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7/27/2019 GF_C090811 Diggers Dealers

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HARNESSING THE BULL MARKETHARNESSING THE BULL MARKETFOR FREE CASH FLOWFOR FREE CASH FLOW

Glenn BaldwinExecutive Vice President and Head of Australasia


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INTRODUCTION

INTRODUCTION Forward Looking Statements

Certain statements in this document constitute forward lookingstatements within the meaning of Section 27A of the US Securit ies Act of1933 and Section 21E of the US Securities Exchange Act of 1934.

Such forward looking statements involve known and unknown risks,uncertainties and other important factors that could cause the actualresults, performance or achievements of the company to be materiallydifferent from the future results, performance or achievements expressedor implied by such forward looking statements. Such risks, uncertaintiesand other important factors include among others: economic, business

and political conditions in South Africa; decreases in the market price ofgold; hazards associated with underground and surface gold mining;labour disruptions; changes in government regulations, particularlyenvironmental regulations; changes in exchange rates; currencydevaluations; inflation and other macro-economic factors; and the impact

of the AIDS crisis in South Africa. These forward looking statements speakonly as of the date of this document.

The company undertakes no obligation to update publicly or release anyrevisions to these forward looking statements to reflect events orcircumstances after the date of this document or to reflect the occurrenceof unanticipated events.


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UNHEDGED

Notional

CashExpenditure

(NCE)

Total cash costs+ All Capital

FREEFREECASHCASHFLOWFLOW

TARGET

~4 moz run rateannualisedNCE of ~US$725/oz @ R:US$8.00(Copper at US$6,000/ton and Gold at US$800/oz)

SAFETY

SAFETY

BUILDING UP TO 4 MOZ

PRESENTED 9 MAY 2008

KEY DELIVERABLES

KEY DELIVERABLES Strategy To Release Value


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4SOUND BASE

STRATEGIC FOCUS

1. Step Change In Safety

2. Complete Infrastructure Rehabilitation

3. Deliver Capital Growth Projects

4. Sweat The Assets

5. No M & A Heroics

Strategy To Release ValueGOALS ACHIEVEDGOALS ACHIEVED


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Strategy To Release Value

STEP CHANGE IN SAFETY

0.00

0.05

0.10

0.15

0.20

0.25

0.30

0.35

F1998 F1999 F2000 F2001 F2002 F2003 F2004 F2005 F2006 F2007 F2008 F2009

Fatal injury frequency rate

Serious injury frequency rate

F2009 year to March; Frequency Rate per million hours worked

IF WE CANNOT MINE SAFELY WE WILL NOT MINEIF WE CANNOT MINE SAFELY WE WILL NOT MINE

GOALS ACHIEVEDGOALS ACHIEVED


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Tarkwa CILExpansion

CIL plant expansion commissioning problemsresolved

Achieving 1 mtpm design capacity

Cerro CoronaRamp-up

Achieving stability Capital high in F2010 - completing starter dams Delivered on production of 28 000 tons copper

and 140 000 oz gold

St IvesUnderground

Underground mines increased production by 10% Reserve Extensions at Belleisle and Argo Athena: > 1moz of resource inventory Conceptual study Jun 09


MAJOR CAPITAL SPENT

DELIVER CAPITAL PROJECTS



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7MEDIUM-TERM TARGET ~ 950K - 1 MOZ PER QUARTER

Strategy to Release Value

F2007

PRODUCTION INCREASING STEADILY

1At tr ibutable Product ion

EstimateActual

F2009F2008



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300

350

400

450

500

550

600

650

700

Q1F08 Q2F08 Q3F08 Q4F08 Q1F09 Q2F09 Q3F09 Q4F09E

South Africa Ghana Australia Peru Group

US$/oz EstimateActual

Q4 estimate at US$1: R9.00

IMPACT OF INCREASED PRODUCTION

CASH COSTS IMPROVING

KEY DELIVERABLESKEY DELIVERABLES Strategy To Release Value


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0

50

100

150

200

250

300

350


US$ 'm

SA Ghana Australia Cerro Corona

EstimateActual

F2008 F2009


CAPEX = US$225 MILLION PER QUARTER

SOUTH DEEP CAPITAL BUILD UP IN F2010



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300

400

500

600

700

800

900

1000


South Africa Ghana Australia Peru Group NCE

US$/oz

EstimateActual

NCETARGET


STRONG CASH GENERATION

NCE TARGET ACHIEVED



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F2009F2007 F2008

IMPROVED MARGINS

CASH POSITIVE



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F2010 Target

~ 300 koz p.a.

Accelerate South

Shaft refurbishment

Accelerate depletion

of current mine

F2014 Target

800 koz p.a

750 koz from

mechanised mining

(Upper Elsburgs)

50 koz from low

profile mechanised

mining (VCR)

OLDMINE

CURRENTMINE

PHASE1

PHASE 2

SV1AREA

South ShaftComplex

SV-1 Shaft

UNCLEHARRYS

WrenchFault

Twin ShaftComplex

110 L

95 L

87 L

300K OZ BY F2010

SOUTH DEEP BUILD-UP

SOUTH DEEPSOUTH DEEP Strategy To Release Value


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ARGO Reserve :[email protected]/t for 285KozResource :4.42Mt @ 7.34g/t for 1.04Moz

