Slide 1: North America Investor Update
North America Investor Update September 2011 Nick Holland Chief Executive Officer
Slide 2: Forward Looking Statements
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. Such forward looking statements involve known and unknown risks, uncert
Slide 3: Agenda
Agenda I. Group Overview and Strategy II. Financial Overview III. Operations Overview IV. Growth Projects V V. Peer Comparison VI. Summary 3
Slide 4: Group Overview and Strategy
Group Overview and Strategy IGovp| Fiecps
Slide 5: What Gold Fields Offers
What Gold Fields Offers A Quality Reserve 76.7 million ounces of reserves1 Solid Production Base 3.5 million ounces per annum2 Geographical Diversification 50:50 (RoW:SA) production split (H1 2011) Robust Free Cash Flow US$200.3 million3 (H1 2011) Strong Growth Pipeline Targeting 5moz by 20154 Conse
Slide 6: Gold Fields at a Glance
Gold Fields at a Glance FINLAND Arctic Platinum Project MALI Vancouver Yanfolila Beijing Denver PHILIPPINES PERU GHANA Far South East Cerro Corona T k Tarkwa Chucapaca Damang AUSTRALIA Agnew Lima St Ives SOUTH AFRICA KDC Johannesburg South Deep Perth Santiago Beatrix Offices Mines Exploration p Proj
Slide 7: Gold Fields Vision, Strategy and Target
Gold Fields Vision, Strategy and Target Free Cash Flow Grow cash flow Grow ounces Sustainability margin per ounce per share Optimise Our Grow Secure Assets Gold Fields Our Future Unhedged Targeting 5 million ounces by 20151 _____________________________________________ 1. Five million ounces in deve
Slide 8: Our Strategy
Our Strategy Stabilise existing operations to provide a strong platform for growth Optimise Focus F on free f cash h flow fl generation, ti operating ti NCE margin i >20% 20% Our Assets Continuous improvement at all operations 5 million ounces in development or production by 2015 Grow Inte
Slide 9: Free Cash Flow Focus
Free Cash Flow Focus Reduce notional cash expenditure (NCE) to increase free cash flow NCE includes operating p g costs p plus capital p NCE margin breakdown (US$/oz) expenditure (which includes both growth and 1600 sustaining capital expenditure) and is reported on a per equivalent ounce basis 14
Slide 10: Growing the NCE Margin
Growing the NCE Margin US$/oz 1600 1400 21% 20% 1200 18% 1000 18% 800 600 400 Jun 2008 Dec 2008 Jun 2009 Dec 2009 Jun 2010 Dec 2010 Jun 2011 Gold Price Total Cash Cost NCE _____________________________________________ Data points are per quarter 10
Slide 11: Creating a Globally Diversified Company
Creating a Globally Diversified Company 6 months to June 2011 F2009 Production 1 2015 Target2 Production 1 5% 11% 20% 18% 19% 40% 60% 50% 20% 17% 20% 20% South Africa West Africa Australia South America 2015 Production Target2 South Africa Region Australasia Region West Africa Region South America R
Slide 12: Improving the Profitability of the Portfolio
Improving the Profitability of the Portfolio 1 _____________________________________________ 1. Managed gold equivalent production for the six month period ended 30 June 12
Slide 13: Recent Developments
Recent Developments Increasing Gold Fields’ interest in Tarkwa, Damang and Cerro Corona US$1,049 million buy-out of minorities US$382 million to increase stake in Cerro Corona from 80.7% to 98.5% (economic interest) US$667 million to increase indirect holding in Tarkwa and Damang from 71.1% to
Slide 14: Financial Overview
Financial Overview rm =? 27 4, Zr, oA ¥) e fh IGovp| Fiecps ¢, ‘}) =
Slide 15: June 2011 Quarter Salient Features
June 2011 Quarter Salient Features Increased production, good cost control and higher gold price boost earnings NCE margin g (%) ( ) 5% increase in equivalent production to 872,000 ounces Operating margin increased to 47% NCE margin of 21% for Q2 2011 and H1 2011 Good cost control across the
Slide 16: June 2011 Salient Features
June 2011 Salient Features Delivering the gold price to shareholders DPS (SA cents per share) Free cash flow of US$100m1 for Q2 2011 Concluded the programme to acquire minority interests in Peru and Ghana Good progress made on growth portfolio 100 Interim dividend of SA100 cps 70 70 50 Dec-0
Slide 17: Group Salient Features
Group Salient Features 6m June 6m Dec 12m Jun 12m Jun 12m Jun Description Units 2011 2010 2010 2009 2008 Gold price realised US$/oz 1,442 1,292 1,085 875 816 Attributable gold equiv production ‘000oz 1,702 1,806 3,497 3,414 3,638 Total cash cost US$/oz 783 712 646 516 476 NCE US$/oz 1,135 1,049 924
