GOLD FIELDS LIMITED - Abridged consolidated financ31 Mar 2016
GFI 201603310068A
Abridged consolidated financial statements

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

Abridged consolidated financial statements

Notes to the summary consolidated financial statements

BASIS OF ACCOUNTING

The summary consolidated financial statements are prepared in accordance with the requirements of the JSE Limited Listings Requirements for abridged reports and
the requirements of the Companies Act 2008 of South Africa applicable to summary financial statements. The Listings Requirements require abridged reports to be
prepared in accordance with the framework concepts and the measurement and recognition requirements of International Financial Reporting Standards ("IFRS") and
the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Pronouncements as issued by Financial Reporting Standards
Council and to also, as a minimum, contain the information required by IAS 34, Interim Financial Reporting.

The accounting policies applied in the preparation of the consolidated financial statements, from which the summary consolidated financial statements were derived,
are in terms of IFRS and are consistent with those applied in the previously issued consolidated financial statements except for the adoption of applicable amendments
to new standards and interpretations issued by the International Accounting Standards Board.

The Group adopted the annual improvements to IFRSs 2010 - 2012 cycle – various standards during 2015 which did not significantly impact the Group's financial
results.

This summarised report is extracted from audited information, but is not itself audited. The annual financial statements were audited by KPMG Inc., who expressed an
unmodified opinion thereon. The audited annual financial statements and the auditor's report thereon are available for inspection at the company's registered office.
The directors take full responsibility for the preparation of the abridged report and the financial information has been correctly extracted from the underlying annual
financial statements.

The information for the quarters ended September 2015, December 2015 and December 2014 as well as the segmental operating results included in these summary
consolidated financial statements have not been audited by KPMG Inc. The auditor's report does not necessarily report on all of the information contained in this
announcement. Shareholders are therefore advised that in order to obtain a full understanding of the nature of the auditor's engagement they should obtain a copy of
the auditor's report together with the accompanying financial information from the issuer's registered office.

LITIGATION STATEMENT

In relation to the Litigation statement, there has been no further update since the release of the Integrated Annual Report on 31 March 2015 except for:

South Deep tax dispute

The Group has taken legal advice on the matter and was advised by external Senior Counsel that South African Revenue Services (SARS) should not be allowed to
disallow the claiming of the Additional Capital Allowance. GFIJVH has in the meantime not only formally appealed against the position taken by SARS, but also filed
an application in the High Court and will vigorously defend its position.

Update of the Silicosis class action

The two class action applications were consolidated into one application on 17 October 2014. In terms of the consolidated class action 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 was 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 on 15 and 16
March 2016. The court heard the application to consolidate on 15 March 2016 and judgement was reserved to a future date to be confirmed. The Chamber Application
did not commence and was postponed to a future date yet to be determined.

SEC investigation

On 22 June 2015 Gold Fields Limited was informed by the Foreign Corrupt Practices Act Unit of the United States Securities Exchange Commission (the Commission)
that it has concluded its investigation in connection with the Black Economic Empowerment (BEE) transaction related to South Deep and, based on the information
available to them, will not recommend to the Commission that enforcement action be taken against Gold Fields.

ASSET IMPAIRMENTS AND WRITE-OFFS

Asset impairments and write-offs recognised by the Group during 2015 include:

- Impairment of the Group's investment in Far South East (FSE) in the Philippines (US$101 million) to its recoverable amount;
- Impairment of the Group's investment in Hummingbird (US$15 million) to its fair value;
- Write-off of stockpiles at Damang (US$8 million) due to net realisable value adjustments;
- Impairment of Artic Platinum project (APP) (US$39 million) to its fair value less cost of disposal;
- Impairment at Darlot (US$14 million); and
- Impairment at Damang (US$36 million).

TAXATION

The major items causing the Group's income taxation to differ from the maximum South Africa statutory mining tax rate of 34 per cent include:

- Non-deductible share-based payments;
- Non-deductible interest expense;
- Deferred tax asset not recognised on impairments of FSE, APP and Hummingbird;
- Deferred taxation charge on Peruvian Nuevo Sol devaluation against the US Dollar (the functional currency of Cerro Corona is US Dollar, however, the Peruvian
  tax base is based on values in Peruvian Nuevo Sol); and
- Deferred tax assets derecognised at Damang and Cerro Corona.

AMENDMENT TO STATEMENT OF FINANCIAL POSITION

At 31 December 2015, Cerro Corona did not meet certain covenants specified in the revolving senior secured credit facility agreement. The lenders have subsequently
waived their rights and entitlements arising from the failure of Cerro Corona to meet the specific covenants. Notwithstanding the waiver received from the lenders and
the fact that there is currently no legal or constructive obligation to settle the debt within the next 12 months, IAS1 Presentation of Financial Statements, requires that
the balance outstanding of US$42 million under the revolving senior secured credit facility be disclosed as a current liability. The above balance was disclosed as long-
term in the preliminary condensed consolidated financial statements for the year ended 31 December 2015.

