GOLD FIELDS LIMITED - Quarterly results19 Nov 2015
GFI 201511190004A
Quarterly results

Gold Fields Limited
Incorporated in the Republic of South Africa
Registration number 1968/004880/06
Share code: GFI
Issuer code: GOGOF
ISIN – ZAE 000018123

SALIENT FEATURES

US$948
per ounce
All-in-sustaining costs

US$961
per ounce
All-in-costs

557,000
ounces
of attributable gold
production

US$75 million
cash inflow
from operating activities*     

Note: *Cash flow from operating activities less net capital expenditure and environmental payments

Higher production and cash flow

JOHANNESBURG. 19 November 2015

Gold Fields Limited (NYSE & JSE: GFI) today announced net earnings attributable to our
shareholders of US$18 million for the September 2015 quarter compared with net earnings of
US$12 million for the June 2015 quarter and US$19 million in the September 2014 quarter.
Normalised earnings of US$22 million for the September 2015 quarter compared with normalised
earnings of US$22 million for the June 2015 quarter and US$23 million in the September 2014
quarter.

Statement by Nick Holland,
Chief Executive Officer of Gold Fields

The Group generated US$75 million in net 
cash flow from operations for the September
quarter (Q2 2015: US$30 million) despite the
lower US dollar gold price. This enabled us
to reduce our net debt balance further by
US$50 million to US$1,427 million at the end
of September 2015 (June 2015: US$1,477
million). The net debt/EBITDA ratio at the
end of the quarter was 1.41x, compared with
1.44x at the end of the June quarter.

Group attributable equivalent gold
production increased by 4 per cent to 557koz
(Q2 2015: 535koz), with most operations
producing more gold in the September
quarter. Encouragingly, all-in sustaining
costs (AISC) decreased by 8 per cent to
US$948/oz (Q2 2015: US$1,029/oz) and
total all-in cost (AIC) decreased by 9 per cent
to US$961/oz (Q3 2015: US$1,059/oz). In
addition to the increase in production,
weaker currencies and the lower oil price are
favourably impacting costs. The Group
realised a FCF margin of 11 per cent at a
gold price of US$1,103/oz in Q3 2015,
compared with 9 per cent at a gold price of
US$1,174/oz in the June quarter.

We are pleased to report that our ongoing
efforts to improve safety allowed us to
achieve a fatality free quarter.

As the gold price continues to languish, we
constantly review our portfolio. While the
weaker currencies offer some respite in most
regions, Ghana is fully exposed to further
declines in the US$ gold price. In particular,
Damang is challenged in the current
environment and as such, we are considering
various options for Damang which include a
recapitalisation of the mine to expose the
higher grade ore or whether it would be more
appropriate to preserve the inherent value of
Damang until gold prices recover. We should
be in a position to announce a decision in early
2016.

Better quarter at South Deep

South Deep delivered a much improved
quarter in Q3 2015, with gold production up 42
per cent to 54.9koz (1,709kg), driven by a 30
per cent increase in tonnes milled and a 13 per
cent increase in underground yield.

As previously reported, we reviewed the
destress mining method in collaboration with a
team of leading international and local
geotechnical experts. A strategic mine design
change in the destress methodology was
adopted with a detailed transition programme
developed to guide the change process. The
conversion from low profile (2.5m vertical
height) to high profile (5.0m vertical height)
destress mining commenced in the quarter and
is expected to simplify and derisk the mining
process. The transition to high profile destress
is expected to continue until the early part of
2017.

At the end of Q2 2015, we undertook to provide an update on the leading
indicators, in order to track progress being made at South Deep.
Progress was made on a number of important activities at the mine
during Q3 2015:

-   The cash outflow came down from R330 million (US$27 million) in
    the June quarter to R266 million (US$20 million) in the September
    quarter.
-   Development increased 58 per cent from 939 metres in the June
    quarter to 1,486 metres in the September quarter. Included in this
    was 347 metres of new mine capital development (phase one, sub
    95 level), which increased from 83 metres in the June quarter.
-   Destress mining increased 57 per cent from 6,056 square metres in
    the June quarter to 9,523 square metres in the September quarter.
    The increase in destress mining is attributed to the commissioning
    of new low profile fleet, improved mining cycles and the introduction
    of dedicated supervision per activity per corridor.
-   Total reef tonnes broken increased 37 per cent to 333kt. Longhole
    stoping accounted for 40 per cent of total ore tonnes mined,
    compared with 37 per cent in the June quarter.
-   Secondary support improved by 14 per cent during the quarter to
    1,584 metres, while backfill cubes increased by 42 per cent from 79
    cubic metres in the June 2015 quarter to 113 cubic metres in the
    September quarter. Both secondary support and backfill are crucial
    to providing improved mining flexibility.
-   As at the end of the September quarter, 87 per cent of the critical
    skill positions of 164 personnel identified had been filled.
-   A total of 20 out of the 27 new category 1 equipment purchased
    during the year had been commissioned by the end of the
    September quarter. The balance of 7 category 1 units are expected
    to be commissioned by the end of the 2015 year.

Production for the full year is expected to be between 5,900kg (190koz)
and 6,000kg (193koz), with H2 2015 being up around 50 per cent on H1
2015. We expect 2016 production to be significantly better than 2015.

Australia

Gold production at the Australian operations increased by 6 per cent to
249koz (Q2 2015: 235koz). AIC for the region decreased by 9 per cent
to A$1,173/oz (Q2 2015: A$1,288/oz). In US$ terms, costs were 15 per
cent lower at US$859/oz (Q2 2015: US$1,008/oz). Net cash flow
generated from the region was US$64 million compared with US$40
million in the June 2015 quarter.

Production at St Ives was 6 per cent lower mainly due to a drawdown of
gold-in-circuit in the June quarter. Despite challenging ground conditions
at Waroonga, production at Agnew/Lawlers increased by 7 per cent
driven by higher grades. Darlot had a good quarter, with production
increasing by 46 per cent as a result of the higher grades mined at Lords
South Lower, and as a consequence, returned strong cash positive
results. Granny Smith continued its strong performance with production
up by 10 per cent.

Ghana

Attributable gold production at the West African operations decreased
as anticipated by 2 per cent to 174koz (Q2 2015: 178koz), driven by
lower production at Tarkwa due to lower grades mined. Damang had an
improved quarter with production up by 7 per cent on higher volumes
and grade. Despite the lower production, the region reported a 7 per
cent decrease in AIC to US$962/oz (Q2 2015: US$1,029/oz), with net
cash flow for the quarter of US$32 million. The exceptional quality of
Tarkwa was again highlighted in the quarter, with the mine producing
150koz, at AIC of US$872/oz.

Peru

Attributable equivalent gold production at Cerro Corona decreased by 5
per cent to 78.8koz (Q2 2015: 83.2koz), mainly due lower gold and
copper head grades. Consequently, AIC per equivalent ounce increased
by 10 per cent to US$731/oz (Q2 2015: US$662/oz).

FY15 guidance

We expect our FY15 production to be within 1 per cent to 2 per cent of
previous guidance. However, costs are expected to be better than
previously guided at around US$1,035 per ounce for AISC and
US$1,055 per ounce for AIC.

Mining Phakisa

We commend the South African government for arranging and leading
the Mining Phakisa that is currently underway. We fully support the
initiative and believe that constructive dialogue between the various
stakeholders in the industry can only yield positive results.

Stock data                                 NYSE – (GFI)                                      
Number of shares in issue                  Range – Quarter            US$2.42 – US$3.55      
– at end September 2015     776,219,005    Average Volume – Quarter   5,520,601 shares/day   
– average for the quarter   775,270,967                                                      
Free Float                  100 per cent   JSE Limited – (GFI)                               
ADR Ratio                   1:1            Range – Quarter            ZAR31.41 – ZAR47.40    
Bloomberg/Reuters           GFISJ/GFLJ.J   Average Volume – Quarter   2,320,896 shares/day   

                                                        UNITED STATES DOLLARS
                                                    Quarter                     Nine months to

                                         September        June   September    September    September
Key Statistics                                2015        2015        2014         2015         2014
Gold produced*               oz (000)          557         535         559        1,593        1,664
Tonnes milled/treated             000        8,295       8,160       8,246       24,628       25,227
Revenue                          $/oz        1,103       1,174       1,265        1,157        1,274
Operating costs               $/tonne           45          44          51           44           51
Operating profit                   $m          269         278         285          791          888
All-in sustaining costs#         $/oz          948       1,029       1,074        1,035        1,063
Total all-in cost#               $/oz          961       1,059       1,096        1,056        1,101
Net profit                         $m           18          12          19           16           38
Net profit                  US c.p.s.            2           2           3            2            5
Headline earnings                  $m           21          19          14           26           37
Headline earnings           US c.p.s.            3           3           2            4            5
Normalised earnings                $m           22          22          23           30           68
Normalised earnings         US c.p.s.            3           3           3            4            9

* All of the key statistics are managed figures from continuing operations, except for gold produced which is attributable equivalent production.
# As per the new World Gold Council Standard issued on 27 June 2013. Refer to page 22 and 24.
  All operations are wholly owned except for Tarkwa and Damang in Ghana (90.0 per cent) and Cerro Corona in Peru (99.5 per cent).
  Gold produced (and sold) throughout this report includes copper gold equivalents of approximately 7 per cent of Group production.
  Figures may not add as they are rounded independently.

Certain forward looking statements

This report contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the U.S.
Securities Exchange Act of 1934, as amended, or the Exchange Act, with respect to Gold Fields' financial condition, results of operations, business strategies, operating efficiencies,
competitive position, growth opportunities for existing services, plans and objectives of management, markets for stock and other matters.

These forward-looking statements, including, among others, those relating to the future business prospects, revenues and income of Gold Fields, wherever they may occur in this report
and the exhibits to the report, are necessarily estimates reflecting the best judgment of the senior management of Gold Fields and involve a number of risks and uncertainties that could
cause actual results to differ materially from those suggested by the forward-looking statements. As a consequence, these forward-looking statements should be considered in light of
various important factors, including those set forth in this report. Important factors that could cause actual results to differ materially from estimates or projections contained in the forward-
looking statements include, without limitation:

- overall economic and business conditions in South Africa, Ghana, Australia, Peru and elsewhere;
- changes in assumptions underlying Gold Fields' mineral reserve estimates;
- the ability to achieve anticipated efficiencies and other cost savings in connection with past and future acquisitions;
- the ability to achieve anticipated cost savings at existing operations;
- the success of the Group's business strategy, development activities and other initiatives;
- the ability of the Group to comply with requirements that it operate in a sustainable manner and provide benefits to affected communities;
- decreases in the market price of gold or copper;
- the occurrence of hazards associated with underground and surface gold mining or contagious diseases at Gold Field's operations;
- the occurrence of work stoppages related to health and safety incidents;
- loss of senior management or inability to hire or retain employees;
- fluctuations in exchange rates, currency devaluations and other macroeconomic monetary policies;
- the occurrence of labour disruptions and industrial actions;
- power cost increases as well as power stoppages, fluctuations and usage constraints;
- supply chain shortages and increases in the prices of production imports;
- the ability to manage and maintain access to current and future sources of liquidity, capital and credit, including the terms and conditions of Gold Fields' facilities and Gold Fields'
  overall cost of funding;
- the adequacy of the Group's insurance coverage;
- the manner, amount and timing of capital expenditures made by Gold Fields on both existing and new mines, mining projects, exploration project or other initiatives;
- changes in relevant government regulations, particularly labour, environmental, tax, royalty, health and safety, water, regulations and potential new legislation affecting mining and
  mineral rights;
- fraud, bribery or corruption at Gold Field's operations that leads to censure, penalties or negative reputational impacts; and
- political instability in South Africa, Ghana, Peru or regionally in Africa or South America.

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 report or to
reflect the occurrence of unanticipated events.

Results for the Group

SAFETY

The Group had a fatal free September quarter. As a result, the fatality
injury frequency rate improved from 0.08 in the June quarter to 0.00
in the September quarter. The total recordable injury frequency rate
(TRIFR)1 for the Group in the September quarter was 3.13 compared
with 3.00 in the June quarter.

On 7 August 2015, a Security Services contractor, Mr. Sbongiseni
Cornwell Ngqoleka, was tragically killed and two other security
personnel injured by armed intruders, during what appears to have
been an armed robbery targeting copper cable at South Deep. The
late Mr. Ngqoleka was deployed as a security officer at the South
Deep re-mining project at South Shaft. The two wounded security
personnel have recovered well from the gunshot wounds and one
has recently returned to work.

The Department of Mineral Resources was immediately notified of
the incident. Following the reporting of this incident to the South
Africa Police Services, South Deep was advised by the investigating
officer that six perpetrators have been arrested and have since
appeared in the Regional Court on three occasions on charges of
murder, attempted murder, possession of an unlicensed firearm and
armed robbery.

If the above incident is recorded in the Group's rates, then the fatality
injury frequency rate was 0.08 in the September quarter and TRIFR
was 3.36 in the September quarter.

(1) Total Recordable Injury Frequency rate (TRIFR). (TRIFR) = (Fatalities + Lost Time Injuries2 +
    Restricted Work Injuries3 + Medically Treated Injuries4) x 1,000,000/number of man-hours
    worked.
(2) A Lost Time Injury (LTI) is a work-related injury resulting in the employee or contractor being
    unable to attend work for a period of one or more days after the day of the injury. The employee
    or contractor is unable to perform any functions.
(3) A Restricted Work Injury (RWI) is a work-related injury sustained by an employee or contractor
    which results in the employee or contractor being unable to perform one or more of their routine
    functions for a full working day, from the day after the injury occurred. The employee or contractor
    can still perform some of his duties.
(4) A Medically Treated Injury (MTI) is a work-related injury sustained by an employee or contractor
    which does not incapacitate that employee and who, after having received medical treatment, is
    deemed fit to immediately resume his/her normal duties on the next calendar day, immediately
    following the treatment/re-treatment.

Quarter ended 30 September 2015 compared with
quarter ended 30 June 2015

REVENUE

Attributable equivalent gold production increased by 4 per cent from
534,700 ounces in the June quarter to 556,700 ounces in the
September quarter. All of the operations except Cerro Corona,
Tarkwa and St Ives produced more gold in the September quarter.

Gold production at South Deep in South Africa, increased by 42 per
cent from 1,203 kilograms (38,700 ounces) to 1,709 kilograms
(54,900 ounces).

Attributable gold production at the West African operations
decreased by 2 per cent from 177,800 ounces in the June quarter to
174,400 ounces in the September quarter. Attributable equivalent
gold production at Cerro Corona in Peru decreased by 5 per cent
from 83,200 ounces in the June quarter to 78,800 ounces in the
September quarter. Gold production at the Australian operations
increased by 6 per cent from 235,000 ounces in the June quarter to
248,600 ounces in the September quarter due to higher production
at all the operations except St Ives.

At the South Africa region, production at South Deep increased by
42 per cent from 1,203 kilograms (38,700 ounces) in the June
quarter to 1,709 kilograms (54,900 ounces) in the September
quarter due to increased volumes and grades.

At the West Africa region, managed gold production at Tarkwa
decreased by 4 per cent from 156,200 ounces in the June quarter to
149,400 ounces in the September quarter mainly due to lower
grades mined and processed. At Damang, managed gold
production increased by 7 per cent from 41,500 ounces in the June
quarter to 44,400 ounces in the September quarter mainly due to
increased tonnes and higher grade stockpiles processed.

At the South America region, total managed gold equivalent
production at Cerro Corona decreased by 5 per cent from 83,600
ounces in the June quarter to 79,200 ounces in the September
quarter mainly due to lower gold and copper head grades.

At the Australia region, St Ives' gold production decreased by 6 per
cent from 89,200 ounces in the June quarter to 83,600 ounces in the
September quarter mainly due to a drawdown of gold-in-circuit in the
June quarter. At Agnew/Lawlers, gold production increased by 7 per
cent from 53,800 ounces in the June quarter to 57,500 ounces in the
September quarter mainly due to higher grades mined and
processed. At Darlot, gold production increased by 46 per cent from
17,400 ounces in the June quarter to 25,400 ounces in the
September quarter mainly due to higher grades from Lords South
Lower. At Granny Smith, gold production increased by 10 per cent
from 74,600 ounces in the June quarter to 82,100 ounces in the
September quarter due to higher grades mined.

