GOLD FIELDS LIMITED - Quarterly Operating Update19 Apr 2016
GFI 201604190003A
Quarterly Operating Update

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

Media Release
Gold Fields Operating Update
March 2016 Quarter

JOHANNESBURG. 19 April 2016 Gold Fields Limited (NYSE & JSE: GFI) is pleased to provide an operational update for
the quarter ended 31 March 2016. Detailed financial and operational results are provided on a six-monthly basis i.e. at the
end of June and December.
                                               UNITED STATES DOLLARS

                                                     Quarter

                                        March    December    March
Key Statistics
                                         2016        2015     2015
Gold produced*             oz (000)       515         566      501
Tonnes milled/treated           000     8,589       8,386    8,173
Revenue                      US$/oz     1,192       1,092    1,198
Operating costs           US$/tonne        40          41       44
All-in sustaining costs      US$/oz       961         929    1,143
Total all-in cost            US$/oz       986         942    1,164

*All of the key statistics are managed figures from continuing operations, except for gold produced which is attributable equivalent production.
 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 5 per cent of Group production.

Stock data for the 3 months ended 31 March 2016

                                           NYSE – (GFI)                                      
Number of shares in issue                  Range – Quarter            US$2.86 – US$4.56      
– at end March 2016         781,387,425    Average Volume – Quarter   7,257,014 shares/day   
– average for the quarter   778,124,367                                                      
Free Float                  100 per cent   JSE Limited – (GFI)                               
ADR Ratio                   1:1            Range – Quarter            ZAR43.50 – ZAR69.50    
Bloomberg/Reuters           GFISJ/GFLJ.J   Average Volume – Quarter   3,478,107 shares/day   

Statement by Nick Holland, Chief Executive Officer of Gold Fields

OVERVIEW AND UPDATE

Gold Fields has had a solid start to 2016. Attributable equivalent gold production for the quarter was 3% higher YoY (9%
lower QoQ) at 515koz, but importantly tracking FY16 guidance. Encouragingly, all eight operations exceeded their planned
production for the quarter. All-in sustaining costs (AISC) were 16% lower YoY (3% higher QoQ) at US$961/oz and all-in costs
(AIC) were 15% lower YoY (5% higher QoQ) at US$986/oz. Both AISC and AIC are tracking below the cost guidance for the
full year provided in February 2016. The average US$ gold price achieved was largely unchanged YoY at US$1,192/oz, but
was 9% or US$100/oz higher QoQ. The average Australian dollar for the quarter was 0.72 (9% weaker YoY and flat QoQ),
while the average rand for the quarter was 15.79 (35% weaker YoY and 12% weaker QoQ).

Q1 2016 operational performance

Despite being a seasonally weak quarter for South African mines, South Deep managed to absorb some of the impact of the
Christmas holidays due to production from voluntary shifts worked over the holiday period. Production from the mine was
75% higher YoY and only 7% lower QoQ at 64koz. Consequently, AIC was 20% lower YoY and 18% higher QoQ in rand
terms (largely due to lower production) at R616,706/kg (US$1,215/oz). The transition to high profile (HP) destress mining,
which commenced in H2 2015, progressed during Q1 2016, increasing 51% QoQ to 4,517 square meters. HP destress
accounted for 44% of total destress meters at the mine in Q1 2016.

Managed production in Ghana for Q1 2016 was 181koz, up 4% YoY (down 3% QoQ), with AIC of US$1,028/oz, down 21%
YoY (up 11% QoQ). Gold equivalent production at Cerro Corona was down 6% YoY (5% QoQ) at 63koz, with AIC of US$709
per equivalent ounce, down 34% QoQ (up 6% YoY). The Australian region produced 225koz for the quarter, down 7% YoY
(down 14% QoQ), with AIC of A$1,254/oz (US$904/oz), up 1% YoY (9% QoQ) in A$ terms.

The evaluation of various options for our Damang mine in Ghana are ongoing. We are on track to make a decision and provide
an update to the market by mid-year.

Strengthening the balance sheet

In February 2016, we bought back US$148m of our US$1bn 4.875% guaranteed notes due 7 October 2020 through a tender
offer, utilising our existing available revolving credit facilities, at 88% of nominal value.

Subsequently, in March, we successfully completed a R2.3bn (US$150m) accelerated equity raising by way of a private
placement to institutional investors. The net proceeds from the Placing was applied to the existing US$ revolving credit facility
that was utilised to purchase the Notes.

The net effect of these transactions, is a reduction in the net debt to EBITDA ratio, on a pro forma basis, from 1.38x to 1.21x,
as at 31 December 2015, which moves us closer to achieving one of our key strategic objectives of net debt to EBITDA of
1.0x.

Development agreement concluded in Ghana

One of the key highlights of the quarter, was the conclusion of a development agreement with the Government of Ghana for
both Tarkwa and Damang. We commend the Government of Ghana for creating a fair and competitive environment in the
country. This important step provides the platform for targeting many years of sustainable production by Gold Fields in Ghana.
The highlights of the agreement include:

     -    A reduction in the corporate tax rate from 35.0% to 32.5%, effective 17 March 2016; and
     -    A change in the royalty rate from a flat 5% of revenue to a sliding scale royalty based on the gold price, with effect
          from 1 January 2017, which would be 3% of revenue up to a gold price of US$1,300/oz.

