Gold Fields Limited · JSE:GFI

Gold Fields — Merger or Acquisition (May 2022)

42 slides from Gold Fields's merger presentation, May 31, 2022

1. Slide 1: A Combination for Long Term Value Creation

   A Combination for Long Term Value Creation Focused on Quality Growth, Financial Discipline and Shareholder Returns 31 May 2022

2. Slide 2: Notice & Disclaimer

   Notice & Disclaimer Important Information Further information pertaining to the Transaction will be provided in due course pursuant to the documentation to be released by Gold Fields and Yamana in relation to the Transaction (the "Transaction Documents"). Investors are advised to read the Transactio

3. Slide 3: Notice & Disclaimer (Cont’d)

   Notice & Disclaimer (Cont’d) Cautionary Statement Regarding Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of Section 27A of the U.S. Securities Act of 1933 (“U.S. Securities Act”) and Section 21E of the U.S. Securities Exchange Act of 1934 whic

4. Slide 4: Notice & Disclaimer (Cont’d)

   Notice & Disclaimer (Cont’d) Notice to Reader References to Gold Fields (Pro Forma) are to Gold Fields Limited on a consolidated basis after the completion of the Transaction. All amounts are expressed in United States dollars unless otherwise indicated. This presentation includes market and industr

5. Slide 5: Why This Deal?

   Why This Deal?  We are excited to be announcing the acquisition of Yamana, a transaction that delivers important strategic benefits for Gold Fields and creates significant long-term value for our shareholders  In line with our stated strategy, and as we have continued to deliver on our existing as

6. Slide 6: Next step for Gold Fields and addressing the pipeline

    Ramp-up of South Deep  Ambitious 2030 ESG targets  Salares Norte nearing production  2050 net-zero target  Introducing asset optimisation Next step for Gold Fields and addressing the pipeline KEY TAKEAWAY MESSAGE HERE 5 Investor Presentation I May 2022

7. Slide 7: Key Findings: Our Focus for Driving Value

   Our Focus for Driving Value Scale Quality Management MARKET CAPITALISATION ASSET QUALITY TRACK RECORD AISC; Mine Life Meeting Guidance; Strategy Execution ANNUAL PRODUCTION GEOGRAPHY FINANCIAL STRENGTH Mineral Resources Mining Friendly Jurisdictions Balance Sheet; Capital Structure; Shareholder Retu

8. Slide 8: Criteria for Evaluating the External Opportunity Set

   3 Criteria for Evaluating the External Opportunity Set 41 1 Asset Quality (LoM + AISC)  Canadian Malartic – top 10 asset globally(1)  Jacobina – among the lower cost gold mines in the Americas  Robust free cash flow generation 2 Grow Cash Flows  Growth initiatives identified/under execution acro

9. Slide 9: Superior Growth and Quality

   Superior Growth and Quality 2021A AuEq Production Reserve Life(2) 2021A Free Cash Flow Yield(3) Moz Years % 7.2 25 5.3% 5.2% Current 2024E 21 20 4.8% 4.5% 5.3 Guidance(1) 14 3.5 3.8 3.4 Gold Fields Gold Fields Gold Fields(4) (5) (Pro Forma) (Pro Forma) (Pro Forma) 2022-2024E Au Production Growth(6)

10. Slide 10: With Scope for Significant Value Creation

    With Scope for Significant Value Creation P/NAV (x)(1) EV/EBITDA (x)(1)(2) P/CF (x)(1)(2) EV / EBITDA ‘22E P / CF ‘22E EV / EBITDA ‘23E P / CF ‘23E 11.0x 10.9x 1.7x 9.6x 9.2x 9.6x 8.8x 8.7x 9.2x 1.3x 1.3x 8.0x 8.1x 7.6x 8.0x 7.5x 1.1x 7.6x 6.9x 1.0x 6.5x 6.5x 6.1x 5.1x 5.0x Gold Fields Gold Fields G

