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Q4F2010 ResultsPresentationTranscript 05August2010

Q4 F2010

www.goldfields.co.za

GoldFields Q4F2010ResultsPresentation 05/08/2010

• Q4F2010ResultsPresentation

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• Johannesburg, 5 August 2010

Gold Fields Q4F2010 Results

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• Ladiesandgentlemen,thankyouverymuchforjoiningusherethismorningforthefinalquarterresultsfor

F2010.It’salsotheyearendresults.Wewillfollowthenormalprocedureswiththepresentationtoday.We will start off with Nick, who will give a brief overview, and then Paul will take us through some of the

• financials. Vishnu will talk about the South African operations, Peter Turner about the West African
• perations, Richard Weston Australasia, and then Juancho Kruger will talk about the South American
• perations.Afterthatwewillhaveatimeforquestions.MayIaskbeforewestarttomakesurethatyourcell

phonesareswitchedoff?

• From a safety point of view, in the unlikely event that something goes wrong in this room you can exit

throughthedoorsagainstthatwallandthroughthebackandthefrontdoors.Andifyoucouldmeetonthe lawnsfartothenorthofthebuilding,wherefurtherinstructionswillbegiven.Wewillalsobebroadcasting thispresentationandwewelcomethepeoplewhoarewatchingontelevisionorthroughthewebcastonthe internet.We’llgetstartednow.IhandovertoNicktogetusgoing.Thankyouverymuch.

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Programme

Introduction

3

Introduction Nick Holland Financial review Paul Schmidt Region operational summaries

• South Africa region
• West Africa region
• South America region
• Australasia region

Vishnu Pillay Peter Turner Juancho Kruger Richard Weston Conclusion Nick Holland

• Thankyou,Willie,andgoodmorningeverybody.FirstofallitgivesmegreatpleasuretowelcomeRichard

Westontotheteam.RichardhastakenovertherunningofourAustralasiaregion.RichardisExecutiveVice PresidentandHeadofAustralasia,andhe’ssittingherenexttoJuanchoKruger.Mostofyouhaven’tmet Richardbefore,andI’dliketowelcomehimtothegroup.He’snowbeenwithusforaboutthreemonths, andhe’sslottedintotheteamveryquickly.Sowe’repleasedtohavehimonboard.

• Best safety year ever – SA gold industry leader
• Attributable gold production up 13% to 898koz
• Record production quarter at Tarkwa
• Total cash cost and NCE down 2% & 3%, respectively
• NCE margin up from 9% to 18%
• Earnings triple to R900 million

Q4F2010 Highlights

Introduction

Free Cash Flow of R1.8bn

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• Well,itwouldn’tbecompletetostartapresentationlikethisifwedidn’ttalkaboutsafetybecausesafetyis

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• urnumberonevalue.We’vehadthebestsafetyyeareverinGoldFields,andthatwasonthebackofour

bestsafetyeverlastyear.We’veshowna20%improvementinourfatalityrate,arounda15%improvement inourseriousinjuryrate,andwearenowtheSAgoldindustryleadersinsafety.Andthat’sarecordthatI intendforustoholdontoandtobuilduponin2011fiscalyearandbeyond.

• Alsooverthislastquarterweshowedanincreaseof13%inourattributableproductionuptojustunder

900,000ounces.Andthat’ssimilartothelevelsthatwewereproducingintheDecemberquarteroflast year.Andit’snicetobeabletoshowanincreaseinproductionatatimewhenthegoldpriceisalsogoneup inRandterms,inUSDollartermsandinAustralianDollarterms.Andyoucanseethatthat’sreflectedinfree cashflowforthequarterofR1.8billion.Sowehavedeliveredthegoldpricetothebottomline,andwe’ve delivereditonasaferbasisthatwhatwe’vedonebefore.

• There’s been a record production quarter at Tarkwa. Tarkwa managed to produce 200,000 ounces this

quarter.We’veneverhitthattargetbefore,sothat’satremendousachievementforPeterTurnerandhis team.AndIlookforwardtothemtryingtoemulatethisagainintothefuture.

• DespiteEskomincreasesofaround25%,despitethefactthatinSouthAfricawe’reintothewinterelectricity

tariffs,whicharetypicallyabout50%higherthanwhattheyaretherestoftheyear,we‘vestillmanagedto reduceourcashcosts.We’vealsomanagedtocontainouroverallNCEdespitethesignificantinvestment thatwe’remakingintothiscompanyforthefuture,inparticularintoSouthDeep.

• AndyouknowthatI’vetalkedaboutnotionalcashexpenditureforsometimenowasbeingtherealmeasure
• fcashflow.Andyoualsoknowthatwe’retheonlygoldproducerintheworldwhopresentsyouwiththe

pictureonnotionalcashexpenditure.Wewillcontinuetodothat.Andagainstthatmetricyoucanseewe’ve doubledourNCEmarginfrom9%to18%.OurearningshavetripledtoR900millionforthequarter.SoI believeoverallit’sbeenagoodquarterforGoldFieldsandwe’vedemonstratedthatwecanmakemoneyfor shareholders.

• F2010 Scorecard

Introduction

Improving the Margin per oz

Sweating our assets

• Attributable production up 2% to 3.5m oz
• South Deep up 52% from 175koz to 265koz
• Cerro Corona* up 80% from 219koz to 394koz
• Tarkwa* up 20% from 612koz to 721koz
• NCE margin
• Up 2% from 13% to 15%
• Reviewing processes & structures to improve margins

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*Managed

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I’dliketolookbrieflyatthescorecardfor2010,theyearjustgoneby.Ourscorecardismeasuredagainstthe threekeystrategicobjectiveswe’vesetforthisgroup.Thefirstoneofthoseissweatingtheassets.That’s making sure that we get the best out of our production machine. Over the last year we’ve shown a 2% increaseinourproduction.We’vegoneupto3.5millionounces.

• ButagainstthatbackdropSouthDeephasgoneup52%from175,000ouncesto265,000ounces.Andthat’s

averyimportantmilestonebecauseitdemonstratesthatwearemovingtowardsthe2014targetof750,000

• uncesperannum.Andwitha52%increasethislastyearitshowsthatthisassethasgotmomentum.
• It’sbeenthefirstfullyearofoperationatCerroCorona,andwe’vehadafantasticperformanceoutofthat

asset,an80%improvementinouncesfrom219,000ouncesto394,000ounces.AndtodayIconfidentlytell youthatCerroCoronaisaworldclassoperation,aworldclassmineandwe’redelightedtohavethisinour

• portfolio. And Juancho will demonstrate later some of the other important technical and operational

parameters,thecostsetc.andhowmuchthisassetreallyisworthtous.

• OvertheyearatTarkwawiththeexpansioncompletedandbeddeddownwe’veshowna20%improvement

inproductionupto720,000ounces.

• So I believe over the last year those are three very important ticks on our scorecard in terms of our

philosophyofshowinganincreaseinmargintoshareholdersafterallcapital.Andbearinmindthisalso includesthecapitalwe’respendingonSouthDeep,thebenefitsofwhichyou’reonlygoingtoseeinyearsto come.Sothisincludesabigchunkofmoneyspentonthat.

• Andyoucouldarguethatyoucouldtakethatout,butwe’renot.We’reputtingeverythinginheresothat

youcanseethefullimpactofevenfundingagrowthassetoutofourexistingcashflows.Thatmarginhas gonefrom13%to15%,we’renotsatisfiedwiththat,andwhatwewanttoachieveasateamistogetthat marginupto20%irrespectiveofthegoldprice.WebelievethatweneedtogenerateanNCEmarginafterall capitalexpenditure,afteralloperatingcostsofatleast20%.Andwhyisit20%?Well,thatenablesustofund dividends.Weareoneofthelargestdividendpayersintheindustry,andthat’sanotherrecordweintendto holdonto.Andsecondly,tomakesurethatwecanfundtheveryimportantgrowthprojectsthatwehave aheadofus.AndI’lltalkaboutthatinamoment.

• Sowe’relookingathowwecanengineerouroperationstomakesurethatwecanupourmarginoverallto

20%,andthereareanumberofexercisesunderwayrightnowthatwe’relookingattoimproveefficiencies, improveproductivitiesandlookingathowwecanoptimiseourfootprintacrossallofourassets.

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F2010 Scorecard

Introduction

Towards 5moz in production or development by 2015

Growing Gold Fields Greenfields

• Chucapaca initial resource 5.6m eq oz
• Yanfolila progressing well

Brownfields

• St. Ives & Agnew – resource growth
• Cerro Corona – oxide expansion
• Damang & Tarkwa - growth

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• TheseconditemonourscorecardisgrowingGoldFields.Andinparticulartwoofourgreenfieldsprojects

havecometotheforethislastyear,ChucapacainsouthernPeruandYanfolilainMali.Andtoputthisinto context,twoyearsagotherewasnoideaatallthatweweregoingtobesayingtoyoutodaythatthesetwo projectshaveaveryrealprospect,averyrealpossibilityofbecomingoperatingmineswithinGoldFieldsin thenottoodistantfuture.

• CertainlyatChucapaca–andIhadtheprivilegeofgoingdownthereacoupleofmonthsago,andIwas

blownawaybywhatIsawdownthere–thepotentialhereisverysignificant.Andoverashortperiodoftime the team has managed to delineate a 5.6 million ounce resource. And we will be focussing this year on expandingthat,andJuanchowilltalktoyoualittlebitmoreaboutthatlater.

