Gold Fields : H1 2019 RESULTS Nick Holland - CEO

Turning cash flow positive

H1 2019 RESULTS

Nick Holland - CEO

Forward looking statement

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 or joint ventures, 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.

Further details of potential risks and uncertainties affecting Gold Fields are described in Gold Fields' filings with the Johannesburg Securities Exchange and the US Securities and Exchange Commission, including in Gold Fields' Annual Report on Form-20F for the year ended 31 December 2017, Gold Fields' Integrated Annual Report 2017 and Gold Fields' Annual Financial Report 2017

Gold Fields H1 2019 Results | 15 August 2019

2

Salient features of H1 2019

Turning cash flow positive

• Turning cash flow positive after 2 years of reinvestment
• • Net cash flow of US$49m in H1 2019
• Gruyere commenced production and achieved practical completion on 10 August 2019
• Damang continues to track ahead of plan
• South Deep showing incremental improvements - cash flow positive in Q2 2019
• Improving the balance sheet
• • New bond issues and refinanced bank debt
  • Sale ofnon-core investments
• Interim dividend of 60 SA cents
• Launch of Courageous Safety Leadership programme

Gold Fields H1 2019 Results | 15 August 2019

3

A globally diversified gold miner

H1 2019 results

Gold Fields Group

Mines: 8

Projects: 2

Countries: 5

Att. production: 1,083koz

AIC: US$1,106/oz

Mine net cash flow*: US$198m inflow

West Africa region

Mines: Tarkwa, Damang and Asanko

Att. production: 400koz

AIC: US$1,007/oz

Net cash flow*: US$72m inflow

Americas region

Mine: Cerro Corona (Peru)

Att. production: 156koz (Au eq)

AIC: US$698/eq oz

Net cash flow: US$52m inflow

Project: Salares Norte (Chile)

South Africa region

Mine: South Deep

Att. production: 92koz

AIC: US$1,529/oz

Net cash flow: US$17m outflow

Australia region

Mines:St Ives, Granny Smith and Agnew

Att. production: 435koz

AIC: US$1,035/oz

Net cash flow: US$92m inflow

Project: Gruyere

Gold Fields H1 2019 Results | 15 August 2019

4

Turning cash positive sooner than expected

• Gold Fields turned net cash flow positive in H1 2019 (after two years of reinvestment), earlier than originally anticipated
• Net cash flow* of US$49m in H1 2019
• Mine net cash flow of US$198m in H1 2019
• Group's cash generating ability is expected to increase in H2 2019 and 2020 as the project capex reduces further and the contribution from the new projects increases

Net Cash Flow*

	400
	300
	200
US$m	100
0

-100

-200

-300

2013

2014

2015

2016

2017

2018

H1 2019

*Net Cash Flow = Cash flow from operating activities less net capital expenditure and environmental payments and finance lease payments

Gold Fields H1 2019 Results | 15 August 2019

5

Focus on balance sheet in H1 2019

New bonds issued

• Gold Fields successfully concluded the raising of two new bonds on 9 May 2019 for a total of US$1bn at an average coupon of 5.625%
• • US$500m5-year bond with a coupon of 5.125%
  • US$500m10-year bond with a coupon of 6.125%
  • Proceeds were used to repay amounts outstanding under the US$1,290m Credit Facilities Agreement and buyback US$250m of the outstanding 2020 notes at 102% of par

US$1,200m revolving credit facility (RCF)

• On 25 July, Gold Fields entered into a US$1,200m revolving credit facilities agreement with a syndicate of international banks and financial institutions
• • US$600m 3+1+1 year (2024) RCF at a margin of 1.45% over LIBOR*
  • US$600m 5+1+1 year (2026) RCF at a margin of 1.70% over LIBOR*
  • A reduction in margin over LIBOR* of 0.5% from the previous RCFs

