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ST BARBARA LIMITED Investor Presentation 2012

Jun 28, 2012

65749_rns_2012-06-28_d8f7a879-579c-433f-87ed-33ad92313eec.pdf

Investor Presentation

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Creation of an International Diversified Gold Producer

29 June 2012

Disclaimer

This presentation has been prepared by St Barbara Limited ("St Barbara") and Allied Gold Mining Plc ("Allied Gold"). Th i l i d i hi i i f if i l Thi i i fi i l d The materialcontainedin this presentation is for information purposes only. This presentation is not a financialproduct U l h ffi i i hi h i l h l f i li i d f d i d id i or investment advice. It does not take into account the investment objectives, financial situation or particular needs of any investor. Before making an investment in St Barbara, Allied Gold or any potential combination of St Barbara and Allied Gold, an investor or prospective investor should read this document in its entirety, together with the associated Rule 2.7 Announcement and the scheme document which contains all applicable terms and conditions of the offer, consider whether such an investment is appropriate to their particular investment needs, objectives and financial circumstances, seek legal and taxation advice appropriate to their jurisdiction and consult a financial adviser if necessary. Neither St Barbara nor Allied Gold is licensed to provide financial product advice in respect of the St Barbara or Allied Gold's securities.

This presentation, any oral statements made by St Barbara or Allied Gold in relation to the offer, and other information published by St Barbara or Allied Gold, may contain statements about St Barbara and Allied Gold that are or may be forward looking statements. All statements other than statements of historical facts included in this presentation may be forward looking statements. Without limitation, any statements preceded or followed by or that include the words "targets", "plans", "believes", "expects", "aims", "intends", "will", "may", "anticipates", "estimates", "projects" or words or terms of similar substance or the negative thereof, are forward looking statements. Forward looking statements include statements relating to the following: (i) statements about the expected effects of the offer on Allied Gold, St Barbara, the expected timing and scope of the offer; (ii) future capital expenditures, expenses, revenues, earnings, synergies, economic performance indebtedness financial condition dividend policy losses and future prospects; (iii) business and management strategies and the expansion and growth of St Barbara's or Allied Gold's operations and potential synergies resulting from the offer; (iv) the effects of government regulation on St Barbara's or Allied Gold's business and (v) all other statements in this presentation other than historical facts.

Such forward looking statements involve risks and uncertainties that could significantly affect expected results and are based on certain key assumptions. Many factors could cause actual results to differ materially from those projected or implied in any forward looking statements. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward looking statements. None of St Barbara and Allied Gold, including members of their respective groups nor any of their respective advisors associates directors or officers undertakes any obligation to update publicly, expressly disclaim or revise forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required or provides any representation, assurance or guarantee that the occurrence of events expressed or implied in any forward looking statement in this presentation will actually occur.

Except as may be required by applicable law, St Barbara and Allied Gold do not undertake any obligation to publicly update or revise any forward looking statements in this presentation.

This presentation has been prepared by St Barbara and Allied Gold based on information available to them and has not been independently verified. Information relating to St Barbara has been provided by St Barbara and information relating to Allied Gold has been provided by Allied Gold, and neither of them takes responsibility for information provided by the other. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, none of St Barbara, Allied Gold or their subsidiaries or affiliates or the directors, employees, agents, representatives or advisers of any such party, nor any other person accepts any liability for any loss arising from the use of this presentation or its contents or otherwise arising in connection with it, including without limitation, any liability arising from fault or negligence on the part of St Barbara, Allied Gold or its subsidiaries or affiliates or the directors, employees, agents, representatives or advisers of any such party.

The information in this presentation that relates to Exploration Results and Mineral Resources for St Barbara, together with any related assessments and interpretations has been based on information compiled by Phillip Uttley who is a

The information in this presentation that relates to Ore Reserves for St Barbara, together with any related assessments and interpretations, has been based on information compiled by Andrew Law who is a Member of the Australasian Institute of Mining and Metallurgy. Andrew Law is a full-time employee of the consulting firm Optiro and was a full-time employee of St Barbara as of 30 June 2011. Andrew Law has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' (JORC Code). Andrew Law consents to the inclusion of the information contained in this presentation in the form and context in which it appears.

