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BMO Capital Markets Global Metals and Mining Conference CASH POSITIVE DESPITE THE LOWER GOLD PRICE Nick Holland 29 February 2016 Forward looking statements Certain statements in this document constitute forward looking statements within


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BMO Capital Markets Global Metals and Mining Conference

CASH POSITIVE DESPITE THE LOWER GOLD PRICE Nick Holland

29 February 2016

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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

  • ccurrence of unanticipated events.

BMO Global Metals and Mining Conference, Nick Holland, 29 February 2016

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Q4 and FY 2015 Results

BMO Capital Markets Global Metals and Mining Conference, Nick Holland, 29 February 2016

Salient features Cash positive despite the lower gold price Net cash flow from operating activities of US$47m (FY15: US$123m) Attributable gold equivalent production up 2% QoQ to 566koz (FY15: 2,159koz) All-in costs down 2% QoQ to US$942/oz (FY15: US$1,026/oz) Normalised earnings of US$15m (FY15: US$45m) Final dividend of 21 SA cents declared (FY15: 25 SA cents) Net debt decreased US$47m QoQ to US$1,380m, net debt to EBITDA at 1.38x South Deep – production up 24% QoQ to 68koz (FY15: 198koz) FY16 guidance – production of 2.05-2.10Moz at AIC of US$1,035-1,045/oz Impairments of US$300m – none of the significant operating assets affected

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477000 451,000 496,000 598,000 557,000 548,000 559,000 556,000 501,000 535,000 557,000 566,000 200 400 600 800 1000 1200 1400 1600 1800 100,000 200,000 300,000 400,000 500,000 600,000 700,000 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015

US$/oz Ounces

Attr Gold Produced Gold Price AIC

Steady decrease in all-in costs

Q4 2015: production up 2%, all-in costs down 2%, gold price flat Steady decrease in AIC through 2015

BMO Global Metals and Mining Conference, Nick Holland, 29 February 2016 2015

Production: 2,159koz AIC: US$1,026/oz

2014

Production: 2,219koz AIC: US$1,087/oz

2013

Production: 2,022koz AIC: US$1,312/oz

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Strong focus on cash generation

Net cash flow US$123m net cash flow from operating activities generated in FY15

  • 45
  • 229

4 38 54 65 63 54

  • 29

30 75 47 1,625 1,372 1,315 1,265 1,283 1,275 1,265 1,179 1,198 1,174 1,103 1,092

  • 2,000
  • 1,500
  • 1,000
  • 500

500 1,000 1,500 2,000

  • 350
  • 250
  • 150
  • 50

50 150 250 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015

US$/oz US$ million 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.

2013 2014

Gold: US$1,249/oz Net cash: US$236m Gold: US$1,386/oz Net cash: (US$232m)

2015 BMO Global Metals and Mining Conference, Nick Holland, 29 February 2016

Gold: US$1,140/oz Net cash: US$123m

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Comfortable balance sheet, with flexibility

  • Net debt of US$1,380m at 31 December 2015
  • Net debt to EBITDA of 1.38x at end-Q4 2015
  • Unutilised facilities of US$844m and R2.5bn
  • First debt maturity in November 2017

Balance sheet Continue to lower net debt

0.8 1.0 1.2 1.4 1.6 1.8 500 1,000 1,500 2,000 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015

US$m Net debt (US$m) and Net debt/EBITDA

Net debt Net debt/EBITDA

BMO Global Metals and Mining Conference, Nick Holland, 29 February 2016

500 1,000 1,500 2,000 2,500 3,000 3,500 US$ facilities Rand facilities Total facilities

US$m Debt facilities

Utilised Unutilised 950 1,000 1,050 1,100 1,150 1,200 1,250 1,300 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 US$/oz