SUBSEQUENT EVENTS

Restructuring of $1 billion Notes issue (Notes)

Subsequent to year-end, on 19 February 2016, Gold Fields Australasia (Proprietary) Limited ("GFA") announced an offer to purchase $200.0 million of its Notes at
discounts of 17% to the original value. GFA would pay a minimum of $830 for every $1,000 of the securities. Gold Fields announces that it has accepted for purchase
an aggregate principal amount of Notes equal to US$147.6 million at the purchase price of $880 per $1,000 in principal amount of Notes. Gold Fields intends to hold
the notes acquired until their maturity on 7 October 2020. The purchase of the notes amounting to $147.6 million was financed by drawing down under the US$1,510
million term loan and revolving credit facilities.

Accelerated equity raising

Gold Fields successfully completed a US$150.0 million (R2.3 billion) accelerated equity raising by way of a private placement ("the Placing") to institutional investors.

The offer was significantly oversubscribed and a total number of 38,857,913 new Gold Fields shares were placed at a price of R59.50 per share which represents a
discount of 6.0% to the 30-day volume weighted average traded price, for the period ended March 17, 2016 and a 0.7% discount to the 50-day moving average. The
net proceeds from the Placing will be applied to the existing $1,510 term loan and revolving credit facilities that was utilised to purchase the notes amounting to $147.6
million, as described above.
 
Final dividend

On 16 February 2016, Gold Fields declared a final dividend of R0.21 (US$0.01) per share.

ADDITIONAL NOTES INCLUDE

- Segmental financial results;
- Hedging/derivatives;
- Debt maturity ladder; and
- Reconciliation of headline earnings with net earnings.
The abridged financial statements are presented on a summary consolidated basis

Income statement

Figures are in millions unless otherwise stated
                                                                                         UNITED STATES DOLLARS   
                                                                                               Year ended        
                                                                                          December    December   
                                                                                              2015        2014   
                                                                                         (Audited)   (Audited)   
Revenue                                                                                    2,545.4     2,868.8   
Operating costs, net                                                                     (1,456.2)   (1,677.7)   
– Operating costs                                                                        (1,431.3)   (1,684.9)   
– Gold inventory change                                                                     (24.9)         7.2   
Operating profit                                                                           1,089.2     1,191.1   
Amortisation and depreciation                                                              (609.9)     (656.7)   
Net operating profit                                                                         479.3       534.4   
Net interest expense                                                                        (64.9)      (76.6)   
Share of equity accounted earnings after taxation                                            (5.7)       (2.4)   
Gain on foreign exchange                                                                       9.5         8.4   
Loss on financial instruments                                                                (4.7)      (11.5)   
Share-based payments                                                                        (10.9)      (26.0)   
Long-term employee benefits                                                                  (5.3)       (8.7)   
Other                                                                                       (45.1)      (48.8)   
Exploration and project costs                                                               (53.5)      (47.2)   
Profit before royalties, taxation and non-recurring items                                    298.7       321.6   
Non-recurring items                                                                        (218.2)      (97.0)   
(Loss)/profit before royalties and taxation                                                   80.5       224.6   
Royalties                                                                                   (76.0)      (86.1)   
(Loss)/profit before taxation                                                                  4.5       138.5   
Mining and income taxation                                                                 (247.1)     (118.1)   
– Normal taxation                                                                          (142.9)     (134.3)   
– Deferred taxation                                                                        (104.2)        16.2   
Net (loss)/profit                                                                          (242.6)        20.4   
Attributable to:                                                                                                 
– Owners of the parent                                                                     (242.1)        12.8   
– Non-controlling interest                                                                   (0.5)         7.6   
Non-recurring items:                                                                                             
Profit on sale of investments                                                                  0.1         0.5   
Profit on sale of Chucapaca                                                                      -         4.6   
(Loss)/profit on sale of assets                                                              (0.1)       (1.3)   
Restructuring costs                                                                          (9.3)      (42.0)   
Impairment of stockpiles and consumables                                                     (8.0)       (1.3)   
Impairment of investments and assets                                                       (213.1)      (25.4)   
Other                                                                                         12.2      (32.1)   
Total non-recurring items                                                                  (218.2)      (97.0)   
Taxation on items above                                                                       20.9        25.7   
Non-recurring deferred taxation items (non-cash)                                           (100.4)           -   
Net non-recurring items after tax                                                          (297.7)      (71.3)   
Net (loss)/earnings                                                                        (242.1)        12.8   
Net (loss)/earnings per share (cents)                                                         (31)           2   
Diluted (loss)/earnings per share (cents)                                                     (31)           2   
Headline (loss)/earnings                                                                    (28.2)        27.3   
Headline (loss)/earnings per share (cents)                                                     (4)           4   
Diluted headline (loss)/earnings per share (cents)                                             (4)           4   
Net earnings excluding gains and losses on foreign exchange, financial                                           
instruments and non-recurring items after royalties and taxation                              44.7        85.3   
Net earnings per share excluding gains and losses on foreign exchange,                                           
financial instruments and non-recurring items after royalties and taxation                                       
(cents)                                                                                          6          11   
US dollar/South African rand conversion rate                                                 12.68       10.82   
US dollar/Australian dollar conversion rate                                                   0.75        0.90   
Gold equivalent sold – managed   eq oz (000)                                                 2,233       2,296   
Gold equivalent price received   US$/eq oz                                                   1,140       1,249   

