Q3 2016 Operating Results and Damang Reinvestment Plan

KEEPING THE FOCUS DESPITE HIGHER GOLD PRICE

Nick Holland
24 October 2016
Forward looking statements

Certain statements in this document constitute forward looking statements within the meaning of Section 27A of the US Securities Act of
1933 and Section 21E of the US Securities Exchange Act of 1934.

In particular, the forward looking statements in this document include among others those relating to the Damang Exploration Target
Statement; the Far Southeast Exploration Target Statement; commodity prices; demand for gold and other metals and minerals; interest
rate expectations; exploration and production costs; levels of expected production; Gold Fields growth pipeline; levels and expected
benefits of current and planned capital expenditures; future reserve, resource and other mineralisation levels; and the extent of cost
efficiencies and savings to be achieved. Such forward looking statements involve known and unknown risks, uncertainties and other
important factors that could cause the actual results, performance or achievements of the company to be materially different from the future
results, performance or achievements expressed or implied by such forward looking statements. Such risks, uncertainties and other
important factors include among others: economic, business and political conditions in South Africa, Ghana, Australia, Peru and elsewhere;
the ability to achieve anticipated efficiencies and other cost savings in connection with past and future acquisitions, exploration and
development activities; decreases in the market price of gold and/or copper; hazards associated with underground and surface gold mining;
labour disruptions; availability terms and deployment of capital or credit; changes in government regulations, particularly taxation and
environmental regulations; and new legislation affecting mining and mineral rights; changes in exchange rates; currency devaluations; the
availability and cost of raw and finished materials; the cost of energy and water; inflation and other macro-economic factors, industrial
action, temporary stoppages of mines for safety and unplanned maintenance reasons; and the impact of the AIDS and other occupational
health risks experienced by Gold Fields employees.

These forward looking statements speak only as of the date of this document. Gold Fields 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 document or to reflect the
occurrence of unanticipated events.

Q3 2016 Operating Results and Damang Reinvestment Plan, 24 October 2016 2

Highlights from Q3 2016

Group attributable equivalent production of 537koz (+2% QoQ, -4% YoY)

AISC (US$1,026/oz) and AIC (US$1,038/oz) both tracking below FY16 guidance

Net cash flow from operating activities of US$152m in Q3 2016 (2.5x that of H1 2016)

Debt balance further reduced during Q3 2016 to US$1,029m (30 June 2016: US$1,155m)

Damang Reinvestment Project approved which will result in an 8-year LOM to 2024

Tough quarter at South Deep with fatality: Production of 69koz (-9% QoQ)

Ghana: production of 188koz (+14% QoQ) at AIC of US$999/oz (down 7% QoQ)

Peru: Au eq production of 61koz (-5% QoQ) at AIC of US$765/oz (up 28% QoQ)

Australia: production of 237koz (-1% QoQ) at AIC of US$991/oz (up 2% QoQ)

FY16 guidance intact production of 2.10-2.15Moz at AIC of US$1,035-1,045/oz

Strong cash generation in Q3 2016

Q3 2016 Operating Results and Damang Reinvestment Plan, 24 October 2016 3
Production and costs

2013 2014 2015 H1 2016

700 1800
Production: 2,022koz Production: 2,219koz Production: 2,159koz Production: 1,044koz
AIC: US$1,312/oz AIC: US$1,087/oz AIC: US$1,026/oz AIC: US$1,024/oz
598 1600
600 566
557 548 559 556 557
535 535 537
515 1400
496 501
500 477
451 1200

400 1000
000 Ounces

US$/oz
300 800

600
200
400

100
200

0 0
Q1 2013

Q2 2013

Q3 2013

Q4 2013

Q1 2014

Q2 2014

Q3 2014

Q4 2014

Q1 2015

Q2 2015

Q3 2015

Q4 2015

Q1 2016

Q2 2016

Q3 2016
Attr Gold Produced Gold Price AIC

Margin starting to expand

Q3 2016 Operating Results and Damang Reinvestment Plan, 24 October 2016 4
Strong focus on cash generation
Net cash flow

250 2013 2014 2015 H1 2016 2,000

Gold: US$1,386/oz Gold: US$1,249/oz Gold: US$1,140/oz Gold: US$1,220/oz
Net cash: (US$232m) Net cash: US$236m Net cash: US$123m Net cash: US$60m
200
1,625 1,329 1,500
1,242
1,182
150 1,372 1,315 1,103 1,092
1,265 1,283 1,275 1,265
1,179 1,198 1,000
1,174
152
100
75
65 63
54 54 47 500
50 38 34
30 26
US$ million

US$/oz
4
0 0

-50 -29
-45 -500

-100
-1,000
-150

-1,500
-200

-250 -229 -2,000

Q1 2013

Q2 2013

Q3 2013

Q4 2013

Q1 2014

Q2 2014

Q3 2014

Q4 2014

Q1 2015

Q2 2015

Q3 2015

Q4 2015

Q1 2016

Q2 2016

Q3 2016
Net cash flow Gold price

Net cash flow from operating activities after taking account of net capital expenditure, environmental payments, debt service costs and non-recurring items.