Sale of non-core investments

• During H1 2019, Gold Fields sold its shareholdings in two of itsnon-core investments, Maverix Metals and Red 5, for combined proceeds of US$88m
• • Both positions were sold at a significant premium to thelook-through acquisition costs
  • Proceeds were used to retire debt

Change in accounting standard on leases

• Gold Fields has adopted IFRS16. New RCF has improved financial covenants to accommodate the treatment of operating leases
• • Net Debt to EBITDA covenant has moved from ≤2.5 times to ≤3.5 times
  • Consolidated EBITDA to Consolidated Net Finance charges covenant has been reduced from ≥5 times to ≥4 times

*LIBOR as at 14 August was 2.2%

Gold Fields H1 2019 Results | 15 August 2019

6

Balance Sheet

• Net debt (before IFRS16 adjustments) of US$1,498m at 30 June 2019
• • Net debt to EBITDA of 1.59x
• Net debt (after IFRS16 adjustments) of US$1,794m at 30 June 2019
• • Net debt to EBITDA of 1.36x
• Maturity extended and staggered through recent bond issues and new RCF agreements
• Unutilised facilities of US$1,179m, R4.2bn and A$50m
• • Will be used to repay 2020 bond

	Net debt (US$m) and Net debt/EBITDA - pre IFRS16
US$m
2 000											2,0
1 800
1 600											1,5
1 400
1 200
1 000											1,0
800
600											0,5
400
200
0											0,0
FY 2013	H1 2014	FY 2014	H1 2015	FY 2015	H1 2016	FY 2016	H1 2017	FY 2017	H1 2018	FY 2018	H1 2019
			Net debt		Net debt/EBITDA

US$m

1. 000

1. 500

1. 000

1. 500

1. 000

1. 500

1. 000
   500
   0

Debt facilities

US$m

US$ facilities Rand facilities	A$ facilities	Total facilities
		Utilised		Unutilised

Maturity schedule at 30 June 2019

800

700

600

500

400

300

200

100

0

Dec 20

Dec 21

Dec 22

Dec 23

Dec 24

Dec 25

Dec 26

Dec 27

Dec 28

Dec 29

Gold Fields H1 2019 Results | 15 August 2019

7

Update on projects

Australia's newest gold mine

Footprint of the Gruyere plant

Gold Fields H1 2019 Results | 15 August 2019

9

Australia's newest gold mine

Gold Fields H1 2019 Results | 15 August 2019

10

Gruyere

• Gruyere reached the milestone of pouring first gold post the close of the June 2019 quarter
• • Three dore gold bars totaling 1,139oz produced from theCarbon-in-Leach and elution circuits
• Practical completion achieved on 10 August 2019
• The full processing circuit is now in operation and the ramp up to steady state has commenced
• • It is anticipated to take six to seven months to reach nameplate capacity of 8.2Mtpa
• Mining has performed well relative to expectation over the past six months
• • Total tonnes mined and mined ounces of 2.5mt and 65koz, respectively as atend-June
• As previously announced, FY 2019 production is expected to be between 75koz and 100koz (100% basis)
• The Final Forecast Capital Cost estimate remains unchanged at A$621m (100% basis)

Gold Fields H1 2019 Results | 15 August 2019

11

Update on Damang

• Another strong performance by Damang in H1 2019, beating plan on both production and costs
• • H1 2019 production of 112koz at AISC of US$652/oz and AIC of US$1,061/oz
  • On track to meetfull-year guidance of 218koz
• Encouragingly, the mine generated free cash after all capital during H1 2019
• As atend-June 2019 (30 months into the reinvestment plan):
• • Total material mined was 103Mt (19% ahead of project schedule)
  • Gold produced was 436koz (27% ahead of project schedule)
  • Project capital spent to date was US$320m vs. original budget of US$275m largely driven by the additional capital waste tonnes mined which has resulted in the project being ahead of schedule