Figures may not add as they are rounded independently.                                                           

The summary consolidated financial statements 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   
                                                                                              Year ended         
                                                                                          December    December   
                                                                                              2015        2014   
                                                                                         (Audited)   (Audited)   
Net (loss)/profit                                                                          (242.6)        20.4   
Other comprehensive loss, net of tax                                                       (636.6)     (320.1)   
Marked to market valuation of listed investments                                               0.4         1.0   
Currency translation adjustments                                                           (637.0)     (321.1)   
Total comprehensive loss                                                                   (879.2)     (299.7)   
Attributable to:                                                                                                 
– Owners of the parent                                                                     (878.7)     (308.9)   
– Non-controlling interest                                                                   (0.5)         9.2   
                                                                                           (879.2)     (299.7)   
Statement of financial position

Figures are in millions unless otherwise stated
                                                                                         UNITED STATES DOLLARS   
                                                                                               Year ended        
                                                                                          December    December   
                                                                                              2015        2014   
                                                                                         (Audited)   (Audited)   
Property, plant and equipment                                                              4,312.4     4,895.7   
Goodwill                                                                                     295.3       385.7   
Non-current assets                                                                           167.8       163.2   
Investments                                                                                  140.0       257.9   
Deferred taxation                                                                             54.1        62.4   
Current assets                                                                               908.1     1,092.8   
– Other current assets                                                                       467.1       594.8   
– Cash and deposits                                                                          440.0       458.0   
– Assets held for sale                                                                         1.0        40.0   
Total assets                                                                               5,877.7     6,857.7   
Shareholders' equity                                                                       2,768.0     3,663.3   
Deferred taxation                                                                            487.3       387.0   
Long-term loans                                                                            1,761.6     1,765.7   
Environmental rehabilitation provisions                                                      275.4       311.2   
Long-term employee benefits                                                                   12.6         8.3   
Other long-term provisions                                                                     8.7         9.1   
Current liabilities                                                                          564.1       713.1   
– Other current liabilities                                                                  505.4       567.9   
– Current portion of long-term loans                                                          58.7       145.2   
Total equity and liabilities                                                               5,877.7     6,857.7   
US dollar/South African rand conversion rate                                                 15.10       11.56   
US dollar/Australian dollar conversion rate                                                   0.73        0.81   

Hedging/Derivatives (Audited)

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.

There were no outstanding contracts at December 2015.

Statement of changes in equity (Audited)

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                             -     (636.6)     (242.1)            (0.5)    (879.2)
(Loss)/profit for the period                                  -           -     (242.1)            (0.5)    (242.6)
Other comprehensive loss                                      -     (636.6)           -                -    (636.6)
Dividends declared                                            -           -      (15.1)           (12.1)     (27.2)
Share-based payments                                          -        10.9           -                -       10.9
Exercise of employee share options                          0.2           -           -                -        0.2
Balance as at 31 December 2015                          3,471.0   (2,262.2)     1,447.4            111.9    2,768.0

                                                                     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                             -     (321.7)       12.8               9.2    (299.7)
Profit for the period                                         -           -       12.8               7.6       20.4
Other comprehensive (loss)/income                             -     (321.7)          -               1.6    (320.1)
Dividends declared                                            -           -     (29.8)            (10.7)     (40.5)
Share-based payments                                          -        26.0          -                 -       26.0
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 31 December 2014                          3,470.8   (1,636.5)    1,704.6             124.5    3,663.3

Debt maturity ladder (Audited)

Figures are in millions unless otherwise stated
                                                                             UNITED STATES DOLLARS

