LEVERAGE TO THE GOLD PRICE - 2010 Global Metals & Mining Conference Hollywood, Florida 1 - 3 March 2010

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LEVERAGE TO THE
   GOLD PRICE

          Gold Fields Limited
          BMO Capital Markets
2010 Global Metals & Mining Conference
          Hollywood, Florida
           1 – 3 March 2010
2

INTRODUCTION                          Forward Looking Statements

Certain statements in this document constitute “forward looking statements” within the meaning of
Section 27A of the US Securities Act of 1933 and Section 21E of the US Securities Exchange Act of
1934.
1934

Such forward looking statements involve known and unknown risks, uncertainties and other
important factors that could cause the actual results, performance or achievements of the company
to be materially different from the future results,
                                           results performance or achievements expressed or implied
by such forward looking statements. Such risks, uncertainties and other important factors include
among others: economic, business and political conditions in South Africa, Ghana, Australia, Peru
and elsewhere; the ability to achieve anticipated efficiencies and other cost savings in connection
with past and future acquisitions,
                       acquisitions exploration and development activities; decreases in the market
price of gold and/or copper; hazards associated with underground and surface gold mining; labour
disruptions; availability terms and deployment of capital or credit; changes in government
regulations, particularly environmental regulations; and new legislation affecting mining and
mineral rights; changes in exchange rates; currency devaluations; inflation and other macro-
economic factors, industrial action, temporary stoppages of mines for safety reasons; and the
impact of the AIDS crisis in South Africa. These forward looking statements speak only as of the
date of this document.

The company 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 document or to reflect
the occurrence of unanticipated events.

                  FORWARD LOOKING STATEMENTS
3

INTRODUCTION             Our Value Proposition

 Gold Fields offers…..

 No hedging

 81 Moz of reserves

 Rising production outlook

 B
 Brownfields
      fi ld growth
                th opportunities
                        t iti att mostt off its
                                            it assets
                                                   t

 Exploration portfolio maturing rapidly

 Leverage to the gold price

               GENERATING FREE CASH FLOW
4

INTRODUCTION                   Our Value Proposition

                    2009 TRAILING EV/EBITDA
 18
 16
 14
 12
 10
   8
   6
   4
   2
   0
             AU              ABX       NEM        GFI

 Source: BMO Nesbitt Burns

                             UPSIDE POTENTIAL
5

INTRODUCTION       Our Vision

        To Be The
     Global Leader In
     Sustainable Gold
          Mining
       A SIMPLE YET COMPELLING PROPOSITION
6

INTRODUCTION                                Our Strategy

                                                      Free Cash
                                                      F    C h Flow
                                                                 Fl
                                                       Notional Cash
                                                        E
                                                        Expenditure*
                                                             dit    *
                 Sweat Our Assets

         Grow Gold Fields

    Secure Our Future

 * NCE = Notional Cash Expenditure – Total Cash Cost plus all capital

 Cost transparency – “all in costs” the only measure

             THE TRUE MEASURE OF FREE CASH FLOW
7

INTRODUCTION                 Our Strategy

              International Diversification

        F2010 Production               Production Split
             Split*                    Target – 5 Years

            42%                                   40%
                  58%                       60%

            South Africa                    South Africa
            International                   International

 * F2010 YTD annualised
International growth from a strong South Africa base

                        FOCUSED ON DISCOVERY
8

INTRODUCTION                           Our Strategy

                            Grow Gold Fields
            Five-Year Target
                                                    1) Deliver existing assets

                  West Africa
                   ~1 moz

                                                    2) Grow existing assets

  South America     South Africa      Australasia   3) Exploration Success
     ~1 moz        ~2.2 to ~2.5 moz     ~1 moz

No M&A heroics

        DELIVER GROWTH ON A “PER SHARE” BASIS
9

OUR STRATEGY                                                      Generating Free Cash Flow

     US$/oz                                    Cost Analysis                                             Koz
        1 200
        1,200                                                                                            920
        1,100
                                                                                                         900
        1,000                                                                                                        Free Cash Flow
                                                                                                         880
          900
          800                                                                                            860
                                                                                                                 163
                                                                                                                     Investment
          700
                                                                                                         840
          600
                                                                                                         820
          500                                                                 112
          400                                                                                            800
          300                                                                                                        Total Cash Costs
                                                                                                         780
          200
                                                                                                         760
                                                                                                          60
          100
            -                                                                                            740
                      Q1 F2009

