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H2 F2009 H2 F2009 GENERATING GENERATING GENERATING GENERATING FREE CASH FLOW FREE CASH FLOW FREE CASH FLOW FREE CASH FLOW Q2 F2009 RESULTS Johannesburg Johannesburg 29 January 2009 1 Forward Looking Statements INTRODUCTION

slide-1
SLIDE 1

H2 F2009 H2 F2009 GENERATING GENERATING GENERATING GENERATING FREE CASH FLOW FREE CASH FLOW FREE CASH FLOW FREE CASH FLOW

Q2 F2009 RESULTS

Johannesburg Johannesburg 29 January 2009

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SLIDE 2

INTRODUCTION INTRODUCTION

Forward Looking Statements

1

Certain statements in this document constitute “forward looking statements” within the meaning of Section 27A of the US Securities Act of 1933 and Section 21E of the US Securities Exchange Act of 1934 1933 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 actual results, performance or achievements of the company to be materially different from the future results, performance or achievements expressed

  • r implied by such forward looking statements. Such risks, uncertainties

and other important factors include among others: economic business and other important factors include among others: economic, business and political conditions in South Africa; decreases in the market price of gold; hazards associated with underground and surface gold mining; labour disruptions; changes in government regulations, particularly environmental regulations; changes in exchange rates; currency devaluations; inflation and other macro-economic factors; and the impact

  • f the AIDS crisis in South Africa. These forward looking statements speak
  • nly as of the date of this document
  • nly as of the date of this document.

The company undertakes no obligation to update publicly or release any revisions to these forward looking statements to reflect events

  • r

2

circumstances after the date of this document or to reflect the occurrence

  • f unanticipated events.
slide-3
SLIDE 3

EMERGENCY PROCEDURES EMERGENCY PROCEDURES

2

  • In the event of an emergency an alarm will sound
  • Exit premises through doors on the north side of room

p g C f

  • Congregate on lawns to the north of the building
  • Await further instructions

3

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SLIDE 4

PROGRAMME PROGRAMME

3

Introduction Nick Holland Chief Executive Officer Financial Review Paul Schmidt Chief Financial Officer South Africa Review Vishnu Pillay Head of South African Operations International Review Glenn Baldwin Head of International Operations Strategy Review and Conclusion Nick Holland Chief Executive Officer Questions and Discussion Willie Jacobsz Head of Investor Relations

4

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SLIDE 5

Introduction Introduction

Nick Holland Chief Executive Officer

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SLIDE 6

INTRODUCTION INTRODUCTION

CFO Appointed

5

Paul Schmidt Chi f Fi i l Offi Chief Financial Officer

6

LEADERSHIP TEAM BEDDED DOWN LEADERSHIP TEAM BEDDED DOWN

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SLIDE 7

INTRODUCTION INTRODUCTION

Strategy To Release Value

6

Again A Four Million Ounce Producer

Notional Notional Cash Expenditure (NCE) Total cash costs + All C it l

FREE FREE CASH FLOW CASH FLOW

SAFETY SAFETY

All Capital

Operational Excellence Growing Gold Fields

Q3 F09 TARGET

4 t

Securing the Future Excellence

~4 moz run rate annualised

UNHEDGED

NCE of ~US$725/oz @ R:US$8.00

(Copper at US$6,000/ton and Gold at US$800/oz)

7

RECOVERY STRATEGY PRESENTED 9 MAY 2008 RECOVERY STRATEGY PRESENTED 9 MAY 2008

7

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SLIDE 8

INTRODUCTION INTRODUCTION

Strategy To Release Value

7

DELIVERING OUR COMMITMENTS

GUIDANCE

  • Q1 and Q2 F09 production and cost targets achieved

TARKWA

  • CIL plant expansion completed

EXPANSION

  • 1 mtpm design capacity by 23 Dec 08.
  • Capital project completed

CERRO CORONA

  • Capital project completed
  • 500,000 tpm name plate capacity by late Dec 08

ST IVES

  • Belleisle and Cave Rocks ramped up by Dec 08
  • Production build-up as underground mines deliver

8

OVER THE CAPITAL HUMP OVER THE CAPITAL HUMP

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SLIDE 9

INTRODUCTION INTRODUCTION

Strategy To Release Value

8

SAFETY PROJECTS

KLOOF

  • Main Shaft steel replacement completed on schedule

DRIEFONTEIN

  • Critical secondary support backlog completed

SOUTH DEEP

  • 95 2 & 3 West Ramps rehabilitation completed
  • Vent Raise Hole repaired

PILLAR MINING

  • Pillar mining review completed and implemented

SOUTH AFRICA TO INCREASE PRODUCTION FROM 15.5 TONS TO 18 TONS OF GOLD PER QUARTER

9

ALL REHABILITATION PROJECTS COMPLETED ALL REHABILITATION PROJECTS COMPLETED

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SLIDE 10

INTRODUCTION INTRODUCTION

Strategy To Release Value

9

STEP CHANGE IN SAFETY

Du Pont Safety Review completed Training and Culture interventions ongoing Training and Culture interventions ongoing Si ifi t i t i ll f t t i Significant improvements in all safety metrics 8 Fatalities year to Dec against total of 47 for F2008