The information in this presentation that relates to production forecasts for St Barbara is based on Ore Reserves.

The information in this presentation that relates to Exploration Results and Mineral Resources for Allied Gold, together , indebtedness, condition, policy, with any related assessments and interpretations, has been based on information compiled by Colin Ross Hastings who is a Member or Fellow of The Australasian Institute of Mining and Metallurgy and included in a list promulgated by the ASX from time to time. Colin Ross Hastings is a full-time employee of Allied Gold. Colin Ross Hastings has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' (JORC Code). Colin Ross Hastings consents to the inclusion of the information contained in this presentation in the form and context in which it appears.

Th i f ti i thi t ti th t l t t O R f Alli d G ld t th ith ltd t groups, advisors, associates, The information in this presentation thatrelates to Ore Reserves for AlliedGold, together withany relatedassessments and interpretations and production forecasts, has been based on information compiled by Colin Ross Hastings who is a Member or Fellow of The Australasian Institute of Mining and Metallurgy and included in a list promulgated by the ASX from time to time. Colin Ross Hastings is a full-time employee of Allied Gold. Colin Ross Hastings has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' (JORC Code). Colin Ross Hastings consents to the inclusion of the information contained in this presentation in the form and context in which it appears.

No statement in this presentation is intended as a profit forecast or profit estimate and no statement in this presentation should be interpreted to mean that the future earnings per share of the St Barbara Group as enlarged by the Offer, St Barbara and/or Allied Gold for current or future financial years will necessarily match or exceed the historical or published earnings per share of St Barbara or Allied Gold.

Financial figures are in Australian dollars unless otherwise stated.

St Barbara's fiscal year runs from 1 July to 30 June, and Allied Gold's fiscal year runs from 1 January to 31 December.

A t 28 J 2012 AUD $1 00 USD $1 00 USD $1 00 AUD $1 00 AUD $1 00 £0 65 £1 00 AUD $1 55 As atJune2012, $1.00= $1.00, $1.00= $1.00, $1.00= £0.65, £1.00= $1.55

Creation of an International Diversified Gold Mining and Exploration Company

  • • Recommended offer tocombine St Barbara and Allied Gold through a scheme of arrangement
  • • Creation of an international diversified gold producer
    • Pro forma market capitalisation of approximately A$1bn1
    • Pro forma FY13F gold production of approximately 435,000 ounces2 from quality, long‐life assets
    • Three established and proven mines with a fourth operation in ramp up phase
    • Exploration potential in prospective regions in both Australia and the South West Pacific
  • •Clear strategic and financial rationale for the combination
  • • Valueenhancing for shareholders of both St Barbara and Allied Gold
  • • Offer supported by unanimous recommendation of the Allied Gold Board, plus irrevocable undertakings and letters of intent representing 34.6% of Allied Gold's existing shares outstanding
  • • In addition, M&G Investment Management has verbally committed to St Barbara to vote in favour of the transaction (in the absence of a superior proposal), bringing total shareholder support, including irrevocable undertakings and letters of intent, to 53.5%
  1. Pro forma illustrative market capitalisation for the combined group is calculated by adding the St Barbara shares issued to Allied Gold shareholders as share consideration under the transaction to the existing number of St Barbara shares on issue, multiplied by St Barbara's closing price on ASX of A$2.12 on 28 June 2012. 2. Pro forma forecast gold production for the combined group has been based on the internal life of mine plans for St Barbara and mine plans for Allied Gold. These assume no change in production as a result of the transaction. Production forecasts are subject to risk factors associated with developing, mining and processing gold including, amongst others, variations in grade, metallurgical and other processing problems, mechanical equipment performance problems, the unavailability of materials andequipment, permit approvals, labour force disruptions, adverse weather conditions, geopolitical risks and landowner relations.

Geographically Diversified Portfolio of Established and Proven Producing Assets, Supplemented by Development andExploration Opportunities

Combinedgroup to generate approximately 435,0001 ounces of gold in FY13F

Note: Please refer to previous investor presentations disclosed by St Barbara and Allied Gold, and the rule 2.7 announcement dated29 June 2012, for additional information on individual assets.

