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Denver Gold ForumKEEPING THE FOCUS DESPITE HIGHER GOLD PRICE

Nick Holland19 September 2016

2

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.

Denver Gold Forum, Keeping the focus despite higher gold price, 19 September 2016

3

Gold Fields’ strategic objectives over the past 3 years

Denver Gold Forum, Keeping the focus despite higher gold price, 19 September 2016

How much progress have we made?

Focus on free cash flow

Structural shift in cost base

>15% free cash flow at a US$1,300/oz gold price

No marginal mining, no high-grading, maintain cut-off grades

Protect sustainability of ore bodies by investing in development and stripping

Reboot and deliver South Deep

Drive brownfields exploration – organic growth

Divest non-core assets; no greenfields exploration or projects

Strengthen balance sheet

Pay dividends

4

Objective: Focus on free cash flow

Net cash flow

US$60m net cash flow generated in 1H16

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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.

Denver Gold Forum, Keeping the focus despite higher gold price, 19 September 2016

2014

Gold: US$1,249/oz

Net cash: US$236m

2013

Gold: US$1,386/oz

Net cash: (US$232m)

2015

Gold: US$1,140/oz

Net cash: US$123m

5

Cost reduction while maintaining capex

Sticking to our promises

Denver Gold Forum, Keeping the focus despite higher gold price, 19 September 2016

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US$/ozkoz Attributable production vs. AIC

Production AIC

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2011 2012 2013 2014 2015

g/t Head grade vs. reserve grade

Reserve grade Head grade

● c.35% reduction in costs since 2013

● Capex maintained at c.US$300/oz

We have continued to spend on development

and stripping to maintain the integrity of our

orebodies

● We have not high-graded

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US$/oz Capex per ounce vs. capex/opex

Capex/oz Capex/Opex (rhs)

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Business underpinned by a solid global portfolio

Denver Gold Forum, Keeping the focus despite higher gold price, 19 September 2016

Production and AIC (ex South Deep project)

Healthy cash generation

● Attributable production H1 2016: 904koz (Q2 2016: 453koz)

● AIC H1 2016: US$917/oz (Q2 2016: US$949/oz)

● Net cash flow from international operations H1 2016: US$166m (Q2 2016: US$97m)

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7

Objective: Reboot and deliver South Deep

Increase in ZAR gold price accelerated cash breakeven

● FY16 guidance updated: Production of 9,000kg

(289koz) at AIC of ZAR595,000/kg (US$1,310/oz)

● Low profile destress mining completed in July

2016 – all future destress mining will employ the

high profile method, which is proving successful

● Most of the key skills are now in place. Skills

development strategy implemented

● Fleet renewal: 17 category 1 units commissioned

during H1 2016, with an additional 11 units to be

commissioned during the remainder of 2016

58 new units out of 114 planned for year-end

● Cash breakeven achieved in Q2 2016, helped by

higher ZAR gold price

● Rebase plan – long-term sustainable value

delivery

Update expected in early 2017

Will be based on updated performance data and

design optimisation

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

Production AIC

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

Net cash flow Gold Price

Denver Gold Forum, Keeping the focus despite higher gold price, 19 September 2016

8

South Deep: Encouraging trends

Key underground activities maintaining momentum

Denver Gold Forum, Keeping the focus despite higher gold price, 19 September 2016

36%36% 36%37%

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Objective: Drive brownfields exploration

H1 2016 performance

FY 2016 Budget A$93m (4

sites)

Expenditure: A$52m

Drill metres: 347,456 metres on ground

Extensive geophysics & modelling – all sites

Denver Gold Forum, Keeping the focus despite higher gold price, 19 September 2016

Second year of c.A$90m/year exploration spend

Delivering growth

Resource extensions Granny Smith Wallaby Z100, 110, 120

Darlot CDA Oval

Agnew FBH and Kim

St. Ives Invincible UG, Invincible South, Retribution

Growth Granny Smith Wallaby Z125, 130, 135, 140, 150, Northern

Fleet

Agnew Waroonga North

St. Ives Paleochannels

10

Granny Smith (Wallaby): Growth resource extension Zone 100

Denver Gold Forum, Keeping the focus despite higher gold price, 19 September 2016

• Mineralisation extended East & Southeast

• Targeting further extensional drill programs for

H2 2016

• Resource modelling & upgrade pending end

2016

Significant 2016 intersections include:

• WB3539UD 1.45m @ 7.41g/t Au

• WB3539UD 4.08m @ 6.52g/t Au

• WB3595UD 1.55m @ 45.1g/t Au

Zone 110

Legend

Outline – 2015 Model

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Successful

infill drilling

Successful

infill and

extension

drilling

Successful

extension

drilling

Q4 Target

Area

Q3 Target

Area

Wallaby Z100 25x25m drill spacing

Zone 90

Zone 100

11

Granny Smith (Wallaby): Growth resource extension Zones 110-120

Denver Gold Forum, Keeping the focus despite higher gold price, 19 September 2016

Zone 110-120

Zone 100

Zone 90

• Mineralisation extensions west & Southwest

for Z100 & Z120

• New drill platform required for further drilling

• New resource modelling & reserve upgrades

end 2016

Zone 110

Zone 100

Legend

Red - 2015b Model

Blue - 2016 Model

Significant 2016 intersections include:

• WB3516UD 10.6m @ 10.96g/t Au

• WB3515UD 8.05m @ 3.81g/t Au

• WB3498BUD 3.48m @ 3.33g/t Au

• WB3563UD 12.73m @ 6.10g/t Au

• WB3598UD 8.72m @ 16.12g/t Au

• WB3562UD 16.55m @ 9.30g/t Au

12

Granny Smith (Wallaby): New growth Zones 125-150

Denver Gold Forum, Keeping the focus despite higher gold price, 19 September 2016

Zone 110/120

North

View West

Zone 140

1.82m @

10.19g/t

1.5m @ 7.23g/t

3.60m @ 3.89g/t

Zone 150

8.96m @ 19.98g/t

Zone

135/135HW

9.95m @ 4.04g/t

8.40m @ 7.07g/t

Zone 130

Low grade within

intrusive

Zone 125

15.03m @

12.22g/t

N

• Zone 135 mineralised footprint of 1,100m x 600m

similar to Zone 100 and Zone 110-120

• Further lateral growth expected

• Initial resource in 2017

Zone 100

WBD047UD

2.5m @

6.78g/t

WB3401UD

8.95m @

7.42g/t

WBD046UD

9.95m @ 4.04g/t

8.4m @ 7.06g/t

WB3386UD

5.44m @

3.69g/t

WB3330UD

3.3m @ 3.6g/t

Zone 135

Domain

Boundary

Central

Intrusive

WBD046UDW2

6.79m @ 6.44g/t

Zone 135

13

Granny Smith: New growth Northern Fleet

Denver Gold Forum, Keeping the focus despite higher gold price, 19 September 2016

View south across Wallaby open pit and

Lake Carey toward Northern Fleet

Wallaby mine

14

Agnew: New growth Waroonga North

Denver Gold Forum, Keeping the focus despite higher gold price, 19 September 2016

Q2 2016

Advanced exploration

EMSD1374W3 780.66-785.36m

6.0m @ 30g/t including 4.7m @ 33.16 g/t Au

Drill spacing: 50m along strike, 100m – 150m vertical

15

Agnew: Barren Lands project area

Golden Swan

Strategy

• Identify favourable coarse sandstone host

• Along strike from New Holland trend to south

• Geophysics and diamond drilling to assist

targeting

• Initial RC drill program

Program

• 2 diamond holes for 300m

• 8 RC holes for 1,200m

Results

• Positive early results

• Interpretation & follow up drilling pending

Denver Gold Forum, Keeping the focus despite higher gold price, 19 September 2016

16

Darlot: Resource extension & new growth

Denver Gold Forum, Keeping the focus despite higher gold price, 19 September 2016

Burswood

Moses

Dacent

CDA Oval Extensional &

Resource conversion project

CDRCD0023 0.3m @ 94.0 g/t

Au

17

St Ives: Invincible South resource extension and growth

Denver Gold Forum, Keeping the focus despite higher gold price, 19 September 2016

Initial Discovery History:

• Discovery hole 1994 (1m @ 0.8g/t Au)

• Re-discovered Q1 2012

• 4 of 5 DDH hit ore (14m @3.9 g/t, 12m @ 5.5g/t, 6m @ 2.3g/t, 4m @

3.0g/t)

• Maiden resource 2.3Mt @ 3.3g/t for 246koz

Current Status

• Modelling in progress

• Current Inferred Resource

Inventory 1.35Mt @ 8.4g/t for

364koz (3.5g/t COG).