Net debt/EBITDA and gold price

Net debt/EBITDA Gold price

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South Deep

Target is to reach breakeven by end-2016

  • Required leadership in place
  • Bedding down a performance driven culture
  • Skills development strategy developed
  • Significant improvement in safety performance
  • Positive production trends emerging
  • Simplified destress mining being implemented
  • Targeting cash breakeven by end-2016

2016 Guidance

  • Production:

257koz

  • AISC:

R550,000/kg

  • AIC:

R575,000/kg

  • Capex:

R999m

  • Exchange rate:

R14.14 = US$1.00 Q4 2015 Q3 2015 2015 2014 Production

koz

68.1 54.9 198.0 200.5 AISC

US$/oz

1,095 1,404 1,490 1,548 AIC

US$/oz

1,156 1,431 1,559 1,732

49 36 39 55 68 500 1,000 1,500 2,000 2,500 10 20 30 40 50 60 70 80 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015

Production (koz) and AIC (US$/oz)

Production AIC

  • 361
  • 398
  • 330
  • 266
  • 57

100,000 200,000 300,000 400,000 500,000 600,000

  • 450
  • 400
  • 350
  • 300
  • 250
  • 200
  • 150
  • 100
  • 50

Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015

Net Cash Flow (R million) and Gold Price (R/kg)

Net cash flow Gold Price

BMO Global Metals and Mining Conference, Nick Holland, 29 February 2016

Business performance

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South Deep

  • 98% of critical skills appointed
  • Business improvement implementation

capacity established

  • Fleet renewal
  • Infrastructure upgrade and maintenance
  • Improvement in underground working

conditions

  • Employee motivation through improved

working conditions, safety performance, reward programs and engagement

BMO Global Metals and Mining Conference, Nick Holland, 29 February 2016

Key factors underpinning performance improvements Operating platform improving

Key Pillars

  • 1. People
  • 2. Safety and health
  • 3. Mechanised Fleet
  • 4. Infrastructure
  • 5. Mining
  • 6. Mine design and planning
  • 7. Systems

BUSINESS IMPROVEMENT

  • BI Team

̵ Program Manager ̵ Project managers ̵ Execution teams

  • 68 Projects

̵ Project management framework ̵ Progress monitoring and reporting in early stages TRACKLESS FLEET

  • Fleet Renewal

̵ 24 new units commissioned ̵ 3 old units decommissioned ̵ Fleet size increased from 74 to 95

  • Planned Maintenance

̵ 93L Workshop commissioned ̵ OEM Maintenance contracts commenced in Q4 BUSINESS IMPROVEMENT TRACKLESS FLEET

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South Deep

Positive trends Underground operations gaining momentum

BMO Global Metals and Mining Conference, Nick Holland, 29 February 2016

20 40 60 80 100 120 140 160

Q1 2015 Q2 2015 Q3 2015 Q4 2015 2014 2015

Tonnes (‘000)/Q Long Hole Stoping Production & Contribution

24% 22%

10 20 30 40 50 60 70 80 90

Q1 2015 Q2 2015 Q3 2015 Q4 2015 2014 2015

Number of Ends Destress Face Availability

10 20 30 40 50 60 70 80

Q1 2015 Q2 2015 Q3 2015 Q4 2015 2014 2015

Tonnes (‘000)/Q Backfill Production (kt)

34% 40% 37% 36% 200 400 600 800 1000 1200 1400 1600 Q1 2015 Q2 2015 Q3 2015 Q4 2015 2014 2015 m/Q

Development

Current Mine New Mine

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South Deep

People / Skills / Organisational culture Empowering the team

BMO Global Metals and Mining Conference, Nick Holland, 29 February 2016 30% 52% 6% 12%

Employee Satisfaction Barometer (Q4 2015)

Strongly Satisfied Satisfied Strongly Dissatisfied Dissatisfied

Experienced leadership team in place 143 of 146 core positions filled Business Improvement team established 47 x Artisans in training OEM Maintenance contracts (Q4 2015)

(26% of mining contribution)