Success in native title appeal

At the end of the quarter, the Full Court of the Federal Court of Australia overturned a July 2014 Federal Court decision that
the re-grant of certain tenements to St Ives in 2004 by the State was not compliant with the correct processes in the Native
Title Act 1993 (Cth). The decision provides clarity on the status of our tenements and we will continue to openly engage with
the Ngadju People, and all other community stakeholders in relation to our operations in Australia.

FY16 outlook intact

Guidance for attributable equivalent gold production for the Group for 2016 remains unchanged at between 2.05Moz and
2.10Moz. AISC is expected to be between US$1,000/oz and US$1,010/oz and AIC is expected to be between US$1,035/oz
and US$1,045/oz.

2016 Reviewed Mining Charter

Gold Fields has noted the publication on Friday, 15 April 2016, by the Minister of Mineral Resources of a reviewed draft of
the Broad-based socio-economic empowerment charter for the South African mining industry that has been prepared by the
Department of Mineral Resources (DMR). Although the mining industry was not consulted prior to its publication, Gold Fields
will engage with the DMR, through the Chamber and appropriate structures, during the consultation period which ends on 31
May 2016.

N.J. Holland
Chief Executive Officer
19 April 2016

Salient feature and cost benchmarks
Salient features and cost benchmarks for the quarters ended 31 March 2016, 31 December 2015 and 31 March 2015

                                                                                    South Africa           West Africa Region           South America
                                                                                      Region                                                   Region
                                                                     Total Mine                                   Ghana                          Peru
                                                                     Operations
UNITED STATES DOLLARS                                                               South Deep      Total        Tarkwa          Damang  Cerro Corona

Operating Results
Ore milled/treated (000 tonnes)                          March 2016       8,589            543      4,536         3,497          1,039          1,751
                                                      December 2015       8,386            549      4,361         3,299          1,062          1,727
                                                         March 2015       8,173            262      4,402         3,385          1,017          1,597
Yield (grams per tonne)                                  March 2016         1.9            3.6        1.2           1.2            1.2            1.1
                                                      December 2015         2.2            3.9        1.3           1.4            1.3            1.2
                                                         March 2015         2.0            4.3        1.2           1.2            1.2            1.3
Gold produced (000 managed equivalent ounces)            March 2016       533.1           63.6      181.1         139.5           41.7           62.9
                                                      December 2015       585.0           68.1      187.6         144.8           42.9           66.2
                                                         March 2015       519.1           36.3      174.8         135.8           39.0           66.6
Gold sold (000 managed equivalent ounces)                March 2016       531.7           63.6      181.1         139.5           41.7           61.6
                                                      December 2015       586.3           68.1      187.6         144.8           42.9           67.5
                                                         March 2015       508.9           36.3      174.8         135.8           39.0           56.4
Net operating costs (dollar million)                     March 2016     (331.0)         (58.5)    (121.6)        (78.0)         (43.5)         (32.8)
                                                      December 2015     (342.2)         (61.1)    (117.8)        (72.8)         (45.0)         (38.5)
                                                         March 2015     (366.0)         (54.2)    (125.4)        (81.6)         (43.8)         (28.4)
Operating costs (dollar per tonne)                       March 2016          40            108         29            25             42             18
                                                      December 2015          41            111         28            24             42             21
                                                         March 2015          44            207         29            25             44             21
All-in-sustaining costs (dollar per ounce)               March 2016         949          1,183      1,028           994          1,139            386
                                                      December 2015         920          1,095        925           799          1,361          1,285
                                                         March 2015       1,137          1,929      1,299         1,299          1,299            493
Total all-in-cost (dollar per ounce)                     March 2016         953          1,215      1,028           994          1,139            386
                                                      December 2015         927          1,156        925           799          1,361          1,285
                                                         March 2015       1,146          2,055      1,299         1,299          1,299            493
Sustaining capital expenditure (dollar million)          March 2016     (139.1)         (14.6)     (48.5)        (47.8)          (0.6)          (5.2)
                                                      December 2015     (155.1)         (13.2)     (37.5)        (34.6)          (2.8)         (27.6)
                                                         March 2015     (170.2)         (14.1)     (88.6)        (84.5)          (4.1)          (6.5)
Non sustaining capital expenditure (dollar million)      March 2016       (2.0)          (2.0)          -             -              -              -
                                                      December 2015       (4.2)          (4.2)          -             -              -              -
                                                         March 2015       (4.6)          (4.6)          -             -              -              -
Total capital expenditure (dollar million)               March 2016     (141.1)         (16.6)     (48.5)        (47.8)          (0.6)          (5.2)
                                                      December 2015     (159.3)         (17.4)     (37.5)        (34.6)          (2.8)         (27.6)
                                                         March 2015     (174.7)         (18.7)     (88.6)        (84.5)          (4.1)          (6.5)

                                                    UNITED STATES DOLLARS                                  AUSTRALIAN DOLLARS                          SOUTH AFRICAN
                                                                                                                                                           RAND
                                                         Australia Region                                      Australia Region                    South Africa Region

                                                                 Agnew/                Granny                          Agnew/                Granny
                                            Total    St Ives    Lawlers     Darlot      Smith     Total    St Ives    Lawlers     Darlot      Smith         South Deep
                                                                                                                        