                                    Q2 F2009

                                                    Q3 F2009

                                                                   Q4 F2009

                                                                              Q1 F2010

                                                                                              Q2 F2010
                                               20

                                 Production                    Gold price                Cash costs            NCE
 *   NCE = Operating costs plus all CAPEX
Maintaining the margin despite inward investment

     CAPTURING THE BENEFIT OF THE RISING GOLD PRICE
10

OUR STRATEGY                                    Leverage to The Gold Price

                                            Q2 F2010 RESULTS*

 Gold production                                    Steady at 900koz

 Gold price                                         Up 14% to US$1,096/oz
                                                                         163
 Total cash cost                                    Up 5% to US$613/oz

 NCE                                                Up112
                                                       3% to US$900/oz

 Operating profit                                   Up 30% to US$463 million

 Operating margin                                   Up 13% to 43%
                                     20
 Net earnings                                       Up 45% to US$187 million
 *Changes relative to Q1 F2010 Results
 *   NCE = Operating costs plus all CAPEX
A high dividend payer!

                           STRONG FINANCIAL PERFORMANCE
11

DELIVER EXISTING ASSETS   Achievements over past year

 Significant safety improvements in South Africa

 South Deep production increased by 60%

 Beatrix turned around

 Cerro Corona production increased by 50%

 Tarkwa CIL expansion completed and delivering
 Brownfields expansion opportunities identified
 and pursued
 Significant achievements over past year!

          BUILDING A SOLID PRODUCTION BASE
12

GROW EXISTING ASSETS                                            South Deep Gold Mine
                                Gold Production                                                     Development
                          80                                                            3,000

                          70
                                                                                        2,500

                          60
                                                                                                               196
                    oz)

                                                                                                                  163
 Gold Prroduction (ko

                                                                     Development (m))
                                                                                        2,000
                          50                                                               163

                          40                                                            1,500
                                                          112                           112
                          30
                                                                                        1,000

                          20

                                      20                                                 500
                          10

                                                 20
                          0                                                                0
                                Q1    Q2    Q3    Q4    Q1    Q2                                 Q1    Q2    Q3    Q4    Q1    Q2
                               F2009 F2009 F2009 F2009 F2010 F2010                              F2009 F2009 F2009 F2009 F2010 F2010

 On track for 300 Koz in F2010

                               ARGUABLY THE BEST ORE BODY IN THE WORLD
13

GROW EXISTING ASSETS                          South Deep Gold Mine

                      Capital Programme: F2010 to F2014
                                                         Year
            Item
                                 F2010         F2011     F2012     F2013     F2014
 94 Level Refrigeration
 Plant No 2
 Twin Vent Shaft
 (Completion for rock
 hoisting)
 Tailings Storage Facility
 Plant Expansion to
 330ktpm or above
 New Mine Development
 Phase 1
 Total Capital (All
                                R1,770m       R1,875m   R2,079m   R1,484m   R1,198m
 projects)
 Note: Capital estimates in July 2009 money

 Vent Shaft deepening starts in March 2010

         30 MOZ OF RESERVES, 78 MOZ OF RESOURCES
14

GROW EXISTING ASSETS                           South Deep Gold Mine
                         Base Case Production and Cost Profile
  Koz                                                                               US$/oz
  900                                                                                1,800
  800                                                                                1,600
  700                                                                                1,400
  600                                                                                1,200
  500                                                                                1,000
  400                                                                                800
  300                                                                                600
  200                                                                                400
  100                                                                                200
     0                                                                               0
           F2010         F2011         F2012     F2013    F2014    F2015    F2016
            Gold Production (koz)              Operating Costs (US$/oz)    NCE (US$/oz
 N t : Excludes
 Notes E l d VCR VCR.
       Further optimisation in progress.
       Exchange rate R7.50 : US$1.00.

