HARNESSING THE BULL MARKET FOR FREE CASH FLOW Glenn Baldwin

Executive Vice President and Head of Australasia

INTRODUCTION INTRODUCTION

Forward Looking Statements

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. 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 or implied by such forward looking statements. Such risks, uncertainties 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 of the AIDS crisis in South Africa. These forward looking statements speak only 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 or circumstances after the date of this document or to reflect the occurrence of unanticipated events.
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KEY KEY DELIVERABLES DELIVERABLES

Strategy To Release Value

PRESENTED 9 MAY 2008

Notional Cash Expenditure (NCE) Total cash costs + All Capital

SAFETY SAFETY

FREE CASH FLOW

TARGET

UNHEDGED

~4 moz run rate annualised

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

BUILDING UP TO 4 MOZ

GOALS GOALS ACHIEVED ACHIEVED

Strategy To Release Value

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

SOUND BASE

GOALS GOALS ACHIEVED ACHIEVED

Strategy To Release Value

STEP CHANGE IN SAFETY

Fatal injury frequency rate
0.35 0.30 0.25 0.20 0.15 0.10 0.05 0.00
F1998 F1999 F2000 F2001 F2002 F2003 F2004 F2005 F2006 F2007 F2008 F2009

Serious injury frequency rate

F2009 year to March; Frequency Rate per million hours worked

IF WE CANNOT MINE SAFELY WE WILL NOT MINE

GOALS GOALS ACHIEVED ACHIEVED

Strategy To Release Value

DELIVER CAPITAL PROJECTS

Tarkwa CIL Expansion
CIL plant expansion commissioning problems
resolved Achieving 1 mtpm design capacity

Cerro Corona Ramp-up

Achieving stability
Capital high in F2010 - completing starter dams Delivered on production of 28 000 tons copper and 140 000 oz gold

St Ives Underground

Underground mines increased production by 10%

Reserve Extensions at Belleisle and Argo Athena: > 1moz of resource inventory Conceptual study Jun 09

MAJOR CAPITAL SPENT

GOALS GOALS ACHIEVED ACHIEVED

Strategy to Release Value

PRODUCTION INCREASING STEADILY

Actual Estimate

F2007
1

F2008

F2009

Attributable Production

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

KEY KEY DELIVERABLES DELIVERABLES

Strategy To Release Value

CASH COSTS IMPROVING

US$/oz
700 650 600 550 500 450 400 350 300

Actual

Estimate

Q1F08

Q2F08
S outh Africa

Q3F08

Q4F08
Ghana

Q1F09
Australia

Q2F09
Peru

Q3F09
Group

Q4F09E

Q4 estimate at US$1: R9.00

IMPACT OF INCREASED PRODUCTION

GOALS GOALS ACHIEVED ACHIEVED

Strategy To Release Value

SOUTH DEEP CAPITAL BUILD UP IN F2010

US$ 'm
350 300 250 200 150 100 50 0

Actual Estimate

Q1F08

Q2F08

Q3F08

Q4F08

Q1F09

Q2F09

Q3F09

Q4F09E

F2008
SA Ghana Australia Cerro Corona

F2009

Q4 estimate at US$1: R9.00

CAPEX = US$225 MILLION PER QUARTER

GOALS GOALS ACHIEVED ACHIEVED

Strategy To Release Value

NCE TARGET ACHIEVED

1000

Actual

Estimate

900

800

700

NCE TARGET

US$/oz

600

500

400

300 Q1F08 Q2F08 Q3F08 Q4F08 Q1F09 Q2F09 Q3F09 Q4F09E

South Africa

Ghana

Australia

Peru

Group

NCE

Q4 estimate at US$1: R9.00

STRONG CASH GENERATION

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GOALS GOALS ACHIEVED ACHIEVED

Strategy To Release Value

IMPROVED MARGINS

F2007

F2008

F2009

CASH POSITIVE

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SOUTH SOUTH DEEP DEEP

Strategy To Release Value

SOUTH DEEP BUILD-UP

F2010 Target
~ 300 koz p.a.
SV1 AREA

SV-1 Shaft

Accelerate South
Shaft refurbishment

OLD MINE

Accelerate depletion
of current mine

South Shaft Complex 87 L

F2014 Target
800 koz p.a

Twin Shaft Complex 95 L

PHASE 1

CURRENT MINE

750 koz from

mechanised mining (Upper Elsburgs)
Wrench Fault

UNCLE HARRYS

50 koz from low

profile mechanised mining (VCR)