Gold Fields H1 2019 Results | 15 August 2019

12

Update on Damang

Damang pit West wall

Gold Fields H1 2019 Results | 15 August 2019

13

Update on Damang

Damang pit East wall

Gold Fields H1 2019 Results | 15 August 2019

14

Update on Damang

Damang pit North to South view

Gold Fields H1 2019 Results | 15 August 2019

15

Regional overviews

Australia

			H1 2019	H1 2018	2019 guidance*
	Att. Production	koz	435	442	887
39% of Group managed
AIC	US$/oz	1,035	900	1,139
production
	A$/oz	1,465	1,166	1,518
	Net cash flow	US$m	92	86

• Production commenced at Gruyere, with practical completion achieved
• St Ives continued to transition to a predominantly underground operation
• New camp built at Agnew; solar and gas components of the hybrid microgrid are operational
• Attractive exploration opportunities at Agnew, including Waroonga North and Reedemer
• In-depthmining method and haulage study underway at Granny Smith that will allow for full value to be realised from the sizeable resource
• AIC increase during H1 2019 driven by:
• • Expenditure on the new camp at Agnew
  • Gold in process changes (St Ives)
  • The transition to underground at Invincible

Gold Fields H1 2019 Results | 15 August 2019

17

St Ives: Greater Invincible

	Target Description: Brecciated mudstone hosted mineralisation	Geological Opportunities:	Time to mining: <2yr
	Potential: +2Moz	•	Multiple lodes	UG Extensions
	•	Down dip extensions of all lodes	Open Pit extensions
N				S

	Mids	Invincible South	500m
Greater Invincible North	Greater Invincible Mids
Invincible Deeps	Greater Invincible South

Gold Fields H1 2019 Results | 15 August 2019

18

Agnew exploration: Waroonga

Exploration & Growth at Waroonga - focus areas

Context

Multiple narrow lode ore bodies (1-5 metres) Limited strike extents Large vertical extent (steeply dipping)

Coarse gold

3 years reserves for 35 years

Saint??

Potential new lode

		Open
Open	Open	Open

Mined since 1993 - Right Investment level maintains life and production profile

Gold Fields H1 2019 Results | 15 August 2019

19

Agnew exploration: Redeemer

Greater Redeemer Complex

North (3.5km to Waroonga)	South (1km to Crusader)
Barren Lands	Redeemer
Zone 2 North	Zone 2 South

Redeemer exploration targets

●	1: Zone 2
●	2: Barren Lands

2	4
3
	Redeemer
	North

5

6

●3: Extension of Zone

2 to the north

●4: Area of possible

decline from Barren

Lands to Zone 2

●5: Zone 2 south

●6: Redeemer

extension (original

style of

mineralisation mined

at Redeemer)

Barren Lands

Zone 2 North

Open

Redeemer	Crusader Complex

Redeemer

North

Gold Fields H1 2019 Results | 15 August 2019

20

Americas

			H1 2019	H1 2018	2019 guidance
	Au Eq production	koz	157	138	291
	Au Eq AIC	US$/oz	698	737	802
	Au only production	koz	81	61	153
14% of Group managed
Cu only production	tonnes	16,122	14,678	27,684
production
Au only AIC	US$/oz	290	197	566
	Net cash flow	US$m	52	41

• Cerro Corona
• • Feasibility study for the life extension to 2030 is progressing well
• Salares Norte
• • EIA progressing - expected within the next 12 months
  • Detailed engineering 39% complete
  • Encouraging exploration results at Horizonte
• Stake acquired inTSX-listed Chakana Copper (16%)

Gold Fields H1 2019 Results | 15 August 2019

21

Salares Norte District

• District drilling metres are 66% over budget YTD
• Horizonte DIA was approved on 17 July 2019. This DIA:
• • Enables the development of Horizonte project by allowing 500 drilling platforms, all the associated access roads and support facilities
  • Allows the construction of phase 1 of the Salares Norte camp, de- risking the planned start date for the Salares Norte project construction
• 12,305 metres drilled byend-June
• • Comfortably on track forfull-year plan of 12,920 metres

