BMO Global Metals and

Mining Conference

February 2015

Disclaimer

Certain statements included in this presentation, as well as oral statements that may be made by Sibanye Gold, or by officers, directors

or employees acting on their behalf related to the subject matter hereof, constitute or are based on forward-looking statements.

Forward-looking statements are preceded by, followed by or include the words “may”, “will”, “should”, “expect”, “envisage”, “intend”,

“plan”, “project”, “estimate”, “anticipate”, “believe”, “hope”, “can”, “is designed to” or similar phrases. These forward looking

statements involve a number of known and unknown risks, uncertainties and other factors, many of which are difficult to predict and

generally beyond the control of Sibanye Gold, that could cause Sibanye Gold‘s actual results and outcomes to be materially different

from historical results or from any future results expressed or implied by such forward-looking statements. Such risks, uncertainties and

other factors include, among others, Sibanye Gold’s operations, Sibanye Gold’s ability to implement its strategy and any changes

thereto, Sibanye Gold’s future financial position and plans, strategies, objectives, capital expenditures, projected costs and anticipated

cost savings and financing plans, as well as projected level of gold price and other risks. Sibanye Gold 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

presentation or to reflect any change in Sibanye Gold’s expectations with regard thereto.

In accordance with the requirements imposed by the JSE, Sibanye Gold reports its reserves using the terms and definitions of the

SAMREC Code (2007 edition). There are differences between the SAMREC Code and the Security and Exchange Commission’s Industry

Guide 7. Mineral or ore reserves, as defined under the SAMREC Code, are divided into categories of proved and probable reserves and

are expressed in terms of tonnes to be processed at mill feed head grades, allowing for estimated mining dilution, recovery and other

factors.

The lead Competent Person designated in terms of SAMREC, who take responsibility for the consolidation and reporting of Sibanye

Gold’s Mineral Resources and Mineral Reserves and of the overall regulatory compliance of these figures is Mr. Gerhard Janse van

Vuuren, who gave his consent for the disclosure of the C2015 Mineral Resource and Mineral Reserve Statement. Mr Janse van Vuuren

[BTech (MRM), GDE (Mining Eng.), MBA and MSCoC] is registered with Plato (PMS No 243) and has 27 years’ experience relative to the

type and style of mineral deposit under consideration. He is the current Vice President: Mine Planning and Mineral Resource

Management and is a full time employee of Sibanye Gold. Mr. van Vuuren consents to the inclusion of all information in this release

relating to mineral resources and mineral reserves in the form in which it appears.

The respective business unit based Mineral Resource Managers, relevant project managers and the respective Mineral Resource

Management discipline heads have been designated as the Competent Persons in terms of SAMREC and take responsibility for the

reporting of Mineral Resources and Mineral Reserves for their respective area(s) of responsibility. Additional information regarding these

personnel, as well as the teams involved with the compilation of the Mineral Resource and Mineral Reserve declaration is incorporated

in the Mineral Resources and Mineral Reserves Supplement that will be published in conjunction with the 2014 Sibanye Gold Integrated

Report.

2

20%

31%

37%

2%

1% 8%

China

South Africa

USA

United Kingdom

Saudi Arabia

Others

* Source: J.P.Morgan Cazenove, 30 January 2015

Corporate information

3

Major Sibanye Gold shareholders *

Gold One Limited 19.80%

Allan Gray Investment Council 10.20%

Public Investment Corporation 8.05%

Shares in Issue ADRs in issue

898 840 196 244 432 718

Market Cap US$2.2 billion

Listings • JSE Limited share code: SGL • New York Stock Exchange ADR

programme share code: SBGL

Debt* US$173 million R4.5 billion facility available

Contact details

Libanon Business Park

1 Hospital Road (off Cedar Avenue)

Libanon, Westonaria, 1779

South Africa

Neal Froneman

CEO

Tel: +27 11 278 9600

e-mail: neal.froneman@sibanyegold.co.za

James Wellsted

Investor Relations

Tel: +27 11 278 9656

e-mail: james.wellsted@sibanyegold.co.za

Shareholder geographic distribution*

* Source: J.P.Morgan Cazenove, 30 January 2015

* At 31 December 2015

What differentiates Sibanye Gold

• Significant free cash generation

• Focused on superior, long term dividend yield

• South African focused

4 Uniquely positioned in industry

2014

Production ‘000oz 1,589

Total cash cost US$/oz 849

All-in cost US$/oz 1,080

EBITDA/Operating profit US$m 690

Cash generated by operations US$m 659

Uranium production ‘000lbs ~180

Net Debt US$m 127

Net debt/EBITDA Mulitiple 0.20

5 Cash generative, robust balance sheet

Salient operational and financial features

Location of operations and projects

6 South Africa focused and focused on the Wits Basin

Sibanye 2015 Mineral Resources and Reserve: gold

7

Attributable Mineral Resources Attributable Mineral Reserves

Gold 31 Dec 2014 Total 31 Dec ‘13 31 Dec 2014 Total 31 Dec ‘13

Tons

(Mt)