10

“WE WILL NOT MINE IF WE CANNOT MINE SAFELY” “WE WILL NOT MINE IF WE CANNOT MINE SAFELY”

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SLIDE 11

INTRODUCTION INTRODUCTION

Strategy To Release Value

10

Q2 F2009 RESULTS

Gold production

  • Up 5% to 839,000 attributable ounces

Cash costs

  • ZAR – flat at R153,893

Cash costs

(US$ - down 21% to US$ 487/oz)

NCE

  • ZAR - up 8% to R244,210

(US$ down 15% to US$774/oz) (US$ - down 15% to US$774/oz)

Operating profit

  • Up to R2,566m

Net earnings

  • Up to R483m

Normalised earnings

  • Up to R542m

Normalised earnings

Up to R542m

Interim Dividend

  • R0.30 per share

11

GUIDANCE ACHIEVED GUIDANCE ACHIEVED

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SLIDE 12

INTRODUCTION INTRODUCTION

Strategy To Release Value

11

HIGHER GOLD PRICE

+ Higher production + Weaker exchange rate + Lower input costs

Lower Lower NCE NCE

+ Lower capex

NCE NCE

= IMPROVED FREE CASH FLOW

12

A BETTER H2 F2009 A BETTER H2 F2009

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SLIDE 13

Financial Review Financial Review

Paul Schmidt Chief Financial Officer

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SLIDE 14

Q2 F2009 FINANCIAL REVIEW Q2 F2009 FINANCIAL REVIEW Salient Features

13

Q2F2009 Q2F2009 Q1F2009 Q1F2009

Gold Produced1

000oz

839 798 Exchange rate

ZAR/US$

9.82 7.74 Revenue

US$/oz

792 874

R/kg

250 058 217 586 Revenue

R/kg

250,058 217,586

Rm

7,074 5,724 Operating costs, net

Rm

4,508 4,150 Operating costs

R/ton

340 333

SA ug R/t

973 1,038 Operating profit

Rm

2,566 1,574 Operating profit , , Operating margin

%

36 27 Total cash costs

R/kg

153,893 153,461

US$/

487 617

US$/oz

487 617 Notional cash expenditure2 (NCE)

R/kg

244,210 226,120

US$/oz

774 909

14

1 Attributable 2 NCE = Operating cost + Capex

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SLIDE 15

Q2 F2009 FINANCIAL REVIEW Q2 F2009 FINANCIAL REVIEW Income Statement

14

Q2F2009 Q2F2009 Q1F2009 Q1F2009

Operating profit

Rm

2,566 1,574 (1 033) (902) Amortisation & depreciation

Rm

(1,033) (902) Net operating profit

Rm

1,533 672 Finance cost

Rm

(164) (112) Share of loss of associates

Rm

(47) (104) Share of loss of associates

Rm

(47) (104) Loss on financial instruments

Rm

(66) (56) Exploration

Rm

(136) (68) Other expenses

Rm

(100) (120) Profit before tax & exceptional items

Rm

1,020 212 Exceptional items

Rm

(5) 115 Mining & income tax

Rm

(496) (257) Net profit

Rm

519 70 Net profit

Rm

519 70 Net profit attributable to minority shareholders

Rm

36 31 Net profit attributable to ordinary

Rm

483 39 p y shareholders

SA cps

74 6 Normalised earnings

Rm

542 120

15

Normalised earnings

SA cps

83 18

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SLIDE 16

Q2 F2009 FINANCIAL REVIEW Q2 F2009 FINANCIAL REVIEW Cash Flow Statement

15

Q2F2009 Q2F2009 Q1F2009 Q1F2009

Cash flows from operations

Rm

1 787 (32) Cash flows from operations

Rm

1,787 (32) Dividend paid

Rm

  • (785)

C it l dit t (2 345) (1 811) Capital expenditure net

Rm

(2,345) (1,811) Other investing activities

Rm

(5) (97) Net loans (repaid)/received

Rm

(340) 2,596 Other financing activities

Rm

9 3 Net cash outflow

Rm

(894) (126) Currency translation adjustment

Rm

130 (63) Cash at beginning of period

Rm

1,818 2,007 Cash at end of period

Rm

1,054 1,818

16

p , ,

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SLIDE 17

Balance Sheet

Q2 F2009 FINANCIAL REVIEW Q2 F2009 FINANCIAL REVIEW

16

Net Debt as at End December 2008

Rm $m Loans - Long term (10,016) (1,039) Loans - Short term (392) (41) T t l l (10 408) (1 080) Total loans (10,408) (1,080) Less cash and deposits 1,054 110 Net debt (9,354) (970) Less investments 4,360 452 , Net debt after investments (4,994) (518)