Operating Results
Ore milled/treated           March 2016     1,759        997        284        100        378     1,759        997        284        100        378                543
(000 tonnes)              December 2015     1,749        974        298        118        359     1,749        974        298        118        359                549
                             March 2015     1,912      1,144        312         86        370     1,912      1,144        312         86        370                262
Yield                        March 2016       4.0        2.7        5.7        5.8        5.6       4.0        2.7        5.7        5.8        5.6                3.6
(grams per tonne)         December 2015       4.7        3.2        6.9        6.5        6.3       4.7        3.2        6.9        6.5        6.3                3.9
                             March 2015       3.9        2.7        5.9        4.0        6.1       3.9        2.7        5.9        4.0        6.1                4.3
Gold produced                March 2016     225.4       87.0       52.1       18.7       67.5     225.4       87.0       52.1       18.7       67.5              1,978
(000 managed              December 2015     263.0      100.4       65.7       24.6       72.4     263.0      100.4       65.7       24.6       72.4              2,119
equivalent ounces)           March 2015     241.4       98.7       59.6       11.2       72.0     241.4       98.7       59.6       11.2       72.0              1,129
Gold sold                    March 2016     225.4       87.0       52.1       18.7       67.5     225.4       87.0       52.1       18.7       67.5              1,978
(000 managed              December 2015     263.0      100.4       65.7       24.6       72.4     263.0      100.4       65.7       24.6       72.4              2,119
equivalent ounces)           March 2015     241.4       98.7       59.6       11.2       72.0     241.4       98.7       59.6       11.2       72.0              1,129
Net operating costs*         March 2016   (118.1)     (35.1)     (34.6)     (15.5)     (32.9)   (163.9)     (48.8)     (48.0)     (21.4)     (45.6)            (924.3)
(million)                 December 2015   (124.8)     (45.6)     (31.2)     (14.3)     (33.7)   (175.7)     (64.6)     (44.0)     (20.0)     (47.3)            (857.3)
                             March 2015   (158.0)     (68.3)     (37.2)     (14.6)     (37.9)   (200.2)     (86.6)     (47.1)     (18.6)     (48.0)            (634.4)
Operating costs              March 2016        71         43        119        155         86        98         59        164        215        120              1,702
(dollar per tonne)        December 2015        73         48        113        123         90       102         67        159        172        126              1,567
                             March 2015        73         47        117        173         90        92         60        148        219        115              2,421
All-in-sustaining costs      March 2016       904        852      1,106      1,105        759     1,254      1,182      1,536      1,534      1,054            600,563
(dollar per ounce)        December 2015       819        836        828        817        787     1,146      1,171      1,160      1,142      1,101            495,833
                             March 2015       978      1,029        951      1,757        810     1,240      1,304      1,206      2,226      1,027            726,648
Total all-in-cost            March 2016       904        852      1,106      1,105        759     1,254      1,182      1,536      1,534      1,054            616,706
(dollar per ounce)        December 2015       819        836        828        817        787     1,146      1,171      1,160      1,142      1,101            522,642
                             March 2015       978      1,029        951      1,757        810     1,240      1,304      1,206      2,226      1,027            774,335
Sustaining capital*          March 2016    (70.8)     (32.7)     (19.6)      (4.0)     (14.5)    (98.2)     (45.4)     (27.2)      (5.6)     (20.1)            (230.1)
(million)                 December 2015    (76.9)     (32.4)     (20.1)      (4.9)     (19.5)   (106.6)     (44.8)     (27.9)      (6.8)     (27.0)            (184.4)
                             March 2015    (61.0)     (25.1)     (16.1)      (4.1)     (15.7)    (77.3)     (31.8)     (20.4)      (5.2)     (19.9)            (165.0)
Non-sustaining capital*      March 2016         -          -          -          -          -         -          -          -          -          -             (31.9)
(million)                 December 2015         -          -          -          -          -         -          -          -          -          -             (59.0)
                             March 2015         -          -          -          -          -         -          -          -          -          -             (54.1)
Total capital                March 2016    (70.8)     (32.7)     (19.6)      (4.0)     (14.5)    (98.2)     (45.4)     (27.2)      (5.6)     (20.1)            (262.0)
expenditure*              December 2015    (76.9)     (32.4)     (20.1)      (4.9)     (19.5)   (106.6)     (44.8)     (27.9)      (6.8)     (27.0)            (243.4)
(million)                    March 2015    (61.0)     (25.1)     (16.1)      (4.1)     (15.7)    (77.3)     (31.8)     (20.4)      (5.2)     (19.9)            (218.5)

Average exchange rates were US$1 = R15.79, US$1 = R14.08 and US$1 = R11.71 for the March 2016, December 2015 and March 2015 quarters respectively. The Australian/US dollar exchange rates were A$1 =
US$0.72, A$1 = US$0.72 and A$1 = US$0.79 for the March 2016, December 2015 and March 2015 quarters respectively. Figures may not add as they are rounded independently.
* In local currency

Review of Operations

Quarter ended 31 March 2016 compared with
quarter ended 31 December 2015

South Africa region

South Deep Project

                                      March       Dec
                                       2016      2015
Gold produced              000’oz      63.6      68.1
                               kg     1,978     2,119
Yield – underground reef      g/t      5.91      5.21
AISC                         R/kg   600,563   495,833
                           US$/oz     1,183     1,095
AIC                          R/kg   616,706   522,642
                           US$/oz     1,215     1,156

Gold production decreased by 7 per cent from 2,119 kilograms
(68,100 ounces) in the December quarter to 1,978 kilograms
(63,600 ounces) in the March quarter due to lower volumes mined
as a result of the extended Christmas break, partially offset by
increased grades.