Grade

(g/t)

Gold

(Moz)

Gold

(Moz)

Tons

(Mt)

Grade

(g/t)

Gold

(Moz)

Gold

(Moz)

Underground

Beatrix 54.7 5.6 9.79 9.18 27.0 4.1 3.60 3.54

Driefontein 63.2 11.2 22.76 21.10 32.1 7.0 7.23 5.91

Kloof 60.7 14.9 29.11 30.13 26.2 8.0 6.71 5.78

Cooke 95.6 5.4 16.47 18.99 12.0 4.8 1.84 1.84

Underground projects 125.5 4.7 18.83 42.05 17.4 3.7 2.09 8.50

Total underground 399.7 7.5 96.96 121.44 114.7 5.8 21.47 25.57

Current surface rock dumps (SRD) and tailings storage facilities (TSF)

Beatrix 6.2 0.4 0.07 0.13 6.2 0.4 0.07 0.09

Driefontein 6.8 0.6 0.13 0.15 6.8 0.6 0.13 0.15

Kloof 13.1 0.5 0.22 0.25 10.3 0.6 0.19 0.25

Cooke (Randfontein

Surface) 9.5 0.4 0.11 0.28 9.5 0.4 0.11 0.23

Total SRD 35.5 0.5 0.81 0.81 32.7 0.5 0.50 0.72

Project tailings storage facilities (WRTRP)

Driefontein 166.4 0.3 1.81 1.79 166.4 0.3 1.81 1.79

Kloof 262.2 0.3 2.25 2.24 262.2 0.3 2.25 2.24

Cooke 280.4 0.3 2.40 2.45 280.4 0.3 2.40 2.40

Total WRTRP 709 0.3 6.46 6.48 709 0.3 6.46 6.42

Group Total 1144.2 2.8 103.94 128.73 856.3 1.0 28.43 32.71

14% increase in underground gold Reserves post depletion

Sibanye 2015 Mineral Resources and Reserve: uranium

8

Attributable Mineral Resources Attributable Mineral Reserves

Gold 31 Dec 2014 Total 31 Dec ‘13 31 Dec 2014 Total 31 Dec ‘13

Tons

(Mt)

Grade

(kg/t)

Uranium

(Mlb)

Uranium

(Mlb)

Tons

(Mt)

Grade

(kg/t)

Uranium

(Mlb)

Uranium

(Mlb)

Underground

Beatrix 11.4 1.074 25.658 25.658

Driefontein

Kloof

Cooke 53.9 0.559 66.385 50.861 4.6 0.377 3.827 5.416

Underground Projects 14.8 1.084 35.73 107.840

Total underground 80.1 0.302 128.726 184.359 4.6 0.377 3.827 5.416

Project tailings storage facilities (WRTRP)