11. Slide 11: Summary Transaction Structure & Timing

    Summary Transaction Structure & Timing  Recommended all-share acquisition of Yamana by Gold Fields  Yamana shareholders to receive 0.600x of a Gold Fields ordinary share or ADS for every Yamana share held  Offer represents a premium of 33.8% to Yamana’s 10-day VWAP of USD 5.20 on 27 May 2022 vers

12. Slide 12: Gold Fields Offer vs. Yamana’s Value Contribution

    Gold Fields Offer vs. Yamana’s Value Contribution Metric Gold Fields Yamana Metric Reserves 48.9 60% 40% 32.2 (AuEq, Moz) Resources 83.1 62% 38% 51.2 (Measured & Indicated AuEq, Moz) Production (2021A) 71% 29% 2.44 1.01 Yamana’s (AuEq, Moz) production Production (2024E Guidance) + Yamana's contribut

13. Slide 13: Unlocking Yamana’s Value Potential as Part of Gold Fields

    Unlocking Yamana’s Value Potential as Part of Gold Fields Implied Equity Value, US$bn …and more! + Re-rating We can see Potential this value... Yamana Offer Value at 10D VWAP Prices: US$6.7bn Yamana US$6.2bn 52-Week High  Synergies Yamana US$5.0bn  Near term potential from  MARA value unlocked in

14. Slide 14: Introducing the New Gold Fields

    Introducing the New Gold Fields  AFocused Combination for Long Term Value Creation on Quality Growth, Financial Discipline and Shareholder Returns

15. Slide 15: A Combination Greater than the Sum of its Parts

    A Combination Greater than the Sum of its Parts Gold Fields Yamana  Entering high cash flow generation and asset  Strong near/medium-term project pipeline optimisation phase (Jacobina Expansion, Odyssey, Wasamac, MARA)  Commencing operational start-up at Salares  Strong operational experience in

16. Slide 16: Balanced Exposure to Significant Assets Across Strategic Gold Mining Hubs

    Balanced Exposure to Significant Assets Across Strategic Gold Mining Hubs North America South America Africa Australia NPV Contribution (%) NPV Contribution (%) NPV Contribution (%) NPV Contribution (%) 12% 24% 2021A Attr. AuEq 2021A Attr. AuEq 2021A Attr. AuEq 2021A Attr. AuEq Production 40% Produc

17. Slide 17: Existing Flagship Assets

    Existing Flagship Assets Tarkwa (Ghana) St Ives (Australia) South Deep (South Africa) Granny Smith (Australia) Salares Norte (Chile) Ownership (%) 90% 100% 96.7%(2) 100% 100% ’21A Production 522Koz 393Koz 293Koz 279Koz n.a. (AuEq)(1) ’21A AISC (AuEq) US$1,158/oz US$1,009/oz US$1,312/oz US$1,034/oz n

18. Slide 18: New Flagship Assets

    New Flagship Assets Canadian Malartic (Canada) El Peñón (Chile) Jacobina (Brazil) MARA (Argentina) Ownership (%) 50% 100% 100% 56.25% ’21A Production 715Koz 226Koz 186Koz n.a. (AuEq)(1) ’21A AISC (AuEq) US$901/oz US$932/oz US$738/oz n.a. Reserves (AuEq)(1) 3.5Moz 1.3Moz 2.9Moz 38.9Moz M&I / Inferred

19. Slide 19: Clear Near-term Path Towards 4.0Moz AuEq Steady-State Annual Production

    Clear Near-term Path Towards 4.0Moz AuEq Steady-State Annual Production Attributable Gold Equivalent Production Guidance(1)(2)(3) +1.55Moz +1.00Moz(4) +0.30Moz +0.55Moz +0.19Moz +0.06Moz +0.54Moz 3.81Moz 3.27Moz +0.48Moz 1.06Moz 1.00Moz Optionality of Jacobina, El Peñón, strategic assets Minera Flor

20. Slide 20: Deep Pipeline of Highly Attractive Growth Opportunities

    Deep Pipeline of Highly Attractive Growth Opportunities Exploration Jacobina Norte Development Projects MARA Near Term Potential Jeronimo (Pre-Feasibility) Execution Australian Assets Suyai (Life Extension) Agua de la Falda Salares Norte Wasamac (Feasibility/Permitting) Lavra Velha Canadian Malartic

