Gold Fields Limited (GFI) 20-F2019 FY Annual report (foreign)

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Delivering value for a sustainable future

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Delivering value for a sustainable future Gold Fields is a globally diversified gold producer with nine operating mines in Australia, Peru, South Africa and West Africa (including the Asanko JV), as well as one project in Chile. We have total attributable annual gold-equivalent production of 2.2Moz and attributable gold-equivalent Mineral Reserves of 51.3Moz. Our shares are listed on the Johannesburg Stock Exchange (JSE) and our American depositary shares trade on the New York Stock Exchange (NYSE). The cover photo of our 2019 Integrated Annual Report (IAR) shows the first three gold doré bars poured at our Gruyere mine on 30 June 2019. The pouring of the gold bars signalled the commencement of production at Gruyere, a 50/50 joint venture with ASX-listed Gold Road Resources. By end-December 2019, the mine was running at full capacity. OUR BUSINESS In this section, we provide an overview Where Gold Fields operates 04 of our portfolio of operations, our NAVIGATING OUR IAR 12 business model and how we created - Our business model 06 value for our stakeholders during the Our stakeholders year. We also explain the Group and 01 Value creation for our stakeholders 08 regional risks arising from the operating Risks and materiality 10 environment. Government Workforce This section includes the vision of the GOVERNANCE Vision of the Chairperson 16 Chairperson, which provides an overview 37 - of Gold Fields’ performance during 2019. Our Board of Directors 18 It also introduces our Board of Directors, Business Capital providers Communities 13 Summarised corporate governance 21 and summarises how corporate governance adds value to our business. A Identifies information that has been assured CEO REPORT The CEO Report provides a detailed Further information available online account of our 2019 performance Introduction and overview 26 against the backdrop of our operating Further reading within this report Our operating environment 28 environment. We summarise the 00 performance of our CEO against his Our 2019 performance 30 scorecard, and explain our Group 2020 60 CEO 2019 BSC 35 strategy. The CEO also discusses the linkedin.com/company/gold-fields - Group 2020 BSC 36 material matters impacting our key 38 Performance against material matters stakeholders – our shareholders, our business.facebook.com/GoldFieldsLTD employees, our communities and Our shareholders 38 governments, as well as our impact Our employees 58 on the environment. @GoldFields_LTD The environment 66 Our communities and governments 75 instagram.com/goldfields_ltd/ ASSURANCE Internal and external assurance is Send us your feedback provided over selected sustainability We value your feedback. To ensure that we report on issues First Party: Internal Audit statement 89 data included in the IAR. Our that matter to our stakeholders, please provide any feedback 00 Independent Assurance Reports to the independent auditor’s report, which 90 and questions to investors@goldfields.com or - Directors of Gold Fields provides assurance on our sustainability@goldfields.com, or visit 00 Key sustainability performance data 92 consolidated financial statements, www.goldfields.com to download the feedback form. Administration and corporate IBC is included in our Annual Financial information Report FORWARD-LOOKING STATEMENTS This IAR contains forward-looking statements within the meaning of section 27A of the U.S. Securities Act of 1933 (the Securities Act) and section 21E of the U.S. Securities Exchange Act of 1934 (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. Such forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes”, “estimates”, “plans”, “anticipates”, “aims”, “continues”, “expects”, “hopes”, “may”, “will”, “would” or “could” or, in each case, their negative or other various or comparable terminology. 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 IAR, are necessarily estimates refiecting the best judgement 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 IAR. Gold Fields undertakes no obligation to update publicly or release any revisions to these forward-looking statements to refiect events or circumstances after the date of this report or to refiect the occurrence of unanticipated events.

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Gold Fields IR 2019_Proof 15 – 27 March 2020 Gold Fields Integrated 2019 Annual Report ABOUT THIS REPORT ABOUT THIS REPORT OUR REPORT’S STAKEHOLDER FOCUS The aim of our integrated reporting is to enable our stakeholders, including investors, to make a more informed assessment of the value of Gold Fields as well as its long-term prospects. By structuring the Gold Fields’ 2019 IAR around what we believe are the material matters facing the Group (p14), we seek to articulate how we unlock value for stakeholders and how we strive to mitigate the adverse impacts of mining. Gold Fields’ IAR was compiled to comply with the GRI Standards: Core option and the International Integrated Reporting Council’s (IIRC’s) Reporting Framework (IIRC <IR> Framework). We embrace integrated thinking, and therefore take an integrated approach to value creation. We also reference a broad range of additional codes, frameworks and standards, including the King IV Report on Corporate Governance for South Africa 2016 (King IV). The full list can be found on p03 in our Annual Financial Report (AFR). On occasion we use non-International Financial Reporting Standards (IFRS) measures in the IAR. These have been defined in the management’s discussion and analysis of the financial statement section of the AFR (p66 – 126). Given our commitment to sustainable development, we believe Gold Fields also makes an important and lasting contribution towards the United Nations’ Sustainable Development Goals (SDGs). To this end, we seek to collaborate with partners to enable lasting social and economic progress that supports an end to poverty, protects the planet and ensures growth in prosperity. Details of our commitment to the relevant SDGs can be found on our website www.goldfields.com/sustainability. ICMM AND GRI COMPLIANCE • Gold Fields’ performance across a selection of identified The IAR forms part of our adherence to the Global Reporting material sustainable development risks and opportunities Initiative (GRI) Standards and the reporting requirements We consider that this IAR, together with additional of the International Council on Mining & Metals (ICMM) documents available on our website, complies with the Sustainable Development Framework. Our self-assessment requirements of the GRI Standards. of adherence with the ICMM Principles and Position Statements is presented online. We also align with the Disclosures in accordance with the GRI Standards can be accessed at 10 Principles of the United Nations Global Compact. www.goldfields.com>sustainability Gold Fields complies with the ICMM Sustainable ASSURANCE Development Framework, Principles, Position Statements ERM Southern Africa (ERM) provided independent reasonable assurance over and Reporting Requirements (see p90 – 91 for the assurance selected sustainability information in this report, which is prepared in accordance hereof). Compliance with the ICMM is addressed throughout with the GRI Standards: Core option. As a member of the ICMM, we are committed to this report and on our website. This detail covers: obtaining assurance in line with the ICMM Sustainable Development Framework: Assurance Procedure. ERM has provided assurance over our statement on • The alignment of sustainable development policies against compliance with the ICMM Sustainable Development Framework, Principles and the ICMM 10 principles and mandatory position statements Reporting Requirements. The key sustainability performance data assured by ERM in 2019 can be found on p90 – 96. • The process for identifying specific sustainable development risks and opportunities During the Assurance process, ERM provided observations on Gold Fields’ processes (see p91 and p93). Gold Fields has either implemented or is in the process of • The existence and implementation of systems and addressing these observations. approaches for managing sustainable development risks and opportunities THE 2019 IAR SUITE Our 2019 IAR suite comprises the following reports: Integrated Annual Report Climate Change Report 2019 Our primary report and details of the Group’s value creation Our Climate Change Report in alignment with the story over the short, medium and long term recommendations of the Task Force on Climate-related Our online IAR portal, which can be accessed at Financial Disclosures (TCFD) www.goldfields.com/integrated-annual-reports.php Annual Financial Report GRI Content Index 2019 AFR, including the Governance Report: Our full The IAR is compiled to comply with the GRI Standards: Corporate Governance Report, Board and Board committee Core option reports, Directors’ Report, Remuneration Report and our Annual Financial Statements, fulfilling our statutory financial reporting requirements Mineral Resources and Mineral Notice of Annual General Meeting (AGM) Reserves Supplement The resolutions to be tabled to shareholders at our Detailed technical and operational information on our mines Annual General Meeting and growth projects The Notice of AGM will be posted to shareholders by end-April 2020

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Gold Fields Integrated 2019 Annual Report ABOUT THIS REPORT continued OUR REPORT SCOPE AND BOUNDARY This IAR provides an overview of our nine operations (including our Asanko JV) in Peru, Australia, South Africa and West Africa and one project in Chile for the financial year 1 January 2019 to 31 December 2019. Any material events after 31 December 2019 and up to Board approval date of 30 March 2020 have also been included. Details on the exact locations of our operations and project can be found on p04 – 05. The term “attributable” relating to production and Mineral Reserves and Resources refers to 100% of our mines and projects as well as Damang (90%), Tarkwa (90%), Gruyere (50%), Asanko (45%) and Far Southeast (40%). The exception is attributable Mineral Reserves and Resources at South Deep (91%). The term “managed” relating to production and Mineral Reserves and Resources refers to 100% of our mines and projects, as well as Gruyere (50%), Asanko (50%) and Far Southeast (40%). The net debt:EBITDA ratios mentioned in the IAR refer to adjusted EBITDA, while all Group and mineAll-in sustaining costs (AISC) have been presented in terms of the original interpretation.Non-financial data for 2019 only covers our eight operating mines, including Gruyere from 1 May onwards, but excludes ournon-managed Asanko JV and the Salares Norte project. Where relevant, data from Darlot (which was sold in 2017) is included for the period January to October 2017. Average exchange rates for 2019 of R14.46/US$1 and US$0.70/A$1 (2018: R13.20/US$1 and US$0.75/A$1; 2017: R13.33/US$1 and US$0.77/A$1) have been used in this report. For 2020, we used forecast exchange rates of R14.50/US$1 and US$0.69/A$1. REPORTING BOUNDARY FOR THE IAR Financial Reporting Boundary JOINT VENTURES SUBSIDIARIES INVESTMENTS Risks – Opportunities – Outcomes in terms of the IIRC <IR> Framework Government Workforce Business Capital Providers Communities Partners, suppliers, contractors BOARD APPROVAL The Gold Fields Board of Directors acknowledges its responsibility to ensure the integrity of this IAR and has applied its collective mind throughout the preparation of this report. The Board considers that this IAR complies in all material respects with the relevant statutory requirements of the various regulations governing disclosure and reporting by Gold Fields and that the Annual Financial Statements comply in all material respects with the South African Companies Act No 71 of 2008, as amended, as well as with IFRS. As such, the Board unanimously approved the content of the 2019 IAR, including the 2019 AFR, and authorised its release on 30 March 2020. Cheryl Carolus

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Our business THE GOLD FIELDS VISION Our Vision is to be the global leader in sustainable gold mining THE GOLD FIELDS VALUES In pursuit of our vision, we operate through a set of values that encompass who we are, what we do and how we work. SAFETY INTEGRITY RESPECT DELIVERY INNOVATION RESPONSIBILITY If we cannot mine safely, We act with honesty, We treat all stakeholders We strive for excellence We encourage We responsibly manage we will not mine fairness and with trust, dignity and and do what we say we innovation and an our impact on the transparency respect will do entrepreneurial spirit environment and host communities Where Gold Fields operates p04 Our business model p06 Value creation for our stakeholders p08 Risks and materiality p10 Access roads to our pit at the Cerro Corona mine in Peru

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Gold Fields Integrated 2019 Annual Report WHERE GOLD FIELDS OPERATES Ghana Peru Chile GROUP OVERVIEW AMERICAS Gold Fields is a globally diversified gold producer Mines Nine mines in Peru, South Mine Cerro Corona in Peru – Africa, Australia and Ghana (incl. copper, gold – open pit mine operating nine 45% of Asanko) Project Salares Norte in Chile – mines in Australia, Project One project in Chile gold, silver deposit Safety (TRIFR) (one fatality) Ghana, Peru and 2.19 Safety 1.26 (TRIFR) 5,655 Workforce Workforce South Africa as employees and 12,001 545 employees and 2,862 well as one project contractors contractors Managed 2,195 production (koz) Managed production (koz) in Chile, 293 All-in costs (AIC) (US$/eq-oz) AIC (US$/eq-oz) with total attributable annual 1,064 810 gold-equivalent production of Net cash-flow (US$m)1 1 2.20Moz. Net cash-flow (US$m) 249 86 Gold-eq Mineral Reserves (Moz) 55.20 Gold 5.03 Mineral Reserves (Moz) Read more on p47 Read more on p48

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Gold Fields Integrated Annual Report 2019 05 OUR BUSINESSMines St Ives, Granny Smith, Agnew and Gruyere (50/50 JV) – open pit and underground mines Safety (TRIFR) 6.50 Workforce 1,657 employees and 1,265 contractors Managed production (koz) 914 AIC (US$/oz) 986 Net cash-flow (US$m)1 206 Gold Mineral Reserves (Moz) 6.93 AUSTRALIA Mines Tarkwa, Damang and Asanko Gold (50/50 JV) in Ghana – open pit mines Safety (TRIFR)2 0.57 Workforce2 1,046 employees and 6,198 contractors Managed production (koz)3 840 AIC (US$/oz)3 1,039 Net cash-flow (US$m)1,2 245 Gold Mineral Reserves (Moz)4 8.43 WEST AFRICA Contribution to Group managed production Read more on p50 Mines South Deep – underground mine Safety (TRIFR) (one fatality) 3.12 Workforce 2,310 employees and 1,674 contractors Managed production (koz) 222 AIC (US$/oz) 1,259 Net cash-flow (US$m)1 15 Gold Mineral Reserves (Moz) 32.82 Read more on p48 SOUTH AFRICA Read more on p49 1 Net cash-flow from operating activities less net capital expenditure, environmental payments, lease payment and redemption of Asanko preference shares. For 2019 Gold Fields Group net cash-flow excludes Gruyere project capital expenditure of US$67m and Damang project capital expenditure of US$71m. 2 Excludes 45% of Asanko Gold. 3 Includes 45% of Asanko Gold. 4 Includes 50% of Asanko Gold. 40% 13% 10% 37%3 Americas Australia South Africa West Africa South Africa Australia

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Gold Fields Integrated 2019 Annual Report OUR BUSINESS MODEL Gold Fields has firmly positioned itself as a globally diversified gold mining company with a portfolio characterised by mechanised underground andopen-pit mines. INPUTS Human Capital Our 5,655 employees and approximately 12,000 contractors (atend-2019) provide the manpower and skills that support the delivery of our immediate and long-term strategic objectives. Natural Capital Water and energy are critical to our mining and processing activities, while access to land enables us to extract gold and copper resources. Social and Relationship Capital The quality of the relationships we have with our stakeholders, who have a substantial influence on our ability to create value, are integral to our licence to operate. Furthermore, the support from our host communities and relationships with governments are critical to our long-term sustainability. Financial Capital We depend on banks, shareholders and bond-holders to provide the financial capital we require to expand our operations, thereby ensuring our long-term sustainability. Manufactured Capital Contractors and suppliers supply the manufactured capital, including goods and services, needed for the development and sustainability of our operations. Intellectual Capital The intellectual input of our people and partners inform the development of strategies, the efficient use of machinery and the management of key business risks. We are further supported by a strong ethos of good governance, which underpins everything we do. Through an active portfolio management approach throughout the mine lifecycle, we build a strong and diversified global portfolio of mines and projects by focusing on the following elements: Acquiring or developing lower-cost (than Group average) longer life assets Disposing of higher-cost, shorter-life assets that management believes can be better served by a company that has more time and resources to commit to them Extending the life of current assets through near-mine brownfields exploration Focusing onin-country opportunities to leverage off our existing footprint, infrastructure and skill set and capitalise on the experience we have gained from operating in these jurisdictions Environmental stewardship, through which we protect and enhance relationships between our operations and communities in close proximity OUTCOMES FOR THE BUSINESS AND STAKEHOLDERS Human Capital + US and$ 395m benefits paid in salaries + US and$ 12m development spent on training – One fatal incident – Regression in TRIFR to 2.19 – 12 serious injuries Natural Capital + environmental ZeroLevel 3-5 incidents – with 22.3GL 68% water of water withdrawn, recycled – consumption 12,498TJ of energy – 1.94m emissions tonnes of CO2 – 141Mt moved of total material – 48Mt of tailings waste Deep, All mines, implemented except for at South least + 78% of their progressive rehabilitation plans Financial Capital + US$552m in mine cash-flow + US$ and 162m dividends paid in interest Decrease US$1,331m in net (2018: debt to + US$1,687m) + JSE NYSE share share price price up up 94%; 88% Total share dividend declared, of up R1.60/ 4x from + 2018 + US$ closure 436m liabilities in gross mining

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Gold Fields Integrated 2019 OUR BUSINESS Annual Report â–¼ EXPLORATION MINE CLOSURE DEVELOPMENT Gold Fields manages its business with the aim of continually improving the quality of its portfolio and, ultimately its cash-flow generation MINING PROCESSING OUTPUTS + 2,195Moz of attributablegold-eq production (p47) + 31.2kt attributable copper produced (p48) – 141Mt mining waste (p73) – 1.94Mt CO-e emissions (p69) 2 – 48Mt of tailings waste (p72) + Positive outcomes – Negative outcomes Social and Relationship Capital + US our$ host 22m communities invested in projects that benefit + host Employment communities for 9,269 (55% members of total workforce) of our US enterprises $635m spent (34% on of total host procurement community + costs) + 20% of our workforce are women + US and$ 254m royalties paid to governments in taxes – 77 from community 127 in 2018) grievances (improvement Manufactured Capital + Nine (including operating our Asanko mines JV) progressed Salares Norte to insuccessful Chile + construction decision near-mine Invested US exploration $86m in + (incl. Salares Norte) production Gruyere attained at the commercial end of + September 2019 + Damang in Ghana Reinvestment nearing completion project Intellectual Capital + Renewable and Granny energy Smith introduced at Agnew + Drones to conduct deployed remote at surveying Tarkwa and Damang Granny improved Smith, their people South Deep and equipment and St Ives + tracking systems Continued South Africa’s investment largest bulk, in South mechanised, Deep, + underground gold mine + Fibre certain networks operations installed underground in

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Our aim of delivering on our strategy is informed by our drive to create value for our stakeholders. VALUE CREATION FOR OUR STAKEHOLDERS EMPLOYEES PAYMENTS INCLUDE Salaries and wages, benefits and bonuses. US$395m paid in salaries and benefits 55% host community employment VALUE CREATED Competitive salaries with a strong performance-based component Improved business processes, operational efficiencies and productivity Modern working practices, such as flexible work options COMMUNITIES VALUE CREATED Jobs and supply opportunities through host community procurement Maximise local opportunities through host community employment Building skills base in the community through education and bursaries Invest in the community across services, including health and education, enterprise development and infrastructure PAYMENTS INCLUDE Socio-economic development (SED) spending. US$22m in terms of SED investment US$27m Damang-Tarkwa road completed, our largest community investment project to date TOTAL AND NATIONAL VALUE DISTRIBUTION National value distribution by region and type 2019 (US$m) Government Business Employees Socioeconomic spend Capital providers National value distribution Americas 60 182 42 6 5 295 Australia 80 758 133 1 12 984 South Africa 21 187 92 22 7 290 West Africa 109 614 68 13 5 810 Corporate 2 3 60 0 133 198 Total Gold Fields 254 1,744 395 22 162 2,577 1 South Deep does not yet pay income tax as it is in a loss-making position 2 This includes spending from the South Deep trusts and SLP commitments Americas Australia South Africa West Africa 59% 9% 27% 5% Value distribution per region Americas Australia South Africa West Africa Corporate 15% 17% 23% 11% 34% Value distribution per region Gold Fields Integrated Annual Report 2019 08 Gold Fields IR 2019 Pro of 15 – 27 March 2020

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GOVERNMENTS VALUE CREATED Over 96% of the value created remains in the countries of operation Royalty payments target infrastructure improvements in mining areas PAYMENTS INCLUDE Mining royalties andland-use payments, taxes, duties and levies. US$254m paid in taxes and royalties BUSINESS PAYMENTS INCLUDE Operational and capital procurement. VALUE CREATED 96% of total procurement spend is from businesses based in our operating countries US$635m of total procurement spend by our mines – 34% of total – was spent on suppliers and contractors from our host communities All suppliers and contractors are included in Gold Fields’ health and safety management systems US$1.74bn paid to suppliers and contractors 34% of mine operational and capital spend (excluding utilities) is with host community firms CAPITAL PROVIDERS VALUE CREATED Funding the development, maintenance and growth of our operations and overall business to ensure the sustainability of Gold Fields Share price improvements offering a return on capital invested PAYMENTS INCLUDE Interest and dividend payments. US$162m to the providers of debt and equity capital US$356m reduction in net debt US$2m paid to the Ghana government in dividends relating to its 10% stake in each of Damang and Tarkwa Americas Australia South Africa West Africa Corporate 3% 84% 3% 8% 2% Value distribution per region Americas Australia South Africa West Africa Corporate 3% 42% 1% 23% 31% Value distribution per region Americas Australia South Africa West Africa Corporate 1% 35% 11% 43% 10% Value distribution per region Gold Fields Integrated Annual Report 2019 09 OUR BUSINESS Gold Fields IR 2019 Pro of 15 – 27 March 2020

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RISKS AND MATERIALITY A sustained lower gold price, and currency exchange rate volatility MITIGATING ACTIONS Business restructuring and modernisation strategies to improve safety, efficiencies and costs Business plans implemented and monitored through regular cost, capital and production reviews Ongoing portfolio optimisation to support cash generation Gold and copper production hedging in various regions 1 GOLD/FOREX South Deep – sustainability of improvements made during the year, and further increases in production to underpin profitability MITIGATING ACTIONS Productivity initiatives gaining traction and improving performance metrics People initiatives are improving employee engagement, with more opportunities for further improvement Improved fleet performance by focusing on effective maintenance and operation of equipment Short-, medium- and long-term power security strategies in place to supplement grid power 2 SOUTH DEEP Resource nationalism/ Licence to operate – government, regulatory, social and environmental imposts MITIGATING ACTIONS Enhanced engagement and lobbying through industry bodies Implemented enhanced stakeholder engagement policies and strategies Implementing South Deep’s 2018 – 2022 Social and Labour Plan (SLP) after obtaining regulatory approval Conducted independent resource nationalism risk assessments in Ghana and Chile RESOURCE NATIONALISM 3 Replacing Resources and Reserves in Australia, Ghana and Peru MITIGATING ACTIONS Comprehensive near-mine exploration programmes yielding favourable results Bedding down successful mergers and acquisitions strategy, such as the Asanko JV in 2018 Damang Reinvestment continues ahead of plan, and Gruyere successfully commissioned inmid-2019 Salares Norte project feasibility study (FS) completed, construction approved Successful exploration activities at Tarkwa to replace depleted reserves 4 R&R Rising mining costs MITIGATING ACTIONS Mature monitoring and measuring process in place with monthly and quarterly business reviews Business and productivity improvement processes and structures at all operations Innovation and technology (I&T) and modernisation strategy Cost improvement programmes, including optimisation of labour efficiencies 5 MINING COSTS Safety and health of our employees, including occupational illnesses MITIGATING ACTIONS Established Group Safety Leadership forum Initiated Courageous Safety Leadership (CSL) programme throughout the Group during 2019 Behaviour-based safety and visible-felt leadership programmes ongoing in all regions All mines (except Gruyere) certified in terms of OHSAS 18001 or ISO 45001. Remaining mines plan to convert to ISO 45001 by March 2021 Critical safety controls independently verified by third parties in all regions 6 SAFETY Attraction and retention of skills MITIGATING ACTIONSFit-for-purpose regional and mine human resource (HR) structures to meet operational requirements HR strategy focused on developing a high-performance culture Succession planning and talent review systems in place at mine, regional and Group levels Building line leader capabilities to enable strategic and operational focus and key deliverables 7 SKILLS Security of power supply and cost of energy MITIGATING ACTIONS Implementing integrated energy and carbon management strategy Completed hybrid power solution at Agnew and added solar power at Granny Smith South Deep solar photovoltaic (PV) project advancement required for sustainable operation – engagement with SA government Achieved energy certification in terms of ISO 50001 at Cerro Corona, Tarkwa and Damang. All mines to be aligned during 2020 Commissioned dedicated gas power plants at Granny Smith, Agnew, Gruyere, Damang and Tarkwa Entered into short-term oil price hedges 8 ENERGY Failure to implement climate adaptation measures MITIGATING ACTIONS Baseline Climate Change Report 2018, aligned with the TCFD recommendations, published to improve climate disclosure Regional climate change risks assessed every five years an adaptation plans updated Evaluating feasibility for renewable energy at Salares Norte project in ChileRoll-out of renewable energy initiatives at all our mines 9 CLIMATE CHANGE HOW GOLD FIELDS MANAGES RISK The approach to assessing risk in Gold Fields is a collective effort by Group, regional and mine management of the risks facing the business. The assessments of the risks and their mitigating actions are a critical internal management tool, which reduce the identified risks significantly. Risk mitigations are included in the annual Group performance scorecard and cascaded down to the performance scorecard of management employees at regional and operational levels. The formal risk review process starts during management’s annual strategic planning sessions where strategic risks and macro-trends are analysed as part of developing the Company’s risk register and mitigating actions. These are reviewed and updated quarterly, and presented to the Board’s Risk Committee twice a year for verification. We have used this basis to publish risk tables and heat maps in our IAR for the last 10 years. In addition to these risks, Gold Fields also recognises longer-term strategic and emerging risks to the business and adjusts its strategies accordingly. The current strategic risks – under the heading “Our operating environment” – are addressed by our CEO in his report on p26 – 34. Top 20 Group risks and opportunities in 2019 Cybercrime/Loss of information and communication technologies data MITIGATING ACTIONS Achieved ISO 27001 cybersecurity certification for corporate and regional offices, as well as all mining operations, in 2019 Installed operational technology (OT) cybersecurity monitoring platform to safeguard critical infrastructure 10 CYBERCRIME Gold Fields Integrated Annual Report 2019 10 Gold Fields IR 2019 Pro of 15 – 27 March 2020

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Minimum Maximum Maximum PROBABILITY SEVERITY Underperformance of mining contractors at Tarkwa and Damang MITIGATING ACTIONS Advance capital approved to assist mining contractor with fleet replacement Notice served on principal contractor at Damang GHANA CONTRACTORS 15 Ageing infrastructure at older mines MITIGATING ACTIONS Planned maintenance and condition monitoring programmes Critical and long lead time spares inventory and maintenance of critical spares Insurance risk engineering surveys and remedial action tracking Business continuity planning included in overall enterprise risk management process 17 INFRASTRUCTURE Failure to modernise operations MITIGATING ACTIONS Real time monitoring solutions that track movement of equipment, people and production Programme in place forco-operation between original equipment manufacturers (OEMs), suppliers and ourselves Modernisation strategy implementation to work towards a Gold Fields Mine of the Future 19 TECHNOLOGY Impacts of Ezulwini closure on South Deep MITIGATING ACTIONS Detailed technical and legal arguments submitted to regulatory authority Host of safety and other measures to ensure the safety of our people and to protect our asset Maintain contact with Sibanye-Stillwater to ensure pumping measures are and remain in place Robust legal strategy to challenge court application by Sibanye-Stillwater Examining technical and commercial solutions for water usage 18 EZULWINI Tailings storage facilities’ (TSFs) failure MITIGATING ACTIONS Our TSFs aligned with and assured against the ICMM position statement Increased governance at the Company and Board level, including the appointment of anin-house TSF specialist Participation and input into the new Global TSF standard through the ICMM Accelerated dam break assessments, design compliances and updated emergency response procedures implemented 20 TSF 11 14 12 13 15 17 18 16 20 19 4 3 1 2 5 6 7 8 9 10 For how we determine our risks and materiality, seewww.goldfields.com/risk-management-and-materiality.php High level of debt MITIGATING ACTIONS Ongoing business optimisation and cash generation from operations Extensions for maturity dates on revolving credit facilities and regular engagements with credit rating agencies and financial institutions Completion of new bond offering Successful equity raise for Salares Norte project Refinancing Australian dollar debt 11 DEBT Impact on social licence to operate and host community relations MITIGATING ACTIONS Reviewing and enhancing artisanal and small-scale mining (ASM) strategy Significant enhancements to stakeholder engagement and community relations programmes Indigenous Peoples framework and strategy developed for approval and implementation in Australia Ongoing community investment and Shared Value projects in Ghana, Peru, Australia and South Africa 12 SOCIAL LICENCE Political/social risks in Chile and impact on Salares Norte MITIGATING ACTIONS Independent political and social risk assessments conducted and relevant recommendations being implemented Building relationships with local governments and business organisations in Atacama Prioritise employment of community members and local procurement of goods and services Engagement with former Chilean Economy Minister and constitutional expert to assess the potential magnitude of future constitutional changes Prepare scenarios of potential tax and royalty impacts 16 CHILE Water pollution, security and reduction in freshwater use MITIGATING ACTIONS Group water management policy and strategy updated Three-year regional water management plans developed and integrated with 2020 business plans Water recycle, reuse and conservation practices in place in all regions, with targets achieved in 2019 13 WATER Increased geotechnical risk underground and in open pits MITIGATING ACTIONS Significant changes to the support system made at South Deep, including shotcrete in thede-stress ends, meshing of the advancing face in thede-stress ends, and anchoring the breakaways Ongoing implementation of the recommendations by the Geotechnical Review Board (GRB) relating to major project and pit cutbacks Real time continuous pit wall monitoring in place as the Damang cutback is progressing Ground support upgraded for increasing depth and introduction of paste backfill at our Australian underground mines Extraction sequence and mine design reviews at open pits in Australia 14 GEOTECHNICAL New riskCOVID-19 RISK MITIGATING ACTIONCOVID-19 (Coronavirus) pandemic Adherence to country-specific regulations and protocols Crisis management team activated at Group office and crisis management protocols at all mines implemented South Deep mine on care and maintenance during South African lockdown period Comprehensive hygiene awareness campaign including all preventative measures at all offices and mines Imposition of travel ban for all company employees for business travel and self-quarantine for employees returning from international travel holidays Limiting visits by international consultants and service providers to our offices and mines Gold Fields Integrated Annual Report 2019 11 OUR BUSINESS Gold Fields IR 2019 Pro of 15 – 27 March 2020

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RISKS AND MATERIALITY continued Minimum PROBABILITY Maximum SEVERITY Maximum 2 1 3 4 5Life-of-mine extension at Cerro Corona MITIGATING ACTIONS Accelerate mining and stockpiling to facilitate earlyin-pit tailings Feasibility Study completed during 2019, which confirmed mine life until 2030Build-up of stocks to reduce risk of ore availabilityLIFE-OF-MINE 1 2 CHILE Political and social risks in Chile and potential impact on Salares Norte project 3 GOLD/COPPER Gold and copper price and exchange rate volatility 4 SOCIAL LICENCE Local social pressures, conflicts and community expectations ahead of elections in Peru 5 PERMIT DELAYS Delay in granting sectoral permits related to the modification of environmental licence MITIGATING ACTIONS Engagement with key stakeholders, particularly government and communities Engaging governments directly and indirectly through industry associations Thorough due diligence and approval process completed ahead of project Independent resource nationalism risk assessments conducted and key recommendations being implemented Latest political decision confirming new constitutional process in Chile reduced protests MITIGATING ACTIONS Sound and mature performance monitoring processes and adjustments where required Business and productivity improvement structures and processes in place Gold and foreign exchange hedges to support Salares Norte project MITIGATING ACTIONS Proactive community and stakeholder engagement Crisis management plans to address potential conflict Stringentfollow-up and feedback on all community commitments Involvement of government authorities in social projects MITIGATING ACTIONS Environmental Impact Assessment 8.8 approved in December 2019 Current 2020 business plan to be adjusted according to the current anticipated permit timetable Top five risks per region in 2019 Americas 2 OPERATIONAL DELIVERY Delivery of operational plans MITIGATING ACTIONS Annual strategic and business planning process to generate realistic mine plans Weekly, monthly and quarterly monitoring of performance and remediation if required Rescheduling production at Granny Smith and St Ives 3 SKILLS Turnover of key personnel and impact on operational performance MITIGATING ACTIONS Review and improvement of employee development programmes Flexible working arrangements to facilitate greater work-life balance Government skills import programme relaxed Quarterly talent discussions held at regional leadership level withmid-year adjustments to critical roles 4 NATIVE TITLE Native title and associated stakeholder relations MITIGATING ACTIONS Stakeholder engagement strategies and programmes in place Extend business opportunities and job placement to Indigenous people, where feasible Finalisation of a holistic strategy for Indigenous People Engagement Implementation of the approved Reconciliation Action Plan Ongoing legal strategy asback-up to engagement 5 GRUYERE Gruyere – enhance strong productionstart-up MITIGATING ACTIONS Management team bolstered for synchronisation and ramp up to nameplate production Dedicated resources allocated to ensure successful operation Business performance in line with market guidance Australia Minimum PROBABILITY Maximum SEVERITY Maximum 2 1 3 4 5 Reserve life at our Australia mines MITIGATING ACTIONS Successfully completed Gruyere commissioning Significant near-mine exploration to delineate further Reserves Accelerated exploration intervention at Agnew ongoing Acquisition of ground near St Ives through a joint ventureLIFE-OF-MINE 1 Gold Fields Integrated Annual Report 2019 12 Gold Fields IR 2019 Pro of 15 – 27 March 2020

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Minimum PROBABILITY Maximum SEVERITY Maximum 2 1 3 4 5 South Africa Resource nationalism – fiscal and government policy changes MITIGATING ACTIONS Frequent engagement with relevant government departments Intensive engagement via the Ghanaian Chamber of Mines Ensure adherence to principles and conditions in our Development Agreement (DA) with the Ghana government Legal strategies in addition to government engagement Independent resource nationalism risk assessment conducted with actions being implemented RESOURCE NATIONALISM 1 South Deep: Sustainability of improvements made in 2019, and further increases in production MITIGATING ACTIONS Develop and implement effective and productive structures Establish an effective and sustainable management operating system to drive disciplined execution Frontline productivity intervention to improve leadership level skills Identify business improvement initiatives and drive implementation thereof Implement strategy to further improve fleet reliability and utilisation Short-, medium- and long-term power security strategies in place OPERATIONAL DELIVERY 1 2 GHANA CONTRACTORS Underperformance of mining contractors 3 DAMANG Execution of Damang Reinvestment project 4LIFE-OF-MINE Reserve depletion at Tarkwa – inadequate organic growth andlife-of-mine extension 5 MINING COSTS Rising mining costs MITIGATING ACTIONS Advance capital approval for procurement of additional fleet including a third party maintenance contract in the long term Notice served on principal contractor at Damang 2 SKILLS Unavailability of right skills to drive the execution of business plan MITIGATING ACTIONS Career path development programme (roles, responsibility and development plans in place) Develop a personal development strategy plan for each department at South Deep, highlighting digital skills requirements Identify, develop and recruit successors for critical roles and manage skills gap in these rolls Robust talent management system Training programmes developed according to defined strategy MITIGATING ACTIONS Implementation and delivery of milestones under the reinvestment planFit-for-purpose organisational structure and continuous improvement initiatives Ongoing monitoring of contract mining milestones and strategic management of and support to contractorsPit-wall control andde-risking by continuous implementation of geotechnical recommendations 3 MINING COSTS The impact of rising costs on operations and margins MITIGATING ACTIONS Cost reviews with suppliers Further focus on increasing production and cutting unnecessary costs MITIGATING ACTIONS Continued brownfields exploration to test for further potential at Tarkwa Modernisation programme to improve operational and processing efficiencies and drive a reduction incut-off grades Ensure utilisation of DA benefits for long-term exploration potential Bringing the Asanko JV Mineral Reserves ounces to account, thus boosting the Reserves position for the region 4 SAFETY Health and safety of our employees MITIGATING ACTIONS Initiating the behaviour-based safety programmes (Vital Behaviours and CSL) Ensure alignment with the OHSAS 18001 management system standard Mine Occupational Safety and Health (MOSH) initiatives and adoption of best practices Purposeful Visible Felt Leadership programmes MITIGATING ACTIONS Efficiency and productivity improvement by implementing a multitude of business intelligence and I&T initiatives Cost leadership and cost containment programmes 5 ENERGY Security of electricity supply and escalating costs MITIGATING ACTIONS Accelerate implementation of energy efficiency initiatives Mine is not running at full capacity – allows us to work around load-shedding schedules Purchase of additionalback-up diesel generators South Deep solar PV project advancement required for sustainable operation – engagement with South African government Minimum PROBABILITY Maximum SEVERITY Maximum 2 1 3 4 5 West Africa Gold Fields Integrated Annual Report 2019 13 OUR BUSINESS Gold Fields IR 2019 Pro of 15 – 27 March 2020

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OUR MATERIAL MATTERS Gold Fields materiality analysis and value drivers Our materiality analysis identifies significant economic, environmental, social and governance factors that could substantively influence the decisions of shareholders and stakeholders regarding our ability to deliver our strategic objectives and value creation over the short, medium and long term. This analysis contributes to the Group’s development of its business plans and strategies. Gold Fields conducts a materiality analysis every year, which is informed by our strategic and risk management processes, amongst other. In 2019, a Group steering committee focused its analysis on reconfirming the scope and boundaries of the analysis recognising the changing footprint of the business. Furthermore, we reconstructed our topics used for the materiality analysis from over 20 different internal and external sources of sustainability priorities relevant to our business. These included the ICMM 10 Principles and eight Position Statements, the GRI Mining and Metals Sector Supplement, the UN Global Compact 10 Principles, investor environment, social and governance (ESG) focus areas, Gold Fields’ strategic priorities, internal risk management outcomes and, importantly, external stakeholder engagement outcomes. From this pool of sustainability topics, we identified 54 potentially material matters, which we further analysed to prioritise and rank them. This resulted in 14 material matters and an additional seven ‘relevant’ topics for Gold Fields. A significant change, and improvement, in our 2019 analysis has been the prioritisation and ranking of material matters that are most important to Gold Fields, and those which are most important to our stakeholders. In identifying matters most important to our stakeholders, we utilised feedback from some of our routine engagements with key stakeholders, and materiality assessment interviews undertaken with stakeholders across our business in 2018. This was supplemented with additional interviews undertaken in 2019 and early 2020. As part of our materiality assessment and external stakeholder interviews, we identified an opportunity to diversify our external stakeholder engagement and further strengthen our diversity in materiality assessment interviews. The graphic below represents the outcomes of the 2019 materiality assessment: Material matters to Gold Fields and its stakeholders 7 Waste management 4 Human rights 2 Board governance 1 Biodiversity 6 Mercury management 5 Materials stewardship and supply chain 3 Culture and heritage Direct and indirect socio-economic benefits Health and safety Environmental compliance Labour practice Water stewardship Social and geopolitical risk Corporate governance Environmental stewardship Procurement practices Human capital Tailings management Climate risk Indigenous people MATERIAL MATTERS TO STAKEHOLDERS MATERIAL MATTERS FOR GOLD FIELDS More Less Less More Material matters Environment Social Economic and governance Other critical matters Energy and carbon management Gold Fields Integrated Annual Report 2019 14 Gold Fields IR 2019 Pro of 15 – 27 March 2020

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Governance Vision of the Chairperson p16 Our Board of Directors p18 Summarised corporate governance p21 The gold plant at our new Gruyere mine in Australia 15 Gold Fields Integrated Annual Report 2019 GOVERNANCE Gold Fields IR 2019 Pro of 15 – 27 March 2020

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VISION OF THE CHAIRPERSON Since the decline in the gold price in 2013 – with a meaningful recovery only commencing in 2019 – the global gold mining industry has been in survival mode. This resulted in aggressive cost cutting, headed by sharp reductions in capital expenditure and exploration. Seven years on the industry appears significantly under-invested, which may result in declining gold production and increased costs in the future. The consolidation and acquisition activities in the industry during 2018 and 2019 were, we believe, a response to this underinvestment. In the coming years, gold miners will inevitably be forced to raise spending on new projects and exploration to merely maintain their production profiles at current levels. Notwithstanding this, we believe the years of under-investment will result in a decline in gold production in years to come. I am pleased to say that Gold Fields went against the trend. With its strategic focus on organic growth, during late 2016 and early 2017, the Gold Fields Board approved a number of large projects that combined into a three-year, US$1bn investment programme to ensure that our portfolio of mines continue to generate cash sustainably into the foreseeable future. The investments the Company has made during this time were significant. We have essentially built two new mines – Gruyere in Australia and Damang in Ghana – bought 45% of the prospective Asanko mine in Ghana and have taken a greenfields project – Salares Norte in Chile – to a positive construction decision. There is also the continued investment in near-mine exploration at our Australian operations to secure their longevity. While the investments certainly were counter-cyclical, and criticised by some market participants, it has proved to be the right strategy for the Group, and we started to see early, but significant, benefits during 2019. In fact, I would consider 2019 the most successful in my tenure as Chairperson. For myself, the top achievement by our Company was the progress made at South Deep in South Africa. After a difficult 2018, in which we undertook a significant restructuring process, which resulted in reducing our workforce by a third, South Deep can now report material and steady progress towards sustainable growth. With costs cut by 31% and production up by over 40%, South Deep stemmed its decadelong cash burn in 2019 and contributed US$15m in net cash compared to an outflow of US$146m in 2018. As significant, the leadership team has managed to facilitate a new culture of performance at the mine, as exemplified by a 30% improvement in employee and fleet productivity. It truly is remarkable progress, and we are cautiously optimistic about further entrenching these developments during 2020. I share our Chief Executive Officer’s (CEO’s) sentiment that our portfolio is now in a strong position to maintain sustainable production of 2.0Moz – “The cash generated by our mines enabled us to invest in the Company’s future growth, while also creating significant value for our key stakeholders” Cheryl Carolus Gold Fields Integrated Annual Report 2019 16 Gold Fields IR 2019 Pro of 15 – 27 March 2020

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2.5Moz per year for the next 10 years. The Group has again exceeded its production and cost targets, and, aided by the stronger gold price, cash-flow from our mines totalled over US$550m. This enabled Gold Fields to exceed its financial targets for the year, funding the last phase of the investment programme while paying a meaningful dividend and repaying debt at the same time. The US$860m (in 2020 terms) construction of Salares Norte will also not put undue strain on the balance sheet, after we successfully raised US$249m in new equity on favourable terms as part of the funding solution for this project. The cash generated by our mines has enabled us to invest in the Company’s future growth, while also creating significant value for our key stakeholders and paying off debt. During 2019, Gold Fields’ total value distribution to our stakeholders amounted to US$2.6bn in the form of payments to governments, capital providers, business suppliers and our workforce. Over the past few years, Gold Fields particularly focused on strengthening relations with our host communities, whose partnerships are critical in sustaining our mines. Our efforts have seen good progress and our operations successfully improve the economic wellbeing of these communities through host community employment and procurement, as well as significant community investment projects. As a result, about a third of our total value creation during 2019, around US$782m, remained with our host communities. My optimism about the future of the Company is not only based on its sound operational and financial performance in 2019, but also on its firm commitment to sustainability. This year, for the first time, Gold Fields reported no serious environmental incidents. We are also making early and successful forays into renewable energy at our Australian mines, thus further reducing our carbon footprint. Above all, I have the utmost faith in the people of Gold Fields – our achievements would not be possible without them. While relatively young, the team is dedicated, hard-working and skilled. And, pleasingly, increasingly diverse. We strongly back a further increase in the diversity and gender representation in the workforce, which is captured in a formal diversity policy approved by the Board last year. We have made reasonable progress on diversity to date. Around 20% of our total workforce and management are now female, half of whom work in core mining activities. Furthermore, about half of management and technical positions at South Deep are held by Historically Disadvantaged South Africans (HDSA), while we also seek to reflect the diversity of the countries we work in among the workforce at all our mines. We aim to do better, but we believe this is a good first step as we seek to attract more women to our mines around the world and further entrench diversity among our workforce. Our commitment to the safety and health of Gold Fields’ employees and the people impacted by our mines, particularly those from our host communities, remains the most critical part of our work. Turning to safety first, the Board shares management’s commitment to eliminate all fatalities and serious injuries. Tragically, however, we recorded one fatality – that of Maria Ramela, a trackless crew leader at South Deep – and 12 serious injuries. We owe it to Maria and the countless other miners who have lost their lives over the years that we further intensify our efforts until we have achieved zero harm. During 2019, we did however make significant improvements in our safety culture, systems and leadership, and we saw a decline in the number of serious injuries, as well as the severity of these injuries. When it comes to safety, occupational health and operational issues that have the potential to adversely impact our people and communities, the Board often gets more directly involved. For example, we have worked closely with management in ensuring that the governance and management of Gold Fields’ 34 tailings facilities are monitored regularly. This included mine visits to all facilities by a member of the Board. This issue has moved up the Board’s agenda following the tragic tailings failure at Brumadinho in Brazil during January 2018, which took the lives of 270 people. We have also actively participated with the International Council on Mining & Metals (ICMM) in the formulation of new global tailings standards. This year, the Board also welcomed the final court endorsement of the R5bn (US$380m) settlement reached between six gold mining companies, including Gold Fields, and attorneys representingex-mineworkers suffering from Silicosis and Tuberculosis (TB). An independent trust is set to start paying out settlements aroundmid-2020. It cannot come soon enough for the thousands of affectedex-mineworkers and their relatives. Finally, and most critically at present, we fully support management’s proactive and comprehensive approach towards mitigating the impact of theCovid-19 (coronavirus) pandemic on our people, as well as its full adherence to all relevant government regulations, culminating in the lockdown of many of the countries in which we operate. For further details see the CEO Report, p30. During 2019, there were no changes to the Board or Executive Committee (Exco) of the Company. I am confident that we can maintain this stability and retain this team of dedicated, able men and women. Their experience, knowledge and commitment was undoubtedly a key reason for Gold Fields’ success in 2019. However, this does not absolve the Board from its critical duty to ensure succession for the most critical roles within the Company. Succession planning has moved up in the Board’s agenda over recent years, and we are applying our minds to ensure continuity when key members of the executive retire or leave. I would like to end by thanking my fellow directors and Gold Fields’ executive leadership team along with the employees of this Company for their dedication and commitment to the sustainability of our business. The successes of 2019 are a tribute to them. Cheryl Carolus Chairperson Gold Fields Integrated Annual Report 2019 17 GOVERNANCE Gold Fields IR 2019 Pro of 15 – 27 March 2020

IAR-19

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OUR BOARD OF DIRECTORS RICHARD MENELL (64) Deputy Chairperson MA (Natural Sciences Geology), Cambridge; MSc (Mineral Exploration and Management), Stanford University, California Appointed to the Board: Director, 2008 Deputy Chairperson 2015, Lead independent director, 2017 As the highest governing authority of Gold Fields, the Board of Directors has ultimate responsibility for the Company’s adherence to sound corporate governance standards. Furthermore, the Board ensures that all business decisions are made with reasonable care, skill and diligence. During 2019, we had Board and Board committee attendance of 97%, which reflects our resolute commitment to effective governance and leadership. The full 2019 Board and Board committee attendance, as well as detailed curricula vitae (CVs) of the directors, are in the Corporate Governance Report included in our Annual Financial Report (AFR). For the Board and committee attendance record see p05. CHERYL CAROLUS (61) Chairperson BA Law; Bachelor of Education, University of the Western Cape; Honorary Doctorate in Law, University of Cape Town Appointed to the Board: Director, 2009 Chairperson, 2013 PHUTI MAHANYELEDABENGWA (49) Independent nonexecutive director Executive Development Programme, Kennedy School of Government, Harvard University; MA Business Administration, De Montford University, Leicester; BA Economics, The State University of New Jersey Appointed to the Board: 2018 TERENCE GOODLACE (60) Independent nonexecutive director MBA (Business Administration), University of Wales; BCom, University of South Africa; NHDip (Metalliferous Mining), Witwatersrand Technikon; MDP, University of Cape Town Appointed to the Board: 2016 PAUL SCHMIDT (52) Chief Finance Officer (CFO) BCom, University of the Witwatersrand; BCompt (Hons), University of South Africa; CA(SA) Appointed to the Board: Executive director, 2009 CFO, 2009 1. 2. 3. 4. 5. BOARD DIVERSITY 54% 19% 9% 19% White male Black male White female Black female BOARD INDEPENDENCE Independentnon-executive directors Executive directors 81% 19% BOARD TENURE 0 to 2 years 3 to 6 years > 9 years 19% 36% 55% Gold Fields Integrated Annual Report 2019 18 Gold Fields IR 2019 Pro of 15 – 27 March 2020

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PETER BACCHUS (51) Independent nonexecutive director MA (Economics), Cambridge University Appointed to the Board: 2016 CARMEN LETTON (54) Independent nonexecutive director PhD (Mineral Economics), University of Queensland; Bachelor Mining Engineering, WASM Appointed to the Board: 2017 STEVEN REID (64) Independent nonexecutive director BSc (Mineral Engineering), South Australian Institute of Technology; MBA, Trium Global Executive; ICD.D, Institute of Corporate Directors Appointed to the Board: 2016 ALHASSAN ANDANI (58) Independent nonexecutive director BSc (Agriculture), University of Ghana; MA (Banking and Finance), Finafrica Institute in Italy Appointed to the Board: 2016 NICK HOLLAND (61) Chief Executive Officer (CEO) BCom; BAcc, University of the Witwatersrand; CA(SA) Appointed to the Board: Executive director, 1998 CEO, 2008 YUNUS SULEMAN (62) Independent nonexecutive director BCom, University of KwaZulu-Natal; BCompt (Hons), University of South Africa; CA(SA); CD (SA) Appointed to the Board: 2016 BOARD AGE 6. 7. 8. 9. 10. 11. Experience (number of directors) 0 1 2 3 4 5 6 7 8 Development (social, infrastructure and training) Management (including risk management) Auditing and nancial accounting Finance, investment banking, mergers and acquisitions, commercial and capital projects Mining and geology Governance, compliance and corporate strategy 2 7 3 6 6 3 40 to 49 years 50 to 59 years > 60 years 9% 54% 37% South Africa United Kingdom Ghana Australia 6 2 1 2 NATIONALITIES CORPORATE GOVERNANCE OVERVIEW Along with good governance, our vision of being the global leader in sustainable gold mining depends on leadership that is ethical, accountable and transparent. Ensuring the we comply with relevant legislation and industry standards is just the start. Given the nature of our business, protecting and enhancing our reputation and social licence to operate is critical for ensuring sustainable value creation and the support of our key stakeholders. Seeing that we operate in social and political contexts that are often challenging, effective and ethical governance guides our employees at our mines and operations in five countries. In addition to the international standards and guidelines with which we voluntarily align (detailed on p03 of our AFR), we are committed to entrenching the principles of King IV throughout our business. The application of King IV within Gold Fields can be found in our full Corporate Governance Report (p14 – 16 of our AFR). Gold Fields Integrated Annual Report 2019 19 GOVERNANCE Gold Fields IR 2019 Pro of 15 – 27 March 2020

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OUR BOARD OF DIRECTORS continued The Board of Directors Meets four times per year The Board is the highest governing body of the Company, offering guidance as it oversees how the Group achieves its strategic objectives and deliver maximum value to its stakeholders. Our Board of Directors is a diverse group of competent, appropriately skilled and experienced individuals, who seek to govern with integrity, responsibility, authenticity, impartiality and transparency. Furthermore, our Board informs the ethical culture of the entire Group. It has delegated the responsibility of implementing Gold Fields’ Code of Conduct to management, who also ensures adherence thereof. Management also monitors how a culture of ethics is being cultivated within Gold Fields. Nominating and Governance Committee Meets four times per year Members: Steven Reid, Rick Menell, Yunus Suleman This Committee considers the structure and operation of Gold Fields’ Board and how this relates to effectiveness, and ensures a robust approach to the Company’s corporate governance. It also takes responsibility to ensure succession for directors and key executives and is involved in the recruitment of appropriately skilled managers. Remuneration Committee Meets four times per year Members: Cheryl Carolus, Alhassan Andani, Rick Menell, Peter Bacchus The Committee assists the Board in ensuring that remuneration throughout the Group is fair and equitable, and that it supports Gold Fields’ strategic objectives. In particular, the Committee ensures that the remuneration of executive management is directly linked to Gold Fields’ performance, thereby protecting the investment by shareholders and the interest of other stakeholders by incentivising management to deliver value. Social, Ethics and Transformation (SET) Committee Meets four times per year Members: Cheryl Carolus, Rick Menell, Alhassan Andani, Nick Holland, Phuti Mahanyele-Dabengwa This Committee guides and assists the Board in ensuring that it discharges its oversight responsibilities relating to social, HR and community matters, as well as stakeholder relationships. Furthermore, it holds the Company responsible for its interaction with communities and employees to help the business retain its social licence to operate — a critical component of long-term sustainability. Capital Projects, Control and Review Committee Meets four times per year Members: Peter Bacchus, Terence Goodlace, Yunus Suleman, Steven Reid, Cheryl Carolus, Phuti Mahanyele-Dabengwa, Carmen Letton This Committee considers and approves new capital projects and satisfies the Board that the Group has used correct, efficient methodologies in evaluating and implementing such projects. Chairperson: Cheryl Carolus Chairperson: Cheryl Carolus Chairperson: Steven Reid Chairperson: Carmen Letton Chairperson: Rick Menell Risk Committee Meets twice per year Chairperson: Peter Bacchus Members: Terence Goodlace, Carmen Letton, Yunus Suleman The Committee assists the Board in developing and identifying the risks and opportunities facing the Company, improving effective risk management controls and ensuring consistent value creation for our stakeholders in an ever-changing risk environment. Safety, Health and Sustainable Development (SHSD) Committee Meets four times per year Chairperson: Terence Goodlace Members: Cheryl Carolus, Rick Menell, Steven Reid, Carmen Letton, Phuti Mahanyele-Dabengwa This Committee assists the Board to steer SHSD strategies, approve policies, monitors SHSD performance and ensures that the Company complies with relevant laws, regulations and external standards to ensure optimal safety, health and environmental practices, contributing to the Group’s reputation as a responsible corporate citizen. Audit Committee Meets six times per year Chairperson: Yunus Suleman Members: Rick Menell, Alhassan Andani, Peter Bacchus The Committee oversees the integrity and transparency of Gold Fields’ corporate reporting and accounting practices, and considers risks that may affect the integrity of external reports.Ad-hoc Investment Committee Chairperson: Peter Bacchus Members: Alhassan Andani, Yunus Suleman, Steven Reid, Cheryl Carolus, Rick Menell This Committee considers and makes recommendations to the Board on strategic organisational and structuring options for the Group, as and when required, to maximise shareholder returns sustainably. Group Exco Chairperson: Nick Holland The Group Exco is primarily responsible for the implementation of Gold Fields’ strategy, as well as carrying out the Board’s mandate and directives. Meeting on a regular basis, Exco reviews the Company’s performance against set objectives, and develops strategies and policy proposals for consideration by the Board. It also assists the Board in the execution of the Company’s disclosure obligations. Exco consists of the principal officers and executive directors of Gold Fields – 12 members in total. The Exco members are profiled atwww.goldfields.com/our-leadership.php. The Board and its committees Gold Fields Integrated Annual Report 2019 20 Gold Fields IR 2019 Pro of 15 – 27 March 2020