Drill Holes1.5Moz

[email protected]/[email protected]/[email protected]/t

Drill Holes750Koz

[email protected]/[email protected]/[email protected]/t

Ounces are inventoryunless otherwise indicated

ST IVESST IVES Strategy To Release Value

SIGNIFICANT CAMP DEVELOPING

ARGO-ATHENA-HAMLET


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Resource

HistoricTailings Under-ground

Resource mt 402 205

Metal grade -U3O8g/t 55 95

Metal grade Au

g/t 0.34 -

Metal content -U3O8

mlbs 58 41

Metal content Au

moz 4.2 -

Process

Drilling completed SAMREC Resource in Jun 09

Pre feasibility studies close to

complete External review completed in

Jun 09

Combined bankable feasibility

study completed by Dec 09

Board decision early 2010

THE FIFTH MINE IN SOUTH AFRICA

URANIUMURANIUM Strategy To Release Value


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South AmericaTARGET: ~1 MOZ

West AfricaTARGET: ~1 MOZ

South AfricaBase load: ~2.3moz

AustralasiaTARGET: ~1 MOZ

Leverage exist ing footprint

Four autonomous, incentivized regions

Rule of fives now rule of twos

Exploration success

REGIONALISATIONREGIONALISATION Strategy To Release Value

FOUR AUTONOMOUS REGIONS


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APP

Nabire Bakti JV

Hualgayoc JV

Delamarian

SBX JVs

Toodoggone JV

SW Ghana

Mt Carlton JVAgnew

St Ives

Jinshu JV

PerthSantiago

Denver

Accra

Exploration OfficesTalas JV

Lima

Batangas JV

Vancouver

BamakoNorthern Ghana

Chucapaca JVChucapaca Regional

Tacna

SankaraniKomana

Mines

Clancy JVs

Kisenge

100% Gold Fields

JVs Gold Fields Operated

JVs Partner Operated

REGIONALISATIONREGIONALISATION Strategy To Release Value

South AmericaTARGET: ~1 Moz

West AfricaTARGET: ~1 Moz

AustralasiaTARGET: ~1 Moz

South AfricaBASE LOAD: ~2.3Moz to 2.5Moz

LEVERAGE OFF EXISTING FOOTPRINT

Komana and Sankarani

Camp-scale project Multiple deposits feeding central mill Reasonable infrastructure Well developed gold industry

Komana and Sankarani

Camp-scale project Multiple deposits feeding central mill Reasonable infrastructure Well developed gold industry

Talas JV

Preliminary resource July 2009 Initial scoping study Jan 2010 District scale potential largelyuntested World class belt

Talas JV

Preliminary resource July 2009 Initial scoping study Jan 2010 District scale potential largelyuntested World class belt

Near Mine Exploration

Chucapaca

Exciting new discovery Robust widths and grades Scoping study Mar 2010 51% - 49% JV with Buenaventura

Chucapaca

Exciting new discovery Robust widths and grades Scoping study Mar 2010 51% - 49% JV with Buenaventura


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Chucapaca JV (BVN)EXPLORATIONEXPLORATION

Heterolithic breccia

Sedimentary breccia

Quartzites

Limestone - mudstone

Sandstones

Sandstones & shales

Carbonaceous shales

Drillholes

LITHOLOGY

200 m

N

CP08-18A45.7m @ 3.36g/t Au

(176m)

CP08-0559.8m @ 3.13g/t Au , 15g/t

Ag & 0.49% Cu (157m)58.7m @ 1.94g/t Au (241m)

CP08-20130.1m @ 1.99g/t Au, 13.4g/t

Ag & 0.36% Cu (122m)

CP08-27170m @ 3.3g/t Au (80m)

Include 64m @ 5.8g/t(to EOH)

CP08-2154m @ 2.64g/t Au

(246m)

CP08-2844.05m @ 8.95g/t (182.4m)

CP08-14

95.8m @ 1.44g/t Au ,15.6g/t Ag & 0.2% Cu

(42.6m)


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Komana and Sankarani JVs (GCE)EXPLORATIONEXPLORATION

BM East

Sindo

Fie River

Bada

Selen 1

Finguana W

FINGUANA

BOKORO

KABAYA S

YATELASADIOLA

LOULO

SYAMA

MORILA

KALANA

KOMANKOMANA

Yanfolila belt

KOMANA WESTSection 1241800NLooking NE

KOMANA


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Talas JVEXPLORATIONEXPLORATION

0 250 500 km

Southern Tian Shan

Northern and middle Tian Shan

Major mesothermal-type gold deposits

Porphyry Copper

Russia

China

Kazakhstan

Tajikistan

Uzbekistan

KyrgyzstanChina

Daugystau6 Moz.

Muruntau110 Moz.

Zarmitan6 Moz.Jilau

3 Moz.

Kumtor 10Moz.

Oyu Tolgoi 50Moz

Kharmagtai> 5 Moz

Tashkent

BishkekAlmaty

Beijing

Ulaanbatar

Suture

Talas-FerganaFault

Almalyk>2BT @0.4% Cu0.4g/t

Au

Tuwu

Talas JV+3Moz Mongolia

Arxi5Moz

Requires a long term approach

Building a presence


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FUNDAMENTALS COMPELLING

CONCLUSIONCONCLUSION The Gold Market


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+ Higher production

+ Lower input costs

+ Lower capex

CONCLUSIONCONCLUSION Strategy To Release Value

LowerLowerNCENCE

IMPROVED FREE CASH FLOW

HIGHER GOLD PRICE

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