Total tonnes milled decreased by 1 per cent from 549,000 tonnes
in the December quarter to 543,000 tonnes in the March quarter.
Total tonnes milled in the March quarter included 23,000 tonnes of
underground waste mined and 187,500 tonnes of surface tailings
material compared with 23,000 tonnes of underground waste mined
and 122,300 tonnes of surface tailings material in the December
quarter. Underground reef yield increased by 13 per cent from 5.21
grams per tonne to 5.91 grams per tonne due to improved grades
towards the end of the quarter.

Development decreased by 10 per cent from 1,443 metres in the
December quarter to 1,292 metres in the March quarter. New mine
capital development (phase one, sub 95 level) decreased by 20 per
cent from 314 metres in the December quarter to 252 metres in the
March quarter. Development in the current mine areas in 95 level
and above decreased by 8 per cent from 1,129 metres to 1,040
metres. Destress mining increased by 38 per cent from 7,357
square metres in the December quarter to 10,158 square metres in
the March quarter. High profile destress mining improved by 51 per
cent from 2,990 square metres to 4,517 square metres. Low profile
destress mining improved by 29 per cent from 4,367 square metres
to 5,641 square metres. The high profile and low profile methods
contributed 44 per cent and 56 per cent, respectively, to total
destress.

The current mine (95 level and above) contributed 64 per cent of
the ore tonnes in the March quarter, while the new mine (below 95
level) contributed 36 per cent.   The long-hole stoping method
accounted for 46 per cent of total ore tonnes mined compared with
39 per cent in the December quarter.

Operating costs increased by 8 per cent from R857 million (US$61
million) to R924 million (US$59 million), mainly due to higher
bonuses paid and overtime worked during the Christmas break.

Capital expenditure increased by 8 per cent from R243 million
(US$17 million) to R262 million (US$17 million) as a result of higher
spending on fleet and the upgrade of the Twin shaft man winder.

Sustaining capital expenditure increased from R184 million (US$13
million) in the December quarter to R230 million (US$15 million) in
the March quarter due to additional fleet and the refurbishment of
the Twin shaft man winder. Non-sustaining capital expenditure
decreased from R59 million (US$4 million) in the December quarter
to R32 million (US$2 million) in the March quarter.

All-in sustaining costs increased by 21 per cent from R495,833 per
kilogram (US$1,095 per ounce) in the December quarter to
R600,563 per kilogram (US$1,183 per ounce) in the March quarter
mainly due to increased operating costs, higher sustaining capital
expenditure and a decrease in gold sold.

Total all-in cost increased by 18 per cent from R522,642 per
kilogram (US$1,156 per ounce) in the December quarter to
R616,706 per kilogram (US$1,215 per ounce) in the March quarter
due to the same reasons as for all-in-sustaining costs.

West Africa region

GHANA
Tarkwa
                         March     Dec
                          2016    2015
Gold produced   000’oz   139.5   144.8
Yield              g/t    1.24    1.36
AISC and AIC    US$/oz     994     799

Gold production decreased by 4 per cent from 144,800 ounces in
the December quarter to 139,500 ounces in the March quarter due
to planned decreased head grade.

Total tonnes mined, including capital stripping, increased by 10 per
cent from 23.0 million tonnes in the December quarter to 25.3
million tonnes in the March quarter. Ore tonnes mined decreased
by 6 per cent from 3.6 million tonnes to 3.4 million tonnes.
Operational waste tonnes mined increased by 5 per cent from 8.2
million tonnes to 8.6 million tonnes while capital waste tonnes
mined increased by 19 per cent from 11.2 million tonnes to 13.3
million tonnes. Head grade mined decreased from 1.45 grams per
tonne to 1.41 grams per tonne. The strip ratio increased from 5.5
to 6.6.

The CIL plant throughput increased by 6 per cent from 3.30 million
tonnes in the December quarter to 3.50 million tonnes in the March
quarter. Realised yield decreased from 1.36 grams per tonne to
1.24 grams per tonne due to lower head grades mined and
processed as well as a build-up of gold-in-process.

Net operating costs, including gold-in-process movements,
increased by 7 per cent from US$73 million to US$78 million in line
with the higher volumes mined.

Capital expenditure increased by 37 per cent from US$35 million to
US$48 million mainly due to higher capital waste mined.

All-in sustaining costs and total all-in cost increased by 24 per cent
from US$799 per ounce in the December quarter to US$994 per
ounce in the March quarter due to lower gold sold, higher capital
expenditure and higher net operating costs.

Damang
                         March     Dec
                          2016    2015
Gold produced   000’oz    41.7    42.9
Yield              g/t    1.25    1.26
AISC and AIC    US$/oz   1,139   1,361

Gold production decreased by 3 per cent from 42,900 ounces in the
December quarter to 41,700 ounces in the March quarter mainly
due to lower tonnes mined and processed.