                                                                                            1 Jan 2018 to
                                                               31 Dec 2016    31 Dec 2017     31 Dec 2020     Total                                                                                              
Uncommitted loan facilities
US dollar million                                                        -              -               -         -
Rand million                                                       1,447.0              -               -   1,447.0
Rand debt translated to dollar                                        95.8              -               -      95.8
Total (US$'m)                                                         95.8              -               -      95.8
Committed loan facilities
US dollar million                                                        -        1,655.0           992.6   2,647.6
Rand million                                                       1,000.0              -         1,500.0   2,500.0
Rand debt translated to dollar                                        66.2              -            99.3     165.5
Total (US$'m)                                                         66.2        1,655.0         1,091.9   2,813.1
Total (US$'m) – Uncommitted and committed loan
facilities                                                           162.0        1,655.0         1,091.9   2,908.9
Utilisation – Uncommitted loan facilities
Rand million                                                         252.0              -               -     252.0
US dollar million                                                        -              -               -         -
Rand debt translated to dollar                                        16.7              -               -      16.7
Total (US$'m)                                                         16.7              -               -      16.7
Utilisation – Committed loan facilities (including US$ bond)
US dollar million                                                     42.0          769.0           992.6   1,803.6
Rand million                                                             -              -               -         -
Rand debt translated to dollar                                           -              -               -         -
Total (US$'m)                                                         42.0          769.0           992.6   1,803.6
Total (US$'m) – Utilisation – Uncommitted and committed
loan facilities                                                       58.7          769.0           992.6   1,820.3

Exchange rate: US$1 = R15.10 being the closing rate at the end of the December 2015 quarter.

Statement of cash flows

Figures are in millions unless otherwise stated
                                                                                              UNITED STATES DOLLARS   
                                                                                                    Year ended        
                                                                                               December    December   
                                                                                                   2015        2014   
                                                                                              (Audited)   (Audited)   
Cash flows from operating activities                                                              771.1       848.9   
Profit before royalties, tax and non-recurring items                                              298.7       321.6   
Non-recurring items                                                                             (218.2)      (97.0)   
Amortisation and depreciation                                                                     609.9       656.7   
South Deep BEE dividend                                                                           (1.7)       (1.9)   
Change in working capital                                                                          43.6        83.7   
Royalties and taxation paid                                                                     (195.3)     (194.1)   
Other non-cash items                                                                              234.1        79.9   
Dividends paid                                                                                   (27.2)      (40.4)   
Owners of the parent                                                                             (15.1)      (29.8)   
Non-controlling interest holders                                                                 (12.1)      (10.6)   
Cash flows from investing activities                                                            (651.5)     (530.9)   
Capital expenditure – additions                                                                 (634.1)     (608.9)   
Capital expenditure – proceeds on disposal                                                          3.1         4.9   
Purchase of investments                                                                           (3.0)       (4.4)   
Proceeds on disposal of Chucapaca                                                                     -        81.0   
Proceeds on disposal of investments                                                                   -         6.4   
Environmental payments                                                                           (17.5)       (9.9)   
Cash flows from financing activities                                                             (88.3)     (125.9)   
Loans received                                                                                    506.0       463.9   
Loans repaid                                                                                    (594.3)     (591.8)   
Non-controlling interest holders' loans received                                                      -         2.0   
Net cash (outflow)/inflow                                                                           4.1       151.7   
Translation adjustment                                                                           (22.1)      (18.7)   
Cash at beginning of period                                                                       458.0       325.0   
Cash at end of period                                                                             440.0       458.0   
Cash flow from operating activities less net capital expenditure and                                                  
environmental payments                                                                            122.6       235.0   

