Star Entertainment : Notification of Change in Substantial Shareholding (Perpetual)

21 February 2017

To: Australian Securities Exchange Companies Announcements Platform 20 Bridge Street

Sydney NSW 2000

As required under Listing Rule 3.19, The Star Entertainment Group Limited (The Star Entertainment Group) gives notice that it has become aware that on 17 February 2017, there was a change in the interests of Perpetual Limited (A.C.N. 000 431 827) and its related bodies corporate (including Perpetual Investment Management Limited), a substantial shareholder of The Star Entertainment Group. The interests held increased from 87,176,137 to 95,861,614 ordinary shares, representing 11.61% of the voting power in The Star Entertainment Group.

The Star Entertainment Group's Constitution, as well as certain agreements entered into with Liquor and Gaming New South Wales and the Queensland Office of Liquor and Gaming Regulation, contain restrictions prohibiting an individual from having a voting power of more than 10% in The Star Entertainment Group. The Star Entertainment Group may refuse to register any transfer of shares which would contravene these shareholding restrictions or require divestiture of the shares that cause an individual to exceed the shareholding restrictions.

As announced by The Star Entertainment Group on 3 July 2012, Perpetual Investment Management Limited has obtained the necessary regulatory approvals to increase its potential voting power in The Star Entertainment Group up to a maximum of 15%. These approvals override the general restriction that an individual's voting power in The Star Entertainment Group must not exceed 10% without the written consent of Liquor and Gaming New South Wales and the Queensland Minister.

STARENTERTAINMENTGROUP.COM.AU THE STAR ENTERTAINMENT GROUP LTD ABN 85 149 629 023

Page 1 of 1