Total tonnes mined, including capital stripping, decreased by 6 per
cent from 4.9 million tonnes in the December quarter to 4.6 million
tonnes in the March quarter due to lower excavator availability.

Ore tonnes mined decreased by 20 per cent from 1.0 million tonnes
to 0.8 million tonnes. Total waste tonnes mined decreased by 3 per
cent from 3.9 million tonnes in the December quarter to 3.8 million
tonnes in the March quarter. Head grade mined increased from
1.43 grams per tonne to 1.46 grams per tonne. The strip ratio
increased from 3.8 to 4.5.

Yield decreased from 1.26 grams per tonne to 1.25 grams per
tonne.

Tonnes processed decreased by 2 per cent from 1.06 million
tonnes in the December quarter to 1.04 million tonnes in the March.

Net operating costs, including gold-in-process movements,
decreased by 2 per cent from US$45 million to US$44 million,
mainly due to a US$1 million gold-in-process charge to cost in the
December quarter compared with US$nil million in the March
quarter.

Capital expenditure decreased by 67 per cent from US$3 million to
US$1 million with the majority spent on capital stripping.

All-in sustaining costs and total all-in cost decreased by 16 per cent
from US$1,361 per ounce in the December quarter to US$1,139
per ounce in the March quarter mainly due to lower capital
expenditure.

South America region

PERU

Cerro Corona
                                               March     Dec
                                                2016    2015
Gold produced                       000’oz      34.8    36.8
Copper produced                     tonnes     7,051   6,645
Total equivalent gold produced   000’ eqoz      62.9    66.2
Total equivalent gold sold       000’ eqoz      61.6    67.5
Yield     – gold                       g/t      0.64    0.69
          – copper                per cent      0.42    0.40
          – combined                eq g/t      1.12    1.19
AISC and AIC                        US$/oz       386   1,285
AISC and AIC                     US$/eq oz       709   1,073
Gold price*                         US$/oz     1,167   1,110
Copper price*                        US$/t     4,656   4,914

* Average daily spot price for the period used to calculate total equivalent gold ounces
  produced.

Gold production decreased by 5 per cent from 36,800 ounces in the
December quarter to 34,800 ounces in the March quarter. Copper
production increased by 6 per cent from 6,645 tonnes to 7,051
tonnes. Equivalent gold production decreased by 5 per cent from
66,200 ounces to 62,900 ounces. The decrease in gold production
was due to lower head grade treated, in line with the mine
sequencing and the planned production schedule for the March
quarter. Gold head grade decreased from 0.97 grams per tonne to
0.94 grams per tonne and copper head grade increased from 0.47
per cent to 0.49 per cent. Gold recoveries decreased from 71.4 per
cent to 68.5 per cent and copper recoveries were similar at 85.4 per
cent. As a result, gold yield decreased from 0.69 grams per tonne
to 0.64 grams per tonne and copper yield increased from 0.40 per
cent to 0.42 per cent.

In the March quarter, concentrate with a payable content of 33,939
ounces of gold was sold at an average price of US$1,133 per ounce
and 6,982 tonnes of copper was sold at an average price of
US$3,847 per tonne, net of treatment and refining charges. This
compared with 37,622 ounces of gold that was sold at an average
price of US$1,109 per ounce and 6,770 tonnes of copper that was
sold at an average price of US$4,229 per tonne, net of treatment
and refining charges, in the December quarter. Total equivalent
gold sales decreased by 9 per cent from 67,500 ounces to 61,600
ounces mainly due to lower gold content and lower copper price
factor.

Total tonnes mined increased by 18 per cent from 3.31 million
tonnes in the December quarter to 3.91 million tonnes in the March
quarter. The higher tonnes mined in the March quarter were in line
with the mine sequence and the planned production schedule to
access new ore areas. Ore mined increased by 2 per cent from
1.72 million tonnes to 1.76 million tonnes.  Operational waste
tonnes mined increased by 35 per cent from 1.59 million tonnes to
2.15 million tonnes. The strip ratio increased from 0.92 to 1.23 due
to higher waste mined in the March quarter.

Ore processed increased by 1 per cent from 1.73 million tonnes in
the December quarter to 1.75 million tonnes in the March quarter.

Net operating costs, including gold-in-process movements,
decreased by 15 per cent from US$39 million to US$33 million
mainly due to higher planned maintenance at the processing plant
in the December quarter.

Capital expenditure decreased by 82 per cent from US$28 million
to US$5 million due to timing and less construction activities at the
tailings dam as a result of the rainy season. In addition, the
construction of the new camp was completed.

All-in sustaining costs and total all-in cost decreased by 70 per cent
from US$1,285 per ounce in the December quarter to US$386 per
ounce in the March quarter, mainly due to lower net operating costs
and capital expenditure and higher copper by-product credit. All-in
sustaining costs and total all-in costs per equivalent ounce
decreased by 34 per cent from US$1,073 per equivalent ounce to
US$709 per equivalent ounce mainly due to the same reasons as
above.