• YanfolilainMali,alargepropertypositionthatwehave.Andwe’refocussingatthemomentongettinga

starterprojectaway.Wecandrillanddrill,butwe’vegottomakesurewegetfocus,we’vegottomakesure thatwecangetaround2millionouncesinthebankandusethattodevelopastartermineoverthenext threeyears.That’sgoingtobethefocus.

• AtStIvesandAgnewourfocuswillbetocontinuetogrowthereservesandresourcesthere.Webelievethat

wecanlengthenthelivesofthoseoperationsandaddqualitytotheportfolio.We’redoingthat.

• AtCerroCoronawe’regoingtobefocussingonanoxideexpansion.Ifyoucanrecallwhenwedidtheinitial

striponCerroCoronawehadanoxidecapwehadtotakeoff.We’vestockpiledthatmaterialandtheteam haveaverygoodprojectthatwillenableustoprocessthatmaterialandaddtotheproductionatCerro Corona.

• AndthenatDamangI’mveryexcitedaboutthepotentialfornotonlylengtheningthelifeofthatoperation

butalsoexpandingitsproductionbase,andinparticularexpandingtheDamangpit,orthesocalledSuper Pitasweliketorefertoit.Andoverthenextyearwe’llbelookingtogetthatintosomekindofconcept studyandfeasibilityexercise.

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• SowehaveanumberofprojectsthatareadvancingGoldFieldstowardsitslongtermtargetof5million
• unces.
• F2010 Scorecard

Introduction

To be the Global Leader in Sustainable Gold Mining

Securing Our Future

• Best safety year ever – second consecutive year
• South Deep new order mining right executed
• 2014 BEE equity targets by Dec 2010
• IAS / SAMREC Award for best reporting of R&R
• Cerro Corona - Peru’s safest open pit mine
• Pioneers carbon trading in gold industry

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• Securingourfuture.Veryimportanttodaythatgoldcompaniesoperatesustainably.Andhowarewedoing

atthat?I’vetalkedaboutsafety,andwewillcontinuethedriveonsafetyrelentlesslyacrosstheglobe.

• InJulytheSouthDeepneworderminingrightswereexecuted.Thatnowmeansthatallfourofourminesin

SouthAfricahaveneworderminingrights.Thathasnowbeenconcluded.Inaddition,wehaveagreedwith theDepartmentofMineralResourcesonthreeparticulartransactionsthatweputouttodayinaseparate pressrelease.Thosethreetransactions,oncetheyareconsummated,willmeanthatwehavecompletedour equity targets in terms of the charter for 2014. We expect to complete those deals by the end of this calendaryear.

• Alsoacoupleofothernotableachievements.Thefactthatwe’vejustreceivedyetagaintheawardforthe

best reporting of reserves and resources in South Africa in terms of the Investment Analyst Society and SAMREC.Ithinkthatgivesyouanideaoftherigourandtheeffortwegototomakesurethatthiscompany isunderpinnedbysoundanalysisandasoundreserveandresourcebase.

• Anddon’tforgetwealsoannouncedourcarboncreditdealatBeatrixintheFreeState.That’saR200million

deal,andit’sonlythestartofwhatIbelievewillbecomeamuchlargecarbonprojectintheFreeState.And we’repioneersinthisarea,soIbelieveagainafantasticachievementbytheteamoverthelastyear.

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• Attributable gold production up 2% to 3.5m oz
• Total cash cost up 5% at R157,360/kg
• NCE flat at R225,000/kg
• NCE margin up 2% from 13% to 15%
• Net earnings up 136% to R3.6 billion

Annual Financial Results - Group Salient Features

Introduction

Net Earnings More than Double

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• Lookingattheyearoverall,giventhatwe’vejustfinishedourfiscalyear–andthiswillbethelasttimethat

wehaveafiscalyearendofJune.WewillbemovingtoaDecemberfiscalyeartolineupwiththerestofthe industry–ourattributablegoldproductionisup2%at3.5millionounces.Cashcostswerewellcontained,

• nly 5% up to R157, 000 a kilogram. Our NCE is flat despite all of those cost pressures at R225, 000 a

kilogramfortheyear.AndourNCEmarginhasgoneupto15%.

• Netearningsareup136%,morethandoubleagainstthepreviousyear.Anditsonethingsaying,well,the

goldpricehasgoneup.Ithas,butonehastocapitaliseonthehighergoldpriceandmakesurethatonecan deliverthattothebottomline.AndIbelievethatGoldFieldshasdonethatthisyear,sothishasbeenagood yearforus.

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200 400 600 800 1000 1200 Q1F2010 Q2F2010 Q3F2010 Q4F2010 $/oz

NCE margin

Gold Price NCE Cash Cost

Q4F2010

Introduction

Focused on Free Cash Flow

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• Thisisagraphyou’veseenbeforewhichdemonstratesthatwearemakingmoneyonanNCEmarginbasis.

Youcanseecashcostsaretheblueline,theredlineisournotionalcashexpenditure,andtheyellowlineis thegoldprice.Andasyoucanseeoverthelastquarterorsowe’veseenthatmarginexpandingagain,which isgood.That’sacombinationofthegoldprice,ofcourse,butit’salsoacombinationofcontainingourcosts and increasing our production. And that’s what it’s all about. If we can’t make money after all of our expenditureIstartgettingworried.Butweare,andwehavedonesoconsistentlyoverthelastyear,andwe intendtodosoagaininto2011.

• Introduction

Achieving Momentum at South Deep

South Deep Project

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200 400 600 800

F2009 F2010 F2011 F2012 F2013 F2014 Production (oz)

0.5 1 1.5 2 2.5

F2009 F2010 F2011 F2012 F2013 F2014 Capital (Rbn)

Plan Actual

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• Let’slookatSouthDeep.ItisthemostimportantgrowthprojectforGoldFields.Andlet’slookatwhatwe’ve

achievedsofar.In2010atthetopthereintheyellowyoucanseeourproductioninouncessignificantlyup fromlastyear.AndasIsaidearlieritwasup50%comparedtothepreviousyear.Andwe’rewellplacedto continuetogrowSouthDeep,andIexpectustoshowgoodimprovementagainandforustotrackclosely thefiveyeargrowthplanthatwehaveforSouthDeep. IntermsofourcapitalwehavespentaroundR1.6billionthisyearatSouthDeep.Andasyoucanseethetwo big years ahead of us are coming, 2011 and 2012. And they are big years because we’re going to be completingthedeepeningoftheventilationshaft.Now,thatiskeyandintegraltousgettingSouthDeepup to330,000tonnesayear.Andweexpecttofinishthatintwoyearsfromnow.That’sjustaroundthecorner, andwe’reontracktodothat.Andwe’vestartedalotoftheotherkeyprojectslikethenewtailsdam.We’re inanadvancedstageofdesigningtheplantexpansion.Soallofthesekeyprojectswhichwillunderpinthe 750,000ounceprofilebytheendof2014arewellunderway.OncewegetoverthesetwoyearsIexpectto seerapidimprovementfromSouthDeepthereafter.

• WiththatI’mgoingtohandyouovertoPaultotakeyouthroughthefinancials.
• Group Salient Features

Financial Review

Delivering the Gold Price to the Bottom Line

Description Units Q4F2010 Q3F2010 Attributable gold produced koz 898 793 Revenue R/kg $/oz 287,454 265,641 1,191 1,102 Rm 8,803 7,280 Operating cost Rm 5,103 4,758 Operating margin % 42 35 Operating profit Rm 3,738 2,570 Total cash cost R/kg $/oz 166,215 169,538 688 703 NCE R/kg $/oz 235,223 241,860 974 1,003 NCE margin % 18 9 Capex Rm 2,157 1,872

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• Thanks Nick. Good morning everybody. If you look at some of the financial salient features, as Nick

mentionedearlier,attributablegoldproductionincreasedfrom793,000to898,000ounces.TheRandgold priceincreasedfromR266,000akilogramtoR287,000akilogram.That’sonthebackofa$90increasein theDollargoldprice.

• Theneteffectoftheincreasedproductionandtheincreasedgoldpriceresultedinrevenueincreasingfrom

R7.3billiontoR8.8billionforthequarter.OperatingcostsincreasedfromR4.8billiontoR5.1billion,mainly asaresultoftheelectricityincreasesaswellasthewintertariffsattheSouthAfricanoperations.Thenet effect of the two is the operating profit increased from R2.6 billion to R3.7 billion. Operating margin increasedfrom35%to42%.

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• Ifwelookatsomeofthekeymetrics,totalcashcostsinRandtermsdecreasedfromR170,000akilogramto

R166, 000 a kilogram, in Dollar terms from $703 to $688 an ounce. NCE decreased from R240,000 to R235,000,inDollartermsfrom$1,003to$974anounce.

• Ifwehavealookatcapex,capexincreasedfromR1.9billiontoR2.2billion,andthemainreasonforthisis

wehadaslowstartupintheMarchquarteroncapitalspendaswellasthisquarterincludescapitalspenton theacquisitionofthefleetfortheownerminingattheAgnewmineinAustralia.

• Description

Units Q4F2010 Q3F2010

Net earnings Rm 900 316 Net earnings per share SA cps 128 44 US cps 17 6 Normalised earnings per share SA cps 134 45 US cps 18 6

Group Salient Features

Financial Review

Normalised Earnings up 200%

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• Ifwelookatnetearnings,netearningsincreasedbythreetimesfromR316milliontoR900million.Interms
• fearningspersharethatincreasedfrom44cto128cpershare,whileournormalisedearningspershare

increasedfrom45cto134cpershare.