  1. Based on internal life of mine plans assuming no change in production as a result of the transaction. Also subject torisks described on previous pages.

  1. As at 30 June 2011. 3. As at 31December 2011.

Clear Strategic and Financial Rationale for Shareholders of St Barbara andAllied Gold

  • • Portfolio of quality, long‐life gold assets underpinned by 5.9 Moz of gold contained in pro forma OreReserves2
  • 2Complementary business, development and funding profiles
  • Proven operational management capabilities 3
  • Reduced investment risk profile through a more diversified asset portfolio 4
    • A number of organic growth opportunities, including anticipated production growth and exploration upside as well as cost saving opportunities upside,

Stock market re‐rating potential

5

6

1

  1. Australian mid‐tier gold sector inclusive of the following companies: Alacer Gold Corp, Medusa Mining Limited, CGA Mining Limited, OceanaGold Limited, Resolute Mining Limited, Regis Resources Limited, Evolution Mining Limited, Kingsgate Consolidated Limited, Focus Minerals Limited, Saracen Mineral Holdings Limited, Silver Lake Resources Limited, Northern Star Resources Limited, Tanami GoldNL, Integra Mining Limited and Kingrose Mining Limited.

TransactionDetails

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  1. Basedon the closing price of St Barbara shares on ASX on 28 June 2012 of A$2.12. 6

Based on an exchange rate between Australian Dollars and pounds Sterling of 0.65 at 5pm GMT on the date before the date of this announcement. 3. Gearing defined as gross interest bearing debt divided by the sum of gross interest bearing debt and book equity, before any fair value, other accounting adjustments and one‐off integration costs. 4. This is conditional onASX granting St Barbara a waiver from Listing Rule 7.1. ASX has indicated that it is likely to grant St Barbara such a waiver.

Value for St Barbara and Allied Gold Shareholders

St BarbaraShareholders Allied

  • • Acquisition of quality, long‐life gold assets with exploration potential
  • • Anticipated to be EPS accretive from the first full year following completion of the transaction and immediately NAV accretive1
  • • Significant uplift in gold production, reserves and resources
  • • Increased asset diversification with development profile spanning exploration to gold production, reducing investment risk profile
  • • Increasedaverage mine life of asset portfolio

Gold Shareholders

  • • Attractivepremium and material cash component
  • • Ability to participate in significant upside potential of combinedgroup
  • • Access to St Barbara's strong cash flow and financial capacity to fund development and expansion projects at Simberi and Gold Ridge and toadvance exploration programmes
  • • Access to St Barbara's proven management and technical capabilities (including underground development and mining)
  • • Anticipated reduction in total cash costs, combined with an increase in overall gold production, reserves and resources1

Potential re‐rating to reflect market positioning, production and quality of portfolio relative tomid‐tier gold peers

  1. Before any fair value, other accounting adjustments and one‐off integration costs. These statements regarding NAV and EPS accretion and earnings enhancement do not constitute a profit forecast nor should they be taken to mean that the earnings per share, profits, margins or cash flows of St Barbara will necessarily be greater or less than the historical published earnings per share, profits, margins or cash flows of St Barbara. Cash costs are subject to production related risks as described on previous pages, as well asforeign currency movements and fluctuations in supply costs.

A Leading Company in Australian Mid‐Tier Gold Sector

1 P f ill i k i li i f h bi d i ll d b ddi h S B b h i d Alli d G ld h h ld 1. Pro forma illustrative market capitalisation for the combinedgroup is calculatedby adding the St Barbara shares issuedto AlliedGoldshareholders as share consideration under the transaction to the existing number of St Barbara shares on issue, multiplied by St Barbara's closing price on ASX of A$2.12 on28 June 2012. Other market capitalisation figures as at close on 28 June 2012.

    1. Goldonly reserves and resources based on most recently disclosed company filings.
    1. Based on estimates fromselected brokers which disclose production metrics. For St Barbara and Allied Gold, based on internal life of mine plans

assuming no change in production as a result of the transaction, subject to risks described on previous pages.

5.Represents combined market capitalisation of ASX, LSE and TSX listings.