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SUMMARISED CORPORATE GOVERNANCE Key deliberations and decisions taken by the Board in 2019 BOARD DELIBERATIONS Oversaw theroll-out of the courageous safety leadership programme Approved the Group safety strategy Approved new Materials and Supply Chain Stewardship and Water Stewardship Policy Statements Instituted quarterly tailings and geotechnical updates Reviewed the causes of major internal and external safety and environmental incidents BOARD DELIBERATIONS Deliberated on increases in host community employment and procurement targets Focused on social and economic developments in our host communities Benchmarked Gold Fields’ environmental, social and governance (ESG) reporting and performance Approved following policy statements: Environmental, Occupational Health and Safety, Talent Management, Sexual Harassment and Social Media Oversight over strategies on Indigenous People in Australia, Resettlement in Ghana and Resource Nationalism in Ghana STRATEGIC GOALS SUPPORTED Increase the quality and quantity of engagement with key stakeholders Drive Shared Value creation with impacted communities Improve the Group’s reputation with key stakeholders STRATEGIC GOALS SUPPORTED Eliminate all fatalities and serious injuries Reduce Grouplife-of-mine costs and increase reserve life per region Deliver life extension, cost reduction, revenue enhancement and improved health and safety through innovation and technology and business improvement initiatives BOARD DELIBERATIONS Approved additional oil price and gold production hedges Approved debt refinancing and extension of debt maturity Approved sale ofnon-strategic shareholdings STRATEGIC GOALS SUPPORTED Meet guidance by following mine plans which align with strategic plans Safely deliver strategic projects Improve the quality of our portfolio Improve efficiencies and security of energy and water Improve people capacity to deliver operation performance and Group strategy Strengthen the Group’s robust and transparent governance and compliance programme STRATEGIC GOALS SUPPORTED Manage balance sheet and maximise returns Continue to reduce the Group’s net debt Improve the return on invested capital Build and maintain STAKEHOLDER support ORGANISATIONAL CAPACITY to deliver our strategy BOARD DELIBERATIONS Reviewed Gold Fields’ operational plans and strategies Deliberated on South Deep’s restructuring Approved Salares Norte’s feasibility study (FS) and subsequent construction approval (February 2020) Oversaw Gruyere’s transitioning from project to productionroll-out Approved the Group Water Position Statement and water strategyroll-out Approved Group diversity policy INTERNAL BUSINESS PROCESSES to achieve safe production FINANCIAL – to make money sustainably Gold Fields Board Gold Fields Integrated Annual Report 2019 21 GOVERNANCE Gold Fields IR 2019 Pro of 15 – 27 March 2020

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How Board governance adds value Upholds an ethos of good governance and sustainability Sets the tone for a culture of ethics that underpins commitment to compliance, and voluntarily embrace leading practice standards and principles, where practical Ensures business decisions are made with reasonable care, skill and diligence to protect reputation and maintain licence to operate Promotes a culture of ethics and responsible corporate citizenship Approves stakeholder relationship and engagement policy to ensure that stakeholder engagement allows for collaborative and informed decision making Oversees transparent reporting so stakeholder groups can make informed assessments of Gold Fields’ ability to deliver sustainable value Drives ongoing evolution of inclusive stakeholder engagement and relationship building to balance the interests, needs and expectations of stakeholders with the best interests of the Company Determines remuneration principles in line with King IV Ensures executive remuneration is fair, equitable and responsible, and informed by Exco’s achievement of Gold Fields’ strategic objectives Ensures remuneration practices align with shareholder interests and support the achievement of a sustainable business by: – Helping to attract, motivate, retain and reward employees – Driving achievement of strategic objectives through incentives and rewards Approves a remuneration policy that includes disclosures on implementation to ensure transparent reporting of CEO and CFO remuneration Approves strategic goals and direction following Exco’s presentation of strategy, business plans and risk register for input Ensures strategy drives a sustainable business agenda and considers the interests of stakeholders by balancing how risks and opportunities might impact the achievement of objectives Agrees upon performance targets Monitors implementation of strategy through quarterly Board meetings Quarterly CEO reports on performance against operational targets Performson-site visits to operations and projects and, on occasion, interacting with individual executives on strategic and operational performance Upholds the primary value of “If we cannot mine safely, we will not mine”, thereby supporting the practice of stopping mining in areas or situations that are deemed unsafe Supports minimising potential negative impacts on employees and contractors, maintaining operational continuity and protecting reputation Together with management, drives a stringent safety and health culture Oversees adherence to safety, health and environmental legislations, standards and compliance requirements, and approves adoption of various voluntary leading safety principles Ensures compliance with all relevant laws and regulations, and the highest levels of corporate governance Supports Exco decisions to drive governance in line with leading practices Reviews corporate governance systems and frameworks to align these with increasingly stringent regulatory standards SETTING FAIR REMUNERATION SUPPORTING STRATEGY THAT DELIVERS VALUE AND SUSTAINABILITY DRIVING INCLUSIVE STAKEHOLDER ENGAGEMENT BUILDING AN ETHICAL CULTURE CREATING A SAFE AND HEALTHY WORKING ENVIRONMENT ENSURING REGULATORY COMPLIANCE AND SOUND GOVERNANCE Ensures alignment with good corporate citizenship, assessment and speedy response to any negative impacts operations may have on communities and the environment Through the SET Committee, focuses on, among others, impact on communities, while the SHSD Committee deals with, inter alia, issues of environmental stewardship ENVIRONMENTAL STEWARDSHIP AND IMPACT ON COMMUNITIES SUMMARISED CORPORATE GOVERNANCE continued Gold Fields Integrated Annual Report 2019 22 Gold Fields IR 2019 Pro of 15 – 27 March 2020

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Ensuring we do business ethically THE STRUCTURES AND MECHANISMS USED TO DRIVE ETHICAL BUSINESS PRACTICE The foundation of our business is based on strong ethics. Our Board, along with its committees, is responsible for setting the ethical tone which, in turn, cultivates a culture of integrity and transparent reporting to our stakeholders. From this foundation, we build trust with our stakeholders, allowing us to strengthen our reputation and create sustainable value. We have numerous mechanisms in place to help to ensure we conduct our business ethically, adhere to compliance requirements and entrench good governance within the business. Commitment to leading practice 3 4 Code of Conduct We assess any legal,non-compliance and reputational risks facing the Company and mitigate these by enacting an effective governance and compliance framework, which encompasses mitigating controls. During 2019, we: Enhanced the annual profiling exercise relating to applicable laws and regulations, as well asnon-binding rules, codes and standards Gold Fields adheres to Enhanced the Group Governance and Compliance portal to include data privacy rules Risk-screened 100% of all new and existing suppliers and contractors for a range ofpre-defined risk categories Analysed engagements with and commitments made to external stakeholders, as well as declarations filed in terms of the Group’s Code of Conduct Extended operational audits by our Internal Audit function to include compliance-specific controls Legal and compliance 1 2 Audit and risk The Risk Committee examines the key risks and opportunities facing the business and reports these to the Board twice a year. The Board aims for effective controls and corrective measures to manage and mitigate these risks. Furthermore, the Audit Committee seeks to ensure the integrity, accuracy, and adequacy of Gold Fields’ accounting records. Internal Audit ensures that the necessary internal controls are in place to mitigate any potential risks in all regions. Our operations receive an audit ranking and, where necessary, corrective measures are put in place. The External Audit function assures the integrity, accuracy and adequacy of accounting records and corporate reporting. PricewaterhouseCoopers Inc. was appointed as our auditors from 2019. For more information on our Risk and Audit Committees, refer to p07 – 09 of the AFR. Our Code of Conduct takes into account Gold Fields’ values, and informs the way we conduct ourselves – from our operations to our Board. It also extends to our supply chain business partners. Updated in 2017, our Code of Conduct was distributed to all existing employees, while new employees receive it during their onboarding processes. As atend-2019, 85% of our people had undergone training on the Code of Conduct. We also have an anonymoustip-offs hotline in operation at all time and in all regions, and the Company takes a zero tolerance approach to intimidation and victimisation of those who report incidents. Key principles of our Code of Conduct: Ethical leadership within the organisation, along with ethical management Protection of employees and third-party whistleblowers, promoting an environment for reporting of transgressions Safeguarding the business against potential reputational harm and litigation Transparent and ethical dealings with government and suppliers Protection of Company information Accurate and transparent reporting Safeguarding against insider trading We support the development of an ethical and responsible gold mining industry. Gold Fields is aligned to leading practices, which underpin our commitment to responsible corporate citizenship. We are committed to and guided by: The legislation and regulations of the countries in which we operate The requirements of the JSE and NYSE The United Nations (UN) Guiding Principles on Business and Human Rights The ICMM 10 Principles on Sustainable Development and eight position papers The 10 Principles of the UN Global Compact King IV UN Convention Against Corruption The Organisation for EconomicCo-operation and Development (OECD) Convention on Combating Bribery Extractive Industry Transparency Initiative World Gold Council – Conflict Free Gold Standard Voluntary Principles on Security and Human Rights Task Force on Climate-related Financial Disclosures (TCFD) Gold Fields Integrated Annual Report 2019 23 GOVERNANCE Gold Fields IR 2019 Pro of 15 – 27 March 2020

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Loader and truck at our Tarkwa mine in Ghana 2019 was the first year that we saw the real benefits of our US$1bn investment programme A third of our total value creation of US$2.58bn was returned to communities Gold Fields Integrated Annual Report 2019 24 Gold Fields IR 2019 Pro of 15 – 27 March 2020

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OUR MATERIAL MATTERS This year, we underwent a comprehensive formal process to identify material matters. We identified the following six material matters and the CEO Report and subsequent content is structured around these material matters: Asset portfolio management/maximisation Improving operational performance/enhancing margins Strengthening the balance sheet Our employees Responsible stewardship of natural resource Supporting the development of sustainable communities CEO report and our performance against material matters Introduction and overview p26 Our operating environment p28 CEO Report on 2019 performance p30 CEO 2019 BSC p35 Group 2020 BSC p36 Material matters – Value creation for our shareholders p38 Material matters – Managing, growing and protecting our employees p58 Material matters – Our environment p66 Material matters – Value creation for our communities and governments p75 CEO REPORT 25 Gold Fields IR 2019 Pro of 15 – 27 March 2020

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Dear stakeholders Three years ago, Gold Fields embarked on a reinvestment programme that sought to create a portfolio of mines and projects that would ensure the Group’s long-term, safe and sustainable production profile. Our key motivation behind this investment drive was to ensure that our portfolio continued to generate cash sustainably into the foreseeable future by loweringAll-in costs (AIC), extending mine life, while preserving a sound balance sheet. We believe that Gold Fields went against the grain by spending almost US$1bn on new projects over these past few years. Unlike many of our industry peers, who have been more focused on consolidation, mergers and acquisitions, Gold Fields focused internally. Since we embarked on the reinvestment programme, we essentially built two new mines – Gruyere in Australia and the Damang Reinvestment project in Ghana – and took Salares Norte – a greenfields project in northern Chile – to a positive construction decision. Looking to the INTRODUCTION AND OVERVIEW future, we think the industry will need to return to greenfields exploration to find new projects to maintain longer-dated production profiles. Our portfolio is now in a strong position to maintain production of 2.0Moz – 2.5Moz per year for the next 10 years, of which well over 2.0Moz will be outside of our South African base. This is a level of production our mines in Ghana, Australia and Peru achieved for the first time in 2019. For Gold Fields, the 2.0Moz – 2.5Moz range is our optimal annual production level as it allows us to maintain and grow our Mineral Reserves beyond annual depletion. In addition, we believe that a portfolio of no more than 10 mines is optimal, allowing management to properly focus on operations. 2019 was the first year that we saw the real benefits of our US$1bn investment programme. We achieved increased production, lowered our costs and continued to maintain a strong balance sheet. With a vastly improved contribution from South Deep, the Group reported attributable gold equivalent production of approximately 2.20Moz (2018: 2.04Moz), again exceeding the upper end of the guidance range. AIC for 2019 amounted to US$1,064/oz, down 9% from 2018 and below guidance for the year. All nine mines generated cash during the year – US$552m in total. Taking into account the significant expenditure on growth projects, the Group generated cash-flow of US$249m, a significant swing of over US$371m on the net cash-outflow of US$122m in 2018. The Board’s decision in February 2020 togo-ahead with our Salares Norte project in northern Chile – at a project capital cost of about US$860m in 2020 terms – will further strengthen our production profile. Once completed, Salares Norte is expected to add 450koz gold-equivalent production a year for the first seven years at AIC of US$465/oz, one of the lowest in the industry. The successful equity raise of US$249m, “Our portfolio is now in a strong position to maintain production of 2.0Moz – 2.5Moz per year for the next 10 years” Nick Holland Gold Fields Integrated Annual Report 2019 26 Gold Fields IR 2019 Pro of 15 – 27 March 2020

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Gold Fields Integrated 2019 Annual Report CEO REPORT completed in February 2020, will ensure total recordable injury frequency rate • We are investing in improved water that the Salares Norte project can be (TRIFR) increased to 2.19 per million management practices, reducing the funded comfortably within our existing hours worked (2018: 1.83), though this is amount of water used in our net debt:EBITDA targets. below the industry norm of 3.41 (ICMM processes and recycling 68% of our members – 2018 average). Our target water use (more information on p71) The Group’s attributable gold-equivalent remains zero fatalities and serious • The technical management and Mineral Reserves were 51.3Moz at the injuries, and we have put programmes governance oversight of our 34 tailings end of 2019 (including the 45%-held and strategies in place that are starting storage facilities (TSFs) have been Asanko gold mine), an increase of 6% to address some of the underlying bolstered, and we are working with on 2018, though our Australian mines issues. our peers in the ICMM to strengthen replaced 165% of depleted Reserves tailings dam standards after significant investments in near-mine We are also continuing to work on • During 2019, we continued investing exploration over the past few years. preventing occupational diseases and significant resources in our host health issues impacting our workforce. A further key pillar of our strategy was communities, including increasing the In March 2020 we adopted a range of to set up our South Deep mine in South share of jobs and procurement measures amid the escalating Covid-19 Africa for sustainable and profitable allocated to them. As a result, 33% of (coronavirus) pandemic in all our production after a difficult 2018, during our total value creation of US$2.58bn operating countries. The measures in which a significant restructuring process was returned to communities via jobs, place, both at our mines and at our resulted in a 45-day strike. Pleasingly, we procurement and investments offices, sought to avoid potential can report palpable progress and a infections and to ensure that any During 2019, our share price on both the strong financial and operational recovery. disruptions at our operations are limited JSE and NYSE improved by 94% and With the workforce reduced by (more information on p30). 88% respectively. On the JSE, our share approximately 35%, the fleet rationalised, price was one of the top five performers marginal mining eliminated and The sustainability of our operations during the year. However, since year-end productivity levels up significantly over depends on mutually beneficial 2019 the share price performance of 2018, South Deep stemmed its cash relationships with key stakeholders and Gold Fields and other mining stocks has burn in 2019. AIC of US$1,259/oz was minimising our impact on the been extremely volatile, as the gold price 37% below 2018 levels (31% in Rand surrounding environment. Key and financial markets in general have terms), and the mine managed to programmes to address these have been buffeted by economic and political generate US$15m in net cash-flow. been incorporated into our strategy, and uncertainty and, in particular, by the There is still work to be done, and I am we continue to show good progress in impact of the global Covid-19 cautiously optimistic that South Deep is advancing these programmes: (coronavirus) pandemic. on the right track to generate sustainable • Our energy use and spend continues cash-flows and profits. to reduce through ongoing efficiency Over the next few pages, I provide a initiatives and with renewable energy high-level analysis of the external The stronger operational performances supplying our mines in Australia for the environment shaping the gold industry by our mines, supported by a higher first time and the gold market, our strategy and gold price received, enabled us to • As climate change increasingly how we are performing against its key achieve our key financial targets during impacts our mines and surrounding performance indicators (KPIs). The 2019: paying a total dividend of R1.60/ communities, we are gradually Group (p36) and my personal share; reducing our net debt by over reducing our Scope 1 and 2 net and performance (p35) scorecards provide US$350m to US$1.33bn (pre-IFRS 16); gross CO emissions, having reduced further insight into the Group’s strategy and improving our free cash-flow (FCF) 2 emission intensity by 4% between and performance. margin to 21% at the average gold price 2016 and 2019 received of US$1,399/oz, from 16% at • We have also improved our US$1,266/oz in 2018. transparency around climate change During 2019, we made significant issues with the publication of our improvements in terms of our safety inaugural Climate Change report culture, systems and leadership. aligned with the recommendations of Tragically, we recorded one fatality – that the Task Force on Climate-Related of Maria Ramela, a trackless crew leader Financial Disclosures (TCFD) in 2019 at South Deep – and reported 12 serious injuries (2018: 17). Unfortunately, our

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OUR OPERATING ENVIRONMENT Gold Fields is subject to external strategic dynamics that inform decision making and influence our business performance. An analysis of the four key strategic themes – and how Gold Fields is responding to them – is set out below. GOLD PRICE After almost seven years in the doldrums, the price of gold showed a major upturn during 2019, boosting the average price received by our mines by 11% toUS$1,388/eq-oz, up fromUS$1,252/eq-oz in 2018. Towards the end of 2019 and into the Q1 2020, pricing levels were extremely volatile amid global economic and political uncertainties, as well as the impact of theCovid-19 pandemic. The gold price increased to as much as US$1,650/oz in early March 2020, but also declined again to just above US$1,400/oz during that period. The traditional investment case for gold as a safe haven asset was called into question after many investors sold their physical gold holdings after the gold price collapsed in 2013. However, during 2019 and 2020 this status seems to have been partially restored. While much of the gold price’s short-term movement is driven by market sentiment and geopolitical developments, an analysis of gold’s supply and demand fundamentals underpins our belief that the gold price could continue to improve over the next few years, though there will be periods of short-term volatility. In particular, mine supply, which in 2019 showed its first decline in 10 years, is likely to remain under pressure. Many gold market analysts are of the view that the industry has reached peak production levels given the limited number of new gold discoveries since themid-1990s, together with the decreased levels of exploration spend over recent years. Response Gold Fields does not seek to predict the gold price. We expect volatility and structure the business accordingly. We seek to maximise value by: Prioritising cash-flow over production volumes Setting targets for each region at a 15% FCF margin around a planning price of US$1,300/oz Eliminating marginal mining Sellingnon-strategic assets Hedging a portion of our gold production in times of high capital expenditure (capex) and high debt We believe the Group is therefore in a relatively strong state to weather a sustained lower gold price (at just over US$1,000/oz) and well positioned to capture future upside. GOLD MARKET Since the fall in the gold price in 2013, the industry went into survival mode, aggressively cutting costs to stay in business. While there was a reduction in both operating and capital costs, the reduction in capex was generally easier to make and consequently more severe. Seven years later, we believe the industry has significantly under-invested, which is expected to result in declining production profiles and rising costs in coming years. Figures released by the World Gold Council show that in 2019 global mine production declined for the first time since 2008 (see graph below). Furthermore, total gold reserves among major producers have been decreasing since 2014, according to Bloomberg data. In our view, capital expenditure in the industry has to increase, with companies needing to spend on new projects and exploration to maintain production levels. We believe that the recent spate of consolidation in the industry – led by the mergers between Barrick Gold and Randgold, and Newmont Gold and Goldcorp – is a response to the under-investment. Response We believe that Gold Fields has been counter-cyclical by spending almost US$1bn on new projects over the past three years. Unlike our peers, who have been more focused on mergers and acquisitions, we have been focused internally, building two new mines – Gruyere and Damang – and taking a greenfield project – Salares Norte – to a construction decision. Our portfolio is now in a strong position to maintain production of 2.0Moz – 2.5Moz per year for the next 10 years. In our view, this is the optimal production level given that each year we need to find almost 5Moz in new Mineral Resources to replace depletion, assuming a 50% Resource to Reserve conversion rate. In addition, we believe that a portfolio of no more than 10 mines is the optimal number allowing management to properly focus on operations. Looking further into the future, we think the industry will need to return to greenfields exploration to find new projects for development to maintain longer-dated production profiles. Global mine production 4,000 3,000 2,000 1,000 0 2010 2,750 2,800 2,900 3,100 3,200 3,300 3,400 3,450 3,500 3,450 2011 2012 2013 2014 â– Mine production 2015 2016 2017 2018 2019 Tonnes Gold price 1,700 1,650 1,600 1,550 1,500 1,450 1,400 1,350 1,300 1,250 Jan Feb Mar Apr May 2019 Jun Jul Aug Sep Oct Nov Dec Jan 2020 Feb 24 March Mar US$/oz Source: Bloomberg Source: World Gold Council Gold Fields Integrated Annual Report 2019 28 Gold Fields IR 2019 Pro of 15 – 27 March 2020

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RESOURCE NATIONALISM/SOCIAL LICENCE Over the past few years, many governments, particularly in developing countries, increasingly view the industry as an easy target for higher taxes and other fiscal imposts, particularly during tough economic times. As a result, governments’ share of mining revenue has grown at the expense of other stakeholders but, at the same time, miners and investors are shying away from more risky jurisdictions characterised by strong resource nationalism. A sound and certain regulatory and fiscal environment should enable the global gold sector to ride out short-term fluctuations in gold prices and achieve sustained returns over the 15 to20-year average life of a mining project. In many jurisdictions, however, the legal and tax environments have become less conducive to the long-term viability of the mining sector. At the same time, mining-impacted communities in these jurisdictions are finding their voice and are demanding a greater share of the value created by miners. Mines are dependent on their mineral deposits and cannot relocate to new locations when facing deteriorating local or national operating environments. Furthermore, mines must be able to navigate complex social, economic and political dynamics over time to avoid conflicts with their host communities. As it is, conflicts between communities and mines in the global industry have risen sharply over the last decade. To manage the potential risks, mining companies need to maximise their positive impacts, avoid or minimise their negative impacts and make sure that this is communicated to – and recognised by – host community stakeholders. Response At Gold Fields, a strong social licence to operate is embedded in our societal value proposition and is a prerequisite for long-term generation of value for stakeholders. The question is how the trust gap between mining companies and governments and communities can best be bridged. Gold Fields, on its own and in conjunction with its peers, has sought to address this trust gap in a number of ways: The industry is continuing to distribute value to a number of stakeholders. Over the past three years, Gold Fields has consistently created between US$2bn and US$3bn in total value annually for our wide range of stakeholders – accounting for around 90% of revenue on average (p08) Gold Fields is actively promoting host community employment and procurement in an effort to strengthen its social licence to operate and mitigate any regulatory actions that limit its ability to share the benefits of mining. In 2019, about 33% of our total value creation benefited host communities through these initiatives (p81) We are working with international mining bodies, such as the ICMM, to promote industry-wide best practice and showcase the benefits that a responsible and fairly regulated industry can bring CLIMATE CHANGE The impact of the rapidly changing climate on our business, employees and host communities is one of the defining global challenges faced by our business, our workforce and our communities. This impact is felt in a number of ways, including: Extreme weather such as severe rainfall, shifts in rainfall patterns, heavy snow fall, severe winds, higher temperatures, sea level undulations, and prolonged droughts Disruptions to our supply chain Impacts on our host communities The need to comply with current and emerging climate-related regulations, policies and laws, emerging carbon emission taxes and stringent water restrictions An increasing drive for transparency around our efforts to minimise our carbon footprint and our ability to build operational resilience in the face of climate-related risks Carbon emissions are primarily from diesel consumed and electricity consumption. Response Our objectives are to minimise the Company’s contribution to climate change and to reduce the direct physical impacts thereof on our operations and host communities, while also improving disclosure. Furthermore, with three of our regions classified as water stressed, water security is critical to us. To this end, we have developed a range of strategic policy interventions and operational adjustments. The management of climate change impacts and transition to a low carbon environment is a key component of environmental stewardship at all our operations and projects. At operational level, our energy, carbon management and water strategies highlight our approach taken: Greater energy and water efficiencies Improved use of low carbon and renewable energy sources Security of water and energy supplies In addition, we have joined a number of global initiatives and programmes that support both corporate disclosure of climate change impacts and encourage multi-stakeholder commitments to combating it. Our second climate change report that complies with the recommendations of the TCFD was released in conjunction with this IAR. Gold Fields Integrated Annual Report 2019 29 CEO REPORT Gold Fields IR 2019 Pro of 15 – 27 March 2020

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OUR 2019 PERFORMANCE Every year Gold Fields sets itself key performance targets to ensure that we meet our strategic goals. These fall into four categories: Financial – To make money sustainably Stakeholders – Build and maintain stakeholder support Organisational capacity – Ensure that the Company has the capacity to deliver Internal business processes – Build the processes required to deliver the strategy Below is an update on theCovid-19 (coronavirus) pandemic and its impact on Gold Fileds, followed by an overview of Gold Fields’ strategic goals within these categories and how we performed against them during 2019. We have evaluated the potential effects of these conditions on the basis of a three-month operational closure period across the Group (period used is based on periods of total lockdown experienced in China and South Korea). Over this period there could potentially be no production and approximately 50% savings on cost and capital. Gold Fields is of the view that it will be a stable, going concern for the foreseeable future. However, this estimate is inherently uncertain as it is based on expectations of future events, including the length of the closure period, which is currently unknown. Safety and health 00 For details – p62 Our targets of zero fatalities, serious injuries and safe production are embedded, through the Group scorecard, in the performance scorecards of all Gold Fields’ employees. It will always remain our most important priority. Most tragically, we lost a colleague during 2019. Maria Ramela, a38-year-old trackless crew leader at our South Deep mine in South Africa, was fatally injured after being struck by a rock ejected from the rock face following a series of four seismic events. We again express our sincere condolences to her family, friends and colleagues. We also had 12 serious injuries in 2019 (2018: 17) and a regression in the TRIFR to 2.19 per million hours worked (2018: 1.83). However, the severity and duration of lost-time injuries (LTIs) improved markedly. We have made progress on the implementation of health and safety strategies, including a Group-wideroll-out of the Courageous Safety Leadership (CSL) programme. Training for this programme commenced in 2019 and will be completed during 2020, teaching all employees to prioritise safety and giving them the opportunity to become safety leaders. We believe that the CSL programme, combined with the expansion of the Vital Behaviours programme already successfully implemented at our Australian operations since 2016, will entrench safe behaviours and choices in our workplace. We continue with the critical controls initiative commenced last year. We are also investing in technical and engineering safety solutions, such as proximity detection, collision avoidance and fatigue management systems, while at the same time deployingfit-for-purpose management systems. On the health front, a South African court endorsed the settlement reached between six gold mining companies, including Gold Fields, and attorneys representingex-mineworkers suffering from Silicosis and Tuberculosis (TB). An independent trust has been established to compensateex-mine workers by distributing just over R5bn (US$380m) funded by the gold mining companies. We have made a provision of R297m (US$21m) for our share of the settlement. The nominal value is R408m (US$29m), which is in effect our contribution to the trust over the next 10 years. The trust began its work in March 2020. Operational performance 00 For details – p47 Our strategic priority is to sustainably improve our total shareholder return. While this may suggest a strong focus on investors as our key stakeholder, we need strong cash-flow generation to share the benefits of mining with all our stakeholders – our workforce, business partners, communities, governments and, of course, shareholders. As such, we have set an annual target of generating a FCF margin of 15% at a gold price of US$1,300/oz. After the three-year, US$1bn reinvestment programme between 2017 and 2019, we turned cash-flow positive in H1 2019, earlier than originally anticipated. As the projects neared completion bymid-2019, we started seeing benefits in H2 2019, during which normalised profits for the Group were almost double that of H1.Covid-19 pandemic and Gold Fields’ actions Subsequent toyear-end – and at the time of finalising the financial statements – theCovid-19 (coronavirus) pandemic required Gold Fields to support government protocols and directives in countries in which we have a presence to contain the spread of the virus. Our operations introduced a wide range of measures to reduce the risk of potential infections of people at our operations and limit disruption at our mines. We are in full support of the governments’ measures and our further actions going forward will be determined by the nature and extent of incidences of infections at our mines and in the countries in which we operate. In line with the directive by the South African government on 23 March 2020, South Deep has been placed oncare-and-maintenance during the resultant21-day lockdown in South Africa. Prior to that directive being announced, we had implemented other measures to manage the risk to its people and business, including international business travel restrictions, selfquarantine for people displayingflu-like symptoms and comprehensive hygiene awareness campaigns. There is of course the possibility of further lockdowns and restrictions in the countries in which we have a presence and contingency plans are being formulated to deal with these potential eventualities. Gold Fields management believes Gold Fields is in a strong financial position with significantly reduced debt compared to prior periods. As at the date hereof, the Group has approximately US$600m in cash and in excess of US$1.5bn of committed, undrawn debt facilities. As a result, management believes that the Group has sufficient liquidity to withstand an interruption to our operations for a considerable period of time, but that notwithstanding, we will continue to work towards minimising the impact ofCovid-19 on our employees, mines and offices. Gold Fields Integrated Annual Report 2019 30 Gold Fields IR 2019 Pro of 15 – 27 March 2020

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Gold Fields Integrated 2019 CEO REPORT Annual Report Group performance highlights 2019 2018 Fatalities Number 1 1 TRIFR /million hours worked 2.19 1.83 Attributable production Moz 2.195 2.036 All-in sustaining costs (AISC)1, 2 US$/oz 970 981 All-in costs (AIC)1,2 US$/oz 1,064 1,173 Net cash-flow1, 3 US$m 249 (122) Free cash-flow (FCF) margin1 % 21 16 Net debt (pre-IFRS 16)1 US$bn 1.331 1.687 Net debt (post-IFRS 16)1 US$bn 1.664 –Dividend declared R/share 1.60 0.40 Total value distribution US$bn 2.577 2.711 Energy usage4 TJ 12,498 11,628 Water withdrawal M 22,334 21,179 Freshwater withdrawal M 14,153 14,468 Water recycled/reused (% of total) % 68 66 CO emissions million tonnes 1.94 1.85 2 Host community procurement (% of total) % 34 27 Host community employment (% of total) % 55 56 Gross mine closure liabilities US$m 436 400 1 These non-IFRS measures have been defined in management’s discussion and analysis in the Annual Financial Report (AFR), and have been reconciled to IFRS 2 2019 AISC on the revised World Gold Council interpretation 3 Net cash-ow = cash-ow from operating activities less net capex, environmental payments and nance lease payments 4 The sum of direct and indirect energy consumption reects a conversion factor used by Granny Smith, Gruyere, Agnew, Tarkwa and Damang power stations to account for generation losses As a whole, in 2019 the Group generated Headline earnings for 2019 were control, produced first gold in June 2019 US$249m in net cash-flow compared US$163m (2018: US$61m), while and ramped up to steady state by with a net cash-outflow of US$122m in normalised profits of US$343m for 2019 September 2019. 2018. Mine cash-flow for the year, which were up twelve-fold from the US$27m The benefits of our investments are set to excludes project capital, was US$552m, reported in 2018. continue into 2020, with Group compared with US$345m in 2018. The A critical achievement for the year was attributable production expected to be 2019 FCF margin was 21% at an average the notable progress of South Deep, about 5% higher and AIC 2% lower than gold price received of US$1,399/oz. which met and exceeded its production 2019 levels, notwithstanding the first year All our operations performed in line, or and cost guidance for 2019 after the of capital expansion at the Salares Norte better, than guidance during 2019, both in significant restructuring process during project. The current higher gold price terms of their operational and financial 2018. As the year progressed and the (including our hedges for 2020) places the metrics. Gold Fields’ attributable changes entrenched throughout the Company in a strong position to generate gold-equivalent production increased operation, South Deep started to meet substantial FCF for 2020 while sustaining 8% to approximately 2.2Moz in 2019 targeted operational benchmarks. For our current operations, further reduce (2018: 2.04Moz), exceeding the upper 2019, the mine reported record cash-flow debt and continue our policy of paying end of the guidance range of of R221m (US$15m), compared with an dividends equal to about a third of our 2.13Moz – 2.18Moz. outflow of R1.92bn (US$146m) in 2018, normalised earnings to shareholders. boosted production by 41% to 222koz AIC for 2019 were US$1,064/oz, 9% Growth of our portfolio and reported a 37% reduction in AIC. lower than 2018 and below 2019 guidance of US$1,075/oz – US$1,095/ Other major contributors to the improved 00 For details – p39 oz. AISC were US$970/oz (2018: Group production figures were the first While improving the FCF per ounce of US$981/oz) on the original World Gold full-year production from our 45% holding gold produced is one of management’s Council interpretation, and US$897/oz on in the Asanko Gold Mine (AGM) in Ghana, top priorities, ensuring the longevity of our the revised interpretation. AISC (original a 15% increase in production at Damang, portfolio and the sustainability of its cash interpretation) guidance for the year was and the initial 50koz contribution from our generating abilities are as critical. As such, US$980/oz – US$995/oz. share of the Gruyere mine in Western over the past three years the Group has Australia. Gruyere, in which we hold a been in a reinvestment phase at a time 50% stake and have management

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Gold Fields Integrated 2019 Annual Report OUR 2019 PERFORMANCE continued when many of our peers have been Gold Fields’ total capex for 2019 was and the net debt:EBITDA ratio 1.29x at focused on cost rationalisation in the US$613m (2018: US$814m), of which the end of 2019. With further strong face of pressure from some market US$476m was sustaining capital and cash-flow predicted, management has participants. US$137m was growth capital. Capex of set itself the target of paying down US$630m has been budgeted for 2020, US$300m – US$400m of debt in 2020, Between 2017 and 2019, we spent of which US$224m is growth capital notwithstanding the first capital outlays approximately US$1bn in project capital earmarked primarily for Salares Norte at the Salares Norte project. Beyond and building two new mines – Gruyere in (US$111m), the Australian operations that, we plan further deleveraging of the Western Australia and Damang in Ghana (US$60m), Cerro Corona (US$28m), balance sheet. – as well as acquiring a 50% share in the South Deep (US$15m) and Damang To protect cash-flows and underpin debt Gruyere project and a 45% stake in AGM (US$10m). The capex excludes Gold reduction, we have extended our gold in Ghana, and bringing our Salares Norte Fields’ share of AGM’s total capex of and foreign exchange hedging project in Chile to a positive construction US$34m for 2020. programme, putting structures in place decision. These investments will not only A further indication of our sound growth which mature during 2020. extend the overall life of our portfolio, but prospects is Gold Fields’ strong Mineral will also improve the quality thereof by Gold Fields’ policy allows for hedging to Reserves and Resources position. lowering the Group AIC. protect cash-flows at times of significant In 2019, the Group had a strong expenditure, for specific debt servicing An overview of our key growth projects performance with regards to Reserves requirements, and to safeguard the viability for 2019 is as follows: replacement, net of depletion. Total of higher cost operations. Given the high • We spent A$96m (US$67m) on attributable, gold-equivalent Mineral levels of project capital incurred over the Gruyere in Western Australia, which Reserves at the end of 2019 were past three years, the Group has deployed started production in H2 2019 and, at 51.3Moz (2018: 50.3Moz), including our short-term, tactical gold hedges to protect 99koz, achieved its revised production 45%-held AGM. Some of the significant cash-flows and the balance sheet. guidance for 2019. The total capital developments during 2019 were: cost of Gruyere amounted to A$610m, • An 8% increase in the Australian With the project capital having largely below the final forecast capital of region’s Mineral Reserves, net of been spent by mid-2019, the underlying A$621m, of which Gold Fields paid depletion, to 6.93Moz, led by a 38% purpose of the programme shifted to A$329m (p41) rise at Agnew and a 31% improvement underpinning a significant reduction in • At our Damang mine in Ghana, we at St Ives debt. Our intention is not to put spent US$70m in project capital. • A 2% rise in Tarkwa’s Mineral additional hedges in place once the Up until end-2019, the cost of the Reserves, net of depletion, to 5.89Moz current hedge book expires, other than project was US$347m, with a further possible downside protection, without As at the end of 2019, 22Moz of Gold US$10m scheduled for 2020. limiting the upside, given the large capital Fields’ Mineral Reserves (including AGM) Damang’s 2019 production of 208koz expenditure for the Salares Norte project were outside South Africa, representing was 15% up on 2018 (p41) in 2021. 42% of the Group’s Reserves base. • We continued our aggressive As recently as 2015, only 28% of our In line with our dividend policy of paying near-mine exploration spending at our Reserves were not from South Deep. out 25% – 35% of normalised earnings Australian mines. During 2019, we At the time our international Reserves as dividends, we declared a total spent A$84m (US$58m) (including were a mere 13Moz. dividend for the year of R1.60/share Gruyere), which is in line with the (2018: R0.40/share). average yearly spend of A$80m – Strengthening the balance sheet A$100m over the preceding three Energy and climate change years. During 2019, St Ives, Agnew 00 For details – p52 and Granny Smith replaced 165% of Our capital programme of the past three 00 For details – p69 their Mineral Reserves, net of depletion years inevitably put pressure on the During 2019, Gold Fields shifted further (p43) balance sheet. Tactical hedge positions away from the use of carbon-intensive • US$49m was spent on feasibility study and better-than-expected gold prices for energy sources and, for the first time, (FS) work, further exploration drilling, the most part of the past three years started using renewable energy to power as well as environmental and social enabled us to limit the pick-up in net our mines. Our mines in Ghana, Australia expenditures at the Salares Norte debt, as did stronger than anticipated and Peru are now largely powered by project in Chile. Since 2009, when it cash-flows and the sale of non-core low-carbon sources, though diesel is still first started exploring, Gold Fields has equity investments for a combined being used for the majority of our mining spent US$228m on the project. The US$179m during H1 2019. Furthermore, fleet. During 2019, 67% of total electricity final FS was approved by the Board in we successfully refinanced US$1bn in consumption was generated by gas, February 2019 and environmental debt during 2019 and signed a new with coal accounting for 28%, hydro-approval was granted by the regulator US$1.2bn revolving credit facility. electricity for 3%, diesel for 2% and in December 2019. The Board, after As a result, we managed to significantly renewables for just under 1%. reviewing the updated FS, a social- reduce our net debt to US$1.33bn political risk assessment and the We see renewable energy sources as funding options for the US$860m (pre-IFRS 16) from US$1.69bn at becoming increasingly important, and construction, gave the go-ahead for end-2018, while the net debt:EBITDA our initial focus is on the mines in construction in February 2020. The ratio was 1.08x (end-2018: 1.57x). Western mine is expected to be operational by Under the new IFRS 16 lease accounting early 2023 (p42) standards, our net debt was US$1.66bn

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Australia. Agnew became the first mine in our portfolio to be powered by solar energy when it connected a 4MW solar farm in August 2019. Five wind turbines, providing an additional 18MW, will be added to the system bymid-2020, as will a 13MW battery energy storage system. Byend-2020, Agnew will become one of the first gold mines in the world to receive over 50% of its power from renewable energy sources, with the remainder of its electricity needs being supplied by a gas plant. The Granny Smith gas power plant integrated 8MW of solar energy into its power system in Q1 2020, alongside a 2MW battery energy storage system. A further 40MW of solar capacity is being developed at South Deep in South Africa pending regulatory approval. Gold Fields is committed to 20% renewable energy generation over thelife-of-mine at all new projects, including the newly approved Salares Norte mine in Chile. When it starts production in early 2023, we envisage that at least 15% of electricity will be generated by solar. Energy accounted for 20% of Group operating costs in 2019, the second largest cost component at our mines. While energy consumption rose by 7% in 2019, energy spending declined from US$302m in 2018 to US$300m despite the increase in our gold production. This is attributable to mine planning optimisation and energy efficiencies. Greater use of renewables has the added benefit of reducing our carbon footprint, which is one of Gold Fields’ key environmental priorities. In 2016 we set ourselves an aspirational target of cumulative carbon emission reduction of 800ktCO2-e between 2017 and 2020. We reached 54% of these savings byend-2019 and are on track to achieve 75% of this target by the end of 2020. During 2019, totalCO2-e emissions increased to 1.94m tonnes (2018: 1.85m tonnes), as a result of higher Group tonnes mined and the inclusion of the Gruyere mine for the first time, but we expect longer-term benefits arising from the energy efficiency, fuel-switching and renewable energy projects we have put in place at our mines. In 2018, Gold Fields become the first South African mining company to endorse the Financial Services Board’s TCFD recommendations and, in 2019, we published our baseline 2018 TCFD Report. This report will monitor our climate change-related performance and replaces previous submissions under the CDP (formerly the Carbon Disclosure Project). The 2019 TCFD Report is being released in conjunction with this IAR. Environmental stewardship 00 For details – p67 This year, for the first time in its history, Gold Fields recorded no serious environmental incidents. This is an important achievement, as environmental incidents could potentially impact not only on operations, but also the communities and the environment around us. We classify environmental incidents on a scale of 1 to 5, with Levels 3 to 5 incidents resulting in medium- to longer-term environmental damage and regulatory sanctions. Gold Fields has had no Levels 4 or 5 incidents for well over a decade and for the first time in 2019, there were no Level 3 incidents (we reported two Level 3 incidents in 2018). The number of Level 2 incidents, which have a limited environmental impact but could escalate to more serious incidents, declined by 46% last year. Water is a particular focus of our environmental strategy, as it is an increasingly scarce and expensive resource around the globe. During 2018, our operations invested in improving water practices, including pollution prevention, recycling and conservation initiatives. Key to responsible water stewardship is to reuse or recycle much of the water we use in our processes and, in line with industry best practice, we have set ourselves a target of 65%. We achieved the target in 2018 and 2019, when the total water recycled or reused amounted to 66% and 68% respectively. A key focus of both management and the Board was the governance and management of TSFs, following the catastrophic failure at the Feijao iron ore mine in Brumadinho, Brazil, during January 2019, which resulted in 270 deaths. We studied the report of the independent investigation panel to identify any lessons we could learn. All Gold Fields’ operations carried out additional safety inspections at our 34 TSFs, including 18 decommissioned TSFs and three managed by JVs, and concluded that Gold Fields-managed TSFs were not at risk. We also responded to requests from environmental, social and governance (ESG) investors to all global mining companies by detailing the specifications and technical standards of our TSFs. This report is available on our website. During 2019, we further strengthened technical and governance oversight over all of our TSFs through, among others, providing quarterly updates to the Board and increasing the tailings expertise of our corporate technical team. We reviewed available real-time monitoring and surveillance technologies, including drones, and are applying them to specific TSFs as appropriate. Longer term, our Exploration camp at the Salares Norte project in Chile Gold Fields Integrated Annual Report 2019 33 CEO REPORT Gold Fields IR 2019 Pro of 15 – 27 March 2020

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teams are working with our peers at the ICMM to provide input into independent global tailings standard that will be published during 2020, and to which all ICMM members have agreed to adhere to. The total gross mine closure liability for Gold Fields increased by 9% to US$436m in 2019 from US$400m in 2018. During 2019, we further enhanced our integrated approach to mine closure management with each operation implementing the first of three-year progressive environmental rehabilitation plans. Our workforce 00 For details – p59 In 2018, the profile of our workforce underwent a major change with the retrenchment of about a third of the workforce at South Deep, as well as the move to contractor mining at our Tarkwa and Damang mines in Ghana. This meant that the ratio of contractors to full-time employees changed significantly over the past year. At the end of 2019, approximately 12,000 of our total 17,656 workforce were contractors. This requires a different Human Resources (HR) approach, but one that still considers the Company’s values, standards and policies. Within the entire workforce, we are increasing our focus on diversity and inclusivity and employing people from our host communities. During 2019, the Board approved a Group diversity policy. We are making progress on this journey: Across our global workforce, 20% of Gold Fields employees are female, with 20% of management positions also held by women. Just over half of our female employees work in core mining activities. As recently as 2016, only 15% of our workforce was female. For the second year running Gold Fields was included in the Bloomberg Gender-Equality Index (GEI), one of only 325 companies globally to have achieved this Well over half of our total workforce – 55% – are from communities that are impacted by our mines. In 2017, that level was 40%, though there also have been some changes in our classification of host communities since then Another important HR initiative entrenched in 2019 is the drive to ensure that all our people are appropriately skilled. With the increasing shift towards mechanisation and automation at our OUR 2019 PERFORMANCE continued mines, we have found that, in addition to the continued development and training of our workforce, it is increasingly important to recruit people that have a strong science, technology and mathematics background. During 2019, we spent over US$12m globally on training and development. Stakeholders and communities 00 For details – p75 The Group’s value distribution to national economies in 2019, amounting to US$2.58bn, was slightly lower than the US$2.71bn in national value distributed in 2018. Of this, 68% was paid to suppliers and contractors, 15% to employees, 10% to governments in taxes and royalties, and 6% to equity and debt investors. Within our total value distribution, Gold Fields continues to focus on maximisingin-country and host community economic impact. Within our procurement spend, 96% is fromin-country suppliers. Communities, in particular, are a key focus for Gold Fields as sustainable community jobs, procurement from community enterprises and community investments will have significant economic and social benefits. During 2019: Almost 9,300 people, or 55% of the workforce, were employed by us and our contractors from host communities. This is in line with our long-term target Host community procurement was US$635m, or 34% of total spend, exceeding the 27% achieved in 2018 Our investment in socio-economic development (SED) projects in our host communities declined by 17% to US$22m compared with 2018, largely due to the completion of the three-year, US$27m upgrade to the Tarkwa- Damang road in H1 2019, our largest community investment project to date These initiatives ensured that US$782m, 33% of our total value contribution, remained with our host communities. It is pleasing to see that as a result of this and our increased engagement our relationship assessment surveys show improved ratings of Gold Fields across all our jurisdictions, while community grievances decreased by 39% in 2019 compared with 2018. Guidance for 2020 Gold Fields’ business plan for 2020 has been built around an average gold price of US$1,300/oz (A$1,850/oz, R600,000/ kg) and assuming exchange rates of R14.50 per US Dollar and A$0.69 per US Dollar. As stated, we believe that the benefits of our three-year investment programme will continue into 2020, with the Damang Reinvestment project set to be finalised and the Gruyere mine contributing for a full year for the first time. Group attributable production is expected to be about 5% higher at 2.275Moz – 2.315Moz, and AIC 2% lower at US$1,035/oz – US$1,055/oz when compared to 2019. Excluding spending on the Salares Norte project, our AIC guidance would be between US$975/oz – US$995/oz. AISC is guided 4% lower at US$920/oz – US$940/oz. Capex for the year has been budgeted at US$630m. The main drivers behind production guidance for 2020 are: A 16% rise in South Deep’s production to 257koz (2018: 222koz) The inclusion of Gruyere’s full-year production of 270koz (100%) Note of thanks I would like to express my gratitude to my fellow directors, led by our Chairperson, Cheryl Carolus, for their support and guidance during 2019. The composition of our Exco has remained stable over the past two years, and I believe the commitment of this team has been one of the main reasons behind our recent successes. Going against industry trends, as we have done with our US$1bn reinvestment programme, would not have been possible without the support and expertise of this team. Most importantly, I would like to express my sincere appreciation and gratitude to all the employees of Gold Fields. They have gone through some difficult times over the past few years, with wideranging restructuring initiatives impacting their work lives. Rightfully, now that their efforts have translated into strong profitability for the Group, they will be rewarded for their efforts. But I also know that our employees’ resilience, hard work and dedication will not let up. It gives me great comfort to know that I have this team behind me to drive Gold Fields forward. Nick Holland CEO Gold Fields Integrated Annual Report 2019 34 Gold Fields IR 2019 Pro of 15 – 27 March 2020

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CEO SCORECARD 2019 Gold Fields recognises that remuneration is a critical part of value creation. We are committed to aligning our employees’ remuneration to our strategic objectives, as embodied in our Group Business Scorecard (BSC). The Group BSC is then cascaded into individual scorecards, to ensure individual effort drives Group performance. Below is a summary of our CEO Nick Holland’s BSC for 2019 and his performance against it. His average score for 2019 was 3.8 out of 5, as evaluated by the Remuneration Committee. The Board believes that by reflecting on the CEO’s scorecard and how it drives value creation, we demonstrate to our stakeholders our commitment to fair and transparent reporting. Performance against individual BSC targets informs 35% of the CEO’s annual performance bonus, while his performance against the Group BSC targets (p36 – 37) inform the remaining 65% (which includes sustainability-related targets). 00 For the CEO’s remuneration package and those of other executives and directors, as well as our remuneration rating scale, approach, policies and implementation, see the Remuneration Report in the AFR on p28 – 58. The rating scale applied here is also in the Remuneration Report on p45. Weight Target 2019 Results Rating out of 5 FINANCIAL 10% Improve liquidity by reducing net debt Target: US$100m debt reduction Stretch target: US$150m debt reduction Net debt reduced by US$281m to US$1,331m (pre IFRS 16) 5 INTERNAL BUSINESS PROCESS 15% Deliver the 2019 South Deep business plan through disciplined execution and improved productivity. Target: 477t mined/employee South Deep achieved a 45% annual improvement on 2018 in tonnes mined per employee at 418t 3 15% Improve internal business planning processes at South Deep by achieving 85% compliance to the mining plan. South Deep achieved 87% compliance to the mine plan1 – and a 7% improvement on 2018 Backfill production was at record levels at 426,338m3 Ground support at 12.8km was a 37% improvement on 2018 4 10% Delivery of the Gruyere project First crusher feed 20 January 2019 First gold production 30 June 2019 Substantial completion 20 July 2019 2019 production at 99koz, at the top end of market guidance 3 Delivery of Gruyere project capital cost. Target: A$621m Stretch: A$612m Final project capital cost was A$610m 4.5 10% Delivery of Damang project to the following targets: Total ore mined 31.8Mt Gold produced 218koz Mill throughput 4.3Mt 75% spatial compliance to plan Total tonnes mined of 34.1Mt Gold production of 208koz Mill throughput at 4.6Mt (above nameplate capacity) 92% spatial compliance2 to plan 3.5 5% Delivery of Salares Norte project: Feasibility study (FS) peer reviewed by March 2019 Detailed engineering work at 55% Complete district exploration with 12.9km drilled Environmental approval to be achieved by June 2020 FS completed and presented to the Board in February 2019 Detailed engineering work at 58% District exploration drilling of 15.5km Environmental approval received in December 2019 4 ORGANISATIONAL CAPACITY 10% Improve impact of I&T Complete 2019 I&T programmes in accordance with the regional strategies with clear business cases Key achievements: Telecommunications infrastructure at South Deep, Agnew, Granny Smith and St Ives to facilitate digital mining progressed Personnel and mobile equipment tracking systems implemented in one corridor at South Deep Automatic ventilation systems installed at Agnew High-precision blast hole drilling commenced at Tarkwa and St Ives Semi-autonomous loading expanded at Granny Smith and trialled at South Deep 3.5 5% Improve governance, compliance and risk by ensuring that there are no material deviations from 2019 compliance guidelines. No material deviations 4 10% Develop leadership competency framework aligned with strategic objectives and values to improve people capacity and culture Leadership competency framework updated and adopted 3.5 10% Apply 360o “Living the Values” assessment in our performance assessment tool The 360o assessment of the CEO was completed by the Chairperson and Exco 4 OVERALL PERFORMANCE RATING 100% 3.8/5 1 Compliance to plan means adherence to key operational targets such as costs, drilling advancement, ground support and backfill production 2 Spatial compliance requires adherence to the approved mining plan and sequence in which we mine Gold Fields Integrated Annual Report 2019 35 CEO REPORT Gold Fields IR 2019 Pro of 15 – 27 March 2020

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EFFICIENCIES AND SECURITY OF UTILITIES (ENERGY AND WATER) QUALITY 5% TJ reductions through energy-saving initiatives Achieve 800,000tCO2-eq reduction target for 2017 – 20204 Commence construction of South Deep solar power plant 3% reduction in freshwater withdrawal Increase water recycling/reuse to 66% of total water use Improve portfolio management Develop growth plans for the Australia, West Africa and Americas regions FINANCIAL STRATEGIC PLANNING PROCESS Improve the resolution between short-term and long-term planning REPUTATION WITH STAKEHOLDERS 60% of active investors engaged twice a year 80% achievement of planned government engagement interactions CAPITAL DISCIPLINE PROCESS Reduce net debt by US$300m – US$400m @ US$1,500/oz1 ORGANISATIONAL CAPACITY INTERNAL BUSINESS PROCESSES INCREASE TOTAL SHAREHOLDER RETURN 2020 GROUP SCORECARD ACHIEVE OUR VISION: To be the global leader in sustainable gold mining STAKEHOLDER 1 Illustrative price 2 Including spending on Salares Norte project 3 This is measured by the number of referrals via LinkedIn 4 Representing about half of our annual Scope1-2 emissions CEO SCORECARD 2019 continued GROUP 2020 BSC Gold Fields Integrated Annual Report 2019 36 Gold Fields IR 2019 Pro of 15 – 27 March 2020

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Lead indicators: indicators of performance that drive outcomes/future success Lag indicators: indicators of performance that show how successful we have been in achieving outcomes INNOVATION AND TECHNOLOGY GOVERNANCE AND COMPLIANCE No material deviations from compliance guidelines All audit findings resolved within agreed timeframes Significant progress in rolling out digital infrastructure PEOPLE CAPACITY 75% cover for high impact and mission critical roles Deliver the 2020 guidance of 8,000kg at R625,000/kg Sustain improvements at South Deep Delivery of Salares Norte Complete detailed engineering design Commence with construction in Q4 2020 OF OUR PORTFOLIO CAPITAL DISCIPLINE PROCESS Substantial compliance of capital projects with time, cost and scope approvals SAFETY, OCCUPATIONAL HEALTH AND WELLBEING Substantial achievement of environmental, health and safety scorecard ORGANISATIONAL CULTURE Improve response to findings in employee climate surveys Managers living the Gold Fields values as measured by 360Ëš assessment Increased diversity and inclusion among employees (ANALYSTS AND INVESTORS, EMPLOYEES, GOVERNMENT, COMMUNITIES) Substantial implementation of community action plans Increase in the number of influenced hired employees3 US$1,035 – 1,055/oz2 Cost guidance for 2020 COST GUIDANCE (AIC) 15% return at US$1,300/oz and A$1,850/oz gold price per project/investment CAPITAL RETURNS Above median performance against peer group We are committed to achieving our vision of being the global leader in sustainable gold mining. Our strategy is designed to enable the delivery of this vision through an integrated approach. Our strategy, which comprises four pillars – organisational capacity, internal business processes, stakeholders and financial performance – is further informed by our dedication to operational resilience, debt reduction and integrated thinking. Gold Fields Integrated Annual Report 2019 37 CEO REPORT Gold Fields IR 2019 Pro of 15 – 27 March 2020

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Value delivery to our shareholders The underground workshop at our South Deep mine in South Africa 38 Asset portfolio management p39 Mineral Resources and Mineral Reserves Summary p44 Improving operational performance p47 Strengthening the balance sheet p52 Gold Fields IR 2019 Pro of 15 – 27 March 2020