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Description cps Rm

Net earnings 3,631 Less growth capital – South Deep – Glencar acquisition (1,613) (340) Net earnings after growth capital 1,678 Earnings for total dividend (50% of earnings after growth) 120 839 Less interim dividend cps (50) FINAL DIVIDEND cps 70

Final dividend calculation

Financial Review

Consistent Dividend Policy

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• IfwelookatourdividendcalculationIampleasedtosaythatwe’vestucktoourdividendformula.We’ve

paidexactlyintermsofourdividendformula.We’veusedournetearnings.Theonlytwodeductionswe’ve madeisthegrowthcapitalforSouthDeepaswellasthemoneywespentontheGlencaracquisition,which istheYanfolilaprojectinMali.Theresultingeffectisthedividendfortheyearis120c.Takingoffthe50c interimdividendwearedeclaringafinaldividendon70cforthishalfyear.

• Cash Flow

Financial Review

Q4F2010 Q3F2010 Cash flow from operating activities Rm 3,650 2,583 Cash flow from investing activities (1,890) (1,754) Cash flow before financing activities 1,760 829 Dividends to minority shareholders (175) (353) Cash flow from financing activities (666) 578 Net cash movements for the period 918 1,054 Net cash balance at end of period 3,791 2,825 Loans (short and long term) 8,487 8,916 Net debt Rm 4,696 6,091 Net debt US$m 620 829 Net debt/EBITDA ratio 0.41 0.56

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R1.8 billion in Cash Flow Before Financing Activities

• If we go onto the cash flow I think this has been the highlight of the quarter for Gold Fields. As Nick

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mentioned earlier cash flow before financing activities generated R1.8 billion. I think it’s a very good

• performance. After we take off some debt repayments of about R700 million we had net cash of R900

millionforthequarter.TheresultingeffectofthisiswewereabletobringoutnetdebtdownfromR6.1 billiontojustonR4.7billion.InDollartermsit’sabout$600million.IntermsofnetdebttoEBITDAwe’reat about0.4,andthisequatestoaboutfourmonthsofoperatingcashflow.

• Refinanced $311m Revolving Credit Facility (RCF) maturity May 2010
• New $450m 3-year RCF
• Libor + 175bps down from Libor + 275 bps
• Short term Commercial Paper (R3.6bn) covered by committed facilities
• ~$1bn in available facilities

Balance Sheet

Financial Review

One of the Best Balance Sheets in the Industry

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R 500 R 2 500 R 4 500 R 6 500 R 8 500 F2011 F2012 F2013 F2014+

Debt maturity profile 30 June 2010

Utilised (R8.4bn) Facilities (R17.4bn)

• Ifwegotoourbalancesheet,Ithinkwe’vegotoneofthebestbalancesheetsinthegoldminingindustryat

themoment.Duringthequarterwhatdidwedo?WemanagedtorefinanceourR311millionfacilitywitha $450millionfacility.Thisisat175basispoints,whichwas100basispointscheaperthanthepreviousdebt wehad.Alsoofnoteisthatwehave$1billionofavailablefacilities.AndthisshowsthatGoldFieldshasgot themoneytofundtheprojectsthatmycolleaguesaregoingtotalkaboutlater,andthatthereisnoneedfor GoldFieldstohavetogototheequitymarkettofunditscapitalinthenextcoupleofyears.

• That’sallI’vegot.I’llnowhandovertoVishnutotalkthroughtheSAops.

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South Africa Region

The SA Gold Industry Leader

Safety

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• Seismic mitigation measures implemented
• No seismic related fatal accident in last 6

months

• All secondary support backlog complete
• Second Du Pont audit undertaken –

confirms progress in safety management

0.1 0.2 0.3 0.4 F2005 F2006 F2007 F2008 F2009 F2010 FIFR 2 4 6 8 F2005 F2006 F2007 F2008 F2009 F2010 SIFR

• Thankyou,Paul.Goodmorningladiesandgentlemen.It’salwaysagreatpleasuretospeaktoyouandreflect
• ntheperformanceoftheSouthAfricanregion.ThelasttimeIspoketoyouwassixmonthsago.AndI’m

remindedofthestoryofthesoldierthatreturnedhomeaftersixmonthsatthebattlefront,tired,drawnand weary.Andhegreetshisyoungwife,whoaskshimifthebattlehasbeenwon,towhichhereplied,nomy dear,butlookonthebrightside...andbeforehecouldcompletethatsentence,withatwinkleinhereye,a glowinhercheeksandarippleupherlegssheasks,whatisthebrightside?Hesays,honey,it’sonlyan expression.

• SowiththatIhavetosaytoyouthatwordsmaybewordsandexpressionswillbeexpressions,butit’san

irrefutablefactofbusinessthatperformanceisthereality.Andoverthelast12monthsthiscompanyunder Nick’sleadershipthelinemanagementhasdeliveredthebestsafetyperformanceeverfortheSouthAfrican region.Whencomparedtoourpeerswe’reseveralstepsahead.Andsignificantcredithastobegiventoour

• perationalheadswhohaveactuallydrivenrelentlesslytomakesurethatwerunsafeoperationsinthe

region.

• I’mjustifiablyproudoftheresultsthatwe’veachievedtodate.Wehaven’tarrivedyet.Thereissignificant

progressthatneedstobemadeintermsofachievingthestateofzeroharm,whichI’mabsolutelyconfident wewilldelivertoyouinashortperiodoftime.

• Havingsaidthat,whenwespokethelasttimewehadindicatedthesignificantmeasuresthatwewouldput

intoplacetoameliorateseismicity.I’mpleasedtoreportthatinthelastsixmonthswe’vehadnoseismic relatedfatalaccident.Andwe’vereducedourinjuriesasaresultofseismicinducedfallsofgroundby65%. Now,thosemeasureswillcontinuetobeinplaceandwillbeactivelymanagedgoingintothefuturetomake surethatweeliminateoneofthemostsignificantcausesofinjuriesandfatalaccidentswithinthegroup.

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Units Q4F2010 Q3F2010 Gold production kg 15,184 12,297 Total cash cost R/kg 187,770 214,467 NCE R/kg 272,669 310,490 NCE ex South Deep R/kg 253,221 284,575 NCE margin % 6 (16) NCE margin ex South Deep % 12 (7) Capex Rm 1,236 1,085

Salient Features

South Africa Region

South Deep funded by SA Operations

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• Safe production up 23%
• South Deep production up 21%
• Restored NCE margin
• F2011 production outlook 2moz to 2.2moz
• TheSouthAfricanregionasawholehasshownabiguptickinproductionoverthelastquarter.NCEmargin

at12%isasignificantmargintohavetodeliverwhilewearefundingamajorgrowthprojectwithinthe region.Ihavetosayofthecapitalthatwe’veinvestedoverthelastquarter40%ofthatwasdedicatedsolely toSouthDeep.AndI’mpleasedtosaythatalloftheprojectsthatwouldcontributetowardsmakingsure thattheSouthDeepoperationhasthecapacitytodelivertoitsfullpotentialof800,000ouncesbytheendof 2014 are on track. We’ve been able to deliver the expenditure last year at a significant saving to the allocatedbudgetaswell.

• Theventshaftdeepeninghasmadegoodprogress,andI’mpleasedtosaythattheengineersthathavebeen

inchargeoftheprojecthavecomeupwithnoveldesignsforshelfbottomarrangements,andthatwillsave ussometimeandwillsignificantlyderiskthedeliveryofthatprojectgoingforwardintothefuture.The plantexpansion,asNickpointedoutearlier,isprettymuchontrackandwewillbedeliveringthattothe Boardintheearlypartofnextyear.

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South Deep Capital Project

South Africa Region

South Deep Project Capital Efficient and on Track

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Capital Programme F2010 to F2014

Item Year Q4 F2010 F2010 F2011 F2012 F2013 F2014 Status

Refrigeration Plant Twin Vent Shaft Tailings Storage Facility Plant Expansion to 450ktpm New Mine Development Total Capital Actual

R1.6bn

Base Plan

R1.8bn R1.9bn R2.1bn R1.5bn R1.2bn

Note: Capital estimates in July 2009 money

• Theimportantthingtonoteisthatwearemanagingcapitalefficiencywithinthegroup.Wearetryingto

makesurethattheprojectsremainwithinbudgetandwherepossiblyshowsignificantsavingsonthevast amountofexpenditurethatweactuallyhave.

• 1 000

1 200 1 400 1 600 1 800 2 000 2 200 2 400 50 100 150 200 Q3F2010 Q4F2010 Production (kg) Ops Profit (Rm) Operating profit Production

South Africa Region

• Production up 21%
• 46% of capital self-funded up from 13%
• Main development up by 6% (sub-95

Level up by 14%)

• Vent shaft deepening commenced
• F2011 Production Outlook 320koz to

355koz

Production Growth on Track

South Deep Project

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• ThisshowsthegrowthinproductionatSouthDeep.AndI’mpleasedtosaythatwe’reontrackintermsof
• urproduction.AndI’malsohappytoannounceaspromisedthelasttimewe’vecommenceddevelopment

atsouthshafton1stJulyandweintendminingtherewithinthenextsixto12months.Thatwillcontribute

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significantflexibilitytoouroperation.However,whatwedoneedtodoistogetourbackfillinfrastructure intoplaceatthatshaftthat’sgoingtoservicethebulkminingatthetwinshaftcomplextothesouth.