Gold Fields H1 2019 Results | 15 August 2019

Salares Norte

Horizonte

22

Chakana Copper

Emerging Copper/Gold/Silver project in Peru

	Soledad Project
Location &	Mining friendly; excellent road access, power lines, water;
Infrastructure	Established mining district, 3 active mines in vicinity.
Geology	Rapidly expanding breccia pipe field, increasing search space;
Also epithermal veins & porphyry style mineralisation present.
	~500m vertical extent & concentrated distribution of breccia
Mining	pipes targets;
	Potential bulk mining approach.
Communities	Strong social framework already in place;
Key surface rights secured.

What did Gold Fields get in the deal?

Exposure to emerging Cu-Au project in Peru;

16% stakePre-emptive right to participate in any proposed equity offering

Gold Fields - CHK Technical Advisory Panel :

Advisory Agreement

Review exploration strategy

CERRO CORONA

Gold Fields H1 2019 Results | 15 August 2019

23

West Africa

			H1 2019	H1 2018	2019 guidance
	Managed production	koz	438	354	838
39% of Group managed
AISC	US$/oz	892	924	919
production
	AIC	US$/oz	1,007	1,114	1,102
	Net cash flow*	US$m	118	64

• • Net cash flow excludes Damang project capital Numbers include 45% of Asanko Gold Mine
• Growing region for Gold Fields
• • Tarkwa: baseload production for the region
  • Damang: growth through the reinvestment project
  • Asanko: exposure to a good camp, withlong-life,low-cost production, with significant exploration potential
  • • Working towards a Resource and Reserve declaration in Q1 2020
    • Setting up the mine for an 8 to 10 year life of 225koz - 250koz pa (100% basis) with a lower cost profile
    • Limited further capital investment into new infrastructure
• Asanko had a record quarter in Q2 2019 in terms of gold production (62koz on a 100% basis)
• • H1 2019 production of 122koz (100% basis) at AISC of US$1,155/oz
  • On track to meet full year guidance of 225koz - 245koz at AISC of US$1,040/oz - US$1,060/oz and AIC of US$1,130/oz - US$1,150/oz

Gold Fields H1 2019 Results | 15 August 2019

24

Tarkwa exploration

Paleoplacer drilling: potential 20km strike

Gold Fields H1 2019 Results | 15 August 2019

25

South Africa

			H1 2019	H1 2018	2019 guidance
	Att. Production	koz	92	97	193
	AISC	US$/oz	1,529	1,699	1,394
8% of Group managed	AIC	US$/oz	1,529	1,816	1,394
production	Net cash flow*	US$m	-17	-42

• • Excluding project capital
• South Deep continued to make positive progress on most of the performance metrics during Q2 2019
• Significant improvement in Q2 2019:
• • Gold production increased by 67% QoQ to 1,782kg (57koz)
  • AIC decreased by 34% QoQ to R590,492/kg (US$1,275/oz)
  • Net cash flow for the quarter was a positive R71m
• Encouraging productivity improvements:
• • Average metres per rig (development and destress) have increased from 37 metres per rig per month in H1 2018 to 55 metres per rig per month for H1 2019
  • Stoping tonnes (long hole stoping and benching) per rig improved from 5,518 tonnes in H1 2018 to 10,253 in H1 2019
• Focus remains on optimising the entire value chain in order to open, mine and fill voids as efficiently as possible

Gold Fields H1 2019 Results | 15 August 2019

26

Strong focus on ESG

Safety

• Maria Ramela lost her life in a mining incident at South Deep on 2 June 2019. The crew leader was fatally injured after being struck by a rock ejected from therock-face following four seismic events in quick succession
• TRIFR regressed by 3% from 2.10 for H1 2018 to 2.17 for H2 2019
• Group safety objectives:
• • Develop a culture of safety leadership within the organisation
  • Equip employees with the skills to achieve safe outcomes consistently
  • Deploy management systems, certified to ISO 45001
• Group Safety Workshop in July:
• • Attended by Group Executive and regional leadership teams
  • Commitment to zero fatalities and serious injuries
  • Trained Exco in Courageous Safety Leadership programme
  • Introduced the Vital Behaviours behavioural safety programme