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Gold Fields’ overriding strategic objective is to improve the quality of its portfolio by lowering GroupAll-in costs (AIC), thereby increasing our free cash-flow (FCF) margin per ounce of gold produced. The goal is to generate a FCF margin of at least 15% at US$1,300/oz. To achieve this, we employ various elements in the portfolio management process, including: Acquiring or developing lower-cost (than Group average), longer-life assets Extending the life of current assets through near-mine brownfields exploration Focusing onin-country opportunities to leverage off our existing footprint, infrastructure and skills set, and capitalise on the experience we have gained from operating in these jurisdictions Disposing of higher-cost, shorter-life assets that management believes can be better served by a company that has more time and resources to commit to them In addition to increasing the cash generating ability of our portfolio, ensuring the sustainability of our production base has been a focus over the past three years. Last year marked a turning point after almost three years of significant capital investment and net cash-outflows. In 2019, the Group recorded a net cash-inflow of US$249m after two years of cash-outflows – US$33m in 2017 and US$122m in 2018. However, between 2017 and 2019, we generated total net cash-inflow of US$94m despite spending US$644m in project capital and US$163m on developing our Salares Norte project. With anticipated project capital on Gruyere and Damang having largely been spent, and Group production forecast to increase in 2020, FCF is expected to improve even further in 2020. Management intends to allocate a portion of this FCF tode-gearing the balance sheet and funding the initial US$111m capital needed to build Salares Norte, while at the same time maintaining the policy of paying 25% – 35% of normalised earnings as dividends to our shareholders. Growing our global footprint Our active portfolio management approach has allowed us to build a geographically diversified portfolio with nine mines and one project in five countries, one of which is in South Africa. During 2019, the production base outside South Africa continued to grow, with the completion of the Gruyere project in Western Australia, the first full-year contribution from our 45% holding in the Asanko gold mine (AGM), and thebuild-up of production at Damang in Ghana. With 22Moz of attributable gold-equivalent Mineral Reserves (excluding Asanko) at 31 December 2019 being outside South Africa – 42% of the total – our international assets are well positioned to produce in excess of 2Moz per annum over the next decade. Encouragingly, South Deep in South Africa showed a marked operational improvement in 2019 following the restructuring towards the end of 2018, outperforming guidance by 15% and generating positive FCF for only the second time since we acquired the mine in 2006. A summary of our major projects and progress at South Deep is detailed on p40 – 42. In another positive development, the Environmental Impact Assessment (EIA) for Salares Norte in Chile was approved by the Atacama Environmental Assessment Commission on 18 December, earlier than anticipated. As such, an updated feasibility study (FS) indicating an internal rate of return of 23% at a US$1,300/oz gold price and a 2.3 year payback period was presented to the Board in February 2020. The Board granted final approval to proceed with the construction of the project. The US$860m (2020 basis) cost of the project is funded through cash-flow from the Group, existing debt facilities as well as US$249m from a successful equity raise completed in February 2020 soon after the Board gave thego-ahead. Sale of equity holdings During the course of 2019, Gold Fields took advantage of the favourable equity market conditions to divest a number of itsnon-core equity holdings, with the proceeds being used to pay down a portion of the Group’s debt. A total of US$179m was raised through these sales. We made a significant return on all these investments, as seen in the table below. SALE OFNON-CORE HOLDINGS DURING 2019 Investment Previous shareholding Sold for Acquired for (date) Maverix Metals 19.9% C$91m (US$67m) Gold Fields sold its royalty streaming portfolio in December 2016 for a 32% stake in Maverix Metals, worth US$42m. Gold Fields retains 4.1m Maverix Metals warrants Red 5 19.9% A$30m (US$21m) A$12m (US$10m) (October 2017) Gold Road Resources 9.9% A$126m (US$85m) A$71m (US$54m) (March – May 2017) Hummingbird Resources 6.0% £6m (US$7m) Gold Fields sold its Yanfolila gold project in Mali to Hummingbird Resources in July 2014 for 25% of Hummingbird Resources shares, worth US$21m Total US$180m ASSET PORTFOLIO MANAGEMENT 39 PERFORMANCE AGAINST MATERIAL MATTERS Gold Fields IR 2019 Pro of 15 – 27 March 2020

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ASSET PORTFOLIO MANAGEMENT continued During 2019, Gold Fields acquired a strategic 16% shareholding in Chakana Copper for C$8m (US$6m). Chakana is currently advancing the prospective Soledad gold-silver project in central Peru. After the corporate actions last year, our key strategic shareholdings are shown in the adjacent table. SOUTH DEEP Following the restructuring at the end of 2018, South Deep demonstrated a notable improvement in most production and financial metrics during 2019. These were the result of a culmination of initiatives driving safety, organisational culture, systems, processes and technical improvements. Among the key initiatives were: Reducing the workforce by about 35% through the retrenchments of employees and decrease in the number of contractors Reducing the size of the underground fleet to declutter the mine and allow for an improvement in machine utilisation and efficiencies Restaffing South Shaft operations to a single shift per day by limiting its functions to providing water and backfill reticulation, water pumping and ventilation services to the full mining operation. The rest of the mine is being supplied via the Twin Shafts Reducingnon-sustaining capital expenditure (capex) related tonew-mine development. This development is set to be restarted in H2 2020 and accelerated to open up new mining areas for the production build up GOLD FIELDS’ MATERIAL INVESTMENTS – DECEMBER 2019 Investment Shareholding Market value (US$m) Asanko Gold 9.9% 21 Cardinal Resources1 16.4% 17 Rusoro Mining 25.7% 6 Chakana Copper 16.8% 3 Magamatic Resources 12.5% 3 Lefroy Exploration 18.4% 2 Orsu Metals 6.2% 1 Consolidated Woodjam Copper 19.9% 1 Maverix Metals warrants 12 Total value (including warrants) 66 1 Subsequent toyear-end 2019, Gold Fields sold its holding in Cardinal Resources to Nord Gold for A$37m (US$23m) There were no material developments regarding the Far Southeast (FSE) project in the Philippines during 2019. The project is held by Far Southeast Gold Resources, in which Gold Fields has a 40% interest with an option to increase its stake to 60%, and is adjacent to an existing mining operation with established infrastructure. Lepanto Consolidated Mining Company of the Philippines (Lepanto) holds the remaining 60% interest and manages the existing mining operation. Gold Fields impaired its investment in FSE to US$82m in 2019, indirectly derived In addition, management implemented a leadership programme called ‘Siyaphambili’ (which means to move forward together), the primary focus of which is to improve the competencies of middle management and frontline teams to achieve the strategic culture change required to drive operational performance. We made good progress in 2019, with the new way of working reflected in improved production metrics throughout the mine: A record 426,338m3 of backfill was placed in 2019. As a result, there was a significant reduction in backfill backlog and an improvement in stope turnaround time to an average of 4.9 months in 2019 from 7.8 months in 2018. Significant enhancements have also been made to both quality and process controlsDe-stress square metres mined increased by 42% to 26,606m2 in 2019 from 18,793m2 in 2018 Longhole stoping volumes mined increased by 36% to 631,281 tonnes in 2019 from 463,348 tonnes in 2018, as a result of improved stope availability, equipment productivity and extraction quality Development decreased by 13% to 4,412m in 2019 from 5,047m in 2018, as the mine deliberately cut back onnew-mine capital development The mine’s overall productivity in 2019 improved by 53% to 33.4 tonnes per employee costed (TEC) from 21.7 TEC in 2018. The overall efficiencies for development and destress improved to 60m/rig per month in 2019 from 39m/ rig per month in 2018. These productivity improvements were underpinned by: A reduction in fleet, which improved the ratio of available faces An improvement in machine reliability, which resulted from the accelerated maintenance improvement programme The implementation of a drill and blast quality control function A culmination of the business improvement initiatives and leadership programmes rolled out by the mine As 2019 progressed, South Deep performed increasingly better, recording continuous quarterly improvement throughout the year. Production increased by 41% to 6,907kg (222koz) in 2019 from 4,885kg (157koz) in 2018, and was 15% ahead of guidance of 6,000kg (193koz). The mine also contributed US$15m in net cash-inflow to the Group (p52). South Deep has issued guidance of 8,000kg (257koz) in production at AIC of R625,000/kg (US$1,340/oz). from Lepanto’s market value on the Philippine Stock Exchange. Gold Fields’ holding costs in FSE are approximately US$0.1m, related mainly to staff and administrative costs, managing existing drill core, environmental monitoring, community relations work, as well as activities to support the permitting process. Gold Fields Integrated Annual Report 2019 40 Gold Fields IR 2019 Pro of 15 – 27 March 2020

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Gold Fields Integrated 2019 Annual Report PERFORMANCE AGAINST MATERIAL MATTERS GRUYERE DAMANG ASANKO In November 2016, Gold Fields entered The Damang Reinvestment project Gold Fields entered into a 50/50 into a 50/50 joint venture (JV) with Gold commenced in December 2016 and incorporated JV with Canada’s Asanko Road Resources for the development entailed a major cutback to both the Gold in March 2018. Our 45% stake in and operation of the Gruyere gold eastern and western walls of the AGM is equity accounted as Asanko project in the Yamarna belt of Western Damang pit to extend the life-of-mine Gold remains the operator of the mine. Australia. The JV comprises the Gruyere to 2025. 2 AGM is a multi-deposit complex with two gold deposit and 144km of exploration After outperforming the project plan main deposits, Nkran and Esaase, and tenements. Early work on Gruyere began in both 2017 and 2018, the project nine satellite deposits. The mine is in December 2016 and started in earnest continued to progress well during 2019. situated 100km north of Gold Fields’ in April 2017, which saw the start of the At the end of 2019, 36 months into the Tarkwa and Damang operations along building phase completed in June 2019. project, total material mined amounted the prospective and under-explored Pleasingly, Gruyere commenced to 120m tonnes, 17% ahead of the Asankrangwa greenstone belt in Ghana. production during 2019, with first gold project schedule. Gold produced for the recovered in June 2019 and sold in July Work on embedding the acquisition of same period was 533koz, 17% ahead of 2019, in line with the revised project our 45% stake in AGM continued during the planned 456koz. Project capital schedule. Commercial production was 2019. The mine produced 251koz spent as at 31 December 2019 was attained at the end of September 2019, (100% basis) at an AISC of US$1,112/oz US$347m, ahead of the US$313m slightly ahead of this schedule. The ramp and AIC of US$1,214/oz in 2019. budget, largely driven by the additional up was successfully completed during Guidance for 2020 is 255koz (100% capital waste tonnes mined. December 2019, with production hitting basis) at an AISC of US$1,000/oz and nameplate capacity of 8.2m tonnes per 2019 was the last year of significant AIC of US$1,130/oz. annum during the month. capex on the project, declining to Together with our JV partners, we US$71m from US$125m in 2018 and Gold Fields’ portion of capex for 2019 developed a new life-of-mine model US$115m in 2017, in line with schedule. was A$104m (US$72m) (2018: A$180m based on updated geological modelling, (US$134m)), with the funds spent During H2 2019, production was with the main focus being on how to primarily on the completion of the impacted by lower grades as the mine best develop and mine the sizeable Gruyere construction project and transitioned through the Huni sandstone Esaase deposit. The highlights of the stripping activities at the Gruyere pit. The lithology, which will continue during H1 life-of-mine model are: final capital cost for Gruyere’s 2020. By mid-year, mining will transition • Mineral Reserves of 2.32Moz construction was A$610m (100% basis), into the higher and more consistent • Estimated gold production of 2.1Moz below the forecast of A$621m, Gold grade Tarkwa phyllites. As such, we over a 10-year life-of-mine at projected Fields’ share being A$329m. expect a much stronger H2 2020. AISC of US$1,135/oz • Estimated average annual production Gruyere produced 99koz (100% basis) in Damang generated net cash-flow of of 242koz at AISC of US$1,048/oz for 2019, hitting the upper end of revised US$24m in 2019 compared with a 2020 and 2021 guidance. The mine also ended the year cash-outflow of US$68m in 2018. This is • Projected FCF of US$91m (at with 3.2Mt in stockpiles. AIC post- the first year of positive free cash since US$1,400/oz) for 2020 and 2021 commercial levels of production for the the start of the project. The mine is • Life-of-mine capital projected at three months from September 2019 expected to produce 215koz in 2020 at US$105m, including US$25m for the were A$983/oz (US$684/oz). AIC for the AISC of US$990/oz and AIC of current resettlement of Tetrem village full year were A$4,170/oz (US$2,900/oz) US$1,030/oz. • Increased exploration within 21,000ha compared with the revised guidance of land package A$4,450/oz (US$3,095/oz). Guidance for Gruyere is 270koz (100% basis) in 2020 at All-in sustaining costs (AISC) of A$1,140/oz (US$785/oz) and AIC of A$1,150/oz (US$795m). This boosts Gold Fields’ attributable production in the Australian region to approximately 1Moz (p49). Gruyere is currently the only Gold Fields site in Australia that has a comprehensive Native Title Agreement in place with the relevant traditional owners of the land on which the operations are located. The Gruyere and Central Bore Native Title Agreement provides consent to mine, as well as other financial, contracting and employment benefits for the community, and comprehensive processes for the management of Aboriginal heritage at Gruyere. 41

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Gold Fields Integrated 2019 Annual Report ASSET PORTFOLIO MANAGEMENT continued SALARES NORTE • Life-of-mine production of 3.7Moz NEAR-MINE EXPLORATION The Salares Norte project is 100% Gold gold-equivalent Near-mine exploration plays a key role in Fields-owned. It is a gold-silver deposit • Average annual production of 450koz Gold Fields’ strategy as we believe it in the Atacama region of northern Chile, gold-equivalent for the first seven offers one of the lowest-cost with mineralisation contained within a years, and average annual production opportunities for growing cash-flow, high-sulphidation epithermal system, of 355koz gold-equivalent for the first particularly on a per share basis. The offering high-grade oxides. The project 10 years value in near-mine exploration lies in: is elevated 4,200m – 4,900m above sea • AISC over the life-of-mine of • Knowledge of the ore bodies, which level. US$552 per gold-equivalent ounce enables the exploration teams to identify extensions or additional ore Land easement was granted on The project is expected to meaningfully sources housed within the mining 30 May 2016 for 30 years. Water rights change the future profile of Gold Fields, tenement for the project were obtained in providing growth in production and a • Operational capabilities, including Gold December 2016, with the DGA granting reduction in Group AIC. The project Fields’ proven ability to develop and Gold Fields access to more than four capital of US$860m will be funded from mine orogenic ore bodies times the amount of water that the Group cash-flows, existing debt facilities • Regional and operational project requires. As at end-December as well as an US$249m equity raise, infrastructure, including existing 2019, detailed engineering was 58% successfully completed after the Board processing plants and regional complete, with the plan to be 80% gave the go-ahead for construction. We management teams complete by mid-2020 and 100% have also finalised Group gold and complete by year-end. foreign exchange hedges for the Chilean In addition to adding to Gold Fields’ Peso to further ease funding pressures Mineral Resources and Mineral Reserves The initial FS on the project was during the construction period. base, near-mine exploration: completed in late 2018, and the EIA • Extends the life of the Group’s existing approved by the Atacama Environmental Salares Norte controls 84,000ha of mines Assessment Commission in December mineral rights in the Salares Norte district • Ensures each region can continue to 2019. This was earlier than estimated and has carried out extensive district-leverage its infrastructure and, given the healthy position of the wide exploration within a 20km radius of • Provides a robust platform for regional Company, an updated FS and the Salares Norte. During 2019, the district growth decision to proceed with construction exploration yielded encouraging results and development of Salares Norte was at the Horizonte Project with further In 2019, Gold Fields spent US$73m on approved by the Board in February step-out potential in targets near the near-mine exploration (2018: US$80m), 2020. main Salares Norte pit. We will continue which supported a total of 428,980m of investing in exploration in the area, with near-mine drilling (2018: 507,497m). The results of the updated FS did not the objective of adding to the production The majority of this spending – US$58m differ materially from the initial FS, with pipeline from 2025 onwards. (A$84m) (2018: US$63m (A$85m)) – updated estimated capex slightly higher was incurred at our Australian mines. at US$860m (in 2020 terms). Capex is While there are no indigenous claims or US$13m was spent in Ghana, including scheduled over a 33-month period community presence on the concession, US$5m at Asanko, amid a renewed commencing in April 2020. US$138m Salares Norte has embarked on an focus on extending the life of our Tarkwa is budgeted to be spent on the Salares extensive engagement programme with mine. In addition, we spent US$5m at Norte project in 2020, which comprises four indigenous communities in the wider Cerro Corona and a further US$13m on US$27m of pre-development vicinity of the project. The principal area district exploration activities in the vicinity expenditure and capex of US$111m. of social influence of the project is the of our Salares Norte project. Diego de Almagro municipality, The other key elements of the updated approximately 125km away. A long-term For 2020, Gold Fields has budgeted FS include: framework agreement has been signed US$70m for near-mine exploration, of • Mineral Reserves of 3.5Moz of gold with the municipality and its communities which A$74m (US$52m) will be at our and 39Moz of silver for a gold-to govern the relationship. Australian operations. The 2019 equivalent Reserve of 4.0Moz as at performance numbers for Mineral December 2019 Reserves on the next page are net of • 11.5-year life-of-mine depletion. • Construction is scheduled to commence in Q4 2020, with first St Ives production in Q1 2023 At St Ives, total exploration spend in • Annual throughput of 2Mt of ore 2019 was A$36m (US$25m). A total of 138,333m were drilled during the year, resulting in a 31% increase in Mineral Reserves to 2.3Moz, net of depletion.

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Gold Fields Integrated 2019 Annual Report ABOUT THIS REPORT Key outcomes: Granny Smith Key outcomes: • 31% increase in Mineral Reserves Total exploration spend at Granny Smith • 2% increase in Mineral Reserves • Extensions of the Invincible complex amounted to A$20m (US$14m) in 2019. • Tarkwa replaced depletion for the first both laterally and at depth A total of 142,891m were drilled during time in 15 years the year. The team was unable to replace St Ives Mineral Reserve reconciliation Tarkwa Mineral Reserve reconciliation what it mined, with Mineral Reserves Gold (Moz) Gold (Moz) decreasing 168koz (8%) at the Wallaby 2.5 94 Underground mine during 2019. 6.0 0 . 45 . . 78 0 As at 31 December 2019, Granny 5.0 5 2.0 40) 53) . 64 . (0 Smith’s Mineral Reserves were 2.1Moz. . (0 0 4.0 1.5 . 74 1 Key outcome: • 5% decrease in Mineral Reserves 3.0 1.0 2.0 Granny Smith Mineral Reserve reconciliation 0.5 Gold (Moz) 1.0 0.0 2.5 29) . 0.0 Mineral ned Growth neral (0 12 Mineral ned Growth neral 45 . Reserves depletion Reserves 25 0 . 0 Reserves depletion Reserves 2018 2.0 2 . 2018 Damang Agnew 1.5 A$26m (US$18m) was spent on While we focused on implementing our exploration at Agnew during 2019, and a 1.0 Damang Reinvestment plan, Gold Fields total of 74,914m were drilled during the also spent US$2m in near-mine year. Encouragingly, Agnew managed to 0.5 exploration during the year. A total of replace Reserves after depletion again 13,190m were drilled. Despite the 0.0 exploration effort, Mineral Reserves during 2019. Mineral Reserves increased Mineral ned Growth neral 38% to 0.8Moz. Reserves 2018 depletion Reserves decreased 17% to 1.3Moz, net of The exploration efforts of the past few depletion. Gruyere Key outcome: years are starting to bear fruit, with Gold Fields’ portion (50%) of the • 17% decrease in Mineral Reserves Waroonga North growing laterally and at exploration spend at Gruyere was A$2m depth. A maiden Reserve has been Damang Mineral Reserve reconciliation (US$1m) in 2019. A total of 11,309m declared at Redeemer Zone 2, while we Gold (Moz) were drilled during the year. Changes to are seeing further extensions of Genesis the Mineral Resource and Mineral and Sheba at New Holland. 2.0 Reserve were relatively minor at the end 23) Key outcomes: of 2019. Further study work is planned . (0 . 04) 1.5 62 • 38% increase in Mineral Reserves during 2020 that will assess the potential . 1 (0 • Maiden Reserve declared at to incorporate the results of the 2019 Redeemer Zone 2 drilling. 1.0 • Waroonga North growing laterally and As at 31 December 2019, Gold Fields’ at depth 0.5 portion (50%) of the Gruyere Mineral Agnew Mineral Reserve reconciliation Reserves was 1.8Moz. Gold (Moz) 0.0 Tarkwa Mineral ned Growth Reserves neral 45 Reserves depletion 0.8 . 0 Gold Fields spent US$6m in near mine 2018 45 . exploration at Tarkwa during the year, 0.7 0 24) Asanko 0.6 . (0 drilling 27,007m. Pleasingly, Tarkwa was 56 able to replace depletion in 2019, the Gold Fields’ portion (50%) of the 0.5 0 . first time the mine was able to do this in exploration spend at Asanko was 0.4 15 years. Tarkwa’s Mineral Reserves US$5m in 2019. A total of 5,971m 0.3 increased 2% to 5.9Moz. were drilled during the year. As at 0.2 31 December 2019, Gold Fields’ portion Early exploration drilling has signalled 0.1 (45%) of the Asanko Mineral Reserves untapped down dip potential along 0.0 was 1.1Moz. 22km of strike length. Reserves Mineral depletion ned Growth Reserves neral 2018

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IMPROVING OPERATIONAL PERFORMANCE Gold Fields’ strategy is to improve margins by lowering theAll-in costs (AIC) of existing mines and by investing in assets that lower the average Group AIC. We believe that this will ultimately improve free cash-flow (FCF) generation and enable us to achieve our underlying goal of generating a FCF margin of at least 15% per region at a gold price of US$1,300/oz. While improving FCF per ounce of gold produced is management’s priority, ensuring the longevity of the portfolio and its cash generating ability is equally important. As such, we continued to invest in the portfolio during 2019: A$96m (US$67m) was spent on the Gruyere project in Western Australia, which started production in H2 2019 (p41) US$71m in project capital was spent at our Damang mine in Ghana. Damang’s 2019 production of 208koz was a 15% increase on 2018 (p41) We continued our aggressive near-mine exploration spending at our Australian mines and, during 2019, we spent A$84m (US$58m), including Gruyere (p43) US$49m (2018: US$61m) was spent on feasibility study (FS) work, further exploration drilling, as well as environmental and social expenditures at Salares Norte in Chile. The Board gave thego-ahead for construction in February 2020, and the mine is set to be operational by early 2023 (p42) Despite ongoing investments in our portfolio, strong operational performances from our Australian, West African and South American assets, together with the stabilisation of South Deep in South Africa, resulted in the Group meeting production and cost guidance for the year and generating higher than anticipated cash-flow. This, together with the sale ofnon-core equity investments (Maverix, Red 5, Hummingbird Resources and Gold Road), enabled Gold Fields to reduce its net debt from US$1,687m atend-2018 to US$1,331m(pre-IFRS 16) at the end of 2019. For a morein-depth update on the balance sheet and debt management, refer to p52. GROUP OPERATIONAL PERFORMANCE 2020 Guidance 2019 Actual 2019 Guidance 2018 Actual Prod (Moz) AIC (US$/oz) Prod (kg) AIC (US$/oz) Prod (Moz) AIC (US$/oz) Prod (Moz) AIC (US$/oz) Group 2.28 – 2.32 1,035 – 1,055 2.20 1,064 2.13 – 2.18 1,075 – 1,095 2.04 1,173 Gold Fields’ attributable gold-equivalent production increased by 8% to 2.195Moz in 2019 (2018: 2.036Moz), driven predominantly by the stabilisation of South Deep following the restructuring in 2018, the first full-year production contribution from the Asanko gold mine (AGM), a 15% increase in production at Damang, and the initial contribution from Gruyere (50koz attributable) in Western Australia. The Group achieved AIC of US$1,064/oz in 2019, which was below guidance and 9% lower than the US$1,173/oz recorded in 2018. Theyear-on-year decrease in AIC was driven by the reduction innon-sustaining capital, coupled with the higher level of gold sold. GroupAll-in sustaining costs (AISC) also decreased, down to US$970/oz from US$981/oz in 2018, and were lower than guidance. During 2019, Gold Fields maintained capex levels that, we believe, are critical to sustain the portfolio. As a result of the project capital at Damang and Gruyere tapering off during 2019, Group capex declined to US$613m (excluding AGM) from US$814m in 2018. This comprised sustaining capex of US$476m and growth capital of US$137m. Regional capex included: Americas: At Cerro Corona, capex increased by 70% to US$56m in 2019 from US$33m in 2018 due to construction of the new waste storage facility, as well as infrastructure reallocation expenses relating to the life extension plan Australia: Our Australian mines’ capex decreased to A$458m (US$319m) in 2019 from A$553m (US$413m) in 2018, with near-mine exploration spending amounting to A$84m (US$58m) in 2019 (2018: A$85m (US$63m)) South Africa: Total capex at South Deep decreased to US$33m in 2019 from US$58m in 2018, with no project capital being spent during the year (2018: US$18m) West Africa: Capex, excluding on AGM, decreased to US$202m (2018: US$295m), driven predominantly by the lower project capital at Damang (which decreased from US$125m in 2018 to US$71m in 2019) Gold Fields Integrated Annual Report 2019 47 PERFORMANCE AGAINST MATERIAL MATTERS Gold Fields IR 2019 Pro of 15 – 27 March 2020

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SOUTH AFRICA REGION 2020 Guidance 2019 Actual 2019 Guidance 2018 Actual Prod (kg) AIC (R/kg) Prod (kg) AIC (R/kg) Prod (kg) AIC (R/kg) Prod (kg) AIC (R/kg) South Deep 8,000 (257koz) 625,000 (US$1,340/ oz) 6,907 (222koz) 585,482 (US$1,259/ oz) 6,000 (193koz) 610,000 (US$1,394/ oz) 4,885 (157koz) 854,049 (US$2,012/ oz) As expected, South Deep got off to a slow start in 2019 following the restructuring programme implemented during the latter part of 2018, then recorded continuous improvements throughout the rest of the year. Encouragingly, production for the year increased by 41% to 6,907kg (222koz) in 2019, up from 4,885kg (157koz) in 2018 – coming in 15% ahead of guidance. Capex decreased by 38% to R479m (US$33m) in 2019 from R770m (US$58m) in 2018. South Deep did not spend anynon-sustaining capex during 2019 due to the temporary suspension of new mine development activities as communicated as part of the restructuring announcement at the end of 2018. In 2020, capex will increase with guidance at R995m (US$68m), of which R775m (US$53m) will be sustaining capex and R220m (US$15m)non-sustaining capex. During 2019, AISC decreased by 28% to R585,482/kg (US$1,259/oz), while AIC – which equalled AISC in 2019 because of the suspension ofnon-sustaining capex – was 31% lower than the R854,049/kg (US$2,012/oz) recorded in 2018. The decreases in AISC and AIC were mainly driven by the increased gold sold, as well as the reduced capex incurred during the year. To cap the operational progress, South Deep generated net cash-flow of US$15m in 2019 compared with an outflow of US$146m in 2018. AMERICAS REGION Production overview 2020 Guidance 2019 Actual 2019 Guidance 2018 Actual Gold-only production koz 158 156 153 150 Copper production kt 27 31 28 32 Gold-equivalent production koz 275 293 291 314 AIC US$/oz 575 472 566 282 AICeq-oz US$/oz 830 810 802 699 At Cerro Corona in Peru total managed gold-equivalent production of 293koz in 2019 (2018: 314koz), was slightly higher than the gold-equivalent production guidance for the year. AISC and AIC amounted to US$472/oz in 2019 compared with US$282/oz in 2018. On a gold-equivalent basis, AISC and AIC were slightly above guidance in 2019 at US$810/oz (2018: US$699/oz). The increase in AISC and AIC was primarily due to lowerby-product credits and lower gold sold. Capex increased by 70% to US$56m (2018: US$33m) as a result of the construction of a new waste storage facility and the reallocation of infrastructure expenses (such as access roads, blasting supplies warehouse, and general warehouse) for the life extension plan. Cerro Corona reported net cash-inflow of US$86m during 2019 (2018: US$112m). IMPROVING OPERATIONAL PERFORMANCE continued Gold Fields Integrated Annual Report 2019 48 Gold Fields IR 2019 Pro of 15 – 27 March 2020

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AUSTRALIA REGION 2020 Guidance 2019 Actual 2019 Guidance 2018 Actual Prod (koz) AIC (A$/oz) Prod (koz) AIC (A$/oz) Prod (koz) AIC (A$/oz) Prod (koz) AIC (A$/oz) St Ives 360 1,320 (US$924) 371 1,385 (US$963) 362 1,342 (US$1,007) 367 1,207 (US$902/oz) Agnew 225 1,440 (US$995) 219 1,656 (US$1,152) 221 1,538 (US$1,154) 239 1,374 (US$1,026) Granny Smith 265 1,415 (US$975) 275 1,325 (US$922) 260 1,370 (US$1,028) 280 1,239 (US$925) Gruyere (50%) 135 1,150 (US$795) 50 4,170 (US$2,900) 59 4,4501 (US$3,092) Region 985 1,350 (US$932) 914 1,418 (US$986) 902 1,518 (US$1,139) 886 1,262 (US$943/oz) 1 The guidance included the remaining project capital, largely for H1 2019 Gold Fields’ Australian operations delivered another strong performance in 2019. Attributable gold production of 914koz was better than full-year guidance of 902koz, underpinned by the inclusion of Gruyere production during H2 2019. AIC of A$1,418/oz (US$986/ oz) was below guidance. Production was 3% higher than in 2018 (886koz). Capex decreased to A$458m (US$319m) from A$553m (US$413m) in 2018, due to reduced spending on Gruyere in 2019. This includes near-mine exploration expenditure of A$84m (US$58m), slightly lower than the A$85m (US$63m) spent in 2018. The Australia region reported a net cash-inflow of A$199m (US$139m) in 2019, including Gruyere growth capital of A$104m (US$72m), compared with A$40m (US$30m) in 2018, when Gruyere reported a cash-outflow of A$218m (US$163m). Mine performances St Ives continued its transition to being a predominantly underground operation during 2019, with mining of the Invincible open pit being largely phased out during the year. Invincible Underground, Hamlet Underground and the Neptune open pit are now the main sources of ore at St Ives. The shift to an underground focus at St Ives requires a different focus in terms of engineering, mining and HR management. Production increased by 1% to 371koz in 2019 from 367koz in 2018, and was 2% above guidance. AIC increased 15% to A$1,385/oz (US$963/oz) in 2019 from A$1,207/oz (US$902/oz) in 2018, and was 3% above full-year guidance. Capex decreased by 17% to A$141m (US$98m) in 2019 from A$170m (US$127m) in 2018, due to reducedpre-stripping of the open pits combined with lower spend on mining infrastructure in 2019. St Ives generated net cash-flow of A$158m (US$110m) for the year. A review of the mine’s brownfields exploration activity in 2019 is on p43. At Agnew, gold production decreased 8% to 219koz in 2019 from 239koz in 2018, and was 1% lower than guidance. AIC increased by 21% to A$1,656/oz (US$1,152/oz) in 2019 from A$1,374/oz (US$1,026/oz) in 2018 due to a decrease in gold sold and increases in cost of sales before amortisation and depreciation, as well as higher capex. As a result, Agnew generated lower net cash-flow of A$16m (US$11m) in 2019, compared with A$92m (US$69m) in 2018. Capex increased 12% to A$109m (US$76m) in 2019 from A$98m (US$73m) in 2018. The increase was driven by the A$32m (US$22m) cost of building a new accommodation village (we previously rented rooms from BHP Billiton innear-by Leinster). The first buildings for the camp arrived on 15 December 2018 and construction commenced in January 2019. Commissioning of the 450 rooms and the central facilities occurred on schedule in May 2019. In addition, in June 2019 Gold Fields and global energy group, EDL, announced a A$112m investment in a world-leading energy microgrid, which combines wind, solar, gas and battery storage and will result in over 50% of Agnew’s energy requirements being supplied from renewable andlow-carbon sources. The 23MW power station that integrates solar with gas and diesel was commissioned in November 2019, while construction of the five wind turbines was completed in February 2020 (p69). The significant investments in Agnew’s camp and microgrid is a testament to our confidence in the future of the operation, as reflected in its successful near-mine exploration activities, which saw Mineral Reserves improve markedly in 2019 (p43). At Granny Smith, production decreased by 2% to 275koz in 2019 from 280koz in 2018, but still came in 6% ahead of guidance. AIC increased by 7% to A$1,325/oz (US$922/oz) in 2019, up from A$1,239/oz (US$925/oz) in 2018, largely due to the decrease in gold production. Capex was 1% lower in 2019 at A$104m (US$72m) (2018: A$105m (US$79m)). The mine generated net cash-flow of A$134m (US$93m) in 2019, a 3% increase on 2018. Gold Fields Integrated Annual Report 2019 49 PERFORMANCE AGAINST MATERIAL MATTERS Gold Fields IR 2019 Pro of 15 – 27 March 2020

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IMPROVING OPERATIONAL PERFORMANCE continued A review of the mine’s brownfields exploration activity in 2019 is detailed on p43. Gruyere poured its first gold at the end of June 2019, in line with the revised project schedule. Production ramped up successfully, with the mine producing 99koz (100% basis) during H2 2019 and reaching steady state production levels by the end of the year. AIC post-commercial levels of production(end-September) were A$983/oz (US$684/oz), falling below the revised forecast range of A$1,050/oz – A$1,150/ oz, with both mining and processing volumes at the upper end of expectations. AIC for the full year of A$4,170/oz (US$2,900/oz), were within revised guidance and inflated by the minimum levels of production during the commissioning andramp-up stages and also impacted by the remaining project capital that was spent during the year. Now in steady state, Gruyere is set to contribute meaningfully to low cost production of the Group. For more details on Gruyere, refer to p41. WEST AFRICA REGION 2020 Guidance 2019 Actual 2019 Guidance 2018 Actual Prod (koz) AIC (US$/oz) Prod (koz) AIC (US$/oz) Prod (koz) AIC (US$/oz) Prod (koz) AIC (US$/oz) Tarkwa 510 970 519 958 514 949 525 951 Damang 215 1,030 208 1,147 218 1,100 181 1,506 AGM1 115 1,130 113 1,214 106³ 1,140³ 45 1,175 Region 840 1,006 840 1,039 838 1,102 750 1,0982 1 45% stake, equity-accounted 2 Includes AGM contribution for August – December 2018 3 Gold Fields’ 45% share of themid-point of AGM 2019 guidance The Ghanaian region is the second biggest producer in the Gold Fields portfolio, contributing 35% to Group attributable production in 2019. Gold Fields has a shareholding of 90% in both Tarkwa and Damang, with the Ghanaian government holding the remaining 10%. During 2018, Gold Fields acquired a 45% stake of AGM, with our JV partner Asanko Gold holding 45% and the Ghanaian government the remaining 10%. Total managed gold production for the region was in line with guidance of 838koz, increasing by 12% in 2019 to 840koz, mainly due to a 15% increase in Damang’s production, together with a full year contribution from AGM as opposed to only five months in 2018. Total attributable production increased to 768koz from 680koz in 2018. Capex (excluding AGM) decreased to US$202m in 2019 from US$295m in 2018, mainly due to lower expenditure on capital waste stripping at Damang. AIC for the region, including AGM, was US$1,039/oz, 6% below guidance and 5% lower than the US$1,098/oz reported in 2018. The region reported a material increase in net cash-flow in 2019, excluding AGM, to US$174m (2018: US$45m). Mine performances Production at Tarkwa decreased 1% to 519koz in 2019 (2018: 525koz), but was slightly ahead of guidance. AISC and AIC increased by 1% to US$958/oz in 2019 from US$951/oz in 2018, also marginally ahead of guidance. Tarkwa generatednet-cash inflow of US$150m during 2019 compared with US$112m in 2018. A review of the mine’s brownfields exploration activity in 2019 is detailed on p43. Damang produced 208koz in 2019, which is 15% higher than the 181koz produced in 2018 and 4% below guidance of 218koz. The underperformance relative to guidance was driven by negative grade reconciliation as the mine transitioned through the Huni sandstone lithology. This transition will be completed during H1 2020, at which point mining will occur in the relatively higher (and more consistent) grade Tarkwa phyllites. AISC decreased to US$809/oz in 2019 from US$813/oz in 2018, due to higher gold sold, and was partially offset by higher cost of sales before amortisation and depreciation. AIC declined by 24% to US$1,147/oz in 2019 from US$1,506/oz in 2018, due to higher gold sold and lower total capex, which was reduced by 45% to US$76m in 2019 (2018: US$139m). Damang recorded a net cash-inflow of US$24m in 2019 compared with an outflow of US$68m in 2018. AGM produced 251koz in 2019, of which 113koz was attributable to Gold Fields. This compares to the 45koz attributable to Gold Fields for the five months from August to December 2018. Production was impacted by a pit wall failure in November at the west wall of the Nkran pit. No injuries or damage to equipment occurred. AISC increased 4% to US$1,112/oz in 2019 from US$1,069/oz in 2018, while AIC was up 3% to US$1,214/oz in 2019 (2018: US$1,175/oz) (p41). Gold Fields Integrated Annual Report 2019 50 Gold Fields IR 2019 Pro of 15 – 27 March 2020

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Truck at the underground maintenance workshop at our South Deep mine in South Africa PERFORMANCE AGAINST MATERIAL MATTERS Gold Fields Integrated Annual Report 2019 51 Gold Fields IR 2019 Pro of 15 – 27 March 2020

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Gold Fields’ business strategy has consistently focused on growing margins and free cash-flow (FCF) for every ounce of gold produced, and to sustain this FCF in the long term. However, our drive to generate a FCF margin of at least 15% at a gold price of US$1,300/oz is balanced by the strategic imperative of strengthening the balance sheet and funding future growth. For the past three years, the Group has been in a reinvestment phase. During this period, we spent approximately US$1bn in buying into two joint ventures and building two new mines, which have improved the quality of the overall portfolio by lowering GroupAll-in costs (AIC). Of this project capital, US$347m was spent on Damang and A$329m on Gruyere, in addition to the A$350m on acquiring 50% of Gruyere. Furthermore, Gold Fields spent US$162m in project and drilling costs at the Salares Norte project and US$185m to acquire our 45% stake of the Asanko gold mine (AGM) in Ghana. Better-than-expected gold prices for the most part of the past three years enabled us to limit thepick-up in net debt, despite the amount of capital incurred. With the capex cycle rolling off during 2019, the Group is well positioned to generate significant FCF in 2020. For 2019, Gold Fields generated a FCF margin of 21% compared to 16% in both 2017 and 2018. Given the outlook for increased production and lower AIC, we anticipate this FCF margin to stay above our target in 2020, depending on the gold price. During 2019, Gold Fields took advantage of the favourable equity market conditions to divest of a number of itsnon-core equity holdings, with the proceeds being used to pay down a portion of the debt. A total of US$179m was generated through these sales. We made a significant return on the sales of all these investments, which are detailed on p40. FINANCIAL PERFORMANCE Gold Fields’ 2019 results were boosted by the stronger gold price which increased the average gold price received by our mines in all three relevant currencies: the US Dollar gold price was up 11% to US$1,388/oz; the A$ gold price by 18% to A$2,007/oz and the rand gold price by 24% to R659,111/kg. As a result of the higher prices received and improved production Group revenue for 2019 rose by 15% to US$2.97bn from US$2.58 in 2018. Cost of sales were up 4% to US$1.42bn in 2019, but AIC andAll-in sustaining costs (AISC) were below 2018 levels and below guidance for the year. AIC was 9% lower at US$1,064/oz and AISC came in at US$970/oz (2018: US$981/ oz) on the original World Gold Council (WGC) definition. Other salient features during 2019 included: Royalty expenses increased by 18% to US$74m in 2019 The taxation charge for the Group increased to US$176m in 2019 compared with a credit of US$66m in 2018, while normal taxation rose to US$191m (2018: US$146m) Total capital expenditure of US$613m in 2019 significantly reduced from the US$814m in 2018 Losses on financial instruments were US$238m in 2019, largely due to losses on our gold hedges against the rising gold price Taking into account all of the above, headline earnings for 2019 were US$163m (2018: US$61m). A detailed analysis of our financial performance is provided in the management’s discussion and analysis of the financial statements in the 2019 Annual Financial Report (AFR) on p60 – 126. The consolidated income statement, statement of financial position and cash flow statement – extracted from the 2019 AFR – are provided on p152 – 156. STRENGTHENING THE BALANCE SHEET Priorities for FCF Our priorities for the operational cash that we generate are: Returning dividends to shareholders: Gold Fields has a long and wellestablished dividend policy of paying out 25% – 35% of normalised earnings to shareholders. During 2019, Gold Fields declared a total dividend of R1.60/share, which translates to 28% of normalised earnings, aligning with the average pay out over the past 10 years Strengthening the balance sheet: At the height of the growth capital cycle at the end of 2018, the Group’s net debt:EBITDA (prior to adjusting for IFRS 16) peaked at 1.45x before decreasing to 1.08x by the end of 2019. With Gruyere and Damang now at or approaching steady state, the target is to use free cash generated in 2020 to further reduce net debt and strengthen the balance sheet Funding growth projects: Construction of the Salares Norte project, which will begin towards the end of 2020, is anticipated to amount to US$860m (in 2020 terms), at which point a portion of our FCF will go towards funding capital. Apart from the Salares Norte project, there is no growth capital budgeted for the near to medium term MANAGING DEBT Gold Fields adopted the new lease accounting standards (IFRS 16) on 1 January 2019, which has impacted the reporting of net debt and the net debt:EBITDA ratio. Under the new IFRS 16 definition, which includes the capitalisation of leases – primarily those relating to our independent power purchasing agreements and pipeline rentals – Gold Fields’ ended 2019 with net debt of US$1,664m and a net debt:EBITDA ratio of 1.29x. Using the old classification(pre-IFRS 16), the net debt balance at the end of 2019 was US$1,331m (2018: US$1,687m), with a net debt:EBITDA ratio of 1.08x (2018: 1.45x). Going forward, Gold Fields will only be reporting net debt under the new IFRS 16 definition. Having come to the end of the investment programme, the focus has shifted to reducing our debt position. With this in mind, management has set itself the target of reducing debt by US$300m – US$400m in 2020. To protect cash-flows and increase the probability of attaining this goal, we extended our hedging programme in 2019, putting additional hedges in place which will mature during 2020 (see details in the table on the next page). In addition, we streamlined our portfolio of equity investments, using the US$179m raised from the divestments of ournon-core assets during 2019 to pay down some of the debt. On attaining the targeted level of net debt:EBITDA, management will reassess the balance sheet, together with the capital requirements of the business and general economic backdrop. However, the intention is not to put additional hedges in place once the current hedge Gold Fields Integrated Annual Report 2019 52 Gold Fields IR 2019 Pro of 15 – 27 March 2020

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book expires, other than providing downside protection during our large capital expenditure for Salares Norte in 2021 and 2022. Hedging Gold Fields’ policy allows for hedging to protect cash-flows, firstly, at times of significant expenditure, secondly, to address specific debt servicing requirements, and, thirdly, to safeguard the viability of higher cost operations. We do not enter into long-term systematic hedges, but rather evaluate the Company’s position and outlook on a regular basis to determine whether short-term hedging is appropriate. Given the high levels of project capital incurred over the past three years, the Group has run an active hedging programme using short-term, tactical hedges to protect cash-flows and the balance sheet. This hedging programme resulted in net realised gains of US$14m in 2017 and US$54m in 2018, and a net realised loss of US$132m in 2019. With the project capital having largely been spent bymid-2019, the underlying purpose of the hedging programme shifted to servicing debt, with management setting a target of paying down US$300m – US$400m by the end of 2020. With the February 2020 approval by the Board to construct the Salares Norte mine at a current cost of US$860m, we have put in place foreign exchange hedges for the Chilean peso component of the 2020 – 2023 capital programme, which cover approximatelytwo-thirds of the capital cost of the project. In addition, to protect Group cash-flows in the peak capex year (2021), we bought 300koz in put options against that year’s Group’s production. This hedging structure provides us with protection on the downside, while at the same time retaining full exposure to any upside potential in the gold price. For more details of the gains and losses of our hedging programmes, see p200 – 203 in the Annual Financial Statements. Table of hedges 2019 Hedge Country Quantity hedged Hedging instrument and price Hedge term Gold hedge Australia 283koz (31% of guidance) Swaps; Average (Ave) strike price of A$1,751/oz Jan 2019 – Dec 2019 Australia 173koz (19% of guidance) Zero-cost collars; Ave floor price of A$1,720/oz, Ave cap price of A$1,789/oz Jan 2019 – Dec 2019 Australia 456koz (51% of guidance) Zero-cost collars; Ave floor price of A$1,800/oz, Ave cap price of A$1,869/oz Jan 2019 – Dec 2019 South Africa 113koz (59% of guidance) Forwards; Ave strike price of between R615,103/kg and R620,000/kg Between June 2019 – Dec 2019 A$ forex hedge Australia US$366m Average strike price between US$0.7075 — 0.7330/A$ Jan 2019 – Dec 2019 Oil hedge Ghana 126Mâ„“ (50% of annual diesel consumption) Swaps; Equivalent Brent crude swap price US$49.80/bbl June 2017 – Dec 2019 Australia 78Mâ„“ (50% of annual diesel consumption) Swaps; Equivalent Brent crude swap price US$49.92/bbl June 2017 – Dec 2019 2020 Hedge Country Quantity hedged Hedging instrument and price Hedge term Gold hedge Australia 210koz (21% of guidance) Swaps; Ave strike price of A$1,957/oz Jan 2020 – Dec 2020 Australia 270koz (27% of guidance) Zero-cost collars; Ave floor price of A$1,933/oz, Ave cap price of A$2,014/oz Jan 2020 – Dec 2020 Ghana 175koz (21% of guidance) Zero-cost collars; Ave floor price of US$1,364/oz, Ave cap price of US$1,449/oz Jan 2020 – Dec 2020 Ghana 100koz (12% of guidance) Swaps; Ave strike price of US$1,382/oz Jan 2020 – Dec 2020 Ghana 100koz (12% of guidance) Zero-cost collars; Ave floor price of US$1,400/oz, Ave cap price of US$1,557/oz Jan 2020 – Dec 2020 South Africa 100koz (39% of guidance) Swaps; Ave strike price of R681,400/kg Jan 2020 – Dec 2020 South Africa 100koz (39% of guidance) Zero-cost collars; Ave floor price of R660,000/kg, Ave cap price of R727,000/kg Jan 2020 – Dec 2020 Oil hedge Ghana 123Mâ„“ (50% of annual diesel consumption) Swaps; Equivalent Brent crude swap price US$59.20/bbl Jan 2020 – Dec 2022 Australia 75Mâ„“ (50% of annual diesel consumption) Swaps; Equivalent Brent crude swap price US$57.40/bbl Jan 2020 – Dec 2022 Gold Fields Integrated Annual Report 2019 53 PERFORMANCE AGAINST MATERIAL MATTERS Gold Fields IR 2019 Pro of 15 – 27 March 2020

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STRENGTHENING THE BALANCE SHEET continued Debt refinancing – new bonds and refinancing of bank debt In addition to reducing the amount of debt, one of management’s financial targets in the 2019 Balanced Scorecard (BSC) was to improve the liquidity and profile of the Group’s debt. In this regard, we were active in the debt markets during 2019, putting in place two new bonds and refinancing bank debt. In May 2019, we successfully raised two new bonds, which extended and staggered the maturity profile. A total of US$1bn was raised at an average coupon of 5.625%, with the maturity spread between five and 10 years: US$500m five-year bond with a coupon of 5.125% US$500m10-year bond with a coupon of 6.125% The proceeds of the debt raising were used to repay amounts outstanding under the US$1,290m Credit Facilities Agreement and repurchase certain other existing indebtedness. Following the bond issuances on 9 May 2019, Gold Fields commenced a tender process to buy back up to US$250m of the 2020 notes. Thebuy-back of US$250m of the outstanding 2020 notes was completed on 24 May 2019 at 102% of par. In July 2019, the Group entered into a US$1,200m revolving credit facility (RCF) agreement with a syndicate of international banks and financial institutions. The new facilities comprise two tranches: A US$600m three-year RCF, with twoone-year extension options subject to lenders consent, at a margin of 1.45% over Libor A US$600m five-year RCF, with twoone-year extension options subject to lenders consent, at a margin of 1.70% over Libor Our financial covenants attached to the new RCF were revised to accommodate the treatment of operating leases in line with IFRS 16. As such, the covenants were improved as follows: Net debt:EBITDA covenant moved from£2.5x to£3.5x Consolidated EBITDA to consolidated net finance charges covenant reduced from³5x to³4x The new facilities were used to refinance the US$1,290m Credit Facilities Agreement and to fund general corporate and working capital requirements of the Group. They will also be used to repay the outstanding bonds maturing in 2020. As a result of the new bonds and refinanced RCF, Gold Fields’ debt maturity profile has improved significantly. Apart from the outstanding US$601m of the 2020 bond, which will be retired using the new RCF and FCF, the first sizeable maturity payment for Gold Fields is now in December 2024. During 2020, we also plan to refinance and extend our A$500m (US$351m) facility, due in June 2021, as a potential source for future funding requirements. Employees at our Damang mine in Ghana Gold Fields Integrated Annual Report 2019 54 Gold Fields IR 2019 Pro of 15 – 27 March 2020

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CONSOLIDATED INCOME STATEMENT for the year ended 31 December 2019 United States Dollar Figures in millions unless otherwise stated 2019 2018 2017 CONTINUING OPERATIONS Revenue 2,967.1 2,577.8 2,761.8 Cost of sales (2,033.5) (2,043.0) (2,105.1) Investment income 7.3 7.8 5.6 Finance expense (102.2) (88.0) (81.3) (Loss)/gain on financial instruments (238.0) 21.0 34.4 Foreign exchange (loss)/gain (5.2) 6.4 (3.5) Other costs, net (67.6) (44.8) (19.0) Share-based payments (20.5) (37.5) (26.8) Long-term incentive plan (9.1) (1.1) (5.0) Exploration expense (84.4) (104.2) (109.8) Share of results of equity-accounted investees, net of taxation 3.1 (13.1) (1.3) Profit on disposal of Maverix Metals Incorporated 14.6 – – Restructuring costs (0.6) (113.9) (9.2) Silicosis settlement costs 1.6 4.5 (30.2) Gain on acquisition of Asanko – 51.8 – Impairment, net of reversal of impairment of investments and assets (9.8) (520.3) (200.2) Profit/(loss) on disposal of assets 1.2 (51.6) 4.0 Profit/(loss) before royalties and taxation 424.0 (348.2) 214.4 Royalties (73.7) (62.5) (62.0) Profit/(loss) before taxation 350.3 (410.7) 152.4 Mining and income taxation (175.6) 65.9 (173.2) Profit/(loss) from continuing operations 174.7 (344.8) (20.8) DISCONTINUED OPERATIONS Profit from discontinued operations, net of taxation – – 13.1 Profit/(loss) for the year 174.7 (344.8) (7.7) Profit/(loss) attributable to: Owners of the parent 161.6 (348.2) (18.7) – Continuing operations 161.6 (348.2) (31.8) – Discontinued operations – – 13.1Non-controlling interests 13.1 3.4 11.0 – Continuing operations 13.1 3.4 11.0 174.7 (344.8) (7.7) Earnings/(loss) per share attributable to owners of the parent: Basic earnings/(loss) per share from continuing operations – cents 20 (42) (4) Basic earnings per share from discontinued operations – cents – – 2 Diluted earnings/(loss) per share from continuing operations – cents 19 (42) (4) Diluted earnings per share from discontinued operations – cents – – 2 Gold Fields Integrated Annual Report 2019 55 PERFORMANCE AGAINST MATERIAL MATTERS Gold Fields IR 2019 Pro of 15 – 27 March 2020

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CONSOLIDATED STATEMENT OF FINANCIAL POSITION at 31 December 2019 United States Dollar Figures in millions unless otherwise stated 2019 2018 Restated1 1 January 2018 Restated1 ASSETSNon-current assets 5,460.2 5,183.2 5,505.7 Property, plant and equipment 4,657.1 4,259.2 4,892.9 Goodwill – – 76.6 Inventories 141.0 133.3 132.8 Equity accounted investees 172.0 225.1 171.3 Investments 155.1 235.3 104.6 Environmental trust funds 69.5 60.8 55.5 Deferred taxation 265.5 269.5 72.0 Current assets 1,069.9 726.5 959.1 Inventories 417.8 368.2 393.5 Trade and other receivables 137.1 138.6 171.8 Cash and cash equivalents 515.0 219.7 393.8 Assets held for sale 31.2 – 40.0 Total assets 6,561.3 5,909.7 6,504.8 EQUITY AND LIABILITIES Equity attributable to owners of the parent 2,777.0 2,586.1 3,275.8 Stated capital 3,622.5 3,622.5 3,622.5 Other reserves (2,035.5) (2,110.3) (1,817.8) Retained earnings 1,190.0 1,073.9 1,471.1Non-controlling interests 131.7 120.8 127.2 Total equity 2,908.7 2,706.9 3,403.0Non-current liabilities 2,284.8 2,670.9 2,363.1 Deferred taxation 433.6 454.9 453.9 Borrowings 1,160.9 1,814.3 1,587.9 Provisions 391.1 319.5 321.3 Lease liabilities (2018: finance lease liabilities) 287.7 80.1 – Long-term incentive plan 11.5 2.1 – Current liabilities 1,367.8 531.9 738.7 Trade and other payables 594.4 417.5 463.1 Royalties payable 13.9 12.5 16.3 Taxation payable 24.8 0.9 46.7 Current portion of borrowings 684.9 92.5 194.5 Current portion of lease liabilities (2018: finance lease liabilities) 45.2 8.5 – Current portion of silicosis settlement costs 4.6 – – Current portion of long-term incentive plan – – 18.1 Total liabilities 3,652.6 3,202.8 3,101.8 Total equity and liabilities 6,561.3 5,909.7 6,504.8 1 Refer note 42 of the consolidated financial statements. Gold Fields Integrated Annual Report 2019 56 Gold Fields IR 2019 Pro of 15 – 27 March 2020