Australia region
St Ives
                                 March     Dec
                                  2016    2015
Gold produced           000’oz    87.0   100.4
Yield   – underground      g/t    4.27    4.81
        – surface          g/t    2.49    2.69
        – combined         g/t    2.70    3.21
AISC and AIC             A$/oz   1,182   1,171
                        US$/oz     852     836

* Heap leach produced 400 ounces, rinsed from inventory (200 ounces was rinsed in the
  December quarter).

Gold production decreased by 13 per cent from 100,400 ounces in
the December quarter to 87,000 ounces in the March quarter
primarily due to the closure of the Athena underground mine in
February 2016 and a build-up of gold in circuit.

Total tonnes mined increased by 44 per cent from 7.8 million tonnes
in the December quarter to 11.2 million tonnes in the March quarter.

At the underground operations, ore mined decreased by 25 per cent
from 237,000 tonnes in the December quarter to 178,000 tonnes in
the March quarter with the Athena mine closure in February. The
reduced tonnes were partially offset by a 3 per cent increase in
head grade from 5.16 grams per tonne to 5.29 grams per tonne.

At the open pit operations, total ore tonnes mined increased by 28
per cent from 660,000 tonnes in the December quarter to 844,000
tonnes in the March quarter. Grade mined decreased by 11 per
cent from 3.07 grams per tonne to 2.72 grams per tonne. The
increased tonnes and lower grade were primarily due to the lower
grade A5 open pit coming into production during the March quarter.
A5 is a small pit which is expected to supplement production while
the higher grade Neptune pit is being stripped.

Operational waste tonnes mined decreased by 24 per cent from 2.1
million tonnes in the December quarter to 1.6 million tonnes in the
March quarter. Capital waste tonnes mined increased by 79 per
cent from 4.8 million tonnes to 8.6 million tonnes. The strip ratio
increased from 10.4 to 12.1. The increased capital waste tonnes

mined were the result of the stripping campaigns at Neptune and
A5 which will complement the Invincible pit as St Ives moves to a
predominately open pit operation with the closure of the Athena
underground mine.

Throughput at the Lefroy mill increased by 2 per cent from 974,000
tonnes in the December quarter to 997,000 tonnes in the March
quarter with more open pit ore available for processing.       Yield
decreased from 3.21 grams per tonne to 2.71 grams per tonne in
line with decreased open pit grades mined and an increase in gold
in circuit of 9,200 ounces. Gold production from the Lefroy mill
decreased from 100,200 ounces to 86,600 ounces.

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

Net operating costs, including gold-in-process movements,
decreased by 25 per cent from A$65 million (US$46 million) to A$49
million (US$35 million), mainly due to a A$10 million (US$7 million)
build-up of inventory in the March quarter compared with A$1
million (US$1 million) in the December quarter as well as reduced
ore tonnes mined.

Capital expenditure was similar at A$45 million (US$33 million).

All-in sustaining costs and total all-in cost increased by 1 per cent
from A$1,171 per ounce (US$836 per ounce) in the December
quarter to A$1,182 per ounce (US$852 per ounce) in the March
quarter due to decreased gold sold, partially offset by lower net
operating costs.

Agnew/Lawlers
                         March     Dec
                          2016    2015
Gold produced   000’oz    52.1    65.7
Yield              g/t    5.70    6.88
AISC and AIC     A$/oz   1,536   1,160
                US$/oz   1,106     828

Gold production decreased by 21 per cent from 65,700 ounces in
the December quarter to 52,100 ounces in the March quarter mainly
due to lower tonnes and grades mined as planned.

Ore mined from underground decreased by 19 per cent from
313,000 tonnes in the December quarter to 252,000 tonnes in the
March quarter due to lower ounces mined in the New Holland mine
as the mine transitions into the new Cinderella orebody. Head
grade mined decreased by 11 per cent from 7.25 grams per tonne
to 6.45 grams per tonne mainly due to higher grade areas being
mined in the New Holland mine in the December quarter.

Tonnes processed decreased by 5 per cent from 298,000 tonnes in
the December quarter to 284,000 tonnes in the March quarter due
to a planned maintenance shutdown in February. The combined
yield decreased from 6.88 grams per tonne to 5.70 grams per tonne

due to lower grades mined and the processing of lower grade ore
mined in the December quarter.

Net operating costs, including gold-in-process movements,
increased by 9 per cent from A$44 million (US$31 million) to A$48
million (US$35 million) mainly due to a A$1 million (US$1 million)
drawdown of inventory in the March quarter compared with a A$4
million (US$3 million) build-up in the December quarter.

Capital expenditure decreased by 4 per cent from A$28 million
(US$20 million) in the December quarter to A$27 million (US$20
million) in the March quarter. The capital expenditure was primarily
on capital development associated with opening up of the Fitzroy
Bengal Hastings (FBH) and Cinderella ore bodies and exploration.

All-in sustaining costs and total all-in cost increased by 32 per cent
from A$1,160 per ounce (US$828 per ounce) in the December
quarter to A$1,536 per ounce (US$1,106 per ounce) in the March
quarter due to decreased gold sold and higher net operating costs.

Darlot
                         March     Dec
                          2016    2015
Gold produced   000’oz    18.7    24.6
Yield              g/t    5.84    6.52
AISC and AIC     A$/oz   1,534   1,142
                US$/oz   1,105     817

Gold production decreased by 24 per cent from 24,600 ounces in
the December quarter to 18,700 ounces in the March quarter due
to lower ore grade mined.