		H1 2019	H2 2018	H1 2018
	Fatalities	1	1	0
	Serious injuries	3	15	2
	TRIFR1	2.17	1.52	2.10
Gold Fields H1 2019 Results | 15 August 2019			28

Environment and Social

• No Level 3 - 5 environmental incidents were reported in H1 2019 compared with one for H1 2018
• June submission to ESG investors of detailed report on our 34 TSFs
• Underground gas pipeline to Damang and Tarkwa completed - first piped gas was received by the mines' power plants in June 2019
• Granny Smith and Agnew have begun construction of microgrid power systems, with combinations of gas, solar, wind and battery storage
• South Deep's electricity tariff increased by 13% in 2019, plus higher winter tariffs
• Gold Fields aims to sustain the value delivered to host communities through employment, procurement and social investments. Atend-H1, we achieved:
• • 57% host community employment
  • 35% host community procurement
  • $27mDamang-Tarkwa road opened

		H1	H2	H1
	Key measurements	2019	2018	2018
	Environmental incidents - Level 3	0	1	1
Environment	Water recycled/reused (% of total)	68	69	63
Fresh water withdrawal (GL)1	7.67	6.35	8.12
Energy consumption (TJ)	5,845	5,761	5,867
Energy per ounce (GJ/tonne)	5.48	5.58	5.70
	CO2emissions (Mt)2	0.68	0.67	0.70
	CO2emissions (tonnes/ounce)	0.64	0.65	0.68

		H1	H2	H1
	Key measurements	2019	2018	2018
	Host community procurement (% of total)	351	27	22
Social	Host community workforce (% of total)	571	56	43
Socio-economic development spending ($m)	13.1	15.6	10.1
	Women in workforce (%)	20	19	19

Gold Fields H1 2019 Results | 15 August 2019

29

Member of the ICMM

Committed to responsible and sustainable mining

Catalyst for change

• ICMM is aCEO-led international organisation that advocates responsible and sustainable mining

Sustainable development framework

• 10 sustainability principles and 7 position statements - ethical business practices, environmental stewardship, contribution to economic/socialwell-being, health and safety, and the responsible supply and use of materials
• Transparent reporting on performance and independent assurance

Enhancing mining's contribution to society

• ICMM works with members to make lasting social, environmental and economic progress that supports global sustainable development goals

ICMM initiatives at Gold Fields

• The ICMM facilitated the establishment of an expert panel to oversee a global tailings review and establish an international tailings standard. Gold Fields presented an update on its TSFs as part of an ICMM response to ESG investors
• Gold Fields implemented ICMM Water and Tailings position statements at all its mines
• CEO is a member of the Advisory Council of the Innovation for Cleaner Safer Vehicles programme. Through this, the ICMM is working with leading equipment manufacturers to develop a new generation of cleaner and safer mining vehicles

Gold Fields H1 2019 Results | 15 August 2019

30

Outlook

2019 outlook and guidance

2019 Group guidance unchanged

• Attributable equivalent gold production: 2.13Moz - 2.18Moz
• AISC: US$980/oz - US$995/oz
• AIC: US$1,075/oz - US$1,095/oz (includes project capital of US$69m at Damang, US$74m at Gruyere and Salares Norte expenditure of US$57m)

Focus areas for H2 2019

• South Deep - continue to focus on integrating key mining activities
• Gruyere - deliver ramp up to steady state
• Damang - ramp up ore supply from Saddle area of main pit
• Asanko - work on revised mine plan and new reserve and resource statement
• Salares Norte - advance detailed engineering and EIA process

Gold Fields H1 2019 Results | 15 August 2019

32

Thank you

QUESTIONS AND ANSWERS