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CONSOLIDATED STATEMENT OF CASH-FLOWS for the year ended 31 December 2019 United States Dollar Figures in millions unless otherwise stated 2019 2018 Restated1 2017 Restated1 Cash flows from operating activities 845.0 568.7 732.0 Cash generated by operations 1,302.8 998.0 1,286.5 Interest received 6.6 6.8 5.1 Change in working capital (24.6) (31.9) (89.9) Cash generated by operating activities 1,284.8 972.9 1,201.7 Silicosis payment (4.6) – – Interest paid (132.0) (91.0) (90.4) Royalties paid (72.3) (65.5) (66.0) Taxation paid (181.8) (190.7) (249.4) Net cash from operations 894.1 625.7 795.9 Dividends paid/advanced (49.1) (57.0) (70.7) – Owners of the parent (45.5) (45.5) (62.8) –Non-controlling interest holders (2.2) (9.8) (6.4) – South Deep BEE dividend (1.4) (1.7) (1.5) Cash generated by continuing operations 845.0 568.7 725.2 Cash generated by discontinued operations – – 6.8 Cash flows from investing activities (446.8) (886.8) (908.6) Additions to property, plant and equipment (612.5) (814.2) (833.6) Proceeds on disposal of property, plant and equipment 3.7 78.9 23.2 Purchase of Asanko Gold (20.0) (165.0) – Purchase of investments (6.5) (19.3) (80.1) Redemption of Asanko Preference Shares 10.0 – – Proceeds on disposal of subsidiary 6.2 – – Proceeds on disposal of Maverix 66.8 – – Proceeds on disposal of investments 112.6 0.5 – Proceeds on disposal of Arctic Platinum (APP) – 40.0 – Proceeds on disposal of Darlot – – 5.4 Contributions to environmental trust funds (7.1) (7.7) (16.7) Cash utilised in continuing operations (446.8) (886.8) (901.8) Cash utilised in discontinued operations – – (6.8) Cash flows from financing activities (104.6) 151.6 85.1 Loans raised 1,538.0 690.0 787.6 Loans repaid (1,604.3) (535.9) (702.5) Payment of lease liabilities (38.3) (2.5) – Cash (utilised)/generated by continuing operations (104.6) 151.6 85.1 Cash generated by discontinued operations – – – Net cash generated/(utilised) 293.6 (166.5) (91.5) Effect of exchange rate fluctuation on cash held 1.7 (7.6) 14.3 Cash and cash equivalents at beginning of the year 219.7 393.8 471.0 Cash and cash equivalents at end of the year 515.0 219.7 393.8 1 Refer note 42 of the consolidated financial statements. Gold Fields Integrated Annual Report 2019 57 PERFORMANCE AGAINST MATERIAL MATTERS Gold Fields IR 2019 Pro of 15 – 27 March 2020

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Managing, growing and protecting our people Managing and growing our employees p59 Safety p62 Occupational health and wellness p64 Employees at our Tarkwa mine in Ghana Gold Fields Integrated Annual Report 2019 58 Gold Fields IR 2019 Pro of 15 – 27 March 2020

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MANAGING AND GROWING OUR PEOPLE WORKFORCE PROFILE Our successful 2019 financial year is a credit to the skills, commitment and enthusiasm of our 17,656 people. But we also recognise that our business requires a steady supply of the right skills, especially where scarce skills are required. Consequently, we have further enhanced our talent management practices so we can move beyond tactical succession plans towards more strategic workforce planning, and build a strong, diverse and inclusive pipeline of talent. As at the end of 2019, contract workers across our regions accounted for 68% of our total workforce. This necessitates close contractor management and ensuring that contractors align with Gold Fields’ values, policies and procedures, particularly those relating to safety, human rights and environmental management. The 38% reduction of the South Deep workforce, following the section 189 retrenchments during 2018, also changed the profile of the workforce. The operation now has a leaner team in line with the requirements of a mechanised mine. Furthermore, as we build the required skills set for a mechanised mine, there has been a marked improvement in productivity per employee over the past year to 477 tonnes mined/employee from 289 tonnes/employee in 2018. Focus on host community employment has also changed the profile of our workforce. Host community members now comprise 55% of our workforce (2018: 56%), which aligns with our strategy of creating value for the communities in the regions where we operate. More information on host community employment on p83. Workforce by Group and region(end-December)1 Total workforce Employees Contractors Proportion of Nationals 2019 2019 2018 2019 2018 2019 Americas 3,407 545 373 2,862 1,949 100% Australia 2,923 1,657 1,577 1,2661 1,599 100% South Africa 3,984 2,310 2,472 1,674 2,171 84% West Africa 7,244 1,046 1,079 6,198 6,291 97% Corporate 98 97 100 1 0 93% Total 17,656 5,655 5,601 12,001 12,010 1 The source of this information is the Group-wide human resources information system. Host community employment data excludes our corporate and regional offices as well as projects Key Human Resources (HR) metrics(end-December) Category 2019 2018 2017 2016 2015 Total workforce 17,656 17,611 18,594 18,091 16,850 Historically Disadvantaged Persons (HDPs) employees (%)1 59 72 71 72 71 HDP employees – senior management (%)1 52 432 57 55 48 Minimum wage ratio3 1.97 2.40 2.43 1.97 1.50 Female employees (%) 20 19 16 15 14 Ratio of basic salary men to women 1.25 1.25 1.25 1.31 1.09 Employee wages and benefits (US$m) 395 442 506 482 435 Average training spend per employee (US$) 1,912 2,469 2,258 1,896 1,370 Employee turnover (%) 16 354 6 12 8 1 Excluding foreign nationals, but including white females. Percentages are of South African workforce only 2 Lower ratio due to South Deep restructuring 3 Entry level wage compared to local minimum wage. Excluding Ghana, as the region only employs management level employees with the transition to contractor mining. Ratio for 2019 is 4.66 if Ghana is included 4 High turnover due to South Deep restructuring and transition to contractor mining at Tarkwa Gold Fields Integrated Annual Report 2019 PERFORMANCE AGAINST MATERIAL MATTERS 59 Gold Fields IR 2019 Pro of 15 – 27 March 2020

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Attracting, retaining and developing employees As the mining industry continues to evolve, it is critical that we position ourselves to attract, retain and develop the right skills. We continue to evolve our current workforce to meet the future needs of an increasingly mechanised, modernising and automated mining industry. During 2019, training spend across the Group amounted to US$11m (2018: US$14m), while average spend per employee was US$1,912 (2018: US$2,469), with the decline due to the use of online and more targeted training. While we track spend per employee, we have increasingly shifted our focus to delivering more impactful and efficient training as opposed to focusing only on training spend. A new leadership competency framework was developed, focusing on leadership’s ability to create an inclusive and enabling culture, demonstrating leadership excellence and building a credible brand. This competency model will form the foundation of our talent attraction and development strategy in future. A review of recruitment standards resulted in more stringent recruitment standards being applied during the year. The recruitment process now relies on improved data and analytics and alignment with the competencies our business requires. Furthermore, we implemented improved systems to track the time it takes to fill critical roles. As a result of these initiatives critical role turnover for the Group was reduced to 4% against a target of 5%. In our drive to innovate we continue to introduce modernised, digital human resources platforms. These include the introduction of employee self-service, enhanced mobile systems for engagement and performance management, further entrenchment ofe-learning throughout the business and the introduction of big data analytics to track people-related metrics. We also focused on: Improving business processes, operational efficiencies and productivity through the use of technology and real-time data Attracting the next generation of workers to our business and, in line with this, tracking the age profile of our workforce Embedding modern working practices such as flexible work options Implementing interactive HR systems that are integrated across regions and allow employees and managers to access data that helps drive better people-related business decisions Improving workforce productivity Our operations require high levels of skills and productivity. With the increase in contractor numbers in 2019, we included contractors together with our employees in our productivity measurement of oz/TEC (total employees costed). During 2019 productivity was 102oz/TEC and we have instituted a strong focus on improving the performance of both employees and contractors. We also rolled out a frontline leadership productivity initiative at South Deep to develop leadership capacity among supervisors. Most of the mine’s supervisors have been trained in this programme which sets out a new way of working that will drive productivity. A set of management tools are being used to standardise the way teams work, allowing supervisors to clearly articulate goals, assign tasks and track progress in their teams. Performance management is fundamental to Gold Fields, driving improved productivity and ensuring we have the right people, in the right roles, doing the right things. During 2019, we further improved our approach to compiling the Group Balanced Scorecard (BSC), aligning individual performance metrics more closely with Group goals. Employee performance informs annual increases and long-term incentive bonuses. We continue to build a performance culture by training line managers and management employees in how to assess and improve their team members’ performance. Workforce diversity and transformation The moral motive and business case for diversity is soundly established within Gold Fields. This includes addressing workplace discrimination, capitalising on diverse perspectives and attracting candidates from under-represented backgrounds and host communities. During 2019, the Board approved a Group diversity policy and strategy, which set out the principles behind achieving a more diverse and inclusive workforce. While gender diversity is a key focus area, it is important to note that our definition of diversity extends beyond gender alone. We also focus on age, disability and vulnerable groups, and have developed metrics to track these. These metrics will be piloted during 2020. Several leading-practice initiatives to drive Gold Fields’ diversity agenda were rolled out in 2019. These initiatives include the following:Non-discrimination practices and merit-based decision making Targeted recruitment to increase diversity Diversity networking groups Unconscious bias training Flexible work arrangements ‘Values packs’ to reinforce diversity and inclusion, aligned to the Value of Respect Leadership coaching and training Diversity performance evaluations Increase in recruitment of female employees to 24% and tracking the number of female employees hired versus those who left during the year Improving the representation of HDSA at South Deep. At the end of 2019, 50% of our management team and 59% of the total workforce were HDSA (2018: 53% and 72% respectively) Reduction of Ghana expatriate employees to 3.1% of the total workforce, against the regulated 4% We also intensified efforts to increase the number of host community members in our workforce. Across the Group, 55% of employees hailed from our host communities. More information on host community employment is detailed on p83. Across our global workforce, 20% of Gold Fields’ employees are women (2018: 19%) – as recently as 2016, this number was only 15%. Women also hold 20% of management positions (2018: 18%). Just over half of our female employees work in core mining activities. For the second year running, Gold Fields MANAGING AND GROWING OUR PEOPLE continued Gold Fields Integrated Annual Report 2019 60 Gold Fields IR 2019 Pro of 15 – 27 March 2020

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was included in the Bloomberg Gender- Equality Index (GEI), one of only 325 companies globally to have achieved this. Gaps identified in the GEI include creating an inclusive culture, more detail and analysis of potential gender pay gaps, and creating a more supportive work environment for women. Going forward, we will continue to focus on improving in these areas within our business. The next generation of diversity and inclusion initiatives to be embedded into company processes and culture include diversity mentorships, diversity coaching and ‘walk-arounds’ by leaders to reduce the perceived threat to job security, identifying diversity champions and ongoing education to over-represented groups. Organised labour We remain committed to engaging with our workforce on all material issues that impact them. We uphold employees’ rights to freedom of association and collective bargaining, and ensure that contractors also abide by these standards. The move to contractor mining has precipitated a decrease in the number of direct employees represented by organised labour, with the exception of South Deep where representation remains at 87%. In Ghana, union representation is 0%, with contractor membership estimated at 6%, while in Peru 25% of the direct workforce and 32% of the contractor workforce belong to unions. In Australia, it is estimated that union representation among employees is below 5%. Our relationship with organised labour at South Deep improved following a violent,45-day strike in late 2018. A new committee was formed at the South Deep branch of the National Union of Mineworkers (NUM), and there is now a greater level ofco-operation between leadership and management. Of the South Deep workforce, 63% is represented by NUM, while 30% are members of UASA. While the National Union of Metalworkers of South Africa (NUMSA) has made attempts to recruit South Deep employees, representation is too low for it to have a recognition agreement at the mine. Enhancing organisational culture, entrenching values and building trust Our new leadership competency framework requires that our leadership team develop and entrench an inclusive and enabling culture. We continue to drive a culture that is based on living the Gold Fields values. To this end, we included a values metric in the Group BSC for Exco and employees at our corporate office, which contributes to overall performance ratings and thereby affects annual bonus and long-term incentive rewards. Comprising 10% of performance measurement in the BSC, the assessment relies on a360-degree feedback from a section of employees. This will be rolled out to the rest of the Group in 2020. Employee engagement remains high on the HR agenda. During 2019, employee climate surveys were carried out in South Deep and Ghana, the other regions having completed these during 2018. This was followed by more intensive feedback sessions driven by management, focusing on issues that were rated poorly by the workforce in the survey. Across the Group 60% of employees participated in the survey and we have been able to identify key areas for improvement; these include personal growth and development, reward and recognition, as well as communication. Actions to address these continue to be rolled out and are tracked. Employees at our St Ives mine in Australia Gold Fields Integrated Annual Report 2019 61 PERFORMANCE AGAINST MATERIAL MATTERS Gold Fields IR 2019 Pro of 15 – 27 March 2020

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SAFETY Our number one value — If we cannot mine safely, we will not mine — drives our goal of achieving zero harm, as well as the target of eliminating all fatalities and serious injuries at our operations. Safety forms a key component of performance management, and also informs annual performance bonuses for executives, managers and the broader workforce. Group safety performance 2019 2018 2017 2016 2015 Fatalities1 1 1 3 1 4 Serious injuries2 12 17 26 17 15 Lost time injuries (LTIs)3 38 34 52 39 68 Total recordable injuries 104 99 138 124 174 Total recordable injury frequency rate (TRIFR)4 2.19 1.83 2.42 2.27 3.40 Duration rate5 29 48 49 67 58 Safety engagement rate (SER)6 4.11 2.91 1.75 – – 1 In both 2017 and 2018 we also recordednon-occupational fatalities at our mines. In 2017, a member of the protection services team at South Deep was shot and killed during a robbery at the mine, while in 2018 a member of Tarkwa’s Community Security Task Force drowned in a settling pond on the mine 2 A serious injury is an injury that incurs 14 or more days lost and results in: – A fracture of any bone (excluding hairline fractures and fractures of fingers, toes or nose) – Internal haemorrhage – Head trauma (including concussion, loss of consciousness) requiring hospitalisation – Loss of all or part of a limb (excluding bone dressing to facilitate medical treatment of injured fingers and toes) – Permanent loss of function and/or permanent disability such as hearing loss or damage to lung function – Permanent disfigurement where the injury has resulted in the appearance of a person being deeply and persistently harmed medically and that is likely to lead to psychosocial problems Numbers exclude injuries at our projects Of the 12 serious injuries, 10 were reported by South Deep in terms of South African regulatory requirements. Of these, two meet Gold Fields’ definition above. In terms of the above definition, Gold Fields recorded four serious injuries 3 A LTI is a work-related injury resulting in the employee or contractor being unable to attend work for a period of one or more days after the day of the injury. The employee or contractor is unable to perform any of his/ her duties. Numbers exclude injuries at our projects 4 TRIFR = (fatalities + LTIs + restricted work injuries + medically treated injuries) x 1,000,000/number of hours worked. Numbers exclude injuries at our projects 5 Duration rate = days lost to LTIs/number of LTIs. Numbers exclude injuries at our projects 6 SER = safety engagements x 1,000/number of hours worked. Safety engagements are conversations between managers and the workforce to improve safety. Reporting of the SER commenced in 2017. Numbers exclude engagements at our projects Group safety performance 5 4 3 2 1 0 â– Total recordable injury frequency rate â– Total employee recordable injury frequency rate â– Total contractor recordable injury frequency rate 2016 2017 2018 2019 FATALITY AT SOUTH DEEP Tragically, on 3 June 2019, Maria Ramela, a38-year-old trackless crew leader at our South Deep mine in South Africa, was fatally injured after being struck by a rock ejected from the face after a series of four seismic events in quick succession. Three of the events were between 1.4 – 1.9 in magnitude, which is higher than average. Three members of her team sustained minor injuries and, after receiving medical treatment on the scene, were referred to hospital for full examination and subsequently discharged. Following the incident, on 4 June all South Deep operations were suspended. Furthermore, the affected areas remained closed for three weeks until it was deemed safe to resume production. While this was the only fatality Gold Fields experienced during the year, and it being amid significant improvements in the Group’s safety performance, culture and systems over the past five years, the loss of Maria’s life is unacceptable. It once again illustrates how important it is to continually drive our agenda of zero fatalities and serious injuries. Subsequent to the event, and inco-operation with the South African Department of Mineral Resources and Energy, we reviewed our already stringent safety protocols and procedures to reduce the incidence and mitigate the impact of seismic events. Other remedial actions introduced include the implementation of new support standards inde-stress mining areas and installation of vehicle protective screens. For more details on our regional safety developments and performances, see our website at www.goldfields.com/ sustainability Gold Fields Integrated Annual Report 2019 62 Gold Fields IR 2019 Pro of 15 – 27 March 2020

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OUR APPROACH TO SAFETY The number of serious injuries declined to 12 in 2019 from 17 in 2018, however, this is still above our target of zero. There continues to be a downward trend in the duration rate, which measures the number of days lost per LTI, from 48 in 2018 to 29 in 2019, while the severity rate (which measures lost days to LTIs per million hours worked) declined to 23 in 2019 from 30 in 2018 and 44 in 2017. TRIFR regressed to 2.19 in 2019 (2018: 1.83) as the number of total recordable injuries rose to 104 (2018: 99) and the number of hours worked decreased by 13%. While these trends show that we are making good progress, work remains to be done to eliminate fatalities and serious injuries at our operations. Some of our mines are getting close — particularly pleasing, during the construction phase, the Gruyere mine in Australia achieved in excess of 3.5 million hours worked without an LTI. We continue to emphasise the importance of leading safety indicators, and all of our managers have the SER integrated into their performance scorecards. There has been a strong drive to encourage managers and workers to have conversations about safety and, as seen in the rise in SER to 4.11 in 2019 from 2.91 in 2018, this is having an impact. We hope that, over time, this behaviour will lead to an improvement in our safety performance. Improving safety management systems and controls All our operations, except for Gruyere, are certified in terms of OHSAS 18001, a leading health and safety standard. During the year we commenced upgrading our management systems to the new ISO 45001 standard. To date, all our mines in Australia, as well as Cerro Corona in Peru, have been certified. Our remaining mines will undergo certification in 2020. by fellow ICMM members. The programme equips employees with practical tools to become safety leaders, and fosters an environment in which individuals feel empowered to speak out about unsafe behaviours. During 2019, a dedicated CSL safety leadership training package was developed and rolled out to the Board of Directors, management and a crosssection of employees. Training will continue in 2020, and will also be made standard for all new employees. We are also extending our Australian behaviourbased programme, Vital Behaviours, to entrench the right safety behaviours and choices across the entire business. Innovation and technology to ensure greater employee safety One of the key drivers behind the further mechanisation of operations is to improve the safety of employees. Dedicated senior innovation and technology (I&T) leadership teams were established in all regions to drive initiatives that will improve cost, safety and productivity. During 2019, the telecommunications infrastructure at all our mines was upgraded to improve connectivity and real-time information. A range of new technology systems were alsorolled-out to improve safety, including people tracking, collision avoidance and traffic management. Vehicles at our Australian mines haveon-board systems that collect real-time data on, inter alia, driver behaviour, which can be used to highlight potential opportunities for improvement. In Peru and Chile, vehicles are fitted with systems to detect driver drowsiness. Technology at Granny Smith, which allows for real-time monitoring of people underground, immediately notifies them of an emergency so they mobilise to refuge chambers quickly. Safe arrival at the refuge chamber is automatically logged. Tests conducted to date indicate that there has been a 50% reduction in the time taken to account for all personnel working underground. The benefits of ISO 45001 are: Adoption of a more integrated approach to health and safety management, encouraging company leaders to drive improved performance and management instead of delegating this responsibility to safety managers A focus on identifying potential risks and implementing preventative measures (rather than just dealing with safety hazards) Inclusion of suppliers and contractors in the management of health and safety We continued to prioritise identifying and addressing the risks that lead to material unwanted events (MUEs) in line with the ICMM’s critical control management approach. Controls are in place for all identified MUEs and, in line with previous commitments, we completed the independent verification of these critical controls of the highest priority MUEs during the year, which include: Tailings storage facility incidents Hazardous materials spillages and exposure Heavy and light vehicle incidents Slope instabilities in open pits Fires and explosions Group safety programmes The Group Safety Leadership forum, chaired by Stuart Mathews, Executive Vice President: Australia, saw the need to: Develop a culture of safety leadership within the organisation and firmly embed safety management as a line management responsibility Provide appropriate mechanisms to engage employees on safety and equip them with the necessary skills to consistently achieve safe outcomes Ensure the deployment offit-forpurpose management systems that are aligned to a critical control management approach and are certified to the ISO 45001 standard A Courageous Safety Leadership (CSL) programme was adapted from industry best practice through generous sharing Gold Fields Integrated Annual Report 2019 63 PERFORMANCE AGAINST MATERIAL MATTERS Gold Fields IR 2019 Pro of 15 – 27 March 2020

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OCCUPATIONAL HEALTH AND WELLNESS Gold Fields’ workforce may be exposed to occupational health and wellness risks associated with Silicosis, Tuberculosis (TB), Noise-Induced Hearing Loss (NIHL), Diesel Particulate Matter (DPM), among others. The extent to which our employees are exposed to these risks differ from mine to mine because of the diverse nature of our operations, which includes both underground and open pit mines. We comply with all occupational health regulations and, in countries where regulations have not yet been promulgated, follow industry bestpractice standards. We are further guided by our goal of zero harm, and consider the protection of employee health and wellness a fundamental human right. Health programmes remain a focus area at the South Deep mine due to the heightened health risks associated with deep-level underground mining, as well as the prevalence of many chronic diseases as a result of the relatively poor socio-economic conditions in the country. However, we are seeking greater collaboration on health within Gold Fields, and a strategic framework for occupational health and wellness is currently being developed. DIESEL PARTICULATE MATTER Employees working with machinery in confined underground spaces, as well as those operating diesel-powered vehicles, are at risk of being exposed to DPM. The occupational exposure limit (OEL) for DPM has not yet been promulgated by the South African regulator, but we align with an industry best practice limit of 0.16mg/ m3 used by mines in Australia and North America. Measurements are undertaken over a time-weighted exposure as they impact nearby workers. We aim to have 95% of all samples measure below this limit by 2024. DPM results above the 0.16mg/m3 limit regressed to 13% in 2019 from 11% in 2018. We only purchase new machinery that falls into the tier 3 and 4 category for DPM – these machines have newgeneration engines that only uselow-sulphur diesel and produce less emissions. Going forward, all new machines purchased by South Deep will be tier 4. South Deep continued testing DPM filters, which will be fitted to those vehicles that emit the highest levels of DPM (load haul dumpers, dump trucks and utility vehicles). Initial tests done on the surface indicated an approximate reduction of 50% with the first unit. Over the next two years, these DPM filters will be retrofitted to all vehicles. Filtration of equipment in Australia is a key component of the strategy for managing DPM in the underground mines. The strategy also requires a number of additional controls to be in place including maintenance schedules, ventilation requirements, operator training, monitoring protocols and corrective action processes for any exceedances of the OEL. Exceedances of the current OEL in the Australian mines are rare, showing that the current strategy is appropriate and effective.Open-pit mines in Ghana and Peru pose a lower risk — at Cerro Corona, exposure levels and concentration of personal and area DPM samples are insignificant. Ghana recorded average concentration of 0.032mg/m3, which is below the regulated exposure limit of 0.16mg/m3. As part of our drive to improve our management of DPM, we are working with the ICMM and its member companies on the Innovation for Cleaner, Safer Vehicles (ICSV) programme. This initiative engages original equipment manufacturers (OEMs) to accelerate the development of mining vehicles that minimise DPM, reduce greenhouse gas (GHG) emissions and minimise vehicle accidents. Our CEO, Nick Holland, currently chairs the ICSV advisory council. NOISE-INDUCED HEARING LOSS Noise from machinery puts employees at risk of developing NIHL, and is of greatest importance at South Deep. There were no new cases of NIHL recorded in Ghana, Australia or Peru. During 2019, six new cases of NIHL were reported at South Deep (2018: four), and 1.3% (2018: 0.9%) of personal noise samples registered above the regulated occupational exposure limit of 85 dB(A). Despite these increases, we still met the industry regulators’ 2024 milestones, in that all noise emitting equipment should be below 107 dB(A). To reduce the risk of NIHL, South Deep continued its programme of providing employees with personally-moulded earplugs. In 2018, those employees with the highest exposure risk received earplugs and, in 2019, earplugs were provided to employees with the next level of exposure risk. The initiative will continue in 2020 to include all underground employees. All new auxiliary fans purchased are fitted with silencers, and we continued to retrofit existing fans to ensure fan noise levels do not exceed 107 dB(A). We continue to work through the Minerals Council of South Africa to encourage OEM to produce quieter equipment. HIV/AIDS Managing HIV/Aids remains an important issue at our South Deep mine and, to a lesser extent, our Ghanaian operations. At South Deep, the prevalence rate of those living with HIV/Aids is over 6.0% of the workforce (2018: 5.6%). There was an increase in the number of employees who tested positive for HIV/Aids, 315 in 2019 versus 79 in 2018, mainly due to increased awareness as a result of wellness day campaigns, through which we encouraged all employees to know their status through voluntary testing. Voluntary counselling and testing (VCT) is offered to prospective and permanent employees, including contractors, and 81% of the workforce underwent VCT during 2019. Free highly-active antiretroviral therapy (HAART) is provided toHIV-infected employees, and there are currently 204 employees enrolled in this programme (2018: 326). The decrease is due to the retrenchments that took place during 2018 and 2019. Employees’ dependants can also receive HAART via the Company’s medical aid schemes. In Ghana, where the national HIV/Aids rate is approximately 2%, employees and contractors have access to a free, confidential voluntary counselling and testing programme. During 2019, 58% of the workforce participated in this programme. No positive cases were identified among employees. By 2019year-end, Ghana had 10 employees on HAART (2018: 10). For more details on our regional health developments and performance, see our website at www.goldfields.com/health. Gold Fields Integrated Annual Report 2019 64 Gold Fields IR 2019 Pro of 15 – 27 March 2020

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DUST, SILICOSIS AND TUBERCULOSIS As per the South African mining industry regulations for silica dust exposure, 95% of all personal silica dust samples taken must be below time-weighted exposure of 0.05mg/m3 by 2024. By the end of 2019, 13% of the employee silica dust samples at South Deep exceeded this level, compared with 18% in 2018. This was mainly attributed to the progress made in improving engineering controls, such as improved dust allaying and automated footwall treatment in high risk areas, and continuing theroll-out of real-time dust monitors. Internal tip dust suppression systems have been installed at the three main intake areas. This will continue to berolled-out to all other tipping areas at the mine. During 2019, the number of Silicosis cases submitted to the health authorities decreased to five from eight in 2018, while the Silicosis rate per 1,000 employees declined to 1.26 from 1.72 in 2018. All employees diagnosed with Silicosis are initiated on asix-month course of TB prophylaxis. No South Deep employee who joined the mine after 2008 and had previously not been exposed to silica dust has contracted Silicosis. Since 2014, Gold Fields, along with five other companies in South Africa, have been involved in negotiations with the legal representatives of former mineworkers suffering from silicosis in theso-called “Silicosis class action case”. In May 2018, the companies and legal representatives reached an historic settlement in this matter, whereby the gold companies will contribute over R5.2bn (US$400m) towards a settlement trust fund which will be used to pay compensation to all former mineworkers who are confirmed to have contracted silicosis during their time working on the mines. In instances where these workers may have passed away, their dependants will receive a benefit. This settlement was endorsed by the courts during 2019. Gold Fields provided an amount of R297m (US$21m) for its share of the settlement cost. An independent trust, the Tshiamiso Trust, was launched in January 2020 to commence the process of compensating qualifying beneficiaries. During 2019, South Deep recorded 20 employees with Cardio-Respiratory TB (CRTB), compared with 15 in 2018, while the CRTB rate regressed to 5.02 per 1,000 employees from 3.23 in 2018. The increase was mainly due to the fact that certain employees, who had TB and were HIV/Aids positive, have now developed CRTB and Chronic Obstructive Airways Disease (COAD) as the impact of TB worsens. Four employees (three at South Deep and one in Tarkwa) were reported with COAD during 2019. MENTAL WELLBEING OF EMPLOYEES IN AUSTRALIAFly-In,Fly-Out (FIFO) workers at Australian mining camps have been identified as being potentiallyat-risk for mental health issues. A particular challenge lies in the stigma attached to speaking up about mental health issues, which can prevent an individual from seeking help. The programmes at our four Australian mines seek to address this challenge by encouraging employees to identify and assist colleagues who may be at risk. Our efforts this year included: “Mates in Mining” mental health and suicide prevention initiative. A number of employees were trained to identify mental health issues and facilitate early interventions — at our St Ives mine about 5% of employees volunteered for additional training Participation in the national “R U OK?” programme, which gives people practical tools to start a conversation with those who may be in crisis, which can facilitate timely interventions Mental healthfirst-aid training for employees at our Gruyere mine Australia also includes mental health in its business risk assessments to ensure adherence to controls designed to prevent and mitigate risks associated with mental health. Sampling at a TSF at our Granny Smith mine in Australia Gold Fields Integrated Annual Report 2019 65 PERFORMANCE AGAINST MATERIAL MATTERS Gold Fields IR 2019 Pro of 15 – 27 March 2020

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Responsible stewardship of the environment Environmental stewardship p67 Energy management and climate change p69 Water management p71 Tailings and waste p72 Mine closure p74 Employee overlooking an old pit at the Granny Smith mine in Australia Gold Fields Integrated Annual Report 2019 66 Gold Fields IR 2019 Pro of 15 – 27 March 2020

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Gold Fields is committed to responsible environmental stewardship, and we seek to improve those areas surrounding our operations and limit the impact on our host communities. To facilitate this, Gold Fields has four Group environmentrelated policy statements – on environmental stewardship, climate change, materials and supply chain stewardship and water stewardship – and six guidelines on energy and carbon, water management, tailings management, integrated mine closure, biodiversity and environmental incident reporting. In our approach to environmental stewardship, we also consider external standards, as well as local legislation, supported by risk management, internal policies and strategic priorities. Additional local priorities are identified through stakeholder consultation. Except for Cerro Corona, which does not use cyanide, all our managed mines are certified in terms of the International Cyanide Management Code, which prescribes how to transport, store, treat, use and dispose of cyanide. Our operations are recertified every three years and identify and address potential gaps in advance. The Asanko mine is considering formal certification in 2020. All our mines, except Gruyere, are currently certified to the ISO 14001 (2015) environmental management standard. Gruyere aims to be certified to the standard in 2020 after a successful readiness review in 2019. A Group environmental, health and safety scorecard, which includes leading and lagging indicators common to the Group, was finalised in 2019. This scorecard, which will be customised by each mine during 2020, aims to further improve our performance in these areas at an operational level. For details of our environmental management approach, policies and guidelines go to www.goldfields.com/ sustainability.php. Group environmental performance 2019 2018 2017 2016 2015 Environmental incidents (Level 3 and above) 0 2 2 3 5 Water withdrawal (Gâ„“)1 22.3 21.2 4 33.0 30.3 35.2 Freshwater withdrawal (Gâ„“)1 14.2 14.5 14.8 10.2 Water recycled/reused (% of total) 68 66 57 59 55 Electricity purchased (TWh)1 1.25 1.28 1.37 1.40 1.32 Diesel consumption (TJ)1 6,973 6,599 6,765 6,608 6,930 Scope1-3 CO2 emissions (kt)2, 3 1,941 1,852 1,959 1,964 1,753 Mining waste and tailings (Mt) 189 190 212 187 167 Gross closure cost estimate (US$m) 436 400 381 381 353 1 The numbers disclosed only include Gold Fields’ managed operations, as head offices are not considered material 2 The CO2 emission numbers include head offices and comprise Scope 1, 2 and 3 emissions 3 Scope 1 emissions are those arising directly from sources managed by the Company, Scope 2 emissions are indirect emissions generated in the production of electricity used by the Company, Scope 3 emissions arise as a consequence of the activities of the Company 4 Significant drop due to the change in definition of water withdrawal to exclude diverted water Environmental incidents In 2019, for the first time, Gold Fields recorded no serious environmental incidents (Level 3, 4 or 5). While we have had no Level 4 or 5 incidents in over a decade, our Level 3 incidents have gradually declined over the years, and dropped from two incidents in 2018 to zero in 2019. No Level 3 to 5 incidents remain a key environmental target included in our Group Balanced Scorecard (BSC), and our mines have been making good progress with a renewed focus on environmental management, as well as greater integration of these issues into operational management and community engagement. A clear benefit of achieving zero Level 3 to 5 incidents is improved relations with those communities adjacent to our operations. During 2019, our community grievances relating to the Cerro Corona mine in Peru and Damang mine in Ghana – where we had two Level 3 incidents in 2018 – declined by 47% to 37 and 10% to 20, respectively. Going forward, our focus remains on avoiding all Level 3 to 5 incidents and reducing Level 2 incidents to assist in preventing more serious damage. In comparison to 2018, we experienced a significant 46% decrease in Level 2 environmental incidents to 37 during 2019. Our Ghana mines made substantive progress in this area, particularly around blasting and vibration management. Of the 37 Level 2 environmental incidents reported in 2019, 95% were related to blasting and vibrations (23) and loss of containment or spillage (12) type incidents. ENVIRONMENTAL STEWARDSHIP Gold Fields Integrated Annual Report 2019 67 PERFORMANCE AGAINST MATERIAL MATTERS Gold Fields IR 2019 Pro of 15 – 27 March 2020

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Group environmental incidents1 Year Level 2 incidents Level 3 — 5 incidents 2015 67 5 2016 131 3 2017 83 2 2018 68 2 2019 37 0 1 Levels 1 and 2 involve minor incidents ornon-conformances, with negligible or short-term limited impact. A Level 3 incident results in limitednon-conformance ornon-compliance that result in ongoing but limited environmental impact. Level 4 and 5 incidents include majornon-conformances ornon-compliances, which could result in long-term environmental harm, with company or operation-threatening implications and potential damage to company reputation. Our operations also align with all regulatory environmental reporting requirements in their countries of operation ENVIRONMENTAL STEWARDSHIP continued Conserving biodiversity Our Group Biodiversity Guideline, updated in 2019, ensures that we address potentially adverse impacts on biodiversity on our mine properties through the application of mitigation measures and integrated land management practices. We commit to contribute to the conservation of biodiversity, and specifically: Neither mine or explore in World Heritage sites, and design and operate our mines in a manner which does not compromise the biodiversity value of any protected area Achieving no net loss of biodiversity for all new projects or major expansions on existing sites In achieving this, we will engage with stakeholders and consider climate change mitigation and adaptation or resilience efforts. The profile of biodiversity management within Gold Fields has increased materially now that we have received approval to construct a mine at Salares Norte in northern Chile. The environmental approval was, amongst others, dependent on our protection of the habitat of endangered Short-tailed Chinchilla found in the area. During 2019, with the help of academic and government environmental experts, we continued improving the baseline information on the Chinchilla, and are preparing for the relocation of 25 Chinchilla before construction begins on the project. Revegetation at a disused TSF at the Tarkwa mine in Ghana Gold Fields Integrated Annual Report 2019 68 Gold Fields IR 2019 Pro of 15 – 27 March 2020

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ENERGY MANAGEMENT AND CLIMATE CHANGE Energy management Amid rising energy costs, the increasing depth of our underground mines and longer hauling distances at our open pits, our integrated energy and carbon management strategy focuses on ensuring security of supply, improving energy efficiencies and reducing the cost of energy while, at the same time, decarbonising our operations and building resilience against climate change. Gold Fields’ total energy spend, which combines the Group’s electricity and fuel spend, accounts for a significant portion of our operating costs. During 2019, this amounted to 20%, down from 22% in 2018, representing 17% of ourAll-in sustaining costs (AISC) (2018: 15%). Energy remains the second largest cost item in the Group after human resources costs. Given the reliance of the Group’s operations on energy supply, in 2017 we updated our 2013 strategy and set a number of aspirational goals for 2020, including: Ensure that energy security is not one of the top 10 Group risks Realising 5% – 10% energy savings off our annual energy plans each year Achieving 800ktCO2-e of cumulative carbon emission reductions between 2017 and 2020, equivalent to a 17% reduction in carbon emissions each year Gold Fields has an energy and carbon management strategy supported by operational plans that are aligned to the global ISO 50001 energy management standard. The key pillars of these plans are to reduce the Company’s diesel usage by: Switching from diesel-generated to cleanergas-generated electricity Increasing the use of renewables by our operations Improving energy efficienciesRolling-out training and awareness programmes By March 2020 our Cerro Corona, Damang and Tarkwa mines were certified to the ISO 50001 standard. We aim to have all our operations certifiable to the standard by 2020. This year, we will be updating our strategy with 2023 goals. Over the years, we have worked to create energy independence for our mines. Supply from utility grids remained at about 50% of our electricity consumption in 2019, with four of our nine mines supplied through the grid – these are the energy intensive South Deep, St Ives, Cerro Corona and Asanko mines. The remainder haveon-site power plants managed by independent power producers (IPPs), who have long-term supply agreements with the mines. This contrasts with the position in 2015 when all of our electricity was grid-based. During 2019, Gold Fields further distanced itself from the use of carbon-intensive energy sources and, for the first time, started using renewable energy to power our mines. While renewable power accounted for only 1% of our energy mix in 2019, it is becoming increasingly important. With this in mind, we expect that by the end of 2020 renewable sources will supply about 10% of the energy requirements of our mines in Western Australia – 2% of the Group total. In August 2019, Agnew became the first mine in our portfolio to be supplemented with solar energy when it connected to anon-site 4MW solar farm. Five wind turbines, providing an additional 18MW, will be added to the system bymid- 2020, as will a 13MW battery energy storage system. Byend-2020, Agnew will become one of the first gold mines in the world to receive over 50% of its energy requirements from renewable sources, with the remainder of its electricity needs being supplied by a gas plant. Granny Smith integrated 8MW ofon-site solar energy into its power system in Q1 2020, alongside a 2MW battery energy storage systems and a gas power plant. In South Africa, we are engaging with government to develop a 40MW solar power plant at our South Deep mine, while our Ghanaian mines are set to complete assessments for solar and battery power this year. Gold Fields remains committed to its goal of 20% renewable energy generation over thelife-of-mine at all new mines, including at its newly approved Salares Norte mine in Chile, which is planning to realise an initial 15% of electricity generated from solar photovoltaics (PV) when it becomes operational in 2023. Together with our 2019 IAR, we are publishing our second climate change report that is aligned with recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) Report. The report provides details on our climate change risks, opportunities, strategies, policies and performance trends. Our TCFD Report 2019 can be accessed on our website at www.goldfields.com/integratedannual- reports.php. For more details on our energy management approach, policies and guidelines, visit www.goldfields.com/ energyandclimatechange. For more details on our regional energy and climate change developments and performances see our website at www.goldfields.com/sustainability. ENERGY PERFORMANCE Total energy consumption increased by 7% in 2019, with 56% of the total comprising haulage diesel, 36% electricity and other fuels 8%, compared with a 54%/32%/14% split in 2018. Diesel consumption was up by 3% amid higher tonnes mined at our open pit mines, particularly Cerro Corona and Tarkwa, and Gruyere coming on stream in H2 2019. Despite higher energy consumption in 2019, overall energy spend was marginally lower at US$300m (2018: US$302m), while energy spend per ounce of gold produced decreased to US$134/oz (2018: US$146/oz). This was due to higher Group production and lower diesel costs, excluding the net realised gains of US$9m from our oil price hedges in 2019. Since June 2017, we have realised net gains of US$35m from these hedges and new contracts have been entered into until December 2022. In 2019, efficiency initiatives delivered 405TJ of energy savings, which resulted in long-term cost savings of US$27m Gold Fields Integrated Annual Report 2019 69 PERFORMANCE AGAINST MATERIAL MATTERS Gold Fields IR 2019 Pro of 15 – 27 March 2020

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(US$12/oz). Since the launch of our energy and carbon management strategy, Gold Fields has realised cumulative savings amounting to 2,090TJ in energy (3% of energy consumption during this period), equivalent to US$119m in cost savings and avoiding 574tCO2-eq in carbon emissions (7% of carbon emissions during this period). While energy efficiency initiatives have a dual benefit of improving energy productivity and reducing our carbon footprint, a number of our initiatives reduce our carbon footprint significantly without necessarily reducing our energy usage, such as fuel switching from diesel to gas. We continue to implement energy efficiency initiatives, including: Switch from diesel electricity togas-generated and renewable energy Process optimisations Retrofitting old light fittings with LEDs Optimising compressed air systems and new ventilation fans and controls Use of high precision drill rigs to minimise rework Use of fuel additives and various business improvement initiatives that optimise equipment energy consumption Use of larger trucks to move more material with better fuel efficiencies Group energy consumption 15,000 12,000 9,000 6,000 3,000 0 2015 â– Diesel 1Electricity includes direct electricity generated and indirect electricity from the grid 2Other includes petrol, LPG and acetylene â– Electricity1 â– Other fuels2 2016 2017 2018 2019 6,930 4,197 113 11,240 6,608 4,971 118 6,765 5,302 111 6,599 4,929 100 6,973 5,430 94 11,696 12,178 11,628 12,498 K TJ ENERGY MANAGEMENT AND CLIMATE CHANGE continued Climate change In 2018, Gold Fields became the first South African mining company to endorse the recommendations of the Financial Services Board’s TCFD and, in 2019, we published our first TCFD Report. That report serves as our baseline to monitor our climate change performance and replaces our previous submissions to the CDP (formerly the Carbon Disclosure Project), while we continue to submit our CDP Water report. Our 2019 TCFD Report is being released in conjunction with this IAR. In 2019, failure to implement climate adaptation measures is among Gold Fields’ top 10 Group risks. Every five years we review our vulnerability to climate change and update Group-wide strategies and programmes in response. The next review will take place in 2021. Gold Fields’ climate change programme specifically focuses on the assessment and mitigation of climate change-related risks, including energy management programmes to reduce emissions, monitoring of regulatory changes, ensuring water security and increasing reuse and recycling of water (p71). The Agnew and Granny Smith renewable energy plants will initially reduce our carbon footprint by about 50ktCO2-e per year. Emission intensity, which is measured using Scope 1 and 2 emissions only, was slightly lower at 0.64tCO2-e/oz in 2019 from 0.66tCO2-e/oz in 2018 due to the higher gold production. In 2016, we set ourselves an aspirational target of reducing cumulative carbon emission by 800ktCO2-e between 2017 and 2020. We reached 54% of these savings byend-2019 and are on track to achieve 75% of this target by the end of 2020. Group scope 1 – 3CO2-e emissions 2.0 1.5 1.0 0.5 0.0 2015 â– Scope 1 â– Scope 2 â– Scope 3 2016 2017 2018 2019 0.53 0.79 0.43 0.54 0.97 0.45 0.59 0.88 0.49 0.58 0.78 0.48 0.65 0.81 0.48 1.75 1.96 1.96 1.85 1.94 Mt Group energy spend and savings (US$m) Year Total Savings 2015 311 30 2016 289 11 2017 258 22 2018 302 29 2019 300 29 We integrate assessment of climaterelated risks and opportunities in project studies, operational and strategic planning. The negative physical impacts of climate change are real and immediate, due to: The long-term risks posed by climate change to the Group’s operations and surrounding communities Increasing efforts to regulate carbon emissions in most of our jurisdictions Taxes onnon-renewable energy consumption increasingly imposed by governments Group performance Our carbon emissions performance mirrors the energy usage trends at our operations. Total Scope 1 – 3CO2-e emissions during 2019 amounted to 1.94Mt, an increase from 1.85Mt in 2018, reflecting the increased diesel consumption resulting from higher production levels, as well as the inclusion of Gruyere for the first time. We expect longer-term carbon emission reductions from the energy efficiency, fuel-switching and renewable energy projects we have in place at our mines. Gold Fields Integrated Annual Report 2019 70 Gold Fields IR 2019 Pro of 15 – 27 March 2020

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WATER MANAGEMENT Three of the regions in which we operate, South Africa, Australia and Peru, are considered water stressed. Climate change impacts our operations and communities in a number of ways – severe rainfall, shifts in rainfall patterns and prolonged droughts, among others – and responsible and effective water management is increasingly critical to Gold Fields. Not only will water scarcity or excessive rainfall adversely impact operations, as water is a vital resource for our mining and ore processing activities, it is also an essential need for our host communities – particularly where agriculture is an important economic activity. Managing our impacts on water catchment areas – by ensuring that we do not denude the quality or reduce the volume of water in areas around out mines – is therefore key to maintaining our social licence to operate. During 2019, we updated the Group Water Management Guideline by incorporating the commitments of the ICMM Water Stewardship position statement. In November 2019, the Board SHSD Committee approved a new Water Stewardship Policy Statement, which highlights our approach to water management and covers the following topics: Ensuring security of water supply to our operations without compromising access for other users or the environment Regularly updating each operation’s long-term mitigation plans to address water security risks, including those related to climate change Setting relevant water performance targets at each site, such as a reduction in freshwater use and maximising water recycling Ensuring all employees have access to clean drinking water and genderappropriate sanitation and hygiene facilities at their workplace Engaging proactively and inclusively with stakeholders, especially those in our host communities, who could influence or be affected by our water use and discharges Building on this, in early 2020 we finalised our 2020 – 2025 Group Water Stewardship Strategy, which includes regional water strategies and three-year management plans. The strategy has three objectives. Our first objective is to be a water efficient operator, which requires that we reduce our demand for freshwater from the catchment areas as much as possible due to the probability of water supply shortfalls and the communities’ water requirements. We set the following targets to manage our water usage effectively: Reduce Group freshwater usage by an aspirational 3% – 5% per year by 2023. We achieved this in 2019 Increase waterrecycling/fit-forpurpose reuse to an aspirational 70% by 2023. In both 2018 and 2019 we achieved, above the ICMM recommendation of 60% Secondly, our objective is to adopt a proactive and risk-based approach to water management. As such, we are embedding water planning into core operational management, empowering informed management decisions and aligning water risk with resourcing over the life of our operations. This objective aligns with other key initiatives, such as integrated mine closure and minimising long-term closure liabilities. Thirdly, we aim to work with stakeholders in the catchment area around our mines. This needs to be done with a focus on relevant key stakeholders and forums where collaborative water actions can be identified and realised. These approaches will be different in each region due to the nature of the community challenges and the local regulatory context. In the short-term, our water management strategic objectives for 2020 comprise: Maintaining security of supply Effectively managing water at our operations Applying transparent corporate water governance Adopt catchment area approach to water management Collaborating with stakeholders, particularly host communities, to achieve responsible and sustainable water use Adopt a catchment approach to water management GROUP PERFORMANCE During 2019, Gold Fields spent US$27m on water management and projects (2018: US$32m). At an operational level, we continue to invest in methods to improve our water management practices, including pollution prevention, recycling and water conservation initiatives. Predictive and dynamic water balances are in place at all operations, enabling us to account for water inputs and outputs. Water withdrawal1 across the Group increased to 22.3Gâ„“ in 2019, including a total of 14.2Gâ„“ relating to freshwater usage. This increase was mainly due to the commissioning of Gruyere in 2019. However, water used per tonne of ore processed continued its decline of the previous five years. Our total freshwater use reduced by 7.4% in 2019, or 1,125Mâ„“, which is significantly higher than the planned reduction of 3%, or 415Mâ„“. Furthermore, we have set a target to recycle or reuse at least 65% of the water we use in our processes. In 2019, water recycled2 or reused3 amounted to 47.6Gâ„“ (2018: 41.4Gâ„“), or 68%, which is also above the 60% benchmark of the ICMM. We benchmark water usage by participating in the CDP water disclosure programme, whose water score is an indicator of a company’s commitment to transparency around its water risks. Pleasingly, in 2019 Gold Fields achieved anA- score in its water assessment, (one level below best performance) an improvement from theB- score achieved in 2018. For details of our water management approach, policies and guidelines, as well as our adoption of the ICMM Water Stewardship Position Statement, go to www.goldfields.com/sustainability.php. Water withdrawal per tonne processed 1.2 1.0 0.8 0.6 0.4 0.2 0.0 2015 2016 2017 2018 2019 1.07 0.89 0.96 0.64 0.59 K /t Water recycled/reused as percentage of total % 2015 2016 2017 2018 2019 55 59 57 66 68 80 70 60 50 40 30 20 10 0 1 Water withdrawal is the sum of all water drawn into Gold Fields’ operations from all sources (including surface water, ground water, rain water, water from another organisation or state/municipal provider) for any use at the mine 2 Recycled water is water/waste water that is treated before being reused 3 Reused water is water/waste water that isre-used without treatment at the same operation Gold Fields Integrated Annual Report 2019 71 PERFORMANCE AGAINST MATERIAL MATTERS Gold Fields IR 2019 Pro of 15 – 27 March 2020

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TAILINGS AND WASTE Process plant tailings deposited in tailings storage facilities (TSFs) represent a significant waste stream produced by mines. By responsibly managing these wastes, we minimise their environmental and potential social impacts and demonstrate our commitment to maintaining our social licence to operate. All operations have tailings management plans in place, including closure and post-closure management plans. After decommissioning, our TSFs are closed and rehabilitated in line with industry good practice. As atend-2019, our 11 operations – including our three JV sites, being the Asanko gold mine (AGM) in Ghana, Gruyere in Australia and Far Southeast (FSE) in the Philippines – contained 34 TSFs, of which 12 were active. During 2019, we commissioned the TSF at the new Gruyere mine and decommissioned TSF 3 at the Tarkwa mine in Ghana. Of active TSFs, we have twoin-pit TSFs (Agnew and St Ives), six downstream/ centre-line TSFs, and four upstream TSFs. Our mines in Australia and South Africa are located in relatively dry regions and limited amounts of supernatant water are stored in the facilities, significantly improving the overall stability of the facilities. In Ghana, Tarkwa’s and Damang’s TSFs are designed in accordance with industry best practice. We take extensive measures to confirm that the embankments remain stable throughout both the wet and dry seasons, and over the life of the facility. Gold Fields is working with Lepanto Mining, our majority partner in the FSE project, to enhance risk mitigating measures for the TSF used by Lepanto Mining for disposal from its nearby gold mine. Since this TSF is located in a region prone to high seismic activity and frequent typhoons, Gold Fields and Lepanto Mining commissioned external consultants to undertake detailed hydrological, seismic and geotechnical reviews in support of improving the overall risk profile of the TSF. Our technical teams continue to work with Asanko Gold, who manages AGM, to further strengthen risk assessment and governance of the lined and downstream-raised TSF. Tailings depositions were 20% higher in 2019 than in 2018, amid generally higher production volumes, particularly at South Deep, and the commencement of mining at Gruyere. Industry response to recent TSF failures The mining industry’s TSFs are in the spotlight following the catastrophic tailings failure at Vale’s Feijao iron ore mine in Brumadinho, Brazil, in January 2019, which resulted in the deaths of 270 people. This follows the 19 fatalities during the Samarco TSF failure in 2015, also in Brazil, and significant environmental damage as a result of the Mt Polley tailings dam collapse in Canada in 2014. After the Samarco incident, ICMM members developed a Tailings Position Statement in 2016 and approved a tailings aspirational goals roadmap in 2018. Gold Fields’ Group Tailings Management Guidelines were aligned to the Position Statement in 2017 and strengthened with the inclusion of additional performance guidance and minimum assessment criteria in 2018. Subsequent to the Brumadinho tragedy, ICMM members, UN Environment and the UN Principles for Responsible Investment established an independent panel of experts to develop a new international standard for TSFs. A public consultation review period for the first draft of a new Global Tailings Standard (GTS) ended in December 2019. It is expected that the new GTS will be finalised during 2020. Upon release, Gold Fields will carry out gap analyses of current TSF governance and operating practices against the new standard, and then commence work on closing identified gaps, where feasible. The Brumadinho tragedy also prompted the Church of England Pensions Board, along with other investors and UN Environment Programme, to submit a request to hundreds of global mining companies. Gold Fields’ extensive response to this information request can be found on our website at www.goldfields.com. TSF governance and technical work All Gold Fields’ active TSFs are subject to an independent, external audit every three years – or more frequently where required by local circumstances or regulations – as well as regular inspections and formal reviews by independent Engineers of Record (EoRs). The last external expert review was completed in 2017 and concluded that Gold Fields complied with the ICMM’s Position Statement and that its TSFs, which were well managed and designed, did not show any signs of instability. Gold Fields has progressively been implementing several improvements identified by this review, including: Consideration of international seismicity design requirements in all jurisdictions Appointments of an EoR for all Gold Fields’-managed TSF Undertaking or updating dam break assessments Updating operating maintenance and surveillance manuals and emergency response plans The next round of independent external audits commenced at the end of 2019 and is due for completion bymid-2020. We have also embarked on a programme to further improve operational safety of our TSFs, including moving away from the construction of upstream facilities to centre-line or downstream designs, where practical, consideration of filtered and dry stacked tailings, as well asin-pit tailings disposal. These initiatives will also be the subject of work at the ICMM to improve critical TSF controls and reduce tailings water content. In line with this programme, we have implemented or are in the process of implementing the following actions at our operations: A new downstream TSF at Damang The use of filtered and dry stacked tailings at the new Salares Norte mine The increased use ofin-pit tailings disposal in Australia (Agnew and St Ives) Increased use of tailings for underground backfill at the South Deep, Granny Smith and St Ives operations Gold Fields Integrated Annual Report 2019 72 Gold Fields IR 2019 Pro of 15 – 27 March 2020

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Improved governance over seepage control from TSFs through the installation of geomembrane liners. All our recently constructed TSFs are lined with either natural clay liners or geomembranes In February 2019, the Gold Fields Board strengthened its oversight of the Group’s TSFs through the introduction of quarterly TSF management reports, progressive implementation of continuous environmental and geotechnical monitoring, and increased external and independent verification. The Chairperson of the Board Safety, Health and Sustainable Development Committee visited all managed TSFs during 2019 and reported his satisfaction with their management to the Committee. A new corporate position of Group Head of Tailings was also created and filled with a qualified and experienced geotechnical engineer. The following activities are planned for 2020, many of which commenced in 2019: Implementation of a new TSF incident reporting standard Completion of the three-yearly independent external TSF audits Gap assessment of current TSF operating and governance practices against the new GTS Further rollout of real-time TSF geotechnical and environmental monitoring, including, for example, the use of the InSAR satellite scanning technology where practical Finalisation and approval of a new TSF Management Policy and new TSF technical guidelines Waste management Group mining waste Mt 200 150 100 50 0 2015 â– Waste rock â– Tailings 2016 2017 2018 2019 130 37 148 39 171 41 149 41 141 48 Total Group waste rock mined decreased 5% in 2019, due to completion of the Gruyere mine construction and lower volumes from the Damang Reinvestment project. Gold Fields has set a target to maintain general landfill waste mass (nonhazardous waste other than tailings and waste rock) at 2015 levels of 11.2Mt, by ensuring a reduction in the waste that reaches landfill through greater use ofon-site waste separation and recycling. During 2019, however, the Group’s landfill waste rose to 12.8Mt from 9.0Mt in 2018 as gold production picked up. The disposal of hazardous waste declined from 1.5Mt in 2018 to 1.3Mt in 2019, while the amount of metal and material recycled and reused dropped to 13.8Mt (2018: 20.0Mt). Half of all hazardous andnon-hazardous waste produced by our mines was recycled or reused, mostly by external service providers. Methods of tailings construction With a downstream TSF, a new embankment raise is constructed, mostly with fill materials, in the downstream slope of the previous raise. The crest of the embankment thereby moves “downstream” or away from the centre of the dam. In upstream TSFs, each new embankment raise is constructed partially on the embankment immediately below and partially on the consolidated tailings beach adjacent to the embankment. The crest of the embankment thereby moves “upstream”. The centre-line method is a combination of the upstream and downstream designs. When raised, material is placed on both the tailings and the existing embankment so the embankment crest is raised vertically.In-pit tailings disposal makes use of worked out open pits. Backfilled tailings are stored underground in previous worked out voids. They are generally mixed with a binder, usually cement, and then pumped underground. Backfilling, where economically and technically viable has several advantages, including avoiding surface deposition, extraction of in situ pillars containing ore, improved underground support and reduced ventilation requirements because voids are filled. Source: Jon Engels www.tailings.info/disposal/conventional.htm Tailings material Starter dyke Downstream Upstream Supernatant pond Embankment consisting mostly of tailings material Tailings material Starter dyke Impervious layer Supernatant pond Embankment consisting mostly of fill material, such as rock and waste Gold Fields Integrated Annual Report 2019 73 PERFORMANCE AGAINST MATERIAL MATTERS Gold Fields IR 2019 Pro of 15 – 27 March 2020