• Ourfocuswillturntodestressminingbecausethat’sasignificantaspectofstopingthathastobedoneto

allowustheopportunitytocoverttolonghaulstopingasweprogresswiththeproductionbuildup.South Deepremainsthesignificantgrowthproject,notjustinSouthAfricabutinthegroupasawhole.

• 1 000

2 000 3 000 4 000 5 000 6 000 7 000 100 200 300 400 500 600 Q3F2010 Q4F2010 Production (kg) Ops Profit (Rm) Operating profit Production

South Africa Region

• Production up 26%
• NCE margin of 19% up from 3%
• Main development up 20%
• Evaluating options below 50 Level
• F2011 Production Outlook 710koz to

770koz

A World Class Asset

Driefontein Gold Mine

22

• Driefontein remains the flagship operation in the organisation and in South Africa. What you see in this

graphandinalltheothergraphsthatIwillshowtoyouistheimmenseamountofopportunitythatexistson theseoperationsifthey’reallowedtooperatecontinuouslyandnotbestopped.Theyhavetheopportunity todelivera significantlevelofprofitability tothe group,asDriefonteinhasdone,andveryclearlygoing forwardintothefuturethisoperationwillremainthebedrockoftheregion.

• Wehavecommencedwithpilotwinzedevelopmentbelow50Levelinorderforustotesttherockconditions

andgradevariabilitybelowourcurrentoperatinglevel.We’vegotthreewinzesgoingdownonthreelines, andtheintentionisthatwewillbeabletodeveloppostthisabroadbasedplanofhowwe’regoingto accessthegroundbelow50LevelatDriefontein.

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1 000 1 500 2 000 2 500 3 000 3 500 4 000 4 500 5 000 100 200 300 400 Q3F2010 Q4F2010 Production (kg) Ops Profit (Rm) Operating profit Production

South Africa Region

• Production up 31%
• NCE margin of 5%
• Alternative water handling system

completed

• Main development up 26%
• Commenced 46 Level development at 4

Shaft

• F2011 Production Outlook 580koz to

645koz

Large High Grade Ore Body

Kloof Gold Mine

23

• Kloofremainsalargehighvalueorebody.We’vemanagedwithgreatsuccesstodivertthewateroutofthe

mainshaftareaintotheothersignificantshafts,andwe’velaiddowninexcessof30kilometresofpiping acrossthatoperationtodealwithwaterinexcessof500litrespersecondwhilewerepairtheKloofmain shaftpumpcolumn.I’mpleasedtosaythatwe’realmost50%completewiththatpumpcolumn.Weshould completeaheadofschedule.However,wehavemadethedecisiontomakesurethattheinfrastructureinto theprinciplepumpchambersaswellisreplacedwhilewe’reatit.Kloofisshowinggreatprogressnowin termsofitsrecovery,andI’mhopingthatbythethirdquarterofthisyearwe’llhavethemainshaftfully functionalagainintermsofwaterreticulation.

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2 000 2 100 2 200 2 300 2 400 2 500 2 600 2 700 2 800 2 900 100 200 300 Q3F2010 Q4F2010 Production (kg) Ops Profit (Rm) Operating profit Production

South Africa Region

• Production up 11%
• NCE margin of 10%
• Main development up 16%
• Commenced pillar mining at South

Section

• F2011 Production Outlook 385koz to

420koz

A Shallow Well Capitalised Mine

Beatrix Gold Mine

24

• Beatrixgoldmineisprobablytheoperationthatisthebestcapitalised.Ithastheadvantagethatitdoesn’t

sufferfromtheseismicitythatweexperienceonthedeeperlevelminesintheWestWits.Thisoperationis

• nanevenkeel.Therearecertainqualityissuesthatwe’vegottoaddressonthismine,butclearlyasyou

canseethisoperationdeliverssignificantvaluetothegroup.

• Whatwehavedoneisstartedourrationalisationprocessacrossallouroperations.AndatBeatrixspecifically

we’vestartedminingtheshaftpillaratthenumber1shaftinthesouth.Thatwillallowusoverthenext threeyearstofullyextractthatpillarandthenbeabletoshutdownthatshaftandstartrationalisingour footprint.That’saprogrammethatwe’vecommencedacrosstheregionaswell.

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• Improve margins by reviewing processes & structures
• Further improve safety
• Increase development at long-life shafts
• Build on South Deep momentum
• Re-engineer mines for energy efficiency

F2011 Focus

South Africa Region

Driving Safe Production and NCE margin

25

• Ourfocusfor2011canbesummarisedverysimplyasacontinuedfocusonsafeproduction,becausethat’sa

relentlessquestthathasbeendeliveredtousbytheBoardandbyNickhimself,whopersonallytakesakeen interestinwhathappensacrossallofouroperations.Weintendtoshowgreaterimprovementintermsof theresultsthatwehavedeliveredandofcoursetodeliveragreatermarginthanthe12%thatIhavespoken aboutearlier.

• The order of flexibility at our longlife shafts needs consistent focus. We have mechanised all of our

development at our longlife shafts. 68% of it is complete, and we’re beginning to see the production improvementsacrossthoseshaftsaswespeak.

• Thefocusisonthemanagementofelectricity.Electricitycurrentlyforms12%ofouroperatingcostsacross
• urregion.Onadonothingscenariobyfinancial2013ourelectricitycostswillbe21%ofourworkingcosts.

Andthatclearlywoulddisableasignificantnumberofourshafts.Sowe’vegotanintenseprogrammeacross every mine to cut back on electricity consumption through the effective utilisation of our utilities and services.

• ThereisnodoubtthatgoingforwardintothefuturethattheSouthAfricanregionwillremainasignificant

contributor of value to Gold Fields. And we’ll ensure that through all our efforts that these operations becomesafeoperationsintothefuture.SowiththatthenI’dliketowishyouwell.Takecare,anduntilwe seeeachotheragain,lookonthebrightside.

• I’llhandovertomycolleague,Peter,whowilltakeyouthroughWestAfrica.
• Thankyou,Vishnu.Well,onthatnotelet’sseewhatthewarriorfromWestAfricaisgoingtodo,whether

that’sjustgoingtobeanexpressionorareality.Ladiesandgentlemen,goodday.IthinkIbringgoodtidings thisquarter.Withoutfurtherado,let’sgetintoit.

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Units Q4F2010 Q3F2010 Gold production

• 000’oz

257 227 Total cash cost US$/oz 623 589 NCE US$/oz 795 783 NCE margin % 34 30 Capex US$m 53 47

Salient Features

West Africa Region

Free Cash Flow of $100m

27

• Production up 13%
• Record production quarter at Tarkwa
• Business process re-engineering to improve margins
• F2011 managed production outlook 940koz to 1moz
• Ithinkwithregionalisationtakingtractioninourgroupitwillbeapleasuretosharesomeresultswithyou.I

mustsaythisisonthebackofwherewe’regoing.

• Ourregionhasachieved$100millionfreecashforthequarteronthebackofrecordgoldproductionfrom
• ur flagship mine, Tarkwa, in Ghana. Despite an NCE margin of 34% our region will embark on a re

engineeringexercisetofurtherimprovemarginandoffsetpotentialcommoditypriceincreases.

• 50

100 150 200 250 300 50 100 150 Q3F2010 Q4F2010 Production (oz) Ops Profit ($m) Operating profit Production

West Africa Region

• Production up 16% to 200,200 oz
• NCE margin of 36% up from 30%
• CIL plant at 99.5% of nameplate
• Free cash flow of $85m
• F2011 production outlook 720koz to

760koz

Record Quarterly Production

Tarkwa Gold Mine

28

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AsalreadymentionedourTarkwamineexceededthe200,000ouncemark,analltimerecordandisour numberonegoldproducerinthegroupatthemoment.Toputthisinperspectivethisrecordcamefromthe processingof6.2milliontonnesofore,mining35milliontonnesofrockatacashcostof$623anounce.And asaconsequenceofthisfineresultwegenerated$85millionoffreecashflowforthismine.

• 20

40 60 80 10 20 30 40 Q3F2010 Q4F2010 Production (oz) Ops Profit ($m) Operating profit Production

West Africa Region

• Production up 6%
• NCE margin of 27%
• Secondary crusher successfully

commissioned

• Damang Super Pit concept study

underway

• F2011 Production Outlook 220Koz to

240Koz

Increased Production and Longer Life

Damang Gold Mine

29

• MovingontoDamang,ourproductionwasup6%,generatingamarginof27%.Duringthisquarterthemine

successfullycommissionedoursecondarycrusherplant,andthisplantwillenableustoprocessharder,fresh rock at a higher grade, ultimately achieving a higher grade for this operation. Higher grade, same throughput,ultimatelyisgoingtogiveusmoreproductionounces.

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Yanfolila Project - Mali

West Africa Region

An Emerging Camp in Elephant Country

30

20 112 163

20 112 163 196

Loulo Morila Syama Siguiri YANFOLILA PROJECT Sadiola Essakane

• MovingonthentoYanfolila,ourregionalgrowthproject,Yanfolilaremainsourcorefocus.Thisisawell

endowed region in southern Mali covering a land holding of approximately 1,600 km². This is located proximaltogoodpower,goodinfrastructureandgoodroads.Anditisalsoadepopulatedarea,whichlends itselftoeasymining.