Driefontein 158.2 0.064 22.326 21.764 158.2 0.064 22.326 21.764

Kloof 262.2 0.038 22.071 21.391 262.2 0.038 22.071 21.391

Cooke 280.4 0.088 54.256 54.776 280.4 0.088 54.256 54.256

Total WRTRP 700.8 0.064 98.653 97.931 700.8 0.064 98.653 97.411

Group Total 780.8 0.132 227.38 282.29 705.4 0.066 102.480 102.827

Sizeable uranium Resource provides optionality and leverage

Vision statement

SUPERIOR VALUE CREATION

FOR ALL OUR STAKEHOLDERS

9

through a culture of caring

SIBANYE GOLD

Reduce

costs and

paylimits

Increase flexibility

Increase margins

Optimise all capital including

balance sheet

Strong cash flows

Robust

dividends

Premium rating

Operating strategy

10 Restoring and sustaining operating credibility and delivering what investors want

300

500

700

900

1100

1300

1500

1700

1900

500

700

900

1 100

1 300

1 500

1 700

1 900

2 100

2 300

2 500

2007 2008 2009 2010 2011 2012 2013 2014 F2015

Production (koz) Gold Price ($/oz) All-in cost

00

0o

z U

S$

/oz

Actual Forecast

Sibanye annual production and total cash cost

11 11 Reversing the negative operational trends

Dividends underpin the strategy

• Regular, consistent dividends are a key strategic imperative and

differentiator

• Sibanye will strive to maintain a benchmark dividend in the mining

sector

• Organic project development and acquisitions will be directed by the

ability to sustain or enhance the dividend strategy

• Projects and acquisitions will be funded from cash flow after dividends or

alternative funding options will be considered where appropriate

12 Ability to maintain superior dividends defines who we are

Relative dividend yield

Source: Bloomberg consensus numbers at 18 February 2015

Sibanye continues to deliver an industry leading dividend yield

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

%

Sibanye Yamana Gold Corp Barrick Agnico-Eagle Acacia Newmont

Gold Fields Randgold AngloGold Harmony Kinross Newcrest

13

Full year dividend of 112 SA cents per share

– 44% of 2014 normalised earnings

– 3.7% dividend yield at 18 February

2015

2014 Production profile – including projects*

14

-

200 000

400 000

600 000

800 000

1 000 000

1 200 000

1 400 000

1 600 000

1 800 000

2 000 000

Est

ima

ted

An

nu

al G

old

Pro

du

ctio

n (

oz)

SV4

Bloemhoek

Beisa

De Bron

Kloof drop down

Burnstone

WRTRP

Randfontein surface

Beatrix surface

Kloof surface

Driefontein surface

Cooke 4

Cooke 1-3

Beatrix u/g

Kloof u/g

Driefontein u/g

Project conversion required to sustain production profile

Underground

reserves in

LOM

Surface

reserves

in LOM

Feasibility

study being

undertaken

or reviewed

Pre-feasibility

study being

undertaken

or reviewed

(Phase 2)

*Project profile is conceptual and subject to change on completion of detailed studies

Assumptions: Gold price: 430,000 R/kg, Uranium 65 US$/lb and 10.50 ZAR:1US$ (real 2014 terms)

-

50

100

150

200

250

300

350

400

450

500

-

500 000

1 000 000

1 500 000

2 000 000

2 500 000

3 000 000

3 500 000

4 000 000

4 500 000

5 000 000

US$/oz

Est

ima

ted

Ca

pita

l C

ost

(R

00

0)

SV4

Bloemhoek

Beisa

De Bron

Kloof drop down

Burnstone

WRTRP

Randfontein surface

Beatrix surface

Kloof surface

Driefontein surface

Cooke 4

Cooke 1-3

Beatrix u/g

Kloof u/g

Driefontein u/g

US$/oz

Estimated 2014 capital profile*

15 Stable capital cost per ounce produced

US$/oz

Underground

reserves

in LOM

Surface

reserves

in LOM

Capital cost

US$/oz (Phase 2)

Pre-feasibility

study being

undertaken

or reviewed

Feasibility

study being

undertaken

or reviewed

*Project profile is conceptual and subject to change on completion of detailed studies

Assumptions: Gold price: 430,000 R/kg, Uranium 65 US$/lb and 10.50 ZAR:1US$ (real 2014 terms)

Estimated 2014 total cost profile (US$/oz)*

16 Total cost below current spot gold prices for the foreseeable future

*For illustrative purposes: based on 31 Dec 2013 Mineral Reserves and Mineral Resources and assumes all projects are implemented

Assuming all projects are progressed, real model, ZAR10.50:US$1

Includes direct operational/project costs, excludes corporate, financing and other costs

-

200

400

600

800

1 000

1 200

1 400

Tota

l c

ost

(U

S$/o

z)

Total Capital Costs

(US$/oz)

Total Operating

Cash Costs (US$/oz)

Spot Gold Price

(US$/oz)

(2014/09/15)

Dividend sustainability model – 2014*

17

-

1 000 000

2 000 000

3 000 000

4 000 000

5 000 000

6 000 000

Est

ima

ted

Fre

e C

ash

Flo

w a

fte

r C

ap

ita

l a

nd

Ta

x (

R000)

Reserves only

Total including all projects

2013 Dividend escalated

by 17%

2013 dividend escalated to account for extra shares in issue

Able to fund value accretive pipeline without risking dividend

*For illustrative purposes: based on 31 Dec 2013 Mineral Reserves and Mineral Resources and assumes all projects are implemented