Slide 18: Conservative Balance Sheet & Financial Strategy
Conservative Balance Sheet & Financial Strategy Investment grade rating of Baa3 (Moody’s) & BBB- (S&P) Net Debt (US$m) & Net Debt:EBITDA Change in Moody’s credit rating outlook to positive from stable New US$1bn 5-year 5 year RCF (June 2016 maturity) Strong liquidity position ~US$1bn US$1bn
Slide 19: Operations Overview
Operations Overview rm =) Sy 4, os. oA ¥) e fh IGovp| Fiecps ¢, i) =
Slide 20: South America Region Overview
South America Region Overview A major cash generator Q2 2011 gold equivalent production1 101,000oz (Q1 2011: 108,000oz) Cerro Aim to replenish reserve depletion at Cerro Corona Corona Lima PERU Programme to acquire minorities completed during Q1 2011 Chucapaca Chucapaca Project Ch P j t – 35
Slide 21: Australasia Region Overview
Australasia Region Overview A growing reserve base Q2 production of 159,000oz (Q1: 158,000oz) 33% increase in pproduction to 50,400oz , at Agnew g St. Ives Athena full production expected Q3 2011 and Hamlet construction underway Agnew Brisbane Transition to owner mining at St Ives (U/G) co
Slide 22: West Africa Region Overview
West Africa Region Overview A million ounce region Q2 production1 of 237,200oz (Q1: 241,600oz) Programme to acquire IAMGold IAMGold’s s indirect holding of 18.9% 18 9% concluded in Q2 2011 MALI Transition to owner mining and maintenance at Damang completed Bamako US$7 million in cost savings
Slide 23: South Africa Region Overview
South Africa Region Overview S f Safety: the key to sustainable delivery 9% increase in production to 447,000oz Solid performance from Beatrix - 32% increase in production to 98,000oz 98 000oz KDC Pretoria Johannesburg and an NCE margin of 23% South Deep Beatrix Bloemfontein Durban Improving N
Slide 24: Growth Projects
Growth Projects IGovp| Fiecps
Slide 25: Exploration Underpins Growth
Exploration Underpins Growth No M&A heroics = value accretive growth through the drill bit Over the past 10 years global discoveries have not fully replaced production1 Gold G ld Fields Fi ld recognized i d this thi trend t d 4 years ago Less discoveries mean Increasing competition among maj
Slide 26: Global Growth Portfolio
Global Growth Portfolio Creating a leading global gold mining company Arctic Platinum Pre-Feasibility • 12Moz resource of 2PGE and Au • Pre-Feasibility Study to be completed H2 2011 Yanfolila Finland Drilling • Potential for 200kozpa p starter project • Scoping study determined optimal project requi
Slide 27: Strong Growth Pipeline
Strong Growth Pipeline Growth Pipeline Near Mine Exploration Pipeline Cerro Production Athena (St Ives) Corona Construction Hamlet South So th Deep (St Ives) Chucapaca Feasibility Cerro Corona Oxides Damang Superpit Project Cerro Corona Resource Pre-Feasibility Conversion Project j Arctic Platinum Y
Slide 28: South Africa Region – South Deep Project
South Africa Region – South Deep Project Building a world-class mine Production and Capex ( (Koz) (Koz)) 34.5 Moz Reserve (oz) Rbn 800 2.5 Infrastructure projects tracking well 600 2.0 15 1.5 400 Development and de-stress mining rates improving 1.0 200 0.5 11% increase q/q in de-stress minin
Slide 29: South America Region – Chucapaca JV Project
South America Region – Chucapaca JV Project Chucapaca JV Project - Peru Chucapaca JV Project j Cerro 51% Gold Fields Corona 49% Buenaventura PERU Lima Chucapaca Project Mi i Mining C Concessions i Chucapaca JV Project Gold Fields 12,700Ha 94,100Ha Buenaventura Aruntani 18 18,400Ha 400Ha 29
Slide 30: South America Region – Chucapaca JV Project
South America Region – Chucapaca JV Project 35% increase in Mineral Resource to 7.6Moz1 au eq from 5.6Moz1 au eq 70% of resource in indicated category 100,000 meters of drilling completed Deposit remains open to the West and at depth Initial metallurgical test work completed and optimisation
Slide 31: South America Region – Chucapaca JV Project
South America Region – Chucapaca JV Project Grade Metal Tonnes C t Category Au A Au A Cu C AuEq A E Au A A Ag C Cu AuEq A E (Mt) (g/t) (g/t) Cu (%) (g/t) (Moz) (Moz) (Mlb) (Moz) Measured ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Indicated 92.6 1.5 11.6 0.09 1.8 4.3 34.6 178.6 5.5 Inferred 40.2 1.4 8.9 0.09 1.7 1.8 11.5 75.
