Ann: Proposed issue of securities - SGR, page-3

Sorry, this is the right one.

Given the current market data for The Star Entertainment Group Limited (ASX: SGR):

• Current Share Price: AUD 0.11

• Current Market Cap: AUD 315 million

• Implied Shares Outstanding (SOI) = Market Cap / Share Price = 315,000,000 / 0.11 ≈ 2,863,636,364 shares

Post-Conversion Impact of Convertible Notes

1. New Shares Issued Upon Conversion

   • Total Convertible Notes Issued: 3,750,000,000

   • Conversion Ratio: 1 Note → 1 Share (as per the AUD 0.08 face value).

   • New Shares Added: 3,750,000,000

2. Total Shares Outstanding After Conversion
   = Current SOI + New Shares
   = 2,863,636,364 + 3,750,000,000
   = 6,613,636,364 shares

3. Post-Conversion Market Cap

   • Assuming no change in enterprise value, the market cap remains AUD 315 million.

   • New Share Price = Market Cap / New SOI
     = 315,000,000 / 6,613,636,364 ≈ AUD 0.0476 per share (~4.8 cents).