Ore mined from underground decreased by 3 per cent from 109,300
tonnes to 105,900 tonnes. Head grade mined decreased from 7.09
grams per tonne in the December quarter to 5.94 grams per tonne
in the March quarter. The lower grades mined are consistent with
the mining sequence.

Tonnes processed decreased by 15 per cent from 118,000 tonnes
in the December quarter to 100,000 tonnes in the March quarter.
The yield decreased from 6.52 grams per tonne to 5.84 grams per
tonne due to lower grade ore mined and trial treatment of surface
oxide ore. A surface oxide trial contributed 522 ounces to gold
production for the March quarter.

Net operating costs, including gold-in-process movements,
increased by 5 per cent from A$20 million (US$14 million) to A$21
million (US$16 million), mainly due to increased ground support
costs.

Capital expenditure decreased by 14 per cent from A$7 million
(US$5 million) to A$6 million (US$4 million) due to lower exploration
spend.

All-in sustaining costs and total all-in cost increased by 34 per cent
from A$1,142 per ounce (US$817 per ounce) in the December
quarter to A$1,534 per ounce (US$1,105 per ounce) in the March
quarter due to lower gold sold.

Granny Smith
                         March     Dec
                          2016    2015
Gold produced   000’oz    67.5    72.4
Yield              g/t    5.56    6.26
AISC and AIC     A$/oz   1,054   1,101
                US$/oz     759     787

Gold production decreased by 7 per cent from 72,400 ounces in the
December quarter to 67,500 ounces in the March quarter as stoping
proceeded through areas of lower grade than were accessed in the
December quarter, and in line with the plan.

Ore mined from underground increased by 7 per cent from 353,000
tonnes to 378,000 tonnes. Head grade mined decreased from 6.51
grams per tonne in the December quarter to 5.99 grams per tonne
in the March quarter. Increased operating development advance
(1,678m versus 1,423m) added lower grade ore to the total,
reducing the overall grade.

Tonnes processed increased by 5 per cent from 359,000 tonnes in
the December quarter to 378,000 tonnes in the March quarter in
line with the increase in mined tonnes. The yield decreased from
6.26 grams per tonne to 5.56 grams per tonne due to lower head
grades.

Net operating costs, including gold-in-process movements,
decreased by 2 per cent from A$47 million (US$34 million) to A$46
million (US$33 million) mainly due to a A$nil million (US$nil million)
drawdown of inventory in the March quarter compared with A$2
million (US$2 million) in the December quarter.

Capital expenditure decreased by 26 per cent from A$27 million
(US$20 million) in the December quarter to A$20 million (US$15
million) in the March quarter. The lower expenditure related to
capital mine development, exploration and the completion of the
2015 capital works programme in the December quarter. Sinking
of the VR7 fresh air intake raise commenced during the March
quarter. This is expected to provide an essential additional source
of ventilation for the lower parts of the mine and will be
supplemented by a refrigeration plant. Installation of the gas-fired
power station was approaching completion at the end of the
quarter. During the June quarter the operation is planned to switch
over to this clean, reliable source of low cost power, with some of
the existing diesel generators being used for back-up and
supplementary power.

All-in sustaining costs and total all-in cost decreased by 4 per cent
from A$1,101 per ounce (US$787 per ounce) in the December to
A$1,054 per ounce (US$759 per ounce) in the March quarter
mainly due to lower capital expenditure, partially offset by lower
gold sold.

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
METRIC TONNES AND GRADE                              South                                          Cerro                              Agnew/              Granny
                                                      Deep        Total       Tarkwa   Damang      Corona       Total     St Ives#    Lawlers     Darlot    Smith
Ore milled/treated (000 tonnes)

– underground ore         March 2016       1,271       332            -            -        -           -         939          183        284         94      378
                       December 2015       1,414       404            -            -        -           -       1,010          235        298        118      359
                          March 2015       1,388       225            -            -        -           -       1,163          395        312         86      370

– underground waste       March 2016          23        23            -            -        -           -           -            -          -          -        -
                       December 2015          23        23            -            -        -           -           -            -          -          -        -
                          March 2015           6         6            -            -        -           -           -            -          -          -        -

– surface ore             March 2016       7,295       188        4,536        3,497    1,039      1,751          820          814          -          6        -
                       December 2015       6,949       122        4,361        3,299    1,062      1,727          739          739          -          -        -
                          March 2015       6,779        31        4,402        3,385    1,017      1,597          749          749          -          -        -

– total milled            March 2016       8,589       543        4,536        3,497    1,039      1,751        1,759          997        284        100      378
                       December 2015       8,386       549        4,361        3,299    1,062      1,727        1,749          974        298        118      359
                          March 2015       8,173       262        4,402        3,385    1,017      1,597        1,912        1,144        312         86      370

Yield (grams per tonne)

– underground ore         March 2016         5.4       5,9            -            -        -           -         5.4          4.3        5.7        6.0      5.6
                       December 2015         5.8       5.2            -            -        -           -         6.1          4.8        6.9        6.5      6.3
                          March 2015         5.1       5.0            -            -        -           -         5.2          4.1        5.9        4.0      6.1