 Build-up on track

         RUN RATE OF ~750 TO 800 KOZ – DECEMBER 2014
15

GROW EXISTING ASSETS                                       South Deep Gold Mine
                                                     South Shaft Opportunity
                                                                                                             Colour Coding:
                                                                                                                          Red Up Cast.
                                                                                                                          GreenDown Cast
                                                                                                                          Gold Rock Handling Capacity
                                                                                  Twins          Twins
                                     South Shaft                             Ventilation Shaft Main Shaft
                                                           1 4km
                                                           1.4km                                              M t ll
                                                                                                              Metallurgical
                                                                                                                       i l Plant
                                                                                                                            Pl t

            SV 1                            SV 2    SV 3
                                                                                                              196
  50 Lvl                                                                                                    51 L
                                                                                                               Lvll   163
                                                                              163
                    Rock Capacity 120ktpm                    Rock Capacity 195ktpm                  Rock Capacity 175ktpm

  70 Lvl
                                                   112                   112
           Initial mining   71 Lvl
            to focus on
             78 Level –     78 Lvl
            east Shaft
             Complex                                                                                        84 Lvl
                   20
                                90 Lvl                                                                      90 Lvl

                                     20
                                95 Lvl
                                                                                                            95 Lvl

 Will Increase base case hoisting                                                                           100 Lvl
                                                                                                            105 Lvl
 capacity from 330 to 450 Ktpm
                                                                                                            110 Lvl
                                                               Deepened Section
                                                                                                            110a Pump

 Creating upside potential

      REVIEWING PLANT EXPANSION BEYOND 330 KTPM
16

GROW EXISTING ASSETS                                St Ives Gold Mine

  Poseidon North

                                                                  Blue Lode
                   A1                                                                Athena Mine
 Pollux                          Zeus                                                Production
                                                                                        196     June 2011
                        Apollo          Did
                                        Dido
                                                                    Clifton               163
                                               Athena   Hamlet      163
                                                                                     Hamlet Mine
                                                                  Yorick             Construction June 2010
                   Argo                    112                    112
                                                                           Macbeth   Ramp-up in exploration
                                                                                     drilling
                                          Diana
                                                        Scallop

                                                                                     Grades
                                           CN6                                       Athena: 5.56 g/t
                                                                                     Diana OP: 3.10 g/t
                                                                                     Hamlet OP: 3.50 g/t
          F2010 Drill Targets
                                                                                     Apollo OP: 2.24
                                                                                                2 24 g/t

 Potential to be a four million ounce camp

     MOST SIGNIFICANT NEW DISCOVERY IN AUSTRALIA
17

GROW EXISTING ASSETS                          Agnew Gold Mine
                                           KIM AND MAIN LODES
               North                                       South

                                                                               196
                                                                             163
                                                          163 Deep drilling to 1,400m
 Kim Lode
 4m @ > 5g/t                                       -850m
                               Current Development Level
                                                               below surface at Kim
                               Existing Reserve/Resource
 Zone with
 Bulk                            112              -1000m
                                                        112
 Mining
 Potential
                                  Kim S Extension Project
 Drillhole
 Completed
                                                           -1400m
 Drillhole
 Planned
                  20
 Projected
 Kim Lode                                                           Drilling moving to Main
 Extension             20                                  -1850m

                        Projected Intersection of Kim
                        Lode with Barrick Tenement

 Targeting a 1 Moz reserve by June 2010

             CIRCA 2 MOZ RESOURCE FROM UNDERGROUND
18

GROW EXISTING ASSETS                 Damang Gold Mine
                                    DAMANG “SUPER PIT”
            Huni                     DPCB                           Juno

                                                               1
                Huni Gap                                       9 1 Juno
               Information                   1                 6 6 Information
               constrained                   6                   3constrained
                                             3
                              112           112   Widths (m)               Au g/t
                                                     66                     3.2
                                     DPCB
                                                     81                     1.1
             20                                      12                     60
                                                                            6.0
     Huni                                            30                     1.5
                         20
                                                     22                     1.4
                   Huni Gap                          11                     2.3
 N                                     S
                                                      4                     5.0

 Targeting a 2 Moz reserve by June 2010

TURNING DAMANG INTO A HIGHER GRADE LONG LIFE MINE
19

GROW EXISTING ASSETS           Cerro Corona Mine
               Reviewing Expansion Opportunities

   Oxide Stockpile Treatment            Resource Conversion
                                    Resources         8.1 Moz Aueq
 Total LOM oxides of 7.5 million    Reserves          5.5 Moz Aueq
 tons at 1
         1.37
           37 g/t (~300 Koz Aueq)      Expansion & life extension
                                            opportunities

 Feasibility studies underway

            INCREMENTAL PRODUCTION GROWTH
20

ADVANCED EXPLORATION               Yanfolila Project, Mali

                                                    196
                                                      163
                                           163