US$152m net cash flow from operating activities generated in Q3 2016

Q3 2016 Operating Results and Damang Reinvestment Plan, 24 October 2016 5
West Africa Region

Development agreement reached with US$/oz

Koz Production AIC
the government of Ghana in March 700 1400
2016
600 1200
A reduction in the corporate tax rate from
35.0% to 32.5%, effective 17 March 2016 500 1000

A change in the royalty rate from a flat 5% 400 800

of revenue to a sliding scale royalty based
300 600
on the gold price, effective 1 January 2017
(3% at a gold price of US$1,300/oz) 200 400

New gas plants to be commissioned in 100 200

Q4 2016 0 0
2014 2015 2016F 2014 2015 2016F
Damang: 30% reduction in power unit cost
Tarkwa Damang
to 16.0 USc/kWh
Tarkwa: 10% reduction in power unit cost
to 13.5 USc/kWh

Tonnes Grade Gold

2015 2016F
(Mt) (g/t) (Moz)

Attributable Production (koz) 754 710 Resources 344 1.34 14.8

AISC (US$/oz) 1,049 990 Reserves 248 1.09 8.7

Note: Reserves and Resources as at 31 December 2015

Aspirational target of 1Moz at AIC Below US$1,000/oz

Q3 2016 Operating Results and Damang Reinvestment Plan, 24 October 2016 6
Update on Ghanas politics and economy
Political landscape
Upcoming general elections on 7 December 2016
2 major parties in what is expected to be a closely run election process:
National Democratic Congress (NDC) vs. the National Patriotic Party (NPP)

John Nana
Dramani Akuffo
MAHAMA ADDO

Macroeconomic update
Inflation rate (September 2016): 17.2%
Bank of Ghana policy rate (November 2015): 26.0%
Overall budget deficit is set to improve to 5.2% of GDP this year
2015: 7.1% of GDP
2014: 10.1% of GDP
However, growth outlook for 2016 and 2017 has been revised down due to a slowdown in oil production
(FPSO shutdown)
GDP growth expected to slow to 3.0% - 4.0% in 2016 vs the Government target of 5.4%

Q3 2016 Operating Results and Damang Reinvestment Plan, 24 October 2016 7

Tarkwa
Wits Style Paleoplacer mineralisation
20,825 ha of granted tenements with
Production (koz) and AIC (US$/oz)
significant exploration potential at existing pits 160 149.4 148.6 1,200
144.8 139.5 134.1
and on-site 140
1,000
Long life asset with 7Moz reserves 120
800
100
Over-the-fence power supply off the grid to be 80 600

commissioned in Q4 2016 60
400
40
Good grades should continue with further 20
200

mining of Teberebie and introduction of 0 0

Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Kottraverchy
Production AIC
Focus areas:
Retain positive AISC trends
Embed Development Agreement

Mineral Resources and Reserves at December 2015

Tonnes Grade 2016 Guidance
Operation Gold (Moz)
(Mt) (g/t)
Production 560koz
Tarkwa Resources 258.8 1.13 9.4
AISC & AIC US$980/oz
Tarkwa Reserves OP Only 144.8 1.25 5.8

Tarkwa Reserves total* 211.3 0.99 6.7 Capex US$166m

World-class operation
Q3 2016 Operating Results and Damang Reinvestment Plan, 24 October 2016 8
Reinvesting to unlock Damangs potential
North to South view over the Damang complex

Birds eye view of the current Damang complex

Q3 2016 Operating Results and Damang Reinvestment Plan, 24 October 2016 9
Summary of Damang Reinvestment Plan
Investing in a key operating region

Reinvestment will extend Damangs life of mine (LOM) by 8 years from 2017 to 2024
US$1.4bn in total operating and capital expenditure over LOM
Will enhance Gold Fields presence in key operating region and result in significant social
benefits
Benefits of the Development Agreement have been key inputs into the Plan and enhance the
economics of the project
Operating metrics:
165Mt will be mined over a 7-year period
32Mt will be processed at a grade of 1.65g/t, resulting in gold production of 1.56Moz
Average annual production of c.225koz and AIC of US$950/oz over LOM
Social and fiscal benefits:
Direct employment of 1,850 people (c.55% from catchment community)
Investment in sustainable development projects of US$5m