17

DEBT LEVELS WITHIN COMFORT RANGE

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SLIDE 18

Financial Flexibility

Q2 F2009 FINANCIAL REVIEW Q2 F2009 FINANCIAL REVIEW

17

Headroom Available

Rand Denominated US$ Denominated Rm $m Uncommitted Facilities 550 40 Committed Facilities 500 150 Total credit 1,050 190

Refinancing Plan

4 820 6,000

Debt Maturity Profile (Rm) as at Dec 2008*

g

  • Free cash flow

3,410

4,820

1,446

2 000 3,000 4,000 5,000

Free cash flow

  • Local market remains liquid and cost effective

500

640 1,000 2,000

F09 Q4 F10 Q2 F10 Q3 F11 Q4 F15 Q4

Maturity

18

AMPLE LIQUIDITY

y

* Converted at US$1 : R9.64

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SLIDE 19

Capital Expenditure Profile

Q2 F2009 FINANCIAL REVIEW Q2 F2009 FINANCIAL REVIEW

18

All Amounts Rm

F2009 F2009

Q1 Q2 Q3 Q4

Growth Projects:

Q1 Actual Q2 Actual Q3 Forecast Q4 Forecast

  • Cerro Corona

168 371

  • Tarkwa CIL Expansion

278 328

  • South Deep

189 256 280 320

Total growth projects

635 955 280 320

  • Sustaining Capex – South

288 350 386 361

Africa

288 350 386 361

  • Sustaining Capex –

International

568 (US$73) 731 (US$76) 890 (US$89) 851 (US$85)

  • ORD – SA Operations

311 301 331 339

Total Capital Expenditure

1,802 2,337 1,887 1,871

19

ALL GROWTH PROJECTS FULLY CAPITALISED

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SLIDE 20

Q2 F2009 FINANCIAL REVIEW Q2 F2009 FINANCIAL REVIEW Supply Spend Trends

19

  • Price indexes from January

200.00

Key Global Commodities

Cyanide Ave Price Index

  • Price indexes from January

08 to December 08

  • Downward trend from

180.00 y Diesel Ave Price Index STEEL INDEX

September 08 onwards.

  • Assuming current prices,

i d i f

140 00 160.00 Ammonia Index (Explosives)

estimated savings of US$11m per quarter. (US$8m International and US$3m SA)

120.00 140.00

US$3m SA)

  • ZAR & A$ exchange rate

weaknesses to partially ff t b fit f k

100.00

  • ffset benefit of weaker

US$ commodity prices.

80.00

20

DECLINE TO FLOW THROUGH TO COSTS

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SLIDE 21

South Africa Review South Africa Review

Vishnu Pillay Head of South African Operations p

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SLIDE 22

Q2 F2009 SOUTH AFRICA Q2 F2009 SOUTH AFRICA

Safety

21

Mining Weekly

22

“WE INTEND STEERING THIS SHIP WITH AN INCREDIBLY STEADY HAND AND YOU WILL SEE, IN THE QUARTERS TO COME, AN IMPROVEMENT”

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SLIDE 23

Q2 F2009 SOUTH AFRICA Q2 F2009 SOUTH AFRICA

Safety

22

7.00 8.00 9.00

Serious Injury Frequency Rate

0.50 0.60

Fatal Injury Frequency Rate

2.00 3.00 4.00 5.00 6.00 7.00 0.10 0.20 0.30 0.40 0.00 1.00 F2004 F2005 F2006 F2007 F2008 YTD 2008Q1 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 Financial Year Quarter 0.00 0.10 F2004 F2005 F2006 F2007 F2008 YTD 2008Q1 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 Financial Year Quarter 14.00 16.00 18.00

Lost Day Injury Frequency Rate

Improved Safety

  • Best YTD figures since F1999

2.00 4.00 6.00 8.00 10.00 12.00

g

  • YTD Improvement: F2009 vs.