The average quarterly US dollar gold price achieved by the Group
decreased by 6 per cent from US$1,174 per equivalent ounce in the
June quarter to US$1,103 per equivalent ounce in the September
quarter. The average rand gold price increased by 2 per cent from
R463,082 per kilogram to R471,094 per kilogram. The average
Australian dollar gold price increased by 2 per cent from A$1,527
per ounce to A$1,553 per ounce. The average US dollar gold price
for the Ghanaian operations decreased by 6 per cent from US$1,196
per ounce in the June quarter to US$1,126 per ounce in the
September quarter. The average US dollar gold price, net of
treatment and refining charges, for Cerro Corona decreased by 16
per cent from US$1,083 per equivalent ounce in the June quarter to
US$908 per equivalent ounce in the September quarter. The
average US dollar/Rand exchange rate weakened by 7 per cent
from R12.06 in the June quarter to R12.86 in the September quarter.
The average Australian/US dollar exchange rate weakened by 6 per
cent from A$1.00 = US$0.78 to A$1.00 = US$0.73.

Revenue decreased by 4 per cent from US$660 million in the June
quarter to US$635 million in the September quarter due to the lower
gold price achieved, partially offset by higher gold sold. Equivalent
gold sold increased by 2 per cent from 562,100 ounces in the June
quarter to 576,000 ounces in the September quarter. This was
mainly due to higher gold sold at South Deep, Damang, Darlot,
Granny Smith and Agnew, partially offset by lower gold sold at Cerro
Corona, Tarkwa and St Ives.

OPERATING COSTS

Net operating costs decreased by 4 per cent from US$382 million in
the June quarter to US$366 million in the September quarter mainly
due to a US$27 million movement in gold-in-process from a charge
to cost of US$24 million in the June quarter to a credit to cost of
US$3 million in the September quarter. This was partially offset by
a US$11 million increase in working cost mainly at South Deep,
Tarkwa, Darlot and St Ives.

At the South Africa region, net operating costs at South Deep
increased by 14 per cent from R705 million (US$59 million) in the
June quarter to R803 million (US$63 million) in the September
quarter. This was mainly due to higher production, as well as higher
electricity costs due to two months of winter tariff.

At the West Africa region, net operating costs decreased by 1 per
cent from US$136 million in the June quarter to US$134 million in
the September quarter. This decrease in net operating costs was
mainly due a build-up of inventory of US$1 million in the September
quarter compared with a drawdown of US$6 million in the June
quarter partially offset by an increase in working costs at Tarkwa as
a result of increased operational tonnes mined.

At the South America region, net operating costs at Cerro Corona
decreased by 19 per cent from US$43 million in the June quarter to
US$35 million in the September quarter mainly due to a US$1 million
build-up of concentrate at the end of the September quarter
compared with a US$5 million drawdown at the end of the June
quarter.

At the Australia region, net operating costs was similar at A$186
million (US$135 million).

OPERATING PROFIT

Operating profit for the Group decreased by 3 per cent from US$278
million in the June quarter to US$269 million in the September
quarter due to the decrease in revenue, partially offset by the lower
net operating costs.

AMORTISATION

Amortisation for the Group increased by 9 per cent from US$142
million in the June quarter to US$155 million in the September
quarter mainly due to increased production.

OTHER

Net interest paid for the Group increased by 7 per cent from US$15
million in the June quarter to US$16 million in the September
quarter. Interest paid of US$21 million, partially offset by interest
received of US$2 million and interest capitalised of US$4 million in
the September quarter compared with interest paid of US$21 million,
partially offset by interest received of US$1 million and interest
capitalised of US$4 million in the June quarter.

The share of equity accounted losses was similar at US$1 million
and mainly related to the ongoing study and evaluation costs at the
Far Southeast project (FSE).

The gain on foreign exchange of US$7 million in the September
quarter compared with a loss of US$2 million in the June quarter.
These gains and losses on foreign exchange related to the
conversion of offshore cash holdings into their functional currencies.

The loss on financial instruments of US$4 million in the September
quarter compared with a gain of US$2 million in the June quarter
and related to the mark to market adjustment on the diesel hedges
that the Australian operations entered into on 10 September 2014
and 26 November 2014.

Share-based payments for the Group were similar at US$3 million
and long-term employee benefits remained US$nil due to mark to
market adjustments. The two schemes combined were similar at
US$3 million.

Other costs for the Group decreased from US$9 million to US$7
million.

EXPLORATION AND PROJECT COSTS

Exploration and project costs decreased from US$19 million in the
June quarter to US$11 million in the September quarter mainly due
to lower expenditure at Salares Norte. Expenditure at Salares Norte
decreased from US$11 million in the June quarter to US$2 million in
the September quarter due to the suspension of activities as a result
of cold weather conditions in the September quarter.

NON-RECURRING ITEMS

Non-recurring expenses decreased from US$11 million in the June
quarter to US$8 million in the September quarter. The non-recurring
expenses in the September quarter included US$3 million on the
impairment of the Group's investment in Hummingbird and US$4
million related to retrenchment costs at Tarkwa. The non-recurring
expenses in the June quarter included US$7 million on the
impairment of the Group's investment in Hummingbird and A$3
million (US$3 million) related to retrenchment costs at St Ives. The
impairment charge has no cash effect.

ROYALTIES

Government royalties for the Group decreased from US$21 million
in the June quarter to US$19 million in the September quarter.

TAXATION

The taxation charge for the Group of US$34 million in the September
quarter compared with US$43 million in the June quarter. Normal
taxation was similar at US$36 million. The deferred tax credit of
US$2 million in the September quarter compared with a charge of
US$6 million in the June quarter.

The tax returns for Cerro Corona are filed in Peruvian Nuevo Sol
(Soles) and the functional currency for accounting purposes is the
US dollar. For accounting purposes the tax base must be converted
from Soles to dollars at the closing rate at quarter end. Therefore,
the unutilised taxation allowances fluctuate due to movements in the
exchange rate between the Peruvian Nuevo Sol and the US dollar.
This resulted in a change in the temporary taxation differences for
non-monetary assets on translation. A deferred tax charge of US$2
million, arose due to the weakening of the exchange rate from 3.17
Nuevo Sol to 3.22 Nuevo Sol in the September quarter, compared
with US$5 million arising from the weakening of the exchange rate
from 3.09 Nuevo Sol to 3.17 Nuevo Sol in the June quarter. It has
no cash effect.

EARNINGS

Net earnings attributable to owners of the parent of US$18 million or
US$0.02 per share in the September quarter compared with net
earnings of US$12 million or US$0.02 per share in the June quarter.

Headline earnings of US$21 million or US$0.03 per share in the
September quarter compared with headline earnings of US$19
million or US$0.03 per share in the June quarter.

Normalised earnings of US$22 million or US$0.03 per share in the
September quarter compared with normalised earnings of US$22
million or US$0.03 per share in the June quarter.

CASH FLOW

Cash inflow from operating activities of US$221 million in the
September quarter compared with US$191 million in the June
quarter. This increase was mainly due to higher operating profit and
a higher release of working capital.

Cash outflow from investing activities decreased from US$161
million in the June quarter to US$146 million in the September
quarter due to a decrease in capital expenditure from US$158
million in the June quarter to US$143 million in the September
quarter.

Cash inflow from operating activities less net capital expenditure and
environmental payments of US$75 million in the September quarter
compared with US$30 million in the June quarter. This was due to
the higher gold sold in the September quarter. The US$75 million
inflow in the September quarter comprised: US$93 million generated
profit by the eight mining operations, US$19 million of net interest
paid, US$4 million for exploration mainly at Salares Norte (this
excludes any mine based brownfields exploration which is included
in the US$93 million above) and US$7 million on non-mine based income. 
The US$30 million in the June quarter comprised: US$74 million generated 
by the eight mining operations, less US$20 million of net interest paid 
(this excludes any interest paid by the mines), US$12 million for 
exploration (this excludes any mine based brownfields exploration 
which is included in the US$74 million above) and US$12 million on 
non-mine based costs.

In the South Africa region at South Deep, capital expenditure
decreased from R200 million (US$17 million) in the June quarter to
R187 million (US$14 million) in the September quarter due to lower
expenditure on fleet.

At the West Africa region, capital expenditure decreased from
US$52 million to US$43 million. At Tarkwa, capital expenditure
decreased from US$48 million to US$37 million with expenditure
mainly incurred on pre-stripping. Capital expenditure at Damang
increased from US$4 million to US$6 million, mainly due to the
processing plant upgrade and increased resource drilling.

In the South America region at Cerro Corona, capital expenditure
increased from US$12 million to US$19 million. The majority of the
expenditure was on the construction of further raises to the tailings
dam which was delayed as a result of the rainy season in the June
quarter.

At the Australia region, capital expenditure decreased from A$99
million (US$77 million) in the June quarter to A$89 million (US$66
million) in the September quarter. At St Ives, capital expenditure
decreased from A$45 million (US$35 million) in the June quarter to
A$31 million (US$22 million) in the September quarter with
Invincible mining costs moving from capital expenditure to operating
costs. At Agnew/Lawlers, capital expenditure increased from A$23
million (US$18 million) to A$25 million (US$19 million) mainly due to
the power line upgrade. At Darlot, capital expenditure decreased
from A$8 million (US$6 million) to A$7 million (US$5 million) and at
Granny Smith, capital expenditure increased from A$23 million
(US$18 million) in the June quarter to A$26 million (US$19 million)
in the September quarter due to increased development.

Net cash inflow from financing activities of US$20 million in the
September quarter compared with an outflow of US$10 million in the
June quarter and related to net loans raised and paid. The inflow in
the September quarter related to a drawdown of local and offshore
dollar loans of US$39 million, partially offset by the repayment of
local loans of US$19 million.

The net cash inflow for the Group of US$93 million in the September
quarter compared with US$16 million in the June quarter. After
accounting for a negative translation adjustment of US$22 million on
non-US dollar cash balances, the cash inflow for the September
quarter was US$71 million. As a result, the cash balance increased
from US$415 million at the end of June to US$486 million at the end
of September.

ALL-IN SUSTAINING AND TOTAL ALL-IN COST

The Group all-in sustaining costs decreased by 8 per cent from
US$1,029 per ounce in the June quarter to US$948 per ounce in the
September quarter mainly due to the higher gold sold, a gold-in-
process credit to cost and lower sustaining capital expenditure,
partially offset by the lower by-product credits. Total all-in cost
decreased by 9 per cent from US$1,059 per ounce in the June
quarter to US$961 per ounce in the September quarter for the same
reasons as all-in sustaining costs as well as lower exploration,
feasibility and evaluation costs.

In the South Africa region, at South Deep, all-in sustaining costs
decreased by 21 per cent from R734,784 per kilogram (US$1,895
per ounce) to R578,051 per kilogram (US$1,404 per ounce) due to
higher gold sold and lower sustainable capital expenditure, partially
offset by higher operating costs. The total all-in cost decreased by
23 per cent from R769,847 per kilogram (US$1,986 per ounce) to
R589,823 per kilogram (US$1,431 per ounce) due to the same
reasons as for all-in sustaining costs as well as lower non-sustaining
capital expenditure.

At the West Africa region, all-in sustaining costs and total all-in cost
decreased by 7 per cent from US$1,029 per ounce in the June
quarter to US$962 per ounce in the September quarter mainly due
lower capital expenditure and lower net operating costs.

At the South America region, all-in sustaining costs and total all-in
cost increased by 96 per cent from US$381 per ounce to US$747
per ounce. This was mainly due to lower gold sold and lower by-
product credits, partially offset by lower net operating costs. All-in
sustaining costs and total all-in cost per equivalent ounce increased
by 10 per cent from US$662 per equivalent ounce to US$731 per
equivalent ounce, mainly due to lower equivalent ounces sold.

At the Australia region, all-in sustaining costs and total all-in cost
decreased by 9 per cent from A$1,288 per ounce (US$1,008 per
ounce) in the June quarter to A$1,173 per ounce (US$859 per
ounce) in the September quarter mainly due to higher gold sold,
lower capital expenditure and a gold inventory credit to costs of A$nil
million (US$1 million) in the September quarter compared with a
charge to cost of A$17 million (US$13 million) in the June quarter,
partially offset by higher operating costs.

FREE CASH FLOW MARGIN

The free cash flow (FCF) margin is revenue less cash outflow
divided by revenue expressed as a percentage.

The FCF for the Group for the September quarter is calculated as
follows:

September 2015                              US$'m   US$/oz   
Revenue*                                    607.3    1,121   
Less: Cash outflow                        (538.6)    (994)   
AIC                                       (520.9)    (961)   
Adjusted for                                                 
Share-based payments (as non-cash)            2.9        5   
Long-term employee benefits                   0.3        1   
Exploration, feasibility and evaluation                      
costs outside of existing operations          4.5        8   
Tax paid (excluding royalties)             (25.4)     (47)   
Free cash flow**                             68.7      127   
FCF margin                                    11%            
Gold sold only – 000'ounces                 541.8            

*  Revenue from income statement at US$635.1 million less revenue from by-products in
   AIC at US$27.8 million equals US$607.3 million.

** Free cash flow does not agree with cash flows from operating activities less capital
   expenditure in the statement of cash flows on page 19 mainly due to working capital
   adjustments and non-recurring items included in statement of cash flows.

The FCF margin of 11 per cent in the September quarter at a gold
price of US$1,103 per ounce compared with 9 per cent in the June
quarter at a gold price of US$1,174 per ounce.

The higher FCF margin in the September quarter was mainly due to
higher gold sold, lower total all-in cost and lower exploration,
feasibility and evaluation costs outside of existing operations.

BALANCE SHEET

Net debt (long-term loans plus the current portion of long-term loans
less cash and deposits) decreased from US$1,477 million at the end
of June to US$1,427 million at the end of September, a US$50
million decrease.

NET DEBT/EBITDA

The net debt/EBITDA ratio at the end of the September quarter was
1.41 calculated on the actual results for the 12 months ended
September 2015.

South Africa region                                     
South Deep Project                                      
                                       Sept      June   
                                       2015      2015   
Gold produced              000'oz      54.9      38.7   
                               kg     1,709     1,203   
Yield – underground reef      g/t      5.08      4.49   
All-in sustaining costs      R/kg   578,051   734,784   
                           US$/oz     1,404     1,895   
Total all-in cost            R/kg   589,823   769,847   
                           US$/oz     1,431     1,986   

Gold production increased by 42 per cent from 1,203 kilograms
(38,700 ounces) in the June quarter to 1,709 kilograms (54,900
ounces) in the September quarter due to increased volumes and
grades.

Total tonnes milled increased by 30 per cent from 298,000 tonnes in
the June quarter to 387,000 tonnes in the September quarter. Total
tonnes milled in the September quarter included 19,400 tonnes of
underground waste mined and 33,700 tonnes of surface tailings
material compared with 2,500 tonnes of underground waste mined
and 26,600 tonnes of surface tailings material in the June quarter.
The treatment of the surface material continued to sustain the
backfill requirements in both current workings and historical open
stopes. Underground reef yield increased by 13 per cent from 4.49
grams per tonne to 5.08 grams per tonne due to improved grades
and a release of gold-in-process during the quarter.

Development increased by 58 per cent from 939 metres in the June
quarter to 1,486 metres in the September quarter. New mine capital
development (phase one, sub 95 level) increased by 318 per cent
from 83 metres in the June quarter to 347 metres in the September
quarter. Development in the current mine areas in 95 level and
above increased by 33 per cent from 856 metres to 1,139 metres.
Destress mining increased by 57 per cent from 6,056 square metres
in the June quarter to 9,523 square metres in the September quarter.
The increase in destress mining is attributed to the commissioning
of new low profile fleet, improved mining cycles and the introduction
of dedicated supervision per activity per corridor.

During the September quarter, the current mine (95 level and above)
contributed 82 per cent of the ore tonnes while the new mine (below
95 level) contributed 18 per cent. The long-hole stoping method
accounted for 40 per cent of total ore tonnes mined.

Operating costs increased by 14 per cent from R705 million (US$59
million) in the June quarter to R803 million (US$63 million) in the
September quarter mainly due to the higher production, increased
electricity costs due to the inclusion of two months of higher winter
tariff (30 per cent higher) in the September quarter, as well as higher
bonuses paid in line with the increased production.

Operating profit of R2 million (US$1 million) in the September
quarter compared with an operating loss of R148 million (US$12
million) in the June quarter mainly due to higher revenue, partially
offset by higher operating costs.

Capital expenditure decreased from R200 million (US$17 million) in
the June quarter to R187 million (US$14 million) in the September
quarter as a result of lower spending on fleet in the September
quarter.

All-in sustaining costs decreased from R734,784 per kilogram
(US$1,895 per ounce) in the June quarter to R578,051 per kilogram
(US$1,404 per ounce) in the September quarter, a decrease of 21
per cent mainly due to the higher gold production, partially offset by
higher operating costs.

Total all-in cost decreased from R769,847 per kilogram (US$1,986
per ounce) in the June quarter to R589,823 per kilogram (US$1,431
per ounce) in the September quarter, a decrease of 23 per cent due
to the same reasons as for all-in-sustainable costs as well as lower
non-sustaining capital expenditure.

Sustaining capital expenditure increased from R157 million (US$13
million) in the June quarter to R166 million (US$13 million) in the
September quarter and non-sustaining capital expenditure
decreased from R43 million (US$4 million) in the June quarter to
R20 million (US$2 million) in the September quarter.

