ST BARBARA LIMITED — Share Issue/Capital Change 2009

Dec 3, 2009

ASX Announcement

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St Barbara Limited ACN 009 165 066 Level 14, 90 Collins Street, Melbourne Vic 3000 Telephone +61 3 8660 1900 Facsimile +61 3 8660 1999 Email melbourne@stbarbara.com.au Website www.stbarbara.com.au

Notice of change in exercise price of options

In accordance with ASX Listing Rule 3.11.2, St Barbara Limited (St Barbara) advises that, pursuant to the formula contained in ASX Listing Rule 6.22.2 and the terms of the St Barbara Employee Option Plan, the exercise price of St Barbara’s 17,477,091 unlisted options has been reduced as follows:

• the exercise price of 1,000,000 options with an exercise price of $0.298 will reduce to $0.279;

• the exercise price of 1,250,000 options with an exercise price of $0.491 will reduce to $0.472;

• the exercise price of 2,000,000 options with an exercise price of $0.496 will reduce to $0.477;

• the exercise price of 500,000 options with an exercise price of $0.549 will reduce to $0.530;

• the exercise price of 1,508,099 options with an exercise price of $0.400 will reduce to $0.381;

• the exercise price of 5,361,672 options with an exercise price of $0.430 will reduce to $0.411; and

• the exercise price of 5,857,320 options with an exercise price of $0.306 will reduce to $0.287.

These changes have arisen as a result of the 4 for 13 pro-rata accelerated non-renounceable entitlement offer to shareholders announced on 11 November 2009.

Yours faithfully

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Ross Kennedy Company Secretary 4 December 2009

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