F2008

FIFR = 72%

0.00 2.00 F2004 F2005 F2006 F2007 F2008 YTD 2008Q1 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 Financial Year Quarter

Frequency Rate per million hours worked

FIFR

72%

SIFR = 29% LTIFR = 35%

23

“WE WILL NOT MINE IF WE CANNOT MINE SAFELY” “WE WILL NOT MINE IF WE CANNOT MINE SAFELY”

Frequency Rate per million hours worked

slide-24
SLIDE 24

Q2 F2009 SOUTH AFRICA Q2 F2009 SOUTH AFRICA

Safety

23

Findings of Du Pont Review g

  • Areas for improvement:
  • Culture
  • Training
  • Application of standards
  • Will not have a negative impact on production

“ f f C O

g p p

  • Learning points will improve Health and Safety initiatives

“A clear and simple safety vision cascading down from the CEO” and “Management has energy for Safety, and sees it as a priority”

24

NEW SAFETY STRATEGY BEING FORMULATED NEW SAFETY STRATEGY BEING FORMULATED

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SLIDE 25

Q2 F2009 SOUTH AFRICA Q2 F2009 SOUTH AFRICA

Summary

24

Actual Actual Q1 F09 Q1 F09 Actual Actual Q2 F09 Q2 F09 Guidance Guidance Q3 F09 Q3 F09

Gold kg

15 304 15 571 17 900

Salient Points

Gold Production kg

15,304 15,571 17,900

koz

492.0 500.6 575.5

Total cash costs R/kg

153,581 148,944 130,000

US$/oz

617 472 400

R/kg

212 742 214,277 190,600

  • Kloof Main Shaft rehabilitated on

schedule

  • Critical Secondary Support addressed

NCE R/kg

212,742 214,277 190,600

US$/oz

855 679 600

Capex Rm

788 907 1,000

US$m

102 91 100

  • Christmas break (12-days) impacted on

production; Start-up well managed

Outlook Q3

  • Production to improve by 15% to 17,900kg – subject to no major operational interruptions
  • Lower NCE, despite an increase in Capex
  • Mechanisation programme & Project “M” suite gaining traction
  • Mechanisation programme & Project M suite gaining traction

25

RESTORING THE INTEGRITY OF THE OPERATIONS RESTORING THE INTEGRITY OF THE OPERATIONS

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SLIDE 26

Driefontein Gold Mine

Q2 F2009 SOUTH AFRICA Q2 F2009 SOUTH AFRICA

25

Actual Actual Q1 F09 Q1 F09 Actual Actual Q2 F09 Q2 F09 Guidance Guidance Q3 F09 Q3 F09

Gold kg

6 428 6 063 6 900

Salient Points

Gold Production kg

6,428 6,063 6,900

koz

206.7 194.9 221.8

Total cash costs R/kg

130,149 137,886 120,000

US$/oz

523 437 375

R/kg

169 306 186 459 167 000

  • 2 Fatalities; Section 54 stoppage with

resultant loss in production (5-days) C iti l d t dd d

NCE R/kg

169,306 186,459 167,000

US$/oz

680 591 520

Capex Rm

207 254 292

US$m

27 26 29

  • Critical secondary support addressed
  • Seismicity at 1 Shaft

Outlook Q3

  • 6 and 7 Shafts to focus on reclamation, sweepings and selective mining
  • P

d ti t i b 14% t 6 900k

  • Production to improve by 14% to 6,900kg

26

STEADY STATE TARGET: 7 TONS PER QUARTER

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SLIDE 27

Kloof Gold Mine

Q2 F2009 SOUTH AFRICA Q2 F2009 SOUTH AFRICA

26

Actual Actual Q1 F09 Q1 F09 Actual Actual Q2 F09 Q2 F09 Guidance Guidance Q3 F09 Q3 F09

Gold kg

4,871 4,717 6,100

Salient Points

Production

, , ,

koz

156.6 151.7 196.1

Total cash costs R/kg

153,747 156,689 120,000

US$/oz

618 496 375

  • 2 Fatalities; Section 54 stoppage with

resultant loss in production (4-days)

  • M i

Sh ft h bilit ti l t d

NCE R/kg

210,142 216,981 170,000

US$/oz

844 687 530

Capex Rm

238 251 275

US$m

31 25 27

  • Main Shaft rehabilitation completed
  • Fire at 7 Shaft

Outlook Q3

  • Main Shaft to return to normal production at 8,000 to 12,000 square metres per month
  • Aggressively pursuing the Middelvlei Reef at 8 Shaft and Main Shaft (1 Sub-vertical)
  • Increased capital e pendit re d e to the commencement of the 69 Decline Project
  • Increased capital expenditure due to the commencement of the 69 Decline Project
  • Production to improve by 29% to 6,100kg

27

STEADY STATE TARGET: 6.5 TONS PER QUARTER

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SLIDE 28

South Deep Gold Mine

Q2 F2009 SOUTH AFRICA Q2 F2009 SOUTH AFRICA

27

Actual Actual Q1 F09 Q1 F09 Actual Actual Q2 F09 Q2 F09 Guidance Guidance Q3 F09 Q3 F09

