2013 Third Quarter

Results WebcastOctober 29, 2013

Speaker

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Randall Oliphant, Executive Chairman

Cautionary statements

All monetary amounts in U.S. dollars unless otherwise stated

Total cash costs shown net of by-product sales unless otherwise stated

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTSCertain information contained in this presentation, including any information relating to New Gold’s future financial or operating performance as well as information respectingRainy River and its assets may be deemed “forward looking”. All statements in this presentation, other than statements of historical fact, that address events or developments thatNew Gold expects to occur are “forward-looking statements”. Forward-looking statements are statements that are not historical facts and are generally, but not alw ays, identif iedby the use of forward-looking terminology such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “projects”, “potential”,“believes” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “w ill be taken”, “occur” or “beachieved” or the negative connotation. Forward-looking statements in this presentation include those under the headings “Updated 2013 Outlook”, and also include, amongothers, statements w ith respect to: guidance for production, cash costs and all-in sustaining costs; modif ications to projects and operations and the expected results of suchmodifications (and the cost of any such modif ications), including potential opportunities to increase throughput and value at New Afton and to reduce costs at Peak; timelines formining in certain areas of Cerro San Pedro and Mesquite and timelines for receipt of permits and for a sequencing decision for the Rainy River and Blackw ater projects; planneddrilling activities and the goals and expected results of exploration efforts; the estimation of mineral reserves and resources and the realization of such estimates; estimates ofmine life; the annual production potential of New Gold’s projects; the timing of completion of feasibility studies or updates, reserve updates and other technical work or reports;and the adequacy of liquidity and capital resources including cash flows.All forward-looking statements in this presentation are based on the opinions and estimates of management as of the date such statements are made and are subject toimportant risk factors and uncertainties, many of which are beyond New Gold’s ability to control or predict. Material assumptions regarding our forward looking statements arediscussed in this presentation, the annual MD&A, the AIF and our Technical Report. Forward-looking statements are necessarily based on estimates and assumptions that areinherently subject to known and unknow n risks, uncertainties and other factors that may cause actual results, level of activity, performance or achievements to be materiallydifferent from those expressed or implied by such forward-looking statements. Such factors include, without limitation: signif icant capital requirements; price volatility in the spotand forward markets for commodities; f luctuations in the international currency markets and in the rates of exchange of the currencies of Canada, the United States, Australia,Mexico and Chile; discrepancies between actual and estimated production, between actual and estimated reserves and resources and between actual and estimatedmetallurgical recoveries; changes in national and local government legislation in Canada, the United States, Australia, Mexico and Chile or any other country in w hich New Goldcurrently or may in the future carry on business; taxation; controls, regulations and political or economic developments in the countries in w hich New Gold does or may carry onbusiness; the speculative nature of mineral exploration and development, including the risks of obtaining and maintaining the validity and enforceability of the necessary licensesand permits and complying w ith the permitting requirements of each jurisdiction in which New Gold operates, including, but not limited to: in Canada, obtaining the necessarypermits for Blackwater and the Rainy River Gold Project; in Mexico, w here Cerro San Pedro has a history of ongoing legal challenges related to our environmental authorization(EIS); and in Chile, w here the courts had temporarily suspended the approval of the environmental permit for El Morro; the lack of certainty w ith respect to foreign legal systems,which may not be immune from the influence of political pressure, corruption or other factors that are inconsistent with the rule of law; the uncertainties inherent to current andfuture legal challenges New Gold is or may become a party to; diminishing quantities or grades of reserves and resources; competition; loss of key employees; additional fundingrequirements; rising costs of labour, supplies, fuel and equipment; actual results of current exploration or reclamation activities; uncertainties inherent to mining economic studiesincluding the PEA for Blackwater and the Feasibility Study for the Rainy River Gold Project; changes in project parameters as plans continue to be refined; accidents; labourdisputes; defective title to mineral claims or property or contests over claims to mineral properties; uncertaintiesw ith respect to the successful integration of the business of RainyRiver w ithin the business of New Gold; unexpected delays and costs inherent to consulting and accommodating rights of First Nations; and uncertainties w ith respect to obtainingall necessary surface rights for the Rainy River Project. In addition, there are risks and hazards associated w ith the business of mineral exploration, development and mining,including environmental events and hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, f looding and gold bullion losses (and the risk ofinadequate insurance or inability to obtain insurance to cover these risks) as well as “Risk Factors” included in New Gold’s (and, in respect to information related to the RainyRiver Gold Project, in Rainy River’s) disclosure documents filed on and available at www.sedar.com. Forw ard-looking statements are not guarantees of future performance, andactual results and future events could materially differ from those anticipated in such statements. All of the forward-looking statements contained in this presentation are qualif iedby these cautionary statements. New Gold expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of newinformation, events or otherw ise, except in accordance with applicable securities law s.