A new lease on life

Q3 2016 Operating Results and Damang Reinvestment Plan, 24 October 2016 10
Study background Investment case
Damang Reinvestment Plan includes Damang Complex & Satellite Pits
Optionality studies were undertaken during
2015/16. Options considered: Location Plan
Huni Damang
Continue mining
Saddle Complex Pits
Expansion DPCB Saddle
Plant
DPCB
Care & maintenance Juno

Closure Kwesie Gap

The preferred option was the Reinvestment Tomento N

Plan: Continue mining with a life of mine Tomento

extension of 8 years Lima/Lima S
Tomento E
Satellite Pits
Reinvestment study reviewed by external Amoanda
experts (SRK, Optiro, Rowley Geological Lima South
Amoanda Kwesi Gap
Services, AMC) 14 km Tomento East
Open pit mining being undertaken by local and
global mining contractors
The only major civil works is the construction
and expansion of Tailing Storage Facilities on
Rex
site (ETSF & FETSF)
Damang Processing Plant will require a new
SAG Mill shell
Q3 2016 Operating Results and Damang Reinvestment Plan, 24 October 2016 11
Mine assumptions
Resource Models & Geotechnical Assumption are the key drivers of the Mine Design

Gold Fields 90%

Ownership Ghanaian Govt 10%

Open Pit Mining

Mine Type Contract Mining operation

Price Gold Fields Guidance Price of $1,200/oz

Latest Contract Mining Costs
Assumptions

Mining Vertical Advance rate set at max. 63m/yr

Mining Limit of 35Mtpa Total Mined
Constraints Movement

4.2Mt processing per annum

Processing Variable Processing Recovery - CIL Plant

Natural surface
Measured and Indicated Resources on
Mine Inventory Major Pits
Stockpiles

Operating life of 8 years including

Mine Life stockpiles
Mining 7 years

Satisfies ETSF stand-off distance (50m)

Geotechnical Satisfies geotechnical stability criteria

Q3 2016 Operating Results and Damang Reinvestment Plan, 24 October 2016 12

Operating metrics: Production and cost profile
Average annual production of c.225koz and AIC of US$950/oz over LOM

Mt Tonnes mined vs. head grade g/t

40 2.50
35
2.00
30
25 1.50
LOM Plan
20
15 1.00
Tonnes mined (Mt) 165
10
0.50
Tonnes milled (Mt) 32 5
0 0.00
Head grade (g/t) 1.65 2017 2018 2019 2020 2021 2022 2023
Tonnes mined Head grade
Gold production (Moz) 1.55

Mining cost (US$/t) 3.60 Production vs. AIC US$/oz

koz

Processing cost (US$/t) 16.25 300 2,500

250 2,000
AIC (US$/oz) 950
200
1,500
150
1,000
100

50 500

0 0
2017 2018 2019 2020 2021 2022 2023 2024
Gold production AIC

Economics of the project are attractive

Q3 2016 Operating Results and Damang Reinvestment Plan, 24 October 2016 13
Sustaining Capital Expenditure: Overview
Outside of waste stripping, the next major capital is the FETSF Project

US$m Annual Sustaining Capital

160

140

120

100

80

60

40

20

0
2017 2018 2019 2020 2021 2022 2023

Waste Stripping Pre-development Cost Re-investment Study Mining Processing & FETSF
Compensations Engineering Projects Others Projects Growth Capital

Q3 2016 Operating Results and Damang Reinvestment Plan, 24 October 2016 14

Social and fiscal benefits of the Reinvestment Plan
Damang will provide benefits to the local community and Government of Ghana

Increase in taxes paid to Government, further social benefits for community

Further investment in local sustainability projects
A commitment to local employment in the Damang catchment community area
Gold Fields has also commenced the tarring of the road between Damang and Tarkwa which is
expected to have benefits for all stakeholders

Local Community Catchment (%)

Labour US$m Sustainable Development
1800 100%
1600 90% 5
1400 80%
70% 0.76
1200 4
60%
1000
Jobs

50% 1.57
800 3 0.45
40%
600 0.5
30%
400 2 0.46 0.71
20%
0.41 0.22
200 10%
0 0% 1
1.49 1.5
Direct Fixed Term Capital and
Employment Operating 0
Contractor Labour 2010 - 16 Re-investment Projection 2017-24
Current Re-investment Projection 2017-24
Education Health Water and Sanitation Agriculture Infrastructure
Catchment Community - Cur. Catchment Community - RIP

Q3 2016 Operating Results and Damang Reinvestment Plan, 24 October 2016 15

Unconstrained Damang Case
Case will add ~ 2.6Moz for a further project life of 10 years

Huni Pit

Saddle Pit
East Tailings Storage Facility
Plant and
Crusher/ROM
DPCB Pit

Far East Tailings Storage Facility

Juno

16
Investor Relations Contacts
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E-mail:
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Mobile: +27 82 315 2832
E-mail:
Thomas.Mengel@goldfields.co.za
Media Contact
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