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Mine closure Sustainable and integrated mine closure continues to be one of Gold Fields’ five key sustainability focus areas. We aim to reduce our environmental, community and social impacts, optimise our closure liabilities and, where possible, enhance asset values. All our mines have closure plans and closure cost estimates in place, which are reviewed and updated annually. The Group’s focus on progressive rehabilitation – the implementation of closure activities during the construction and operation of the mine – was further entrenched at our operations in 2019. Progressive rehabilitation presents many opportunities for mining operations, including strengthening relationships and credibility with regulators and stakeholders, reducing closure liabilities and achieving cost savings through: Utilising available equipment Eliminating the need for contractor mobilisation costs Utilising current resources, such as the environmental management team Potential tax savings Improving the rehabilitation knowledge base Progressive rehabilitation opportunities, as identified in our mine closure plans, were embedded into our mines’ 2019 business plans. Gold Fields sets targets for operations to achieve at least 75% of the progressive rehabilitation plans in 2019. Of our seven managed mines, excluding Gruyere, all managed to implement at least 78% of their plans with only South Deep, at 70%, falling short of target. In 2020 we aim to further intensify our progressive rehabilitation activities at our operations with more aggressive targets. All our operations updated their 2019 closure cost estimates, which were externally assured. The funding methods used in each region to make provision for the mine closure cost estimates are: Peru – bank guarantees Australia – existing cash and resources1 Ghana – reclamation security agreements and bonds underwritten by banks along with restricted cash South Africa – contributions into environmental trust funds and guarantees The total gross mine closure liability for Gold Fields increased by 9% to US$436m in 2019, in part due to the closure costs relating to our new renewable energy plants in Australia. A breakdown is provided in the table below: Group closure estimates 2019 (US$m) 2019 2018 Australia region1,2 198 178 West Africa region 106 100 Americas region3 87 79 South Africa region 46 42 Group total 436 400 1 Due to legislative changes introduced in Western Australia, there is no longer a legal obligation to have unconditional performance bonds in place for mine closure liabilities. Such liabilities for continuing operations are now self-funding. In addition, companies are now required to pay a levy to the state based on the total mine closure liability. This levy is 1% of the total liability per mine, paid annually. This levy goes into a state administered fund known as the Mine Rehabilitation Fund. Capital and interest from the fund will be used to rehabilitate legacy sites or sites that have prematurely closed or been abandoned 2 Includes 50% of the total Gruyere closure cost estimate 3 Includes Salares Norte project conceptual closure cost estimate TAILINGS AND WASTE continued View of the TSF at the Cerro Corona mine in Peru Gold Fields Integrated Annual Report 2019 74 Gold Fields IR 2019 Pro of 15 – 27 March 2020

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How we deliver value to our communities and governments Government relations p76 Shared value creation in our communities p80 Human rights p86 Pupils at one of the schools we sponsor near our Damang mine in Ghana PERFORMANCE AGAINST MATERIAL MATTERS 75 Gold Fields IR 2019 Pro of 15 – 27 March 2020

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GOVERNMENT RELATIONS As the issuers of mining licences, developers of policy and implementers of regulations, host governments are among Gold Fields’ most important stakeholders. This first and foremost requires full adherence to all relevant legislation, including the payment of taxes and other levies. We are committed to working with governments at national, regional and local levels to establish sound and transparent working relationships that benefit the countries and host communities. Gold Fields does not provide financial contributions to political parties and lobby groups unless explicitly approved by the Board of Directors in accordance with the Company’s Code of Conduct. No political donations were made during 2019. Gold Fields’ tax strategy is to proactively manage tax obligations in a transparent, responsible and sustainable manner, acknowledging the differing interests of all our stakeholders. Our full tax strategy and policy can be found at www.goldfields.com/integratedannual- reports.php. Resource Nationalism Many governments, particularly in developing countries, view the mining industry as an easy target for higher taxes and other fiscal and regulatory imposts, especially during tough economic times. In many of these jurisdictions, the legal and tax environments recently became less conducive to the long-term viability of the sector. Among the countries in which Gold Fields operates, and those who have significantly raised the imposts on the mining sector, South Africa stands out. Governments in our other operating jurisdictions – Peru, Chile, Australia and Ghana – regularly raise the rhetoric against the industry. At Gold Fields, a strong social licence to operate is embedded in our societal value proposition and is a prerequisite for long-term value generation for governments and the communities living in close proximity to our mines. Gold Fields, on its own and in conjunction with its peers, sought to address the trust gap that exists between government and miners in a number of ways, including the following: Over the past three years, Gold Fields consistently created between US$2bn and US$3bn in total annual value for our wide range of stakeholders – accounting for around 90% of revenue on average (p08) Gold Fields is actively promoting host community employment and procurement in an effort to strengthen its social licence to operate. In 2019, about 33% of our total value creation benefited host communities through these initiatives (p81) We are working with international mining bodies, such as the ICMM, to promote industry-wide best practice and showcase the benefits that a responsible and fairly regulated industry can bring During 2019, we conducted independent resource nationalism assessments in Ghana and Chile. These assessments provided insight into the political environment in these countries, as well as the likelihood of future fiscal and other regulatory actions against the mining sector. Most critically though, the assessments also provided valuable input on how to increase trust and confidence among governments and communities. Among the key proposals were: Strengthened engagement with governments at all levels, as well as host communities Continuedroll-out of Shared Value projects that benefit host communities, in particular those that create jobs in these areas Improved communication on the socio-economic benefits of mining for host countries and host communities Our regions have started acting on these recommendations and are seeking to work with our mining peers in these countries on enacting others. AMERICAS REGION Our engagement in Peru is focused at local, regional and national government levels to address operational, social and sustainability matters. A business-friendly national government is in power in Lima, and our engagement with the relevant departments is largely carried out via the National Chamber of Mines, Oil and Energy, especially on regulatory matters. Gold Fields Peru’s legal stability agreement, signed with the Peruvian government in 1997 to facilitate thebuild-up of our Cerro Corona mine, expired during 2017. Gold Fields is now subject to the same taxation regime as the rest of the mining sector in the country. Despite the political uncertainty in Peru during 2019, such as the change in the presidency and the closing of parliament, overall we had good working relationships with various national ministries and have entered into a number of agreements. Traditionally, regional and local-level officials in the Cajamarca province, which is home to our Cerro Corona mine, have adopted anti-mining strategies and policies, reflecting wider public sentiment among communities. However, a more business-friendly government was elected in 2018, which has stressed the need to build trust between mines and communities. This made it easier for us to enter into five formal agreements with government entities to develop agricultural projects and combat violence against women in our communities, among other projects. In 2019, we also intensified our engagement activities following our tailings leak in December 2018, which received wide publicity in the Cajamarca province and led to protest action at the mine despite having a negligible impact on the environment. It has also expanded our area of influence to communities downstream of our mine, including the Bambamarca municipality. The extension of Cerro Corona’slife-of-mine to 2030 will also require more long-term community investment programmes and strategies. In therun-up to national and regional elections in 2020 and 2021, we expect anti-mining rhetoric among politicians to intensify. AUSTRALIA REGION The engagements in Australia are primarily focused at state and local government levels to address economic and sustainability matters. The Labour State Government in Western Australia is pursuing a broad-ranging legislative reform initiative aimed at improving regulation and regulatory practice to encourage investment in the region. A key component of this agenda is the proposed reform of environmental approvals in the mining sector, through the wholesale amendment of the Environmental Protection Act 1986. A discussion paper and exposure draft bill have been published, and are expected Gold Fields Integrated Annual Report 2019 76 Gold Fields IR 2019 Pro of 15 – 27 March 2020

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to progress during 2020, with Gold Fields continuing to participate in the review process through the Chamber of Minerals and Energy (CME). The current framework for the protection of Aboriginal heritage in Western Australia is also the subject of a four-stage review and public consultation process, which is expected to result in the replacement of the existing Aboriginal Heritage Act. It is expected that this new legislation will result in a more efficient process for industry, while addressing key cultural requirements. Gold Fields has provided feedback to the first stage of this process. The state government has also progressed a comprehensive reform of workplace safety laws, which are intended to replace the existing parallel regimes for general workplaces and mine sites with a single law, and specific regulations for general industry, mining and petroleum. One of the main features of the proposed new legislation is the introduction of two new offences of corporate manslaughter, carrying a maximum penalty of 20 years’ imprisonment for an individual and a fine of up to A$10m for a corporation. Gold Fields is participating in the public consultation process through the CME. On 1 January 2019, the Modern Slavery Act 2018 came into force, requiring companies with an annual turnover of A$100m to report on their actions to ensure transparency in their supply chains, including the steps they are taking against modern slavery. Gold Fields published a voluntary statement in February 2020 (providing its preliminary assessment of human rights risks in our supply chain) and is required to publish its official statement by June 2021. We have also provided our suppliers with a toolkit on the Act. WEST AFRICA REGION In March 2016, Gold Fields Ghana entered into a Development Agreement (DA) with the government of Ghana for both the Tarkwa and Damang mines. The highlights of the agreement, which comes into effect if we spend US$500m at each of the two mines (over an11-year period for Tarkwa and a nine-year period for Damang), include a reduction in the corporate tax rate from 35% to 32.5% and a sliding scale royalty tax based on the gold price. The US$1,384/oz average gold price our mines received during 2019 attracted an average royalty of 3.6% in terms of the formula. The DA does not apply to the Asanko Gold Mine (AGM), in which Gold Fields acquired a 45% stake during 2018. However, this transaction and our US$340m investment in Damang illustrate the confidence we have in Ghana’s fiscal and regulatory framework. Another commitment by Gold Fields was funding the construction of the 33km road between Tarkwa and Damang at a cost of US$27m. This project was handed over to the Ghana Highway Authority in July 2019 and brings numerous social and economic benefits to the estimated 100,000 community members living near the road. Further projects in the area are under consideration. The DA has cemented our status as one of the largest contributors to the country’s fiscus. In 2019, Gold Fields paid over US$116m in direct taxes, royalties and dividends to the government of Ghana (2018: US$90m). The government holds a 10% interest in the legal entities controlling our Tarkwa and Damang mines. Ahead of national elections this year, we expect resource nationalism to feature in the rhetoric by political parties. We are working directly and through the Ghana Chamber of Mines to illustrate the benefit responsible mining brings to the country. The Chamber also continues to engage government on the proposed requirement to sell a portion of gold produced for local refining and value-addition purposes. SOUTH AFRICA From a regulatory perspective, Gold Fields’ South Deep mine is guided primarily by the Mineral and Petroleum Resources Development Act (MPRDA). One of the key requirements of the MPRDA, which Gold Fields supports, is to facilitate meaningful and substantial participation of Historically Disadvantaged South Africans (HDSAs) in the mining industry. To provide guidance on this open-ended requirement, the Mining Charter, as drafted by the South African Department of Mineral Resources and Energy (DMRE), provides for a range of empowerment actions and community investment programmes with a corollary time frame. In terms of the Mining Charter, all mining rights holders are required to submit an annual compliance assessment to the DMRE on progress made against the annual targets in the Charter. Gold Fields continues to comply with this process. The DMRE published Mining Charter 3 in September 2018. The Minerals Council South Africa (MCSA), which represents the industry, considers most aspects of the Charter a framework within which the industry can live. There are, however, critical areas over which Gold Fields and the industry has very deep concerns, namely that the Charter does not fully recognise the black economic empowerment (BEE) ownership credentials of previous BEE transactions. This is also applicable to not only new mining right applications, but also in respect of mining right renewals and transfers of these rights. Such a requirement has a severely dampening effect of the attractiveness of South African mining in the eyes of investors and appears also a breach of the MPRDA, but also a court declaratory order, which supported theso-called “once empowered, always empowered” principle. During 2019, the DMRE was granted leave to appeal the declaratory order. The MCSA continues to engage with the DMRE to resolve the concerns around the Mining Charter 3, it has also filed an application in March 2019 for a judicial review and setting aside certain clauses of the Charter. Gold Fields supports achieving a solution that is viable to support economic growth and transformation while, at the same time, fostering a sustainable mining industry in South Africa in which investment is encouraged and rewarded. While the renewal of South Deep’s mining licence is only due in 2040, we are concerned by the prospect of having to renegotiate our licence under completely different circumstances to those that prevailed when the licence was awarded in 2010. We believe that our current BEE ownership level of 35% meets the principles and spirit of the original Mining Charter, and has created the framework for the ongoing transformation of South Deep. 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GOVERNMENT RELATIONS continued Element Description Compliance target Ownership Representation of HDPs 26% Inclusive procurement Inclusive procurement 70% of mining goods’ procurement spend must be on South African manufactured goods (60% local value = South African manufactured goods) 80% of service procurement spend must be sourced from South African based-companies Research and development (R&D) Sample analysis across the mining value chain Employment equity Board % Black persons % Black women Executive management % Black persons % Black women Senior management % Black persons % Black women Middle management % Black persons % Black women Junior management % Black persons % Black women Employees with disabilities 1.5% of all employees Core and critical skills HDPs represented in Core and Critical Skills pool Human resources development (HRD)2 HRD expenditure as % of total annual leviable amount (excluding mandatory skills development levy) 5% leviable amount Mine community development (MCD) Meaningful contribution towards MCD with bias towards mine communities both in terms of impact, and in keeping with the principles of the social licence to operate 100% compliance with approved SLP, MCD commitments Housing and living conditions2 Improvement of the standard of housing and living conditions of mine employees 100% compliance with commitments per the H&LCS Mining Charter Scorecard All mining rights holders in South Africa (including South Deep) are required to submit an annual compliance assessment to the DMRE on progress made against the annual targets in the Mining Charter. Gold Fields reviewed its 2019 performance against Mining Charter 3 (MC3). South Deep’s 2019 scorecard, which is detailed on this page, illustrates Gold Fields’ achievements against the Charter. In aligning with MC3, South Deep conducted a gap analysis against the scorecard guidelines released by the DMRE in December 2018, though there are still some areas of uncertainty and ongoing consultations between the DMRE and the MCSA. As part of its obligations under its mining licence, South Deep also submits a five-year Social and Labour Plan (SLP). The SLP includes projects benefiting communities that are impacted by mining, both in host communities and laboursending areas. An SLP requires the mining industry to develop and implement comprehensive skills and human resource development (including employment equity plans and facilitated home ownership) and mine community development. A draft SLP for the period 2018 to 2022 was submitted to the DMRE in December 2017 — and resubmitted in August 2018 — and approved for implementation in 2019. The SLP outlines future financial commitments of over R283m (US$20m), with the bulk of this — R258m (US$18m) — being dedicated to human resource development programmes, including learnerships, bursaries and skills development, for both the workforce and members of our host communities. Of the mine community development commitments, R17m (US$1.2m) is targeted at our host communities in Westonaria and R8m (US$0.6m) at communities in labour-sending areas, particularly the Eastern Cape. The SLP is published on our website at https://www.goldfields.com/pdf/operations/south-deep-spl/southdeep- spl.pdf. SOUTH DEEP BEE – Black Economic Empowerment HDP – Historically Disadvantaged Person H&LCS = Housing and Living Condition Standard Gold Fields Integrated Annual Report 2019 78 Gold Fields IR 2019 Pro of 15 – 27 March 2020

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Five-year implementation plan requirement Year1 (2019) target Target Gold Fields target Measure Year1 (2019) progress Meaningful economic participation 35% Full shareholder rights Yes 10% (local content verification not required for years1-3) 80% The total mining goods procurement budget must be spent on South African manufactured goods produced by the following categories, per defined percentage: 21% on HDSA-owned and controlled company 32% 5% on women or youth-owned and controlled company 2% 44% on BEE compliant company 57% 70% 70% The total services budget must be spent on services supplied by following categories, per defined percentage: 50% by HDPs 42% 15% by women-owned and controlled company 14% 5% by youth-owned and controlled company 0% 10% by BEE compliant company 73% Minimum of 70% of the total R&D budget to be spent on South African-based R&D entities 100% (R200,000) Utilise South African-based facilities or companies for the analysis of 100% of all mineral samples 100% (29,611 samples) Yes 67% 50% 67% 33% 20% 33% 67% 50% 67% 33% 20% 33% 41% 60% 31% 12% 25% 6% 58% 60% 52% 21% 25% 19% 66% 70% 71% 17% 30% 22% 0.7% 1.5% 0.4% 75% 60% 71% Invest percentage of leviable amount as defined in the HRD element in proportion to applicable demographics The percentage of HRD spent against payroll is currently at 6%. South Deep is in the process of reviewing its accounting and HRD systems to allow for more granular reporting as required by MC3. Yes N/A Publish the SLP in two languages (dominant community language and English) Yes Implement all approved commitments in the SLP3 Nine projects are included in the approved SLP. As at the reporting date, South Deep: – had commenced with the implementation of two projects, the Lima agricultural project in the Eastern Cape and an SMME hub in Westonaria – was in different implementation stages for five projects, given each of the project’s planning phase – had not commenced with the implementation of two projects. In terms of the five year SLP, completion of the projects is due in 2022 N/A. H&LCS published in Q4 2019 1:1 person to room ratio Implement all commitments per the H&LCS The mine has a comprehensive housing strategy in place, which is currently being reviewed to ensure alignment with the H&LCS for the mining industry. The applicable ratio in high density accommodation was 1:1 MC3 2019 SCORECARD 1 The column records the mining rights holder’s performance against the Mining Charter scorecard targets 2 The element has not been assured externally 3 Only the number of Community Development Commitments and its progress were externally assured Gold Fields Integrated Annual Report 2019 79 PERFORMANCE AGAINST MATERIAL MATTERS Gold Fields IR 2019 Pro of 15 – 27 March 2020

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SHARED VALUE CREATION IN OUR COMMUNITIES Host communities are one of Gold Fields’ most important stakeholder groups – their support underpins our social licence to operate which, in turn, impacts our ability to generate sustainable value. Our Group Stakeholder Engagement and Relationship Policy Statement sets out our commitment to building positive relationships with our host communities through open, honest and transparent engagement. For details of our community relations and stakeholder engagement approach, policies and guidelines go to www.goldfields.com/sustainability.php Host communities are defined as those people who live within the vicinity of our operations, who have been or could be directly affected by our exploration, construction or operational activities, and have a reasonable expectation of the duties and obligations of the mining operator. Each of our operations identifies their host communities to secure both their legal mining and social licence to operate. PROCUREMENT EMPLOYMENT SOCIAL INVESTMENT Support areas where community suppliers can participate Identify community suppliers with ability to supply the mine Provide skills development to close capability gaps Host community employment maximises local opportunities Community investment drives integrated development Build skills base in community workforce through education, bursaries, etc Make community the first option for hiring staff Encourage contractors/suppliers to employ from the community Balanced across services (medical, education), enterprise development and infrastructure Matched to capacity and development needs of communities Shared Value projects benefit both communities and our mines Host community procurement creates community jobs and supply opportunities FOCUS ON VALUE CREATION IN HOST COMMUNITIES At Gold Fields, a strong social licence to operate is embedded in our Group Societal Acceptance Charter and is a prerequisite for generating long-term value for stakeholders. This approach is underpinned by building strong relationships and trust, creating and sharing value, measuring our actions and input and delivering against our commitments. SHARED VALUE CREATION IN OUR COMMUNITIES We believe that by far the greatest socio-economic benefit our operations can have is to create value in the communities that they impact, by addressing their priority needs of: Infrastructure, such as roads, healthcare and water facilities Jobs, particularly for youth Skills and enterprise development Environmental rehabilitation We aim to maximise the positive economic benefits of mining on our host communities, while avoiding or minimising the negative impacts thereof. Our social investment initiatives are guided by the principle of Shared Value, whereby we address business and social needs in a manner that creates value for both communities and our mines. Our most critical Shared Value initiatives focuses on host community employment and host community procurement, as these support the economic development of communities and individuals, while also meeting our business needs. As miners, we can make a positive impact by localising procurement, creating jobs and upskilling workers. In addition, by using community investment spend to focus on social and economic development (SED), we can further address social needs in the regions where we operate as identified by the communities themselves. The diagram below provides details of the three community-focused levers available to us: Gold Fields Integrated Annual Report 2019 80 Gold Fields IR 2019 Pro of 15 – 27 March 2020

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MEASURING OUR IMPACT AND RELATIONSHIPS We conduct independent assessments in our regions that measure the strength of our relationships with our host communities. Reflecting a positive upward trend in Company-community relationship at our operations, the headline findings of these assessments are reflected below. In 2020, we plan to commission independent Measuring value creation During 2018 and 2019, we enhanced our understanding of the value created through SED investments, host community employment and host community procurement by quantifying the impact thereof. In total, our analysis indicated that of the US$2.58bn in value created during 2019, US$782m – 33% – remained with our host communities as shown in the graph below. Comparatively, in 2018, US$687m, or 25%, of the US$2.71bn in total value creation remained with our host communities. In addition, we are creatingnon-mining jobs through our community investments, which are also listed in the graphic below. The percentages of national value creation remaining with our host communities differ per region – these are detailed in the regional reports at www.goldfields.com/sustainability. In summary, during 2019, the value creation that remained with our host communities were: Peru: 13% of US$295m Australia: 25% of US$984m South Africa: 29% of US$286m West Africa: 51% of US$810m This, we believe, is significant and demonstrates that our mines are delivering ongoing economic benefit to the communities that host them. SED investment Employee wages Host community procurement 22 635 125 The value we created in our communities in 2019: US$782m – 33% of total value creation assessments of our community support again in Ghana and South Africa. We furthered our independent measurement of our social return on investment (SROI) and shared value created to identify those investments that strengthen our social licence to operate and to inform future investment. Using our Group SROI methodology, an analysis was conducted on selected projects in Ghana, while Peru will undertake an SROI analysis in 2020. Region Description Peru Community acceptance improved from 5% in 2012, to 7% in 2014, to 32% in 2016, and to 48% in 2019 South Africa Community support rose from 33% in 2015, to 52% in 2017, and (for three communities measured) to 62% in 2019 Ghana Strong community support with a relationship index of 73% at Damang and 78% at Tarkwa in 2015 Benefits to host communities in 2019 US$782m in value creation through procurement, wages and SED spend, 33% of total 676 host community suppliers 10,950 host community jobs in the mine value chain, comprising: – 2,525 employees – 6,744 contractors – 1,177 suppliers1 – 504non-mining jobs 1 Excluding Peru and Australia, who have not started to measure this yet GOLD FIELDS HOST COMMUNITY VALUE CREATION Gold Fields Integrated Annual Report 2019 81 PERFORMANCE AGAINST MATERIAL MATTERS Gold Fields IR 2019 Pro of 15 – 27 March 2020

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SHARED VALUE CREATION IN OUR COMMUNITIES continued Host community procurement Our host community procurement programme guides us as we support those areas in our operations’ procurement chains where community suppliers can participate. Host community procurement, if implemented effectively, holds benefits both for the communities in which we operate and for our mines themselves. This aligns with our focus on driving Shared Value. Benefits to the community: Builds the capacity of local companies to take advantage of mining industry spend Provides employment and enhances the livelihoods of host communities through increased incomes Enhances the development of small and medium-scale business nodes in host communities Improves the skills of host community youths to meet the current and future skills needs of our mines Benefits to Gold Fields: Increases supply base and reduces risks related to supply of critical inputs Reduces inventory and, as such, the locking up of capital Reduces cost and lead time in procuring inputs Develops a pipeline of skilled personnel in host communities Secures and enhances our social licence to operate We have actively increased host community procurement since 2015 in Ghana, South Africa and Peru, and since 2018 in Australia. Of our total procurement spend of US$1.74bn for 2019, 96% was spent by our mines on businesses based in countries where Gold Fields operates (2018: US$1.81bn/85%). US$635m, or 34%, was spent on suppliers and contractors from our mines’ host communities (2018: US$441m/27%). We are committed to sustaining the impact we have made and building on our progress going forward. The table below outlines the progress made for bothin-country and host community spend between 2015 and 2019: Local and host community procurement Local(in-country) procurement Local(in-country) spend Host community procurement Host community spend Region 2019 (US$m) 2019 2018 2017 2016 2015 2019 (US$m) 2019 2018 2017 2016 2015 Peru 209 96% 96% 90% 89% 87% 32 15% 16% 7% 8% 7% Australia1 823 99% 99% 99% 99% 97% 171 21% 24% 79% 71% 66% South Africa2 136 100% 100% 100% 100% 100% 38 28% 29% 18% 14% 10% West Africa 633 91% 86% 85% 79% 64% 394 56% 32% 13% 7% 9% Group 1,802 96% 93% 94% 92% 85% 635 34% 27% 45% 38% 35% 1 Australia’s 2018 performance is based on its new host community definition which is aligned with the Group’s definition thereof, where communities are those living within an operation’s direct area of influence. Previous years’ numbers have not been restated. These numbers exclude the Perth office. Gruyere is included from commissioning inmid-2019 2 South Deep’s 2018 performance is based on its revised host community definition which is aligned with needs of the regulator, local government and community stakeholders, as well as with the Group’s guidance. Previous years’ numbers have not been restated The pillars of our host community procurement programmes are: Increase procurement of goods and services from host community suppliers without compromising Gold Fields’ standards Actively seek out host community entities and entrepreneurs that can supply directly to the mine or in an alliance with existing mine suppliers Assist short-listed host community suppliers to meet Gold Fields’ procurement selection criteria Leverage procurement from all suppliers in terms of host community job creation and/or community upliftment projects Stimulate job creation in host community through the mine, its contractors and suppliers, and their suppliers, andnon-mining sectors Host community employment We continue to prioritise the employment of host community members at our operations and encourage our contractors and suppliers to do the same. This is supported by education and skills development projects which build a local skills base. In 2019, our operations set targets to increase their host community employment. At the end of 2019, 55% of our workforce, or 9,269 people, were employed from our host communities (2018: 56%/9,259 people, 2017: 40%/7,516 people). The sharp increase during 2018 and 2019 reflects the prioritisation of host community employment by our Ghanaian operations and the expansion of the definition of our South Deep host community to reflect the 2016 municipal boundary change. We seek to maintain the current levels of host community employment during 2020 and beyond. Our management teams at the mines are incentivised to achieve long-term host community job creation targets. In the table below, we set out the number of host community members – including both employees and contractors – working at each of Gold Fields’ regions in relation to our total workforce. Gold Fields Integrated Annual Report 2019 82 Gold Fields IR 2019 Pro of 15 – 27 March 2020

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Host community workforce1 employed from total workforce (%) Region Host community workforce — 2019 2019 2018 2017 2016 2015 Peru 842 28% 27% 28% 23% 29% Australia2 616 23% 29% 29% 95% 90% South Deep3 2,590 65% 55% 16% 13% 14% West Africa 5,221 72% 73% 68% 72% 67% Group 9,269 55% 56% 40% 48% 59% 1 Workforce comprises total employees and contractors. Host community employment data excludes our corporate and regional offices as well as projects 2 Australia’s 2017 and 2018 performances are based on its revised host community definition, which is aligned with the Group’s definition thereof, where communities are those living within an operations’ direct area of influence. Previous years’ numbers have not been restated. These numbers exclude the Perth head office. Gruyere is included from commissioning inmid-2019 3 South Deep’s 2018 performance is based on its revised host community definition which is aligned with needs of the regulator, local government and community stakeholders as well as with the Group’s guidance. Previous years’ numbers have not been restated Job creation through socio-economic development projects In 2019, we intensified our efforts to ensure that our SED projects – those focusing on infrastructure development, education and training, and economic diversification – grow and sustainnon-mining jobs as well. We are starting to see traction in this initiative and, during the year, created 504non-mining jobs for host community members, well over half of them in the agricultural sector. Due to their nature, many of these SED projects do not provide long-term solutions, however, they will create income and a measure of skills transfer as well. The projects that created significant jobs included: 88 farming jobs at the Lima rural agricultural development projects in the Eastern Cape province of South Africa 24 farming jobs in communities surrounding our Cerro Corona mine in Peru 230 farming jobs in the Youth in Organic Horticulture Production (YouHoP) programme at our Damang and Tarkwa mines in Ghana Host community jobs in the mine value chain Employees Contractors SuppliersNon-mining Total Americas 79 763 01 56 898 Australia 462 154 01 0 616 Ghana 496 4,725 969 303 6,493 South Africa 1,488 1,102 208 145 2,943 Group 2,525 6,744 1,177 504 10,950 1 Not measured yet Socio-economic development investments We invested US$21.5m (2018: US$25.7m) in SED projects in our host communities during 2019. Our mines have dedicated SED investment funds delivered directly or through our trusts and foundation. The mines also work in partnership with governments and NGOs. During the year, we completed our largest Shared Value project to date, investing US$27m to rebuild and tar the 33km road between Tarkwa and Damang in West Africa. The road has significant socioeconomic benefits for the approximately 100,000 community members living in the Tarkwa-Nsuaem and Prestea Huni-Valley municipalities. Our SROI analysis of this project indicates that the road will improve the transportation of people, goods and services, as well as boost economic activities in the area. At the same time, the road enables us to transport our employees between the mines safer and quicker. Ghanaian contractors employed 53 members from the host communities during the construction of the road, which is now being managed and maintained by the Ghana Highway Authority. Other significant Shared Value projects include our investment in water infrastructure and potable water provision in Hualgayoc near our Cerro Corona mine. This addresses one of the key needs of the community and, since we started operating in the area in 2006, we have provided the majority of community households in Hualgayoc with access to clean water. Gold Fields Integrated Annual Report 2019 83 PERFORMANCE AGAINST MATERIAL MATTERS Gold Fields IR 2019 Pro of 15 – 27 March 2020

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Working with Indigenous communities in Australia Aboriginal and Torres Strait Islander peoples are a key part of our host communities and important stakeholders for our four mines in Western Australia. This includes those groups who have been determined to hold (or are progressing claims in respect of) Native Title rights and interests over the areas on which our sites are located. Aboriginal and Torres Strait Islander Peoples are recognised as the traditional owners of the lands on which we operate. In 2019, we commenced implementing a consolidated strategy for improving our engagement with our Aboriginal and Torres Straight Islander communities. This strategy is based on three key pillars: building trusted relationships, delivering benefits that have real impact, and demonstrating respect. Closely aligned with these pillars are the elements of a Reconciliation Action Plan (RAP). Developed by Reconciliation Australia (an independent,not-for-profit organisation), a RAP provides a structured framework through which organisations can support the national reconciliation movement by developing respectful relationships and create meaningful opportunities with Aboriginal and Torres Strait Islander Peoples. We developed our first “Reflect” RAP during the year as a way to implement our overarching strategy for the region. This document outlines action plans with clear objectives and detailed deliverables. These actions will be implemented throughout 2020 and 2021. Our first formal Native Title Agreement in the Australia region is with the Yilka People at our Gruyere mine. As part of the agreement, we provide the Yilka People with various benefits, including employment and contracting opportunities. At present, 25 members of the local community work at Gruyere, either directly or for our contractors, which has exceeded initial expectations. Native Title claims have either been determined or lodged over the whole or significant part of the lands on which our mines are located, most recently in the area of our Granny Smith mine. Our approach is to focus on heritage management and supporting the local community, pending establishment of more formal engagements consistent with our RAP obligations. Managing artisanal and small-scale mining in Ghana Artisanal and small-scale mining (ASM) is present at and around our Damang and Tarkwa mines, though the number of ASM miners is small. ASM largely subsided during 2019, aided by government action against illegal mining. Gold Fields manages these activities through an ASM strategy, which includes patrolling of active mining areas, consulting with affected stakeholders, particularly traditional leaders, negotiating evictions and, as necessary, prosecuting of offenders. ASM poses a potentially greater risk in apre-election and high gold price environment. It also comes with significant human rights risks – including human trafficking and the use of children to mine, health and safety risks relating to pitcave-ins, landslides and flooding, and water pollution from mercury, cyanide and siltation which impact downstream Group and regional SED spend 30 25 20 15 10 5 0 â– South Africa â– West Africa â– Americas â– Australia â–Group total 2016 2017 2018 2019 3.90 3.42 8.50 0.32 4.33 6.47 6.19 0.19 3.49 15.31 6.03 0.48 2.88 12.96 4.31 1.19 US$m 16.14 17.18 25.31 21.35 Infrastructure Education and training Health and wellbeing Economic diversi cation Conservation and environment 2% 5% 19% 64% 10% Group SED by type 2019 communities and the surrounding environment. Given the changing context, we revised our ASM strategy during the year. Three key focus areas in the updated strategy include a more proactive engagement with community stakeholder groups, supporting the creation ofnon-mining jobs which provide community members with alternative opportunities, and updating our protection services practice to better identify and manage the infiltration of ASM miners. Our protection services are aligned to the Voluntary Principles on Security and Human Rights (VPSHR). Grievance mechanisms to resolve issues raised by communities It is important that we have a clear view of any issues raised by our communities and, therefore, community grievance management is a key aspect of our community relations programme. All of our operations have established grievance mechanisms in place that allow us to handle and resolve the grievances that arise in relation to our activities. The mechanisms encourage and enable community members to raise complaints with us, and obligates our mines to address these grievances within a specified period. Where necessary, we use members from our local communities to act as mediators should our teams not be able to resolve the issue raised. During 2019, our operations dealt with 77 grievances (2018: 127) lodged by our communities, of which 11 were related to jobs and procurement, 47 social, and 19 environmental grievances. We resolved 56 of these grievances, and are still dealing with the remaining 21. SHARED VALUE CREATION IN OUR COMMUNITIES continued Gold Fields Integrated Annual Report 2019 84 Gold Fields IR 2019 Pro of 15 – 27 March 2020

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HUMAN RIGHTS Gold Fields is committed to upholding and protecting the human rights of our people and members of our host communities. We recognise that our mining activities have the potential to impact the human rights of these important stakeholder groups. Our Human Rights Policy Statement (www.goldfields.com/policies.php), which is embedded in our Code of Conduct, applies to all directors, employees and third parties (including, among others, suppliers and contractors). The Code of Conduct can be found on our website at www.goldfields.com/code-of-conduct.php. Under the Human Rights Policy Statement, Gold Fields commits to, among others: Not interfering with or curtailing others’ enjoyment of their human rights Defending, where possible, employees and external Gold Fields stakeholders, such as community members, against human rights abuses by third parties Taking positive action to facilitate the entrenchment and enable the enjoyment of human rights A Human Rights Steering Committee oversees the work by the various disciplines and regions, and feedback is provided to the Board’s Social Ethics and Transformation (SET) Committee on a quarterly basis. The Human Rights Policy Statement is informed by and supports various international standards. These include the UN Guiding Principles on Business and Human Rights, the conventions of the International Labour Organisation, the United Nations Universal Declaration of Human Rights, the VPSHR, and the ICMM Principles on Human Rights. During the year, the ICMM developed Performance Expectations (PEs), which are now included in the requirements for member companies. They introduce a set of internationally recognised, stakeholdersupported, measurable health, safety, environmental and social requirements that can be validated at site level. Group and site conformance with each PE must be self-assessed by December 2021, and audit results publicly disclosed from 2022. A corporate desktop review of the PEs in 2018 found that there was broad alignment within Gold Fields, with gaps identified in human rights due diligence and water stewardship. Processes have been put in place to close the gaps identified. SALIENT HUMAN RIGHTS ISSUES During 2018, we identified salient human rights issues at a Group level. These are defined by the UN Guiding Principles as those issues that have the most severe negative impacts as a result of the Company’s activities or business relationships. The salient human rights issues for our business are as follows: 1. Health and safety: Occupational incident or exposure leading to physical and/or psychological harm and/or Illness 2. Human resources: The impact of our working environment, policies and procedures on employees and contractors 3. Water: The loss of containment and the subsequent impact on water quality released into the environment 4. Public and private security: Abuse of power by public or private security 5. Transportation: Transport incidents involving hazardous substances and/ or people 6. Mine closure: The ineffective, incomplete or failed implementation of mine closure plans 7. Resettlement: Land acquisition, economic compensation and community resettlement 8. Breaches by suppliers/contractors: Breaches of human rights by suppliers, contractors and other business partners in our supply chain In 2019, the Group salient issues were cascaded to our regions who used the same risk analysis method to identify the causes, consequences, preventative controls, and mitigation and damage controls for each of the abovementioned issues. Details of our human rights issues are on our website at www.goldfields.com/. No material gaps were identified at a regional level for any of the eight salient human rights issues. However, we continue to monitor the efficacy of mitigation controls, conduct training on human rights for employees and suppliers, and use our grievance mechanisms (p87) to identify and speedily resolve issues raised by host community members. WORKFORCE RIGHTS Our Human Rights Policy Statement protects the rights of our workforce and upholds freedom from child labour, freedom from forced or compulsory labour, freedom from discrimination (while recognising the need to affirm previously disadvantaged groups), and freedom of association and collective bargaining. Internal grievance mechanisms are in place to ensure employees and contractors can raise human rights concerns. These grievances are handled by the Gold Fields Human Resources function in consultation with legal teams. Employees can also raise concerns via independent counsellors as part of the Gold Fields Employee Assistance Programme, and make use of Gold Fields’ confidential, third-party whistleblowing hotline. During the year, three grievances were raised by employees regarding harassment and sexual harassment, two of which are undergoing a legal process. Performance in 2019 The Diversity Policy, approved by the Board in 2017, informed the diversity and inclusion strategy launched in 2019, which outlines our commitment to equality and the zero tolerance approach we take to discrimination A Sexual Harassment Policy was approved Code of Conduct training, rolled out to all employees in 2017, was updated during the year and employees will receive refresher training, including on human rights, during 2020 SUPPLIERS Our suppliers are required to comply with the Group Code of Conduct, the Gold Fields Supplier Code of Conduct and our Human Rights Policy Statement – this requirement is a standard provision in all third-party contractual agreements. An external third-party screening system evaluates new and existing suppliers and contractors on a monthly basis for an Gold Fields Integrated Annual Report 2019 86 Gold Fields IR 2019 Pro of 15 – 27 March 2020

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array ofpre-defined risk categories, including human rights and related violations and/or transgressions. Risk profiles for active external suppliers and contractors with post-screen alerts are then established and mitigation actions put in place. Gold Fields is committed to responsible materials stewardship. In this context, we support global efforts to prevent the use of newly mined gold to finance conflict. We have voluntarily adopted the Conflict- Free Gold Standard of the World Gold Council (WGC). The standard is applied at all relevant locations through assurance audits. Although we withdrew our WGC membership in 2014, we have and will continue to apply both the standard and its guidelines. Further information is available at www.goldfields.com/ sustainabilityreporting. php. Performance in 2019 In response to the 2018 implementation of the Modern Slavery Act in Australia, Gold Fields and a number of its industry peers worked with the Walk Free Foundation, an NGO, to promote human rights best practices and eliminate modern slavery in its supply chain. Key suppliers to our mines were provided with a toolkit to identify possible human rights contraventions. Where required, Gold Fields will provide support to its suppliers to address contraventions. Blocking a supplier would only be considered as a last resort SECURITY Gold Fields’ protection services teams work with both private and public security providers for the effective and responsible protection of workers and assets. All private security contractors receive human rights training during the induction process, and at least annually thereafter, including on the VPSHR. During the year, all aspects of alignment with the VPSHR were completed or are in progress. Security is managed at regional level, because each region has its own specific context. Performance in 2019 We reviewed private sector security providers’ contracts to ensure they are aligned to the VPSHR We updated our Human Rights Policy Statement to reference our support for the VPSHR Cerro Corona used an independent contractor to carry out a detailed assessment of its human rights risks and implementation requirements, with particular reference to the VPSHR. GRIEVANCE MECHANISMS We are committed to addressing community issues and concerns timeously and effectively. Therefore, we rely on a grievance reporting system to maintain confidence and transparent communication with our stakeholders. Our grievance mechanism enables and encourages community members to freely put forward their complaints, while obligating our mines to address the grievances within an agreed period, before the grievance is escalated to independent mediation. Performance in 2019 Our operations self-assessed their grievance management practices against criteria such as the UN Guiding Principles on Business and Human Rights Our mines worked to close their first order grievances in a short period – these are grievances that should be resolved with the complainant before they are escalated We saw a 39% decline in grievances during the year, which we believe may be driven by the fact that we did not have any Level 3 to 5 environmental incidents in 2019. While we cannot claim a direct correlation between the two, evidence suggests that environmental incidents lead to an increase in grievances, particularly given the importance of water to many of our host communities Ore conveyor belt at our Gruyere mine in Australia Gold Fields Integrated Annual Report 2019 87 PERFORMANCE AGAINST MATERIAL MATTERS Gold Fields IR 2019 Pro of 15 – 27 March 2020

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Assurance First party: Internal audit statement p89 Independent assurance statement to the Board of Directors and stakeholders of Gold Fields Limited – Sustainability Information p90 Independent assurance statement to the Board of Directors and stakeholders of Gold Fields Limited – South African Mining Charter p93 Administration and corporate information IBC Internal and external assurance is provided over selected sustainability information contained in the Integrated Annual Report Wind turbine powering our Agnew mine in Australia 88 Gold Fields IR 2019 Pro of 15 – 27 March 2020

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FIRST PARTY: INTERNAL AUDIT STATEMENT Gold Fields Internal Audit (GFIA) provides independent assurance on the effectiveness of the governance, risk management and control processes within Gold Fields to the Group Audit Committee. The internal audit activities performed during the year were identified through a combination of the Gold Fields risk management and combined assurance framework, as well as the risk-based methodology adopted by GFIA. Internal Audit complies with the Institute of Internal Auditors’ International Standards for the Professional Practice of Internal Auditing, in the execution of its assurance function. Furthermore, GFIA operates a quality assurance programme that involves performing detailed quality review assessments. Annually, the risk-based annual audit plan is approved by the Audit Committee. The internal audit activities are executed by a team of appropriately qualified and experienced internal auditors, or through the engagement of external practitioners on specified and agreed terms. The Vice-President and Group Head of Internal Audit has a functional reporting line to the Audit Committee, to which quarterly feedback is provided. Based on the work performed by GFIA during the year, the Vice-President and Group Head of Internal Audit has presented the Audit Committee with an assessment on the effectiveness of the Company’s governance, risk management and system of internal control. It is GFIA’s opinion that the governance, risk management and internal control environment are effective within the Gold Fields business and provide reasonable assurance that the objectives of Gold Fields will be achieved. This GFIA assessment forms one of the basis for the Audit Committee’s recommendation in this regard to the Board. Shyam Jagwanth Vice-President and Group Head of Internal Audit Johannesburg, South Africa 30 March 2020 Gold Fields Integrated Annual Report 2019 89 ASSURANCE Gold Fields IR 2019 Pro of 15 – 27 March 2020

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INDEPENDENT ASSURANCE STATEMENT TO THE BOARD OF DIRECTORS AND STAKEHOLDERS OF GOLD FIELDS LIMITED – SUSTAINABILITY INFORMATION ERM Southern Africa (Pty) Ltd (ERM) was engaged by Gold Fields to provide assurance in relation to selected sustainability information set out below and presented in Gold Fields’ 2019 Integrated Annual Report for the year ended 31 December 2019 (‘the Report’). Engagement summary Engagement scope (subject matters): 1. Whether the 2019 data, for the period 1 January 2019 to 31 December 2019, for the selected performance indicators listed in Table 1 overleaf, are fairly presented, in all material respects, with the reporting criteria. 2. Whether the Directors’ statement in the “About this Report” section of the Report that Gold Fields has complied with the ICMM Sustainable Development Framework, Principles, Position Statements and reporting requirements is, in all material respects, fairly stated. Reporting criteria: For environmental, health and safety and social KPIs: GRI Standards (‘Core’in-accordance option) and the GRI’s Mining and Metals Sector Disclosure (2013) Gold Fields GRI Standards Sustainability Reporting Guideline, V21 (November 2019) Gold Fields Group Health and Safety Reporting Guideline, V6 (January 2019) International Council on Mining and Metals (ICMM) Sustainable Development Framework Reporting Requirements (2008) Assurance standard used: ERM CVS’ assurance methodology based on the International Standard on Assurance Engagements ISAE 3000 (Revised) and ISAE 3410 (for GHG Statements) Assurance level: Reasonable assurance for all Subject Matters Respective responsibilities: Gold Fields is responsible for preparing the Report, including the collection and presentation of the selected sustainability information within it, in accordance with the reporting criteria, the design, implementation and maintenance of related internal controls, and for the integrity of its website. ERM’s responsibility is to provide an opinion on the selected information based on the evidence we have obtained and exercising our professional judgement. OUR ASSURANCE ACTIVITIES We planned and performed our work to obtain all the information and explanations that we believe were necessary to reduce the risk of material misstatement to low and therefore provide a basis for our assurance opinion. Using the ICMM Sustainable Development Framework: Assurance Procedure (2008) as a guide, a multi-disciplinary team of sustainability and assurance specialists performed the assurance activities, including, among others: Reviewing external media reporting relating to Gold Fields, peer company annual reports and industry standards to identify issues relevant to the assurance scope in the reporting period. Interviews with relevant corporate level staff to understand Gold Fields’ sustainability strategy, policies and management systems, including stakeholder engagement and materiality assessment. Interviews with a selection of staff and management, including senior executives, to gain an understanding of: The status of implementation of the ICMM Sustainable Development Principles in Gold Fields’ strategy and policies; and Gold Fields’ identification and management of sustainable development risks and opportunities as determined through its review of the business and the views and expectations of its stakeholders. Reviewing supporting evidence related to external stakeholder engagement on material issues facing the business. Reviewing policies and procedures and assessing alignment with ICMM’s 10 Sustainable Development Principles and other mandatory requirements set out in the ICMM’s Position Statements in effect as at 31 December 2019. Testing the processes and systems, including internal controls, used to generate, consolidate and report the selected sustainability information. Reviewing the suitability of the internal reporting guidelines, including conversion factors used. Physical visits to interview responsible staff and verify source data and other evidence at the following sites: – South Deep, South Africa – Tarkwa, Ghana – St Ives, Australia Virtual reviews to verify source data for the following sites: – Damang, Ghana – Agnew, Australia – Granny Smith, Australia – Gruyere, Australia – Cerro Corona, Peru An analytical review of theyear-end data submitted by the sites listed above, and testing of the accuracy and completeness of the consolidated 2019 Group data for the selected KPIs. Gold Fields Integrated Annual Report 2019 90 Gold Fields IR 2019 Pro of 15 – 27 March 2020

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Reviewing the presentation of information relevant to the scope of our work in the Report to ensure consistency with our findings. OUR ASSURANCE OPINION In our opinion: The selected sustainability performance information set out in Table 1 for the year ended 31 December 2019 is prepared, in all material respects, in accordance with the Gold Fields reporting criteria; and The Directors’ statement in the “About this Report” section of the Report that Gold Fields has complied with the ICMM Sustainable Development Framework, Principles, Position Statements and reporting requirements is, in all material respects, fairly stated. THE LIMITATIONS OF OUR ENGAGEMENT The reliability of the assured data is subject to inherent uncertainties given the methods for determining, calculating or estimating the underlying information. It is important to understand our assurance opinions in this context. Our independent assurance statement provides no assurance on the maintenance and integrity of the Gold Fields’ website, including controls used to achieve this integrity, and in particular, whether any changes may have occurred to the information since it was first published. OUR OBSERVATIONS We have provided Gold Fields with a separate detailed management report. Without affecting the opinion presented above, we have the following observations: There have been improvements in the Company’s determination and reporting of material issues, notably the establishment of a Materiality Assessment Steering Committee and prioritisation of material issues based on their importance to the Company as well as to stakeholders. We recommend diversifying external stakeholder engagement to further strengthen the materiality process, as well as using the outputs to inform the Company’s strategy. Due to weaknesses in documentation and in the control environment at the Gruyere operation (which was operational since May 2019) relating to total water consumed and total energy consumed, we undertook additional substantive procedures to verify these indicators. We recommend improving the data management and internal control environment for these indicators to facilitate future assurance. In relation to the reported energy saving initiatives across the Group, we undertook additional procedures to verify the savings for certain initiatives across the West African, South African and Australian operations. We recommend refresher training across the operations on the measurement, verification and reporting requirements for this indicator in order to reduce the risk of material misstatement as well as assurance effort. Following a recommendation in last year’s Assurance Statement for the Australia region to formalise the process for consolidating and reporting socio-economic development spend, ERM did observe improvements in the data management process for this indicator at certain operations. We encourage Gold Fields to extend these efforts to all Australian operations, as well as other social performance data (host community workforce employment). Donald Gibson Jennifer Iansen-Rogers Partner Review Partner, ERM CVS, London 27 March 2020 27 March 2020 ERM Southern Africa (Pty) Ltd, Johannesburg, South Africa www.erm.com Email: donald.gibson@erm.com ERM Southern Africa (Pty) Ltd and ERM Certification and Verification Services (CVS) are members of the ERM Group. Our work complies with the requirements of ERM’s Global Code of Business Conduct and Ethics (available at https://erm.com/global-code). Further, ERM CVS is accredited by the United Kingdom Accreditation Service and its operating system is designed to comply with ISO 17021:2011. Our assurance processes are designed and implemented to ensure that the work we undertake with clients is free from bias and conflict of interest (refer to both the abovementioned Code of Business Conduct and Ethics, and the ERM CVS Independence and Impartiality Policy available athttp://www.ermcvs.com/our-services/policies/independence/). The ERM and ERM CVS staff that have undertaken work on this assurance engagement provide no consultancy related services to Gold Fields in any respect related to the subject matter assured. Gold Fields Integrated Annual Report 2019 91 ASSURANCE Gold Fields IR 2019 Pro of 15 – 27 March 2020

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ASSURED SUSTAINABILITY PERFORMANCE INDICATORS Table 1. Data for selected sustainability performance indicators for the 2019 reporting year presented for reasonable assurance in accordance with the reporting criteria. Parameter Unit Gold Fields reported 2019 data Environment Total CO2 equivalent emissions, Scope 1 to 3 Tonnes 1,941,389 Electricity purchased MWh 1,253,338 Diesel Kl 189,721 Total energy consumed GJ 12,497,608 Total water consumed (withdrawal – discharge) Ml 19,709 Total waterrecycled/re-used per annum Ml 47,604 Number of environmental incidents – Level 3 and above Number of incidents 0 Total CO2e emissions avoided from initiatives tCO2e saved 144,254 Total energy saved from initiatives GJ saved 404,602 Health Number of cases of Silicosis reported Number of cases 5 Number of cases of Noise Induced Hearing Loss reported Number of cases 6 Cardio Respiratory (Tuberculosis) Number of new cases reported 20 Chronic Obstructive Airways Disease (COAD) Number of cases 4 Number of cases of Malaria tested positive per annum (employees only) Number of positive cases 187 Number of South African employees in the HAART programme (cumulative) Number of employees 204 Number of West African employees in the HAART programme (cumulative) Number of employees 10 Percentage of South African workforce on the voluntary counselling and testing (VCT) programme Percentage of workforce 81 Percentage of West African workforce on the voluntary counselling and testing (VCT) programme Percentage of workforce 58 Safety Total Recordable Injury Frequency Rate (TRIFR) — Employees, Contractors, total Number of TRIs/ hours worked Employees: 2.83 (44 TRIs/15,568,023 hours worked) Contractors: 1.88 (60 TRIs/31,833,493 hours worked) Total: 2.19 (104 TRIs/47,401,516 hours worked) Serious Injuries: As per Gold Fields Group Health and Safety Reporting requirements Number of injuries 4 (including 2 at South Deep) Serious Injuries: As per the South African Department of Mineral Resources and Energy requirements (applicable to South Deep Mine only) Number of injuries 10 Safety Engagement Index Rate Number of engagements/ hours worked 4.11 (194,922 safety engagements/47,401,516 hours worked) Near miss incidents Number of incidents 436 Social Total socio-economic development (SED) spend US$ 21,545,593.46 Percentage of host community workforce employment % 55 Percentage of host community procurement spend % 34 Gold Fields Integrated Annual Report 2019 92 Gold Fields IR 2019 Pro of 15 – 27 March 2020