Gold kg

849 1 471 1 600

Salient Points

Gold Production kg

849 1,471 1,600

koz

27.3 47.3 51.4

Total cash costs R/kg

339,694 179,130 172,000

US$/oz

1,365 567 535 579 270 362 135 356 000

  • Vent Raise Hole repaired & winder

replaced

  • Twin Vent Shaft brattice wall completed

NCE R/kg

579,270 362,135 356,000

US$/oz

2,328 1,147 1,110

Capex Rm

189 256 280

US$m

24 26 28

p

  • Production up by 74%
  • Development increased by 69%

Outlook Q3

  • Refurbishment of the South Shaft Complex to accelerate production build-up
  • Mine to self-fund 50% of capital for the balance of F2009
  • Production to improve by 9% to 1 600kg in Q3 F09
  • Production to improve by 9% to 1,600kg in Q3 F09

28

ACCELERATED BUILD-UP

slide-29
SLIDE 29

Beatrix Gold Mine

Q2 F2009 SOUTH AFRICA Q2 F2009 SOUTH AFRICA

28

Actual Actual Q1 F09 Q1 F09 Actual Actual Q2 F09 Q2 F09 Guidance Guidance Q3 F09 Q3 F09

Gold kg

3 156 3 320 3 300

Salient Points

Gold Production kg

3,156 3,320 3,300

koz

101.5 106.7 106.0

Total cash costs R/kg

150,982 144,759 147,000

US$/oz

607 459 460

  • 2 fatalities; Section 54 stoppage resulted

in production delays (2-days)

NCE R/kg

206,622 195,723 199,000

US$/oz

830 620 620

Capex Rm

154 147 150

US$m

20 14 15

  • Insufficient production volumes and

recovered grade is too low

$

20 14 15

Outlook Q3

  • Improve quality mining, production volumes and grades
  • Optimisation of Metallurgical Plants
  • Production of 3,300 kg for Q3 F09

g

29

STEADY STATE TARGET: 3.6 TONS PER QUARTER

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SLIDE 30

SA REGION SA REGION

Way Forward

29

Simple Strategy p gy

  • Safety
  • Safety

Principal value and top priority

  • Deliver Operational Plans
  • Deliver Operational Plans

Volume Value Value Quality NCE Management NCE Management

30

FOCUS ON THE FUNDAMENTALS

slide-31
SLIDE 31

International Review International Review

Glenn Baldwin Head of International Operations p

slide-32
SLIDE 32

31

Summary

Q2 F2009 INTERNATIONAL Q2 F2009 INTERNATIONAL

Actual Actual Q1 F09 Q1 F09 Actual Actual Q2 F09 Q2 F09 Guidance Guidance Q3 F09 Q3 F09

Gold Produced - managed

koz

366 405 467

Total cash costs

US$/oz

616 507 490

NCE

US$/oz

981 891 680

Capex

US$m

131 147 89

Outlook Q3

  • Tarkwa CIL Expansion ramped up to full production
  • Cerro Corona ramped up to full production
  • Cerro Corona ramped up to full production
  • Major project completion in Q2 results in positive metrics going forward:

Higher gold production Substantial reduction in capital Cash generating margin

  • Further definition of Athena Project at St Ives

32

INCREASE IN PRODUCTION = DECLINE IN NCE

j

slide-33
SLIDE 33

32

Tarkwa Gold Mine

Q2 F2009 INTERNATIONAL Q2 F2009 INTERNATIONAL

Actual Actual Q1 F09 Q1 F09 Actual Actual Q2 F09 Q2 F09 Guidance Guidance Q3 F09 Q3 F09

Salient Points

  • 1

t CIL l t i i d d D

Gold Production

koz

156 139 190

Total cash

  • 1mtpm CIL plant commissioned end Dec:
  • Full capex ~$173 mllion fully

accounted for in Q2

  • Achieved name plate capacity

Total cash costs

US$/oz

548 563 485

NCE

US$/oz

1,029 1,078 680

  • Achieved name plate capacity
  • Production impacted by:
  • Tie-in of new plant
  • GIP l

k i h l h d

Capex

US$m

72 65 35

  • GIP lock-up in heap leach pads

Outlook Q3

  • Costs lower reflecting higher production and reduced diesel and other input costs
  • Improved productivity to deliver short term goals and provide long term strip

p p y g p g p

33

STEADY STATE TARGET: 200 KOZ PER QUARTER.

slide-34
SLIDE 34

33

Damang Gold mine

Q2 F2009 INTERNATIONAL Q2 F2009 INTERNATIONAL

Actual Actual Q1 F09 Q1 F09 Actual Actual Q2 F09 Q2 F09 Guidance Guidance Q3 F09 Q3 F09