All endnotes can be found at the conclusion of the presentation and should be review ed.

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2013 third quarter highlights

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• Gold production – 94,038 ounces

• Total cash costs(1) – $280 per ounce sold

• All-in sustaining costs(2) – $779 per ounce

• New Afton achieved targeted increase in

throughput three months ahead of schedule

• Adjusted earnings per share(3) – $0.04/share

• Adjusted net cash generated from

operations(4) – $54 million

• Completed Rainy River acquisition

• Cash and cash equivalents of $429 million

Lowest cost

quarter in

company’s history

2013 mine-by-mine operating results

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New Afton 25 ($1,310) ($365) 62 ($1,104) ($191)

Cerro San Pedro 24 $723 $771 81 $605 $674

Mesquite 21 $1,017 $1,098 72 $936 $1,162

Peak Mines 24 $856 $1,332 77 $874 $1,405

94 $280 $779 291 $399 $905

2013 THIRD QUARTER

Gold sales

(000s ounces)

Cash costs(1)

($/oz)

All-in Sustaining

costs(2) ($/oz)

2013 YEAR-TO-DATE

Gold sales

(000s ounces)

Cash costs(1)

($/oz)

All-in Sustaining

costs(2) ($/oz)

New Afton co-product cash costs(1)

Gold ($/oz) $454 $526

Copper ($/lb) $1.05 $1.24

2013 THIRD QUARTER 2013 YEAR-TO-DATE

Consolidated financial summary

6

2012 THIRD QUARTER2013 THIRD QUARTER

Revenue ($ million) $196 $196

Earnings from mine operations ($ million) $51 $77

Net earnings ($ million) $12 $18

Net earnings per share ($/share) $0.02 $0.04

Adjusted net earnings(1) ($ million) $20 $43

Adjusted net earnings per share(1) ($/share) $0.04 $0.09

Adjusted net cash generated from operations (2) ($ million) $54 $47

Gold production(1)

390-400 Koz

Silver production

~1.3 Moz

2013

Total cash costs(2)

~$375/oz

2013

All-in sustaining

costs(2)(3)

~$900/oz

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Updated 2013 outlook

Assumptions for the fourth quarter of 2013: Gold - $1,300 per ounce; Copper - $3.25 per pound; Silver - $20.00 per ounce; AUD/USD and CDN/USD parity.

Copper production

78-88 Mlbs

• Achieved targeted throughput

increase to 12,000 tonnes per

day three months ahead of

schedule

• Evaluating potential for further

throughput increases in 2014 and

beyond

GOLD

0.78 0.82

Q2 2013 Q3 2013

COPPER

0.96% 0.98%

Q2 2013 Q3 2013

GRADE (g/t) GRADE (%)

87% 87%

Q2 2013 Q3 2013

88% 88%

Q2 2013 Q3 2013

RECOVERY (%) RECOVERY (%)

2225

Q2 2013 Q3 2013

1921

Q2 2013 Q3 2013

PRODUCTION (Koz) PRODUCTION (Mlbs)

+5%

+14%

+2%

+11%

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New Afton highlights

• Actively exploring for both near

and medium-term resource

growth

• East Cave Extension represents

lateral extension of B-Zone

currently being mined

• Added two years to mine

life through 2012

exploration efforts

• C-Zone represents down plunge

extension of ore body

• All 2013 exploration to be

incorporated into year-end

mineral reserve and resource

update

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New Afton exploration potential

Looking Northwest

C Zone

B Zone

Reserve

East Cave Extension and

Hanging Wall Lens

Development project overview

Three world-class projects

RAINY RIVER BLACKWATER EL MORRO

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Rainy River Blackwater El Morro (30%)

Significant Gold M&I

Resource Base(1)(2) 6.2 Moz 8.6 Moz 2.9 Moz

Exploration

Potential

Intrepid Zone/Multiple

Regional Targets

Capoose/Multiple

Regional Targets

El Morro Zone/

Block Cave Potential

Jurisdiction Ontario, Canada British Columbia, Canada Chile

Robust Production/

Low Cash Costs(3)

~225 Koz at below

average cash costs

~500 Koz at below

average cash costs

~90 Koz Au/85 Mlbs Cu at

~($700) cash costs(4)