21. Slide 21: Strong Balance Sheet Driven by Capital Discipline

    Strong Balance Sheet Driven by Capital Discipline, Providing Gold Fields with Enhanced Growth Flexibility… Net Debt / ’21A EBITDA (x)(1) Liquidity – 31 December 2021 (US$m)(3) Credit Baa1 / Baa3 / Baa2 / Baa1 / Ratings:(2) BBB+ BBB- BBB BBB+  Significant liquidity of c. US$3.8bn Undrawn Facilities

22. Slide 22: Whilst Maintaining Continued Focus on Sustainable Shareholder Returns

    …Whilst Maintaining Continued Focus on Sustainable Shareholder Returns Dividend Per Share (Last 5 Years) Dividend Yield (2021A)(3) Dividend per Share (US$/sh) %  Strong track record of growing Gold Fields shareholder returns 3.2% 3.2% 0.32 0.29 Cumulative returns of c. US$960m to shareholders in l

23. Slide 23: Yamana is Aligned to Gold Fields’ ESG-First Operating Model

    Yamana is Aligned to Gold Fields’ ESG-First Operating Model with Strong Focus on Decarbonisation Gold Fields Yamana 13th of 114 Precious Metals Companies Top mining firm in Canada’s 50 best corporate citizens in 2021 Top 30 Responsible Investment Index 3rd of 70 Mining 2021 Constituent of the Compan

24. Slide 24: Combination Supports Opportunities for Enhanced Value Creation

    Combination Supports Opportunities for Enhanced Value Creation  Transaction rationale anchored in strong industrial logic, however, additional upside identified from recurring synergies  Scope of synergies to be further explored during implementation phase  Streamlining corporate overheads Operat

25. Slide 25: Why Gold Fields?

    Why Gold Fields?

26. Slide 26: Gold Fields is the Best Custodian for Yamana’s Assets

    Gold Fields is the Best Custodian for Yamana’s Assets  Immediate scale to become the New Gold Major with unparalleled growth and quality  Top tier assets with the leading reserve life index of senior gold producers  Third largest gold producer by 2024(1)  Fourth largest gold company by market ca

27. Slide 27: Gold Fields is the Best Custodian for Yamana’s Assets (Cont’d)

    Gold Fields is the Best Custodian for Yamana’s Assets (Cont’d)  Industry-leading management bench strength  Combined company offers Yamana shareholders industry leading management bench strength  Shared common vision and a commitment to ESG and host communities  Joint track record of successfull

28. Slide 28: Gold Fields is the Best Custodian for Yamana’s Assets (Cont’d)

    Gold Fields is the Best Custodian for Yamana’s Assets (Cont’d)  Scale to execute on organic growth pipeline, unlocking further value while balancing capital allocation and shareholder returns  Significant near-term production and cash flow growth from Gold Fields portfolio improves the ability of

29. Slide 29: Combination for Long-term Value Creation

    Combination for Long-term Value Creation New Gold Major With Compelling Value Proposition  ✔ Long Life ✔ Low Cost ✔ Leading Growth Diversified Portfolio Across Premier Gold Regions  ✔ Mining Friendly ✔ 4 Operating Continental Hubs ✔ Entry into Canada Complementary High Quality Portfolios  ✔ Stron

30. Slide 30: Appendix

    Appendix

31. Slide 31: Delivering on Our Strategic Growth Projects

    1 3 Delivering on Our Strategic Growth Projects  South Deep (South Africa)  Salares Norte (Chile) Production Outlook, AuEq Koz(1) Production Outlook, AuEq Koz(1) +20 – 30% 363 380 +29% 340 293 312 550 222 227 320 335 350 309 203 2019A 2020A 2021A 2022E 2023E 2024E 2025E 2022E 2023E 2024E  Targeti