Slide 32: South America Region – Chucapaca JV Project
South America Region – Chucapaca JV Project May 2010 Mineral Resource and Open Pit Shell (5.6 Million Ounce AuEq) Looking northeast, coloured by gold equivalent grades, blocks greater than 1.0 g/t AuEq E W 5.6 Moz AuEq Drilling completed to May 2010 32
Slide 33: South America Region – Chucapaca JV Project
South America Region – Chucapaca JV Project September 2011 Mineral Resource Model and Open Pit Shell (7.6 Moz AuEq) Looking northeast, coloured by gold equivalent grades, blocks greater than 1.0 g/t AuEq E W 7.6 Moz AuEq 450 m Drilling completed to Sept 2011 33
Slide 34: Damang Superpit Project - Ghana
Damang Superpit Project - Ghana Targeting a four-fold increase in reserves to 4Moz at Damang Superpit Damang Reserves (‘000 ounces) 6 000 Grade control model extrapolated to depth 5 000 and evaluated for mining potential 25,000m Proof of Concept Drilling 4 000 completed to test extrapolated cont
Slide 35: Damang Superpit Project - Ghana
Damang Superpit Project - Ghana Proof of Concept drilling results Huni Damang Juno current pit shell drill hole intersection 122m at 1.7 g/t Au surface topography 180m at 2.4 g/t Au 408m at 0.5 g g/t Au 605m at 0 0.6 6 g/t Au drill hole trace 72m at 3.9 g/t Au 270m at 1.0 g/t Au 425m at 0.7 g/t Au 3
Slide 36: Damang Superpit Project - Ghana
Damang Superpit Project - Ghana Damang Superpit Conceptual Shell N Current Pit Surface -200m -400m -600m -800m Dec 2010 Reserve Shell Conceptual Extensional Pit Shell ($1,000/oz) ($1300/oz) 3 km 36
Slide 37: West Africa Region - Yanfolila Project
West Africa Region - Yanfolila Project Mali, West Africa Significant land position (180 x 60km) Property consolidation ongoing Extensively mineralised belt Drill intensive project: 80,000 m in 2011 MALI Focus on Komana Project in the South Resource drilling at Komana east and West Bamako
Slide 38: West Africa Region - Yanfolila Project
West Africa Region - Yanfolila Project Komana Project Area N Sanioumale 10 kilometres West Guirin West Komana East Komana West Mali Gonka Exploration Licenses Guinea License Applications West Africa Favourable mineralised Komana corridors South Solona So o a 38
Slide 39: West Africa Region - Yanfolila Project
West Africa Region - Yanfolila Project Komana East deposit Approximately 13,000m of drilling completed Positive results returned from infill and extension drilling Deposit open to the North and at depth Komana East – Long Section S KRC0267 – 19m @ 4.21g/t N KRC0265 – 36m @ 5.01g/t KRCD0224 – 1
Slide 40: Australasia Region - Far Southeast Project
Australasia Region - Far Southeast Project High grade copper-gold porphyry in the Philippines World class deposit One of the highest grade gold and copper porphyries Significant exploration potential Established infrastructure Tarred access roads and existing power lines and sub-stations
Slide 41: Australasia Region - Far Southeast Project
Australasia Region - Far Southeast Project NW Geological Setting and Proposed Drilling Window SE Prod: 1997 to present 18Mt @ 7.71g/t Au Enargite Prod: 1938 - 98 41Mt @ 3.3g/t Au 1,600m m 700 Drilling level FSE Au-Cu Porphyry 500m 100 m ? Proposed Drilling coverage from 700 level -200 m Aft Hedenqui
Slide 42: Australasia Region - Far Southeast Project