Reconciliation of headline earnings with net earnings

Figures are in millions unless otherwise stated
                                                                                              UNITED STATES DOLLARS   
                                                                                                    Year ended        
                                                                                               December    December   
                                                                                                   2015        2014   
                                                                                              (Audited)   (Audited)   
Net (loss)/earnings                                                                             (242.1)        12.8   
Profit on sale of investments                                                                     (0.1)       (0.5)   
Profit on sale of Chucapaca                                                                           -       (4.6)   
(Loss)/profit on sale of assets                                                                     0.1         1.3   
Taxation effect on sale of assets                                                                   0.4       (0.4)   
Impairment of investments and assets                                                              243.9        22.4   
Taxation on impairment of investments and assets                                                 (30.4)       (3.7)   
Headline (loss)/earnings                                                                         (28.2)        27.3   
Headline (loss)/earnings per share – cents                                                          (4)           4   
Based on headline earnings as given above divided by 776,559,790 (Sept                                       
2015 – 775,270,967 and December 2014 – 770,519,087) 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 (Unaudited)
Ore milled/treated (000 tonnes)                                Dec 2015          8,386        549       4,361         3,299          1,062        1,727
                                                              Sept 2015          8,295        387       4,538         3,415          1,123        1,753
                                                   Financial year ended         33,014      1,496      17,815        13,520          4,295        6,710
Yield (grams per tonne)                                        Dec 2015            2.2        3.9         1.3           1.4            1.3          1.2
                                                              Sept 2015            2.1        4.4         1.3           1.4            1.2          1.4
                                                   Financial year ended            2.1        4.1         1.3           1.3            1.2          1.4
Gold produced (000 managed equivalent ounces)                  Dec 2015          585.0       68.1       187.6         144.8           42.9         66.2
                                                              Sept 2015          576.5       54.9       193.8         149.4           44.4         79.2
                                                   Financial year ended        2,235.6      198.0       753.9         586.1          167.8        295.6
Gold sold (000 managed equivalent ounces)                      Dec 2015          586.3       68.1       187.6         144.8           42.9         67.5
                                                              Sept 2015          576.0       54.9       193.8         149.4           44.4         78.6
                                                   Financial year ended        2,233.3      198.0       753.9         586.1          167.8        293.3
Gold price received (dollar per equivalent ounce)              Dec 2015          1,092      1,153       1,108         1,107          1,110          960
                                                              Sept 2015          1,103      1,157       1,126         1,126          1,124          908
                                                   Financial year ended          1,140      1,173       1,161         1,161          1,161          996
Operating costs (dollar per tonne)                             Dec 2015             41        111          28            24             42           21
                                                              Sept 2015             45        162          30            25             43           21
                                                   Financial year ended             43        158          29            25             43           21
All-in-sustaining costs (dollar per ounce)                     Dec 2015            920      1,095         925           799          1,361        1,285
                                                              Sept 2015            942      1,404         962           872          1,272          747
                                                   Financial year ended          1,001      1,490       1,049           970          1,326          718
Total all-in-cost (dollar per ounce)                           Dec 2015            927      1,156         925           799          1,361        1,285
                                                              Sept 2015            945      1,431         962           872          1,272          747
                                                   Financial year ended          1,007      1,559       1,049           970          1,326          718
Financial Results ($ million)
Revenue                                                        Dec 2015          640.1       78.5       207.9         160.3           47.6         64.8
                                                              Sept 2015          635.1       63.6       218.1         168.2           49.9         71.4
                                                  Financial year ended#        2,545.4      232.3       875.5         680.7          194.8        292.2
Net operating costs                                            Dec 2015        (342.2)     (61.1)     (117.8)        (72.8)         (45.0)       (38.5)
                                                              Sept 2015        (366.5)     (62.8)     (133.8)        (85.9)         (47.8)       (35.3)
                                                  Financial year ended#      (1,457.0)    (236.6)     (513.3)       (326.9)        (186.4)      (144.8)
 – Operating costs                                             Dec 2015        (348.0)     (61.1)     (123.6)        (79.5)         (44.2)       (36.4)