Salient Points

Gold Production

koz

44 50 52

Total cash

90 622 610

  • Rex pit started
  • I

d i ld d l t il bilit

Total cash costs

US$/oz

790 622 610

NCE

US$/oz

895 753 720

  • Improved yield and plant availability
  • DPCB performing as planned

Capex

US$m

4 3 4

Outlook Q3

  • Grade increase with pebble crusher installation
  • Major crusher rebuild (2 weeks) but crushed ore stockpile sufficient for mill feed

j ( ) p

  • Benefits of lower diesel and other input costs

34

STEADY STATE TARGET: 50 KOZ PER QUARTER

slide-35
SLIDE 35

34

St Ives Gold Mine

Q2 F2009 INTERNATIONAL Q2 F2009 INTERNATIONAL

Actual Actual Q1 F09 Q1 F09 Actual Actual Q2 F09 Q2 F09 Guidance Guidance Q3 F09 Q3 F09

Salient Points

Gold Production

koz

101 109 113

Total cash

$

708 551 500

  • Higher grade underground ore improves

costs

  • Leviathon pit on schedule

Total cash costs

US$/oz

708 551 500

NCE

US$/oz

986 679 690

  • Cash costs includes US$80/oz royalties
  • Cave Rocks attained full production
  • Athena delineation continued

Capex

US$m

27 15 20

Outlook Q3

  • Cost reduction projects deliver benefits
  • Strong project pipeline developing with promising intersections (Athena and Hamlet)

g p j p p p g p g ( )

  • H2F2009 complete Athena Conceptual Study

35

STEADY STATE TARGET: 115 TO 120 KOZ PER QUARTER

slide-36
SLIDE 36

35

St Ives Gold Mine

Q2 F2009 INTERNATIONAL Q2 F2009 INTERNATIONAL

Argo-Athena-Hamlet

ARGO Reserve : ARGO Reserve : 1.37Mt@6.47g/t for 285Koz Resource : 4.42Mt @ 7.34g/t for 1.04Moz

50Koz 50Koz 750 Koz

Drill Holes 1.5Moz

250 Koz

Drill Holes 750Koz 1.5Moz 6.1m@6.1g/t 15m@14.3g/t 7.6m@7.4g/t 12m@21.9g/t 9m@10.3g/t 13m@7.6g/t

Ounces are inventory unless otherwise indicated

36

SIGNIFICANT UPSIDE

Ounces are inventory unless otherwise indicated

slide-37
SLIDE 37

36

St Ives Gold Mine

Q2 F2009 INTERNATIONAL Q2 F2009 INTERNATIONAL

ATHENA ARGO ATHENA

250m

Ore Reserves (Dec08) 285Koz 285Koz

37

THE FUTURE BACKBONE OF THE FUTURE BACKBONE OF ST ST IVES IVES

slide-38
SLIDE 38

37

Agnew Gold Mine

Q2 F2009 INTERNATIONAL Q2 F2009 INTERNATIONAL

Actual Actual Q1 F09 Q1 F09 Actual Actual Q2 F09 Q2 F09 Guidance Guidance Q3 F09 Q3 F09

Salient Points

Gold Production

koz

52 45 50

Total cash

  • Kim lode achieves 40ktpm sustainably
  • Equipment availability issues resolved

Total cash costs

US$/oz

494 371 355

NCE

US$/oz

588 552 540

q p y

  • Mine scheduling opportunities to increase

production from underground to 50koz/q

Capex

US$m

6 8 9

Outlook Q3

  • Increase stoping extraction rate in Main Lode
  • Develop infrastructure to support >70ktpm from Waroonga complex
  • Steady state target: ~50koz per quarter from Waroonga underground complex

y g p q g g p

  • Reserve definition for Waroonga – target 5 year plan
  • Accelerate the underground exploration program

38

A CASH GENERATOR

slide-39
SLIDE 39

38

Cerro Corona Gold Mine

Q2 F2009 INTERNATIONAL Q2 F2009 INTERNATIONAL

Actual Actual Q1 F09 Q1 F09 Actual Actual Q2 F09 Q2 F09 Guidance* Guidance* Q3 F09 Q3 F09

Salient Points

Gold

koz

6.8 26.1 34.6

Copper

tons

750 6,200 7,300

Production

Eq oz

12 61 62

  • Gold and Copper production on target
  • Mine production ramped up to design

levels at quarter end

Total cash costs

US$/oz

N/A 355 450

NCE

US$/oz

2,289 1,201 800

q

  • Concentrate specification grades

achieved end of quarter

  • Project capital completed

Capex

US$m

22 56 20

Outlook Q3

* * Guidance at Copper US$3,200/t and Gold US$850/oz

  • Stabilise copper recoveries
  • Deliver planned gold and copper at full production
  • Determine optimal mining schedule and cost structure given lower copper price
  • Aguilas starter dam construction on track