The following remedial strategies are expected to improve destress
mining volumes during the last quarter of 2015:

As previously mentioned, the mine reviewed the destress mining
methodology in collaboration with the Geotechnical Review Board
(GRB). The initiative to create a fit for purpose independent review
and advisory panel of recognised global industry professionals who
are known leaders in specific aspects of geotechnical engineering in
deep mines resulted in the establishment of the GRB for South Deep
in 2014. The GRB continues to peer review progress at South Deep
to ensure exposure to relevant industry leading practices,
operational de-risking and world class geotechnical support in
massive underground mining at depth.

A strategic mine design change in destress methodology was
adopted with a detailed transition programme developed to guide
the change process. A dedicated investigation team was deployed
to conduct and evaluate all the current and dormant destress cuts
against a well-defined risk matrix and was dealt with in the transition
programme sessions.

The conversion from low profile to high profile destressing will
eradicate the need for the secondary ripping process after low profile
destressing to allow for longhole stoping.

-   Four mining areas will remain as low profile destress mining
    until the destressing of these areas is completed. The planned
    completion for these areas is as follows:
    -   100-1W cut 1 : August 2016;
    -   95-1W cut 3 and 90-1W cut 1 : October 2016; and
    -   90-1W cut 2 continuing into 2017.
-   During the second half of 2015 four low profile destress (LPS)
    cuts started with the conversion process to high profile
    destressing: 100-4W cut 3, 100-3W cut 3, 100-2aW cut 1 and
    95-1W cut 4.

West Africa region

GHANA

Tarkwa
                                    Sept    June   
                                    2015    2015   
Gold produced             000'oz   149.4   156.2   
Yield   – CIL plant          g/t    1.36    1.42   
        – combined           g/t    1.36    1.42   
All-in sustaining costs   US$/oz     872     938   
Total all-in cost         US$/oz     872     938   


Gold production decreased by 4 per cent from 156,200 ounces in
the June quarter to 149,400 ounces in the September quarter due
to lower grades mined and processed.

Total tonnes mined, including capital stripping, decreased from 26.7
million tonnes in the June quarter to 26.1 million tonnes in the
September quarter. Ore tonnes mined increased from 3.4 million
tonnes to 3.8 million tonnes. Operational waste tonnes mined
increased from 7.8 million tonnes to 9.7 million tonnes while capital
waste tonnes mined decreased from 15.5 million tonnes to 12.6
million tonnes. Head grade mined decreased from 1.49 grams per
tonne to 1.37 grams per tonne due to mining lower grade areas in
the September quarter, in line with the mining sequence. The strip
ratio decreased from 6.8 to 5.8.

The CIL plant throughput was similar at 3.40 million tonnes.
Realised yield from the CIL plant decreased from 1.42 grams per
tonne in the June quarter to 1.36 grams per tonne in the September
quarter due to lower head grades.

Net operating costs, including gold-in-process movements,
decreased from US$87 million in the June quarter to US$86 million
in the September quarter mainly due to a build-up of stockpiles of
US$1 million in the September quarter, compared with a drawdown
of gold-in-circuit of US$4 million in the June quarter partially offset
by an increase in operating costs as a result of higher ore and
operational tonnes mined.

Operating profit decreased from US$100 million in the June quarter
to US$82 million in the September quarter as a result of the lower
gold sold and lower gold price received.

Capital expenditure decreased from US$48 million to US$37 million
mainly due to lower expenditure on pre-stripping and lower
expenditure on the wall raise at the no 3 tailings storage facility.

All-in sustaining costs and total all-in cost decreased from US$938
per ounce in the June quarter to US$872 per ounce in the
September quarter mainly due to lower capital expenditure, partially
offset by lower gold sold.

Damang                                             
                                    Sept    June   
                                    2015    2015   
Gold produced             000'oz    44.4    41.5   
Yield                        g/t    1.23    1.18   
All-in sustaining costs   US$/oz   1,272   1,370   
Total all-in cost         US$/oz   1,272   1,370   


Gold production increased by 7 per cent from 41,500 ounces in the
June quarter to 44,400 ounces in the September quarter mainly due
to increased tonnes and higher grade stockpiles processed.

Total tonnes mined, including capital stripping, increased from 5.1
million tonnes in the June quarter to 6.0 million tonnes in the
September quarter due to the use of a contractor to mine oxides
from the Lima South pit.

Ore tonnes mined increased from 1.3 million tonnes to 1.4 million
tonnes. Operational waste tonnes mined increased from 3.8 million
tonnes in the June quarter to 4.6 million tonnes in the September
quarter. Head grade mined decreased from 1.22 grams per tonne
to 1.17 grams per tonne. The strip ratio increased from 2.9 to 3.4.

Yield increased from 1.18 grams per tonne to 1.23 grams per tonne
due to higher grade stockpiled ore processed in the September
quarter.

Tonnes processed increased from 1.09 million tonnes in the June
quarter to 1.12 million tonnes in the September quarter due to an
increase in the percentage of soft oxides in the feed blend which
allowed for improved plant throughput from 553 tonnes per hour in
the June quarter to 565 tonnes per hour in the September quarter.

Net operating costs, including gold-in-process movements,
decreased from US$50 million to US$48 million due to US$nil
drawdown of inventory in the September quarter compared with a
US$2 million drawdown of inventory in the June quarter.

Operating profit increased from US$nil in the June quarter to US$2
million in the September quarter due to lower net operating costs.

Capital expenditure increased from US$4 million to US$6 million
with the majority spent on the processing plant upgrade and
resource drilling in the Juno South East and Saddle Bridge areas.

All-in sustaining costs and total all-in cost decreased from US$1,370
per ounce in the June quarter to US$1,272 per ounce in the
September quarter due to higher gold sold and the lower net
operating costs, partially offset by higher capital expenditure.

South America region

PERU

Cerro Corona
                                              Sept    June   
                                              2015    2015   
Gold produced                       000'oz    44.0    43.9   
Copper produced                     tonnes   7,492   7,821   
Total equivalent gold
produced                         000' eqoz    79.2    83.6   
Total equivalent gold sold       000' eqoz    78.6    90.8   
Yield   – gold                         g/t    0.81    0.87   
        – copper                  per cent    0.45    0.50   
        – combined                     g/t    1.40    1.59   
All-in sustaining costs             US$/oz     747     381   
Total all-in cost                   US$/oz     747     381   
AISC per equivalent ounce*          US$/oz     731     662   
AIC per equivalent ounce*           US$/oz     731     662   
Gold price**                        US$/oz   1,128   1,194   
Copper price**                       US$/t   5,308   6,079   

*  Refer to page 22 and 24 for calculations.
** Average daily spot price for the period used to calculate total equivalent gold ounces
   produced.

Gold production was similar at 44,000 ounces. Copper production
decreased by 4 per cent from 7,821 tonnes to 7,492 tonnes.
Equivalent gold production decreased by 5 per cent from 83,600
ounces to 79,200 ounces. Gold head grade decreased from 1.21
grams per tonne to 1.11 grams per tonne and copper head grade
decreased from 0.58 per cent to 0.51 per cent due to sequencing.
Gold recoveries increased from 71.7 per cent to 73.1 per cent and
copper recoveries increased from 86.4 per cent to 86.8 per cent. As
a result, gold yield decreased from 0.87 grams per tonne to 0.81
grams per tonne and copper yield decreased from 0.50 per cent to
0.45 per cent.

In the September quarter, concentrate with a payable content of
44,464 ounces of gold was sold at an average price of US$1,123
per ounce and 7,278 tonnes of copper was sold at an average price
of US$4,521 per tonne, net of treatment and refining charges. This
compared with concentrate with a payable content of 47,627 ounces
of gold that was sold at an average price of US$1,186 per ounce
and 8,470 tonnes of copper that was sold at an average price of
US$5,185 per tonne, net of treatment and refining charges, in the
June quarter. Total equivalent gold sales decreased by 13 per cent
from 90,800 ounces in the June quarter to 78,600 ounces in the
September quarter mainly due to a drawdown of concentrate
inventory in the June quarter.

Total tonnes mined increased by 18 per cent from 2.98 million
tonnes in the June quarter to 3.53 million tonnes in the September
quarter in line with the mine sequencing and the production
schedule for the September quarter. Ore mined increased by 2 per
cent from 1.73 million tonnes to 1.76 million tonnes. The strip ratio
increased from 0.72 to 1.01 due to higher waste mined.

Ore processed increased by 7 per cent from 1.63 million tonnes in
the June quarter to 1.75 million tonnes in the September quarter
mainly due to an increase in plant throughput from 801 tonnes per
hour in the June quarter to 830 tonnes per hour in the September
quarter.

Net operating costs, including gold-in-process movements,
decreased from US$43 million in the June quarter to US$35 million
in the September quarter. The lower cost was mainly due to a US$1
million build-up of concentrate inventory at the end of the September
quarter compared with a US$5 million drawdown in the June quarter.

Operating profit decreased from US$56 million in the June quarter
to US$36 million in the September quarter due to lower equivalent
gold sold and lower gold and copper prices received, partially offset
by lower net operating costs.

Capital expenditure increased from US$12 million to US$19 million
mainly due to increased construction activities at the tailings dam,
which was delayed as a result of the rainy season in the June
quarter.

All-in sustaining costs and total all-in cost increased from US$381
per ounce in the June quarter to US$747 per ounce in the
September quarter mainly due to lower by-product credits, lower
gold sold and higher capital expenditure, partially offset by lower net
operating costs. All-in sustaining costs and total all-in costs per
equivalent ounce increased from US$662 per equivalent ounce to
US$731 per equivalent ounce mainly due to lower equivalent
ounces sold.

Australia region                                   
St Ives                                            
                                    Sept    June   
                                    2015    2015   
Gold produced             000'oz    83.6    89.2   
Yield   – underground        g/t    4.42    4.97   
        – heap leach*        g/t       -       -   
        – surface            g/t    2.45    2.06   
        – combined           g/t    3.11    3.04   
All-in sustaining costs    A$/oz   1,229   1,454   
                          US$/oz     879   1,136   
Total all-in cost          A$/oz   1,229   1,454   
                          US$/oz     879   1,136   

* Heap leach produced 1,800 ounces, rinsed from inventory (1,400 ounces was rinsed in
  the June quarter).

Gold production decreased by 6 per cent from 89,200 ounces in the
June quarter to 83,600 ounces in the September quarter due to a
6,100 ounce drawdown of gold-in-circuit in the June quarter.

Total tonnes mined increased from 5.9 million tonnes in the June
quarter to 6.1 million tonnes in the September quarter.

At the underground operations, ore mined increased by 1 per cent
from 272,000 tonnes in the June quarter to 275,000 tonnes in the
September quarter.    The average grade of ore mined from the
underground operations remained similar at 4.85 grams per tonne.

At the open pit operations, total ore tonnes mined increased by 44
per cent from 395,000 tonnes in the June quarter to 569,000 tonnes
in the September quarter. All these tonnes were from the Invincible
pit which has now reached a steady state of production. Grade
mined increased by 23 per cent from 2.21 grams per tonne to 2.71
grams per tonne as the pit moved into a higher grade portion of the
ore body.

Operational waste tonnes mined increased by 460 per cent from
696,000 tonnes in the June quarter to 3.9 million tonnes in the
September quarter. Capital waste tonnes mined decreased by 71
per cent from 4.5 million tonnes to 1.3 million tonnes as the pit
moved from a primary development to production phase. The strip
ratio decreased from 13.3 to 9.2.

Throughput at the Lefroy mill decreased from 0.91 million tonnes in
the June quarter to 0.84 million tonnes in the September quarter due
to the adoption of the campaign milling strategy in the June quarter
to preserve low grade stocks and retain operational flexibility. Yield
increased from 3.04 grams per tonne to 3.11 grams per tonne in line
with increased open pit grades mined and reduced processing of
low grade. Gold production from the Lefroy mill decreased from
87,800 ounces in the June quarter to 81,800 ounces in the
September quarter due to the drawdown of 6,100 ounces of gold-in-
circuit during the June quarter.

Residual leaching and irrigation of the existing heap leach pad
continued and a further 1,800 ounces were produced in the
September quarter compared with 1,400 ounces produced in the
June quarter. Since cessation of stacking activities, a total of 24,200
ounces have been produced. This process will continue until
pregnant solutions become uneconomic.

Net operating costs, including gold-in-process movements,
decreased from A$78 million (US$61 million) in the June quarter to
A$64 million (US$46 million) in the September quarter. Net
operating costs were impacted by a gold-in-circuit build-up of A$3
million (US$3 million) in the September quarter compared with a
drawdown of A$20 million (US$15 million) in the June quarter. The
drawdown in the June quarter mainly related to the utilisation of all
the Neptune stockpiles. Operating costs increased from A$58 million
(US$45 million) in the June quarter to A$68 million (US$49 million)
in the September quarter due to the majority of the Invincible mining
costs moving from capital pre-strip to operating costs.

Operating profit increased from A$59 million (US$46 million) in the
June quarter to A$66 million (US$48 million) in the September
quarter with the lower net operating costs more than offsetting the
lower production.

Capital expenditure decreased from A$45 million (US$35 million) in
the June quarter to A$31 million (US$22 million) in the September
quarter with the majority of the Invincible mining costs moving from
capital pre-strip to working costs.

All-in sustaining costs and total all-in cost decreased from A$1,454
per ounce (US$1,136 per ounce) in the June quarter to A$1,229 per
ounce (US$879 per ounce) in the September quarter due to the
lower net operating costs and lower capital expenditure, partially
offset by lower gold sold.

Agnew/Lawlers                                      
                                    Sept    June   
                                    2015    2015   
Gold produced             000'oz    57.5    53.8   
Yield                        g/t    6.07    5.33   
All-in sustaining costs    A$/oz   1,401   1,357   
                          US$/oz   1,025   1,077   
Total all-in cost          A$/oz   1,401   1,357   
                          US$/oz   1,025   1,077   

Gold production increased by 7 per cent from 53,800 ounces in the
June quarter to 57,500 ounces in the September quarter mainly due
to higher grades mined and processed.

Ore mined from underground decreased by 20 per cent from
332,000 tonnes in the June quarter to 264,000 tonnes in the
September quarter due to decreased ore development meters and
challenging geotechnical conditions at Waroonga. Head grade
mined increased by 20 per cent from 5.29 grams per tonne to 6.36
grams per tonne. During the June quarter, ground conditions in the
lower part of the Kim ore body necessitated rehabilitation and extra
ground support which resulted in slower rates of mining in certain
higher grade areas with tonnages substituted from lower grade
areas in the Waroonga ore body outside of Kim. In the September
quarter, mining returned to these higher grade areas near the end
of the quarter. However the extraction rate remained low due to a
seismic event and further adverse ground conditions at the
beginning of the quarter which impacted the tonnes mined for the
quarter.

Tonnes processed decreased by 6 per cent from 314,000 tonnes in
the June quarter to 294,000 ounces in the September quarter. This
was due to the lower mining volumes, partially offset by the
processing of stockpiled ore which could not be processed during
the June quarter with the mill at capacity. The combined yield
increased from 5.33 grams per tonne to 6.07 grams per tonne mainly
due to higher grades mined.

Net operating  costs, including gold-in-process movements,
increased from A$46 million (US$36 million) in the June quarter to
A$51 million (US$38 million) in the September quarter due to a A$3
million (US$2 million) drawdown of inventory in the September
quarter compared with a A$2 million (US$2 million) build-up in the
June quarter.

Operating profit increased from A$37 million (US$29 million) in the
June quarter to A$38 million (US$27 million) in the September
quarter due to higher gold sold, partially offset by higher net
operating costs.

Capital expenditure increased from A$23 million (US$18 million) in
the June quarter to A$25 million (US$19 million) in the September
quarter. The increase in capital expenditure was due to a power-
line upgrade which will allow electrical power to replace diesel
generators for cooling at Waroonga during the summer months and
due to additional raise-boring for ventilation at the Fitzroy, Bengal
and Hastings ("FBH") ore bodies. Development of the high grade
FBH ore bodies continued throughout the September quarter with
first ore from FBH delivered in October 2015.

All-in sustaining costs and total all-in cost increased from A$1,357
per ounce (US$1,077 per ounce) in the June quarter to A$1,401 per
ounce (US$1,025 per ounce) in the September quarter mainly due
to higher capital expenditure and higher net operating costs, partially
offset by higher gold sold.

Darlot                                             
                                    Sept    June   
                                    2015    2015   
Gold produced             000'oz    25.4    17.4   
Yield                        g/t    6.30    4.22   
All-in sustaining costs    A$/oz   1,232   1,500   
                          US$/oz     906   1,164   
Total all-in cost          A$/oz   1,232   1,500   
                          US$/oz     906   1,164   

Gold production increased by 46 per cent from 17,400 ounces in the
June quarter to 25,400 ounces in the September quarter due to the
higher grade mined.