  1. Represents combined group.

Project Pipeline Spanning Exploration to Gold Production

St Barbara's established, producing and cash flow generative assets at Gwalia, King of the Hills and Southern Crosscomplement Allied Gold's expansion and exploration projects at Simberi, Gold Ridge and Tabar‐Tatau

Strong and Proven Management Capabilities

  • • St Barbara and Allied Gold have complementary management capabilities with significant depth of management
    • Experience spans each step of the value chain from exploration through to gold production
    • Proven operating experience in Australia and the South West Pacific
    • Dedicated exploration and development team with broad knowledge of global gold assets andgrowth opportunities
  • •Expertise in manag g in the development of multip , le complex p j ro ects
  • • Proven capabilities in developing and operating open pit and underground operations will support potential expansion at Simberi and Gold Ridge
  • • St Barbara's business systems and operating capabilities will support improved production reliability and cash operating cost reductions for the Allied Gold operations reliability,

EnhancedDiversification

A Number of Organic Growth Opportunities for the CombinedGroup

  • • Anticipated growth in gold production from Allied Gold s' assets
    • Improved production reliability at existing mines
    • Simberi Oxide expansion to 3.5 Mtpa planned
    • Potential development of Simberi Sulphides project
  • • Exploration upside opportunities in close p y roximityto current mining operations at Gold Ridge, Simberi and Gwalia
  • • Add t o a i i n l e p o at o xploration pote t a n i l from g ee e d reenfieldoppo tu t es rtunities(eg. Tabar‐Tatau Is a ds) l n
    • Supplemented by St Barbara's existing organic growth projects including ongoing exploration programs

Identified Cost Reduction Opportunities for AlliedGold Assets

The combined management team anticipates achieving cash operating cost reductions for the Allied Gold operations

GoldRidge Simberi

  • • Improved grade control and mine planning measures

  • • Potential improvement in mining fleet utilisation toincrease the volume of ore hauled

  • • Increased mill recoveries through improved blending and ROM management

  • • Increased plant throughput through plant ii ioptimisation

  • • Increased plant throughput through completion of planned plant upgrades

  • • Potential improvement in mining fleet utilisation toincrease the volume of ore hauled

  • Reduced fuel costs for processing

    • • Reduced open pit strip ratio through improved grade control

Opportunities have been identified to further reduce Allied Gold's cash operating costs, including the implementation of St Barbara's improved mine planning methodology, operating systems and cost management frame orks frameworks

Note: This statement regarding earnings enhancement does not constitute a profit forecast not should it be taken to mean that the earnings per share, profits, margins or cash flows of St Barbara will necessarily be greater or less than the historical published earnings per share, profits, margins or cash flows of St Barbara.

Improved Index Positioning of the Combined Group

Based on pro forma market capitalisation, combined group expected to improve ASX index positioning post transaction

• Enhanced scale and improved index positioning has the potential to improve market coverage, increase liquidity and increase investment interest

Source:Bloomberg. Market metrics as at 28 June 2012.

  1. Pro forma illustrative market capitalisation for the combined group is calculated by adding the St Barbara shares issued to Allied Gold shareholders as share consideration under the transaction to the existing number of St Barbara shares on issue, multiplied by St Barbara's closing price on ASX of A$2.12 on28 June 2012.

Represents combined group. 3. Represents combined market capitalisation of ASX, LSE and TSX listings.

ProForma Operating Multiples

Potential for a re‐rating of the combined company driven by position and quality of portfolio relative tomid‐tier peers

  1. Pro forma enterprise value for the combined group is calculated by adding the St Barbara shares issued to Allied Gold shareholders as share consideration under the transaction to the existing number of St Barbara shares on issue, multiplied by St Barbara's closing price on ASX of A$2.12 on 28 June 2012 then adding St Barbara and Allied Gold's net debt and minority interest figures (as at 31 December 2011 – Allied adjusted for debt restructuring on 6 January 2012), plus assumed additional debt issued in order to fund the cash component of the offer. Other enterprise value figures calculated by adding most recently disclosed net debt and minority interest figures to market capitalisation as at 28 June 2012.