Peer-leading growth pipeline

Industry leading organic growth profile

• Growth projects expected to increase gold

production by ~1.75 times over current

operations

• Blackwater and Rainy River acquisitions

increased shares outstanding by 25% for

potential +150% increase in production

• Projecting below current industry

average cash costs at each project

Four current

operations

Three organic

projects

+800 Koz

Blackwater(1)

Rainy River

2013 Gold

Production

Annual Production

Potential of Growth

Assets

El Morro

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(35%)(25%)

(8%)

49%

250%

A history of value creation

Increasing Net Asset Value drives share price growth

March 2009

Net Asset Value (1)

October 2013

Mesquite, Cerro San Pedro, Peak Mines

~$875 $1,095

New Afton

~$120 $1,560

El Morro(2)

~$40 $417

Blackwater(3)

$– $781

Rainy River(4)

$– $483

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S&P/TSX Global

Gold Index (6)

FTSE Gold

Mines Index(7)

HUI

Index(8) Gold Price New Gold

PRICE PERFORMANCE SINCE BUSINESS COMBINATION WITH

WESTERN GOLDFIELDS IN MARCH 2009(5)

Establishing the leading

intermediate gold company

New Gold investment thesis

Portfolio of assets

in top-ratedjurisdictions

Invested and

experienced team

Amonglowest-cost

producers with a history of delivering

Peer-leading growth pipeline

Track record of value creation

Notes

Page 4

1. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”.

2. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”.

3. Refer to Endnote on adjusted net earnings under the heading “Non-GAAP Measures”.

4. Refer to Endnote on adjusted net cash generated from operations under the heading “Non-GAAP Measures”.

Page 5

1. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”.

2. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”.

Page 6

1. Refer to Endnote on adjusted net earnings under the heading “Non-GAAP Measures”.

2. Refer to Endnote on adjusted net cash generated from operations under the heading “Non-GAAP Measures”.

Page 7

1. Gold sales expected to be in the same general range as production.

2. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”. Guidance for total cash costs and all-in sustaining costs incorporates realized prices and

foreign exchange rates to September 30, 2013 and assumes commodity price assumptions of: Gold - $1,300/oz; Copper - $3.25/lb; Silver - $20.00/oz for the balance of 2013.

3. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”.

Page 10

1. For a detailed breakdow n of Reserves and Resources, refer to: New Gold’s “Annual Information Form for the Financial Year Ended December 31, 2012” dated March 27, 2013; presentation dated April 4, 2013 “New Gold Announces Increased Gold Resources at Blackw ater Project”; and presentation dated July 31, 2013 “New Gold Second

Quarter Delivers Increased Production at Low er Costs - Second Half of 2013 Remains on Track to Provide Strong Finish to the Year”.

2. Refer to Endnotes under the heading “Cautionary note to U.S. readers concerning estimates of Measured, Indicated and Inferred Resources” and “Technical Information”.

Measured and Indicated Resources are inclusive of Reserves. At Blackw ater, the 8.6 million ounces of Resources referred to excludes 0.9 million ounces of material

to be stockpiled w hich has been classif ied as Measured and Indicated Resource.

3. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”. Cash costs have been compared to industry data per GFMS reports w hich calculated an

average, net of by-product credits, cash cost of $738 per ounce for the YE’2012.

4. El Morro production and cash costs based on updated December 2011 Feasibility Study.

Page 11

1. Blackw ater’s potential is not supported by a feasibility study. See Endnote “Blackw ater PEA – Additional Cautionary Note”.

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Notes

Page 12

Source: Broker Reports, Company Estimates and Announcements, Bloomberg; all amounts in USD.

1. New Gold’s average analyst consensus NAV.

2. New Gold’s average analyst consensus NAV for El Morro; includes $50 million cash payment received from Goldcorp as part of transaction consideration.

3. New Gold acquired Richfield and Silver Quest on June 1, 2011 and December 23, 2011, respectively.

4. New Gold acquired Rainy River on October 15, 2013.

5. New Gold share price appreciation calculated using a base price of US$1.79 from the March 3, 2009 close.

6. S&P/TSX Global Gold Index includes 54 gold companies in various stages of development/production.

7. FTSE Gold Mines Index includes 26 gold producing companies.

8. HUI Index includes 15 of the major global gold producers.

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Endnotes

CAUTIONARY NOTE TO U.S. READERS CONCERNING ESTIMATES OF MEASURED, INDICATED AND INFERRED RESOURCES

Inf ormation concerning the properties and operations of New Gold has been prepared in accordance with Canadian standards under applicable Canadian securities laws, and may not be comparable to

similar inf ormation f or United States companies. The terms “Mineral Resource”, “Measured Mineral Resource”, “Indicated Minera l Resource” and “Inf erred Mineral Resource” used in this presentation are