Ore mined from underground increased marginally from 108,200
tonnes to 110,800 tonnes. Head grade increased from 5.43 grams
per tonne in the June quarter to 7.03 grams per tonne in the
September quarter. The increase in grade was due to the higher
grade Lords South Lower ore body moving into a production phase.
Capital waste tonnes mined decreased from 55,500 tonnes in the
June quarter to 21,800 ounces in the September quarter due to the
development to Lords South Lower.

Tonnes processed decreased from 128,300 tonnes in the June
quarter to 125,300 tonnes in the September quarter mainly due to a
reduction in toll treatment ore. The yield increased from 4.22 grams
per tonne to 6.30 grams per tonne mainly due to higher grade ore
mined, partially offset by lower grade material treated as part of the
toll treatment arrangements. The tolling arrangements contributed
529 ounces to gold production for the September quarter compared
with 880 ounces in the June quarter.

Net operating costs, including gold-in-process movements,
increased from A$17 million (US$13 million) in the June quarter to
A$23 million (US$17 million) in the September quarter. The
increase reflects a lower portion of mining costs being allocated to
capital as Lords South Lower moved from a development phase to
a production phase as well as a net A$2 million change in gold-in-
process with a drawdown of A$1 million (US$1 million) in the
September quarter compared with a build-up of A$1 million (US$1
million) in the June quarter.

Operating profit increased from A$9 million (US$7 million) in the
June quarter to A$17 million (US$13 million) in the September
quarter mainly due to higher gold sold, partially offset by higher net
operating costs.

Capital expenditure decreased from A$8 million (US$6 million) to
A$7 million (US$5 million) with a A$3 million reduction in capital
development at Lords South Lower, partially offset by a A$2 million
increase in exploration expenditure.

All-in sustaining costs and total all-in cost decreased from A$1,500
per ounce (US$1,164 per ounce) in the June quarter to A$1,232 per
ounce (US$906 per ounce) in the September quarter mainly due to
higher gold sold and lower capital expenditure, partially offset by
higher net operating costs.

Granny Smith

                                   Sept   June   
                                   2015   2015   
Gold produced             000'oz   82.1   74.6   
Yield                        g/t   7.08   6.41   
All-in sustaining costs    A$/oz    957    989   
                          US$/oz    699    770   
Total all-in cost          A$/oz    957    989   
                          US$/oz    699    770   

Gold production increased by 10 per cent from 74,600 ounces in the
June quarter to 82,100 ounces in the September quarter due to
higher grades mined.

Ore mined from underground was similar at 353,000 tonnes. Head
grade mined increased from 7.21 grams per tonne in the June
quarter to 7.68 grams per tonne in the September quarter with
mining activity taking place, as sequenced, in higher grade areas of
the ore body.

Tonnes processed remained similar at 361,000 tonnes in the
September quarter. The yield increased from 6.41 grams per tonne
to 7.08 grams per tonne due to higher head grades mined.

Net operating costs, including gold-in-process movements
increased marginally from A$46 million (US$36 million) in the June
quarter to A$47 million (US$34 million) in the September quarter.

Operating profit increased from A$68 million (US$53 million) in the
June quarter to A$80 million (US$59 million) in the September
quarter due to the higher gold sold.

Capital expenditure increased from A$23 million (US$18 million) in
the June quarter to A$26 million (US$19 million) in the September
quarter. The majority of the expenditure related to capital
development and exploration.

All-in sustaining costs and total all-in cost decreased from A$989 per
ounce (US$770 per ounce) in the June quarter to A$957 per ounce
(US$699 per ounce) in the September quarter mainly due to higher
gold sold, partially offset by higher capital expenditure.

Quarter ended 30 September 2015 compared with
quarter ended 30 September 2014

Group attributable equivalent gold production decreased marginally
from 559,000 ounces for the September 2014 quarter to 557,000
ounces for the September 2015 quarter mainly due to lower
production at Agnew/Lawlers, St Ives, Cerro Corona and Granny
Smith.

At the South Africa region, gold production at South Deep, increased
by 32 per cent from 1,298 kilograms (41,700 ounces) in the
September 2014 quarter to 1,709 kilograms (54,900 ounces) in the
September 2015 quarter mainly due to increased volumes from
underground, partially offset by lower grades. Production in the
September 2014 quarter was severely affected by the extensive
ground support remediation programme introduced in May 2014 and
the commensurate effect thereof.

At the West Africa region, total managed gold production increased
by 6 per cent from 182,000 ounces in the September 2014 quarter
to 193,800 ounces in the September 2015 quarter. At Tarkwa, gold
production increased by 7 per cent from 139,200 ounces to 149,400
ounces mainly due to increased volumes and higher grade. At
Damang, gold production increased by 4 per cent from 42,800
ounces to 44,400 ounces mainly due to higher tonnes mined and
processed, partially offset by lower grade.

At the South America region, gold equivalent production at Cerro
Corona decreased by 6 per cent from 84,700 ounces in the
September 2014 quarter to 79,200 ounces in the September 2015
quarter mainly due to a decrease in gold and copper grades.

At the Australia region, gold production decreased by 8 per cent from
268,800 ounces in the September 2014 quarter to 248,600 ounces
in the September 2015 quarter. At St Ives, gold production
decreased by 6 per cent from 88,700 ounces to 83,600 ounces,
mainly due to lower underground tonnes mined, partially offset by
higher grade mined and processed. At Agnew/Lawlers, gold
production decreased by 20 per cent from 72,200 ounces to 57,500
ounces mainly due to lower tonnes mined and processed as well as
lower grade. At Darlot, gold production increased by 14 per cent
from 22,300 ounces to 25,400 ounces due to an increase in grade,
partially offset by lower tonnes mined and processed. At Granny
Smith, gold production decreased by 4 per cent from 85,600 ounces
to 82,100 ounces mainly due to lower grade processed.

INCOME STATEMENT

Revenue decreased by 9 per cent from US$699 million in the
September 2014 quarter to US$635 million in the September 2015
quarter mainly due to the lower gold price received. The average
gold price decreased by 13 per cent from US$1,265 per ounce to
US$1,103 per ounce. The average Rand/US dollar exchange rate
weakened by 20 per cent from R10.71 in the September 2014
quarter to R12.86 in the September 2015 quarter. The average
Australian/US dollar exchange rate weakened by 22 per cent from
A$1.00 = US$0.93 to A$1.00 = US$0.73.

Net operating costs decreased from US$414 million to US$366
million due to the 20 per cent weaker Rand/US dollar exchange rate,
the 22 per cent weaker Australian/US dollar exchange rate, the
lower oil price and good cost control.

At South Deep in South Africa, net operating costs increased by 26
per cent from R637 million (US$59 million) in the September 2014
quarter to R803 million (US$63 million) in the September 2015
quarter. This was mainly due to increased production, annual wage
increases and normal inflationary increases. All-in sustaining costs
of R578,051 per kilogram (US$1,404 per ounce) and total all-in cost
of R589,823 per kilogram (US$1,431 per ounce) in the September
2015 quarter compared with all-in sustaining costs of R616,306 per
kilogram (US$1,790 per ounce) and total all-in cost of R658,383 per
kilogram (US$1,912 per ounce) in the September 2014 quarter due
to higher gold sold, partially offset by higher operating costs.

At the West Africa region, net operating costs decreased by 8 per
cent from US$145 million in the September 2014 quarter to US$134
million in the September 2015 quarter. All-in sustaining costs and
total all-in cost for the region amounted to US$962 per ounce in the
September 2015 quarter compared with US$1,131 per ounce in the
September 2014 quarter.

At Tarkwa, net operating costs decreased by 11 per cent from
US$97 million to US$86 million due to on-going business
improvement initiatives and the lower oil price. All-in sustaining
costs and total all-in costs amounted to US$872 per ounce in the
September 2015 quarter compared with US$1,096 per ounce in the
September 2014 quarter due to increased gold sold, lower operating
costs and lower capital expenditure.

At Damang, net operating costs increased by 2 per cent from US$47
million to US$48 million due to increased tonnes mined and
processed. All-in sustaining costs and total all-in cost amounted to
US$1,272 per ounce in the September 2015 quarter compared with
US$1,245 per ounce in the September 2014 quarter due to higher
capital expenditure, partially offset by increased gold sold.

At Cerro Corona in South America, net operating costs increased by
30 per cent from US$27 million in the September 2014 quarter to
US$35 million in the September 2015 quarter. This was mainly due
to a build-up of concentrate inventory of US$10 million in the
September 2014 quarter compared with only US$1 million in the
September 2015 quarter. All-in sustaining costs and total all-in cost
amounted to US$747 per ounce in the September 2015 quarter
compared with US$245 per ounce in the September 2014 quarter
due to lower by-product credits, the lower inventory credit to cost
and higher capital expenditure, partially offset by higher gold ounces
sold. All-in sustaining costs and total all-in cost, on a gold equivalent
basis amounted to US$731 per ounce in the September 2015
quarter compared with US$718 per ounce in the September 2014
quarter.

At the Australia region, net operating costs decreased by 6 per cent
from A$198 million (US$184 million) in the September 2014 quarter
to A$186 million (US$135 million) in the September 2015 quarter
mainly due to the lower production, All-in sustaining costs and total
all-in cost for the region amounted to A$1,177 per ounce (US$859
per ounce) in the September 2015 quarter compared with A$1,065
per ounce (US$990 per ounce) in the September 2014 quarter due
to lower gold sold and higher capital expenditure, partially offset by
lower net operating costs.

At St Ives, net operating costs decreased by 15 per cent from A$75
million (US$70 million) in the September 2014 quarter to A$64
million (US$46 million) in the September 2015 quarter. All-in
sustaining costs and total all-in cost for St Ives amounted to A$1,229
per ounce (US$879 per ounce) in the September 2015 quarter
compared with A$1,235 per ounce (US$1,149 per ounce) in the
September 2014 quarter due to lower net operating costs, partially
offset by higher capital expenditure and lower gold sold.

At Agnew/Lawlers, net operating costs increased by 2 per cent from
A$50 million (US$46 million) in the September 2014 quarter to A$51
million (US$38 million) in the September 2015 quarter. All-in
sustaining costs and total all-in cost for Agnew/Lawlers amounted to
A$1,401 per ounce (US$1,025 per ounce) in the September 2015
quarter compared with A$1,025 per ounce (US$953 per ounce) in
the September 2014 quarter due to lower gold sold, higher net
operating costs and higher capital expenditure.

At Darlot net operating costs were similar at A$23 million (US$17
million). All-in sustaining costs and total all-in cost amounted to
A$1,232 per ounce (US$906 per ounce) in the September 2015
quarter compared with A$1,316 per ounce (US$1,224 per ounce) in
the September 2014 quarter due to higher gold sold, partially offset
by higher capital expenditure.

At Granny Smith, net operating costs decreased by 6 per cent from
A$50 million (US$46 million) in the September 2014 quarter to A$47
million (US$34 million) in the September 2015 quarter.            All-in
sustaining costs and total all-in cost amounted to A$957 per ounce
(US$699 per ounce) in the September 2015 quarter compared with
A$852 per ounce (US$792 per ounce) in the September 2014
quarter due to lower gold sold and higher capital expenditure.

The Group all-in sustaining costs of US$948 per ounce and total all-
in cost of US$961 per ounce in the September 2015 quarter
compared with all-in sustaining costs of US$1,074 per ounce and
total all-in cost of US$1,096 per ounce in the September 2014
quarter. The lower all-in-sustaining and all-in costs in the
September 2015 quarter was due to lower net operating costs and
higher gold sold (576,000 ounces in the September 2015 quarter
compared with 552,800 ounces in the September 2014 quarter)
lower capital expenditure, partially offset by lower by-product credits.

Operating profit decreased from US$285 million to US$269 million
as a result of the above.

Amortisation for the Group increased from US$151 million in the
September 2014 quarter to US$155 million in the September 2015
quarter mainly due to the increased cost base at Darlot, following
the capital development at Lords South Lower.

Net interest paid decreased from US$19 million to US$16 million
due to the paying down of relatively more expensive South African
debt as compared with offshore debt in the March 2015 quarter.

The share of equity accounted losses after taxation was similar at
US$1 million and mainly related to the ongoing study and evaluation
costs at the Far Southeast project (FSE).

The gain on foreign exchange of US$7 million in the September
2015 quarter compared with US$6 million in the September 2014
quarter. These related to the conversion of offshore cash holdings
into their functional currencies.

The loss on financial instruments of US$4 million in the September
2015 quarter compared with US$nil in the September 2014 quarter
and related to the mark to market adjustment on diesel hedges that
the Australian operations entered into on 10 September and 26
November 2014.

Share-based payments for the Group decreased from US$6 million
in the September 2014 quarter to US$3 million in the September
2015 quarter due to the implementation of a new long-term
employee incentive scheme in 2014. Long-term employee benefits
of US$nil in the September 2015 quarter compared with US$3
million in the September 2014 quarter, the reduction due to mark to
market adjustments. The two schemes combined decreased from
US$9 million to US$3 million.

Exploration expenditure increased from US$8 million in the
September 2014 quarter to US$11 million in the September 2015
quarter due to higher expenditure at Salares Norte.

Non-recurring items decreased from US$12 million in the
September 2014 quarter to US$8 million in the September 2015
quarter. The September 2015 quarter included US$3 million on the
impairment of the Group's investment in Hummingbird and US$4
million related to retrenchment costs at Tarkwa.

Royalties of US$19 million in the September 2015 quarter compared
with US$22 million in the September 2014 quarter.

The taxation charge of US$34 million in the September 2015 quarter
compared with US$38 million in the September 2014 quarter, in line
with the lower taxable income.

As a result of the above, net earnings attributable to the Gold Fields
shareholders of US$18 million in the September 2015 quarter
compared with net earnings of US$19 million in the September 2014
quarter.

Normalised earnings of US$22 million in the September 2015
quarter compared with US$23 million in the September 2014
quarter.

CASH FLOW

Cash inflow from operating activities of US$221 million in the
September 2015 quarter compared with US$206 million in the
September 2014 quarter with the increase mainly due to lower
royalties and taxation paid in June 2015 and a higher release of
working capital.

Cash outflows from investing activities increased from US$62 million
to US$146 million. The cash outflow was lower in the September
2014 quarter due to the proceeds on the disposal of Chucapaca of
US$81 million.

Capital expenditure decreased from US$144 million in the
September 2014 quarter to US$143 million in the September 2015
quarter.

At the South Africa region, capital expenditure at South Deep
decreased from R191 million (US$18 million) to R187 million
(US$14 million).

At the West Africa region, capital expenditure decreased from
US$45 million in the September 2014 quarter to US$43 million in the
September 2015 quarter. In South America, at Cerro Corona,
capital expenditure increased from US$12 million in the September
2014 quarter to US$19 million in the September 2015 quarter. At
the Australia region, capital expenditure increased from A$75 million
(US$69 million) to A$89 million (US$66 million).

Net cash inflow from financing activities of US$20 million in the
September 2015 quarter compared with an outflow of US$27 million
in the September 2014 quarter. Both related to long term and short
term loans received and repaid.

The net cash inflow of US$93 million in the September 2015 quarter
compared with a net cash inflow of US$103 million in the September
2014 quarter. After accounting for a negative translation adjustment
of US$22 million, the cash inflow in the September 2015 quarter was
US$71 million. The cash balance at the end of September 2015 was
US$486 million compared with US$446 million at the end of
September 2014.

Corporate

DIRECTORATE CHANGES

Rick Menell, an independent non-executive director of Gold Fields
assumed the role of Deputy Chairperson on 19 August 2015.

Mr Menell has over 36 years' experience in the mining industry,
including as President of the Chamber of Mines of South Africa,
President and CEO of Teal Exploration and Mining and as Executive
Chair of Anglovaal Mining and Avgold. Mr Menell, Chairman of
Credit Suisse Securities, also serves as a Director of Sibanye Gold,
Weir Group Plc and Rockwell Diamonds Inc and is a Senior Advisor
to Credit Suisse AG. He is also a director of a number of unlisted
companies and non-profit organisations.

NON-EXECUTIVE DIRECTORS

On 7 May 2015, shareholders were informed that Gold Fields non-
executive Director, Alan Hill would leave the Board of the Company
on 31 December 2015. The Board has resolved for Mr Hill to stay
on as a non-executive director until 31 December 2016.

EXCELLENCE IN THE FIELD OF TAX REPORTING

Gold Fields and Sasol have clinched the top awards in PwC's
Building Public Trust Awards: Excellence in the field of tax
reporting in 2015. Gold Fields was the overall winner in the
category for tax reporting for multinational companies.