• We’ve seen some encouraging results from this area, and we’ve had an extensive drilling programme at

Yanfolilaproject.DrillingatourYanfolilaprojectinMalihasconcludedthisseason.We’vebrokennowfor therainyseason.We’vedrilledsome48kilometresofaircore,11.7kilometresofreversecirculationdrilling andsome12kilometresofdiamondcoreoverKomanaEast,KomanaWestpluswe’vedonesixinitialdrilling targetsatKongoroni,Gonka,BadogoMalikila,Guirinetc.

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West Africa Region

Near Surface Mining Opportunities

31

Yanfolila Project - Mali

KW Gonka BM Komana East Sanioumale 15m@10.2g/t from 13m

NEW TARGETS

Komana West

Targeting 2Moz Reserve within 30km radius of Komana within 3yrs

• IfwelookatthisslidewealsoseethatwehaveanewdiscoverycalledSanioumale.Onyourslideyouwill

seeKomanaWestonthelefthandsideofyourslide,KomanaEastontherighthandsideofyourslide,and roughly7kilometresnorthisthenewdiscovery.Andifwehavealookatthatdrillintersectionweseeahit thereat15metresat10gatonfrom13metres.Andtheyellowdotsonthatslideindicatetheprospectivity inthatregion.Ifyoulookatthoseyellowdotsproximaltotherestoftheslideallthosedotshavebeen mineralisedtosomeextent.Soit’sanareawhichwebelieveisextremelywellendowed.Herewewillbe targetinga2millionouncereservewithina30kilometreradiusofKomanawithinthenextthreeyears,as Nickdidtouchonearlieron.

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West Africa Region

11m@2.6g/t from 34m 18m@4.5g/t from 33m 2m@5.7g/t from 34m 22m@4.8g/t from 7m 21m@20.8g/t from 53m 53m@6.5 g/t from 8m 51m@4.1 g/t from 0m 35m@2.1 g/t from 32m

Komana East

32

• 3 high grade zones
• Shallow oxide opportunities
• Free dig mining potential
• Open to North, South & at

depth Yanfolila Project - Mali

• MovingonthentotheYanfolilaprojectspecificallyandtheKomanaEastproject,wehavethreehighgrade

zonesonthatslide.Thosearetheareasmarkedinred.Thestrikelengthacrossthisdepositisapproximately 1.6kilometres.Andifwelookattheresultsthatareforthcomingfromthosenumberswecansee11metres at2.6gfrom34metres.Somemoreencouragingonesherewouldbethe21metresat20.8gfrom53metres. 51metresat4.1gfrom0metres.

• Butinessencewhat’sencouragingaboutthisdepositistheshallownessofalotoftheseintercepts.Ifwejust

gazeacrossthemyouwillsee8metres,0metresand7metrerangesinthesestrikes.Sotypicallyadeposit whichisgoingtolenditselftoeasy,shallowmining,beingabletogetintothesedepositswithoutdrillingand blasting mining oxides, and also getting projects up in a very short space of time. This deposit of 1.6 kilometres is open to the north, it’s open to the south, and at this stage open at depth for sulphide

• pportunitiespossiblylater.
• So, ladies and gentlemen, I’m sharing with you a significant growth opportunity in our group. Nick has

mentionedChucapacacomingonstreamlater,butwatchthisspace.Yanfolilaisgoingtobeshortonits heels,Juancho.Thiscertainlywillbeoneoftheprojectsthatwilltakeusinourregiontowellabovethe1 millionouncemark.

• Ladiesandgents,onthatnoteI’dliketowelcomeRichardWeston,theheadofAustralasianregion,totellus

alittlebitaboutwhathiswarriorshavedoneacrosstheocean.Thankyou.

• Goodmorning,ladiesandgentlemen.WhenIwasgiventheopportunityacoupleofmonthsagotojoinone
• ftheworld’spremiergoldminesIhadtotakeit.I’vebeeninmypositionnowforaboutthreemonths,andI

remainveryoptimisticforthefuturepotentialfortheAustralasiaRegionandalsoforGoldFieldsasawhole.

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Australasia Region

34

Salient Features

Commenced Improvements to NCE and production

Units Q4F2010 Q3F2010 Gold production koz 149 148 Total cash cost US$/oz 703 681 NCE US$/oz 1,080 931 NCE margin % 10 15 Capex A$m 61 36

• Quarterly production stable
• Investment in cost improvement and growth capex at Agnew & St. Ives
• Gold mining industry excluded from Mineral Resources Rent Tax
• F2011 production outlook 600koz to 635koz
• TheAustralianregionhastwomines,StIvesandAgnew.AndthecombinedgoldproductionforbothinQ4

was149,000ounces,andthatwasstableoverQ3.You’llnoticethattherewasafairincreaseinthecapex andtheNCEmarginwasimpactedbythatincreasedcapexfortworeasons.One,investmentintogrowth improvement at St Ives with the acceleration of the Athena development, and at Agnew with cost improvementopportunitywiththepurchaseofournewminingfleet.

• A positive development also occurred in Australia during the quarter with the announcement by the

Australian Federal Government to modify the Resource Super Profits Tax, renaming that as the Mineral ResourceRentTax.Andthepositivethingforthegoldindustrywasthatitwasexcludedfromthenewtax. TheF2011productionoutlookfortheregionisintherangeof600,000to635,000ounces.

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Australasia Region

35

St Ives Gold Mine

Significant Improvement in Underground Mine Performance

• Production up 10%
• NCE margin up from 9% to 19%
• Developing pipeline of “projects to go”
• Athena development on schedule
• Hamlet feasibility due Q4F2011
• Yorick exploration commenced
• Business process re-engineering commenced
• F2011 Production Outlook 440Koz to 460Koz

50 100 150 200 20 40 60 80 100 Q3F2010 Q4F2010 Production (oz) Ops Profit (A$m) Operating profit Production

• IntermsofStIvesforthoseofyouthatarenotawareit’samultifacetedsitewithfouractiveunderground

mines,twoopenpitsandtwoprocessingstreams,oneconventionalmillingandtheotherheapleach.

• Q4productionimproved10%,partlyduetoimprovedcontractormanagementandanincreaseintonnes

through the Lefroy mill. The NCE margin was up to 19%. And importantly at St Ives we’re developing a pipelineofprojectstoensuresustainableproduction.ThenewAthenaundergroundmineisonschedulefor miningtocommencelaterthisyear,andwithfullproductionin2011.

• Feasibility studies have commenced on the 1 million ounce resource at Hamlet with the aim of having

studiescompletedintimeforadevelopmentdecisionbytheendof2010.Drillinghasalsocommencedon the nearby Yorick area with the expectation that this will be the next underground development after Hamlet.Thesethreedepositslieinaveryprospectiveareawiththepotentialtogrowtoa5millionounce camp.

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Australasia Region

36

• St. Ives: Argo-Athena Hamlet

Defined Endowment +3.5Mozs – With Significant Potential

• Thisis themine,underground mineatStIves,Argo.Andthat willremainoneofthe mainunderground

areas.ThenewlydevelopedAthenaproject,wewillstartmininginthatlaterthisyear.Andthe1million

• unceresourceatHamletwherewe’recurrentlydoingfeasibilitystudies.Andnotshownonthisslideisthe

Yorickdeposit,whichisabout500metrestotheeastofHamlet.Sowe’reverykeenandveryexcitedabout thisarea.

• Australasia Region

37

Agnew Gold Mine

Short-term Transition

• Production of 32koz
• NCE margin -22% - OM investment
• Production to increase Q1 & Q2 F2011
• Increase tons from Main and Rajah
• Complete OM transition
• Return to in-sequence mining
• Encouraging exploration results at Main & Kim

lodes

• Business re-engineering process to start Q2
• F2011 Production Outlook 160Koz to 175Koz

10 20 30 40 50 10 20 30 40 Q3F2010 Q4F2010 Production (oz) Ops Profit (A$m) Operating profit Production

• AtAgnewonapositivenoteAgnewhadanexcellentsafetyrecordduringF2009withzerolosttimeinjuries

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beingachievedduringtheyear.ProductioninQ4wasdown,andthatwasasaresultofgroundandpastefill failures which necessitated out of sequence mining into lowergrade stopes. And also some impact was caused by the transition to owner mining. A number of initiatives are underway to return Agnew undergroundtomoreexpectedproductionrates,andtheseincludemorebalancedproductionfromMain andRajahorebodies,areturntoinsequencemininginKimandcompletethetransitiontoownermining. We’ve also commenced a reengineering programme which will commence in Q2. And the production

• utlookforAgnewis160,000to175,000ounces.
• Australasia Region

38

Agnew Mine - Waroonga deposit

Encouraging Kim Deep – Main North drilling started

• This is the Waroonga open pit. This is the main Kim ore body, and this area here is where we had the

productionissuesinQ4.Thisisthemainorebody,andnotshownistheRajahorebodyinthemiddle.We’ve hadsomeveryencouragingintersectionsofmineralisationbelowtheKimorebodyextendingmineralisation down500metrestoadepthof1,200metres.Andwe’verecentlydoneacoupleofholesinthisareaandhad someveryencouragingmineralisationthereaswell.

• AgnewhashadahistoryasareliableproducerandtheintentionistoreturnAgnewtostableproduction

levelswithinthenexttwoquarters.Sothankyou,andonthatnoteI’dliketopassovertoJuanchoKruger whowilltalkabouttheSouthAmericanregion.

• Thank you very much, Richard. Buenos dias Amigos. I’m very happy to share with you the June quarter

resultsforSouthAmerica,thelastregiontoreporttodaybutinmyviewthemostexcitingonefortwomain reasons.Firstly,CerroCorona,ouroperatingassetintheregion,hadaverystrongquarterandcontinuesto consistently deliver above guidance. And secondly, South America as a region has further confirmed its growthpotentialwithsignificantprogressmadeduringthequarteratChucapaca,ourflagshipexploration project.