Australasia Region - Far Southeast Project Eight diamond drill rigs turning underground Completed ~27,000m 27 000m of drilling Surface geotechnical drilling has commenced Early drill results to date support the existence and extent of the known core of porphyry mineralisation and further ext
Slide 43: Australasia Region - Far Southeast Project
Australasia Region - Far Southeast Project Proof of concept drilling complete – assays underway 17 drill holes for 23,678m Early indications are confirming mineralisation & grade N 250 m Mineralisation footprint Drilling complete Assays complete 43
Slide 44: Australasia Region – Far Southeast Project
Australasia Region – Far Southeast Project SW NE 250 m Extends existing known Mineralisation Mi li ti continuity ti it mineralisation 1,218 m at 0.6 g/t Au and 0.5% Cu e.g.: 450 m at 0.9 g/t Au and 0.8% Cu Gold eq equivalent i alent grade (g/t) 3.0 Assays pending Visual evidence of mineralisation 0.
Slide 45: Australasia Region - Far Southeast Project
Australasia Region - Far Southeast Project SW NE 250 m Confirming existing mineralisation 890 m at 1.0 g/t Au and 0.6% Cu Gold equivalent grade (g/t) 3.0 Confirming and extending known mineralisation 0.0 e.g.: 1,058 m at 0.7 g/t Au and 0.4% Cu Gold equivalent calculated using USD 1,000/oz Au and USD
Slide 46: Australasia Region - Far Southeast Project
Australasia Region - Far Southeast Project W E 250 m Mineralisation continuityy 1,205 m at 0.7 g/t Au and 0.4% Cu Gold equivalent grade (g/t) Depth extension 3.0 210 m at 2.3 g/t Au and 0.6% Cu 0.0 Gold equivalent calculated using USD 1,000/oz Au and USD 2.72/lb Cu with no recovery weighting. 46
Slide 47: Far Southeast Project – Philippines
Far Southeast Project – Philippines 2011 Proof of Concept Drill Results Cutoff From Intvl. Au Cu Au eq Cutoff From Intvl. Au Cu Au eq Hole ID Incl. (Au eq) (m) (m) (g/t) (%) (g/t) (Au eq) (m) (m) (g/t) (%) (g/t) FSU111001 0.5 360.0 968.8 0.29 0.43 1.10 1.5 455.0 80.0 0.37 0.79 1.84 FSU112007 0.5 307
Slide 48: Finland - Arctic Platinum Project
Finland - Arctic Platinum Project The sleeper in our portfolio 100% Gold Fields owned ~12 Moz resource of 2PGE Au – Cu – Ni by-products ~50% of revenue Good exploration potential Rovaniemi Arctic Platinum Project Project economics improving FINLAND Price deck tripled since 2004 feasibili
Slide 49: Finland - Arctic Platinum Project
Finland - Arctic Platinum Project 12Moz palladium-rich 2PGE+Au resource in a great mining jurisdiction1 Suhanko Mining Area Pilot plant metallurgical test work on schedule Pilot ot flotation otat o campaign ca pa g cocompleted p eted Integrated refinery pilot plant campaign underway Overall
Slide 50: Summary
Summary IGovp| Fietps
Slide 51: Summary
Summary To be the global leader in sustainable gold mining One of the world's largest gold producers by production Geographically diverse with eight operating mines spread across three continents Attributable gold equivalent production of 3.5Moz 12 months to June 2011 One of the largest rese
Slide 52: A Deep Value Opportunity
Investor Relations Zakira Amra Senior Vice President Investor Relations & Corporate Affairs ((office)) +27 11 562 9775 (mobile) +27 79 694 0267 zakira.amra@goldfields.co.za Willie Jacobsz Senior Vice President Head of Investor Relations (office) 508 839-1188 (mobile) 857 241-7127 willie.jacobsz@gfex