Outlook

We expect our full year production to be within 1 per cent to 2 per
cent of previous guidance. However, costs are expected to be better
than previously guided at around US$1,035 per ounce for AISC and
US$1,055 per ounce for AIC.

South Deep's production for the full year is expected to be between
5,900 kilograms (190,000 ounces) and 6,000 kilograms (193,000
ounces), with the last six months of 2015 being up around 50 per
cent on the first six months of 2015.

The above is subject to safety performance which limits the impact
of safety-related stoppages and the forward looking statement on
pages 3 and 28.

BASIS OF ACCOUNTING

The unaudited condensed consolidated quarterly financial
statements are prepared in accordance with International Financial
Reporting Standard, (IAS) 34 Interim Financial Reporting, the
SAICA Financial Reporting Guides as issued by the Accounting
Practices Committee and Financial Pronouncements as issued by
Financial Reporting Standards Council and the requirements of the
Companies Act of South Africa.

The accounting policies applied in the preparation of these quarterly
financial statements are in terms of International Financial Reporting
Standards and are consistent with those applied in the previous
annual financial statements.

LITIGATION STATEMENT

In relation to the Litigation statement, there has been no further
update since the release of the Gold Fields Q2 2015 results on 20
August 2015 except for the update on the Silicosis Class Action.

UPDATE OF THE SILICOSIS CLASS ACTION

The two class action applications were consolidated into one
application on 17 October 2013. In terms of the consolidated
application, the court is asked to allow the class actions to be
certified. The consolidated application was heard during the weeks
of 12 and 19 October 2015. Judgment has been reserved. If
certification is granted, it will be the first step in a process whereby
the applicants will, on behalf of the class or classes, seek to hold
Gold Fields and the other mining companies liable for silicosis
and/or tuberculosis and the resultant consequences. Any such
claims will be defended.

MINING CHARTER OWNERSHIP ELEMENT DECLARATION
APPLICATION

On 5 June 2015, the Chamber of Mines commenced a court
application against the Minister and Director General of the
Department of Mineral Resources regarding the continuing
consequences of previous BEE deals in measuring progress on the
Mining Charter's ownership element. The parties'legal
representatives met with the Deputy Judge President of the North
Gauteng High Court on 11 November 2015, where it was agreed
that the application hearing will take place in March 2016.

N.J. Holland
Chief Executive Officer
19 November 2015

The financial statements are presented on a condensed consolidated basis

Income statement

Figures are in millions unless otherwise stated

                                                                                               UNITED STATES DOLLARS
                                                                                          Quarter                        Nine months to
                                                                              September         June     September     September       September
                                                                                   2015         2015          2014          2015            2014
Revenue                                                                           635.1        660.4         699.2       1,905.3         2,160.8
Operating costs, net                                                            (366.0)      (382.2)       (414.3)     (1,114.2)       (1,272.9)
     – Operating costs                                                          (369.4)      (358.6)       (423.7)     (1,083.5)       (1,278.4)
     – Gold inventory change                                                        3.4       (23.6)           9.4        (30.7)             5.5

Operating profit                                                                  269.1        278.2         284.9         791.1           887.9
Amortisation and depreciation                                                   (155.0)      (141.5)       (151.3)       (437.5)         (484.6)
Net operating profit                                                              114.1        136.7         133.6         353.6           403.3
Net interest paid                                                                (16.3)       (15.2)        (19.4)        (50.6)          (57.1)
Share of equity accounted earnings after taxation                                 (0.6)        (1.3)         (1.4)         (4.6)           (2.9)
Gain/(loss) on foreign exchange                                                     7.3        (1.8)           6.1           7.4             7.1
(Loss)/gain on financial instruments                                              (3.7)          1.7             -         (4.5)           (0.1)
Share-based payments                                                              (2.9)        (3.0)         (6.2)         (9.0)          (22.3)
Long-term employee benefits                                                       (0.3)        (0.3)         (2.9)         (3.7)           (6.8)
Other                                                                             (6.5)        (8.6)         (9.9)        (25.2)          (33.2)
Exploration and project costs                                                    (11.2)       (19.3)         (8.3)        (43.9)          (34.9)
Profit before royalties, taxation and non-recurring items                          79.9         88.9          91.6         219.5           253.1
Non-recurring items                                                               (8.2)       (10.8)        (12.3)        (19.3)          (47.2)
Profit before royalties and taxation                                               71.7         78.1          79.3         200.2           205.9
Royalties                                                                        (18.7)       (21.2)        (21.6)        (58.2)          (65.4)
Profit before taxation                                                             53.0         56.9          57.7         142.0           140.5
Mining and income taxation                                                       (34.3)       (42.5)        (37.8)       (121.1)          (96.1)
     – Normal taxation                                                           (36.4)       (36.9)        (46.0)       (100.1)          (88.0)
     – Deferred taxation                                                            2.1        (5.6)           8.2        (21.0)           (8.1)

Net profit                                                                         18.7         14.4          19.9          20.9            44.4
Attributable to: 
     – Owners of the parent                                                        18.0         11.7          19.1          15.8            38.3
     – Non-controlling interest                                                     0.7          2.7           0.8           5.1             6.1
Non-recurring items: 
Profit/(loss) on sale of investments                                                0.1            -             -           0.1           (0.8)
Profit on sale of Chucapaca                                                           -            -           4.6             -             4.6
Profit/(loss) on sale of assets                                                     0.2            -           1.2           2.0           (1.4)
Restructuring costs                                                               (4.2)        (3.0)        (15.8)         (8.7)          (36.6)
Impairment of investments and assets                                              (3.4)        (7.6)         (0.6)        (11.8)           (1.2)
Other                                                                             (0.9)        (0.2)         (1.7)         (0.9)          (11.8)
Total non-recurring items                                                         (8.2)       (10.8)        (12.3)        (19.3)          (47.2)
Taxation                                                                            1.6          1.0           4.6           2.5            14.2
Net non-recurring items after tax                                                 (6.6)        (9.8)         (7.7)        (16.8)          (33.0)
Net earnings                                                                       18.0         11.7          19.1          15.8            38.3
Net earnings per share (cents)                                                        2            2             3             2               5
Diluted earnings per share (cents)                                                    2            2             3             2               5

Headline earnings                                                                  21.0         19.4          14.4          26.1            36.8
Headline earnings per share (cents)                                                   3            3             2             4               5
Diluted headline earnings per share (cents)                                           3            3             2             4               5
Net earnings excluding gains and losses on foreign exchange, financial
instruments and non-recurring items after royalties and taxation                   21.6         21.5          23.1          29.8            68.2
Net earnings per share excluding gains and losses on foreign exchange,
financial instruments and non-recurring items after royalties and taxation
(cents)                                                                               3            3             3             4               9
South African rand/United States dollar conversion rate                           12.86        12.06         10.71         12.21           10.70
United States dollar/Australian dollar conversion rate                             0.73         0.78          0.93          0.76            0.92
Gold equivalent sold – managed         eq oz (000)                                  576          562           553         1,647           1,696
Gold equivalent price received         US$/eq oz                                  1,103        1,174         1,265         1,157           1,274
Figures may not add as they are rounded independently.

The unaudited consolidated financial statements for the quarter ended 30 September 2015 have been prepared by the corporate accounting staff of Gold Fields
Limited headed by Mrs Tzvet Ilarionova, the Group's Financial Controller. This process was supervised by Mr Paul Schmidt, the Group's Chief Financial Officer.

Statement of comprehensive income

Figures are in millions unless otherwise stated

                                                                     UNITED STATES DOLLARS
                                                                Quarter                      Nine months to
                                                    September        June    September     September    September
                                                         2015        2015         2014          2015         2014
Net profit                                               18.7        14.4         19.9          20.9         44.4
Other comprehensive loss, net of tax                  (344.9)      (51.7)      (172.8)       (501.8)      (180.3)
Marked to market valuation of listed investments          0.4       (0.4)          1.9           0.4          2.9
Currency translation adjustments and other            (345.3)      (51.3)      (174.7)       (502.2)      (183.2)
Total comprehensive loss                              (326.2)      (37.3)      (152.9)       (480.9)      (135.9)
Attributable to:
     – Owners of the parent                           (327.2)      (39.9)      (155.9)       (486.2)      (143.5)
     – Non-controlling interest                           1.0         2.6          3.0           5.3          7.6
                                                      (326.2)      (37.3)      (152.9)       (480.9)      (135.9)
Statement of financial position

Figures are in millions unless otherwise stated

                                               UNITED STATES DOLLARS
                                                       Quarter
                                                 September            December
                                                      2015                2014
Property, plant and equipment                      4,508.1             4,895.7
Goodwill                                             321.5               385.7
Non-current assets                                   166.9               163.2
Investments                                          243.8               257.9
Deferred taxation                                     79.3                62.4
Current assets                                     1,024.8             1,092.8
    – Other current assets                           499.0               594.8
    – Cash and deposits                              485.8               458.0
    – Assets held for sale                            40.0                40.0

Total assets                                       6,344.4             6,857.7

Shareholders' equity                               3,164.6             3,663.3
Deferred taxation                                    422.7               387.0
Long-term loans                                    1,823.3             1,765.7
Environmental rehabilitation provisions              282.3               311.2
Long-term employee benefits                           11.2                 8.3
Other long-term provisions                             6.8                 9.1
Current liabilities                                  633.5               713.1
    – Other current liabilities                      544.3               567.9
    – Current portion of long-term loans              89.2               145.2

Total equity and liabilities                       6,344.4             6,857.7
US dollar/South African rand conversion rate         13.87               11.56
US dollar/Australian dollar conversion rate           0.70                0.81
Net debt                                           1,426.7             1,452.9

Hedging/Derivatives

The Group's policy is to remain unhedged to the gold price. However, hedges are sometimes undertaken on a project specific basis as follows:
  -   to protect cash flows at times of significant expenditure;
  -   for specific debt servicing requirements; and
  -   to safeguard the viability of higher cost operations.
Gold Fields may from time to time establish currency financial instruments to protect underlying cash flows.

Diesel hedge *
Australia
On 26 November 2014, Gold Fields Australia (Pty) Limited entered into Singapore Gasoil 10ppm cash settled swap transaction contracts. A contract for 63,000
barrels based on 50 per cent of estimated usage for the period January to March 2015 was committed at a fixed price of US$94.00 per barrel and a further 283,500
barrels based on 75 per cent of estimated usage was committed at a price of US$96.00 per barrel for the period April to December 2015. Brent Crude at the time
of the transaction was US$78.45 per barrel.
At the reporting date, the fair value was negative US$4.5 million.

* Do not qualify for hedge accounting and are accounted for as derivative financial instruments in the income statement.

Statement of changes in equity

Figures are in millions unless otherwise stated

                                                                                         UNITED STATES DOLLARS

                                                               Share capital          Other     Retained  Non-controlling       Total
                                                                 and premium       reserves     earnings         interest      equity
Balance as at 31 December 2014                                       3,470.8      (1,636.5)      1,704.6            124.5     3,663.3
Total comprehensive (loss)/income                                          -        (502.0)         15.8              5.3     (480.9)
(Loss)/profit for the period                                               -              -         15.8              5.1        20.9
Other comprehensive (loss)/income                                          -        (502.0)            -              0.2     (501.8)
Dividends declared                                                         -              -       (15.1)           (11.9)      (27.0)
Share-based payments                                                       -            9.0            -                -         9.0
Exercise of employee share options                                       0.2              -            -                -         0.2
Balance as at 30 September 2015                                      3,471.0      (2,129.5)      1,705.3            117.9     3,164.6

                                                                                         UNITED STATES DOLLARS

                                                               Share capital          Other     Retained  Non-controlling       Total
                                                                 and premium       reserves     earnings         interest      equity
Balance as at 31 December 2013                                       3,470.7      (1,340.8)      1,721.6            193.8     4,045.2
Total comprehensive (loss)/income                                          -        (181.8)         38.3              7.6     (135.9)
Profit for the period                                                      -              -         38.3              6.1        44.4
Other comprehensive (loss)/income                                          -        (181.8)            -              1.5     (180.3)
Dividends declared                                                         -              -       (29.8)           (10.6)      (40.4)
Share-based payments                                                       -           22.3            -                -        22.3
Disposal of non-controlling interest                                       -              -            -           (69.8)      (69.8)
Loans received from non-controlling interest                               -              -            -              2.0         2.0
Exercise of employee share options                                       0.1              -            -                -         0.1
Balance as at 30 September 2014                                      3,470.8      (1,500.3)      1,730.1            123.0     3,823.5

Debt maturity ladder

Figures are in millions unless otherwise stated
             
                                                                                               UNITED STATES DOLLARS
             
                                                                                                          1 Jan 2017 to
                                                                              31 Dec 2015    31 Dec 2016    31 Dec 2020         Total
Uncommitted loan facilities               
US dollar million                                                                       -              -              -             -
Rand million                                                                      1,297.0              -              -       1,297.0
Rand debt translated to dollar                                                       93.5              -              -          93.5
Total (US$'m)                                                                        93.5              -              -          93.5
Committed loan facilities               
US dollar million                                                                    75.0              -        2,647.3       2,722.3
Rand million                                                                            -        1,000.0        1,500.0       2,500.0
Rand debt translated to dollar                                                          -           72.1          108.2         180.3
Total (US$'m)                                                                        75.0           72.1        2,755.5       2,902.6
Total (US$'m) – Uncommitted and committed loan               
facilities                                                                          168.5           72.1        2,755.5       2,996.1
Utilisation – Uncommitted loan facilities                  
Rand million                                                                        197.5              -              -         197.5
US dollar million                                                                    14.2              -              -          14.2
Rand debt translated to dollar                                                       14.2              -              -          14.2
Total (US$'m)                                                                        14.2              -              -          14.2
Utilisation – Committed loan facilities (including US$ bond)                
US dollar million                                                                    75.0              -        1,823.3       1,898.3
Rand million                                                                            -              -              -             -
Rand debt translated to dollar                                                          -              -              -             -
Total (US$'m)                                                                        75.0              -        1,823.3       1,898.3
Total (US$'m) – Utilisation – Uncommitted and committed               
loan facilities                                                                      89.2              -        1,823.3       1,912.5

Exchange rate: US$1 = R13.87 being the closing rate at the end of the September 2015 quarter.

Statement of cash flows

Figures are in millions unless otherwise stated

                                                                                      UNITED STATES DOLLARS

                                                                                   Quarter                        Nine months to

                                                                      September         June     September    September     September
                                                                           2015         2015          2014         2015          2014
Cash flows from operating activities                                      220.5        191.3         205.5        562.0         623.7
Profit before royalties, tax and non-recurring items                       79.9         88.9          91.6        219.5         253.1
Non-recurring items                                                       (8.2)       (10.8)        (12.3)       (19.3)        (47.2)
Amortisation and depreciation                                             155.0        141.5         151.3        437.5         484.6
South Deep BEE dividend                                                       -            -             -        (1.7)         (1.9)
Change in working capital                                                  34.1          8.9          22.1         77.5          44.5
Royalties and taxation paid                                              (43.6)       (44.3)        (50.9)      (162.1)       (131.4)
Other non-cash items                                                        3.3          7.1           3.7         10.6          22.0

Dividends paid                                                            (2.5)        (4.6)        (14.3)       (20.0)        (40.4)
Owners of the parent                                                      (2.3)            -        (14.1)       (15.1)        (29.8)
Non-controlling interest holders                                          (0.2)        (4.6)         (0.2)        (4.9)        (10.6)

Cash flows from investing activities                                    (145.9)      (161.1)        (62.0)      (486.0)       (361.6)
Capital expenditure – additions                                         (142.7)      (158.3)       (144.2)      (475.8)       (438.9)
Capital expenditure – proceeds on disposal                                  0.7          0.6           3.0          3.1           4.0
Purchase of investments                                                       -            -             -            -         (1.6)
Proceeds on disposal of Chucapaca                                             -            -          81.0            -          81.0
Proceeds on disposal of investments                                           -            -             -            -           2.0
Environmental payments                                                    (3.9)        (3.4)         (1.8)       (13.3)         (8.1)

Cash flows from financing activities                                       20.4       (10.0)        (26.6)          2.4        (97.9)
Loans received                                                             38.9          5.0         101.8        385.1         326.5
Loans repaid                                                             (18.5)       (15.0)       (128.8)      (382.7)       (426.4)
Non-controlling interest holders' loans received                              -            -           0.4            -           2.0

Net cash inflow                                                            92.5         15.6         102.6         58.4         123.8
Translation adjustment                                                   (21.8)        (2.8)         (7.1)       (30.6)         (2.6)
Cash at beginning of period                                               415.1        402.3         350.7        458.0         325.0
Cash at end of period                                                     485.8        415.1         446.2        485.8         446.2
Cash flow from operating activities less net capital expenditure and
environmental payments                                                     74.6         30.2          62.5         76.0         180.7

Reconciliation of headline earnings with net earnings
Figures are in millions unless otherwise stated