Disciplined culture Performance oriented Personal engagement

Quality Skills Culture

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FURTHER SAFETY IMPROVEMENTS SUSTAINABLE IMPROVEMENT 257 KOZ GOLD CASH BREAKEVEN BY YEAR-END

South Deep

BMO Global Metals and Mining Conference, Nick Holland, 29 February 2016

Looking forward Targeting cash breakeven by end-2016 – continuous improvement thereafter

  • Strong focus on basic
  • perational requirements

remain

  • Operating conditions
  • Workforce confidence and self

belief

BASICS

  • Engineering skills

development program continues

  • Planned maintenance:

develop systems & business processes

  • Shafts and winders

ASSET MANAGEMENT

  • High profile destress stoping
  • Seismic risk correlation to

increased production

  • Mining value chain

management and operational flexibility

MINING METHODS 2016

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Solid global portfolio

BMO Global Metals and Mining Conference, Nick Holland, 29 February 2016

Production and AIC (ex South Deep) Operations cash positive at US$1,100/oz gold price

  • Attributable production Q4 2015: 498koz (FY15: 1.96Moz)
  • AIC Q4 2015: US$912/oz (FY15: US$944/oz)
  • Net cash flow from international operations Q4 2015: US$86m (FY15: US$334m)

100 200 300 400 500 600 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015

Equivalent production (koz)

200 400 600 800 1,000 1,200 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015

AIC (US$/oz)

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Australia: Exploring the Orogenic Mines

  • Post depletion reserves expected to be

largely unchanged

  • Resources expected to increase

between 10% and 15%

  • Discovery of Invincible South
  • Cinderella and FBH in development
  • Strong reserve and resource addition

continues at Wallaby

  • Comprehensive update of geophysics

program has provided definition of structures and alteration under cover generating new drill targets

BMO Global Metals and Mining Conference, Nick Holland, 29 February 2016

Return on the 2015 investment Orogenic exploration continues to deliver

  • A$86m planned for 2016
  • Exploration drill drive to commence to

Waroonga North (Agnew)

  • Continue to grow the Resource and

Reserve on the discoveries at Cinderella, FBH, and Invincible South

  • Complete resource growth and scoping

study on the Paleochannel Resources (St Ives) 2016-2017 Focus

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St Ives

  • Additional Invincible style shoot located within the Speedway Trend
  • Higher grade than previous shoots
  • Initial Resource of 1.4 Mt @ 6.9 g/t (312koz) defined to a depth of 400m, open down plunge
  • Pit and underground potential
  • Q4 intercepts:

̵ 19.1m at 12.1 g/t Au ̵ 11.4m at 13.9 g/t Au ̵ 11.0m at 14.7 g/t Au

BMO Global Metals and Mining Conference, Nick Holland, 29 February 2016

Invincible South A new high grade resource

~200m 750m

NW SE

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St Ives

  • Exploration focused on sparsely

tested flanks of camp

  • 30km Speedway trend being

systematically explored targeting Invincible analogues

  • 21 new targets advanced in

exploration pipeline

  • Reinterpretation of geology and

structure in an area of shallow cover growing central corridor

  • Lead to multiple ore grade

intersections in reconnaissance diamond drilling at Retribution

BMO Global Metals and Mining Conference, Nick Holland, 29 February 2016

New exploration fronts Still discovering mineralised systems on large tenement package

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Agnew/Lawlers

Drill drive design to test multiple targets on the way to Waroonga North and expedite production

BMO Global Metals and Mining Conference, Nick Holland, 29 February 2016

Waroonga North High grade Kim analogues Target Areas

Figure: Waroonga Complex looking east, orthogonal to Emu shear. 2015/2016 exploration drilling piercing points in red.