Includes direct operational/project costs, excludes corporate, financing and other costs

Gold price: 430,000 R/kg, Uranium 65 US$/lb and 10.50 ZAR:1US$ (real)

Continued rerating relative to peers and the gold price

Sibanye relative share price performance

18

Source: Bloomberg: 21 February 2015

-100

-80

-60

-40

-20

0

20

40

60

80

100

120

Feb

2013

Mar

2013

Apr

2013

May

2013

Jun

2013

Jul

2013

Aug

2013

Sep

2013

Oct

2013

Nov

2013

Dec

2013

Jan

2014

Feb

2014

Mar

2014

Apr

2014

May

2014

Jun

2014

Jul

2014

Aug

2014

Sep

2014

Oct

2014

Nov

2014

Dec

2014

Jan

2015

Feb

2015

%

Sibanye Harmony Kinross AngloGold Acacia Gold Fields Yamana

Newmont Barrick Newcrest Agnico Eagle RandGold Gold Corp

Peer benchmarking

Source: Bloomberg consensus forecasts 18 February 2015

19 Still offering significant relative value

-

100

200

300

400

500

600

US$

/oz

EV/Reserve oz

-

1 000

2 000

3 000

4 000

5 000

6 000

7 000

8 000

9 000

US$

/oz

EV/Production oz

-50

0

50

100

150

200

250

%

2014 PE

-20.0

-10.0

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

%

Debt/Market Cap

South Africa: the benefits

• Well understood and simple geology - high grade resources

• Extensive, first world infrastructure

• Established mining jurisdiction with well developed associated industries

• Sound financial and judicial systems

• An abudance of skilled and experienced mining practitioners

• ZAR Currency provides US$ gold price offset

Alternatives to ESKOM supply being actively investigated 20

Rand gold price relatively stable – a natural hedge

Weakening ZAR provides revenue protection

21

Source: Inet: 22 February 2015

-35

-30

-25

-20

-15

-10

-5

0

5

10

Re

lative

go

ld p

ric

e p

erf

orm

an

ce

(%

)

Gold US$/oz Gold R/kg

South Africa: the challenges

• Reliability and cost effective electricity supply – Sibanye is actively

pursuing alternative sources of supply

• 150MW photovoltaic array in advanced feasibility study

• Offtake arrangements from Independent Power Producers (IPP)

• Regulatory uncertainty - ensure that all requirements of Mining Charter

are met

• Labour - good track record managing organised labour in a multi-union

environment

22 Alternatives to ESKOM supply being actively investigated

2013 scorecard

Passing with distinction 23

• Arrested the declining production profile

• Reduced costs and reset the cost base

• Two year wage agreement - limited operational disruption

• Gold Reserves by increased 6.4Moz – higher production for longer

• Unlock 4Moz gold and 43Mlb uranium in West Wits TSFs

• Secured extended future for the Beatrix Operation

• More than halved and favourably restructured debt

• Delivered on commitment to be a benchmark dividend vehicle

2014 scorecard

24

• Ongoing rightsizing and cost management

• Increase underground productivity

• Fast track the tailings retreatment opportunity

• Turn to account the high quality measured resource

• Integrated the Cooke and Wits Gold acqusitions

Delivering on targets

MORE of the SAME

25

through a culture of caring

2015 focus areas

2015 Operating Forecast

• Gold production: between 1.61Moz and 1.67Moz

• By-product uranium production: ~ 250,000lbs

• Total cash costs: between US$850/oz and US$875/oz

• All-in sustaining cost: between US$1,055/oz and US$1,100/oz

• Capital expenditure: Total capex US$320 million

• US$205 million Ore Reserve Development, US$80 million Sustaining

and US$36 million Project expenditure

Consistent performance forecast 26

Conclusion

1. Sibanye’s strategy is underpinned by its commitment to paying industry

leading, sustainable dividends

2. Sibanye’s high quality gold assets are cash generative and fundamental

to its ability to deliver on its strategy

3. Existing organic projects are able to sustain the current production

profile without compromising Sibanye’s dividend strategy

4. Acquisitions will be considered only if they are earnings enhancing on an

EPS basis

5. The sustainability of the business is secured by our ability to effectively

operate South African deep level mines and deal with South Africa

specific issues

27 Sibanye is committed to its vision of delivering value to ALL stakeholders

QUESTIONS