                                                              Sept 2015        (369.9)     (62.8)     (134.7)        (86.9)         (47.8)       (36.7)
                                                  Financial year ended#      (1,432.1)    (236.6)     (518.5)       (334.2)        (184.3)      (143.8)
 – Gold inventory change                                       Dec 2015            5.8          -         5.9           6.7          (0.8)        (2.1)
                                                              Sept 2015            3.4          -         1.0           1.0              -          1.4
                                                  Financial year ended#         (24.9)          -         5.2           7.3          (2.1)        (1.0)
Operating profit/(loss)                                        Dec 2015          297.9       17.4        90.2          87.5            2.6         26.3
                                                              Sept 2015          268.6        0.7        84.4          82.2            2.1         36.1
                                                  Financial year ended#        1,088.4      (4.3)       362.2         353.8            8.4        147.4
Amortisation of mining assets                                  Dec 2015        (172.0)     (19.4)      (51.7)        (45.1)          (6.6)       (32.7)
                                                              Sept 2015        (154.7)     (16.6)      (50.1)        (42.3)          (7.8)       (24.0)
                                                  Financial year ended#        (608.5)     (67.9)     (188.7)       (162.3)         (26.4)      (100.1)
Net operating profit/(loss)                                    Dec 2015          126.0      (2.0)        38.5          42.4          (3.9)        (6.4)
                                                              Sept 2015          114.0     (15.9)        34.3          40.0          (5.7)         12.1
                                                  Financial year ended#          479.9     (72.2)       173.5         191.5         (18.0)         47.3
Other expenses                                                 Dec 2015         (16.8)      (0.7)       (1.6)         (1.0)          (0.7)        (6.2)
                                                              Sept 2015         (19.3)      (2.3)       (0.4)           0.8          (1.3)        (3.7)
                                                  Financial year ended#         (82.8)      (9.5)      (11.6)         (6.9)          (4.7)       (17.0)
Profit/(loss) before royalties and taxation                    Dec 2015          109.2      (2.7)        36.8          41.5          (4.6)       (12.7)
                                                              Sept 2015           94.7     (18.2)        33.9          40.8          (7.0)          8.4
                                                  Financial year ended#         397.1      (81.7)       161.9         184.6         (22.7)         30.2
Royalties, mining and income taxation                          Dec 2015        (142.0)      (1.8)      (47.7)        (25.4)         (22.3)       (63.3)
                                                              Sept 2015         (48.5)        4.8      (20.9)        (20.9)              -        (6.0)
                                                  Financial year ended#        (309.8)       20.9     (114.8)        (93.3)         (21.5)      (111.8)
 – Normal taxation                                             Dec 2015         (85.7)          -      (16.6)        (15.9)          (0.7)        (2.4)
                                                              Sept 2015         (14.8)          -       (5.0)         (5.0)              -        (9.7)
                                                  Financial year ended#        (135.0)          -      (35.4)        (34.6)          (0.7)       (33.0)
 – Royalties                                                   Dec 2015         (17.8)      (0.4)      (10.4)         (8.0)          (2.4)        (0.2)
                                                              Sept 2015         (18.7)      (0.3)      (10.9)         (8.4)          (2.5)        (0.6)
                                                  Financial year ended#         (76.0)      (1.2)      (43.8)        (34.0)          (9.7)        (3.1)
 – Deferred taxation                                           Dec 2015         (38.6)      (1.4)      (20.6)         (1.5)         (19.2)       (60.7)
                                                              Sept 2015         (15.1)        5.1       (5.1)         (7.6)            2.5          4.2
                                                  Financial year ended#         (98.8)       22.1      (35.7)        (24.7)         (11.0)       (75.7)
Profit/(loss) before non-recurring items                       Dec 2015         (32.8)      (4.6)      (10.9)          16.1         (27.0)       (76.0)
                                                              Sept 2015           46.2     (13.5)        12.9          19.9          (7.0)          2.3
                                                  Financial year ended#           87.2     (60.7)        47.0          91.3         (44.3)       (81.5)
Non-recurring items                                            Dec 2015         (54.6)        6.2      (42.6)           2.1         (44.7)       (11.4)
                                                              Sept 2015          (4.7)      (0.1)       (5.0)         (4.9)              -        (0.5)
                                                  Financial year ended#         (62.2)        5.5      (48.8)         (3.8)         (45.0)       (11.8)
Net profit/(loss)                                              Dec 2015         (87.4)        1.6      (53.5)          18.2         (71.6)       (87.4)
                                                              Sept 2015           41.4     (13.5)         7.9          14.9          (7.0)          1.8
                                                  Financial year ended#           25.0     (55.2)       (1.8)          87.5         (89.3)       (93.4)
Net profit/(loss) excluding gains and losses on                Dec 2015           48.9        1.9        10.8          16.9          (6.0)       (16.7)
foreign exchange, financial instruments and                   Sept 2015           49.8     (13.5)        11.1          17.5          (6.4)          3.7
non-recurring items                               Financial year ended#          170.4     (59.1)        67.1          89.8         (22.7)       (21.3)