PHASE 2

110 L

300K OZ BY F2010

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ST ST IVES IVES

Strategy To Release Value

ARGO-ATHENA-HAMLET

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

Ounces are inventory unless otherwise indicated

Drill Holes 1.5Moz 6.1m@6.1g/t 15m@14.3g/t 7.6m@7.4g/t

Drill Holes 750Koz 12m@21.9g/t 9m@10.3g/t 13m@7.6g/t

SIGNIFICANT CAMP DEVELOPING

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URANIUM URANIUM

Strategy To Release Value

Resource
Historic Tailings Underground

Process
Drilling completed SAMREC Resource in Jun 09

Resource Metal U3O8 grade -

mt

402

205

g/t

55

95

Metal grade Au Metal content U3O8 Metal content Au

Pre feasibility studies close to complete External review completed in Jun 09 Combined bankable feasibility study completed by Dec 09 Board decision early 2010

g/t

0.34

mlbs

58

41

moz

4.2

THE FIFTH MINE IN SOUTH AFRICA

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REGIONALISATION REGIONALISATION

Strategy To Release Value

South America
TARGET: ~1 MOZ

West Africa
TARGET: ~1 MOZ

Australasia
TARGET: ~1 MOZ

South Africa
Base load: ~2.3moz

Leverage existing footprint Four autonomous, incentivized regions Rule of fives now rule of twos

Exploration success

FOUR AUTONOMOUS REGIONS

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REGIONALISATION REGIONALISATION

Strategy To Release Value

APP Toodoggone JV Vancouver Mines Exploration Offices Near Mine Exploration Denver Talas JV

West Africa
TARGET: ~1 Moz Sankarani Bamako Northern Ghana Komana SW Ghana Accra Lima Chucapaca Regional Chucapaca JV SBX JVs Santiago Kisenge

Jinshu JV

Australasia
TARGET: ~1 Moz Batangas JV

100% Gold Fields JVs Gold Fields Operated JVs Partner Operated
Hualgayoc JV

Nabire Bakti JV

South America
TARGET: ~1 Moz Tacna

Agnew St Ives Perth Delamarian

Mt Carlton JV

South Africa
BASE LOAD: ~2.3Moz to 2.5Moz

Clancy JVs

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

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

Talas Talas JV JV Preliminary Preliminary resource resource July July 2009 2009 Initial Initial scoping scoping study study Jan Jan 2010 2010 District District scale scale potential potential largely largely untested untested World World class class belt belt

LEVERAGE OFF EXISTING FOOTPRINT

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EXPLORATION EXPLORATION

Chucapaca JV (BVN)
CP08-21 54m @ 2.64g/t Au (246m)

CP08-28 44.05m @ 8.95g/t (182.4m)

CP08-27 170m @ 3.3g/t Au (80m) Include 64m @ 5.8g/t (to EOH)

N
CP08-05 59.8m @ 3.13g/t Au, 15g/t Ag & 0.49% Cu (157m) 58.7m @ 1.94g/t Au (241m)

LITHOLOGY Heterolithic breccia Sedimentary breccia Quartzites

CP08-14 95.8m @ 1.44g/t Au, 15.6g/t Ag & 0.2% Cu (42.6m) CP08-20 130.1m @ 1.99g/t Au, 13.4g/t Ag & 0.36% Cu (122m)

Limestone - mudstone Sandstones Sandstones & shales Carbonaceous shales Drillholes

CP08-18A 45.7m @ 3.36g/t Au (176m)

200 m

Greenfields Discovery

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EXPLORATION EXPLORATION
BM East

Komana and Sankarani JVs (GCE)

Selen 1

BOKORO
Fie River

YATELA SADIOLA LOULO

Yanfolila belt
MORILA KOMANA KOMAN KALANA SYAMA

FINGUANA
Finguana W

Sindo

KOMANA

Bada

KABAYA S

KOMANA WEST Section 1241800N Looking NE

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EXPLORATION EXPLORATION

Talas JV

Building a presence
Southern Tian Shan Northern and middle Tian Shan Porphyry Copper Major mesothermal-type gold deposits
Russia Kazakhstan UzbekistanT Talas JV al +3Moz as
-F e rg an a Fa ul t

250 500 km

China
Arxi 5Moz Tuwu

Mongolia
Kharmagtai > 5 Moz

Ulaanbata r

Almat Bishkeky

Tashkent
Daugystau 6 Moz.
Su tur e

Kumtor 10Moz.
Almalyk >2BT @ 0.4% Cu 0.4g/t Au

Muruntau 110 Moz. Zarmita n 6 Moz. Jilau 3 Moz.

Kyrgyzstan Tajikistan

Beijing

China

Oyu Tolgoi 50Moz

Requires a long term approach

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CONCLUSION CONCLUSION

The Gold Market

FUNDAMENTALS COMPELLING

WELL SUPPORTED

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CONCLUSION CONCLUSION

Strategy To Release Value

HIGHER GOLD PRICE + Higher production

+ Lower input costs

Lower NCE

+ Lower capex

IMPROVED FREE CASH FLOW

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