Canadian mining terms as def ined in accordance with National Instrument 43-101 (“NI 43-101”) under guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Standards

on Mineral Resources and Mineral Reserv es adopted by the CIM Council on Nov ember 27, 2010. While the terms “Mineral Resource”, “Measured Mineral Resource”, “Indicated Mineral Resource” and

“Inf erred Mineral Resource” are recognized and required by Canadian securities regulations, they are not def ined terms under standards of the United States Securities and Exchange Commission. Under

United States standards, mineralization may not be classif ied as a “Reserv e” unless the determination has been made that the mineralization could be economically and legally produced or extracted at

the time the Reserv e calculation is made. As such, certain inf ormation contained in this presentation concerning descriptions of mineralization and resources under Canadian standards is not comparable

to similar inf ormation made public by United States companies subject to the reporting and disclosure requirements of the Uni ted States Securities and Exchange Commission. An “Inf erred Mineral

Resource” has a great amount of uncertainty as to its existence and as to its economic and legal f easibility . It cannot be as sumed that all or any part of an “Inf erred Mineral Resource” will ev er be

upgraded to a higher category . Under Canadian rules, estimates of Inf erred Mineral Resources may not f orm the basis of f easibility or pre-f easibility studies. Readers are cautioned not to assume that all

or any part of Measured or Indicated Resources will ev er be conv erted into Mineral Reserv es. Readers are also cautioned not t o assume that all or any part of an “Inf erred Mineral Resource” exists, or is

economically or legally mineable. In addition, the def initions of “Prov en Mineral Reserv es” and “Probable Mineral Reserv es” under CIM standards dif f er in certain respects f rom the standards of the United

States Securities and Exchange Commission.

TECHNICAL INFORMATION

The scientif ic and technical inf ormation in this presentation has been rev iewed and approv ed by Mark Petersen, a Qualif ied Person under National Instrument 43-101 and of f icer of New Gold.

Mineral Reserv es and Mineral Resources

The estimates of Mineral Reserv es and Mineral Resources discussed in this presentation may be materially af f ected by env ironmental, permitting, legal, title, taxation, sociopolitical, marketing and other

relev ant issues. In addition to our February 5, 2013, April 4, 2013 and July 31, 2013 presentations, f urther details regarding Mineral Reserv e and Resource estimates, including classif ications, key

assumptions and parameters used in such estimates and other related inf ormation f or each of New Gold's mineral properties are prov ided in the respectiv e NI 43-101 Technical Reports, which are

av ailable at www.sedar.com.

Blackwater PEA – Additional Cautionary Note

This note regarding the preliminary economic assessment (“PEA”) is in addition to cautionary language already included in this presentation as required under NI 43-101. The Blackwater PEA is

preliminary in nature and includes Inf erred Mineral Resources that are considered too speculativ e geologically to hav e the economic considerations applied to them that would enable them t o be

categorized as mineral reserv es, and there is no certainty that the PEA based on these mineral resources will be realized. Mineral resources that are not mineral reserv es do not hav e demonstrated

economic v iability . This presentation includes inf ormation on New Gold’s PEA with respect to the Blackwater Project, which was outlined in the PEA Technical Report f iled on October 10, 2012. As

disclosed in the presentation, New Gold has, since the date of the PEA, completed sev eral non-material updates of the mineral resource estimate f or the Blackwater Project. Although the PEA represents

usef ul, accurate and reliable inf ormation based on the inf ormation av ailable at the time of its publication, and prov ides an important indicator as to the economic potential of the Blackwater Project, the

PEA is based on mineral resources estimates with an ef f ective date of July 27, 2012, which do not ref lect drilling conducted since their ef f ective date, and the PEA does not ref lect the latest mineral

resource estimate discussed in subsequent presentation. Certain assumptions used in the PEA, some of which relate to the July 27, 2012 mineral resource estimate, may hav e changed f rom those used

f or the new resource estimate, causing a v ariation of parameters. Moreov er, the updated mineral resource estimate may impact how New Gold intends to dev elop the deposit, including pit outlines,

production rates and mine lif e.