Capital expenditure                                            Dec 2015        (159.3)     (17.4)      (37.5)        (34.6)          (2.8)       (27.6)
                                                              Sept 2015        (141.4)     (14.4)      (42.7)        (36.8)          (5.9)       (18.5)
                                                  Financial year ended#        (633.6)     (66.9)     (221.1)       (204.2)         (16.9)       (64.8)

Average exchange rates were US$1 = R14.08 and US$1 = R12.86 for the December 2015 and September 2015 quarters respectively.

The Australian/US dollar exchange rates were A$1 = US$0.72 and A$1 = US$0.73 for the December 2015 and September 2015 quarters respectively.

# The information for the year ended 31 December 2015 has been audited by KPMG Inc.

  The information for the quarters ended December 2015 and September 2015 has not been audited by KPMG Inc.
  Figures may not add as they are rounded independently.

Segmental operating and financial results
                                                                                                                                                                          SOUTH
                                                                    Australia Region#                                    AUSTRALIAN DOLLARS(1)                           AFRICAN
                                                                                                                                                                        RAND(2)

                                                                                                                                                                      South Africa
                                                                          Australia                                          Australia Region€                           Region
                                                                                                                                                                       
UNITED STATES DOLLARS                                                        Agnew/                Granny                            Agnew/                Granny
                                                     Total      St Ives     Lawlers    Darlot       Smith      Total     St Ives    Lawlers     Darlot      Smith      South Deep
Operating Results (Unaudited)
Ore milled/treated                       Dec 2015    1,749          974         298       118         359      1,749         974        298        118        359             549
(000 tonnes)                            Sept 2015    1,617          837         294       125         361      1,617         837        294        125        361             387
                             Financial year ended    6,993        3,867       1,218       457       1,451      6,993       3,867      1,218        457      1,451           1,496
Yield                                    Dec 2015      4.7          3.2         6.9       6.5         6.3        4.7         3.2        6.9        6.5        6.3             3.9
(grams per tonne)                       Sept 2015      4.7          3.0         6.1       6.3         7.1        4.7         3.0        6.1        6.3        7.1             4.4
                             Financial year ended      4.4          3.0         6.0       5.3         6.5        4.4         3.0        6.0        5.3        6.5             4.1
Gold produced                            Dec 2015    263.0        100.4        65.7      24.6        72.4      263.0       100.4       65.7       24.6       72.4           2,119
(000 managed                            Sept 2015    248.6         83.6        57.5      25.4        82.1      248.6        83.6       57.5       25.4       82.1           1,709
equivalent ounces)           Financial year ended    988.0        371.9       236.6      78.4       301.1      988.0       371.9      236.6       78.4      301.1           6,160
Gold sold                                Dec 2015    263.0        100.4        65.7      24.6        72.4      263.0       100.4       65.7       24.6       72.4           2,119
(000 managed                            Sept 2015    248.6         83.6        57.5      25.4        82.1      248.6        83.6       57.5       25.4       82.1           1,709
equivalent ounces)           Financial year ended    988.0        371.9       236.6      78.4       301.1      988.0       371.9      236.6       78.4      301.1           6,160
Gold price received                      Dec 2015    1,098        1,099       1,102     1,111       1,088      1,531       1,531      1,532      1,533      1,527         503,887
(dollar per                             Sept 2015    1,133        1,128       1,126     1,172       1,132      1,553       1,561      1,547      1,573      1,547         471,094
equivalent ounce)            Financial year ended    1,159        1,161       1,158     1,163       1,157      1,541       1,543      1,539      1,546      1,538         478,263
Operating costs                          Dec 2015       73           48         113       123          90        102          67        159        172        126           1,567
(dollar per tonne)                      Sept 2015       84           59         120       128          97        115          81        165        175        133           2,088
                             Financial year ended       76           50         117       131          94        101          67        156        174        125           2,005
All-in-sustaining costs                  Dec 2015      819          836         828       817         787      1,146       1,171      1,160      1,142      1,101         495,833
(dollar per ounce)                      Sept 2015      859          879       1,025       906         699      1,177       1,229      1,401      1,232        957         578,051
                             Financial year ended      912          969         959     1,057         764      1,211       1,287      1,276      1,403      1,017         607,429
Total all-in-cost                        Dec 2015      819          836         828       817         787      1,146       1,171      1,160      1,142      1,101         522,642
(dollar per ounce)                      Sept 2015      859          879       1,025       906         699      1,177       1,229      1,401      1,232        957         589,823
                             Financial year ended      912          969         959     1,057         764      1,211       1,287      1,276      1,403      1,017         635,622
Financial Results ($ million)
Revenue                                  Dec 2015    288.8        110.4        72.5      27.3        78.7      402.6       153.7      100.7       37.7      110.6         1,067.9
                                        Sept 2015    281.7         94.3        64.7      29.7        93.0      386.5       130.5       89.0       39.9      127.1           805.1
                            Financial year ended#  1,145.4        431.8       273.9      91.3       348.4    1,522.4       573.9      364.1      121.3      463.1         2,946.1
Net operating                            Dec 2015  (124.8)       (45.6)      (31.2)    (14.3)      (33.7)    (175.7)      (64.6)     (44.0)     (20.0)     (47.3)         (857.3)
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)
                            Financial year ended#  (562.3)      (220.3)     (141.4)    (59.2)     (141.3)    (747.3)     (292.8)    (188.0)     (78.6)    (187.9)       (3,000.2)
  – Operating costs                      Dec 2015  (126.9)       (46.5)      (33.8)    (14.5)      (32.1)    (177.9)      (65.1)     (47.4)     (20.3)     (45.1)         (857.3)
                                        Sept 2015  (135.6)       (49.2)      (35.3)    (16.0)      (35.1)    (185.9)      (67.6)     (48.4)     (21.9)     (48.1)         (803.2)
                            Financial year ended#  (533.2)      (195.0)     (142.6)    (59.8)     (135.9)    (708.8)     (259.2)    (189.5)     (79.5)    (180.7)       (3,000.2)
