Investor Presentaiton

Indonesian Joint Venture Structure Sihayo is the 75% owner and operator in Joint Venture with leading Indonesian group ANTAM Corporate Structure Key Points SIHAYO GOLD LIMITED 100% Aberfoyle Pungkut Investments Pte Ltd (API) PT Aneka Tambang (ANTAM) 75% 25% US$76 million loan PT Sorikmas Mining (PTSM) Legend: Shareholdings Loans 95% available cash flow to repay loan 100% Sihayo Pungkut COW (Sihayo Gold Project) Page 20 5% available cash flow until loan repaid About ANTAM Partly state-owned, vertically integrated Indonesian mining company JV Background & Obligations December 1995: API & ANTAM MOU July 1997: API & ANTAM JV agreement API has funded all of PTSM's exploration and mining expenditure including ANTAM's share (US$76 million to date) This obligation continues until the commencement of production ANTAM is entitled to receive 5% of the available cash flow each year from the commencement of production ANTAM's other 20% will flow to API until loan and interest is repaid Under the agreement, all funding provided by API must be repaid from cashflows of PTSM SIHAYO GOLD

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