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Units Q4F2010 Q3F2010 Gold production koz 34 38 Copper production tons 10,500 11,100 Total Gold production Eq koz 97 110 Yield

• Gold g/t

0.7 0.8

• Copper %

0.74 0.75 Total cash cost US$/eq oz 369 303 NCE US$/eq oz 502 532 NCE margin % 54 50 Capex US$m 14 24

Cerro Corona Mine

South America Region

Delivering – Record Free Cash Flow Generation

40

• 54% NCE margin
• Free cash flow of $77M ($853/eq oz free cash flow)
• Gold eq production up from 219koz to 394koz year on year
• Completed TSF 3740 raise on budget and on time
• F2011 production outlook 320koz to 340koz
• GoingbacktoCerroCorona,Q4wasmarkedbyarecordcashflowgenerationof$77millionor$853per

equivalentounceonthebackofstrongproductionresultsexceedingourquarterguidanceandaverysolid andimproved54%NCEmargin,togetherwiththeimpactofasoundworkingcapitalmanagementstrategy. Another very important achievement for the quarter was the completion of the 3740 level raise of the tailingsdamwhichwasachievedonbudgetandontime.

• The strong June quarter performance allowed us to close our first fiscal year of full production at Cerro

Corona on a very positive track, delivering above guidance every quarter resulting in an 80% production increasecomparedtothepreviousfiscalyearforatotalproductionof394,000equivalentounces.

• Ourproductionoutlookfor2011forCerroCoronaisintherangeof320,000to340,000equivalentounces.

AndwhatI’dliketoremarkisthatCerroCoronahasproventodeliverthroughoutfiscal2010withavery strongfocusoncashflowgenerationexceedingthetargetssetoftheperiod,whichisacredittotheteam. Buildingonthisbasewe’recertainthatfiscal2011willbemarkedbycontinueddeliveryofimprovedresults.

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South America Region

• Canahuire Deposit
• Positive conceptual study completed in Q4
• Initial resource 5.6m eq oz
• Robust mineralisation – open to the west
• Advance to pre-feasibility – Q3 2011
• Further scoping and in-fill drilling

commenced

• Katrina satellite targets
• Initial drilling commenced
• Multiple targets with exciting prospects

Chucapaca – our next mine in South America

Chucapaca Project 20

20 112

GF BVN Canahuire Katrina Katrina South Cerro Chucapaca

41

• Movingontoourgrowthprojectsintheregion.Iwouldliketoreportthatsignificantprogresswasmadeat

Chucapaca in southern Peru. As you know most of the work so far has been focussed on the Canahuire deposit, which is where the initial discovery hole was hit and where important achievements have been madeafterasuccessfulcompletionofmorethan22,000metresofdrillingduringthefiscalyear.

• ApositiveconceptualstudywascompletedinJuneforatotalinitialresourceof5.6millionounces.Basedon

thisresourceandtheinitialconfirmationoftheeconomicviabilityoftheprojectadecisionwasmadeto moveforwardtoprefeasibilityandcommenceaveryambitiousinfielddrillingprogramme.Importantlyas well,theresourcemodelatCanahuireshowsaveryrobustmineralisationwhichstillremainsopentothe west,indicatingfurthergrowthpotentialasIwillelaborateonthenextslide.

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Robust Grades Open to West

Gold Fields International Exploration

Canahuire Resource Model and Pit Shell

42 42 1.3km 350m

700W 300W 100E

W E

Looking North

CCP09-60 127.4m @ 8.55g/t Au uncut CCP09-63 40m @ 7.84g/t Au

• In addition to the work done at the Canahuire deposit this project presents multiple other exploration

targetswithexcitingprospectssuchasKatrina,bothatKatrinasouthandKatrinaeasttargets,andCerro Chucapaca.It’simportanttoreportthatduringtheJunequarterwestartedinitialdrillingactivitiesatthe Katrinatargetwhereweremainhopefulofachievingpositiveresults.

• Inanutshell,intwoyearsChucapacahasgonefromscratchtocertainlybecomingournextfutureminein

the region. Peter, competition with Yanfolila is encouraging and certainly healthy for our shareholders I believe,sowewillliveuptothechallenge.

• AsImentionedbeforethegrowthpotentialandtherobustnessofourresourcemodelatCanahuirelooks

verypromising.Inthisgraphshowingallblocksintheresourcemodelabove,theblueisapitshellandasyou canseethemajorityofthemineralisationoptimises.Thereisahighgradechuteplungingtothewestwhere wehavehitthehighestinterceptwith40metresat7gand127metresatcloseto9gperton.Thisshowsthat thereisaverygoodpotentialandhighprobabilitytoexpandthisresourcefurther.

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Cerro Corona

• Increase throughput to 800tph (vs. 750tph @ design)
• Complete detailed engineering of oxide plant & start construction early 2011
• Complete sulphide plant optimisation
• Growth
• Alternatives to TSF capacity constraints
• Drilling program

Chucapaca

• Complete Chucapaca pre-feasibility study

F2011 Focus

South America Region

Focus on Growth and Optimisation

43

• Lookingintothefuturethefocusfor2011willbeongrowthandoptimisation.AtCerroCoronaoptimisation

will be focussed on increasing throughput from 750 tonnes per hour, which was the name plate design capacity,to800tonnesperhour,andcompletingastudyaimedatimprovingrecoveries.GrowthatCerro Coronawillbedrivenbythecompletionofthedetailedengineeringoftheoxideplantwhichaimstoturn into account 7.5 million tonnes of oxide ore at an average grade of 1.37g per ton. We expect to start constructionearly2011uponfinishingallthetechnicalfeasibilityandpermitting.

• ConversionoftheresourcesintoreservesatCerroCoronaisanotherareaofmanagementfocus,andIwould

sayastrategickeyobjective.Duringthepresentfiscalyearwewillcontinuetoanalysealternativestosolve the current tailing storage capacity constraints and also develop and infill drilling programme. Both initiativesareinstrumentaltoachievethisimportantobjective.

• AtChucapacathemainobjectivewillbetocontinuetheprefeasibilitystudyandcontinuewiththeinitial

explorationworkatthesatellitetargetstotheCanahuiredeposit.

• SouthAmericaasaregionhasproventohaveasteadyandconsistenttrackrecordofdelivery.Webelieve

wehavebuilttheskillsbaseandcapabilitiesrequirednotonlytocontinuedeliveringimprovedresults,but moreimportantlytodriveourgrowthstrategy.Welookintothefuturewithstrongoptimismandwithavery seriouscommitmenttocontinuecreatingshareholdervalue.

• Muchasgracias,andwiththatIwouldliketopasstoNickforconclusions.

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South Deep

South Deep License - BEE Transactions

These transaction will achieve 2014 BEE Ownership Target

45

• New order mining right for South Deep executed
• All South African mines now have new order mining rights

BEE Transactions

• Terms of 3 BEE transactions approved
• 10% ESOP for 15 years - 13.5m Gold Fields shares
• Vendor financed deal on10% of South Deep to BEE Consortium (BEECO)
• 1% of GFIMSA, excluding South Deep, to BEECO – 0.6m Gold Fields shares
• Right.Let’swrapup.IwanttocomebacktowhatIsaidupfrontaboutoneofthekeyinitiativesthatwe’ve

managedtocompletethislastquarter,andthat’stogettheneworderrightsforSouthDeepexecuted.That tookplaceduringJuly,andjusttorepeatagainallfourminesinSouthAfricanowhavenewordermining rights.NowtheagreementwehavewiththeDepartmentofMineralsisthattherearethreetransactions thatwewillcompleteandputinplace,andthatwillmeanthatwe’veachievedour2014equityownership targetsoncetheyarecomplete.Weexpecttobeabletocompletetheseinthebalanceofthiscalendaryear.

• Now,letmedescribebrieflythethreedeals.Thereisapressreleaseoutthismorningaswellwhichgivesyou

alotmorecolour.Butbrieflytherearethreeelementstothesedealsthatwe’redoing.Firstofallthere’sa boardbasedemployeeownershipplanwhichwilleffectivelybefor10%oftheSouthAfricanassets.That translatesintoapproximately13.5millionGoldFieldsshares.That’swhatthateffectivelymeans,whichisa dilutionofaround2%.2%dilutionandthatrelatestoa10%dealonanESOP.

• Now,thatisgoingtobeanESOPthatwillreachouttoabout47,000employeesinSouthAfrica.Andthatwill

be a 15 year ESOP. And it will immediately vest to employees in terms of voting rights which they can exercisethroughatrustthatwe’regoingtosetup,andalsointermsoftheirrightstodividends.Sotheywill bealignedwithallothershareholdersassoonastheygetthis.Andwhatthiswillmeanisthatthelargebulk

• femployeeswithinGoldFieldsdohaveparticipationinequityupsideinthecompany.Thevastmajorityof
• uremployeesafterthiswillactuallybeinthatposition.Sothat’sthefirstone.
• ThesecondoneisavendorfinancedealinSouthDeepitselfwherebyabroadbasedBEEconsortiumwill

takea10%interestinSouthDeepandwillcontinuetoholdthatinterestfortheminimumofthetermofthe license,whichis30years.AndbearinmindthatlicensealsoincludestheUncleHarry’sgroundwhichwe acquiredsometimeagowhichcontainsa14millionounceresource.Sothat’salsopartofthelicensethat hasbeenconvertedtoaneworderlicense.