– underground waste       March 2016           -         -            -            -        -           -           -            -          -          -        -
                       December 2015           -         -            -            -        -           -           -            -          -          -        -
                          March 2015           -         -            -            -        -           -           -            -          -          -        -

– surface ore             March 2016         1.3       0.1          1.2          1.2      1.2         1.1         2.5          2.5          -        3.3        -
                       December 2015         1.4       0.1          1.3          1.4      1.3         1.2         2.7          2.7          -          -        -
                          March 2015         1.3         -          1.2          1.2      1.2         1.3         2.0          2.0          -          -        -
 
– combined                March 2016         1.9       3.6          1.2          1.2      1.2         1.1         4.0          2.7        5.7        5.8      5.6
                       December 2015         2.2       3.9          1.3          1.4      1.3         1.2         4.7          3.2        6.9        6.5      6.3
                          March 2015         2.0       4.3          1.2          1.2      1.2         1.3         3.9          2.7        5.9        4.0      6.1

Gold produced (000 ounces)

– underground ore         March 2016       226.1      63.1            -            -        -           -       163.0         25.2       52.1       18.1     67.5
                       December 2015       266.7      67.7            -            -        -           -       199.0         36.3       65.7       24.6     72.3
                          March 2015       230.4      35.9            -            -        -           -       194.2         51.5       59.6       11.2     72.0

– underground waste       March 2016           -         -            -            -        -           -           -            -          -          -        -
                       December 2015           -         -            -            -        -           -           -            -          -          -        -
                          March 2015           -         -            -            -        -           -           -            -          -          -        -

– surface ore             March 2016       307.0       0.5        181.1        139.5     41.7       62.9         62.4         61.8          -        0.6        -
                       December 2015       318.4       0.5        187.6        144.8     42.9       66.2         64.1         64.1          -          -        -
                          March 2015       288.7       0.2        174.8        135.8     39.0       66.6         47.2         47.2          -          -        -

– total                   March 2016       533.1      63.6        181.1        139.5     41.7       62.9        225.4         87.0       52.1       18.7     67.5
                       December 2015       585.0      68.1        187.6        144.8     42.9       66.2        263.0        100.4       65.7       24.6     72.4
                          March 2015       519.1      36.3        174.8        135.8     39.0       66.6        241.4         98.7       59.6       11.2     72.0

Operating costs (dollar per tonne)
  
– underground             March 2016         120       165            -            -        -          -          100           91        119        159       86
                       December 2015         112       142            -            -        -          -           96          104        113        123       90
                          March 2015         123       235            -            -        -          -          100           80        117        173       90

– surface                 March 2016          27         -           29           25       42         18           37           37          -         84        -
                       December 2015          27         3           28           24       42         21           40           40          -          -        -
                          March 2015          27         -           29           25       44         21           30           30          -          -        -

– total                   March 2016          40       108           29           25       42         18           71           43        119        155       86
                       December 2015          41       111           28           24       42         21           73           48        113        123       90
                          March 2015          44       207           29           25       44         21           73           47        117        173       90

# March 2016 quarter includes 400 ounces at St Ives, from rinsing inventory at the heap leach operations.

Administration and corporate information

Corporate Secretary
Lucy Mokoka
Tel: +27 11 562 9719
Fax: +27 562 9829
e-mail: lucy.mokoka@goldfields.co.za

Registered office
JOHANNESBURG
Gold Fields Limited
150 Helen Road
Sandown
Sandton
2196

Postnet Suite 252
Private Bag X30500
Houghton
2041
Tel: +27 11 562 9700
Fax: +27 11 562 9829

Office of the United Kingdom secretaries
LONDON
St James’s Corporate Services Limited
Suite 31, Second Floor
107 Cheapside
London
EC2V 6DN
United Kingdom
Tel: +44 20 7796 8644
Fax: +44 20 7796 8645

American depository receipts transfer agent
Bank of New York Mellon
BNY Mellon Shareowner Services
P O Box 358516
Pittsburgh, PA15252-8516
US toll-free telephone: +1 888 269 2377
Tel: +1 201 680 6825
e-mail: shrrelations@bnymellon.com

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

Listings
JSE / NYSE: GFI
SWX: GOLI

Investor enquiries
Avishkar Nagaser
Tel: +27 11 562 9775
Mobile: +27 82 312 8692
e-mail: avishkar.nagaser@goldfields.co.za

Media enquiries
Sven Lunsche
Tel: +27 11 562 9763
Mobile: +27 83 260 9279
e-mail: sven.lunsche@goldfields.co.za

Transfer secretaries
SOUTH AFRICA
Computershare Investor Services (Proprietary) Limited
Ground Floor
70 Marshall Street
Johannesburg
2001
P O Box 61051
Marshalltown
2107
Tel: +27 11 370 5000
Fax: +27 11 688 5248

UNITED KINGDOM
Capita Asset Services
The Registry
34 Beckenham Road
Beckenham
Kent BR3 4TU
England
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
Fax: +44 20 8658 3430
e-mail: ssd@capitaregistrars.com

Sponsor
J.P. Morgan Equities South Africa (Pty) Ltd

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° S P Reidˆ

* British # Ghanaian ? > Canadian ˆ Australian
° Independent Director ^ Non-independent Director

Website
www.goldfields.com

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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