                             112         112

          Sadiola   YANFOLILA CAMP
         20                            Essakane
           Loulo
                    20   Morila
         Siguiri
                              Syama

Mining friendly environment, good infrastructure

                          ELEPHANT COUNTRY
21

ADVANCED EXPLORATION             Yanfolila Project, Mali
                                 YANFOLILA CAMP

                                   Glencar acquisition
                                             q         successfully
                                                                  y
                                   concluded

                                   Consolidation of ground
                                                        196 holdings
                                                          163
                                   continues
                                         163 with additional 500 km²

  Bagama
             Bokoro
                           112
                                   Komana
                                       112 infill drilling progressing
                                   rapidly
    Kobada

    Komana                         Initial drill testing completed over
             20                    Bokoro
                                     o o o tatarget
                                                 get

                      20
                                   Regional exploration program in
                                   progress

Consolidation of extensive land position

                  A RAPIDLY EMERGING GOLD CAMP
22

ADVANCED EXPLORATION           Yanfolila Project, Mali
 Komana East                   KOMANA DEPOSIT

                                            6,050 meters drilled at
                                            Komana 196
                                                    East and West
                                                      163
                                      163
                                            60% of assay results
                         112        112     received for Komana East

                                            Visible gold in 2 holes at
                                            Komana West
               20

                    20

Near surface mineralisation – free dig potential

        INTERIM SCOPING STUDY BY DECEMBER 2010
23

ADVANCED EXPLORATION        Yanfolila Project, Mali
                 YANFOLILA CAMP – REGIONAL TARGETS

                                   Bokoro : 23m @ 2.27g/t from 62m

                                                196
                                                  163
                                   163

                      112        112Faliko: 24m @ 1.14g/t
                                                      g from 8m

        Komana
         20

                 20
                                   Badogo: 8m @ 2.6g/t from 6m

Regional drilling underway

          RESULTS CONFIRMING CAMP SCALE
24

ADVANCED EXPLORATION   Chucapaca Project, Peru

                                             Cerro Corona

                  Chucapaca

                                      196
                                        163

                                       Chucapaca
                                      CHUCAPACA

                                            MINING CONCESSIONS
                                             Canteras del Hallazgo – 12,700Ha
                                             Gold Fields - 94,100Ha
                                             Buenaventura – 18,400Ha

                                             Aruntani

                                            SYMBOLOGY
                                                    Main Road
                                                    Back Road
                                                    Dirt Road

Joint Venture: GFI 51% and operator, BVN 49%

      EXTENSIVE LAND POSITION CONSOLIDATED
25

ADVANCED EXPLORATION                 Chucapaca Project, Peru

                Canahuire

                                                  Canahuire target:
                                                   Initial resource – June 2010
                                                   1 km strike length;
                                                   Robust mineralisation;
                                                                     196
                             Cerro Chucapaca       Open to the west and163at depth
                                                 163

                              112               112
    Katrina

              20                                  Satellite targets:
    Katrina South                                     Initial drilling commenced
                        20                GF

                                          BVN

A camp scale opportunity emerging

                    THE NEXT MINE IN SOUTH AMERICA
26

ADVANCED EXPLORATION                          Chucapaca Project, Peru
                                              CANAHUIRI TARGET

                                                             CP09-58
    CCP09-63                    CCP09 59
                                CCP09-59
                                                        198 9 @ 1
                                                        198.9m  1.22g/t
                                                                  22 /t A
                                                                        Au
 40m @ 7.84g/t Au            92m @ 2.08g/t Au

                                                                         196
                                                                             163
                                                       163

                                      112           112

     CCP09-60
         8 55g/t Au20
127 4m @ 8.55g/t
127.4m
       uncut
                             20
                             CCP09-61                 CCP09-52
                        12.86m @ 6.95g/t Au       72.2m @ 6.94g/t Au

  Interim scoping study by June 2010

                 DRILL RESULTS GETTING EVEN BETTER
27

CONCLUSIONS

Rising production trend

Significant leverage to the gold price

St
Strong balance
       b l     sheet
                h t

South Deep gaining momentum
Significant
Si  ifi   t brownfields
            b    fi ld and
                         d greenfields
                                fi ld
 growth opportunities
 g        pp
        THE BEST VALUE IN THE GOLD SECTOR
LEVERAGE TO THE
   GOLD PRICE
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