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Endnotes continued

NON-GAAP MEASURES

TOTAL CASH COSTS

“Total cash costs” per ounce f igures are non-GAAP measures which are calculated in accordance with a standard dev eloped by The Gold Institute, which was a worldwide association of suppliers of gold

and gold products and included leading North American gold producers. The Gold Institute ceased operations in 2002, but the s tandard is widely accepted as the standard of reporting cash costs of

production in North America. Adoption of the standard is v oluntary and the cost measures presented may not be comparable to other similarly titled measures of other companies. New Gold reports total

cash costs on a sales basis. Total cash costs include mine site operating costs such as mining, processing, administration, roy alties and production taxes, but are exclusiv e of amortization, reclamation,

capital and exploration costs. Total cash costs are reduced by any by -product rev enue and is then div ided by ounces sold to arriv e at the total by -product cash cost of sales. The measure, along with

sales, is considered to be a key indicator of a company ’s ability to generate operating earnings and cash f low f rom its mining operations. This data is f urnished to prov ide additional inf ormation and is a

non-IFRS measure. Total cash costs presented do not hav e a standardized meaning under IFRS and may not be comparable to similar measures presented by other mining companies. It should not be

considered in isolation as a substitute f or measures of perf ormance prepared in accordance with IFRS and is not necessarily indicativ e of operating costs presented under IFRS. A reconciliation to the

nearest IFRS measure will be prov ided in the MD&A accompany ing the quarterly f inancial statements.

ALL-IN SUSTAINING COSTS

Consistent with the guidance announced earlier in 2013 f rom the World Gold Council, an association of v arious gold mining com panies f rom around the world of which New Gold is a member, New Gold

def ines “all-in sustaining costs” as the sum of total cash costs, sustaining capital expenditures, corporate general & administrativ e costs, capitalized and expensed exploration that is sustaining in nature

and env ironmental reclamation costs. New Gold believ es this non-GAAP measure prov ides f urther transparency into costs associated with producing gold and will assist analy sts, inv estors and other

stakeholders of the company in assessing its operating perf ormance, its ability to generate f ree cash f low f rom current operations and its ov erall v alue. All-in sustaining costs constitute a non-GAAP

measure and are intended to prov ide additional inf ormation only and do not hav e any standardized meaning under IFRS. They should not be considered in isolation or as a substitute f or measures of

perf ormance prepared in accordance with IFRS. Other companies may calculate these measures dif f erently . A reconciliation to t he nearest IFRS measure will be prov ided in the MD&A accompany ing the

quarterly f inancial statements.

ADJUSTED NET EARNINGS

“Adjusted net earnings” and “adjusted net earnings per share” are non-GAAP f inancial measures. Net earnings hav e been adjusted and tax af f ected for the group of costs in “Other gains and losses” on

the condensed consolidated income statement. The adjusted entries are also impacted f or tax to the extent that the underly ing entries are impacted f or tax in the unadjusted net earnings f rom continuing

operations. The company uses this measure f or its own internal purposes and believ es the presentation of adjusted net earnings enables inv estors and analy sts to better understand the underly ing

operating perf ormance of our core mining business through the ey es of management. Management periodically ev aluates the components of adjusted net earnings based on an internal assessment of

perf ormance measures that are usef ul f or ev aluating the operating perf ormance of our business and a rev iew of the non-GAAP measures used by mining industry analy sts and other mining companies.

Adjusted net earnings and adjusted net earnings per share are intended to prov ide additional inf ormation only and do not hav e any standardized meaning under IFRS. They should not be considered in

isolation or as a substitute f or measures of perf ormance prepared in accordance with IFRS. The measures are not necessarily indicativ e of operating prof it or cash f low f rom operations as determined

under IFRS. Other companies may calculate these measures dif f erently.

ADJUSTED NET CASH GENERATED FROM OPERATIONS

“Adjusted net cash generated f rom operations” is a non-GAAP f inancial measure. Net cash generated f rom operations has been adjusted f or one-time expenses related to the company ’s acquisition of

Rainy Riv er in the third quarter and a one-time charge incurred in the second quarter related to the settlement of the company ’s legacy gold hedge position. The company believ es the presentation of

adjusted net cash generated f rom operations enables inv estors and analy sts to better understand the underly ing operating perf ormance of our core mining business. Adjusted net cash generated f rom

operations is intended to prov ide additional inf ormation only and does not hav e any standardized meaning under IFRS. It should not be considered in isolation or as a substitute f or measures of

perf ormance prepared in accordance with IFRS.

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Contact information

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Investor Relations

Hannes PortmannVice President, Corporate Development

416-324-6014

hannes.portmann@newgold.com