  2. Gold only reserves and resources based on most recently disclosed company filings. 3.Represents combined group.

Boardof Directors and Management Team

  • • Following completion of the transaction, intended that St Barbara's existing senior management team and Board of Directors will remain in place
  • • St Barbara expects to appoint up to two existing Directors of Allied Gold to the positions of either Non‐Executive Director or consultant to the combined group (to be mutually agreed between St Barbara and Allied Gold), upon completion of the offer
  • • Allied Gold's management and employees will play an important role in the combi dne group

Indicative TransactionTimetable

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Value Enhancing Transaction with Clear Strategic and Financial Rationale

  • •Opportunity to create diversified diversified, high growth gold mining and exploration company
  • • Value enhancing for both St Barbara and Allied Gold shareholders
    • Attractive premium for Allied Gold shareholders
    • A ii d b EPS d NAVi f S B b h h ld 1 – Anticipatedto be andaccretive for St Barbara shareholders1
  • • Highly complementary businesses
    • Asset diversification
    • Funding of growth opportunities
    • Development profile
    • Production profile
  • •Growth potential complements St Barbara's existing organic growth profile
  • • High degree of deal certainty
    • Transaction supported by shareholders representing 54% of Allied Gold s' existing shares outstanding
    • 30%common share ownership
  • •Strong management capabilities with significant experience

  1. Before any fair value, other accounting adjustments and one‐off integration costs. NAV accretive immediately and EPS accretive in the first full year following completion. This statement regarding NAV and EPS accretion does not constitute a profit forecast nor should it be taken to mean that the earnings per share, profits, margins or cash flows of St Barbara will necessarily be greater or less thanthe historical published earnings per share, profits, margins or cash flows of St Barbara.

Appendices

Board Recommendation and Irrevocable Undertakings

  • • Allied Gold s' Board of Directors intend unanimously to recommend that Allied Gold shareholders vote in favour of the transaction
  • • Irrevocable undertakings and letters of intent to vote in favour of the transaction received, in aggregate, in respect of 34.6% of Allied Gold's current shares outstanding
  • • M&G Investment Management has also verbally committed to St Barbara to vote in favour of the Scheme in respect of their entire shareholding in Allied Gold (representing approximately 18.9% of Allied Gold's current shares outstanding), in the absence of a superior proposal
dhahAr30%ipouncommonsreowners /lliedld shabjirrbledekinglefintAGottortattetressuecevocaunsrsoen
# %
LOI 17,969,472 8.8
bleIrrevoca 16,294,453 8.0
bleIrrevoca 8,3614,154 6.9
bleIrrevoca 88,33111,1885588 41.
LOI 7,684,018 3.8
LOI 4,166,893 2.0
68,585,040 33.6
bleIrrevoca 11,221,122555577 07.
bleIrrevoca 226,882 0.1
bleIrrevoca 389,242 0.2
bleIrrevoca 35,589 0.0
bleIrrevoca 33,333 0.0
2,206,303 1.1
0,91,33774 364.

SolomonIslands Overview

Country Overview Solomon Islands Map

  • • Located east of Papua New Guinea, consisting of nearly 1,000 separate islands
  • •Capital is Honiara on the island of Guadalcanal
  • • A former British Colony, remains a member of the Commonwealth
  • • Self‐government achieved in 1976 and independence two years later
  • • Common lawlegal system and modern Mining Act 1990
  • • Australian‐led Regional Assistance Mission to the Solomon Islands (RAMSI) continuing to support and develop the Royal SolomonIslands Police Force
  • • Allied Gold currently has good relationships with local l d h i tt t k h ld i i i landowners, who are importantstakeholders in mining activities inthe region

Papua New Guinea Overview

  • • Located in Oceania, occupying the eastern half of the island of New Guinea between the Coral Sea and South Pacific Ocean, eastof Indonesia
  • •Capital is Port Moresby with a population of c. 300,000
  • • Commonwealth country which gained independence from Australia in1975
  • • Democratic country since independence with a system of National and Provincial Government with constitutional provisions for the division of legislative powers between both
  • • Common law legal system (in addition to the statute laws passed by the Parliament) and Mining Act 1992
  • • Allied Gold currently has good relationships with local landowners, who are important stakeholders in mining activities inthe region

Enquiries

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www.alliedgold.com.au

www.stbarbara.com.au