA LTD	Sell	AUD	10.5	(289),89	45,888,267	00836,555,0	5.49%	9)(28,89	-	-	(289),89
5-S07ep-	JPMSL	STBARBARA LTD	Borrow	-	-	0002,670,	48,558,267	00836,555,0	5.80%	0002,670,	-	-	2,670,000
5-S07ep-	JPMSL	STBARBARA LTD	Loan	-	-	(2,0)00,000	46,558,267	00836,555,0	5.57%	0)(2,000,00	-	-	(2,0)00,000
6-S07ep-	JPMWF	STBARBARA LTD	Purchase	AUD	00.5	47096,	46,654,737	00836,555,0	5.58%	-	-	47096,	96,470

ctioTransan			ofType					Issuedshare
date	Entity	Instruntsme	ctiotransan	Ccy	Price	Quityant	TotalPositions	italcap	% oedwn	JPMSL	JPMAM(UK)	JPMWF	Total
6-S07ep-	JPMSL	STBARBARA LTD	Sell	AUD	80.5	(1,2)36,101	45,418,636	00836,555,0	5.43%	1)(1,236,10	-	-	(1,2)36,101
13-Sep-07	JPMWF	STBARBARA LTD	Purchase	AUD	20.5	47096,	45,515,106	008365,0,55	5.44%	-	-	47096,	96,470
20-Sep-07	JPMWF	STBARBARA LTD	Sell	AUD	0.57	(96,470)	45,418,636	008365,0,55	5.43%	-	-	0)(96,47	(96,470)
2-Oct-07	JPMWF	STBARBARA LTD	Sell	AUD	0.57	00)(163,7	45,254,936	00836,716,0	5.41%	-	-	00)(163,7	(163,700)
2-Oct-07	JPMWF	STBARBARA LTD	Purchase	AUD	80.5	47096,	45,351,406	00836,716,0	5.42%	-	-	47096,	96,470
3-Oct-07	JPMWF	STBARBARA LTD	Purchase	AUD	60.5	163,700	45,515,106	00836,716,0	5.44%	-	-	0163,70	163,700
4-Oct-07	JPMWF	STBARBARA LTD	Sell	AUD	90.5	(89,384)	45,425,722	00836,716,0	5.43%	-	-	4)(89,38	(89,384)
5-Oct-07	JPMWF	STBARBARA LTD	Purchase	AUD	00.6	142,172	45,567,894	00836,716,0	5.45%	-	-	2142,17	142,172
11-Oct-07	JPMAM(UK)	STBARBARA LTD	Purchase	AUD	10.6	0001,250,	46,817,894	00836,716,0	5.60%	-	0001,250,	-	1,250,000
12-Oct-07	JPMAM(UK)	STBARBARA LTD	Purchase	AUD	40.6	9001,063,	47,881,794	00836,716,0	5.72%	-	9001,063,	-	1,063,900
Oc18-t-07	JPMWF	STBARBARA LTD	Sell	AUD	90.6	(95,914)	47,785,880	00836,716,0	5.71%	-	-	4)(95,91	(95,914)
Oc24-t-07	MSJPL	STBARBARA LTD	Purchase	AUD	00.7	250,000	48,035,880	00836,716,0	5.74%	0250,00	-	-	250,000
Oc24-t-07	MSJPL	STBARBARA LTD	Loan	-	-	00)(250,0	47,785,880	00836,716,0	5.71%	00)(250,0	-	-	(2500)0,0
2-N07ov-	MSJPL	STBARBARA LTD	Purchase	AUD	20.7	350,000	48,135,880	00836,716,0	5.75%	0350,00	-	-	350,000
2-N07ov-	MSJPL	STBARBARA LTD	Sell	AUD	00.7	00)(250,0	47,885,880	00836,716,0	5.72%	00)(250,0	-	-	(2500)0,0
6-N07ov-	JPMAM(UK)	STBARBARA LTD	TransfIner	-	-	0006,750,	54,635,880	00836,716,0	6.53%	-	0006,750,	-	6,750,000
6-N07ov-	JPMWF	STBARBARA LTD	Sell	AUD	80.7	00)(150,0	54,485,880	00957,223,0	5.69%	-	-	00)(150,0	(1500)0,0
6-N07ov-	JPMSL	STBARBARA LTD	Purchase	AUD	80.7	150,000	54,635,880	00957,223,0	5.71%	0150,00	-	-	150,000
6-N07ov-	JPMSL	STBARBARA LTD	Sell	AUD	80.7	00)(150,0	54,485,880	00957,223,0	5.69%	00)(150,0	-	-	(1500)0,0
7-N07ov-	JPMWF	STBARBARA LTD	Purchase	AUD	80.7	150,000	54,635,880	00957,223,0	1%5.7	-	-	0150,00	150,000
7-N07ov-	JPMSL	STBARBARA LTD	Purchase	AUD	80.7	150,000	54,785,880	00957,223,0	2%5.7	0150,00	-	-	150,000
7-N07ov-	JPMSL	STBARBARA LTD	Sell	AUD	80.7	00)(150,0	54,635,880	00957,223,0	1%5.7	00)(150,0	-	-	(150,000)
8-N07ov-	JPMWF	STBARBARA LTD	Sell	AUD	10.5	(28,899)	54,606,981	00957,223,0	5.70%	-	-	9)(28,89	(28,899)
8-N07ov-	JPMSL	STBARBARA LTD	Purchase	AUD	10.5	89928,	54,635,880	00957,223,0	5.71%	928,89	-	-	28,899
8-N07ov-	JPMSL	STBARBARA LTD	Sell	AUD	60.5	(28,899)	54,606,981	00957,223,0	5.70%	9)(28,89	-	-	(28,899)
9-N07ov-	JPMWF	STBARBARA LTD	Sell	AUD	50.7	(84,192)	54,522,789	00957,223,0	5.70%	-	-	2)(84,19	(84,192)
13-Nov-07	M(UK)JPMA	STBARBARA LTD	Purchase	AUD	60.7	0003,575,	58,097,789	00957,223,0	6.07%	-	0003,575,	-	3,575,000
Balan13atceas	Nov 2007						58,097,789	957,223,000	6.07%	100,000	57,843,400	9154,38	58,097,789
JPMAM(UK)= J	PMAsset Morgan	ent(UK)Limitedanagem
JPMWF =J.P. M	Whitefriars Inorgan	c.
MSJPL =J.P. M	Seities Lorgancur	td.