32. Slide 32: Overview of the MARA Project

    Overview of the MARA Project Gold Fields Stake: Production (First 10 Years)(1): AISC (First 10 Years)(1): 56.25% Cu-Au-Ag-Mo 556Mlbs CuEq $1.44/lb CuEq  Joint Venture with Glencore (25.00%) and Newmont (18.75%)(2)  The Alumbrera copper mine (previously owned by Glencore, Newmont and Yamana) was an

33. Slide 33: Non-IFRS Financial Measures

    Non-IFRS Financial Measures AISC  All-in sustaining costs. AISC comprises on-site mining costs (on a sales basis); on-site general and administrative costs; royalties and production taxes; realised gains/losses on hedges due to operating costs; community costs related to current operations; permitt

34. Slide 34: Yamana AISC (Net of By-Products) Reconciliation

    Yamana AISC (Net of By-Products) Reconciliation For the year ended Readers of this presentation are AISC Reconciliation - Total December 31, 2021 directed to Yamana’s 2021 Management Discussion & Analysis (in millions of US Dollars) Total (see page 68 of the MD&A, filed Cost of sales excluding DDA $

35. Slide 35: Yamana Gold Mineral Reserves and Mineral Resources

    Yamana Gold Mineral Reserves and Mineral Resources

36. Slide 36: Yamana – Mineral Reserves & Mineral Resources as of 31 December 2021

    Yamana – Mineral Reserves & Mineral Resources as of 31 December 2021 Proven Reserves Probable Reserves Measured Resources Indicated Resources Inferred Resources December 2021 December 2021 December 2021 December 2021 December 2021 Tonnes Grade Au Tonnes Grade Au Tonnes Grade Au Tonnes Grade Au Tonne

37. Slide 37: Yamana – Mineral Reserves & Mineral Resources (Cont’d)

    Yamana – Mineral Reserves & Mineral Resources as of 31 December 2021 (Cont’d) Proven Reserves Probable Reserves Measured Resources Indicated Resources Inferred Resources December 2021 December 2021 December 2021 December 2021 December 2021 Tonnes Grade Au Tonnes Grade Au Tonnes Grade Au Tonnes Grade

38. Slide 38: Yamana – Mineral Reserves & Mineral Resources (Cont’d)

    Yamana – Mineral Reserves & Mineral Resources as of 31 December 2021 (Cont’d) Proven Reserves Probable Reserves Measured Resources Indicated Resources Inferred Resources December 2021 December 2021 December 2021 December 2021 December 2021 Tonnes Grade Ag Tonnes Grade Ag Tonnes Grade Ag Tonnes Grade

39. Slide 39: Yamana – Mineral Reserves & Mineral Resources (Cont’d)

    Yamana – Mineral Reserves & Mineral Resources as of 31 December 2021 (Cont’d) Proven Reserves Probable Reserves Measured Resources Indicated Resources Inferred Resources December 2021 December 2021 December 2021 December 2021 December 2021 Tonnes Grade Cu Tonnes Grade Cu Tonnes Grade Cu Tonnes Grade

40. Slide 40: Gold Fields Mineral Reserves and Mineral Resources

    Gold Fields Mineral Reserves and Mineral Resources

41. Slide 41: Gold Fields – Mineral Reserves & Mineral Resources as of 31 December 2021

    Gold Fields – Mineral Reserves & Mineral Resources as of 31 December 2021 Proven Reserves Probable Reserves Reserves Measured stockpiles Measured Resources Indicated Resources Inferred Resources December 2021 December 2021 December 2021 December 2021 December 2021 December 2021 Tonnes Grade Au Tonne

42. Slide 42: Gold Fields – Mineral Reserves & Mineral Resources (Cont’d)

    Gold Fields – Mineral Reserves & Mineral Resources as of 31 December 2021 (Cont’d) Proven Reserves Probable Reserves Measured stockpiles Measured Resources Indicated Resources Inferred Resources December 2021 December 2021 December 2021 December 2021 December 2021 December 2021 Tonnes Grade Au Tonne

Gold Fields — Merger or Acquisition (May 2022) on 6ix