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INDEPENDENT ASSURANCE STATEMENT TO THE BOARD OF DIRECTORS AND STAKEHOLDERS OF GOLD FIELDS LIMITED – SOUTH AFRICAN MINING CHARTER ERM Southern Africa (Pty) Ltd (ERM) was engaged by Gold Fields to provide assurance in relation to selected Mining Charter information set out below and presented in Gold Fields’ 2019 Integrated Annual Report for the year ended 31 December 2019 (‘the Report’) for the South Deep Joint Venture. Engagement summary Engagement scope (subject matters): 1. Whether the 2019 data, for the period 1 January 2019 to 31 December 2019, for the selected Mining Charter performance indicators listed in Table 2 overleaf, are fairly presented, in all material respects, with the reporting criteria. Reporting criteria: Gold Fields Limited South Deep Gold MineNon-Financial Data Assurance Reporting Guidelines, V5 (January 2020) Gold Fields Limited South Deep Gold Mine Procurement Mining Charter 2018 Reporting Guideline, V0 (November 2019) Broad-Based Socio-Economic Empowerment Charter (BBSEEC) for the South African Mining and Minerals Industry (2018) and the related scorecard (2018) Implementation Guidelines for the BBSEEC for the South African Mining and Minerals Industry (2018) Assurance standard used: ERM CVS’ assurance methodology based on the International Standard on Assurance Engagements ISAE 3000 (Revised) Assurance level: Reasonable assurance for all Subject Matters Respective responsibilities: Gold Fields is responsible for preparing the Report, including the collection and presentation of the selected sustainability information within it, in accordance with the reporting criteria, the design, implementation and maintenance of related internal controls, and for the integrity of its website. ERM’s responsibility is to provide an opinion on the selected information based on the evidence we have obtained and exercising our professional judgement. OUR ASSURANCE ACTIVITIES We planned and performed our work to obtain all the information and explanations that we believe were necessary to reduce the risk of material misstatement to low and therefore provide a basis for our assurance opinion. A multi-disciplinary team of sustainability, Mining Charter and assurance specialists performed the assurance activities, including, among others: Testing the processes and systems, including internal controls, used to generate, consolidate and report the selected Mining Charter information. A review of the suitability of the internal Mining Charter reporting guidelines. Physical visits to the South Deep Mine, South Africa, to verify source data and other evidence. An analytical review of theyear-end data submitted by South Deep, including testing of the accuracy and completeness of the consolidated 2019 data for the selected performance indicators. A review of the presentation of information relevant to the scope of our work in the Report to ensure consistency with our findings. OUR ASSURANCE OPINION In our opinion, the selected Mining Charter performance information set out in Table 2 for the year ended 31 December 2019 is prepared, in all material respects, in accordance with the reporting criteria. OUR OBSERVATIONS We have provided Gold Fields with a separate detailed management report. Without affecting the opinion presented above, we have the following observations: We recommend giving attention to the consistency of the KPI definitions for the demographic, essential-skills and core skills related indicators, and ensuring these definitions and reporting requirements are aligned to Mining Charter (2018) requirements. The site has made considerable effort during the transition period to adapt to the reporting requirements of the Mining Charter (2018), particularly for procurement subject matters. Gold Fields Integrated Annual Report 2019 93 ASSURANCE Gold Fields IR 2019 Pro of 15 – 27 March 2020

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INDEPENDENT ASSURANCE STATEMENT TO THE BOARD OF DIRECTORS AND STAKEHOLDERS OF GOLD FIELDS LIMITED – SOUTH AFRICAN MINING CHARTER continued THE LIMITATIONS OF OUR ENGAGEMENT The reliability of the assured data is subject to inherent uncertainties given the methods for determining, calculating or estimating the underlying information. It is important to understand our assurance opinions in this context. Our independent assurance statement provides no assurance on the maintenance and integrity of the Gold Fields’ website, including controls used to achieve this integrity, and in particular, whether any changes may have occurred to the information since it was first published. Donald Gibson Jennifer Iansen-Rogers Partner Review Partner, ERM CVS, London 27 March 2020 27 March 2020 ERM Southern Africa (Pty) Ltd, Johannesburg, South Africa www.erm.com Email: donald.gibson@erm.com ERM Southern Africa (Pty) Ltd and ERM Certification and Verification Services (CVS) are members of the ERM Group. Our work complies with the requirements of ERM’s Global Code of Business Conduct and Ethics (available at https://erm.com/global-code). Further, ERM CVS is accredited by the United Kingdom Accreditation Service and its operating system is designed to comply with ISO 17021:2011. Our assurance processes are designed and implemented to ensure that the work we undertake with clients is free from bias and conflict of interest (refer to both the above mentioned Code of Business Conduct and Ethics, and the ERM CVS Independence and Impartiality Policy available athttp://www.ermcvs.com/our-services/policies/independence/). The ERM and ERM CVS staff that have undertaken work on this assurance engagement provide no consultancy related services to Gold Fields in any respect related to the subject matter assured. Gold Fields Integrated Annual Report 2019 94 Gold Fields IR 2019 Pro of 15 – 27 March 2020

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ASSURED SOUTH AFRICAN MINING CHARTER PERFORMANCE INDICATORS Table 2. Selected South African Mining Charter performance indicators for the 2019 reporting year presented for reasonable assurance in accordance with reporting criteria. Parameter Unit Gold Fields reported 2019 data Mine Community Development % implementation of Mine Community Development Target in approved and published SLP (“Table S”1) # of projects 9 Progress to date Progress per project verified Employment Equity HDSAs2 in management (in proportion to applicable demographics) made up of: Board: 50% black persons with exercisable voting rights, of which 20% must be black women Board: % black persons 67% Board: % black women 33% Executive/top management: 50% black persons of which 15% must be black women Board: % black persons 67% Board: % black women 33% Senior: 50% black persons of which 15% must be black women Board: % black persons 31% Board: % black women 6% Middle: 60% black persons of which 20% must be black women Board: % black persons 52% Board: % black women 19% Junior: 70% black persons of which 25% must be black women Board: % black persons 71% Board: % black women 22% Employees with disabilities: 1.5% as a percentage of all employees Disabilities: % 0.39% Core/critical skills: 50% black persons Core skills: % 71% Inclusive procurement Mining goods 70% of procurement spend on goods (excludingnon-discretionary spend) must be on South African manufactured goods, proportioned as follows regarding the manufacturing entity: 21% by HDPs3 owned and controlled company % procured from HDPs owned and controlled company 32% 5% by women or by young owned and controlled company % women or by young owned and controlled company 2% 44% by BEE4-compliant company % procured from BEEcompliant company 57% Gold Fields Integrated Annual Report 2019 95 ASSURANCE Gold Fields IR 2019 Pro of 15 – 27 March 2020

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Parameter Unit Gold Fields reported 2019 data Mining services 80% of procurement spend on services (excludingnon-discretionary spend) must be sourced from South African companies, proportioned as follows: 50% on HDPs owned and controlled company % discretionary spend on HDPs owned and controlled company 42% 15% on women owned and controlled company % discretionary spend on women owned and controlled company 14% 5% on youth % discretionary spend on youth 0% 10% onBEE-compliant company % discretionary spend onBEE-compliant company 73% Research and development Research and development budget spent of which 70% must be spent on South African-based research and developmentR-value of spend R200,000.00 % of spend on research and development entities 100% Processing of Samples Mineral sampling to be done by South African-based companies (Target of 100%) Number of samples analysed 29,611 % analysed by South African-based companies 100% 1 As per the Implementation Guidelines for the BBSEEC for the South African Mining and Minerals Industry (2018) 2 Historically Disadvantaged South African 3 Historically Disadvantaged Persons 4 Black Economic Empowerment ASSURED SOUTH AFRICAN MINING CHARTER PERFORMANCE INDICATORS continued Gold Fields Integrated Annual Report 2019 96 Gold Fields IR 2019 Pro of 15 – 27 March 2020

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ADMINISTRATION AND CORPORATE INFORMATION COMPANY SECRETARY Taryn Harmse Tel: +27 11 562 9719 Mobile: +27 86 720 2704e-mail: taryn.harmse@goldfields.com 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 8645e-mail: general@corpserv.co.uk AMERICAN DEPOSITORY RECEIPTS TRANSFER AGENT Shareholder correspondence should be mailed to: BNY Mellon Shareowner Services PO Box 30170 College Station, TX 77842–3170 Overnight correspondence should be sent to: BNY Mellon Shareowner Services 211 Quality Circle, Suite 210 College Station, TX 77845e-mail: shrrelations@cpushareownerservices.com Phone numbers Tel: 888 269 2377 Domestic Tel: 201 680 6825 Foreign SPONSOR J.P. Morgan Equities South Africa Proprietary Limited Gold Fields Limited Incorporated in the Republic of South Africa Registration number 1968/004880/06 Share code: GFI Issuer code: GOGOF ISIN – ZAE 000018123 INVESTOR ENQUIRIES Avishkar Nagaser Tel: +27 11 562 9775 Mobile: +27 82 312 8692e-mail: avishkar.nagaser@goldfields.com Thomas Mengel Tel: +27 11 562 9849 Mobile: +27 72 493 5170e-mail: thomas.mengel@goldfields.com MEDIA ENQUIRIES Sven Lunsche Tel: +27 11 562 9763 Mobile: +27 83 260 9279e-mail: sven.lunsche@goldfields.com TRANSFER SECRETARIES South Africa Computershare Investor Services Proprietary Limited Rosebank Towers 15 Biermann Avenue Rosebank Johannesburg 2196 Private Bag X9000 Saxonwold 2132 Tel: +27 11 370 5000 Fax: +27 11 688 5248 United Kingdom Link Asset Services The Registry 34 Beckenham Road Beckenham Kent BR3 4TU England Tel: 0871 664 0300 Calls cost 12p per minute plus your phone company’s access charge. If you are outside the United Kingdom, please call +44 371 664 0300. Calls outside the United Kingdom will be charged at the applicable international rate. The helpline is open between 9:00am – 5:30pm. Monday to Friday excluding public holidays in England and Wales.e-mail: shareholderenquires@linkgroup.co.uk Website WWW.GOLDFIELDS.COM Listings JSE/NYSE: GFI SIX: GOLI CA Carolus (Chair) RP Menell (Deputy Chair) NJ Holland*(Chief Executive Officer) PA Schmidt(Chief Financial Officer) A Andani# PJ Bacchus TP Goodlace C Letton^ P Mahanyele-Dabengwa* SP Reid^ YGH Suleman ^ Australian * British # Ghanaian Independent DirectorNon-independent Director Gold Fields IR 2019 Pro of 15 – 27 March 2020

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Delivering value for a sustainable future Annual Financial Report including Governance Report 2019

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Gold Fields Annual Financial Report including Governance Report 2019 02 CORPORATE GOVERNANCE REPORT OVERVIEW The highest levels of corporate governance are essential to achieve our vision of being the global leader in sustainable gold mining, and to deliver on the commitments to our stakeholders. To this end, maintaining a governance framework that underpins proactive and effective management of strategic dynamics will ultimately determine Gold Fields’ longevity, whether operational, economic, social, environmental or otherwise. This approach is essential given the long-term, capital-intensive nature of our mining projects, as well as the, at times, challenging social and political contexts in which we operate. It requires us to not only ensure that our business remains profitable, but also to deliver clear economic, social and environmental benefits to our stakeholders. Our management approach is supported by our commitment to sound and robust corporate governance standards, which is critical for operational and strategic success and, ultimately, the sustainability of our business. A key element is to ensure that Gold Fields complies with all applicable laws and regulations. As such, corporate governance systems and frameworks are reviewed consistently to align with the ever-changing and increasingly stringent standards that are being rolled-out by regulators in the regions where we operate. In November 2016, the King IV Report on Governance or South Africa, 2016 (King IV) was launched, updating the guidelines set by King III. During 2019, the Board continued to ensure compliance and uphold the principles of King IV. Our compliance with King IV is detailed on p14 – 66. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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03 Gold Fields Annual Financial Report including Governance Report 2019 STANDARDS, PRINCIPLES AND SYSTEMS Material internal and external standards and principles Internal standards and principles Listings requirements Sustainability standards Business ethics standards Gold Fields has a comprehensive set of internal standards and principles in place that form the foundation of how we do business. These include: Our vision and values: Everything we do in pursuit of achieving our vision of becoming the global leader in sustainable gold mining is informed by our values. These are applied by our directors, as well as employees at every level of the Group. More information on our vision and values can be found on p03 of our Integrated Annual Report (IAR). Board of Directors’ Charter: The Charter articulates the objectives and responsibilities of the Board. Likewise, each of the Board committees operates in accordance with written terms of reference that are regularly reviewed to align with the provisions of relevant statutory and regulatory requirements. Sustainable development framework: Gold Fields’ sustainable development framework is based on good practice, as well as our operational requirements. The framework is governed by an overall sustainable development policy statement. The Group has developed a range of policy statements that direct business conduct, these are available online at www.goldfields.com/policies.php. Code of Conduct: Gold Fields’ Code of Conduct commits and binds every employee, officer and director within the Comapny to conduct business in a way that is ethical and fair. Both the Board’s Audit Committee and Social, Ethics and Transformation (SET) Committee are tasked with ensuring the consistent application of, and adherence to, the code. The code is available on our website at https://www.goldfields.com/ code-of-conduct. Our primary listing is on the JSE Limited (JSE), and we are therefore subject to the JSE Listings Requirements. Gold Fields has a secondary listing on the New York Stock Exchange (NYSE) and, as a foreign private issuer, is subject to the NYSE Listings Requirements, certain provisions of the United States (US) Securities and Exchange Commission (SEC), as well as the terms of the Sarbanes-Oxley Act (2002). Gold Fields delisted from the SIX Swiss Exchange in December 2019. The Board is committed to the principles and recommended practices of King IV and, to this end, ensured compliance during 2019. As per King IV, 48 non-binding rules, codes and standards have been adopted by the Audit Committee. Our sustainable development framework is guided by the International Council on Mining & Metals’ (ICMM) 10 principles on sustainable development, their supporting position statements and external assurance thereof. Despite not being a direct participant in the United Nations (UN) Global Compact, we are guided by and adhere to its 10 principles, and have accordingly incorporated its management model into our business activities. All of our eligible operations conform to the World Gold Council (WGC) Conflict-Free Gold Standard. A copy of our Conflict-Free Gold Report and Statement of Conformance, together with the limited assurance opinion, can be viewed online at www.goldfields. com/sustainability-reporting.php. Our reporting is guided by the International Integrated Reporting Council’s (IIRC) Integrated Reporting Framework (IIRC <IR> Framework), as well as the Global Reporting Initiative (GRI) Standards. Our 2019 GRI submission can be viewed online at www.goldfields.com/ sustainability-reporting.php. All our eligible operations are certified to the International Cyanide Management Code (ICMC), the ISO 14001 (2015) Environmental Management System (except Gruyere) and the OHSAS 18001 and ISO 45001 Occupational Health and Safety Management systems. All our mines are gradually transitioning from OHSAS 18001 to ISO 45001. Our Cerro Corona mine in Peru is certified to the ISO 50001 Energy Management Standard, with all the other mines to follow by 2023. Our mines and offices are certified to the ISO 27001 Information Security Management System. Our Code of Conduct is aligned with national and international business ethics and anti?corruption standards, including the UN Convention against Corruption (2003) and the Organisation for Economic Cooperation and Development (OECD) Convention on Combating Bribery of Foreign Public Officials in International Business Transactions (1997). We support the principles and processes of the Extractive Industry Transparency Initiative (EITI), through our membership of the ICMM. Ghana and Peru are the EITI-compliant countries in which we operate. We comply with the following legislation and code: King IV and the Prevention and Combating of Corrupt Activities Act No 12 of 2004 The US Sarbanes-Oxley Act (2002), Dodd-Frank Act (2010) and the Foreign Corrupt Practices Act (1977) All other relevant regulations and legislations in the jurisdictions in which Gold Fields operates Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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Gold Fields Annual Financial Report including Governance Report 2019 04 CORPORATE GOVERNANCE REPORT continued BOARD OF DIRECTORS Board overview As the highest governing authority of the Group, Gold Fields’ Board of Directors takes ultimate responsibility for the Company’s adherence to sound corporate governance standards and ensures that all business decisions and judgements are made with reasonable care, skill and diligence. The Board’s objectives and responsibilities are articulated in its Charter. Likewise, each of the Board subcommittees operates in accordance with its written terms of reference, which are reviewed and approved on an annual basis. In terms of Gold Fields’ Memorandum of Incorporation (MoI), which can be accessed at www.goldfields.com/standards-andprinciples. php, the Board shall have a minimum of four and a maximum of 15 directors. Currently, the Board comprises a total of 11 directors – two executive directors and nine independent non-executive directors (NEDs). Upon advisement by the Nominating and Governance Committee, the Board ensures that reputable persons of well-known competence and experience, who are willing to devote a sufficient part of their time to the Company, are elected as independent directors. Each director offers a range of relevant knowledge, expertise, technical experience and business acumen, which enables them to exercise independent judgement in Board deliberations and decision making. Furthermore, the Nominating and Governance Committee also ensures that the Board has adequate diversity in respect of race, gender, culture, age, field of knowledge, skills, experience, business, geographic and academic backgrounds. The composition of the Board subcommittees was reviewed and approved at the November 2019 Board meeting. The role of NEDs, who are independent of management, is to protect shareholders’ interests, including those of minority shareholders. Furthermore, they ensure that individual directors or groups of directors are subject to appropriate scrutiny in their decision making. The roles of the Board Chairperson and CEO are kept separate. NEDs Cheryl Carolus is the Chairperson of the Board, while Rick Menell is the Deputy Chairperson and lead independent director. Nick Holland was Gold Fields’ CEO for the entire period under review. The Board is kept informed of all developments relating to the Group, primarily through the executive directors, executive management and the Company Secretary. Furthermore, the Board stays up to date through a number of other mechanisms including, among others, employee climate surveys, newsletters and internal staff communication. NEDs are entitled to seek independent professional advice, at the Group’s expense, on any matters pertaining to Gold Fields. They also have unrestricted access to the Group’s management and access to the external auditors, when necessary. A brief curriculum vitae (CV) for each Board member is detailed on p11 – 13 of this report. Chief Financial Officer Paul Schmidt was appointed as CFO from 1 January 2009. In accordance with the JSE Listings Requirements, the Audit Committee considered and agreed unanimously that the level of expertise and experience of Mr Schmidt was satisfactory as reflected in the execution of his duties during 2019. The Audit Committee was of the opinion that Mr Schmidt, together with other members of his financial management team, had managed the Group’s financial affairs effectively during the 2019 financial year. Board appointments and rotation The appointment of directors is governed by a formal process. Furthermore, the Nominating and Governance Committee assists the Board in identifying suitable candidates, as well as evaluating such candidates from time to time. The Board Chairperson and Deputy Chairperson are appointed on an annual basis by the Board after a review of their performance and independence. In line with recommendations by King IV, the Board conducts a thorough annual evaluation of the independence of directors, and specifically where directors have served on the Board for nine or more years. Together with management, the Nominating and Governance Committee develops and facilitates an induction programme for new Board members to ensure their understanding of Gold Fields and the business environment in which it operates. The committee also assesses the commitments of non-executive candidates to ensure their availability to fulfil their responsibilities. In accordance with Gold Fields’ MoI, one-third of all directors (including executive directors) shall retire from office at each Annual General Meeting (AGM). The first to retire are those directors appointed as additional members of the Board during the year, followed by the longest serving members. The Board, assisted by the Nominating and Governance Committee, recommends the eligibility of retiring directors (subject to availability and their contribution to the business) for reappointment. Retiring directors can be re-elected immediately by the shareholders at the AGM. There was only one change in the composition of the Board’s committees in 2019, with Alhassan Andani stepping down from the Capital Projects, Control and Review Committee in Q2 2019. Directors’ dealings in shares of Gold Fields Gold Fields’ Board members and employees are informed of closed and prohibited periods for share dealings by the Company Secretary, as well as the Gold Fields share dealing policy. Closed and prohibited periods remain in force until quarterly, biannual and annual results are published. This was done on a quarterly basis during 2019. Similar closed periods will be in place should the Company trade under a cautionary announcement. Any directors’ dealings (including executive directors) require the pre-approval of the Chairperson, and the Company Secretary and Corporate Remuneration department keep a register of such dealings. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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05 Gold Fields Annual Financial Report including Governance Report 2019 Board remuneration NEDs are remunerated for their services as members of the Board, along with the separate subcommittees they attend annually, ad-hoc committees officially approved by the Board and, where applicable, travel expenses to attend Board meetings. Shareholders approve these fees on an annual basis at the Company’s AGM. Further details of NEDs’ and executive directors’ remuneration can be found on p58. Board of Directors’ Charter During the year, the Board reviewed the Board of Directors’ Charter and committees’ terms of reference to align with the recommendations of King IV. A summary of how Gold Fields applied the principles of King IV is detailed on p14 – 16. Company Secretary The Company Secretary provides company secretarial services, oversees Board governance processes in accordance with JSE and NYSE Listings Requirements and, with the exception of the Remuneration Committee, attends all Board and Board subcommittee meetings. The Board has access to the Company Secretary, who guides the directors during the execution of their duties and responsibilities. The Company Secretary is not a director of the Group and has an arm’s-length relationship with the Board. During the year under review, the Company Secretary oversaw relevant Board governance matters and assisted the Board and its committees with annual plans, agendas, minutes and terms of reference. Lucy Mokoka served as Company Secretary until her resignation on 28 June 2019. Taryn Harmse, Executive Vice President (EVP): Group Legal and Compliance, was appointed interim Company Secretary, effective 1 July 2019, until a full-time Company Secretary is appointed. The Board is satisfied that Ms Harmse is competent, qualified and has the necessary expertise and experience to fulfil the role. Application of King IV within Gold Fields The introduction of King IV allowed the Board to evaluate the effectiveness of the processes, practices and structures which it uses to direct and manage the operations of the Company. A King IV gap analysis, conducted in 2017, revealed that the Company was materially compliant with the principles and recommended practices. The Board continued to review and refine governance processes to enhance compliance with King IV during 2019. A full register of the King IV principles, and the extent of the Company’s compliance therewith, is available on p14 – 16, and will also be placed on the website at www.goldfields.com/standards-and-principles.php. Board attendance The Board is required to meet at least four times a year. A Board meeting may be conducted by electronic communication in terms of the Board Charter. The Board convened seven times during 2019, as three special or ad-hoc Board meetings were held to deliberate on urgent substantive matters. To prepare for Board meetings, all directors are provided with the necessary information in the form of comprehensive Board packs, which are collated in advance by management in preparation of each Board or subcommittee meeting. These packs enable our directors to discharge their responsibilities effectively and efficiently during meetings. The Board agenda and meeting structure focus on strategy, sustainable development, finance, performance monitoring, governance and other related matters. During the year under review, Board meetings and some subcommittee meetings were preceded by closed-session meetings by NEDs. The Chairperson of the Audit Committee attends the closed sessions of the SET Committee to receive the fraud and hotline reports, as these are further reported on at meetings of the Audit Committee. Furthermore, directors are asked to recuse themselves from meetings on any matters in which they may be conflicted. NUMBER OF BOARD MEETINGS, BOARD COMMITTEE MEETINGS AND DIRECTORS’ ATTENDANCE DURING THE YEAR Directors Board meetings Special Board meetings Investment Committee Audit Committee Safety, Health and Sustainable Development Committee Capital Projects, Control and Review Committee Remuneration Committee SET Committee Nominating and Governance Committee Risk Committee Number of meetings per year 4 3 3 5 4 4 4 4 2 2 CA Carolus 4 3 3 – 4 4 4 4 2 – A Andani 4 3 3 4A – 1S 4 3A – – PJ Bacchus 4 3 3 4 – 4 4 – – 2 TP Goodlace 4 3 – – 4 4 – – – 2 C Letton 4 2A – 1I 3A 4 – 4 – 2 NJ Holland 4 3 3 5 4 4 4 4 2 2 RP Menell 4 3 3 5 4 4 4 4 2 – P Mahanyele-Dabengwa 3A 2A – – 4 4 – 4 – – SP Reid 4 3 3 1I 4 4 4 – 2 – PA Schmidt 4 3 3 5 – 1I – – – 2 YGH Suleman 4 3 3 5 – 3A – 4C 2 2 A – Apology C – Closed session only I – By invitation S – Stepped down The full Directors’ Report is detailed on p18 – 22. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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Gold Fields Annual Financial Report including Governance Report 2019 06 CORPORATE GOVERNANCE REPORT continued BOARD COMMITTEES The Board has eight standing committees, established in compliance with the Companies Act and JSE Listings Requirements, that have delegated authority from the Board. Members of the committees are all independent NEDs, and the CEO, CFO and various members of management are permanent invitees to these meetings. Each Board committee is chaired by an independent NED. Nominating and Governance Committee Audit Committee Remuneration Committee Safety, Health and Sustainable Development Committee Executive Committee Capital Projects, Control and Review Committee SET Committee Risk Committee Ad-hoc Investment Committee Board of Directors The Board’s committees operate in accordance with written terms of reference and have a set list of responsibilities, which are outlined at www.goldfields.com/standard-and-principles.php. In line with King IV recommendations, the Board reviews the terms of reference of all subcommittees every year and, if necessary, adopts changes which are approved by the Board. Subcommittees are required to evaluate their effectiveness and performance annually, and to report findings to the Board for consideration. The written terms of reference and responsibilities of the board and its committees are set out below. Board The Board is responsible for strategy development and monitors performance against the strategy. The Board Charter compels directors to promote the vision of the Company, while upholding sound principles of corporate governance. Other directors’ responsibilities under the charter include: Determining the Company’s Code of Conduct and conducting its affairs in a professional manner, upholding the core values of integrity, transparency and enterprise Evaluating, determining and ensuring the implementation of corporate strategy and policy Determining compensation, development and other relevant policies for employees Developing and setting best practice disclosure and reporting procedures that meet the needs of all stakeholders Authorising and controlling capital expenditure (capex) and reviewing investment capital and funding proposals Constantly updating risk management systems, including setting management expenditure authorisation levels and exposure limit guidelines Reviewing executive succession planning and endorsing senior executive appointments, organisational changes and general remuneration policies. In this regard, the Board is guided by the Remuneration Committee as well as the Nominating and Governance Committee Key focus areas during 2019 Considered the outcomes of the independent Board evaluation conducted by the Institute of Directors in South Africa (IoDSA) Deliberated on South Deep’s performance, and monitored South Deep’s restructuring implementation and performance Approved the remuneration philosophy and policy, as well as cash-settled long-term incentive plan Approved additional gold and oil price hedges Deliberated and approved various stages of the Gruyere project until implementation Continued focus on capital allocation and approval of the capital framework Approved a Group stakeholder relationship and engagement policy statement, environmental policy statement, a water management policy statement as well as occupational health and safety policy statement Approved bonds and debt restructuring Approval of the feasibility study for the Salares Norte project in Chile and, subsequent to year-end 2019, approval for construction of a mine and funding mechanism The Board assessed its performance and effectiveness during the period under review and was found to be functioning and discharging its duties satisfactorily. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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07 Gold Fields Annual Financial Report including Governance Report 2019 Nominating and Governance Committee It is the responsibility of this committee, which has four independent directors (one of the four independent directors attends by invitation), among other things, to: Develop a robust approach to corporate governance, including recommendations to the Board Prepare and recommend to the Board a set of governance principles Recommend a process to evaluate the effectiveness of the Board, its committees and management and report findings to the Board Review the structure, composition and size of the Board and how this relates to effectiveness Consider the rotation of directors and make appropriate recommendations Identify and evaluate nominees and recommend them for election Identify successors to the Chairperson, Deputy Chairperson or lead independent NEDs, and the CEO, and make recommendations to the Board Consider the Board committee mandates, the selection and rotation of the Chairpersons and committee members, and submit recommendations to the Board Review the qualifications of committee members and conduct annual performance evaluations with recommendations to the Board Develop and facilitate an induction programme for new Board members Key focus areas during 2019 Board skills, diversity and composition assessment Succession planning for directors and senior executives Board training and evaluation The Nominating and Governance Committee assessed its performance and effectiveness during the period under review and was found to be functioning and discharging its duties satisfactorily. Audit Committee The Audit Committee, which consists of four independent directors, has formal terms of reference which are reviewed annually and set out in its Board-approved Charter. The Board is satisfied that the committee complied with these terms, as well as with its legal and regulatory responsibilities as set out in the Companies Act, King IV and the JSE Listings Requirements. The full duties and responsibilities of the Audit Committee, along with the Audit Committee statement, appear on p23 and p27, respectively. It is the responsibility of this committee to, among others: Nominate an external registered auditor for the appointment or reappointment by the shareholders as external auditor of the Company in line with the JSE and NYSE Listings Requirements Consider the fees to be paid to the external auditor and the terms of their engagement Ensure that the appointment of the external auditor complies with the provisions of the Companies Act and any other legislation relating to the appointment of external auditors, including confirming their independence Determine the nature and extent of any non-audit services that the external auditor may provide to the Company Pre-approve any proposed agreements with the external auditor for the provision of non-audit services to the Company Delegated oversight for combined assurance Prepare a report, to be included in Gold Fields’ Annual Financial Statements for the relevant financial year, that describes how the committee carried out its functions, and that comments on the Annual Financial Statements, accounting practices and internal controls of the Company Receive and deal appropriately with any concerns or complaints relating to the accounting practices and internal audit of the Company, the content or auditing of the Company’s Annual Financial Statements, or the internal controls of the Company Make submission to the Board on any matter concerning the Company’s accounting policies, financial controls, records and reporting procedures Receive and deal with policies and procedures, relationships between independent auditors and Gold Fields, and recommendations regarding supplementary reports that shareholders may require in the course of their relationship with Gold Fields Key focus areas during 2019 Reviewed PwC’s performance as external auditors, and resolved to recommend its reappointment as the Company’s auditors to the Board and shareholders Ensured the external assurance of non-financial data Reviewed the IAR, AFR and Form 20-F Reviewed and approved a revised treasury framework Evaluation of material weakness and resulting restatement related to year-end cut-off Disclosures Arrangements are in place for combined assurance Arrangements are in place for governing information and technology (I&T) and its effectiveness Adoption of a responsible and transparent tax policy and strategy Arrangements are in place for governing and managing compliance The committee assessed its performance and effectiveness during the period under review and was found to be functioning and discharging its duties satisfactorily. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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Gold Fields Annual Financial Report including Governance Report 2019 08 CORPORATE GOVERNANCE REPORT continued Remuneration Committee It is the responsibility of the Remuneration Committee, which consists of five independent directors, among other things, to: Determine the Company’s general policy on remuneration of the CEO, executive directors and Group Executive Committee (Exco) members Determine the total individual remuneration package; including bonuses, incentive payments, retention payments, long-term incentive awards and any other benefits of the CEO, executive directors, and Group Exco members Ensure that contractual terms on potential termination of the CEO, executive directors and Group Exco members, and any payments made, are fair to both parties, that failure is not rewarded and that the duty to mitigate loss is fully recognised Remain mindful that remuneration policies and practices should be aligned with corporate governance objectives and business strategy, taking risks fully into account, and reviewed regularly Oversight and management of remuneration-related risk Consider and recommend NEDs’ fees for approval by shareholders Key focus areas during 2019 Oversaw all remuneration processes for the Group, with focus on enhancing the link between performance and reward Ensured strategic alignment between Group, regional and personal scorecards Firmed up policies, where appropriate, to crystallise intent and to cater to the numerous jurisdictions in which Gold Fields operates Engaged with and responded to shareholder remuneration questions and reports from proxy advisers Reviewed prevailing market trends related to minimum shareholding policies for executives Modified the annual work plan to better spread the cyclical reward process-related activities Delivered a Malus Policy which was implemented in early 2020 The Company’s remuneration policies, as well as details of directors’ fees and equity-settled instruments, are contained in the Remuneration Report on p28 –58. The committee assessed its performance and effectiveness during the period under review and was found to be functioning and discharging its duties satisfactorily. Safety, Health and Sustainable Development Committee All members of the Safety, Health and Sustainable Development Committee (SHSD) Committee were selected on the basis of their considerable experience in the field of sustainable development. The committee consists of seven independent directors (one of the seven independent directors attends by invitation). It is the responsibility of this committee to, among other things: Evaluate with management Gold Fields’ record of conformance with its commitment to relevant laws, regulations and external standards in safety, health and sustainable development Scrutinise investigations into any incidents related to safety, health and sustainable development, and recommend to the Board policies and guidelines on these matters Review reports, policies and performance of the Company’s implementation of its safety, health and sustainable development policy statements Assess and approve the sustainable development policies that are applicable to the Group’s operations Monitor compliance of Gold Fields’ operations against regulations, policies and standards and makes specific recommendations regarding the investigation of incidents Ensure risk management assessment processes on sustainable development matters are effectively applied Identify key indicators or trends relating to accidents and/or incidents and offer appropriate solutions for due consideration The SHSD Committee considers national and international regulatory and technical developments that relate to sustainable development when making recommendations to the Board on these matters. It offers recommendations to the Board on the engagement of external assurance partners with the requisite credentials. Key focus areas during 2019 Benchmarked Gold Fields’ environmental, social and governance (ESG) reporting and performance relative to its peers Reviewed the causes of major internal and industry incidents to prevent their recurrence at Gold Fields Reviewed emergency drill procedures at mines Approved the Group safety strategy Provided training in Courageous Safety Leadership (CSL) Instituted quarterly tailings and geotechnical management updates (the Chairperson visited and reviewed the performance of all tailings storage facilities (TSFs) managed by the Group) Approved new materials and supply chain stewardship and water stewardship policy statements Realigned reporting with reference to the committee’s charter, commitments through ICMM, the Global Compact, King IV and relevant Group policy statements The SHSD Committee assessed its performance and effectiveness during the period under review and was found to be functioning and discharging its duties satisfactorily. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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09 Gold Fields Annual Financial Report including Governance Report 2019 Capital Projects, Control and Review Committee It is the responsibility of this committee, which consists of seven independent directors (one of the seven independent directors attends by invitation), among other things, to: Consider new capital projects and satisfy the Board that the Company has used correct, efficient methodologies in evaluating and implementing capital projects in excess of US$200m Review the results attained on completion of each project against the authorised work undertaken Monitors progress throughout the project cycle Periodically reports its findings to management and the Board Key focus areas during 2019 South Deep capital project implementation Reviewed and approved the Group capital framework Gruyere project implementation Damang Reinvestment project implementation Tarkwa contractor mining implementation Monitoring progress of the Salares Norte project The committee continues to review the results attained on completion of each project against the authorised work undertaken. The committee assessed its performance and effectiveness during the period under review and was found to be functioning and discharging its duties satisfactorily. Social, Ethics and Transformation Committee It is the responsibility of the SET Committee, which consists of seven independent directors (one of the directors attends by invitation) and one executive director, among other things, to assist the Board in ensuring that it discharges its oversight responsibilities with regard to safety, security, health, environmental, social, ethics and sustainable development matters and stakeholder relationships, to ensure the Company upholds the principles of good corporate citizenship and conducts its business in an ethical and sustainable manner. This committee also ensures, among other things, that the Group: Contributes to socio-economic development by adhering to acts which facilitate this, including OECD, employment equity and Broad- Based Black Economic Empowerment (B-BBEE) Ensures Gold Fields is and is seen to be a good corporate citizen Considers the Group’s environmental, health and public safety impacts Enforces labour and employment policies and practices Offers oversight over ethics management, transformation, localisation and compliance with laws and regulations Reviews and monitors stakeholder engagements and guides strategically on these matters Key focus areas during 2019 Social and transformation initiatives at corporate office and the regions Social and economic development in our host communities; sound corporate citizenship; labour and employment practices; employment equity; diversity and inclusion; stakeholder relations and value creation; human rights; branding and reputation; and ethics and governance Oversaw the regions’ foundations and trusts, including the South Deep Education Trust, South Deep Community Trust and the Westonaria Community Trust In line with King IV recommendations, the composition of the SET Committee comprises NEDs and one executive director, with a majority being NEDs. The SET Committee assessed its performance and effectiveness during the period under review and was found to be functioning and discharging its duties satisfactorily. Risk Committee It is the responsibility of the Risk Committee, which consists of four independent directors, to assist the Board and the boards of all subsidiary companies, in ensuring that management identifies and implements appropriate risk management controls. The committee acts in terms of delegated authority in respect of the duties and responsibilities assigned to it by the Board, among other things, to: Ensure that effective risk management policies and strategies are in place and are recommended to the Board for approval Review the adequacy of the risk management charter, policy and plans Approve the Company’s risk identification and assessment methodologies Review of the nature, extent and parameters of the Company’s risk strategy, in terms of the risk appetite and tolerance as well as the limit of potential losses the Company can accept Review and approve risks identified on a qualitative basis, according to probability and seriousness Review the effectiveness and efficiency of the enterprise risk management (ERM) system to seek assurance that material risks are identified and mitigated Consider on a regular basis, the Company’s key risks, especially from a materiality reference point Report to the Board any material changes and/or divergence to the risk profile of the Company Monitor the implementation of operational and corporate risk management Review insurance and other risk transfer arrangements Lead a robust process of contingency planning Assess the Company’s sustainability risk Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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Gold Fields Annual Financial Report including Governance Report 2019 10 CORPORATE GOVERNANCE REPORT continued Key focus areas during 2019 Cyber security risk assessment Approval of combined assurance Approved Group and regional risk registers The Risk Committee assessed its performance and effectiveness during the period under review and was found to be functioning and discharging its duties satisfactorily. Ad-hoc Investment Committee The objective of the ad-hoc Investment Committee is to consider and, where appropriate, make recommendations to the Board on strategic, organisational and structuring options including investment and divestment opportunities to achieve the Company’s strategic objective of maximising shareholder returns sustainably. It is the responsibility of this committee to: Consider strategic alternative corporate organisational options and structures Assess new material investment or divestment opportunities, on the basis set out in the above paragraph Review the outcomes of all options/opportunities against specified work plans identified among the committee members and management Monitor progress throughout the process of material corporate transactions Periodically report its findings and recommendations to the Board Executive Committee Gold Fields’ Exco is not a Board subcommittee. It is primarily responsible for the implementation of Company strategy, as well as carrying out the Board’s mandates and directives. Exco meets on a monthly basis to review Company performance against set objectives and develops Company strategy and policy proposals for consideration by the Board. Exco also assists the Board in the execution of the Company’s disclosure obligations. A series of guidelines on disclosure has been disseminated throughout the Company. Exco consists of the principal officers and executive directors of Gold Fields – 12 members in total. Each of Gold Fields’ regional operating subsidiaries has established Board and Exco structures in place to ensure sound corporate governance practices and standards. At least one of the Company’s executive directors serves on the boards of the operating subsidiaries. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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11 Gold Fields Annual Financial Report including Governance Report 2019 DIRECTORS Independent non-executive directors Cheryl Carolus (61) Chairperson BA Law; Bachelor of Education, University of the Western Cape; Honorary Doctorate in Law, University of Cape Town Appointed to the Board: Director 2009, Chairperson 2013 Experience and expertise: Governance and compliance, social development, training and development, people management Ms Carolus has served on the boards of numerous listed companies, including De Beers and Investec. She is a Board member of many not-for-profit organisations, including the International Crisis Group, Soul City, The British Museum (appointed by Her Majesty Queen Elizabeth), The CyberPeace Institute, and is Chairperson of the SA Constitution Hill Education Trust. Previously, Ms Carolus served as Chairperson for South African Airways, the South African National Parks Board, and has served on the boards of numerous public and private partnerships that address socio-economic challenges. Additionally, she served as South Africa’s High Commissioner to the United Kingdom (UK) from 2001 to 2004. Ms Carolus played a role in the liberation struggle of South Africa and the constitution-making process. She was awarded an honorary doctorate in law from the University of Cape Town for her contribution to freedom and human rights. In 2014, she was awarded the French National Order of Merit by the Government of France. Richard Menell (64) Deputy Chairperson BA (Hons), MA (Natural Sciences Geology), Cambridge; MSc (Mineral Exploration and Management), Stanford University Appointed to the Board: Director 2008, Deputy Chairperson 2015 Experience and expertise: Executive management, geology Mr Menell became an NED of Sibanye Gold in 2013. He has over 40 years’ experience in the mining industry, including service as the President of the Chamber of Mines of South Africa, President and CEO of Teal Exploration & Mining, as well as executive Chairperson of Anglovaal Mining and Avgold. He is a director of Weir Group Plc a, as well as a Senior Adviser to Credit Suisse. He also serves as a director for a number of unlisted companies and not-for-profit organisations. Peter Bacchus (51) MA (Economics), Cambridge University Appointed to the Board: 2016 Experience and expertise: Investment banking, financing, mergers and acquisitions Mr Bacchus is Chairperson of independent merchant bank, Bacchus Capital Advisers. He has acted as the Global Head of Mining and Metals and Joint Head of European Investment Banking at Investment Bank Jefferies, and served as Global Head of Mining and Metals at Morgan Stanley. Prior to that, he was Head of Investment Banking, Industrials and Natural Resources at Citigroup in Australia. Mr Bacchus has spent more than 25 years in investment and corporate banking with a focus on the global natural resources sector and is a member of the Institute of Chartered Accountants, England and Wales. He is also an NED of UK-listed mining group Kenmare Resources, Australian-listed Galaxy Resources, and Chairperson of Space for Giants, an African-focused conservation charity. Alhassan Andani (58) BSc (Agriculture), University of Ghana; MA (Banking and Finance), Finafrica Institute in Italy Appointed to the Board: 2016 Experience and expertise: Investment banking, financing Mr Andani is currently CEO and executive director of Stanbic Bank Ghana; the Board Chairperson of the Ghana Council for Scientific and Industrial Research (CSIR), a director of SOS Villages Ghana, and has held other corporate directorships in the past. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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Gold Fields Annual Financial Report including Governance Report 2019 12 CORPORATE GOVERNANCE REPORT continued Carmen Letton (54) PhD in Mineral Economics (UQ), and Bachelor Mining Engineering (WASM) Appointed to the Board: 2017 Experience and expertise: Mining engineering, corporate governance, risk management, corporate strategy Dr Letton is a mining engineer and mineral economist (PhD), with 34 years of global mining exposure, working for major and mid-tier mining houses in senior management and leadership roles, with experience in operations, corporate strategy development, engineering and design, asset and business development, continuous improvement, and mergers and acquisitions. Currently, Dr Letton is the Head Open Resource Development Planning and Life of Asset Planning for the Technical and Sustainability Group in Anglo American. She has experience in large and medium-sized mining assets in both the Australian and international mining environment; challenging operations leadership; complex technical roles; and expertise in due diligence, corporate governance, risk management, corporate strategy and asset development. Core skills and accountabilities include operations executive general management and leadership of all key mine engineering disciplines associated technical services areas (mine engineering, metallurgy and geology). Yunus Suleman (62) BCom, University of KwaZulu-Natal (formerly Durban Westville); BCompt (Hons), University of South Africa; CA(SA); CD(SA) Appointed to the Board: 2016 Experience and expertise: Auditing, financial accounting, governance Mr Suleman serves as an independent NED of Liberty Holdings Limited, Liberty Group Limited and Albaraka Bank Limited. He has been appointed lead independent director of Liberty with effect from May 2020. He was an independent NED of Tiger Brands until November 2018. Mr Suleman has over 35 years experience in the auditing and accounting profession - first at Arthur Andersen and then at KPMG when the two companies merged in 2002. He was Chairperson of KPMG South Africa until February 2015. He also chaired the KPMG Foundation. Since leaving KPMG Mr Suleman has served as Executive Chairperson of Sulfam Holdings. Terence Goodlace (60) MBA (Business Administration), University of Wales; BCom, University of South Africa; NHDip and NDip (Metalliferous Mining), Witwatersrand Technikon; MDP, University of Cape Town Appointed to the Board: 2016 Experience: Mining, capital projects, commercial and operational management, risk management, mineral resource management Mr Goodlace’s mining career commenced in 1977 and has spanned more than 41 years. He spent the majority of his career at Gengold, which merged with Gold Fields of South Africa in 1998 to form Gold Fields. He became Chief Operating Officer (COO) in 2008. He has significant experience in leading underground and open pit operations in South Africa, Australia, Ghana and Peru. He then spent three years as the CEO of Metorex and served on the Impala Platinum Board for two years as an independent NED, and four and a half years as CEO. He is currently an independent NED of Kumba Iron Ore Limited and AfriTin Mining Limited. Phuti Mahanyele-Dabengwa (49) BA Economics, Rutgers, State University of New Jersey, US; MBA, De Montford University, Leicester, UK; Executive Development Programme, Kennedy School of Government, Harvard University, US Appointed to the Board: 2018 Experience and expertise: Financial, infrastructure development, commercial Ms Mahanyele-Dabengwa joined Naspers South Africa in 2019 as CEO. She previously ran a private equity business, Sigma Capital, which she founded in 2016 after spending 12 years with the Shanduka Group. At Shanduka, she first managed Shanduka Energy before becoming CEO of the group of companies. Prior to Shanduka she worked at the Development Bank of Southern Africa (DBSA) as Head of Project Finance. Prior to the DBSA she worked at an international investment banking firm, Fieldstone Private Capital Group for six years. Ms Mahanyele-Dabengwa is an NED at Vodacom and Discovery Insure. She is also on the advisory board of Stellenbosch University’s Business School. In 2019 she was chosen as Forbes/CNBC Africa Businesswoman of the Year. Steven Reid (64) BSc (Mineral Engineering), South Australian Institute of Technology; MBA, Trium Global Executive; ICD.D, Institute of Corporate Directors Appointed to the Board: 2016 Experience and expertise: Mining engineering, risk management, compensation management Mr Reid has 42 years of international mining experience and has held senior leadership roles in numerous countries. He has served as a director of SSR Mining since January 2013 and a director of Eldorado Gold since May 2013. He served as COO of Goldcorp from January 2007 until his retirement in September 2012, and prior to that was the Company’s EVP in Canada and the USA. Before joining Goldcorp, Mr Reid spent 13 years at Placer Dome in numerous corporate, mine management and operating roles. He also held leadership positions at Kingsgate Consolidated and Newcrest Mining, where he was responsible for the Asian and Australian operations. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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13 Gold Fields Annual Financial Report including Governance Report 2019 Executive directors Nicholas Holland (61) CEO BCom, BAcc, University of the Witwatersrand; CA(SA) Appointed to the Board: Executive director 1997, CEO 2008 Experience and expertise: Finance, mining, management Prior to his appointment as CEO of Gold Fields, Mr Holland was the Company’s CFO. He has more than 39 years’ experience in financial management, of which 30 years were in the mining industry. Before joining Gold Fields, he was Financial Director and Senior Manager of Corporate Finance at Gencor. Paul Schmidt (52) CFO BCom, University of the Witwatersrand; BCompt (Hons), University of South Africa; CA(SA) Appointed to the Board: 2009 Experience and expertise: Finance, mining, management Prior to his appointment as CFO of Gold Fields, Mr Schmidt held the positions of acting CFO from May 2008 and Financial Controller from April 2003. He has more than 23 years’ experience in the mining industry. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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Gold Fields Annual Financial Report including Governance Report 2019 14 CORPORATE GOVERNANCE REPORT continued APPLICATION OF KING IV WITHIN GOLD FIELDS The Board is committed to the principles and recommended practices of King IV and, to this end, ensured material compliance during 2019. The table below provides an overview of Gold Fields’ compliance with the principles. Should gaps be identified, the Board instructs management to address these as work in progress. Principles Principle application PART 5.1: LEADERSHIP, ETHICS AND CORPORATE CITIZENSHIP LEADERSHIP Principle 1: The governing body should lead ethically and effectively. The Board, Gold Fields’ governing body, through its various subcommittees is confident on a prospective basis that the combined inputs of its committees produce conformity with this principle. The Board exhibits the requisite levels of integrity, competence, responsibility, accountability, fairness and transparency. ORGANISATIONAL ETHICS Principle 2: The governing body should govern the ethics of the organisation in a way that supports the establishment of an ethical culture. The SET Committee comprises non-executive and one executive member. The majority of the members are independent. The committee ensures conformity with this principle through the Code of Ethics and the Group Disciplinary Code that set out sanctions to be followed. RESPONSIBLE CORPORATE CITIZENSHIP Principle 3: The governing body should ensure that the organisation is and is seen to be a responsible corporate citizen. The Board, through the SET Committee and the SHSD Committee ensures conformity with this principle. The SHSD Committee is committed to the 10 principles of the ICMM and the UN Global Compact’s 10 sustainable development principles and ensures compliance therewith. PART 5.2: STRATEGY PERFORMANCE AND REPORTING STRATEGY AND PERFORMANCE Principle 4: The governing body should appreciate that the organisation’s core purposes, its risks and opportunities, strategy and business model, performance and sustainable development are all inseparable elements of the value creation process. The Board conforms to this principle. The Board oversees strategy formulation and execution, and sets performance targets which are agreed upon with management. On a yearly basis, the Board,together with management reviews the strategy. REPORTING Principle 5: The governing body should ensure that reports issued by the organisation enable stakeholders to make informed assessments of the organisation’s performance, and short, medium and long-term prospects. The Board keeps its shareholders updated in line with the JSE Listings Requirements, and ensures integrity of external reports in so far as dealing with assurance of external reports. PART 5.3: GOVERNING STRUCTURES AND DELEGATION PRIMARY ROLE AND RESPONSIBILITIES OF THE GOVERNING BODY Principle 6: The governing body should serve as the focal point and custodian of corporate governance in the organisation. The Board adheres to the requirements of King IV. The Board receives external advice as and when required or necessary, and keeps abreast of best corporate governance practices both locally and abroad, making recommendations where appropriate, for Board participation in continuing education programmes. COMPOSITION OF THE GOVERNING BODY Principle 7: The governing body should comprise the appropriate balance of knowledge, skills, experience, diversity and independence for it to discharge its governance role and responsibilities objectively and effectively. The Board has delegated to the Nominating and Governance Committee the nomination, election and the appointment processes having set the criteria for the selection of candidates to serve on the Board. The JSE Listings Requirements require that race diversity disclosure be made effective 1 June 2018. In November 2017, the Board approved a Company-wide diversity policy. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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15 Gold Fields Annual Financial Report including Governance Report 2019 Principles Principle application COMMITTEES OF THE GOVERNING BODY Principle 8: The governing body should ensure that its arrangements for delegation within its own structures promote independent judgement, and assist with balance of power and the effective discharge of its duties. The Board conforms to this principle. Through the Nominating and Governance Committee, the Board ensures that the structures of the Board are well resourced with a balance of skills and expertise. The subcommittees of the Board include the following: Audit Committee, Risk Committee, Nominating and Governance Committee, SET Committee, Remuneration Committee, SHSD Committee, and Capital Projects Control and Review Committee. In November 2017, the Board established a new ad-hoc committee, known as the Investment Committee. EVALUATIONS OF THE PERFORMANCE OF THE GOVERNING BODY Principle 9: The governing body should ensure that the evaluation of its own performance and that of its committees, its Chairperson and its individual members support continued improvement in its performance and effectiveness. The Board conforms to this principle. The Board regularly monitors and appraises its own performance, those of its subcommittees and individual NEDs. The Board further evaluates the independence of its independent NEDs, which evaluation is rigorously tested in respect of the independent NEDs who have served on the Board for an aggregate term exceeding nine years. The Board has scheduled in its yearly work plan an opportunity for consideration, reflection and discussion of its performance and that of its subcommittees, its Chairperson and its members as a whole. APPOINTMENT AND DELEGATION TO MANAGEMENT Principle 10: The governing body should ensure that the appointment of, and delegation to, management contribute to role clarity and the effective exercise of authority and responsibilities. The Board conforms to this principle. Board authority is conferred on management through the CEO. The approval of the Board is required to the levels of the subdelegation immediately below the CEO. PART 5.4 GOVERNANCE FUNCTIONAL AREAS Principle 11: The governing body should govern risk in a way that supports the organisation in setting and achieving its strategic objectives. The Board conforms to this principle. The Board has delegated this authority to the Risk Committee. The Risk Committee has oversight of the integrity and effectiveness of the risk management processes. A comprehensive strategic and operational risk management process is in place throughout the Group. TECHNOLOGY AND INFORMATION GOVERNANCE Principle 12: The governing body should govern technology and information in a way that supports the organisation setting and achieving its strategic objectives. The Board conforms to this principle. The Board has delegated this authority to the Audit Committee. The Audit Committee and Risk Committee ensure that the I&T framework is in place and that the I&T Charter and policies are established and implemented. A detailed information, communication and technology risk assessment is performed on a yearly basis across the Group with key strategic risk themes highlighted in the risk enterprise register. COMPLIANCE GOVERNANCE Principle 13: The governing body should govern compliance with applicable laws and adopted, non-binding rules, codes and standards in a way that supports the organisation being ethical and a good corporate citizen. The Board conforms to this principle. The Board has delegated this authority to the Audit Committee. The Board approves policies that articulate and give effect to its direction on compliance. The following policies are applicable: anti-bribery and corruption governance framework; and management guidelines in relation to the Group governance and compliance framework and portal. REMUNERATION GOVERNANCE Principle 14: The governing body should ensure that the organisation remunerates fairly, responsibly and transparently so as to promote the achievement of strategic objectives and positive outcomes in the short, medium and long term. The Board conforms to this principle. The Board has delegated this authority to the Remuneration Committee. The Remuneration Committee assist the Board in overseeing all aspects of remuneration practices for the Group to ensure employees are remunerated fairly, responsibly and transparently. Fair and competitive reward processes are embedded in the organisation. These processes encourage and result in the achievement of the Group’s strategic objectives and positive outcomes in the short, medium and long term. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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Gold Fields Annual Financial Report including Governance Report 2019 16 CORPORATE GOVERNANCE REPORT continued Principles Principle application ASSURANCE Principle 15: The governing body should ensure that assurance services and functions enable an effective control environment, and that these support the integrity of information for internal decision-making and of the organisation’s external reports. The Board conforms to this principle. The combined assurance guideline for the Group provides an analysis of all the assurance activities within the Group. The Board, executive management and senior management identify additional areas that may require assurance on an ongoing basis. STAKEHOLDERS Principle 16: In the execution of its governance roles and responsibilities, the governing body should adopt a stakeholder inclusive approach that balances the needs, interests and expectations of material stakeholders in the best interests of the organisation over time. The Board conforms to this principle. A stakeholder relationship and engagement policy statement has been aligned with King IV and approved by the Board. The policy was revised to be inclusive of business-wide stakeholders that are material and not just those relevant to sustainable development, particularly employees and shareholders. The governance framework addresses relationships within the Group’s companies and shareholder relationships. Summaries of engagement undertaken with all material stakeholders can be found online at www.goldfields.com/societal-stakeholders.php. Application of section 3.84 of the JSE Listings Requirements on Board governance processes Requirement Principle Gold Fields’ approach and compliance 3.84(a) There must be a policy evidencing a clear balance of power and authority at Board of Directors’ level to ensure that no one director has unfettered powers of decision making. The Board Charter shows that there is clear balance of power and authority at Board level and that no one director has unfettered powers. 3.84(b) Issuers must have an appointed CEO and a Chairperson, and the same person must not hold these positions. The Chairperson must either be an independent director, or the issuer must appoint a lead director in accordance with King IV. Gold Fields’ CEO and Chairperson positions are held by different people, and the Chairperson is an independent NED. 3.84(c) All issuers must, in compliance with King IV, appoint an Audit Committee. Issuers must appoint a remuneration committee, and issuers must appoint a social and ethics committee. The composition of such committees, a brief description of their mandate, the number of meetings held and any other relevant information must be disclosed in the annual report. The Board appointed an Audit Committee that is chaired by an independent NED. Audit Committee members are all independent NEDs. Gold Fields’ Remuneration Committee comprises independent NEDs and has an independent Chairperson. Gold Fields’ SET Committee is aligned with King IV, and comprises independent NEDs and one executive director, the majority being NEDs. Each committee provides a brief description in the IAR of its mandate, number of meetings held in a year and any other relevant information. 3.84(d) Brief CVs of each director standing for election or reelection must accompany the relevant notice of the meeting. Brief CVs of our directors are listed on p11 – 13. 3.84(e) The capacity of each director must be categorised as executive, non-executive or independent. The CVs of our directors include information on whether a director is an independent NED or an executive director. The composition of committees is in accordance with the requirements of the Companies Act and King IV. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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17 Gold Fields Annual Financial Report including Governance Report 2019 Requirement Principle Gold Fields’ approach and compliance 3. 84(f) Issuers must have a full-time executive Financial Director. Gold Fields has a full-time Financial Director. 3.84(g) The Audit Committee must, on an annual basis, consider and satisfy itself of the appropriateness of the expertise and experience of the Financial Director and report same in the annual report. The Audit Committee must ensure that the issuer has established appropriate financial reporting procedures and that those procedures are operating. The Audit Committee considers and satisfies itself of the appropriateness of the expertise and experience of Gold Fields’ Financial Director on an annual basis and reports the findings to the Board. The Audit Committee has established appropriate financial reporting procedures and these are reviewed from time to time to ensure that they are operating effectively. 3.84(h) The Board of Directors appoints the Company Secretary in accordance with the Companies Act and applies the recommended practices in King IV. The Board must consider and satisfy itself, on an annual basis, on the competence, qualifications and experience of the Company Secretary. The Company Secretary is appointed in accordance with the Companies Act. The Board considered the Company Secretary’s competence, qualifications and experience at the meeting held in November 2019 and is satisfied that she is competent and has appropriate qualifications and experience to serve as the Company Secretary. 3.84(i) The Board of Directors or the Nominating Committee must have a policy on the promotion of gender diversity at Board level. The issuer must confirm this by reporting to shareholders in its annual report on how the Board of Directors or the Nominating Committee have considered and applied the policy of gender diversity in the nomination and appointment of directors. The Board approved a Company-wide diversity policy in November 2017. 3.84(j) The Board of Directors or the Nominating Committee must have a policy on the promotion of race diversity at Board level. If applicable, the Board of Directors or the Nominating Committee must further report progress in respect thereof on agreed voluntary targets. The Board approved a Company-wide diversity policy in November 2017. 3.84(k) The remuneration policy and the Implementation Report must be tabled every year for separate non-binding advisory votes by shareholders of the issuer at the AGM. The remuneration policy must record the measures that the Board of Directors of the issuers commits to take in the event that either the remuneration policy or the Implementation Report, or both are voted against by 25% or more of the votes exercised. In the event that either the remuneration policy or the Implementation Report, or both are voted against by shareholders exercising 25% or more of the voting rights exercised, the issuer must in its voting results announcement provide for the following: An invitation to dissenting shareholders to engage with the issuer The manner and timing of such engagement The Board approved the Group remuneration policy to be presented to the AGM for a non-binding advisory vote. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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Gold Fields Annual Financial Report 2019 including Governance Report DIRECTORS’ REPORT The directors have pleasure in submitting their report and the Annual Financial Statements of Gold Fields and its subsidiaries (the Group) for the year ended 31 December 2019. PROFILE Gold Fields is a globally diversified producer of gold with nine operating mines (including our Asanko joint venture) in Australia, Ghana, Peru and South Africa, as well as one project in Chile, with total attributable gold-equivalent annual production of approximately 2.2Moz and Mineral Reserves of approximately 51Moz. Gold Fields has a primary listing on the JSE, with a secondary listing on the NYSE. REVIEW OF OPERATIONS The activities of the various Gold Fields operations are detailed in the IAR. FINANCIAL RESULTS The information on the financial position of the Group for the period ended 31 December 2019 is set out on p126 – 130 of this AFR. The income statement for the Group shows a profit attributable to Gold Fields’ shareholders of US$162m for the year ended 31 December 2019, compared with a loss of US$348m for the year ended 31 December 2018. COMPLIANCE WITH FINANCIAL REPORTING STANDARDS The Annual Financial Statements of the Group were prepared in accordance with the IFRS as issued by the International Accounting Standards Board (IASB), the South African Institute of Chartered Accountants (SAICA) Financial Reporting Guides as issued by the Accounting Practices Committee, Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council, the JSE Listings Requirements and the Companies Act. LISTINGS The abbreviated name under which the Company is listed on the JSE is GFIELDS, and the short code is GFI. The Company also has a secondary listing on the NYSE. At 31 December 2019, the Company had in issue, through The Bank of New York Mellon on the NYSE, 416,389,794 (31 December 2018: 388,735,882) American Depository Receipts (ADRs). Each ADR is equal to one ordinary share. DIRECTORATE Composition of the Board The Board currently consists of two executive directors and nine non-executive directors (NEDs). Rotation of directors Directors retiring in terms of the Company’s MoI are Terence P Goodlace, Nicholas J Holland, Rick P Menell and Yunus GH Suleman, all of whom are eligible and offer themselves for re-election. The board of directors of various subsidiaries of Gold Fields comprise some of the executive officers and one or both of the executive directors, where appropriate, as well as NEDs of Gold Fields. Directors’ and officers’ disclosure of interests in contracts During the period under review, no contracts were entered into in which directors and officers of the Company had an interest, and which significantly affected the business of the Group. For the year ended 31 December 2019, the directors’ beneficial interest in the issued share capital and listed share capital of the Company (see table below) was 0.13%. No one director individually exceeded 1% of the issued share capital or voting control of the Company.