39

THE PROJECT BECOMES A MINE

slide-40
SLIDE 40

39

Cerro Corona Mine

Q2 F2009 INTERNATIONAL Q2 F2009 INTERNATIONAL

Equivalent Ounce Calculation

Formula: Equivalent Gold Ounces = Gold Ounces + ( Copper Tons x Copper Price $/t ) Gold Price $/oz Q2 F2009 Q3 F2009

Guidance prices & Actual at guidance Actual at actual prices Forecast at Q1 Guidance Forecast at Q3 Guidance production prices actual prices prices prices

Gold price $/oz 800 800 790 800 850 Copper price $/t 5 000 5 000 4 501 5 000 3 200 Copper price $/t 5,000 5,000 4,501 5,000 3,200 Gold produced

  • zs

25,400 26,100 26,100 34,600 34,600 Copper produced tons 4,600 6,200 6,200 7,300 7,300 pp p , , , , , Equivalent gold

  • unces

koz 54.2 64.9 61.5 80.2 62.0

40

DELIVERY OF PHYSICALS

slide-41
SLIDE 41

STRATEGY REVIEW STRATEGY REVIEW

Nick Holland Chief Executive Officer

slide-42
SLIDE 42

SHORT TERM TARGET SHORT TERM TARGET

Uranium Opportunity

41

Global Resource Process

(working hypothesis)

Historic Tailings Underground

Process

Various options reviewed

Resource

mt

402 205

Proceeding with consolidated feasibility study

Metal grade

  • U3O8

g/t

55 95 Metal grade Au

g/t

0 34

Drilling accelerated SAMREC Resource in Jun 09, Reserve Dec 09

Metal grade – Au

g/t

0.34

  • Metal

content

  • U3O8

mlbs

58 41

Extensive metallurgical test work and pilot plant work underway

3 8

Metal content – Au

moz

4.2

  • Investment decision Dec 2009

42

“THE FIFTH SOUTH AFRICAN MINE” “THE FIFTH SOUTH AFRICAN MINE”

20 20

slide-43
SLIDE 43

STRATEGY REVIEW STRATEGY REVIEW

South Deep Opportunity

42

Outlook

  • Short Term Target:

320 koz oz p.a. by Q1 F2010

OLD MINE SV1 AREA

SV-1 Shaft

F2010

Accelerate South

Shaft refurbishment

Accelerate depletion

South Shaft Complex 87 L

Accelerate depletion

  • f current mine
  • Long Term Target:

800 koz p.a by Q4 2014

CURRENT MINE PHASE 1

Twin Shaft Complex 95 L

p y

750 koz from

mechanised mining (Upper Elsburgs)

  • PHASE 2

UNCLE HARRY’S

Wrench Fault

50 koz from low

profile mechanised mining (VCR)

PHASE 2

110 L

43

PRODUCTION BUILD PRODUCTION BUILD-

  • UP

UP

slide-44
SLIDE 44

STRATEGY REVIEW STRATEGY REVIEW

Exploration

43

Discretionary Exploration Expenditure

All in US$m Names of Projects Q1 F2009 Q2 F2009 Greenfields (Expensed) 8.7 14.5 West & Central Africa Kisenge, Sankarani 2.5 2.7 South America Chile Generative, Peru Generative, GoldQuest JV 1.6 1.8 C S G Australasia

  • Myall. Delamarian, Lachlan, Mt Carlton, Sino Gold

2.6 3.5 Eurasia Talas JV 0.8 3.6 Other 1.9 2.9 Brownfields 13.2 9.5 Capitalised St Ives Athena 7.3 4.2 Agnew Waroonga underground 3 4 2 7 Agnew Waroonga underground 3.4 2.7 Damang 0.7 0.6 Expensed St Ives 1 0 0 6 St Ives 1.0 0.6 Agnew 0.2 0.1 Damang 0.2 0.1