• Sothisconsortiumwillhave10%inSouthDeep,andthatwillmanifestitselfthrougheconomicinterestin

underlyingcashflowsastheyaredistributedbySouthDeeponthebasisthatforthefirsttenyearstherewill

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beapreferreddividendstreamofR20millionperyear.Thereafterthatstreamwillproratareduceaswe convertproportionatelythatinterestintoafullparticipatinginterestovertheinterveningtenyearsonthe basis whereby that preference dividend will reduce but the consortium itself will then participate in underlyingcashflows,asdotheothershareholdersinSouthDeep,beingGoldFields.Suchthatover20years the interest that the consortium has will at that time be fully participating, as will the rest of the shareholders,us.

• Sothat’sthedeal.Theconsortiumismadeupofthreeelements.Firstofallthere’sgoingtobeabroad

basededucationtrustwhichwillparticipatein54%ofthebenefitcomingoutofthisparticulartransaction. And that’s going to be earmarked to broadbased education in the country. I think we all know that educationinthecountryisakeyneed.

• Therewillalsobefundsgoingintoyouthdevelopmentinthecountry.Andthenlastlyskillsdevelopmentin

theminingindustry.You’veheardmetalkpreviouslyabouttheconcerninparticularthatI’vegotthatwe

• nlyhave500qualifiedminingengineersinpractiseinthiscountry.I’msurethat’safigurealotofyouaren’t

aware of. There are only 500. And the universities themselves are only getting about 50 a year off the pipeline.Andalsotheaverageageofthoseminingengineersisnorthof45.Sothattellsyouwe’reheading foraproblem.Soit’scriticallyimportantthatweputmoneybackintotheindustrytodevelopnewmining engineersthatcantaketheirplaceintheindustryintothefuture.That’soneofthereasonswhyGoldFields hasbeenintheforefrontrecentlyinsponsoringtheUniversityoftheWitwatersrandandalsotheUniversity

• fJohannesburginhelpingtodeveloptheskillstheindustryneeds.Sothat’sakeypartofthetrust.
• Thentherewillbearound36%earmarkedforprominentcommunityandbusinessleaders.Andthenthere

willbe10%forabroadbasedcommunitytrust.Sothat’sthedealonSouthDeep.

• Andthenthelastoneisa1%topupinrespectofalloftheotherthreeminesexcludingSouthDeep,which

willtranslateintotheissueof600,000GoldFieldsshares,anominalamountofshares.

• Now,thesetransactionsareobviouslycomplexintermsofyoutryingtounderstandthem.Wehaveputout

apressreleaseonitthismorning.ButtodaywehaveonhandPaulSchmidt,ourCFO,andalsoourHeadof CorporateFinanceatthebackthere,PaulCurtis.Andtheyaregoingtobeavailableafterwardstotalkto certainoftheanalystsandotherinterestedpartiestogiveyoumoredetailonquestionsyoumayhave.How doesitwork?What’stheoverallimpact?Wehavequantifiedthefinancialeffectsofalotofthisinourpress release,buttheycanalsohelptogiveyoumoredetailsonwhatthesetransactionsmean.

• AllIwillsayisI’mverysatisfiedfirstofallthatthesetransactionswillactuallyenableustoachievethebroad
• bjectivesofthenewcharter.Thatisthatwewillhaveclearobjectivefungiblevaluecreated,andsecondlyit

isdoneinacosteffectivewayforthecompanyandthecountry.Sothey’regoingtobeonhandafterwards andwillhelptotakeyouthroughsomeofthequestionsthatthoseofyouwhoareinterestedmayhave.And asIsaid,thesetransactionswillessentiallymeanthatwe’vefinishedourissuesaroundthetargetsfor2014 andwewanttofinishitbeforeChristmas.

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• Further significant improvement in safety
• Drive annual group NCE margin from 15% to 20%
• Maintain momentum at South Deep
• Continue with growth through exploration
• Strong focus on advancing the growth pipeline
• F2011 Production Outlook 3.5moz – 3.8moz

F2011 focus

Conclusion

Safe Profitable Ounces

46

• Right,solookingto2011,whatliesahead?Again,safetyisbyfarandawaythemostimportantobjectivefor

usgoingforward.Wewanttoshowafurtherstepchangeinsafety.Howarewegoingtodothat?Ithink behaviouralbasedchangesthroughouttheGroup willcontinuetobeimportant.Winningtheheartsand minds.Butinadditionwearegoingtobelookingtoseehowwecanengineeroutrisks,tryandfindwaysof automatingthingsthatcanreducetheimpactofmenandmachinesinparticularandthereareanumberof initiativesunderwaytodothatacrosstheworld.

• AsIsaidearlierwewanttogetourmarginupafterallcapital.Thisyearwegenerated15%,that’sincluding
• fcourse,SouthDeep,whichconsumedaroundabout20%to25%orourtotalcapitalthatwespentinthe

Group,andwewanttogetthatuptoatleast20%.WewanttomaintainourmomentumonSouthDeepand makesurewetakeittoanotherlevel,andwe’vecertainlyshownthatwecanachievethatthisyearandI’m surethatwe’llhaveanothergoodyear.

• Explorationiskeytous.Wespendabout$160millionayearinexplorationandinfactwhatyoudon’trealise

possiblyfromtheseresultsisthatwhilstyouseethegreenfieldsexplorationthat’sreportedonourincome statement,whatyoudon’tseeisthebrownfieldsexploration.That’sabout$60millionayearandthat’s reportedaspartofourcapitalexpenditurethatsitsinthelikesofSt.Ives,AgnewandalsoofcourseDamang, CerroCorona,andthatexplorationisdesignedtocontinuetoincreasethelongevityandthesizeofthose reservesandwearedrivingaggressivelyreservegrowthatSt.Ives,atDamangandatAgnew,andIthink you’llsee,whenweshowourreservesthatwe’llbeabletoindicatewhatwe’veachievedonthat.Sothat’s moneythat’sspent,notjusttoreplacewhatwe’vemined,it’sspenttogrowthereservebasesothatwecan startlookingattheseassetsdifferentlymakinglongtermstrategicplanningdecisionsabouthowwecan minethemmore[unclear].That’sgoingtobeabigfocus.

• Next is making sure that we advance Chucapaca in Peru to prefeasibility study, complete that work,

completetheinfillandstepourdrillingthatwe’regoingtobedoingonChucapaca,makingsurethatweget moremomentumonYanfolilaaswell.AndIthinkthosetwoprojects,bythetimewetalktoyouinayears’ time,aboutareviewbackof2011,I’mconfidentthatwe’llbeabletoshowyoufurtherprogressonthose

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twoopportunities.

• Lastlyinthebookwe’vegivenyouourguidanceforproductionfor2011andwe’vegivenyouarangeof3.5

to3.8millionounces.Obviouslywe’regoingtobetargetingthetopendofthatrangebutthisgivesyouan ideaforplanningpurposesandmodellingpurposesofthekindofnumbersyoushouldbelookingatgoing forward.

• AndwiththatIthinkwe’llbeavailablenowtotakequestionsandI’llaskWillietocoordinatethat.
• Questionandanswersession
• ThankyouverymuchNick.Right,shallwestartoff,Alan,inthefronthere?
• Goodmorninggentlemen.It’sAlanCookefromJPMorganCazenove.JustacoupleofquestionsifImay?

You’ve referred through the presentation to a number of exercises underway in South Africa and also business process reviews around the world at the various mines. Could you give us a little more colour please, Nick, on what you’re looking at and what you hope to achieve, and what kind of exercises are underwayinSouthAfricaandaroundtheworldatyourmines.That’stheonequestion.Andthen[unclear]if youcan,yougaveusthegradesandthetonnesfortheoxidecatthatyou’relookingatCerroCorona.Any indicationoftiming,sortofroughguideoncapexandwhatsortoftonnesandrecoveriesyou’llbeabletodo

• ryou’rehopingtodowiththatoxidecapthatstockpiledmaterial.AndthenjustoneforPaul,ifImay,that

theroyaltyinSouthAfricathatcamethroughforthefullquarter,whatarepayingintheregion.Ihaven’t looked at the detail just yet and are there any changes to the royalty regime coming through with the taxationlawsamendmentsbill?

• Well,letmedealwithfirstquestionthenJuanchowilldealwithCoronaontheoxidesandthenPaulwilltalk

toyouabouttheroyalty.

• Overthelastsixmonthswe’verecognisedtheneedforusnotjusttodriveproductiongrowth,whichwe
• bviouslylovetodo,butprofitableproductiongrowthandit’snotjustouncesofproductionthatcount,it’s

profitableouncesandit’souncesthatgeneratecashthatcount.AndIthinkifwelookaroundtheworld,and I’vespokentoalotoffundmanagersandlookedatwhattheylookat,andit’sclearthey’relookingatmargin perhours,isakeything,andinorderforustoensurethatwecanimprovethemarginperouncewe’ve decidedtoembarkuponagroupwideprocesstoreviewallofthereportingstructuresthatwehave,the

• rganisationalandreportingstructuresineachregion,andworkoutwhetherit’soptimal.Forexample,do

wehavetoomanyreportinglevels?Canwecompressandflattentheorganisationtomakeitmoreefficient, tomakeItmoreeffective?

