Investor Presentaiton

For personal use only Pro-Forma Snapshot NORTHERN STAR Saracen Northern Star Saracen Pro-Forma Share price / Offer price No. ordinary shares¹ Market Capitalisation² A$ M 별도 13.82 5.22 741 1,108 1,158 A$M 10,240 5,782 16,022 % shareholding in MergeCo % 64.0% 36.0% Cash and equivalents (30 Jun 2020)3 A$M 770 369 1,139 Debt (30 Jun 2020)³ A$M 700 321 1,021 Enterprise Value A$M 10,170 5,734 15,904 Gold Reserves 4 Moz 10.8 8.5 19.4 Gold Resources4 FY21 Production Moz 31.8 17.4 49.2 koz 940-1,060 FY21 AISC 5 A$/oz 1,490-1,635 600-640 1,300-1,400 1,540-1,700 1,420-1,550 1. Refer to latest Appendix 2A announcements from NST (7 September 2020) and SAR (18 August 2020); 2. Market capitalisation based on the last undisturbed share price of NST of A$13.82 per share and the pro-forma NST ordinary shares on issue of 1, 158M post implementation of the scheme; 3. Based on 30 June 2020 4. Refer to page 3 of this presentation in relation to Ore Reserve and Mineral Resource estimates for NST and SAR. 5. Includes Pogo AISC guidance of US$1,200- 1,400/oz, converted to A$/oz at AUD/USD of $0.70 PAGE 30

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