Au g/t

500m Drill intersections 2015/16 Pre-2015

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Agnew/Lawlers

BMO Global Metals and Mining Conference, Nick Holland, 29 February 2016

Cinderella A growing resource and reserve base

  • Accelerated development to open

up deposit (commenced Q4 2016)

  • Incline provides access to drill below

Cinderella and Hidden Secret targets

  • Drilling plan to grow reserves
  • First ore H2 2016
  • Contained ounces

̵ 55koz reserve, 101koz LoM

Cinderella Incline N New Holland Open Pit

Face positions as of end of December

Hidden Secret Open Pit Cinderella Waroonga UG

Grey = As-mined Blue = Planned stopes Red = Vent drive Other = Development Cinderella North Target Himitsu & Hidden Secret Targets Cinderella East Target 200m

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Darlot

Exploration update – Assay highlights

BMO Global Metals and Mining Conference, Nick Holland, 29 February 2016

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Granny Smith

Wallaby

Growing and growing and growing

Wallaby Underground

  • Over 63km diamond core drilled in

2015 - 48km in plan for 2016

  • Further extensions to Z100, Z110 and

Z120 expected in 2016

  • Deep exploration drilling at Wallaby

continues to confirm the interpretation

  • f 5 lenses (Z125 to Z150) below

defined resources

  • Excellent results from Z135 to date:

6.0m @ 9.70g/t 14.8m @ 13.66g/t 15.6m @ 17.87g/t 26.9m @ 9.13g/t

  • The Wallaby system remains open at

depth

  • Alternate Haulage Study to optimise

cash flow and production in progress

BMO Global Metals and Mining Conference, Nick Holland, 29 February 2016

Zone 250 Zone 60 Zone 70 Zone 80 Zone 90 Zone 100 Zone 110 Zone 120

Thet’s Shear

Zone 150 Zone 140 Zone 135 Zone 125 Zone 130

1.9km depth

Current vertical extent

  • f reported R&R

Current vertical extent

  • f mine development

Advanced exploration target area Z125-150

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Granny Smith

Regional exploration

  • Major evaluation of regional lease holding

commenced in 2015

  • Over 56km of aircore drilled in 2015 –

returning an abundance of anomalous intersections and highlighting several new areas of interest. 96km of follow-up and new programs in plan for 2016

  • Establishing geological framework, as was

successfully applied at St Ives, key to improved geological understanding and future target generation

  • Diamond drill testing at Alabama has

intersected (low grade) anomalous intervals with visible gold observed in the core

  • Studies to optimise a potential open pit

(~75koz) and underground (~350koz) at Granny Smith are underway

  • Least explored of all the Australian assets

BMO Global Metals and Mining Conference, Nick Holland, 29 February 2016

Aircore Drilling Completed 2015 – max Au

6m @ 6.88g/t 2m @ 2.56g/t 2m @ 4.88g/t

2m @ 1.57g/t 10m @ 0.41g/t

2m @ 1.57g/t 2m @ 1.14g/t

Northern Fleet Project anomalous trend – +6km

Alabama Project Area – visible Au in core

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Conclusions

  • Cash flow and margin – Make money at current prices
  • Committed to delivering on our plans in terms of both production and costs

̵ Near-mine exploration continues ̵ Ongoing development of orebodies is critical

  • Continue to reduce net debt – Targeting net debt/EBITDA of 1x

̵ Balance sheet has flexibility with regards to capacity and maturity

  • We are firmly focused on delivering a sustainable South Deep – encouraged by early signs
  • Continue to evaluate value-accretive opportunities

BMO Global Metals and Mining Conference, Nick Holland, 29 February 2016

Strategic priorities Focus on cash

  • Attributable equivalent gold production: 2.05-2.10Moz
  • AISC: US$1,000-1,010/oz
  • AIC: US$1,035-1,045/oz

2016 Group guidance

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Investor Relations Contacts

Avishkar Nagaser Tel: +27 11 562 9775 Mobile: +27 82 312 8692 E-mail: Avishkar.Nagaser@goldfields.co.za Francie Whitley Tel: +27 11 562 9712 Mobile: +27 82 321 7433 E-mail: Francie.Whitley@goldfields.co.za