Total Expenditure 21 9 24 0

44

INVESTING IN INVESTING IN THE FUTURE THE FUTURE

Total Expenditure 21.9 24.0

slide-45
SLIDE 45

STRATEGY REVIEW STRATEGY REVIEW

Short Term Targets

44

PRODUCTION ON TARGET PRODUCTION ON TARGET

Estimate Actual

1,000 1,200 Agnew

Estimate Actual

TARGET

600 800 St Ives Cerro Corona Damang

nces

400 600 g Tarkwa South Deep Beatrix

‘000 oun

200 Beatrix Kloof Driefontein Q1 F08 Q2 F08 Q3 F08 Q4 F08 Q1 F09 Q2 F09 Q3 F09 Q4 F09 Attributable

45

STILL TARGETING ~ 4MOZ PER ANNUM STILL TARGETING ~ 4MOZ PER ANNUM

slide-46
SLIDE 46

Short Term Targets

STRATEGY REVIEW STRATEGY REVIEW

45

CASH COSTS AHEAD OF GUIDANCE CASH COSTS AHEAD OF GUIDANCE

900 1000

Estimate Actual

600 700 800 900 300 400 500 600 US$/oz 100 200 300 Q1F08 Q2F08 Q3F08 Q4F08 Q1F09 Q2F09 Q3F09E Q4F09E

South Africa Ghana Australia Peru Group

F2008 F2009 Estimate at US$1: R10 00

46

POSITIVE IMPACT OF INCREASED PRODUCTION POSITIVE IMPACT OF INCREASED PRODUCTION

Estimate at US$1: R10.00

slide-47
SLIDE 47

STRATEGY REVIEW STRATEGY REVIEW

Short Term Targets

46

Estimate Actual

MAJOR CAPITAL PROJECT COMPLETED MAJOR CAPITAL PROJECT COMPLETED

300 350

US$ 'm

Estimate Actual

200 250 100 150 50

Q1F08 Q2F08 Q3F08 Q4F08 Q1F09 Q2F09 Q3F09E Q4F09E Q1F08 Q2F08 Q3F08 Q4F08 Q1F09 Q2F09 Q3F09E Q4F09E SA Ghana Australia Cerro Corona F2008 F2009 Estimate at US$1: R10 00

47

STRONG CASH FLOW IN H2 F2009

Estimate at US$1: R10.00

slide-48
SLIDE 48

STRATEGY REVIEW STRATEGY REVIEW

Short Term Targets

47

NOTIONAL CASH EXPENDITURE WELL BELOW TARGET NOTIONAL CASH EXPENDITURE WELL BELOW TARGET

1000

Estimate Actual

600 700 800 900

NCE TARGET

200 300 400 500

US$/oz

100 200 Q1F08 Q2F08 Q3F08 Q4F08 Q1F09 Q2F09 Q3F09E Q4F09E

South Africa Ghana Australia Peru Group NCE

F2008 F2009 Estimate at US$1: R10 00

48

WELL POSITIONED FOR CASH GENERATION WELL POSITIONED FOR CASH GENERATION

Estimate at US$1: R10.00

slide-49
SLIDE 49

STRATEGY REVIEW STRATEGY REVIEW

Opportunities

48

Lower oil price Lower oil price Power conservation programmes Cost reductions due to pull-back in mining cons mables’ prices consumables’ prices Sweat the assets

49

DELIVER POTENTIAL OF EXISTING MINES DELIVER POTENTIAL OF EXISTING MINES

slide-50
SLIDE 50

STRATEGY REVIEW STRATEGY REVIEW

Opportunities

49

RISKS MITIGATION RISKS MITIGATION

Copper Price Cost optimisation Mine planning Mine planning Safety stoppages at SA mines Increased focus on safety y pp g y Achieving production and cost “Beef up” regional teams targets Operational flexibility Fi i l i i Major investments completed Financial position Major investments completed Strong cash generation outlook

50

FOCUS ON GETTING THE BASICS RIGHT FOCUS ON GETTING THE BASICS RIGHT

slide-51
SLIDE 51

Q4 F2008 Q4 F2008

Conclusions

50

SAFETY FIRST STILL TARGETING 4 MOZ PER ANNUM IMPROVE CONSISTENCY, PREDICTABILITY AND DELIVERY GET ASSETS TO DELIVER TO THEIR POTENTIAL GET ASSETS TO DELIVER TO THEIR POTENTIAL

51

AGGRESSIVE PURSUIT OF FREE CASH FLOW AGGRESSIVE PURSUIT OF FREE CASH FLOW

slide-52
SLIDE 52

CONCLUSION CONCLUSION

Discussion

51

52

CELEBRATE PROGRESS, DON’T WAIT TO BE PERFECT CELEBRATE PROGRESS, DON’T WAIT TO BE PERFECT

ANNE MCGEE ANNE MCGEE-

  • COOPER

COOPER

slide-53
SLIDE 53

NEW APPOINTMENTS NEW APPOINTMENTS

52

Nikki Catrakilis-Wagner Investor Relations Manager Marritt Claassens Corporate Affairs Manager Office: (Direct): +27 11 562-9706 Switchboard: +27 11 562-9700 M bil 27 (0) 83 309 6720 Office (Direct): +27 (11) 562-9774 Switchboard: +27 (11) 562-9700 M bil 27 (0) 82 307 3297 Mobile: +27 (0) 83 309-6720 Nikki.Catrakilis- Wagner@goldfields.co.za Mobile: +27 (0) 82 307-3297 MarrittC@goldfields.co.za

53