• Thesecond thingiswhatisourminetomillprocesseslookinglikeeverywherethatweoperate?Dowe

believeit’soptimal?Arewegettingourmenandmaterialtothefaceasquicklyaswecould?Arewegetting therockoutofthemineasquicklyaswecould?Andit’snotjustaSouthAfricanissue.Itdoesn’tmatter whereyouoperate.It’saminetomillreconciliation.Nowarewegettingtightreconciliationforexampleon

• urgradecontrolsbetweenourgeologicalmodelsandwhatweputintotheplant?Wherearethegapsand

howcanweimproveit?Andsowe’regoingthroughanentireprocessandtherehavebeenpocketsofthis done in the past, throughout the Group, but what we’ve now decided to do is pull this together in one completeexerciseacrosstheoperationsandwe’vestartedthatprocessalreadyaroundthreemonthsago. AndI’mnotgoingtoindicatetodaywhattheoutcomesofthataregoingtobe,butincrementallyovertime

• ncewegetmoredefinitiononthediagnosticprocesseswe’regoingthroughatthemomenttodetermine

thevaluepropositionwe’regoingtogetoutofthis,we’llbeabletosharewithyousomeofthebenefitswe’ll

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see.

• ButcomingbacktowhatIsaid,wewanttogetthemarginupto20%,andinordertodothatwehaveto

lookatsomeoftheseoperationsdifferentlyintermsofhowthey’redesigned,howthey’reoperatedand howthey’restructuredwithintheGroup.Andso,we’retakingafreshpieceofpapereverywhereandlooking at that. And that’s not to say that we haven’t still, that we still don’t have as a key objective to drive productiongrowth,butwewanttodriveproductiongrowththat’sgoingtobesustainableintermsofthe marginandit’sgoingtogeneratevaluetothebottomline.Idon’twanttogenerateouncesjustforthesake

• founcesandneitherdoestheteam.
• So,it’saglobalviewI’mgivingatthispointandI’msureovertime,Alan,aswetalktoyouandthevarious
• theranalysts,andtheinvestmentcommunity,wewillgiveyoumorecolour,andwhatwe’redoingand

whatwehopetoachieve.AndwiththatI’mgoingtoaskJuanchototalktotheoxideproject.

• ThankyouNick.Intermsoftiming,asIalludedtowhenIdidthepresentation,basicallywe’reworkingright

nowonadetailedengineeringandfinalfeasibilityandpermittingoftheproject.Thatshouldbecompleted by Q3 of fiscal 2011 and move right on into construction, after completion of that phase. The total investmentrightnowisestimatedataround$65millionandintermsoftherecoverableproductionweare estimatedtorecoveraround300,000ouncesofincrementalproduction,whichIthinkwillbedoingfiveyears uponstartoftheoperationofthenewplant.WiththatI’llpassitontoPaul.

• Alan,therewasaboutR50millionforthequarter,R60millionfortheyearandno,wedon’texpectany

changestotheroyaltyintermsofthenewtaxlegislation.Nonethat’sbeenbroughttoourattention.

• IjustthoughtthatI’dmentionthatthere’dbeensomechangestotheroyaltyregime,butIdon’tknowwhat

theywillbe.

• Nonethatwe’reawareofatthemoment.
• Good.Nextquestion.Benjamin?
• Shane Hunter from RenCap BJM. Just to follow on I think with what you’re doing in the South African
• perations,isthereanyoptionoranythingthatyoucoulddotomaybecutoutthisbreakthatyouhaveover

Christmas,andalsosayforEaster.AndyouknowyourselfthatyourminesinAustralia,andIthinkGhana, probablyoperateoverthosetimeperiods.Isthatsomethingthatyouwillbesay,thatyoucanaimtochange

• risitsomethingthatyoujustacceptedandthatwillbe,Isuppose,goingforward,itwillbethesameasit’s

alwaysbeen?

• There’stwopartstothisanswer.Thefirstisthatthesixdayworkweekthatwehadspokenaboutatthelast

presentation is not off the table yet. We’re still in detailed discussions with the unions regarding arrangements.ThesecondpartoftheansweristhattheChristmasbreakandtheEasterbreakwillalwaysbe topical.IcantellyouthattheleadershipofourunionshavefoughthardfortheChristmasbreak;they’renot likely to give that up quite easily. However, we’re looking at alternative working arrangements for the calendaryearandhopefullywearethinkingwewillresolvethatmatterifweaddressthesixdayworkweek issue.Unfortunatelywedon’thavefinalityonthat,butthedooronthathasnotbeenclosed.We’restillin discussionsandwe’rehopingforafavourableoutcomethatwecanimplementonsomeofourmajorshafts.

• Thanks.

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Good morning, Johan Steyn from Citibank. Just a quick question with regards to production and costs. Productionobviouslyincreasedquitesteeplyfromalowbaseinthepreviousquarter.However,yourcash costsremainfairlyhighat$688anounce.Howmuchofyourwintertariffisinthat,andwhenexactlydo wintertariffstakeeffect?Willitspilloverintothenextquarter?Andalsointermsoflabourinflation,when willweseethiscomingthrough?

• Johan,thewintertariffsaresplitoverbothquarters.There’sonemonth,theJunemonthintheJunequarter,

and in the September quarter we will have July and August. So the next quarter is going to be similar, probablyalittlebitmorebecauseit’sgoingtohavetwowintermonthsfortheSeptemberquarter.

• Andlabourinflation?
• We’reinthesecondyearinSouthAfricaintermsofthenegotiation.CorrectmeifI’mwrong.Ithinkit’s1%

aboveCPI.7.5%,that’sthenumberwe’vegot.

• Effectiveinyoufirstquarter.
• Correct.
• Sonextquarterintermsofcashcosts...
• 7.5%willbereflectedfortheSAops.
• Thankyouverymuch.
• Thankyou,Johan.Anyotherquestions?
• Hi,morning.BruceWilliamson,ImaraAssetManagement.Nick,givenalltheattentiononacidminedrainage

canyougiveusanideaofthevolumesofwaterthatyouguyspumpatSouthDeep,KloofandDriefontein, maybeaguessofwhatitcostsyouperannum?Andhowareyouguyshandlingyourlongtermliabilities.

• We don’t have a acid mine drainage problem at this particular point in time, and we’re not part of the

catchmentsareathatwasreferredtointhepressrecently.We’reinadifferentcatchmentsarea.Andwe’re alsodewatering,whichtendstocontainandmitigateanydrainage.Intermsofthelongtermprognosisfor allofthiswe’vegottodecidewhatwe’regoingtodotomitigateanyparticularissuethatmayariseinthe future.We’reinthefortunatepositioninthatwedon’thavetheproblemtodayandwecanstartplanning whatwe’regoingtodointhefuture.

• Andthere’snodoubtthatsomekindofwatertreatmentstrategydowntheroadislikelytobethebest

solution all round. And what it could do for us is actually achieve two objectives. One, we can help to mitigatetheimpactofanyfurtherproblemsthatmayarise–andIstressthere’snoproblemtoday–and secondlywecanharnesstheverysignificantamountofbothfissureandprocesswaterthatwegenerateand actuallyturnthatintopotablewaterforthebenefitofthecountry.

• AndtheonethingyoucanbesureofinSouthAfricagoingforward,we’vetalkedaboutenergybeingascarce

commoditybasedonwhatwe’veseenoverthelastcoupleofyears,andforthenextdecadethat’scertainly goingtobethecase,well,thenextthingthat’sgoingtobescarceiswater.Andwaterisgoingtobeavery importantstrategiccommodity.SoIbelievewecanachievetwoobjectives.One,wecanhelptomakesure we mitigate the impact of any effluence that’s going to be above limits that we’re unhappy with or the

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regulatorswillprescribearethelimits,andsecondlywecanderivebenefitsforthecountry.

• Soasoftodaythereisnoproblemforusinourowncatchmentsarea,butwe’rethinkingaheadabouthow

we’regoingtomanagethisissuegoingforwardonanaffordablebasisforthecompanyandthecountry. Thankyou.

• Ataroughguesswhatdoyouguyspumpperdayfromthosethreeoperations?
• We’vegotabout70megalitres.
• Thankyou.
• Thank you, Bruce. Anybody else with a question? Good. Do you have any questions from the internet,

Benjamin?

• Thereisaquestionfromtheinternet.
• Canyoureaditforusplease?
• ItcomesfromMandyLaGrangefromAvior.WhatmetalpricesarebeingusedtocalculateCerroCoronagold

equivalentproductionoutlookforFY2011?

• Thankyou.
• Thecopperpriceusedis$6,500pertoncopperand$1,100perouncegold.
• Thankyouverymuch.Anotherone,Benjamin,oristhereanotherone?
• Thereisanotherone,againfromMandyLaGrange.Willyoubedelivering1stDecemberyearendresultsthis

comingDecember?

• Yes,Mandy,wewill.
• Well,ladiesandgentlemen,withthatthankyouverymuchforbeingheretoday.Ijustwanttoagaindraw

your attention, there are going to be three events after this. The first one is that there are going to be refreshmentsoutsideandyouarewelcometojoinusforthat.Thesecondoneiswewillhavetheregular mediaroundtableintheregularroomthatwenormallyhaveit,soallthejournalistscanheadoffthatway. ThenthethirdoneisthatPaulSchmidtandPaulCurtisaregoingtohaveasmallroundtableforallyou analystswhoareinterestedtohearmoreaboutthefinancialeffectsoftheblackempowermenttransactions thatwespokeabout.Soyou’rewelcometoparticipatewhereveryouslotin.Again,thankyouverymuch. Bye.

ENDOFTRANSCRIPT