                                                                                       UNITED STATES DOLLARS

                                                                                    Quarter                         Year to date

                                                                       September        June     September    September     September
                                                                            2015        2015          2014         2015          2014
Net earnings                                                                18.0        11.7          19.1         15.8          38.3
(Profit)/loss on sale of investments                                       (0.1)           -             -        (0.1)           0.8
Profit on sale of Chucapaca                                                    -           -         (4.6)            -         (4.6)
(Profit)/loss on sale of assets                                            (0.2)           -         (1.2)        (2.0)           1.4
Taxation effect on sale of assets                                          (0.1)         0.1           0.4          0.6         (0.4)
Impairment of investments and assets                                         3.4         7.6           0.6         11.8           1.2
Headline earnings                                                           21.0        19.4          14.4         26.1          36.8
Headline earnings per share – cents                                            3           3             2            4             5
Based on headline earnings as given above divided by 775,270,967 (June
2015 – 774,747,163 and September 2014 – 769,377,569) being the weighted                                                                        
average number of ordinary shares in issue.                                                                     

Segmental operating and financial results

                                                                                     South                                                  South
                                                                                    Africa              West Africa Region                America
                                                                                    Region                                                 Region
                                                                   Total Mine
                                                                   Operations                                  Ghana                         Peru

                                                                                     South                                                  Cerro
UNITED STATES DOLLARS                                                                 Deep       Total        Tarkwa          Damang       Corona
Operating Results
Ore milled/treated (000 tonnes)                      Sept 2015           8,295         387       4,538         3,415           1,123        1,753
                                                     June 2015           8,160         298       4,514         3,421           1,093        1,633
                                                  Year to date          24,628         947      13,454        10,221           3,233        4,983
Yield (grams per tonne)                              Sept 2015             2.1         4.4         1.3           1.4             1.2          1.4
                                                     June 2015             2.1         4.0         1.3           1.4             1.2          1.6
                                                  Year to date             2.1         4.3         1.3           1.3             1.2          1.4
Gold produced (000 managed equivalent ounces)        Sept 2015           576.5        54.9       193.8         149.4            44.4         79.2
                                                     June 2015           554.9        38.7       197.7         156.2            41.5         83.6
                                                  Year to date         1,650.5       129.9       566.3         441.3           124.9        229.4
Gold sold (000 managed equivalent ounces)            Sept 2015           576.0        54.9       193.8         149.4            44.4         78.6
                                                     June 2015           562.1        38.7       197.7         156.2            41.5         90.8
                                                  Year to date         1,647.0       129.9       566.3         441.3           124.9        225.8
Gold price received (dollar per equivalent ounce)    Sept 2015           1,103       1,157       1,126         1,126           1,124          908
                                                     June 2015           1,174       1,194       1,196         1,196           1,198        1,083
                                                  Year to date           1,157       1,184       1,179         1,179           1,178        1,007
Operating costs (dollar per tonne)                   Sept 2015              45         162          30            25              43           21
                                                     June 2015              44         196          29            24              44           23
                                                  Year to date              44         185          29            25              43           22
All-in-sustaining costs (dollar per ounce)           Sept 2015             942       1,404         962           872           1,272          747
                                                     June 2015           1,026       1,895       1,029           938           1,370          381
                                                  Year to date           1,030       1,697       1,090         1,027           1,314          542
Total all-in-cost (dollar per ounce)                 Sept 2015             945       1,431         962           872           1,272          747
                                                     June 2015           1,031       1,986       1,029           938           1,370          381
                                                  Year to date           1,036       1,770       1,090         1,027           1,314          542
Financial Results ($ million)
Revenue                                              Sept 2015           635.1        63.6       218.1         168.2            49.9         71.4
                                                     June 2015           660.4        46.2       236.5         186.8            49.7         98.4
                                                  Year to date         1,905.3       153.8       667.6         520.4           147.2        227.4
Net operating costs                                  Sept 2015         (366.5)      (62.8)     (133.8)        (85.9)          (47.8)       (35.3)
                                                     June 2015         (382.2)      (58.5)     (136.4)        (86.6)          (49.8)       (42.6)
                                                  Year to date       (1,114.8)     (175.5)     (395.6)       (254.1)         (141.4)      (106.3)
 – Operating costs                                   Sept 2015         (369.9)      (62.8)     (134.7)        (86.9)          (47.8)       (36.7)
                                                     June 2015         (358.6)      (58.5)     (130.9)        (82.9)          (48.0)       (37.3)
                                                  Year to date       (1,084.1)     (175.5)     (394.9)       (254.7)         (140.2)      (107.4)
 – Gold inventory change                             Sept 2015             3.4           -         1.0           1.0               -          1.4
                                                     June 2015          (23.6)           -       (5.5)         (3.7)           (1.8)        (5.3)
                                                  Year to date          (30.7)           -       (0.7)           0.6           (1.3)          1.1
Operating profit/(loss)                              Sept 2015           268.6         0.7        84.4          82.2             2.1         36.1
                                                     June 2015           278.2      (12.3)       100.1         100.2           (0.1)         55.8
                                                  Year to date           790.5      (22.1)       272.0         266.3             5.7        121.1
Amortisation of mining assets                        Sept 2015         (154.7)      (16.6)      (50.1)        (42.3)           (7.8)       (24.0)
                                                     June 2015         (141.2)      (14.9)      (42.4)        (36.0)           (6.4)       (22.8)
                                                  Year to date         (436.6)      (48.5)     (137.0)       (117.2)          (19.8)       (67.4)
Net operating profit/(loss)                          Sept 2015           114.0      (15.9)        34.3          40.0           (5.7)         12.1
                                                     June 2015           137.0      (27.1)        57.7          64.2           (6.5)         33.0
                                                  Year to date           353.9      (70.6)       135.0         149.1          (14.1)         53.7
Other expenses                                       Sept 2015          (19.3)       (2.3)       (0.4)           0.8           (1.3)        (3.7)
                                                     June 2015          (19.2)       (1.8)       (5.4)         (3.9)           (1.5)        (2.6)
                                                  Year to date          (66.0)       (8.8)      (10.0)         (5.9)           (4.0)       (10.8)
Profit/(loss) before royalties and taxation          Sept 2015            94.7      (18.2)        33.9          40.8           (7.0)          8.4
                                                     June 2015           117.8      (29.0)        52.3          60.4           (8.1)         30.4
                                                  Year to date           287.9      (79.3)       125.1         143.2          (18.1)         42.9
Royalties, mining and income taxation                Sept 2015          (48.5)         4.8      (20.9)        (20.9)               -        (6.0)
                                                     June 2015          (57.9)         7.7      (25.9)        (27.1)             1.2       (18.5)
                                                  Year to date         (167.7)        22.8      (67.1)        (67.9)             0.8       (48.4)
 – Normal taxation                                   Sept 2015          (14.8)           -       (5.0)         (5.0)               -        (9.7)
                                                     June 2015          (24.4)           -      (11.5)        (11.5)               -       (15.2)
                                                  Year to date          (49.4)           -      (18.7)        (18.7)               -       (30.5)
 – Royalties                                         Sept 2015          (18.7)       (0.3)      (10.9)         (8.4)           (2.5)        (0.6)
                                                     June 2015          (21.2)       (0.3)      (11.8)         (9.3)           (2.5)        (2.1)
                                                  Year to date          (58.2)       (0.8)      (33.4)        (26.0)           (7.4)        (2.9)
 – Deferred taxation                                 Sept 2015          (15.1)         5.1       (5.1)         (7.6)             2.5          4.2
                                                     June 2015          (12.3)         8.0       (2.6)         (6.3)             3.7        (1.1)
                                                  Year to date          (60.2)        23.5      (15.0)        (23.2)             8.2       (15.0)
Profit/(loss) before non-recurring items             Sept 2015            46.2      (13.5)        12.9          19.9           (7.0)          2.3
                                                     June 2015            59.9      (21.3)        26.4          33.3           (6.8)         11.9
                                                  Year to date           119.7      (56.6)        57.9          75.2          (17.3)        (5.5)
Non-recurring items                                  Sept 2015           (4.7)       (0.1)       (5.0)         (4.9)               -        (0.5)
                                                     June 2015           (3.0)         0.1       (0.6)         (0.5)           (0.1)            -
                                                  Year to date           (7.4)       (0.7)       (6.2)         (5.9)           (0.3)        (0.5)
Net profit/(loss)                                    Sept 2015            41.4      (13.5)         7.9         14.9            (7.0)          1.8
                                                     June 2015            56.8      (21.4)        25.9          32.8           (6.9)         11.9
                                                  Year to date           112.2      (57.3)        51.7          69.3          (17.6)        (6.0)
Net profit/(loss) excluding gains and losses on      Sept 2015            49.8      (13.5)        11.1          17.5           (6.4)          3.7
foreign exchange, financial instruments and          June 2015            51.8      (21.2)        27.3          33.9           (6.6)         10.9
non-recurring items                               Year to date           121.4      (57.2)        56.2          72.9          (16.7)        (4.6)

Capital expenditure                                  Sept 2015         (141.4)      (14.4)      (42.7)        (36.8)           (5.9)       (18.5)
                                                     June 2015         (158.1)      (16.5)      (52.3)        (48.2)           (4.1)       (12.3)
                                                  Year to date         (474.3)      (49.5)     (183.6)       (169.5)          (14.1)       (37.2)

Average exchange rates were US$1 = R12.86 and US$1 = R12.06 for the September 2015 and June 2015 quarters respectively.
The Australian/US dollar exchange rates were A$1 = US$0.73 and A$1 = US$0.78 for the September 2015 and June 2015 quarters respectively.

Segmental operating and financial results

                                                                                                                                                                       SOUTH
                                                               Australia Region#                                    AUSTRALIAN DOLLARS(1)                            AFRICAN
                                                                                                                                                                     RAND(2)
                                                                                                                                                                       South
                                                                      Australia                                         Australia Region#                             Africa
                                                                                                                                                                      Region
UNITED STATES DOLLARS                                                   Agnew/                 Granny                             Agnew/                Granny
                                               Total       St Ives     Lawlers      Darlot      Smith      Total     St Ives     Lawlers     Darlot      Smith    South Deep
Operating Results
Ore milled/treated               Sept 2015      1,617          837         294         125        361      1,617         837         294        125        361           387
(000 tonnes)                     June 2015      1,715          912         314         128        361      1,715         912         314        128        361           298
                              Year to date      5,244        2,893         920         339      1,092      5,244       2,893         920        339      1,092           947
Yield                            Sept 2015        4.7          3.0         6.1         6.3        7.1        4.7         3.0         6.1        6.3        7.1           4.4
(grams per tonne)                June 2015        4.2          3.0         5.3         4.2        6.4        4.2         3.0         5.3        4.2        6.4           4.0
                              Year to date        4.3          2.9         5.8         4.9        6.5        4.3         2.9         5.8        4.9        6.5           4.3
Gold produced                    Sept 2015      248.6         83.6        57.5        25.4       82.1      248.6        83.6        57.5       25.4       82.1         1,709
(000 managed                     June 2015      235.0         89.2        53.8        17.4       74.6      235.0        89.2        53.8       17.4       74.6         1,203
equivalent ounces)            Year to date      725.0        271.5       170.9        53.9      228.7      725.0       271.5       170.9       53.9      228.7         4,041
Gold sold                        Sept 2015      248.6         83.6        57.5        25.4       82.1      248.6        83.6        57.5       25.4       82.1         1,709
(000 managed                     June 2015      235.0         89.2        53.8        17.4       74.6      235.0        89.2        53.8       17.4       74.6         1,203
equivalent ounces)            Year to date      725.6        271.5       170.9        53.9      228.7      725.0       271.5       170.9       53.9      228.7         4,041
Gold price received              Sept 2015      1,133        1,128       1,126       1,172      1,132      1,553       1,561       1,547      1,573      1,547       471,094
(dollar per                      June 2015      1,190        1,190       1,191       1,184      1,190      1,527       1,529       1,528      1,522      1,529       463,082
equivalent ounce)             Year to date      1,181        1,184       1,179       1,187      1,179      1,544       1,548       1,541      1,552      1,541       464,786
Operating costs                  Sept 2015         84           59         120         128         97        115          81         165        175        133         2,088
(dollar per tonne)               June 2015         77           50         118         112         97         99          64         152        144        125         2,367
                              Year to date         77           51         118         134         95        101          67         155        175        124         2,263
All-in-sustaining costs          Sept 2015        859          879       1,025         906        699      1,177       1,229       1,401      1,232        957       578,051
(dollar per ounce)               June 2015      1,008        1,136       1,077       1,164        770      1,288       1,454       1,357      1,500        989       734,784
                              Year to date        945        1,018       1,009       1,166        757      1,234       1,330       1,327      1,525        989       665,975
Total all-in-cost                Sept 2015        859          879       1,025         906        699      1,177       1,229       1,401      1,232        957       589,823
(dollar per ounce)               June 2015      1,008        1,136       1,077       1,164        770      1,288       1,454       1,357      1,500        989       769,847
                              Year to date        945        1,018       1,009       1,166        757      1,234       1,330       1,328      1,525        989       694,876
Financial Results ($ million)
Revenue                          Sept 2015      281.7         94.3        64.7        29.7       93.0      386.5       130.5        89.0       39.9      127.1         805.1
                                 June 2015      279.6        106.2        64.1        20.6       88.8      359.1       136.4        82.3       26.4      114.0         557.1
                              Year to date      856.5        321.4       201.4        64.0      269.7    1,119.7       420.2       263.4       83.6      352.5       1,878.2
Net operating costs              Sept 2015    (134.6)       (45.9)      (37.5)      (16.9)     (34.3)    (185.5)      (64.2)      (51.3)     (22.9)     (47.1)       (803.2)
                                 June 2015    (144.9)       (60.5)      (35.5)      (13.3)     (35.5)    (186.3)      (77.8)      (45.7)     (17.1)     (45.7)       (705.3)
                              Year to date    (437.5)      (174.7)     (110.2)      (44.9)    (107.6)    (571.9)     (228.4)     (144.1)     (58.6)    (140.7)     (2,142.9)
 – Operating costs               Sept 2015    (135.6)       (49.2)      (35.3)      (16.0)     (35.1)    (185.9)      (67.6)      (48.4)     (21.9)     (48.1)       (803.2)
                                 June 2015    (132.0)       (45.3)      (37.1)      (14.4)     (35.2)    (169.5)      (58.2)      (47.6)     (18.4)     (45.2)       (705.3)
                              Year to date    (406.3)      (148.5)     (108.7)      (45.3)    (103.8)    (531.3)     (194.2)     (142.2)     (59.2)    (135.7)     (2,142.9)
 – Gold inventory change         Sept 2015        1.0          3.3       (2.3)       (0.9)        0.9        0.4         3.4       (2.9)      (1.0)        1.0             -
                                 June 2015     (12.9)       (15.1)         1.6         1.0      (0.3)     (16.8)      (19.6)         2.0        1.3      (0.5)             -
                              Year to date     (31.2)       (26.2)       (1.5)         0.3      (3.8)     (40.6)      (34.2)       (1.9)        0.5      (5.0)             -
Operating profit/(loss)          Sept 2015      147.1         48.4        27.2        12.8       58.7      201.0        66.4        37.6       16.9       80.0           1.9
                                 June 2015      134.7         45.7        28.5         7.2       53.3      172.8        58.6        36.6        9.3       68.4       (148.2)
                              Year to date      419.1        146.7        91.2        19.0      162.1      547.8       191.8       119.3       24.9      211.9       (264.7)
Amortisation of                  Sept 2015     (64.0)                                                     (87.2)                                                     (213.3)
mining assets                    June 2015     (61.1)                                                     (78.7)                                                     (179.4)
                              Year to date    (183.7)                                                    (240.1)                                                     (592.1)
Net operating                    Sept 2015       83.1                                                      113.7                                                     (211.4)
profit/(loss)                    June 2015       73.6                                                       94.1                                                     (327.6)
                              Year to date      235.4                                                      307.7                                                     (856.8)
Other expenses                   Sept 2015     (12.8)                                                     (17.4)                                                      (30.5)
                                 June 2015      (9.3)                                                     (12.0)                                                      (22.9)
                              Year to date     (36.5)                                                     (47.7)                                                     (107.1)
Profit/(loss) before             Sept 2015       70.5                                                       96.3                                                     (241.9)
royalties and                    June 2015       64.3                                                       82.1                                                     (350.5)
taxation                      Year to date      198.9                                                      260.0                                                     (963.9)
Royalties, mining                Sept 2015     (26.3)                                                     (35.8)                                                        63.8
and income                       June 2015     (23.6)                                                     (30.3)                                                        93.9
taxation                      Year to date     (74.9)                                                     (97.9)                                                       278.0
 – Normal taxation               Sept 2015      (0.1)                                                      (0.1)                                                           -
                                 June 2015          -                                                          -                                                           -
                              Year to date      (0.1)                                                      (0.1)                                                           -
 – Royalties                     Sept 2015      (6.9)                                                      (9.5)                                                       (4.0)
                                 June 2015      (7.0)                                                      (9.1)                                                       (2.8)
                              Year to date     (21.1)                                                     (27.6)                                                       (0.4)
 – Deferred taxation             Sept 2015     (19.3)                                                     (26.2)                                                        67.8
                                 June 2015     (16.5)                                                     (21.4)                                                        96.7
                              Year to date     (53.7)                                                     (70.2)                                                       287.4
Profit/(loss) before             Sept 2015       44.2                                                       60.5                                                     (178.1)
non-recurring                    June 2015       40.7                                                       51.7                                                     (256.6)
items                         Year to date      123.9                                                      162.0                                                     (685.0)
Non-recurring items              Sept 2015        0.7                                                        1.0                                                       (0.9)
                                 June 2015      (2.5)                                                      (3.2)                                                           -
                              Year to date          -                                                      (0.1)                                                       (8.6)
Net profit/(loss)                Sept 2015       44.9                                                       61.5                                                     (179.0)
                                 June 2015       38.2                                                       48.5                                                     (256.6)
                              Year to date      123.9                                                      162.0                                                     (694.5)
Net profit/(loss) excluding      Sept 2015       45.1                                                       52.4                                                     (179.0)
gains and losses on foreign      June 2015       35.1                                                       40.8                                                     (256.6)
exchange, financial and       Year to date      123.9                                                      144.0                                                     (699.9)
non-recurring items

Capital expenditure              Sept 2015     (65.9)       (22.3)      (18.6)       (5.0)     (19.3)     (89.4)      (31.0)      (25.3)      (6.8)     (26.3)       (186.5)
                                 June 2015     (77.0)       (34.8)      (18.2)       (6.1)     (18.0)     (98.9)      (44.7)      (23.4)      (7.8)     (23.1)       (200.0)
                              Year to date    (203.9)       (82.2)      (52.9)      (15.1)     (53.0)    (265.6)     (107.4)      (69.1)     (19.8)     (69.2)       (605.0)

#   As a significant portion of the acquisition price was allocated to tenements on endowment ounces and also as the Australian operations are entitled to transfer and 
    then off-set tax losses from one company to another, it is not meaningful to split the income statement below operating profit.
(1) For Australia, all financial numbers are in Australian dollar.
(2) For South Africa, all financial numbers are in Rand and Rand per kilogram.