  – Gold inventory                       Dec 2015      2.1          0.8         2.6       0.2       (1.6)        2.1         0.6        3.4        0.3      (2.2)               -
                                        Sept 2015      1.0          3.3       (2.3)     (0.9)         0.9        0.4         3.4      (2.9)      (1.0)        1.0               -
                            Financial year ended#   (29.0)       (25.3)         1.1       0.6       (5.4)     (38.5)      (33.7)        1.5        0.9      (7.2)               -
Operating                                Dec 2015    164.1         64.7        41.3      13.0        45.0      226.9        89.1       56.8       17.7       63.3           210.6
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
                            Financial year ended#    583.1        211.5       132.5      32.1       207.1      775.0       281.1      176.1       42.6      275.2          (54.1)
Amortisation of                          Dec 2015   (68.1)                                                    (94.5)                                                      (268.9)
mining assets                           Sept 2015   (64.0)                                                    (87.2)                                                      (213.3)
                            Financial year ended#  (251.8)                                                   (334.7)                                                      (861.0)
Net operating                            Dec 2015     95.9                                                     132.3                                                       (58.3)
profit/(loss)                           Sept 2015     83.1                                                     113.7                                                      (211.4)
                            Financial year ended#    331.3                                                     440.4                                                      (915.1)
Other expenses                           Dec 2015    (8.1)                                                    (11.6)                                                       (13.6)
                                        Sept 2015   (12.8)                                                    (17.4)                                                       (30.5)
                            Financial year ended#   (44.6)                                                    (59.3)                                                      (120.7)
Profit/(loss) before                     Dec 2015     87.8                                                    120.8                                                        (71.9)
royalties and                           Sept 2015     70.5                                                      96.3                                                      (241.9)
taxation                    Financial year ended#    286.7                                                     381.0                                                    (1,035.8)
Royalties, mining                        Dec 2015   (29.2)                                                    (40.5)                                                       (12.5)
and income                              Sept 2015   (26.3)                                                    (35.8)                                                        63.8
taxation                    Financial year ended#  (104.1)                                                   (138.4)                                                       265.5
  – Normal taxation                      Dec 2015   (66.6)                                                    (88.5)                                                           -
                                        Sept 2015    (0.1)                                                     (0.1)                                                           -
                            Financial year ended#   (66.7)                                                    (88.6)                                                           -
  – Royalties                            Dec 2015    (6.9)                                                     (9.6)                                                       (5.3)
                                        Sept 2015    (6.9)                                                     (9.5)                                                       (4.0)
                            Financial year ended#   (28.0)                                                    (37.2)                                                      (14.7)
  – Deferred taxation                    Dec 2015     44.2                                                      57.6                                                       (7.2)
                                        Sept 2015   (19.3)                                                    (26.2)                                                        67.8
                            Financial year ended#    (9.5)                                                    (12.6)                                                       280.2
Profit/(loss) before                     Dec 2015     58.6                                                      80.3                                                      (84.4)
non-recurring                           Sept 2015     44.2                                                      60.5                                                     (178.1)
items                       Financial year ended#    182.5                                                     242.6                                                     (770.3)
Non-recurring                            Dec 2015    (6.9)                                                     (9.3)                                                        78.4
items                                   Sept 2015      0.7                                                       1.0                                                       (0.9)
                            Financial year ended#    (7.0)                                                     (9.3)                                                        69.8
Net profit/(loss)                        Dec 2015     51.7                                                      71.0                                                       (6.0)
                                        Sept 2015     44.9                                                      61.5                                                     (179.0)
                            Financial year ended#    175.5                                                     233.3                                                     (700.5)
Net profit/(loss) excluding              Dec 2015     56.7                                                      65.9                                                        47.3
gains and losses on foreign
exchange, financial                     Sept 2015     45.1                                                      52.4                                                     (179.0)
instruments and non-        Financial year ended#    183.8                                                     213.6                                                     (651.6)
recurring items

Capital expenditure                      Dec 2015   (76.9)      (32.4)      (20.1)      (4.9)      (19.5)    (106.6)      (44.8)     (27.9)      (6.8)     (27.0)        (243.4)
                                        Sept 2015   (65.9)      (22.3)      (18.6)      (5.0)      (19.3)     (89.4)      (31.0)     (25.3)      (6.8)     (26.3)        (186.5)
                            Financial year ended#  (280.8)     (114.5)      (73.0)     (20.0)      (72.4)    (373.3)     (152.2)     (97.1)     (26.6)     (96.3)        (848.4)

#   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.
#   The information for the year ended 31 December 2015 has been audited by KPMG Inc.
    The information for the quarters ended December 2015 and September 2015 has not been audited by KPMG Inc.

    Figures may not add as they are rounded independently.

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