• Total Greater Invincible Mining

Project Resource

• 1.8Moz since discovery

Significant Intercepts include:

LD14522W1 4.35m @ 13.6g/t Au

LD14522W1 5.6m @ 10.84g/t Au

LD14593 9.6m @ 8.79g/t Au

LD 14596 16m @ 7.92g/t Au

LD14650 10.8m @ 8.85g/t Au

LD14654 19.2m @ 11.42g/t Au

LD14595 17.4m @ 10.40g/t Au

Invincible

UG

Invincible

South

Invincible Open Pit

Legend

Blue = geological structures

Green = current inferred

resource model

18

EM Survey – 400m spaced

lines

Neptune

EM Test

Drilling

80X20 drilling

All assays returned

Modelling in progress

Argo North Ext

APN

EM Survey – 400m spaced

lines

Neptune

Argo North

N

St Ives: Palaeo-channel project (additional)

Denver Gold Forum, Keeping the focus despite higher gold price, 19 September 2016

APN

Argo

Hole IDFrom (m)

Length (m) Grade Au g/t Comment

CD18999 63 5 15.0 Supergene

WPD3897 61 10 5.5 Supergene

CD19089 65 1 32.0 Palaeochannel

TD13177 52 1 30.3 Palaeochannel

CD19106 62 1 29.8 Palaeochannel

TD13160 65 1 23.1 Palaeochannel

CD19119 63 1 23.0 Palaeochannel

WPD3893 61 1 22.4 Palaeochannel

TD13163 61 1 22.3 Palaeochannel

CD19149 62 2 9.9 Palaeochannel

TD13125 58 5 4.8 Palaeochannel

CD19092 61 3 6 Palaeochannel

CD19023 63 5 3.3 Palaeochannel

CD19089 64 4 8.5 Palaeochannel

CD19119 61 3 11.1 Palaeochannel

19

Objective: Divest non-core assets

Active portfolio management

Continue to Look at Value Adding Acquisitions

Sold

Disposal Underway

Retain

Woodjam

British Columbia

“The wrong metal”

Asosa

Ethiopia

“The wrong address”

Yanfolila

Mali

“Not franchise asset”

Talas

Kyrgysztan

“The wrong address”

Chucapaca

Peru

“Franchise/hurdle rates”Salares Norte

Chile

“Great optionality”

FSE

Philippines

“Great optionality”

Arctic Platinum Project

Finland

“The wrong metal”

Denver Gold Forum, Keeping the focus despite higher gold price, 19 September 2016

20

Objective: Strengthen balance sheet

● Net debt of US$1,155m at 30 June 2016

● Net debt to EBITDA of 1.05x from 1.38x at end-FY15

● US$148m of Notes bought back in February 2016 at

a 12% discount

● Equity raising of R2.3bn (US$150m) in March 2016

Proceeds applied to existing US$ facilities

● Refinanced US$1,440m credit facilities in June. New

facilities amount to US$1,290m at similar rates

● First material debt maturity in June 2019 (previously

November 2017)

● Unutilised facilities of US$886m and R3.0bn

c.US$600m reduction in net debt since end-FY13

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Denver Gold Forum, Keeping the focus despite higher gold price, 19 September 2016

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Maturity schedule

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Objective: Pay dividends

Maintaining Dividend Policy Of Paying Out 25% To 35% Of Normalised Earnings

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Denver Gold Forum, Keeping the focus despite higher gold price, 19 September 2016

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2013 2014 2015 H1 2016

Dividend yield

● We have consistently paid dividends on a semi-annually basis since H2 2013

● We maintain our dividend policy of paying 25% - 35% of normalised earnings

● After debt reduction, dividends take priority in terms of allocating cash flow

22

Have we delivered on our strategic objectives?

Denver Gold Forum, Keeping the focus despite higher gold price, 19 September 2016

Making good progress

STRATEGIC OBJECTIVES

Focus on free cash flow

Reboot and deliver South Deep

Drive brownfields exploration

Divest non-core assets; no greenfields exploration or projects

Strengthen balance sheet

Pay dividends

23

The way forwards for Gold Fields

● Grow cash flow and margin with increase

in gold price

● Committed to delivering on our plans in

terms of both production and costs

● Continue to reduce net debt – Already

close to net debt/EBITDA target of 1x

Balance sheet has flexibility with

regards to capacity and maturity

● We are firmly focused on delivering a

sustainable South Deep – on track to

meet 2016 targets

● Continue to evaluate value-accretive

opportunities

Denver Gold Forum, Keeping the focus despite higher gold price, 19 September 2016

Strategic priorities

Focus on cash

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Guidance Actual

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US$/oz AIC: Actual vs. guidance

Guidance Actual

Investor Relations Contacts Media Contact

Avishkar Nagaser

Tel: +27 11 562 9775

Mobile: +27 82 312 8692

E-mail:

Avishkar.Nagaser@goldfields.co.za

Sven Lunsche

Tel: +27 11 562 9763

Mobile: +27 83 260 9279

E-mail:

Sven.Lunsche@goldfields.co.za

Thomas Mengel

Tel: +27 11 562 9849

Mobile: +27 82 315 2832

E-mail:

Thomas.Mengel@goldfields.co.za