Figures may not add as they are rounded independently.

All-in-costs

WORLD GOLD COUNCIL INDUSTRY STANDARD

Figures are in US dollar million unless otherwise stated

                                                             
                                                                                                                        
                                                              South                                                     South
                                                             Africa                  West Africa Region               America
                                                             Region
                                              Total Group
                                               Operations                                    Ghana                       Peru
UNITED STATES DOLLARS                                                                                                   Cerro
                                                            South Deep       Total          Tarkwa       Damang        Corona
Operating costs(1)              Sept 2015         (369.4)        (62.8)    (134.7)          (86.9)         (47.8)      (36.7)
                                June 2015         (358.6)        (58.5)    (130.9)          (82.9)         (48.0)      (37.3)
                             Year to date       (1,083.5)       (175.5)    (394.9)         (254.7)        (140.2)     (107.4)
Gold inventory change           Sept 2015             3.4             -        1.0             1.0              -         1.4
                                June 2015          (23.6)             -      (5.5)           (3.7)          (1.8)       (5.3)
                             Year to date          (30.7)             -      (0.7)             0.6          (1.3)         1.1
Royalties                       Sept 2015          (18.7)         (0.3)     (10.9)           (8.4)          (2.5)       (0.6)
                                June 2015          (21.2)         (0.3)     (11.8)           (9.3)          (2.5)       (2.1)
                             Year to date          (58.2)         (0.8)     (33.4)          (26.0)          (7.4)       (2.9)
Realised gains/losses on        Sept 2015           (2.7)             -          -               -              -           -
commodity cost hedges           June 2015           (2.3)             -          -               -              -           -
                             Year to date           (8.8)             -          -               -              -           -
Community/social                Sept 2015           (2.4)         (0.4)      (0.6)           (0.6)              -       (1.4)
responsibility costs            June 2015           (2.8)         (0.5)      (0.9)           (0.8)          (0.1)       (1.4)
                             Year to date           (7.0)         (1.3)      (2.1)           (2.0)          (0.1)       (3.6)
Non-cash remuneration –         Sept 2015           (2.9)         (0.3)      (0.4)           (0.3)          (0.1)       (0.3)
share-based payments            June 2015           (3.0)         (0.3)      (0.5)           (0.4)          (0.1)       (0.4)
                             Year to date           (9.0)         (0.9)      (1.4)           (1.1)          (0.3)       (1.0)
Cash remuneration (long-term    Sept 2015           (0.3)         (0.3)      (0.1)           (0.1)              -       (0.1)
employee benefits)              June 2015           (0.3)         (0.6)      (0.5)           (0.3)          (0.2)       (0.1)
                             Year to date           (3.7)         (1.6)      (1.7)           (1.3)          (0.4)       (0.6)
Other                           Sept 2015           (2.1)             -          -               -              -           -
                                June 2015           (2.3)             -          -               -              -           -
                             Year to date           (6.4)             -          -               -              -           -
By-product credits              Sept 2015            27.8           0.1        3.1             3.1              -        24.2
                                June 2015            42.3             -        0.1             0.1              -        42.0
                             Year to date            94.7           0.2        4.0             4.0              -        89.7
Rehabilitation amortisation     Sept 2015           (6.1)         (0.2)      (1.1)           (1.0)          (0.1)       (1.3)
and interest                    June 2015           (6.5)         (0.2)      (1.2)           (1.0)          (0.2)       (1.2)
                             Year to date          (19.3)         (0.6)      (3.4)           (3.0)          (0.4)       (3.8)
Sustaining capital              Sept 2015         (139.7)        (12.9)     (42.7)          (36.8)          (5.9)      (18.5)
expenditure                     June 2015         (154.8)        (13.0)     (52.3)          (48.2)          (4.1)      (12.3)
                             Year to date         (464.8)        (40.0)    (183.6)         (169.5)         (14.1)      (37.2)
All-in sustaining costs(2)      Sept 2015         (513.5)        (77.2)    (186.5)         (130.2)         (56.4)      (33.3)
                                June 2015         (534.1)        (73.3)    (203.3)         (146.5)         (56.8)      (18.1)
                             Year to date       (1,596.5)       (220.5)    (617.2)         (453.1)        (164.1)      (65.7)
Exploration, feasibility        Sept 2015           (4.5)             -          -               -              -           -
and evaluation costs            June 2015          (11.9)             -          -               -              -           -
                             Year to date          (22.0)             -          -               -              -           -
Non sustaining                  Sept 2015           (3.0)         (1.5)          -               -              -           -
capital expenditure             June 2015           (3.5)         (3.5)          -               -              -           -
                             Year to date          (11.0)         (9.5)          -               -              -           -
Total all-in cost(3)            Sept 2015         (520.9)        (78.6)    (186.5)         (130.2)         (56.4)      (33.3)
                                June 2015         (549.5)        (76.8)    (203.3)         (146.5)         (56.8)      (18.1)
                             Year to date       (1,629.5)       (230.0)    (617.2)         (453.1)        (164.1)      (65.7)

Total all-in sustaining         Sept 2015         (513.5)        (77.2)    (186.5)         (130.2)         (56.4)      (33.3)
cost                            June 2015         (534.1)        (73.3)    (203.3)         (146.5)         (56.8)      (18.1)
                             Year to date       (1,596.5)       (220.5)    (617.2)         (453.1)        (164.1)      (65.7)
Gold only ounces sold           Sept 2015           541.8          54.9      193.8           149.4           44.4        44.5
– (000 ounces)                  June 2015           518.9          38.7      197.7           156.2           41.5        47.6
                             Year to date         1,542.4         129.9      566.3           441.3          124.9       121.2
AISC per ounce of gold sold     Sept 2015             948         1,404        962             872          1,272         747
US$/oz                          June 2015           1,029         1,895      1,029             938          1,370         381
                             Year to date           1,035         1,697      1,090           1,027          1,314         542

Total all-in cost               Sept 2015         (520.9)        (78.6)    (186.5)         (130.2)         (56.4)      (33.3)
                                June 2015         (549.5)        (76.8)    (203.3)         (146.5)         (56.8)      (18.1)
                             Year to date       (1,629.5)       (230.0)    (617.2)         (453.1)        (164.1)      (65.7)
Gold only ounces sold           Sept 2015           541.8          54.9      193.8           149.4           44.4        44.5
– (000 ounces)                  June 2015           518.9          38.7      197.7           156.2           41.5        47.6
                             Year to date         1,542.4         129.9      566.3           441.3          124.9       121.2
AIC per ounce of gold sold      Sept 2015             961         1,431        962             872          1,272         747
US$/oz                          June 2015           1,059         1,986      1,029             938          1,370         381
                             Year to date           1,056         1,770      1,090           1,027          1,314         542

DEFINITIONS

All-in costs are calculated in accordance with the World Gold Council Industry standard.
(1) Operating costs – As published and includes all mining and processing costs, third party refining costs, permitting costs and corporate G&A charges.
(2) All-in sustaining costs – Include operating costs and costs detailed above, including sustaining capital expenditure based on managed gold sales.
(3) Total all-in cost – Includes sustaining and group costs, excluding income tax, M&A activity, working capital, impairments (other than inventory impairments), financing costs, one-time
    severance charges and items to normalise earnings.

All-in-costs

WORLD GOLD COUNCIL INDUSTRY STANDARD

Figures are in US dollar million unless otherwise stated

                                                                            Australia Region
                                                                                                                              Corporate
                                                                               Australia                                            and
                                                                                                                               projects
UNITED STATES DOLLARS                                                            Agnew/
                                                    Total        St Ives        Lawlers           Darlot      Granny Smith
Operating costs(1)                Sept 2015       (135.6)         (49.2)         (35.3)           (16.0)            (35.1)          0.6
                                  June 2015       (132.0)         (45.3)         (37.1)           (14.4)            (35.2)            -
                               Year to date       (406.3)        (148.5)        (108.7)           (45.3)           (103.8)          0.6
Gold inventory change             Sept 2015           1.0            3.3          (2.3)            (0.9)               0.9            -
                                  June 2015        (12.9)         (15.1)            1.6              1.0             (0.3)            -
                               Year to date        (31.2)         (26.2)          (1.5)              0.3             (3.8)            -
Royalties                         Sept 2015         (6.9)          (2.2)          (1.7)            (0.7)             (2.4)            -
                                  June 2015         (8.1)          (2.7)          (2.7)            (0.5)             (2.2)            -
                               Year to date        (21.1)          (8.0)          (4.9)            (1.5)             (6.8)            -
Realised gains/losses on          Sept 2015         (2.7)          (1.1)          (0.3)            (0.2)             (1.1)            -
commodity cost hedges             June 2015         (2.3)          (0.9)          (0.3)                -             (1.0)            -
                               Year to date         (8.8)          (3.6)          (1.1)            (0.4)             (3.7)            -
Community/social                  Sept 2015             -              -              -                -                 -            -
responsibility costs              June 2015             -              -              -                -                 -            -
                               Year to date             -              -              -                -                 -            -
Non-cash remuneration –           Sept 2015         (0.9)          (0.4)          (0.3)            (0.1)             (0.2)        (1.0)
share-based payments              June 2015         (0.7)          (0.3)          (0.2)                -             (0.1)        (1.2)
                               Year to date         (2.3)          (1.1)          (0.7)            (0.2)             (0.4)        (3.4)
Cash remuneration (long-          Sept 2015           0.4            0.2            0.1            (0.1)               0.1          0.1
term employee benefits)           June 2015         (0.2)              -          (0.1)                -             (0.1)          0.9
                               Year to date         (1.2)          (0.3)          (0.3)            (0.3)             (0.4)          1.4
Other                             Sept 2015             -              -              -                -                 -        (2.1)
                                  June 2015             -              -              -                -                 -        (2.3)
                               Year to date             -              -              -                -                 -        (6.4)
By-product credits                Sept 2015           0.4            0.1            0.1              0.2               0.1            -
                                  June 2015           0.2            0.2              -                -                 -            -
                               Year to date           0.8            0.4            0.2              0.2               0.1            -
Rehabilitation amortisation       Sept 2015         (3.4)          (2.0)          (0.7)            (0.2)             (0.5)            -
and interest                      June 2015         (3.9)          (2.3)          (0.9)            (0.2)             (0.5)            -
                               Year to date        (11.4)          (6.9)          (2.5)            (0.6)             (1.4)            -
Sustaining capital expenditure    Sept 2015        (65.9)         (22.3)         (18.6)            (5.0)            (19.3)            -
                                  June 2015        (77.0)         (34.8)         (18.2)            (6.1)            (18.0)            -
                               Year to date       (203.9)         (82.2)         (52.9)           (15.1)            (53.0)            -
All-in sustaining costs(2)        Sept 2015       (213.6)         (73.5)         (58.9)           (23.0)            (57.4)        (2.5)
                                  June 2015       (236.9)        (101.4)         (58.0)           (20.2)            (57.4)        (2.6)
                               Year to date       (685.4)        (276.3)        (172.4)           (62.8)           (173.1)        (7.8)
Exploration, feasibility          Sept 2015             -              -              -                -                 -        (4.5)
and evaluation costs              June 2015             -              -              -                -                 -       (11.9)
                               Year to date             -              -              -                -                 -       (22.0)
Non sustaining capital            Sept 2015             -              -              -                -                 -        (1.5)
expenditure                       June 2015             -              -              -                -                 -            -
                               Year to date             -              -              -                -                 -        (1.5)
Total all-in cost(3)              Sept 2015       (213.6)         (73.5)         (58.9)           (23.0)            (57.4)        (8.5)
                                  June 2015       (236.9)        (101.4)         (58.0)           (20.2)            (57.4)       (14.5)
                               Year to date       (685.4)        (276.3)        (172.4)           (62.8)           (173.1)       (31.3)

Total all-in sustaining cost      Sept 2015       (213.6)         (73.5)         (58.9)           (23.0)            (57.4)        (2.5)
                                  June 2015       (236.9)        (101.4)         (58.0)           (20.2)            (57.4)        (2.6)
                                 Year to date     (685.4)        (276.3)        (172.4)           (62.8)           (173.1)        (7.8)
Gold only ounces sold             Sept 2015         248.6           83.6           57.5             25.4              82.1            -
– (000 ounces)                    June 2015         235.0           89.2           53.8             17.4              74.6            -
                                 Year to date       725.0          271.5          170.9             53.9             228.7            -
AISC per ounce of gold sold       Sept 2015           859            879          1,025              906               699            -
US$/oz                            June 2015         1,008          1,136          1,077            1,164               770            -
                                 Year to date         945          1,018          1,009            1,166               757            -
 
Total all-in cost                 Sept 2015       (213.6)         (73.5)         (58.9)           (23.0)            (57.4)        (8.5)
                                  June 2015       (236.9)        (101.4)         (58.0)           (20.2)            (57.4)       (14.5)
                                 Year to date     (685.4)        (276.3)        (172.4)           (62.8)           (173.1)       (31.3)
Gold only ounces sold             Sept 2015         248.6           83.6           57.5             25.4              82.1            -
– (000 ounces)                    June 2015         235.0           89.2           53.8             17.4              74.6            -
                                 Year to date       725.0          271.5          170.9             53.9             228.7            -
AIC per ounce of gold sold        Sept 2015           859            879          1,025              906               699            -
US$/oz                            June 2015         1,008          1,136          1,077            1,164               770            -
                                 Year to date         945          1,018          1,009            1,166               757            -

All-in sustaining costs and all-in costs gross of by-product credits per
equivalent ounce of gold sold

WORLD GOLD COUNCIL INDUSTRY STANDARD

Figures are in US dollar million unless otherwise stated
                                                                       
                                                                        South                                                     
                                                                        Africa                  West Africa Region                 South
                                                                        Region                                                   America
                                                          Total Group
                                                           Operations                                  Ghana                        Peru
UNITED STATES DOLLARS                                                       South                                                  Cerro
                                                                             Deep       Total         Tarkwa          Damang      Corona
All-in sustaining costs                     Sept 2015         (513.5)      (77.2)     (186.5)        (130.2)          (56.4)      (33.3)
(per table on page 22)                      June 2015         (534.1)      (73.3)     (203.3)        (146.5)          (56.8)      (18.1)
                                         Year to date       (1,596.5)     (220.5)     (617.2)        (453.1)         (164.1)      (65.7)
Add back by-product credits                 Sept 2015          (27.8)       (0.1)       (3.1)          (3.1)               -      (24.2)
                                            June 2015          (42.3)           -       (0.1)          (0.1)               -      (42.0)
                                         Year to date          (94.7)       (0.2)       (4.0)          (4.0)               -      (89.7)
All-in sustaining costs gross               Sept 2015         (541.3)      (77.3)     (189.6)        (133.3)          (56.4)      (57.5)
of by-product credits                       June 2015         (576.4)      (73.3)     (203.4)        (146.6)          (56.8)      (60.1)
                                         Year to date       (1,691.2)     (220.7)     (621.2)        (457.1)         (164.1)     (155.4)
Gold equivalent ounces sold                 Sept 2015           576.0        54.9       193.8          149.4            44.4        78.6
                                            June 2015           562.1        38.7       197.7          156.2            41.5        90.8
                                         Year to date         1,647.0       129.9       566.3          441.3           124.9       225.8
AISC gross of by-product                    Sept 2015             940       1,406         978            892           1,272         731
credits per equivalent ounce                June 2015           1,025       1,895       1,029            939           1,370         662
of gold – US$/eq oz                      Year to date           1,027       1,698       1,097          1,036           1,314         688

All-in costs                                Sept 2015         (520.9)      (78.6)     (186.5)        (130.2)          (56.4)      (33.3)
(per table on page 22)                      June 2015         (549.5)      (76.8)     (203.3)        (146.5)          (56.8)      (18.1)
                                         Year to date       (1,629.5)     (230.0)     (617.2)        (453.1)         (164.1)      (65.7)
Add back by-product credits                 Sept 2015          (27.8)       (0.1)       (3.1)          (3.1)               -      (24.2)
                                            June 2015          (42.3)           -       (0.1)          (0.1)               -      (42.0)
                                         Year to date          (94.7)       (0.2)       (4.0)          (4.0)               -      (89.7)
All-in costs gross of by-product credits    Sept 2015         (548.7)      (78.7)     (189.6)        (133.3)          (56.4)      (57.5)
                                            June 2015         (591.8)      (76.8)     (203.4)        (146.6)          (56.8)      (60.1)
                                         Year to date       (1,724.2)     (230.2)     (621.2)        (457.1)         (164.1)     (155.4)
Gold equivalent ounces sold                 Sept 2015           576.0        54.9       193.8          149.4            44.4        78.6
                                            June 2015           562.1        38.7       197.7          156.2            41.5        90.8
                                         Year to date         1,647.0       129.9       566.3          441.3           124.9       225.8
AIC gross of by-product                     Sept 2015             953       1,433         978            892           1,272         731
credits per equivalent ounce                June 2015           1,053       1,986       1,029            939           1,370         662
of gold – US$/eq oz                      Year to date           1,047       1,772       1,097          1,036           1,314         688

All-in sustaining costs and all-in costs gross of by-product credits per
equivalent ounce of gold sold

WORLD GOLD COUNCIL INDUSTRY STANDARD

Figures are in US dollar million unless otherwise stated
                                                                                 Australia Region
                                                                                                                               Corporate
                                                                                    Australia                                      and
                                                                                                                                projects
UNITED STATES DOLLARS                                                                  Agnew/                         Granny
                                                                Total     St Ives     Lawlers         Darlot           Smith
                                                                                                         
All-in sustaining costs                     Sept 2015         (213.6)      (73.5)      (58.9)         (23.0)          (57.4)       (2.5)
(per table on page 23)                      June 2015         (236.9)     (101.4)      (58.0)         (20.2)          (57.4)       (2.6)
                                         Year to date         (685.4)     (276.3)     (172.4)         (62.8)         (173.1)       (7.8)
Add back by-product credits                 Sept 2015           (0.4)       (0.1)       (0.1)          (0.2)           (0.1)           -
                                            June 2015           (0.2)       (0.2)           -              -               -           -
                                         Year to date           (0.8)       (0.4)       (0.2)          (0.2)           (0.1)           -
All-in sustaining costs gross               Sept 2015         (214.0)      (73.6)      (59.0)         (23.1)          (57.4)       (2.5)
of by-product credits                       June 2015         (237.1)     (101.5)      (58.0)         (20.2)          (57.4)       (2.6)
                                         Year to date         (686.2)     (276.7)     (172.6)         (63.0)         (173.2)       (7.8)
Gold equivalent ounces sold                 Sept 2015           248.6        83.6        57.5           25.4            82.1           -
                                            June 2015           235.0        89.2        53.8           17.4            74.6           -
                                         Year to date           725.0       271.5       170.9           53.9           228.7           -
AISC gross of by-product                    Sept 2015             861         881       1,027            912             699           -
credits per equivalent ounce                June 2015           1,009       1,138       1,077          1,164             770           -
of gold – US$/eq oz                      Year to date             946       1,019       1,010          1,169             757           -

All-in costs                                Sept 2015         (213.6)      (73.5)      (58.9)         (23.0)          (57.4)       (8.5)
(per table on page 23)                      June 2015         (236.9)     (101.4)      (58.0)         (20.2)          (57.4)      (14.5)
                                         Year to date         (685.4)     (276.3)     (172.4)         (62.8)         (173.1)      (31.3)
Add back by-product credits                 Sept 2015           (0.4)       (0.1)       (0.1)          (0.2)           (0.1)           -
                                            June 2015           (0.2)       (0.2)           -              -               -           -
                                         Year to date           (0.8)       (0.4)       (0.2)          (0.2)           (0.1)           -
All-in costs gross of by-                   Sept 2015         (214.0)      (73.6)      (59.0)         (23.1)          (57.4)       (8.5)
product credits                             June 2015         (237.1)     (101.5)      (58.0)         (20.2)          (57.4)      (14.5)
                                         Year to date         (686.2)     (276.7)     (172.6)         (63.0)         (173.2)      (31.3)
Gold equivalent ounces sold                 Sept 2015           248.6        83.6        57.5           25.4            82.1           -
                                            June 2015           235.0        89.2        53.8           17.4            74.6           -
                                         Year to date           725.0       271.5       170.9           53.9           228.7           -
AIC gross of by-product                     Sept 2015             861         881       1,027            912             699           -
credits per equivalent ounce                June 2015           1,009       1,138       1,077          1,164             770           -
of gold – US$/eq oz                      Year to date             946       1,019       1,010          1,169             757           -

Underground and surface
                                                      South                                      South
                                                      Africa    West Africa Region              America                 Australia Region
                                                      Region                                     Region
                                         Total Mine
                                         Operations                     Ghana                     Peru                      Australia
UNITED STATES DOLLARS,
IMPERIAL OUNCES WITH                                   South                                     Cerro                       Agnew/           Granny
METRIC TONNES AND GRADE                                 Deep    Total      Tarkwa   Damang      Corona   Total  St Ives#    Lawlers  Darlot    Smith

Ore milled/treated (000 tonnes)

– underground ore             Sept 2015      1,390       335        -           -        -           -   1,055       276        294     125      360
                              June 2015      1,380       268        -           -        -           -   1,112       308        314     128      361
                           Year to date      4,158       828        -           -        -           -   3,330       979        920     339    1,092
   
– underground waste           Sept 2015         19        19        -           -        -           -       -         -          -       -        -
                              June 2015          3         3        -           -        -           -       -         -          -       -        -
                           Year to date         28        28        -           -        -           -       -         -          -       -        -

– surface ore                 Sept 2015      6,887        34    4,538       3,415    1,123       1,753     562       561          -       -        1
                              June 2015      6,777        27    4,514       3,421    1,093       1,633     604       604          -       -        -
                           Year to date     20,443        92   13,454      10,221    3,233       4,983   1,914     1,914          -       -        1

– total milled                Sept 2015      8,295       387    4,538       3,415    1,123       1,753   1,617       837        294     125      361
                              June 2015      8,160       298    4,514       3,421    1,093       1,633   1,715       912        314     128      361
                           Year to date     24,628       947   13,454      10,221    3,233       4,983   5,244     2,893        920     339    1,093

Yield (grams per tonne)

– underground ore             Sept 2015        5.7       5.1        -           -        -           -     6.0       4.4        6.1     6.3      7.1
                              June 2015        5.3       4.5        -           -        -           -     5.5       5.0        5.3     4.2      6.4
                           Year to date        5.3       4.6        -           -        -           -     5.5       4.4        5.8     4.9      6.5

– underground waste           Sept 2015          -         -        -           -        -           -       -         -          -       -        -
                              June 2015          -         -        -           -        -           -       -         -          -       -        -
                           Year to date          -         -        -           -        -           -       -         -          -       -        -

– surface ore                 Sept 2015        1.4       0.2      1.3         1.4      1.2         1.4     2.4       2.5          -       -        -
                              June 2015        1.4       0.3      1.3         1.4      1.2         1.6     2.1       2.1          -       -        -
                           Year to date        1.4       0.1      1.3         1.3      1.2         1.4     2.1       2.0          -       -        -

– combined                    Sept 2015        2.1       4.4      1.3         1.4      1.2         1.4     4.7       3.0        6.1     6.3      7.1
                              June 2015        2.1       4.0      1.3         1.4      1.2         1.6     4.2       3.0        5.3     4.2      6.4
                           Year to date        2.1       4.3      1.3         1.3      1.2         1.4     4.3       2.9        5.8     4.9      6.5

Gold produced (000 ounces)

– underground ore             Sept 2015      259,0      54.7        -           -        -           -   204.3      39.4       57.5    25.4     82.1
                              June 2015      233.6      38.7        -           -        -           -   194.9      49.2       53.8    17.4     74.6
                           Year to date      722.7     129.0        -           -        -           -   593.5     140.0      170.9    53.9    228.7

– underground waste           Sept 2015          -         -        -           -        -           -       -         -          -       -        -
                              June 2015          -         -        -           -        -           -       -         -          -       -        -
                           Year to date          -         -        -           -        -           -       -         -          -       -        -

– surface ore                 Sept 2015      317.5       0.3    193.8       149.4     44.4        79.2    44.3      44.3          -       -        -
                              June 2015      321.3       0.3    197.7       156.2     41.5        83.6    40.0      40.0          -       -        -
                           Year to date      927.3       0.2    566.3       441.3    124.9       229.4   131.5     131.5          -       -        -

– total                       Sept 2015      576.5      54.9    193.8       149.4     44.4        79.2   248.6      83.6       57.5    25.4     82.1
                              June 2015      554.9      38.7    197.7       156.2     41.5        83.6   235.0      89.2       53.8    17.4     74.6
                           Year to date    1,650.5     129.9    566.3       441.3    124.9       229.4   725.0     271.5      170.9    53.9    228.7

Operating costs (dollar per tonne)

– underground                 Sept 2015        124       178        -           -        -           -     104        91        120     128       97
                              June 2015        129       216        -           -        -           -     107       110        118     112       97
                           Year to date         88       127        -           -        -           -      78        91         78      86       63

– surface                     Sept 2015         29         3       30          25       43          21      46        43          -       -        -
                              June 2015         27         7       29          24       44          23      19        19          -       -        -
                           Year to date         35         3       29          25       43          22      31        31          -       -        -

– total                       Sept 2015         45       162       30          25       43          21      84        59        120     128       97
                              June 2015         44       196       29          24       44          23      77        50        118     112       97
                           Year to date         44       185       29          25       43          22      77        51        118     134       95

#   September quarter includes 1,800 ounces at St Ives, from rinsing inventory at the heap leach operations.

Administration and corporate information

Corporate Secretary                            Investor enquiries
Lucy Mokoka                                    Avishkar Nagaser
Tel: +27 11 562 9719                           Tel: +27 11 562 9775
Fax: +27 562 9829                              Mobile: +27 82 312 8692
e-mail: lucy.mokoka@goldfields.co.za           e-mail: avishkar.nagaser@goldfields.co.za

                                               NORTH AMERICA
Registered office                              Willie Jacobsz
JOHANNESBURG                                   Tel: +1 617 535 7545
Gold Fields Limited                            Mobile: +1 857 241 7127
150 Helen Road                                 e-mail: willie.jacobsz@goldfields.co.za
Sandown
Sandton
2196                                           Media enquiries
                                               Sven Lunsche
Postnet Suite 252                              Tel: +27 11 562 9763
Private Bag X30500                             Mobile: +27 83 260 9279
Houghton                                       e-mail: sven.lunsche@goldfields.co.za
2041
Tel: +27 11 562 9700
Fax: +27 11 562 9829                           Transfer secretaries
                                               SOUTH AFRICA
Office of the United Kingdom secretaries       Computershare Investor Services (Proprietary) Limited
LONDON                                         Ground Floor
St James's Corporate Services Limited          70 Marshall Street
Suite 31, Second Floor                         Johannesburg
107 Cheapside                                  2001
London                                         P O Box 61051
EC2V 6DN                                       Marshalltown
United Kingdom                                 2107
Tel: +44 20 7796 8644                          Tel: +27 11 370 5000
Fax: +44 20 7796 8645                          Fax: +27 11 688 5248


American depository receipts transfer agent    UNITED KINGDOM
                                               Capita Asset Services
Bank of New York Mellon                        The Registry
BNY Mellon Shareowner Services                 34 Beckenham Road
P O Box 358516
Pittsburgh, PA15252-8516                       Beckenham
US toll-free telephone: +1 888 269 2377        Kent BR3 4TU
Tel: +1 201 680 6825                           England
e-mail: shrrelations@bnymellon.com             Tel: 0871 664 0300 [calls cost 10p a minute plus network extras,
                                                    lines are open 8.30am – 5pm Mon-Fri] or [from overseas]
                                                   +44 20 8639 5000
Gold Fields Limited
                                               Fax: +44 20 8658 3430
Incorporated in the Republic of South Africa
Registration number 1968/004880/06             e-mail:ssd@capitaregistrars.com
Share code: GFI
Issuer code: GOGOF
ISIN – ZAE 000018123                           Sponsor
                                               J.P. Morgan Equities South Africa (Pty) Ltd

Website
WWW.GOLDFIELDS.COM

Listings
JSE / NYSE / GFI
SWX: GOLI

Directors
CA Carolus (Chair) ° R P Menell (Deputy Chair) ° N J Holland *- (Chief Executive Officer) P A Schmidt - (Chief Financial Officer)
K Ansah # A R Hill ##° G M Wilson ° D N Murray ° D M J Ncube °

* British # Ghanaian ## Canadian
° Independent Director - Non-independent Director

Forward looking statements

This report contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the U.S. Securities
Exchange Act of 1934, as amended, or the Exchange Act, with respect to Gold Fields' financial condition, results of operations, business strategies, operating efficiencies, competitive position,
growth opportunities for existing services, plans and objectives of management, markets for stock and other matters.

These forward-looking statements, including, among others, those relating to the future business prospects, revenues and income of Gold Fields, wherever they may occur in this report and
the exhibits to the report, are necessarily estimates reflecting the best judgment of the senior management of Gold Fields and involve a number of risks and uncertainties that could cause
actual results to differ materially from those suggested by the forward-looking statements. As a consequence, these forward-looking statements should be considered in light of various
important factors, including those set forth in this report. Important factors that could cause actual results to differ materially from estimates or projections contained in the forward-looking
statements include, without limitation:

- overall economic and business conditions in South Africa, Ghana, Australia, Peru and elsewhere;
- changes in assumptions underlying Gold Fields' mineral reserve estimates;
- the ability to achieve anticipated efficiencies and other cost savings in connection with past and future acquisitions;
- the ability to achieve anticipated cost savings at existing operations;
- the success of the Group's business strategy, development activities and other initiatives;
- the ability of the Group to comply with requirements that it operate in a sustainable manner and provide benefits to affected communities;
- decreases in the market price of gold or copper;
- the occurrence of hazards associated with underground and surface gold mining or contagious diseases at Gold Field's operations;
- the occurrence of work stoppages related to health and safety incidents;
- loss of senior management or inability to hire or retain employees;
- fluctuations in exchange rates, currency devaluations and other macroeconomic monetary policies;
- the occurrence of labour disruptions and industrial actions;
- power cost increases as well as power stoppages, fluctuations and usage constraints;
- supply chain shortages and increases in the prices of production imports;
- the ability to manage and maintain access to current and future sources of liquidity, capital and credit, including the terms and conditions of Gold Fields' facilities and Gold Fields' overall
  cost of funding;
- the adequacy of the Group's insurance coverage;
- the manner, amount and timing of capital expenditures made by Gold Fields on both existing and new mines, mining projects, exploration project or other initiatives;
- changes in relevant government regulations, particularly labour, environmental, tax, royalty, health and safety, water, regulations and potential new legislation affecting mining and
  mineral rights;
- fraud, bribery or corruption at Gold Field's operations that leads to censure, penalties or negative reputational impacts; and
- political instability in South Africa, Ghana, Peru or regionally in Africa or South America.

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 report or to reflect
the occurrence of unanticipated events.
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