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19 Gold Fields Annual Financial Report including Governance Report 2019 Share ownership of directors and executive officers Beneficial Direct1 Indirect2 31-Dec-19 31-Dec-18 31-Dec-19 31-Dec-18 Director Nicholas Holland 767,003 610,877 916,090 916,090 Paul Schmidt 122,549 122,549 — — Cheryl Carolus 3,129 3,129 — — Richard Menell 5,850 5,850 — — Steven Reid — — — — Alhassan Andani — — — — Carmen Letton — — — — Terence Goodlace — — — — Peter Bacchus — — — — Yunus Suleman — — — — Phuti Mahanyele-Dabengwa — — — — Prescribed officer Naseem Chohan 73,404 42,023 16,298 4,298 Brett Mattison 31,103 43,103 16,498 — Taryn Harmse — 16,302 10,000 — Alfred Baku 40,404 40,404 — — Avishkar Nagaser — — 46,623 11,168 Martin Preece 63,500 32,500 — — Luis Rivera — — — — Richard Butcher — — — — Stuart Mathews — — — — Rosh Bardien — — — — Total 1,106,942 916,737 1,005,509 931,556 1 Direct ownership – shares owned outright; includes personal investment shares (excluding Nick Holland). Subject to tax gross up at top marginal rate of individual taxation for minimum shareholder requirement purposes 2 Indirect ownership - restricted shares, not grossed-up for taxes Related-party information is disclosed on p207 – 208 of the AFR. FINANCIAL AFFAIRS Dividend policy The Company’s dividend policy is to declare an interim and final dividend of between 25% and 35% of its normalised earnings. On 13 February 2020, the Company declared a final cash dividend number 91 of 100 South African cents per ordinary share (2019: 20 South African cents) to shareholders reflected in the register of the Company on 13 March 2020. This dividend was paid on 16 March 2020. The dividend resulted in a total dividend of 160 South African cents per share for the year ended 31 December 2019 (2018: 40 South African cents), with the final dividend being accounted for in 2020. Borrowing powers In terms of the provisions of section 19(1) of the Companies Act, read together with clause 4 of the Company’s MoI, the borrowing powers of the Company are unlimited. As at 31 December 2019, the Company’s borrowings totalled US$1,846m, compared to total borrowings of US$1,907m at 31 December 2018. Capital expenditure Capex for the year ended 31 December 2019 amounted to US$613m compared with US$814m for 2018. Estimated capex for 2020 is US$630m, and is intended to be funded from internal sources and, to the extent necessary, borrowings. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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Gold Fields Annual Financial Report including Governance Report 2019 20 DIRECTORS’ REPORT continued SIGNIFICANT ANNOUNCEMENTS IN 2019 Gold Fields’ Granny Smith mine to install mega solar and battery power facility 5 February 2019 Gold Fields’ Granny Smith gold mine is set to install one of the world’s largest renewable energy microgrids, powered by more than 20,000 solar panels and backed up by a 2MW/1MWh battery system. The Group has contracted mobile and modular power company Aggreko to design, build and operate the 8MW solar power generation system along with the battery system at Granny Smith, which is located east of Laverton in Western Australia’s Goldfields region. Gold Fields Ghana to invest in two key infrastructure projects in Tarkwa 1 March 2019 Gold Fields Ghana’s Tarkwa mine is to begin the reconstruction of the Tarkwa & Abosso (T&A) Park, as well as undertake a comprehensive upgrade of the Apinto Government Hospital, both located in Tarkwa in Ghana’s western region. Gold Fields will spend approximately US$18m on these two projects. New bonds issued – US$1bn raised 9 May 2019 Gold Fields announced that it has successfully concluded the raising of two new bonds - a US$500m, five-year bond with a coupon of 5.125%, as well as a US$500m, 10-year bond with a coupon of 6.125% - raising a total of US$1bn at an average coupon of 5.625%. The proceeds of the raising will be used to repay amounts outstanding under the US$1,290m credit facilities agreement, and refinance or repurchase certain other existing indebtedness, or for general corporate purposes. Gold Fields announces successful buyback of US$250m of 2020 notes 27 May 2019 Gold Fields announced the successful buyback of $250m of the outstanding 2020 notes at 102% of par. Following the bond issuances on 9 May 2019, Gold Fields commenced a tender process to buyback up to $250m of the 2020 notes. Fatal accident at South Deep mine 3 June 2019 It is with deep sadness that Gold Fields announced that an employee at its South Deep mine in South Africa, Maria Ramela, lost her life in a mining accident the previous morning. She died of her injuries after a rock burst following four seismic events underground in quick succession. Gold Fields sells non-core investments to pay down debt 6 June 2019 In line with its key strategic objective of paying down its debt, Gold Fields sold its shareholdings in two of its non-core investments, Maverix and Red 5, for combined proceeds of US$88m. Both positions were sold at a significant premium to the look-through acquisition costs. Disclosure on Gold Fields’ tailings storage facilities 7 June 2019 Gold Fields responded to a request from the Church of England Pensions Board and the Swedish Council on Ethics for information on mining companies’ tailings storage facilities (TSFs). Gold Fields will also continue to review and, where applicable and practical, adopt leading practices in the design, construction, operation and closure (including post-closure) of our tailings dams. Gold Fields’ Agnew mines to be powered by renewables 19 June 2019 Gold Fields’ Agnew gold mine in Western Australia will become one of Australia’s first mining operations to be predominantly powered by renewable and low-carbon energy. Gold Fields and global energy group EDL announced a A$112m investment in a world-leading energy microgrid, combining wind, solar, gas and battery storage. The microgrid will be owned and operated by EDL, which will recoup its investment via a 10-year electricity supply agreement with Agnew. Gruyere pours first CIL gold bars 1 July 2019 Gold Road Resources and the Gold Fields Group reported the first gold bars were poured over the weekend at the Gruyere mine in Western Australia, signalling the beginning of the production ramp-up at the mine. University of the Witwatersrand – Gold Fields research collaboration goes deep 3 July 2019 Mining students at the University of the Witwatersrand (Wits), with the support of Gold Fields, are building South Africa’s capacity to apply mechanised mining methods and supporting technologies in deep-level gold mines. In a three-year partnership, supported by a R6m Gold Fields grant in 2017, a range of research projects are under way at both postgraduate and undergraduate level in the Wits School of Mining Engineering. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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21 Gold Fields Annual Financial Report including Governance Report 2019 Gold Fields commissions reconstructed Tarkwa-Damang road 9 July 2019 Gold Fields Ghana officially commissioned the reconstructed 33km Tarkwa-Damang road in the western region of the country. The road, which costs approximately US$27m to construct, will positively impact about 100,000 community members and used predominantly local labour and firms in the construction process. Court approves settlement of the Silicosis and Tuberculosis class action 26 July 2019 The Johannesburg High Court approved the settlement of the Silicosis and Tuberculosis (TB) class action suit. The settlement is between the Occupational Lung Disease Working Group - representing African Rainbow Minerals, Anglo American South Africa, AngloGold Ashanti, Gold Fields, Harmony and Sibanye Stillwater, and settlement classes’ legal representatives and attorneys. Gold Fields sells shareholding in Gold Road 23 August 2019 Gold Fields sold its 9.9% interest in ASX-listed Gold Road the day before for a total gross consideration of A$126.3m (US$85.5m), a significant premium on the acquisition price paid in 2017. Gold Fields ranked top South African mining company on the 2019 Dow Jones Sustainability Index 18 September 2019 Gold Fields was again ranked as the top South African mining company on the prestigious Dow Jones Sustainability Index (DJSI) database. The 2019 DJSI scorecard shows that Gold Fields’ sustainability practices rank with the best of resources companies worldwide. Gold Fields is ranked fourth among 61 mining companies assessed, and the third best global gold company. Gold Fields is also an index component of the DJSI. Gold Fields exercises options of Cardinal Resources 3 October 2019 Gold Fields announced that on 20 September 2019 it exercised 38.2m options to purchase ordinary shares of Cardinal Resources for a total consideration of A$5.7m. Gold Fields releases inaugural Task Force on Climate-related Financial Disclosures report 7 October 2019 Gold Fields publishes its first Task Force on Climate-related Financial Disclosures (TCFD) report to improve its disclosure to investors and other stakeholders of climate-related information. Australian companies launch supplier toolkit to help end modern slavery 10 October 2019 10 Australian mining, energy and resource companies, including Gold Fields, joined together to develop a practical toolkit to pre-screen for modern slavery risks within supply chains. Central to the toolkit is a self-assessment questionnaire that the group has agreed to ask suppliers to identify modern slavery risks, improve transparency and identify areas for further due diligence. First stage of landmark Agnew hybrid renewable project powers up 20 November 2019 Global distributed energy producer EDL has switched on its 23MW power station that integrates solar photovoltaic (PV) with gas and diesel generation to power Gold Fields’ Agnew mine, completing the first stage of one of Australia’s largest hybrid renewable microgrid projects. Gruyere mine opens, producing gold and providing long-term jobs 3 December 2019 Australia’s newest gold operation, Gruyere in Western Australia, has been officially opened and is safely ramping up to an average annual production of 300,000oz. It is on track to meet production guidance for 2019. Salares Norte receives environmental approval 18 December 2019 Gold Fields is pleased to announce that the Atacama Environmental Assessment Commission approved the environmental impact study for its Salares Norte project in Chile. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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Gold Fields Annual Financial Report including Governance Report 2019 22 DIRECTORS’ REPORT continued GOING CONCERN The Annual Financial Statements were prepared using appropriate accounting policies, supported by reasonable judgements and estimates. The directors have reasonable belief that the Company and the Group have adequate resources to continue as a going concern for the foreseeable future. After the reporting date, Gold Fields reacted to the outbreak of the novel Covid-19 (coronavirus) pandemic to mitigate the impact on its employees and its operations. Details of these actions and the potential impact on Gold Fields are contained in Note 36 of the Annual Financial Statements (p192) dealing with events after the reporting date. DEMATERIALISATION OF THE SHARES Shareholders are reminded that, as a result of the clearing and settlement of trades through STRATE, the Company’s share certificates are no longer good for delivery for trading. Dematerialisation of the Company’s share certificates is a prerequisite when dealing in the Company’s shares. PROPERTY The register of property and mineral rights is available for inspection at the registered office of the Company during normal business hours. ENVIRONMENTAL OBLIGATIONS The Company’s total gross closure liability for environmental rehabilitation costs amounted to US$436m at 31 December 2019 compared with US$400m at 31 December 2018. The regional gross closure liabilities are as follows: Americas: US$86m Australia: US$198m South Africa: US$46m West Africa: US$106m The funding methods used by each region to make provision for the mine closure cost estimates are: Americas – bank guarantees Australia – self-funding, using existing cash resources South Africa – contributions into environmental trust funds and guarantees West Africa – reclamation security agreement bonds underwritten by banks and restricted cash CONTINGENT LIABILITIES AND LITIGATION A material Group Litigation Report is presented at each Audit Committee meeting for discussion and consideration on whether the matter remains contingent or whether a provision has to be recognised. Details of Gold Fields’ contingent liabilities and litigation matters can be found in note 35 to the Annual Financial Statements, p189 – 191. ADMINISTRATION Lucy Mokoka held the office of Company Secretary of Gold Fields Limited until 30 June 2019. Taryn Harmse, EVP: Group Legal and Compliance, was appointed as interim Company Secretary, effective 1 July 2019, until a replacement is appointed. As at 31 December 2019, Ms Harmse still held this position. Computershare Investor Services Proprietary Limited is the Company’s South African transfer secretaries and Link Asset Services is the registrars of the Company in the UK. AUDITORS The Audit Committee has recommended to the Board that PwC be appointed as the external auditors of the Company, until the conclusion of the next AGM, in accordance with section 90(1) of the Companies Act. SUBSIDIARY COMPANIES Details of major subsidiary companies in which the Company has a direct or indirect interest are set out on p216 – 217. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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23 Gold Fields Annual Financial Report including Governance Report 2019 AUDIT COMMITTEE REPORT for the year ended 31 December 2019 The members of Gold Fields’ Audit Committee (the Committee) were appointed by our shareholders at the AGM in May 2019. Yunus Suleman was reappointed as Chairperson of the Committee on the same day. No new members were appointed to the Committee subsequent to the 2019 AGM. The Committee members are all independent (NEDs. Details of the number of meetings held during the year, as well as the attendance thereof by Committee members, are on p05 of this AFR. Gold Fields’ Board continues to believe that, as a collective, the Committee members have the necessary skills to carry out its duties effectively and with due care. The Committee has certain reporting responsibilities to both the shareholders and the Board and is accountable to them. Its duties, as set out in the Committee Charter, are reviewed annually and incorporate the Committee’s statutory obligations as set out in the Companies Act and King IV. A work plan is drawn up every year, encompassing all these duties, and progress is monitored continually to ensure that these obligations are fulfilled by the Committee. Among other things, the Committee monitors and reviews: The preparation of the Annual Financial Statements, ensuring fair presentation and compliance with IFRS and the Companies Act, and recommending same to the Board for approval The integrity of the IAR, by ensuring that its content is reliable and includes all relevant operational, financial and other non-financial information, risks and other relevant factors Quarterly, interim and operational reports and all other widely distributed documents Filing of the Form 20-F with the US SEC Accounting policies of the Group and proposed revisions, and significant and unusual transactions, estimates and accounting judgements The effectiveness of the internal control environment The effectiveness of both the internal and external audit functions The recommendation and appointment of Gold Fields’ external auditors, and approves their remuneration, reviews the scope of their audit, their reports and findings, and pre-approves all non-audit services in line with Company policy The reports of both internal and external auditors The evaluation of the performance of the CFO The adequacy and effectiveness of the Group’s enterprise-wide risk management policies, processes and mitigating strategies The governance of information communication technology (ICT) and the effectiveness of the Group’s information systems The cash/debt position of the Group to determine that the going concern basis of reporting is appropriate The combined assurance model, and provides independent oversight of the effectiveness of the Group’s assurance functions and services, with particular focus on combined assurance arrangements Compliance with applicable legislation, requirements of appropriate regulatory authorities and the Company’s Code of Conduct Policies and procedures for mitigating fraud Approval of hedging activities as mandated by the Board Consideration of JSE monitoring activities reports in 2019 including: –– Report back on Proactive Monitoring of Financial Statements –– Combined Findings of Proactive Monitoring of Financial Statements –– Activities of the Financial Reporting Investigation Panel –– IFRS 9/15 Thematic Report The Committee has also noted the “Going Concern” and the “Events after the reporting date” statements in the Directors’ Report (p22) and Note 36 of the Annual Financial Statements (p192) respectively. EXTERNAL AUDIT The Committee is responsible for recommending the appointment or reappointment of a firm of external auditors to the Board that, in turn, will recommend the appointment to shareholders. Upon this recommendation, the Committee is responsible for determining that the designated appointee firm and audit partner have the necessary independence, experience, qualifications and skills, and that the audit fee is adequate. PwC was appointed as the Company’s external auditors for the financial year ending 31 December 2019, with Pieter Hough as the designated audit partner. KPMG Inc’s (KPMG) appointment as external auditors ended upon conclusion of its responsibilities relating to the 31 December 2018 financial audit in May 2019. PwC’s appointment as external auditors became effective immediately after the conclusion of KPMG’s responsibilities, and was approved by shareholders at the AGM in May 2019. An external audit fee of R40m (US$2.8m) for 2019 was approved, as well as R3.5m (US$0.2m) for audit-related fees. In line with a documented policy on the nature and extent of non-audit services that the external auditors can provide to the Company, the Committee pre-approves all audit and permitted non-audit assignments by the Company’s external auditors. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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Gold Fields Annual Financial Report including Governance Report 2019 24 AUDIT COMMITTEE REPORT continued for the year ended 31 December The Committee reviewed the annual external audit plan presented at its meeting in August 2019, including the scope, materiality levels and significant risk areas, and established that the approach would appropriately respond to organisational and regulatory changes, as well as any other applicable requirements and risks. The audit plan forms the basis of providing the Committee with the necessary assurances on risk management, the internal control environment and information technology (IT) governance. The plan was approved by the Committee. The Committee monitors progress against the approved annual audit plan throughout the year. To this end, PwC presented its first progress report to the Committee at its November 2019 meeting, highlighting all issues identified during the audit – particularly those relating to results of the work performed on high-risk areas, significant estimates and judgements, as well as significant and unusual transactions. PwC had direct access to the Committee throughout the year, and met with the Chairperson of the Committee before each meeting and, when required, on an ad-hoc basis. PwC reported to the Committee at each quarterly meeting, as well as at the year-end meeting. In addition, the Committee regularly met with PwC separately without other invitees present. The Committee is satisfied that PwC is independent of the Group. SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES Significant areas requiring the use of management estimates and assumptions are detailed in note 1 to the accounting policies. Management presented position papers to the Committee which detailed estimates and assumptions used, the external sources and experts consulted, and the basis on which they were applied in the calculations. These were debated and interrogated by the Committee at length and included, but were not limited to, the following areas: Impairment of assets and goodwill The impairments identified and recorded included: Impairment of the Far Southeast (FSE) project by US$10m Taxation The Committee is satisfied that a detailed review was carried out by management, including the internal tax team, to provide a best estimate of the tax expense for the year (refer to note 9 in the Annual Financial Statements, p148). A deferred tax credit of US$15m was recognised in 2019, compared with US$212m in 2018. Adoption of new accounting standards The Committee is satisfied with management’s assessment and implementation of IFRS 16 Leases. Contingent liabilities A number of contingent liabilities are disclosed in detail in note 35 to the Annual Financial Statements. The contingent liabilities cover the Silicosis matter, acid mine drainage and the Randgold and Exploration summons. No new contingent liabilities were identified in 2019. These matters are all receiving ongoing attention from management, who is considering appropriate advice from external advisers and specialists. The Committee was updated as to the current status and, based on the evidence presented, concurred that it was not possible at this time to provide a reliable estimate of any possible liability. This position is unchanged from the prior year. INTERNAL AUDIT Gold Fields Internal Audit (GFIA) is an independent department within the Company, headed by a Vice President: Internal Audit (VP: IA) who is appointed and, if necessary, dismissed by the Committee. The VP: IA reports directly to the Committee, and has direct access to the Chairperson and members of the Committee, as well as the Chairperson of the Board. The Committee Chairperson meets with the VP: IA once a quarter and on an ad-hoc basis, as required. The VP: IA also meets with the Committee, without management, at least annually and whenever deemed necessary by either the VP: IA or the Committee. The Committee is satisfied that the resources available to GFIA, along with the skills and experience of the department, will allow the team to fulfil its mandate. The Committee determines the purpose, authority and responsibility of GFIA in an Internal Audit Charter, which is reviewed and approved annually. The Committee assesses the performance of GFIA every year. GFIA operates in accordance with the International Standards for the Professional Practice of Internal Auditing as prescribed by the Institute of Internal Auditors (IIA). The internal audit activities carried out during the year were identified through a combination of the Gold Fields risk management framework, which includes the combined assurance framework, and the risk-based methodologies adopted by GFIA. The Committee approves the annual internal audit assurance plan presented by GFIA and monitors progress against the plan reported to the Committee each quarter. GFIA ensured that its framework is aligned with the Committee of Sponsoring Organizations of the Treadway Commission’s (COSO) 2013 internal control framework. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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25 Gold Fields Annual Financial Report including Governance Report 2019 The Group’s internal control systems are designed to provide reasonable assurance on the maintenance of proper accounting records and the reliability of financial information. It also covers operational areas, compliance with the Gold Fields Code of Conduct and the sustainability records. These systems are monitored by GFIA and its findings and recommendations are reported to the Committee and to senior management. GFIA reports deficiencies to the Committee every quarter, together with recommended remedial actions, which are then followed up to ensure the necessary action has been taken. GFIA provided the Committee with a written assurance statement on the adequacy and effectiveness of governance, risk management and controls. No significant events occurred, nor has any been brought to GFIA’s attention, to believe that governance, risk management and the control environment are inadequate or ineffective. INFORMATION COMMUNICATION AND TECHNOLOGY GOVERNANCE ICT governance remains a key focus area for the Group, the responsibility of which was delegated to the Committee by the Board. The Committee also works with the Risk Committee on related ICT matters. Gold Fields’ ICT Charter defines the overall direction and governance for ICT across the Group. The VP and Group Head of ICT is responsible for executing ICT governance procedures in line with this Charter, and reports to the Committee at each meeting. The Committee reviews his report, which includes the results of all review and testing conducted by management and GFIA. Gold Fields adopted the Control Objectives for Information Technology (COBIT) as a governance framework, and regular assessments are conducted to determine the maturity of ICT governance processes. Gold Fields’ ICT at its various operations is operating at an overall maturity level of between three and four out of five, indicating that the Group’s ICT governance framework and processes are established and predictable. Areas of ICT risks across the Group were defined as part of the Group’s overall risk management framework, and formal policies and procedures are documented and updated regularly for these areas. Given the nature of cyber security and the rising global cyber risk, cyber security has now become a key component of the Group’s ICT governance and risk agenda. Gold Fields further enhanced its cyber security management controls during 2018 and 2019, by achieving the ISO 27001 Information Security Management System certification for all its mines and corporate offices. The ICT Governance, Risk, Architecture, Standards, and Security Compliance (GRASSC) Committee is responsible for ensuring compliance and adherence to the Group’s ICT policies and procedures. The ICT GRASSC Committee reviews compliance to the governance framework quarterly and recommends improvements as appropriate. CHIEF FINANCIAL OFFICER The Committee evaluated the expertise and performance of the CFO, Paul Schmidt, and continues to be satisfied that he has the appropriate expertise and experience to carry out his duties as CFO of the Company and the Group, and is supported by highly qualified and competent senior staff. This conclusion is supported by input from both internal and external auditors. GROUP GOVERNANCE AND COMPLIANCE The Committee is also responsible for monitoring governance and compliance for the Group – a key focus area for the Board and management as a whole. The Group Compliance Officer has a detailed, systemic and risk-based framework in place which are overseen, managed and maintained by an online and interactive Group Governance and Compliance Portal. The framework is applied to identify all statutes, rules, codes and standards applicable to Gold Fields in all jurisdictions in which the Group operates. Updates on regulatory changes are sourced from external legal sources and internally assessed for application and impact. Changes are recorded and monitored on a monthly basis. The assessment of potential and/or actual risk exposure of non-compliance regarding the identified applicable statutes per jurisdiction, includes potential exposure to financial loss, as well as operational and reputational risks, and the adequacy of recorded controls. Mitigating controls designed to proactively manage the risks are identified, documented and maintained. GFIA carries out a review of the effectiveness (in terms of design and operating effectiveness) of the control procedures and reports on the level of compliance. The results are reported to the Committee in detailed schedules and an annual compliance index is calculated for the Group. Also, under the ambit of risk exposure assessment, all active suppliers and contractors are screened on a monthly basis, based on an array of predefined risk criteria and adverse media exposure. A screening risk calculator is applied to those assessed entities posing a risk to Gold Fields, based on the outcome of the screening due diligence. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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Gold Fields Annual Financial Report including Governance Report 2019 26 AUDIT COMMITTEE REPORT continued for the year ended 31 December The Committee also ensures that Gold Fields’ Code of Conduct is effective and implemented diligently throughout the Group (available on the Gold Fields website at www.goldfields.com). All breaches and contraventions are diligently investigated and, where necessary, decisive action is taken, which may include disciplinary action. Ongoing training and awareness on the Code of Conduct remained a key focus area during 2018 and 2019, following the launch of an e-learning programme in late 2017, to reinforce the provisions and application thereof. The Committee is also responsible for ensuring that all calls to the Gold Fields tip-offs line – administered by an independent external party – are proactively dealt with. The Chairperson of the Committee, together with GFIA, are custodians of the formalised and documented investigation procedure in place and, where appropriate and necessary, will make use of external advisers and experts to investigate matters or follow up on processes. The number and nature of these calls are reported at the quarterly Committee meetings. The details of the investigations, including details on any action taken, are also reported by the Committee Chairperson to the SET Committee. Gold Fields also reaffirmed its commitment to fighting bribery and corruption by implementing a Group Anti-Bribery and Corruption Policy in late 2016, within the ambit of a formal Group Anti-Bribery and Corruption Framework. RISK MANAGEMENT The Group’s Risk Committee deals with Group operational and financial risks, as well as the requisite reporting as required annually. While there is ongoing interaction between the Risk and Audit Committees, the management of financial risk remains a key focus of the Committee, management and GFIA. Gold Fields’ Group and regional risk disclosures are on p10 – 13 of the IAR. INTERNAL CONTROL STATEMENT In terms of the SEC’s listing requirements, Gold Fields has to comply with the requirement of the Sarbanes-Oxley Act of 2002 which requires management to establish and maintain adequate internal control over financial reporting using a recognised internal controls framework. Management is accountable to the Board for the design, implementation, monitoring and integrating of internal financial controls for the day-to-day running of the Group, focusing on the efficiency and effectiveness of operations, safeguarding the Group’s assets, legal and regulatory compliance, business sustainability and reliable reporting, including financial reporting. During 2019, management identified a material weakness in internal control over financial reporting related to the recording of transactions between cost close (the date the general ledger was closed for reporting purposes) and calendar year-end in the Statement of Cash-Flows. The material weakness was caused by an inadequate evaluation of the risk that transactions, including cash payments and receipts, could occur between the cost close date and 31 December which could have a material impact, both individually and in aggregate, on financial statement captions and disclosures. However, the material weakness was remediated at year-end. This material weakness in internal control over financial reporting resulted in a restatement to a number of financial statement captions within the Statements of Financial Position and Cash-Flows as described in note 42 to the Consolidated Financial Statements as at 31 December 2018 and 2017. No restatements were made to the Consolidated Income Statement, Statement of Changes in Equity and Statement of Comprehensive Income. There was no impact on the Company’s basic, headline or diluted earnings per share for the year ended 31 December 2018 and 2017. The Committee has discussed and documented the basis for its conclusion, which includes discussions with internal and external auditors as well as management. The Committee believes that Gold Fields’ internal controls are effective, and that the financial records can be relied upon as a reasonable basis for the preparation of the Annual Financial Statements. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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27 Gold Fields Annual Financial Report including Governance Report 2019 AUDIT COMMITTEE STATEMENT The Committee considered and discussed the AFR, including the Corporate Governance Report, and IAR with both management and the external auditors. During this process, the Committee: Reviewed the Annual Financial Statements included in the AFR for consistency, fair presentation and compliance with IFRS Evaluated significant estimates and judgements and reporting decisions Reviewed the documentation supporting the going concern basis of accounting and concluded that it is appropriate Evaluated the material factors and risks that could impact the AFR and IAR Evaluated the completeness of the financial and sustainability disclosures Discussed the treatment of significant and unusual transactions with management and the external auditors Reviewed and discussed the sustainability information disclosed in the IAR and is satisfied, based on discussions, that the information is reliable The Committee considers that the AFR and the IAR comply with the statutory requirements of the various regulations governing disclosure and reporting in all material respects, and that the Annual Financial Statements comply in all material respects with the Companies Act and IFRS. The Committee recommended to the Board that the Annual Financial Statements included in the AFR be adopted and approved. Yunus Suleman Chairperson: Audit Committee 30 March 2020 Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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Gold Fields Annual Financial Report including Governance Report 2019 28 REMUNERATION REPORT Preamble to the Remuneration Report We present our 2019 Remuneration Report in three sections: Section 1: Message from the Chairperson of the Remuneration Committee (RemCo), which includes a background statement and context for 2019 Section 2: Overview of Gold Fields’ remuneration policy Section 3: Outcomes and implementation of the remuneration policy during 2019 The Gold Fields Board is responsible for ensuring that the Group’s remuneration arrangements are fair, responsible and aligned with the long-term interests of the Company and its shareholders. In performing this function, it is critical that the Board remains independent of management when making decisions affecting remuneration of the CEO, CFO, other executives, and the Group’s employees. With this in mind, RemCo, as a constituted committee of the Board, has been delegated responsibility for overseeing the Group’s remuneration activities. Its members are all independent NEDs, and their qualifications and experience are detailed in the Governance Report on p61 – 73, along with the number of meetings held and attendance at these meetings. The RemCo Charter and terms of reference are available on www.goldfields.com/standards-and-principles.php. In summary, RemCo’s role is to oversee the Group’s approach to remuneration and ensure fair, compliant, sustainable and competitive pay to support delivery of the Group’s strategy. RemCo is further responsible for overseeing remuneration implementation to ensure consistent process delivery, aligned to the Group’s remuneration policy. In so doing, RemCo enables the Group to access and appropriately incentivise the employees required to drive value creation and support the Group’s business strategy. To ensure that it is fully informed on developments and performance, RemCo invites the CEO and EVP: People and Organisational Effectiveness to attend meetings and provide reports and updates. These executives are not present when matters associated with their own remuneration are considered. RemCo can draw on services from a range of external sources, including remuneration advisers. The following table contains a summary of how our shareholders have supported remuneration policies and implementation practices over the past three years. Annual General Meeting (AGM) shareholder voting record on remuneration resolutions1 20192 20183 20174 Remuneration policy 90% 96% 97% Implementation of policy 91% —% —% NEDs’ fees 99% 98% 99% 1 The rounded percentage of “votes for” are reflected in the table 2 AGM dated 21 May 2019 3 AGM dated 22 May 2018 4 AGM dated 24 May 2017 RemCo is responsible for oversight and management of compensation-related risks. As part of its mandate, RemCo annually, and when considered necessary, reviews risks associated with the remuneration philosophy, structure, policies and practices. RemCo is satisfied that the current executive compensation structure does not create undue risks or promote inappropriate risk-taking behaviour. The following are key risk mitigation features of our remuneration policies and practices: RemCo, together with management, is actively involved in the structuring and preparation of the remuneration policy to ensure it aligns with the Group strategy of sustainably improving TSRs RemCo makes use of external experts, as and when required, to ensure that its remuneration policy is in line with best global practices, and that incentive plans are aligned with Group strategy Executive remuneration is disclosed annually, in Section 3 of this Remuneration Report, and in accordance with the remuneration policy. Executives are not involved in any approval process relating to their own remuneration RemCo approves remuneration of the Exco, including executive directors and employees with remuneration comparable to those of Exco members, taking into account recommendations from the CEO, as well as independent external advisers who have done the necessary benchmarking to ensure there is alignment with the appropriate industry peer group in the jurisdictions in which we operate. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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29 Gold Fields Annual Financial Report including Governance Report 2019 INTRODUCTION The Gold Fields 2019 Remuneration Report is presented herewith on behalf of the RemCo. The Board-approved RemCo Charter and the committee’s terms of reference govern the activities of the RemCo, which include the signing of the contents of this report. The Board reviews the RemCo Charter and terms of reference on an annual basis, which is available online, together with the Gold Fields remuneration policy, at www.goldfields.com. This annual message is preceded by noting our deep regret for the loss of Maria Ramela. Maria was a trackless crew leader at our South Deep mine. On 2 June 2019, she was killed in a mining incident caused by a series of seismic events. 2019 will always be a painful one for Maria’s mother, children, friends and colleagues, and we will keep her memory, and those of our other fallen colleagues, close as we relentlessly pursue total eradication of fatalities everywhere in our operations. Our safety goal is to achieve zero harm by eliminating all fatalities and serious injuries. This is the priority for the Board, Exco and all employees. While the full scope of our overall safety leadership focus is discussed elsewhere, the RemCo prioritised this further by modifying the Group’s short-term incentive (STI) plan. We replaced the total recordable injury frequency rate (TRIFR) as the sole metric of the safety component (weighed at 20%) with a scorecard of four metrics, representing a mix of leading and lagging indicators and overridden by a negative modifier in the event of a fatality. Even though there was solid progress on all four of these safety metrics across the Group, this was overridden by Maria’s fatal accident. As a result, the negative modifier in the STI plan was triggered and resulted in the 20% safety weighting in the STI being nullified for both South Deep and the Group corporate office STI participants, including the executive team. GOLD FIELDS’ REMUNERATION PRACTICES We do: Provide pay for performance – 75% of CEO pay at risk – The CEO and executive team’s STIs are heavily (65%) linked to Group performance – The CEO and executive team’s long-term incentives (LTIs) consist entirely of performance shares – Performance shares are based on absolute and relative TSR and free cash-flow (FCF) margin – Performance shares target at least median of peer group for relative TSR, absolute TSR to exceed US Dollar cost of equity, and minimum 5% FCF margin Have an executive minimum shareholding requirement (MSR) policy Have a double trigger for CEO and CFO severance upon change of control Have risk mitigation controls in place for remuneration programmes including clawbacks and malus Promote retention with LTIs that vest after three years Have a RemCo made up of only independent NEDs Retain an independent remuneration consultant whose primary purpose is to advise RemCo Gold Fields does not: Reprice underwater shares Pay dividends for performance shares Provide guaranteed bonuses Grant shares to NEDs Allow the use of unvested LTI awards as collateral, or protect the value of any unvested awards, or the value of shares and securities held as part of meeting MSR provisions Provide financial assistance to directors or prescribed officers Section 1: Message from the RemCo Chairperson In terms of other bonus parameters, each region significantly exceeded its host community procurement spend targets, while host community employment targets were met by Ghana, South Africa and Australia. Gold Fields was ranked fourth in the mining and metals sector of the DJSI in 2019, and an independent verification of Gold Fields with the ICMM Water Position Statement found that we are fully aligned. For the second year in a row, Gold Fields was included in the Bloomberg Gender-Equality Index (GEI). The GEI tracks the performance of public companies committed to supporting gender equality through policy development, representation and transparency. Gold Fields achieved 2.2Moz of attributable gold production, ahead of the 2.18Moz upper end of our guidance for the year. Both All-in sustainable costs (AISC) and All-in costs (AIC) ended the year 9% below guidance at US$970/oz and US$1,064/oz respectively. Gruyere started production in June and ramped up to full production in Q4 2019. The restructuring of South Deep was completed and the mine boosted production, reduced costs Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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Gold Fields Annual Financial Report including Governance Report 2019 30 REMUNERATION REPORT continued and returned positive cash-flow. Damang’s Reinvestment project was ahead of plan, while a positive Salares Norte feasibility study (FS) and environmental approvals led to the go-ahead for construction to commence later in 2020. Over the past three years, the Group has spent total project capital of close to US$1bn, primarily on Damang, Gruyere and Salares Norte, ensuring that Gold Fields should be on track for our international operations alone to produce over 2Moz a year for the next decade. All regions delivered strong operational, financial and sustainability performances in 2019. During 2019, we maintained the overall framework of our remuneration policy and no changes were made to the remuneration mix for executives. The RemCo met four times during 2019 and there was full attendance at the meetings in February, May, August and November 2019. In summary, RemCo dealt with the following important issues during 2019: Oversight of all remuneration processes for the Group, with focus on enhancing the link between performance and reward Ensured strategic alignment between Group, regional and personal scorecards Strengthened policies to cater for the jurisdictions in which Gold Fields operates Engaged with and responded to shareholder remuneration questions and reports from proxy advisers (see below) Developed a Malus Policy, which was implemented in early 2020 Reviewed prevailing market trends related to minimum shareholding and anti-hedging policies for executives Modified the annual RemCo work plan to improve cyclical reward process-related activities RemCo is satisfied that it has fulfilled its responsibilities in accordance with its mandate for the 2019 financial year, and that the Group’s remuneration policy achieved its stated objectives. RemCo notes that it has worked closely with management and external advisers to continue improving practices. It believes that its work not only meets its own objectives, but also ensures the alignment of interests across the Group’s diverse set of stakeholders. RemCo has engaged regularly with shareholders to receive their input into the Group’s remuneration policy and outcomes. Overall, we are satisfied that the performance-linked pay received by the Group’s executives is in line with the approved framework for linking variable pay with performance. ADVISERS Khokhela Remuneration Advisors was RemCo’s independent remuneration advisers during 2019. Deloitte supported Gold Fields with its latest executive remuneration benchmarking exercise, which was considered in establishing 2019 salary increases. SHAREHOLDER ENGAGEMENT The Chairperson of RemCo, together with the EVP: People and Organisational Effectiveness, met with South African-based Gold Fields shareholders in 2019 to discuss and receive feedback on our approach to executive remuneration. These meetings and other feedback received throughout the year related primarily to important industry topics such as: Minimum share ownership and holding periods Additional remuneration targets for ESG and financial return metrics Our approach to TSF safety The importance of malus and clawback policies RemCo will continue to seek and incorporate this feedback as appropriate to refine and enhance our remuneration programmes on an ongoing basis, consistent with our corporate objectives and strategy. Overall, shareholders overwhelmingly supported NEDs’ fees (99%), the remuneration policy (90%), and the implementation thereof (91%), at the AGM held on 21 May 2019. On behalf of RemCo, I would like to express my thanks to shareholders for their ongoing support and engagement. CONCLUSION RemCo concludes that the Company’s employee remuneration policies and practices do not create undue risks or promote inappropriate risk-taking behaviour. RemCo will continue to ensure that fair, equitable and responsible remuneration processes are in place to ensure the promotion and implementation of Gold Fields’ strategy, thereby boosting stakeholder value creation. Steven Reid Chairperson: RemCo On behalf of RemCo, which approved the report on 30 March 2020 Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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31 Gold Fields Annual Financial Report including Governance Report 2019 Section 2: Remuneration policy Section 2 deals with Gold Fields’ remuneration policy and philosophy as applicable to the CEO, CFO (in their respective capacities as executive directors), and Exco members (as Gold Fields prescribed officers). In addition, we discuss remuneration principles that are applicable on a Group-wide basis. INTRODUCTION One of our competitive advantages with respect to people is our strong culture. Our people are driven by passion, guided by values and committed to partnerships with stakeholders that have helped us to succeed, both as a Group and as individual employees. Our remuneration structures are designed to support this culture and to stimulate and incentivise high performance. We aim to create partnerships with our people in their journey of continued growth through market-related base pay and benefits, attractive performancedriven STIs, LTIs, as well as recognition and retention programmes. The core objective of our remuneration policy is to attract, retain and motivate top talent to deliver superior results. To ensure that we are providing remuneration that is fair, appropriate and responsible, we annually conduct our own internal benchmarking exercise and, every second year, make use of external remuneration consultants to confirm our objectivity in achieving this goal. RemCo is acutely aware of the global issue regarding fair and responsible remuneration between management and junior-level employees, as well as remuneration levels between gender groups. We believe that our approach to short and long-term remuneration is substantively fair and is applied consistently throughout the organisation in line with the approved design frameworks. Gold Fields’ total reward programme and policy starts with and flows from our Group strategy and values as illustrated in the 2020 Group Balanced Scorecard (BSC) on the next page. The Group’s BSC process forms part of the day-to-day management of the business, the quarterly business review process and the performance management process. It is not simply an input to reward-related decision making, but fundamentally supports our delivery-based culture. For all executive scorecards, we ensure that cascaded objectives are outcomes-focused and that targets are appropriately set, with stretch targets in place to take account of incremental rewards. Each year, management and the Board assess the Group’s key objectives for the year ahead to ensure the Group achieves its medium-term targets. The 2020 BSC goals are captured in the infographic on the next page. The incentives under the Group BSC are then cascaded to executive, regional and individual scorecards. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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32 Gold Fields Annual Financial Report including Governance Report 2019 REMUNERATION REPORT continued EFFICIENCIES AND SECURITY OF UTILITIES (ENERGY AND WATER) QUALITY 5% TJ reductions through energy-saving initiatives Achieve 800,000t CO2-eq reduction target for 2017 – 20204 Commence construction of South Deep solar power plant 3% reduction in freshwater withdrawal Increase water recycling/reuse to 66% of total water use Improve portfolio management Develop growth plans for the Australia, West Africa and Americas regions FINANCIAL STRATEGIC PLANNING PROCESS Improve the resolution between short-term and long-term planning REPUTATION WITH STAKEHOLDERS 60% of active investors engaged twice a year 80% achievement of planned government engagement interactions CAPITAL DISCIPLINE PROCESS Reduce net debt by US$300m – US$400m @ US$1,500/oz1 ORGANISATIONAL CAPACITY INTERNAL BUSINESS PROCESSES INCREASE TOTAL SHAREHOLDER RETURN 2020 GROUP SCORECARD ACHIEVE OUR VISION: To be the global leader in sustainable gold mining STAKEHOLDER 1 Illustrative price 2 Including spending on Salares Norte project 3 This is measured by the number of referrals via LinkedIn 4 Representing about half of our annual Scope 1-2 emissions Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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33 Gold Fields Annual Financial Report including Governance Report 2019 Lead indicators: indicators of performance that drive outcomes/future success Lag indicators: indicators of performance that show how successful we have been in achieving outcomes INNOVATION AND TECHNOLOGY GOVERNANCE AND COMPLIANCE No material deviations from compliance guidelines All audit findings resolved within agreed timeframes Significant progress in rolling out digital infrastructure PEOPLE CAPACITY 75% cover for high impact and mission critical roles Deliver the 2020 guidance of 8,000kg at R625,000/kg Sustain improvements at South Deep Delivery of Salares Norte Complete detailed engineering design Commence with construction in Q4 2020 OF OUR PORTFOLIO CAPITAL DISCIPLINE PROCESS Substantial compliance of capital projects with time, cost and scope approvals SAFETY, OCCUPATIONAL HEALTH AND WELLBEING Substantial achievement against key environmental health and safety targets ORGANISATIONAL CULTURE Improve response to findings in employee climate surveys Managers living the Gold Fields values as measured by 360? assessment Increased diversity and inclusion among employees (ANALYSTS AND INVESTORS, EMPLOYEES, GOVERNMENT, COMMUNITIES) Substantial implementation of community action plans Increase in the number of influenced hired employees3 US$1,035 – 1,055/oz2 Cost guidance for 2020 COST GUIDANCE (AIC) 15% return at US$1,300/oz and A$1,850/oz gold price per project/investment CAPITAL RETURNS Above median performance against peer group For an infographic on how our Group Strategy is applied at the Company go to www.goldfields.com/integrated-annual-reports.php Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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Gold Fields Annual Financial Report including Governance Report 2019 34 REMUNERATION REPORT continued REMUNERATION FRAMEWORK Gold Fields is committed to ensuring fair, equitable, sustainable and responsible remuneration practices. We believe in compensating our people in relation to sustained value creation, delivered consistently, in a fair and transparent manner. Our values, ethics and beliefs underpin this philosophy, which aims to attract, retain and motivate top talent. The Gold Fields remuneration policy drives and incentivises the achievement of Gold Fields’ strategy, and continuously supports the creation of shareholder value by aligning performance with commensurate levels of reward. In this way, there is stakeholder interest alignment. King IV principles guide the fair and responsible application of the remuneration policy across all operations. In addition, compliance with all relevant laws and regulations in the various jurisdictions we operate is non-negotiable and strictly enforced. A key design principle of the remuneration policy is to ensure a clear link between the Gold Fields strategy and our employees’ work-related efforts, as illustrated in the human resources (HR) strategy diagram below: FOUNDATION: STRENGTHEN PROCESSES, SYSTEMS AND DATA Entrench strategically-aligned performance management system Strengthen employee brand and employee value proposition Drive high performance, values-based culture Stakeholder engagement Develop consistent and compelling communication Build culture of collaboration, flexibility and fairness Recruit diverse, qualified candidates Identify and break down barriers to inclusion Embed diversity and inclusion in policies and practices Entrench pay for performance approach Strategic alignment of reward systems Embed fit-for-purpose operational model Build productivity and sustain efficiency Improve workforce planning Implement new way of working Drive change management Build integrated job profiles per job family Drive consistency across regions in grading positions Align cultural change to support digital business Support entrenchment of future operating platform Build workforce for digital future Support I&T strategy and culture through communications programme Monitor age profile of workforce Embed flexible work options Define learning and development strategy Develop career path frameworks Develop e-learning modules and quick learning methodology HR FOCUS AREAS TALENT MANAGEMENT CULTURE NEW WAY OF WORKING ORGANISATIONAL EFFECTIVENESS LEARNING AND DEVELOPMENT DIVERSITY AND INCLUSION PERFORMANCE AND REWARD Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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35 Gold Fields Annual Financial Report including Governance Report 2019 PAY FOR PERFORMANCE Gold Fields competes for talent on a global scale. With the increase in global project activity, this requires us to have a comprehensive strategy to attract the best talent. As such, our remuneration practices are competitive in the jurisdictions we operate, balanced with our pay for performance philosophy and overall strategy to sustainably maximise TSR. Our annual benchmarking efforts reflect this and translate to comparisons at the market median of our comparator peer group. Final pay decisions consider benchmarking results in combination with performance, affordability and economic conditions. Deloitte conducted an independent comparison of executive pay against an appropriate peer market during 2019. This peer group is different from the one used for relative TSR due to the availability of guaranteed pay data. The composition of this group was position-specific and included: Newcrest (Australia) Newmont (Australia) Evolution (Australia) Northern Star (Australia) Kinross (Canada) Agnico-Eagle (Canada) Yamana (Canada) Eldorado Gold (Canada) Barrick (post-Randgold acquisition) (Canada) Endeavour Mining (Canada) AngloGold Ashanti (South Africa) Sibanye Stillwater (South Africa) Harmony Gold (South Africa) Deloitte’s study confirmed general alignment of the target pay mix with that of local and international mining peers, with a comparative market capitalisation, and provided valuable information to RemCo in assessing Gold Fields’ executive remuneration levels. COMPONENTS Links the interests of the executives and shareholders by rewarding executives for creating sustained shareholder value over several years Long-term incentive plan (LTIP) 100% Performance shares CEO: 104% of GRP1 CFO: 96% of GRP1 Exco: 88% of GRP1 Three years (cliff vest) Performance 0 to 2X 33% Three-year relative TSR versus peers 33% Three-year absolute TSR 34% Three-year free cash flow margin Rewards executives for their contribution to the achievement of annual financial and non-financial goals Short-term incentive plan (STIP) 65% Corporate objectives 35% Individual objectives CEO: 65% of GRP CFO: 60% of GRP Exco: 55% of GRP One year 0 to 2 x target 0 to 2 x target Specifically designed for each executive and aligned with corporate strategy and objectives 20% Safety 20% Production 40% All-in costs 20% Development Guaranteed remuneration Remunerates executives for leadership and management skills and the degree of accountability in their roles Make-up: Weighting: Target amount: Outcomes: One year Assessed performance Reference to peer group CASH EQUITY FIXED VARIABLE GOLD FIELDS OVERALL REMUNERATION CONCEPT PERF. DETAIL PURPOSE MEASURES PERIOD 1 Modified by personal performance rating Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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Gold Fields Annual Financial Report including Governance Report 2019 36 REMUNERATION REPORT continued Key reward components of the remuneration policy Remuneration policy GRP or base rate of pay (BRP) Variable pay STIs and LTIs designed to align performance with strategy and value creation Base pay Benefits STIs LTIs MSR Market-related salaries, dependent on performance, roles and responsibilities Market-related benefits guided by local legislation and internal policies Performance-based Group annual incentive scheme Longer-term plans that instil a sense of ownership and strategic alignment – Share plans – Cash-settled plan Encourages executives to hold shares in Gold Fields, in line with best practice Gold Fields’ Employee Value Proposition (EVP) balances financial rewards with non-financial rewards to drive desired levels of performance. The financial reward component of the EVP include: GRP or BRP being the total of base pay, allowances and benefits Variable pay that includes STI, LTI and MSR GRP The GRP (BRP for international employees) elements for Gold Fields are: Base pay (either GRP/BRP) Objective and link to strategy Operation Policy and practice Performance measures A competitive salary provided to executives to ensure that their experience, contribution and appropriate market comparisons are fairly reflected and also allows us to attract and retain the skills required to deliver on our strategic goals. Base pay for all employees is reviewed annually after considering benchmarks against comparator groups, Group performance, economic circumstances, affordability, individual performance, changes in responsibility and inflation levels. Changes are effective from 1 March each year. The CEO makes recommendations on Exco base pay – excluding his own base salary – to RemCo for approval by the Board. We seek close alignment between executive salary increases and increases for all non-bargaining unit employees, where practical. This is informed by inflation, which can be matched directly or set above/below changes in the consumer price index (CPI). The guaranteed pay benchmark is the market median. Both Group and individual performances in line with the BSC inform the individual base salary review. This is in addition to economic circumstances, affordability, changes in job responsibility and alignment across employee groups. Benefits and allowances Objective and link to strategy Operation Policy and practice Performance measures Provided to ensure local market competitiveness benefits are provided based on affordability to both the employees and the Group. Based on local market trends and can include items such as Group life insurance, disability and accidental death insurance. The expatriate policy provides that special allowances may be made for expatriate employees in respect of, among others, relocation costs, cost of living, and the cost of education for children and their families. In line with approved policy, the provision of benefits complies with legislation across the jurisdictions in which we operate. Benchmarking ensures that there are competitive benefits aimed at attracting and retaining key employees. Not applicable. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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37 Gold Fields Annual Financial Report including Governance Report 2019 Remuneration mix Gold Fields’ total reward model links financial reward to a combination of job type and performance - therefore the mix of GRP and variable pay differs according to level of performance and the grade of the job held. To entrench a high-performance culture, and in line with international best practice, the more senior the role, the higher the proportion of variable pay (at-risk pay) and the greater the focus on longer-term performance in the remuneration package. Pay-at-risk comprises 75% of our CEO’s total reward For exceptional performance, the Group aims to position overall remuneration, including STIs and LTIs, at the 75th percentile of our comparator market. This aligns with our total reward strategy of ensuring a market competitive reward mix, rewarding employees for exceptional performance, and the retention of high-performing employees. RemCo retains the discretion to determine whether, and to what extent, specific performance levels warrant total pay at the 75th percentile The graphs illustrate different scenarios of performance achievement of the total remuneration for the CEO, CFO and Exco members, on a single total figure basis, based on the 2019 remuneration policy Remuneration scenarios at different levels of performance1 0 1,000 2,000 3,000 4,000 5,000 6,000 1,251 1,251 1,251 813 1,626 1,301 2,602 ? GRP ? STI ? LTI Chief Executive Of_cer US$’000 Below On-target Stretch 0 500 1,000 1,500 2,000 2,500 3,000 654 654 654 393 628 785 1,256 ? GRP ? STI ? LTI Chief Financial Of_cer US$’000 Below On-target Stretch Executive committee 0 500 1,000 1,500 2,000 Below On-target Stretch 467 467 467 257 411 514 823 ? GRP ? STI ? LTI US$’000 1 For theoretical purposes of displaying the pay policy remuneration mix. Assumes LTI award at target levels. “below” assumes no annual LTI; “on-target” assumes 100% vesting; “Stretch” assumes 200% vesting SHORT-TERM INCENTIVES Our STI is a performance-based Group annual incentive scheme that supports value creation and motivates our people to achieve success for the Group. All Group executives, regional executives and management level employees (Patterson D band and above categories) are eligible to participate in the STI, subject to the achievement of applicable performance conditions. Individual performance (BSC) – Linked to team/department strategy Company performance conditions (bonus parameters) – Safety (20%) – Gold production (20%) – AIC (40%) – Development and waste stripping (20%) Category Individual Group Region Operation CEO 35% 65% 0% 0% CFO 35% 65% 0% 0% Group executive 35% 65% 0% 0% Regional executive 35% 20% 45% 0% General manager 35% 0% 20% 45% Regional office 35% 0% 65% 0% Mines 35% 0% 0% 65% Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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REMUNERATION REPORT continued 38 Gold Fields Annual Financial Report including Governance Report 2019 Target performance for bonus parameters links to the annual business plan approved by the Board Operational objectives for each mine are measured against plans approved by RemCo, and comprise safety, production, costs and physical mine development (ore and waste) goals The operational objectives form the basis of the regional objectives and subsequently feed into the Group’s objectives If individual, operational, regional or Group objectives do not exceed threshold targets, no bonus is payable Based on the above, RemCo approves annual payments of STIs in February of every year Where applicable, production bonuses are paid We consider regional and on-mine schemes, where required. For example, in Peru, we apply a statutory bonus scheme in compliance with legislation, and pay the difference between a higher calculated STI and legislated bonus if applicable Threshold, on-target bonus and stretch amounts expressed as a percentage of GRP (or BRP) are as below: Job grade Bonus target incentive as % of GRP Threshold On-target Stretch CEO 0% 65% 130% CFO 0% 60% 120% EVP 0% 55% 110% Achievement falling between threshold and on-target and stretch is calculated on a straight-line basis between these two reference points Executives may elect – in advance of the STI outcome – to defer some or all of their STIs towards their MSR-related commitments GROUP PERFORMANCE MEASURES This is made up of the following bonus parameters: Safety (20%) Until 2018, safety performance was measured by a change in the TRIFR. From 2019, the safety performance measure comprised a mix of leading and lagging indicators listed below. In addition, a fatal accident acts as a negative modifier; a fatality results in a forfeiture of the entire safety element (20%) for bonus purposes for the operation, region and corporate office participants. – Serious injuries – Safety engagement rate (SER) – Near-miss reporting – Timely close-out of corrective actions on serious potential injuries Gold production (20%) AIC (40%) Development and waste stripping (20%) INDIVIDUAL PERFORMANCE MEASURES We have been on a journey to realign our performance management processes with our Group strategy. This realignment process included the addition of a balance between leading and lagging indicators into all scorecards and ensuring that we set appropriate stretch targets for all management level employees. This new approach builds on our previous BSC process but ensures a stronger alignment between our strategy and our scorecards. This ensures that our strategy is cascaded into measurable objectives that we track through our performance management process. The following chart shows how performance rating scores on the 5-point scale translate to percentages used for bonus calculation purposes. Up to a score of 2 results in 0%, and between 4.7 and the maximum of 5 results in the capped achievement of 200%. Personal performance rating correlation to percentage achievement (%) 200 150 100 50 0 Rating Bonus awards 0 1 2 3 4 5 No bonus awarded Bonus kicks in 100% of target 200% of target Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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39 Gold Fields Annual Financial Report including Governance Report 2019 The CEO’s condensed 2020 personal scorecard follows below, consisting of a balance between leading and lagging indicators. Category Weight Key result themes Target Financial 20% Reduce debt to improve TSR, reduce risk and create financial stability Reduce debt by US$300m – US$400m at an average US$1,500/oz gold price 10% Improve rate of return on capital deployed 15% return at US$1,300/oz Business processes 20% Continued improvement in mining performance at South Deep Deliver the 2020 South Deep guidance of 8,000kg at R625,000/kg Organisational capacity 10% Improve portfolio management Implement growth plans for the West Africa, Americas and Australia regions 10% Advance the Salares Norte project Commence with construction in Q4 2020 10% Improve efficiencies and productivity through I&T initiatives Funding recommendations motivated to the Board with execution strategy 10% Continued improvement in people capacity at South Deep. Current baseline: 78% of middle and senior management More than 80% capable people in middle and senior management positions at South Deep 10% Living the Gold Fields values and demonstrating these values as described by the values descriptors Demonstrable growth in corporate culture LONG-TERM INCENTIVES Gold Fields’ Amended 2012 Share Plan Gold Fields’ Amended 2012 Share Plan (Share Plan) is a conditional Share Plan that provides for annual awards of performance shares, which vest after three years subject to performance conditions. Participants receive shares under the Share Plan, which aims to instil a sense of ownership among executives, therefore enabling: Alignment of executive rewards with shareholder interests Retention of key people Alignment of people costs with business results Previously, all eligible management-level employees who participated in the LTIP received performance shares under the Share Plan. From 2018 onwards, the following changes applied: Exco members: 100% of LTI participation through the Share Plan Regional Exco: 30% of LTI award through the Share Plan and 70% through the cash-settled LTIP (refer to p48) Other participants receive 100% of their LTI award through the cash-settled LTIP By only awarding shares to executives and certain senior managers, Gold Fields ensures the future sustainability of the share scheme by limiting the issuance of shares under the plan and appropriately aligning LTIs. The use of Company shares also aligns executive management interests with those of shareholders. Performance share awards are determined by job grade, performance and guaranteed remuneration. The award profile is set out below, expressed as a percentage of an individual’s GRP or BRP as applicable: Individual performance rating 1.0 to 2.7: 0% 2.8 to 3.2: 50% 3.3 to 3.7: 100% 3.8 to 4.2: 150% 4.3 to 5: 200% CEO 0 52 104 156 208 CFO 0 48 96 144 192 Exco 0 44 88 132 176 Regional Exco1 0 9 – 10 18% 27 – 30 36 – 40 1 This represents 30% of their LTI participation, as 70% of their LTI is under the cash-settled plan Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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Gold Fields Annual Financial Report including Governance Report 2019 40 REMUNERATION REPORT continued These awards in monetary value are used to calculate an equivalent number of shares based on the historical share price. The vesting of these shares is subject to the following performance conditions: Performance condition Weighting Threshold (0% vesting) Target (100%) vesting Stretch (200% vesting) Absolute TSR 33% N/A – no vesting below target The US Dollar (nominal) cost of equity1 over the three-year performance period US Dollar cost of equity + 6% over the three-year performance period Relative TSR 33% Below median of the peer group2,3 Median of the peer group Upper quartile of the peer group FCF margin 34% Average FCF margin over the three-year performance period of 5% at a gold price of US$1,200/oz Average FCF margin over the three-year performance period of 15% at a gold price of US$1,200/oz Average FCF margin over the three-year performance period of 20% at a gold price of US$1,200/oz 1 Cost of equity is validated by an external consultant 2 For 2018 awards, the peer group consists of AngloGold Ashanti, Goldcorp, Barrick, Eldorado Gold, Randgold, Yamana, Agnico Eagle, Kinross, Newmont and Newcrest. The three-year performance period data for Goldcorp and Randgold is maintained on a phantom-based methodology as approved by the committee subsequent to their mergers with Newmont and Barrick respectively, effective from the respective merger dates 3 For 2019 awards, the peer group consists of AngloGold Ashanti, Barrick, Eldorado Gold, Yamana, Agnico Eagle, Kinross, Newmont, Newcrest, Northern Star and Endeavour. This is to maintain a peer group of 10 following the mergers of Newmont with Goldcorp and Barrick with Randgold Vesting occurs after three years from award, and is dependent on the extent to which the Group has met the above performance conditions over the three-year period. Vesting is capped at 200% of the award Executives also have the option to elect, in advance of the vesting date, to defer some or all of their vested share awards towards the achievement of their MSR Linear interpolation is applied between threshold and target and target to stretch performance Cash-settled long-term incentive plan The cash-settled LTIP ensures alignment between regional contributions and our long-term business strategy. The use of cash as opposed to shares also reduces the number of shares required, while still ensuring a longer-term focus for participants. The cash-settled plan’s design links regional long-term strategic objectives with Group objectives. Regional performance conditions and targets are set and agreed with RemCo at the beginning of each three-year performance period. While awards are made in March each year, and settled in March three years later, the measurement periods are from 1 January of the year of the award to 31 December of the third year. The Group executive team recommends performance conditions for approval by RemCo on an annual basis. Corporate office participants in the cash-settled LTIP have awards linked to performance conditions that mirror those of the Share Plan. In other words, the absolute TSR, relative TSR and FCF margin measures and targets described as part of the Share Plan on p46 apply to these participants as well. Approximately 550 eligible employees currently participate in the cash-settled LTIP. OTHER KEY FEATURES OF OUR REMUNERATION POLICY Executive minimum shareholding requirements Alignment between executives and shareholders’ interests is critical to sustained value creation. As such, we encourage executives to hold shares in Gold Fields, in line with international best practice and emerging best practice within South Africa. The MSR policy implemented in 2017 requires members of Exco to hold shares in Gold Fields equivalent to multiples of their GRP as defined in the policy, as follows: CEO: 200% by 31 December 2020 All other members of Exco: 100% within five years of date of entry RemCo makes an award of matching shares at a ratio of 1:3 (one share for every three committed towards the MSR, capped at the matching share limit). The value of the ultimate number of matching shares that will vest is limited to 67% of GRP in the case of the CEO, and 33% of GRP or BRP for the other executives. The matching shares vest at the end of the five-year period if the participant remains in the employment of the Group and has retained the committed shares. Retention and sign-on bonuses RemCo has the discretion to approve management proposed sign-on payments and/or retention payments to recruit and/or retain individuals at certain levels for specific business reasons. Below these levels, management has the discretion to approve such payments. The typical minimum work-back period for retention payments is two years. Malus and clawback The Board is entitled to seek repayment of remuneration amounts that were made in error and subsequently restated. The policy allows RemCo the right to recover all forms of remuneration from executives. This is applicable, but not limited to, remuneration relating to base pay, the achievement of financial or performance goals or similar conditions for any award, or payment under the annual incentive plan or LTIP, or any bonus payment, whether vesting is based on the achievement of performance conditions, the passage of time, or both. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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41 Gold Fields Annual Financial Report including Governance Report 2019 The right of recovery may be exercised within three years from the restatement date and the policy sets out the procedures to be followed depending on whether the remuneration has been paid, transferred or otherwise made available to the executive, as well as the steps to take if the amount is not immediately recoverable. Our recently approved Malus Policy will permit the Board to withhold yet-to-be awarded remuneration in the event of certain trigger events. Exco service contracts and termination provisions Gold Fields can terminate an executive’s employment summarily for any reason recognised by law in the respective jurisdictions. The general principles governing the settlement of employment benefits and rewards is that employees who resign voluntarily or are dismissed for disciplinary reasons forfeit all unvested benefits and awards. Employees who separate from the Group for reasons of death, disability, retirement, or redundancy for operational reasons, retain a portion of unvested benefits and awards. This portion is based on the principles of time (pro-rata) and performance testing at on-target levels, and in line with King IV principles. Executive directors have permanent employment agreements with Gold Fields Group Services Proprietary Limited (GFGS), Gold Fields Ghana Holdings BVI Limited (GF Ghana) and Gold Fields Orogen BVI Limited (Orogen). The EVP: Strategy, Planning and Group Development has permanent employment agreements with GFGS and Orogen. In terms of the South African employment contracts with Group Exco, employment continues until terminated upon notice by either party or retirement age, which is currently 63 years. Orogen and GF Ghana have substantially similar terms. The notice period is 24 months for the CEO, 12 months for the CFO, and six months for other Group Exco members. Change of control provisions In 2012, RemCo resolved to discontinue the remuneration entitlement in the event of a change of control for senior executives appointed after 1 January 2013. Senior executives appointed before this date are entitled to the change of control remuneration benefits and retained their rights under the previous policy. Therefore, the only members of the executive with a change of control provisions are the CEO, CFO and EVP: Sustainable Development. A change of control is defined as the acquisition by a third party or concert parties of 30% or more of Gold Fields’ ordinary shares. In the event of the finalisation of an acquisition, merger, consolidation, scheme of arrangement or other reorganisation, whether or not there is a change of control and if the executive directors’ services are terminated, the change of control provisions also apply. For these employees, their employment contracts provide that, in the event of their employment being terminated as a result of a change of control (which is defined above), and such termination occurs within 12 months of the change of control, the executive is entitled to: Payment of an amount equal to two-and-a-half times annual GRP in the case of the CEO, and two times the annual GRP in the case of the CFO and the EVP: Sustainable Development A bonus payment in the amount equal to the average percentage of incentive bonuses achieved during the previous two completed financial years, pro-rated for time Full vesting of all LTI awards Their employment contracts also provide that these payments cover any compensation or damages the executive directors may have under applicable employment legislation. NON-BINDING ADVISORY VOTE – REMUNERATION POLICY As set out in King IV, shareholders are required to cast non-binding advisory votes on the remuneration policy and Implementation Report at the Gold Fields AGM on 19 May 2020. Should there be a 25% or higher vote against either of the above, we will embark upon a process of shareholder engagement to understand the drivers of the dissenting votes, and to discuss potential remedial measures. NON-EXECUTIVE DIRECTORS Non-executive directors’ remuneration policy NEDs are not eligible to receive any STIs or LTIs. Gold Fields pays NEDs based solely on their role within the Board and/or committees, with differentiation only between international directors and those based in South Africa. We apply the policy using the following principles: Payment of a Board fee for the Board meetings attended during the year Board committee members receive annual committee fees for participation The Chairperson and Deputy Chairperson receive all-inclusive annual fees for all Board and committee participation We review fees annually and implement any increases in June of each year Travel expenses are paid to NEDs for travel for site visits and Board meetings Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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Gold Fields Annual Financial Report including Governance Report 2019 42 REMUNERATION REPORT continued Non-executive directors’ fee review We intend to seek approval for increases to be applied to the fees of NEDs by 4% for the period 1 June 2020 to 31 May 2021. The following fixed annual fees shall be payable to NEDs with effect from 1 June 2020 (excluding value-added tax (VAT)), if approved by shareholders at the AGM on 19 May 2020. NEDs’ fees Per annum unless specified Approved 2019/2020 fees in Rand Proposed 2020/2021 fees in Rand Approved 2019/2020 fees in US$ Proposed 2020/2021 fees in US$ The Chairperson of the Board (all-inclusive fee) 3,120,000 3,244,800 The Deputy Chairperson of the Board (all-inclusive fee)1 2,031,000 2,112,240 The Chairperson of the Audit Committee 372,000 386,880 The Chairpersons of the Capital Projects Control and Review Committee, Nominating and Governance Committee, RemCo, Risk Committee, SET Committee and SHSD Committee (excluding the Chairperson and Deputy Chairperson of the Board) 228,960 238,118 17,676 18,383 Members of the Board (excluding the Chairperson and Deputy Chairperson of the Board) 1,024,080 1,065,043 79,296 82,468 Members of the Audit Committee (excluding the Chairperson of the Audit Committee and the Deputy Chairperson of the Board) 191,880 199,555 14,892 15,488 Members of the Capital Projects Control and Review Committee, Nominating and Governance Committee, RemCo, Risk Committee, SET Committee and SHSD Committee (excluding the Chairpersons of the relevant committees, Chairperson and Deputy Chairperson of the Board) 144,480 150,259 11,304 11,756 Chairperson of the ad-hoc Investment Committee (per meeting) 58,000 60,320 4,430 4,607 Member of the ad-hoc Investment Committee (per meeting) 36,000 37,440 2,835 2,948 1 The Deputy Chairperson is also the Group’s lead independent director, and assumes the role of Chairperson when the Chairperson is not able to act, unavailable or if she has to recuse herself when her independence may be compromised. This fee is an all-inclusive one and covers the Deputy Chairperson’s membership of six subcommittees, in addition to his Board membership Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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43 Gold Fields Annual Financial Report including Governance Report 2019 Section 3: Implementation Report This section of the Remuneration Report explains the implementation of our remuneration policy by providing details of the remuneration paid to executives and NEDs for the financial year ended 31 December 2019. There were no deviations from the remuneration policy during this period. Also set out in this section are the period’s performance outcomes against targets for the various individual remuneration programmes as discussed in Section 2. Average exchange rates of US$1:R14.46 (2018: R13.20) and A$1:R10.05 (2018: R9.88) were applied for calculation purposes in this section. GUARANTEED REMUNERATION PACKAGE Guaranteed pay (GRP and BRP) adjustments Key facts Policy application All eligible employees received a salary increase on 1 March 2019. The average increase for executives during 2019 was 4.7% The overall increase in employment costs during 2019 was within the approved mandate of RemCo Executive packages were increased only by country-specific inflation rates for the 2019 review period Across the Group, salary increase mandates were set at the prevailing country-specific inflation rate, with an additional percentage for internal and/or external parity, where applicable Salaries in Ghana are determined in US Dollar but some consideration is given to local consumer prices when determining increases For South Deep, we applied an increase of 5.9%, to address retention of critical skills SHORT-TERM INCENTIVES Key facts Bonus parameters for 2019 were approved as detailed in Section 2 The total 2019 annual incentive award payment was US$24m (2018: US$26m) with 558 (2018: 509) eligible employees participating The incentive is based on the Group’s achievement of a Group overall individual performance rating of 3.6 (2018: 3.5) out of a maximum of 5.0 against committee-approved performance measures set at the beginning of the year Policy application Incentive bonus parameters and targets are agreed and approved at the beginning of each cycle Bonus parameter performance achievement is peer reviewed internally, and by independent external advisers prior to approval and payment There is calibration between individual performance ratings and Group or Company performance as applicable Regional incentives are aligned to operation and regional performance achievements Performance calculations are formulaic; however, RemCo does have the discretion to adjust the outcome if required – No adjustments were made to 2019 outcomes Operational objectives form the basis of the regional objectives and subsequently feed into Group objectives Actual performance achievement is confirmed by the Group’s external auditors Group objectives For the year ended 31 December 2019, the Group performance was 92%, with targets and achievements below: Objectives 2019 Weight Threshold Target Stretch Achieved Percentage achieved Bonus outcome Safety SER 5% 1.41 1.48 1.55 4.12 0%1 Increase in near-miss reporting 5% 311 408 441 458 0%1 Timely close-out of corrective actions on serious potential incidents 5% 90% 95% 100% 96% 0%1 0% Reduction in serious injuries 5% 17 16 15 12 0%1 Gold (equivalent) production – (koz) 20% 2,186 2,265 2,345 2,290 130% 26% AIC (US$/oz) 40% 1,124 1,086 1,048 1,092 86% 34% Development and waste 32% Development at South Deep (metres) 4% 3,318 3,438 3,558 4,412 8% Destress at South Deep (metres) 4% 28,944 29,994 31,044 26,606 0% Open pit waste mined (ktonnes) 6% 126,102 130,676 135,250 136,934 12% Underground development (metres) 6% 37,081 38,426 39,771 41,789 12% Overall achievement 92% 1 Adjusted to zero as a result of the fatal accident involving Maria Ramela Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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Gold Fields Annual Financial Report including Governance Report 2019 44 REMUNERATION REPORT continued Weight Target 2019 Results Rating out of 5 FINANCIAL 10% Improve liquidity by reducing net debt Target: US$100m debt reduction Stretch target: US$150m debt reduction Net debt reduced by US$281m to US$1,331m 5 INTERNAL BUSINESS PROCESS 15% Deliver the 2019 South Deep business plan through disciplined execution and improved productivity Target: 477t mined/employee South Deep achieved a 45% annual improvement on 2018 in tonnes mined per employee at 418t 3 15% Improve internal business planning processes at South Deep by achieving 85% compliance to the mining plan South Deep achieved 87% compliance to the mine plan1 – and a 7% improvement on 2018 Backfill production was at record levels at 426,338m3 Ground support at 12.8km was a 37% improvement on 2018 4 10% Delivery of the Gruyere project First crusher feed 20 January 2019 First gold production 30 June 2019 Substantial completion 20 July 2019 2019 production at 99koz, at the top end of market guidance 3 Delivery of Gruyere project capital cost Target: A$621m Stretch: A$612m Final project capital cost was A$610m 4.5 10% Delivery of Damang project to the following targets: Total ore mined 31.8Mt Gold produced 218koz Mill throughput 4.3Mt 75% spatial compliance to plan Total tonnes mined of 34.1Mtt Gold production of 208koz Mill throughput at 4.6Mt (above nameplate capacity) 92% spatial compliance2 to plan 3.5 5% Delivery of Salares Norte project: FS peer reviewed by March 2019 Detailed engineering work at 55% Complete district exploration with 12.9km drilled Environmental approval to be achieved by June 2020 FS completed and presented to the Board in February 2019 Detailed engineering work at 58% District exploration drilling of 15.5km Environmental approval received in December 2019 4 ORGANISATIONAL CAPACITY 10% Improve impact of I&T Complete 2019 I&T programmes in accordance with the regional strategies with clear business cases Key achievements: Telecommunications infrastructure at South Deep, Agnew, Granny Smith and St Ives to facilitate digital mining progressed Personnel and mobile equipment tracking systems implemented in one corridor at South Deep Automatic ventilation systems installed at Agnew High-precision blast hole drilling commenced at Tarkwa and St Ives Semi-autonomous loading expanded at Granny Smith and trialled at South Deep 3.5 5% Improve governance, compliance and risk by ensuring that there are no material deviations from 2019 compliance guidelines No material deviations 4 10% Develop leadership competency framework aligned with strategic objectives and values to improve people capacity and culture Leadership competency framework updated and adopted 3.5 10% Apply 360o “Living the Values” assessment in our performance assessment tool The 360o assessment of the CEO was completed by the Chairperson and Exco 4 OVERALL PERFORMANCE RATING 100% 3.8/5 1 Compliance to plan means adherence to key operational targets such as costs, drilling advancement, ground support and backfill production 2 Spatial compliance requires adherence to the approved mining plan and sequence in which we mine CEO 2019 SCORECARD Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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45 Gold Fields Annual Financial Report including Governance Report 2019 Weight Objectives Results Rating out of 5 FINANCIAL 25% Improve liquidity and debt profile Target: US$100m debt reduction Stretch target: US$150m debt reduction. Increased overall liquidity and extended debt maturity profile to 2029. In particular: Successfully concluded the raising of two new bonds – a US$500m 5-year bond with a coupon of 5.125% and a US$500m 10-year bond with a coupon of 6.125% Raised US$1bn at an average coupon of 5.625% Achieved a final combined book for the bond issues in excess of US$3bn and with the proceeds of the new issue, we bought back US$250m of the outstanding 2020 notes 5 25% Entered into a new US$1.2bn revolving credit facility (RCF), comprising two tranches: US$500m 3+1+2 at a margin of 1.45% over London Interbank Offered Rate (LIBOR) and a US$500m 5+1+1 RCF at a margin of 1.70% over LIBOR. The syndication was 1.55 oversubscribed Increased loan facilities maturity profile to 2027 Decreased margin on the 3+1+2 RCF by 75 bps from 220 to 145 over LIBOR. Decreased margin on the five-year tranche by 75bps and increased tenor to 5+1+1. Improved utilisation fee on the 5+1+1 RCF by 10bps 5 15% Net debt reduced by US$281m to US$1,331m in 2019 5 INTERNAL BUSINESS PROCESS 5% Improve governance, compliance and risk by aligning reporting at Asanko Asanko aligned its AISC and AIC reporting with that of Gold Fields with no material deviations 3.5 10% Active monitoring of total costs in each region Total costs per ounce for the Group were within guidance range 3 10% Cyber security: Achieve ISO 27001 Information Security Management System Certification Gold Fields is the first mining company to achieve Group ISO 27001 certification 2018: Certification achieved for Corporate Office, all the regional offices and South Deep mine 2019: All mines in Australia, Ghana and Peru achieved certification 4 ORGANISATIONAL CAPACITY 10% Living the Gold Fields values The 360° assessment of the CFO was completed by Exco and his team with positive results 3.5 OVERALL PERFORMANCE RATING 100% 4.5/5 In line with the above, and in accordance with the remuneration policy and the Group’s annual STI scheme policy, RemCo awarded the CEO and CFO bonuses equal to 72.5% and 75.8% of their annual GRP, respectively. The following chart shows the historical performance outcomes for the CEO and CFO over a three-year period through the percentage of GRP paid as bonus: CFO 2019 SCORECARD Performance rating scale: 1 Target not achieved (less than 60% of goals achieved) 2 Underperformance (60% – 90% of goals achieved) 2.5 Development required (91% – 99% of goals achieved) 3 Good performance (100% – 105% of goals achieved) 3.5 Great performance (106% – 110% of goals achieved) 4 High performance (111% – 120% of goals achieved) 4.5 Top performance (121% – 125% of goals achieved) 5 Exceptional performance (126% or more of goals achieved) CEO and CFO three-year bonus as percentage of GRP (%) 100 80 60 40 20 0 ? CEO ? CFO 2017 2018 2019 82 84 51 45 76 73 Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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Gold Fields Annual Financial Report including Governance Report 2019 46 REMUNERATION REPORT continued LONG-TERM INCENTIVES The Group currently has the following LTIPs in place: Equity-settled share plan awards for executives governed by Gold Fields’ Share Plan (amended), details of which are provided in notes to the Annual Financial Statements The cash-settled plans for all other eligible LTI participants in the regions and corporate offices In addition, the MSR policy applies to shares held by executives. Performance share awards Performance conditions Awards made in terms of the Share Plan were subject to the following performance conditions: Absolute and relative TSR This has a 66% weighting broken down as below and measured over the three-year measurement period. Absolute TSR – 33% of the initial award value will vest on the following basis: Target TSR performance TSR factor Below target 0% N/A Target Average US Dollar cost of equity as measured over a three-year period and independently assessed 100% Stretch Target +6% per annum 200% Above stretch Capped at 200% 200% Relative TSR – 33% of the initial award value will vest on the following basis: Target TSR performance TSR factor Below target 0% N/A Target Median of the peer group 100% Stretch Upper quartile of the peer group 200% Above stretch Capped at 200% 200% Free cash-flow margin This has a 34% weighting and targets an average FCF margin of 15% with an average FCF margin of 20% for stretch for the three-year measurement period, at a gold price of US$1,300/oz. The FCF margin is expressed as a percentage and defined as revenue less: AIC, excluding share-based payments and LTIP charges (AIC, subject to any add-backs on exploration and projects), the realised portion of revenue hedges, taxation paid and LTIP payments divided by revenue (greenfields exploration, acquisitions, projects, dividends and debt service costs are excluded). The use of a constant gold price benchmark over the period allows us to measure those elements within our control only, since gold price is outside of this control. FCF margin – 34% of the initial award value will vest on the following basis: Target FCF margin performance FCF margin factor Threshold Average FCF margin over the performance period of 5% at a gold price of US$1,300/oz – margin to be adjusted relative to actual gold price for the performance period 0% Target Average FCF margin over the performance period of 15% at a gold price of US$1,300/oz – margin to be adjusted relative to actual gold price for the performance period 100% Stretch Average FCF margin over the performance period of 20% at a gold price of US$1,300/oz – margin to be adjusted relative to actual gold price for the performance period 200% In terms of the provisions of the Share Plan, eligible employees were awarded performance shares on 1 March 2016 and 1 March 2017, which vested on 1 March 2019 and 14 February 2020 respectively. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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47 Gold Fields Annual Financial Report including Governance Report 2019 2017 performance share award Performance period: 1 January 2017 to 31 December 2019 - performance period completed Vesting date: 14 February 2020 Relative TSR – 33% Absolute TSR – 33% FCF margin – 34% Achieved Vesting Achieved Vesting Achieved Vesting 175% 57.8% 200% 66% 18.2% 164% Overall achievement: 180% The number of awards, the value on the award date, and the estimated value at year-end for this award of performance shares are tabulated below: Executive Title Number of shares awarded Number of shares vested US$m value on award date Estimated US$m fair value at year-end NJ Holland CEO 370,042 666,076 1.16 4.02 PA Schmidt CFO 178,808 321,854 0.56 1.94 A Baku EVP: West Africa 156,967 282,541 0.49 1.70 R Butcher EVP: Technical 98,389 177,100 0.31 1.07 S Mathews EVP: Australasia 107,533 193,559 0.34 1.17 L Rivera EVP: Americas 67,182 120,928 0.21 0.73 TL Harmse EVP: Group Head of Legal and Compliance 95,126 171,227 0.3 1.03 BJ Mattison EVP: Strategy, Planning and Group Development 116,641 209,954 0.36 1.27 NA Chohan EVP: Sustainable Development 70,907 127,633 0.22 0.77 A Nagaser EVP: Investor Relations and Group Affairs 48,673 87,611 0.15 0.53 M Preece EVP: South Africa 53,462 96,232 0.17 0.58 1,363,730 2,454,714 4.27 14.8 2018 performance share award Performance period: 1 January 2018 to 31 December 2020 Vesting date: 15 February 2021 The number of awards, the value on the award date, and the estimated value at year-end 2019 (for illustrative purposes) for the 2018 grant of performance shares are tabulated below: Executive Title Number of shares awarded US$m value on award date1 Estimated US$m fair value at year-end2 NJ Holland CEO 380,207 1.33 2.29 PA Schmidt CFO 278,594 0.98 1.68 A Baku EVP: West Africa 305,617 1.07 1.84 R Butcher EVP: Technical 98,523 0.35 0.59 S Mathews EVP: Australasia 161,520 0.57 0.97 L Rivera EVP: Americas 196,218 0.69 1.18 TL Harmse EVP: Group Head of Legal and Compliance 150,434 0.53 0.91 BJ Mattison EVP: Strategy, Planning and Group Development 242,291 0.85 1.46 NA Chohan EVP: Sustainable Development 149,513 0.52 0.90 A Nagaser EVP: Investor Relations and Group Affairs 102,633 0.36 0.62 M Preece EVP: South Africa 75,153 0.26 0.45 R Bardien EVP: People and Organisational Effectiveness 81,760 0.29 0.49 2,222,463 7.79 13.4 1 Award based on Rand denominated value converted to US Dollar as disclosed in the 2018 Remuneration Report 2 Assumes 100% vesting Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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Gold Fields Annual Financial Report including Governance Report 2019 48 REMUNERATION REPORT continued 2019 performance share award Performance period: 1 January 2019 to 31 December 2021 Vesting date: 15 February 2022 The number of awards, the value on the award date of 1 March 2019, and the estimated value at year-end for the 2019 grant of performance shares are tabulated below: Executive Title Number of shares awarded US$m value on award date1 Estimated US$m fair value at year-end2 NJ Holland CEO 163,966 0.65 0.99 PA Schmidt CFO 238,268 0.95 1.44 A Baku EVP: West Africa 275,653 1.09 1.66 R Butcher EVP: Technical 81,368 0.32 0.49 S Mathews EVP: Australasia 109,577 0.43 0.66 L Rivera EVP: Americas 176,981 0.70 1.07 TL Harmse EVP: Group Head of Legal and Compliance 127,171 0.50 0.77 BJ Mattison EVP: Strategy, Planning and Group Development 155,412 0.62 0.94 NA Chohan EVP: Sustainable Development 126,392 0.50 0.76 A Nagaser EVP: Investor Relations and Group Affairs 57,841 0.23 0.35 M Preece EVP: South Africa 60,276 0.24 0.36 R Bardien EVP: People and Organisational Effectiveness 69,117 0.27 0.42 1,642,022 6.52 9.90 1 Award based on Rand denominated value converted to US Dollar at average rate of exchange for 2019 period as described on p43 2 Assumes 100% vesting Cash-settled long-term incentive plan The Group executives do not participate in the cash-settled LTIP. The 2018 cash-settled LTIP is a three-year performance plan intended to provide alignment between employee’s performance and Group strategy. Each performance cycle starts on 1 January of the first year and ends on 31 December of the third year. Participants include employees from level DL to EU and regional Exco members participate 70% in the cash plan and 30% in the Share Plan. The cash plan has approximately 550 participants. Minimum shareholding requirement As explained on p40 of this report, executives are encouraged to hold shares in Gold Fields in accordance with the MSR policy. The MSR achievement in the adjacent table is for the period up to 31 December 2019. Subsequent to this, the CEO increased his personal shareholding further through a share purchase in February 2020. The CEO is required to hold two times his annual salary in terms of the policy. The achievement level of 313% above means that, at end-2019, Mr Holland held shares valued at more than six times his annual target salary, in two tranches valued at R45.15/share (in 2017) and R57.38/share (in 2019). Also, certain executives pledged restricted shares towards their MSR commitments in December 2019, which were actioned in February 2020 after the lifting of the closed period from 23 December 2019 to 12 February 2020. In addition, one executive committed personal shares toward his MSR obligations in February 2020. These transactions, which are all effective after 31 December 2019 and are therefore only required to be reported in the 2020 financial year, result in higher levels of MSR achievement than the results displayed in the above table. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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49 Gold Fields Annual Financial Report including Governance Report 2019 A summary of the Gold Fields executives’ 2019 holdings in accordance with the MSR policy follows: Executive Title Actual holdings (number of shares) MSR achievement Holding period end date NJ Holland CEO 2,218,084 313% 31 December 2020 PA Schmidt CFO 204,248 107% 17 May 2021 NA Chohan EVP: Sustainable Development 86,336 81% 17 May 2022 A Baku EVP: West Africa 53,872 22% 17 May 2022 BJ Mattison EVP: Strategy, Planning and Group Development 68,336 44% 17 May 2022 TL Harmse EVP: Group Head of Legal and Compliance 10,000 11% 17 May 2022 A Nagaser EVP: Investor Relations and Corporate Affairs 46,623 75% 17 May 2022 M Preece EVP: South Africa 110,530 77% 14 May 2023 L Rivera EVP: Americas — 0% 31 October 2022 S Mathews EVP: Australasia — 0% 31 January 2023 R Butcher EVP: Technical — 0% 17 May 2022 R Bardien EVP: People and Organisational Effectiveness — 0% 31 January 2024 During 2018, the Company entered a self-imposed special closed period for executive management to, inter alia, trade in shares, which has slowed down the rate of achievement of the MSR policy targets for some individuals. Furthermore, this closed period has resulted in an extension in the MSR holding target date by an equivalent period of one year. Executives may elect to defer certain cash or equity awards to increase their MSR holdings. Any contribution purchased using post-tax income is grossed up for taxes at the top prevailing marginal rate of individual tax when determining the contribution. Also refer to the share ownership table on p19 for full share ownership details. The number of shares subject to tax gross up for the following executives is presented in the following table: Name Title Number of shares grossed up for tax (listed under “direct” in share ownership table on p19) NJ Holland CEO 767,003 PA Schmidt CFO 122,549 NA Chohan EVP: Sustainable Development 42,023 BJ Mattison EVP: Strategy, Planning and Group Development 31,103 A Baku EVP: West Africa 40,4041 M Preece EVP: South Africa 63,500 1 Tax rate of 25% Executive directors’ and prescribed officers’ remuneration The table of remuneration for executive directors and prescribed officers based on the total single-figure remuneration prescribed by King IV is included in this section. King IV requires the disclosure of a total single figure of remuneration, received and receivable for the reporting period that ties remuneration to the individual’s performance for the period. The definitions used in the adoption of these remuneration reporting requirements under King IV follow. These should assist in a clear understanding of the values and related terminology used in the table of remuneration. Reflected In respect of the LTIP, remuneration is reflected when performance conditions were met during the reporting period. If the only remaining vesting condition is continued employment, the remuneration is reflected in the period when all other performance conditions have been met. Remuneration included may not have legally transferred to the individual, and the individual may not yet have the unconditional right to enjoy the benefits thereof. Settlement This refers to remuneration that was included in the total single-figure remuneration in respect of any prior period but has only been unconditionally transferred to the individual concerned in the current period. Not yet settled This refers to remuneration that was included in the total single-figure remuneration in the current period but has not been unconditionally transferred to the individual concerned in the current period, or where an election has been made by the individual to defer the settlement thereof in fulfilment of their MSR. Unconditional transfer This means that the individual now enjoys full right to the remuneration (excluding any applicable clawback), and it is no longer subject to any further service, employment or other conditions. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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Gold Fields Annual Financial Report including Governance Report 2019 50 REMUNERATION REPORT continued Remuneration for executive directors and prescribed officers – all figures in US$’000 Name Status Salary1 Pension fund contribution Cash incentives2 N Holland Executive director 2019 1,226.8 24.2 913.4 2018 1,251.6 26.5 661.5 P Schmidt Executive director 2019 608.3 46.1 499.4 2018 626.6 48.2 306.2 L Rivera8 Prescribed officer 2019 553.5 58.5 142.6 2018 668.6 72.8 134.0 A Baku9 Prescribed officer 2019 839.7 193.1 533.3 2018 808.0 185.8 634.8 R Butcher Prescribed officer 2019 363.4 36.3 218.0 2018 384.5 37.3 192.4 N Chohan Prescribed officer 2019 352.8 24.2 242.0 2018 367.2 26.5 213.9 B Mattison10 Prescribed officer 2019 441.4 24.2 298.6 2018 453.6 26.5 271.9 T Harmse Prescribed officer 2019 354.3 25.1 243.5 2018 369.7 26.5 215.3 A Nagaser Prescribed officer 2019 234.2 24.6 160.1 2018 243.3 27.0 131.1 S Mathews11 Prescribed officer 2019 472.1 54.5 311.6 2018 438.2 29.5 289.4 M Preece Prescribed officer 2019 514.3 25.1 271.8 2018 541.7 26.5 168.8 R Bardien12 Prescribed officer 2019 285.0 24.2 116.9 2018 274.3 24.3 150.5 Exchange rates used: US$1 = R14.46 (2019) and US$1 = R13.20 (2018). No termination payments in the year 1 N Holland, P Schmidt and B Mattison have contracts in Rand and US Dollar. The 2019 US Dollar contract amounts included above are: N Holland US$416,670, P Schmidt US$127,190 and B Mattison US$90,370. The 2018 US Dollar amounts included the 2018 reporting were: N Holland US$406,700, P Schmidt US$124,150 and B Mattison US$88,200 2 The annual bonus accruals for the year ended 31 December 2018 were paid in February/March 2019. The annual bonus accruals for the year ended 31 December 2019 were paid in February/March 2020 3 The values of the 2016 performance shares with a performance period ended 31 December 2018 are reflected in the 2018 figures. The value of the 2017 performance shares with a performance period ended 31 December 2019 is reflected in the 2019 figures 4 The cash equivalent value of matching shares awarded in 2019 under the terms of the MSR policy, includes awards due in 2018 but made in 2019 due to a self-imposed special closed period 5 Other includes business-related expense reimbursements and incidental payments unless otherwise stated 6 Includes cash incentive, cash LTIP and matching shares reflected for the year 7 The 2019 amount includes bonus for the year ended 31 December 2018 paid in February 2019, and the 2016 performance shares vested and settled in March 2019. The 2018 amount includes the bonus for the year ended 31 December 2017 paid in February 2018, and the 2015 cash LTIP vested and settled in March 2018 8 L Rivera – other payments for 2018 relate to cash in lieu of 2016 share award payable upon vesting in March 2019. Cash incentive and settlements include legislated bonus portion for 2018 and advance payment of portion of estimated Utilidades (workers compensation paid in Peru) for 2019 9 A Baku – other payments for 2018 relate to approved profit share bonus payment. Other payments for 2019 include leave encashment. The LTIP reflected includes the Damang retention scheme 10 B Mattison – other payments for 2018 relate to a service award in line with Company practice 11 S Mathews – other payments for 2018 and 2019 relate to bonus payment for most improved operation bonus scheme 12 R Bardien – other payments for 2018 relate to sign-on bonus. Ms Bardien elected prior to the determination of the annual performance bonus for 2019 and in line with the rules of the MSR policy, to defer 40% of her cash bonus (US$77,955) into restricted shares Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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51 Gold Fields Annual Financial Report including Governance Report 2019 LTIP reflected3 Matching shares reflected4 Other5 Total single figure of remuneration Less: amounts not yet settled6 Add: cash value on settlement7 Total cash equivalent remuneration 4,411.0 — 0.1 6,575.6 (5,324.4) 1,765.3 3,016.5 1,027.2 — — 2,966.8 (1,688.7) 1,475.6 2,753.7 2,131.4 — 1.9 3,287.2 (2,630.8) 1,744.0 2,400.4 646.4 — 2.1 1,629.4 (952.6) 1,011.2 1,688.0 800.8 - 241.8 1,797.2 (943.4) 398.0 1,251.8 — — 385.7 1,261.3 (519.7) 481.3 1,229.3 2,753.9 43.5 103.8 4,467.3 (3,330.7) 1,324.3 2,460.9 621.9 — 68.0 2,318.6 (1,256.8) 1,237.2 2,299.0 1,172.8 — — 1,790.6 (1,390.8) 279.1 678.9 90.3 — — 704.5 (282.7) 267.6 689.4 845.2 53.6 1.6 1,519.4 (1,140.8) 472.1 850.7 248.7 — 1.8 858.2 (462.7) 403.5 799.0 1,390.4 31.4 — 2,186.1 (1,720.4) 708.9 1,174.6 410.1 — 2.5 1,164.6 (681.9) 672.5 1,155.1 1,133.9 12.8 5.4 1,775.0 (1,390.2) 565.6 950.4 331.6 — 7.8 950.8 (546.9) 548.0 951.9 580.2 58.5 1.9 1,059.4 (798.7) 258.6 519.3 124.8 — 0.4 526.6 (255.9) 245.1 515.8 1,281.8 — 7.3 2,127.3 (1,593.4) 574.0 1,107.8 274.2 — 4.9 1,036.3 (563.6) 514.2 986.9 44.1 136.1 — 991.4 (452.0) 154.0 693.5 — — 0.4 737.3 (168.8) — 568.6 — — — 426.2 (116.9) 137.4 446.7 — — 106.1 555.2 (150.5) — 404.7 Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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Gold Fields Annual Financial Report including Governance Report 2019 52 REMUNERATION REPORT continued Unvested award and cash-flow on settlement Executive Opening number of awards on 1 Jan 2018 Granted/ enhanced vesting during 2018 Forfeited/ lapsed during 2018 Vested during 2018 Closing number on 31 Dec 2018 Cash value on settlement during 2018 US$ NJ Holland 2015 cash LTIP 1,030,000 – 566,500 463,500 – – 2016 performance shares PS9 272,735 – – – 272,735 – 2017 performance shares PS10 370,042 – – – 370,042 – 2017 MSR matching shares 244,574 – – – 244,574 – 2018 performance shares PS11* – – – – – – 2019 performance shares PS12 – – – – – – Total – PA Schmidt 2015 cash LTIP 1,020,000 – 561,000 459,000 – 459,000 2016 performance shares PS9 171,619 – – – 171,619 – 2017 performance shares PS10 178,808 – – – 178,808 – 2017 MSR matching shares 40,850 – – – 40,850 – 2018 performance shares PS11* – – – – – 2018 MSR matching shares – – – – – 2019 performance shares PS12 – – – – – Total 459,000 L Rivera 2017 performance shares PS10 67,182 – – – 67,182 – 2018 performance shares PS11* – – – – – 2019 performance shares PS12 – – – – – Total – A Baku 2015 cash LTIP 1,030,000 – 566,500 463,500 – 463,500 2016 performance shares PS9 165,123 – – – 165,123 – 2017 performance shares PS10 156,967 – – – 156,967 – 2017 restricted share PS10 – Damang 133,311 – – – 133-311 – 2017 MSR matching shares 13,468 – – – 13,468 – 2018 performance shares PS11* – – – – – 2018 MSR matching shares – – – – – 2019 performance shares PS12 – – – – – Total 463,500 NA Chohan 2015 cash LTIP 280,000 – 154,000 126,000 – 126,000 2016 performance shares PS9 66,035 – – – 66,035 – 2017 performance shares PS10 70,907 – – – 70,907 – 2017 MSR matching shares 14,008 – – – 14,008 – 2018 performance shares PS11* – – – – – 2018 MSR matching shares* – – – – – 2019 performance shares PS12* 2019 MSR matching shares* – – – – – Total 126,000 Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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53 Gold Fields Annual Financial Report including Governance Report 2019 Closing estimated fair value at 31 Dec 2018 US$ Granted/ enhanced vesting during 2019 Fair value at grant date Forfeited/ lapsed during 2019 Vested during 2019 Closing number on 31 Dec 2019 Cash value on settlement during 2019 US$ Closing estimated fair value at 31 Dec 2019 US$ – – – – – – – 960,401 19,091 74,788 – 291,826 – 1,143,209 – 1,266,521 – – – 370,042 – 4,016,369 804,893 – – – 244,574 – 1,474,757 – 380,207 1,216,910 – – 380,207 – 3,851,585 – 163,966 650,598 – – 163,966 – 1,562,144 3,031,815 1,143,209 10,904,855 – – – – – – – 604,334 12,013 47,060 – 183,632 – 719,366 – 611,995 – – – 178,808 – 1,940,750 134,437 – – – 40,850 – 246,321 – 278,594 891,683 – – 278,594 – 2,822,222 – 24,285 77,728 – – 24,285 – 246,013 – 238,268 945,420 – – 238,268 – 2,270,037 1,350,766 719,366 7,525,343 229,940 – – – 67,182 – 729,181 – 196,218 628,026 – – 196,218 – 1,987,734 – 176,981 702,240 – – 176,981 – 1,686,141 229,940 – 4,403,056 – – – – – – – – 581,459 11,558 45,278 – 176,681 – 692,136 – 537,242 – – – – 156,967 – 1,703,692 438,727 – – – – 133,311 – 803,852 44,323 – – – – 13,468 – 81,211 – 305,617 978,174 – – 305,617 – 3,095,971 – 4,489 14,368 – – 4,489 – 45,475 – 275,653 1,093,759 – – 275,653 – 2,626,213 1,601,750 692,136 8,356,413 – – – – – – – – 232,534 4,622 18,106 – 70,657 – 276,794 – 242,689 – – – – 70,907 – 769,612 46,100 – – – – 14,008 – 84,467 – 149,513 478,539 – – 149,513 – 1,514,601 – 10,770 34,471 – – 10,770 – 109,103 126,392 501,509 – – 126,392 – 1,204,167 – 4,000 15,872 – – 4,000 – 38,061 521,323 276,794 3,720,011 Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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Gold Fields Annual Financial Report including Governance Report 2019 54 REMUNERATION REPORT continued Executive Opening number of awards on 1 Jan 2018 Granted/ enhanced vesting during 2018 Forfeited/ lapsed during 2018 Vested during 2018 Closing number on 31 Dec 2018 Cash value on settlement during 2018 US$ A Nagaser 2015 Cash LTIP 200,000 – 110,000 90,000 – 90,000 2016 performance shares PS9 33,136 – – – 33,136 – 2017 performance shares PS10 48,673 – – – 48,673 – 2018 performance shares PS11* – – – – – 2018 MSR matching shares* – – – – – 2019 performance shares PS12 2019 matching shares Total 90,000 T Harmse1 2015 Cash LTIP 560,000 – 308,000 252,000 – 252,000 2016 performance shares PS9 88,048 – – – 88,048 – 2017 performance shares PS10 95,126 – – – 95,126 – 2017 MSR matching shares 2,592 – – – 2,592 – 2018 performance shares PS11* – – – – – 2019 performance shares PS12 2019 MSR matching shares – – – – – Total 252,000 B Mattison 2015 Cash LTIP 660,000 – 363,000 297,000 – 297,000 2016 performance shares PS9 108,877 – – – 108,877 – 2017 performance shares PS10 116,641 – – – 116,641 – 2017 MSR matching shares 14,368 – – – 14,368 – 2018 performance shares PS11* – – – – – – 2018 MSR matching shares* – – – – – – 2019 performance shares PS12 – – – – – 2019 MSR matching shares – – – – – Total 297,000 M Preece 2017 performance shares PS10 53,462 – – – 53,462 – 2018 performance shares PS11* – – – – – 2018 MSR matching shares* – – – – – 2019 performance shares PS12 – – – – – 2019 MSR matching shares – – – – – Total – R Butcher 2016 performance shares PS9 23,964 – – – 23,964 – 2017 performance shares PS10 98,389 – – – 98,389 – 2018 performance shares PS11* – – – – – 2019 performance shares PS12 – – – – – Total – Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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55 Gold Fields Annual Financial Report including Governance Report 2019 Closing estimated fair value at 31 Dec 2018 US$ Granted/ enhanced vesting during 2019 Fair value at grant date Forfeited/ lapsed during 2019 Vested during 2019 Closing number on 31 Dec 2019 Cash value on settlement during 2019 US$ Closing estimated fair value at 31 Dec 2019 US$ – – – – – – – – 116,684 2,319 9,085 – 35,455 – 138,893 – 166,590 – – – 48,673 – 528,288 – 102,633 328,493 – – 102,633 – 1,039,696 – 3,722 11,913 – – 3,722 – 37,705 57,841 229,506 – – 57,841 – 551,065 11,818 46,892 – – 11,818 – 112,450 283,274 138,893 2,269,204 – – – – – – – 310,050 6,163 24,143 – 94,211 – 369,065 – 325,582 – – – 95,126 – 1,032,480 8,530 – 2,592 – – – – – 150,434 481,487 – – 150,434 – 1,523 931 127,171 504,600 – – 127,171 – 1,211,589 – 3,333 13,225 – – 3,333 – 31,714 644,162 369,065 3,799,715 – – – – – – – 383,396 7,621 29 855 – 116,498 – 456,373 – 399,220 – – – 116,641 – 1,266,000 47,285 – – – 14,368 – 86,638 – 242,291 775,489 – – 242,291 – 2,454,464 – 2,911 9,317 – – 2,911 – 29,489 – 155,412 616,657 – – 155,412 – 1,480,648 – 5,499 21,819 – – 5,499 – 52,324 829,901 456,373 5,369,563 188,259 – – – 53,462 – 580,267 – 75,153 240,539 – – 75,153 – 761,317 – – – – – – – – – 60,276 239,168 – – 60,276 – 574,264 – – – – – – – – 188,259 – 7,337,735 84,386 1,677 6,570 – 25,641 – 100,447 – 346,464 – – – 98,389 – 1,067,896 – 98,523 315,338 – – 98,523 – 998,061 – 81,368 322,859 – – 81,368 – 775,213 430,850 100,447 2,841,170 Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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Gold Fields Annual Financial Report including Governance Report 2019 56 REMUNERATION REPORT continued Executive Opening number of awards on 1 Jan 2018 Granted/ enhanced vesting during 2018 Forfeited/ lapsed during 2018 Vested during 2018 Closing number on 31 Dec 2018 Cash value on settlement during 2018 US$ S Mathews 2015 Cash LTIP 440,000 – 242,000 198,000 – 198,000 2016 performance shares PS9 72,802 – – – 72,802 – 2017 performance shares PS10 107,533 – – – 107,533 – 2018 performance shares PS11* – – – – – 2019 performance shares PS12 – – – – – Total 198,000 R Bardien 2018 performance shares PS11* – – – – – 2019 performance shares PS12 – – – – – Total – General notes: a. The 2016 performance shares awarded on 1 March 2016, vested and were valued on the 1 March 2019 share price at a final vesting of 107% as determined at the end of the performance period (1 January 2016 to 31 December 2018) b. The 2017 performance shares awarded on 1 March 2017, vesting on 1 March 2020, were valued at the share price noted below with an estimated vesting in 2018 of 104% and in 2019 of 180% c. The 2018 performance shares awarded in February 2019 (effective 1 March 2018), vesting on 1 March 2021, were valued at the share price noted below with an estimated vesting in 2019 of 168% d. The 2018 matching shares awarded in February 2019 (effective 1 March 2018) and were valued at the share price noted below with an estimated vesting of 100% e. The 2019 performance shares awarded on 1 March 2019, vesting on 1 March 2022, were valued at the share price noted below with an estimated vesting in 2019 of 158% f. The 2019 matching shares awarded on 1 March 2019 were valued at the share price noted below with an estimated vesting of 100% g. The 20-day volume weighted average price, for determining the value of the unvested awards as at 31 December 2018, is US$3.29 h. The 20-day volume weighted average price, for determining the value of the unvested awards as at 31 December 2019, is US$6.03 i. Share prices used are based on the ADR share price Specific notes 1 T Harmse – matching shares initially awarded in line with MSR policy were forfeited due to a personal shares transaction and will be replaced with new matching shares in early 2020 * 2018 performance and matching shares were awarded in 2019 due to the Company being in a self-imposed special closed period during 2018 Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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57 Gold Fields Annual Financial Report including Governance Report 2019 Closing estimated fair value at 31 Dec 2018 US$ Granted/ enhanced vesting during 2019 Fair value at grant date Forfeited/ lapsed during 2019 Vested during 2019 Closing number on 31 Dec 2019 Cash value on settlement during 2019 US$ Closing estimated fair value at 31 Dec 2019 US$ – – – – – – – 256,363 5,096 19,963 – 77,898 – 305,160 – 378,663 – – – 107,533 – 1,167,144 – 161,520 516,969 – – 161,520 – 1,636,235 – 109,577 434,789 – – 109,577 – 1,043,967 635,026 305,160 3,847,345 – 81,760 261,685 – – 81,760 – 828,248 – 69,117 274,248 – – 69,117 – 658,494 – – 1,486,742 Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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Gold Fields Annual Financial Report including Governance Report 2019 58 REMUNERATION REPORT continued Non-binding advisory vote – Implementation Report As set out in King IV, shareholders are required to cast a non-binding advisory vote on the Implementation Report at Gold Fields’ AGM on 19 May 2020. Should there be a 25% or higher vote against the adoption of the above, we will embark upon a process of shareholder engagement to understand the drivers of the dissenting votes, and to discuss potential remedial measures. NED’s fees NEDs were paid the following committee and Board fees as approved by shareholders on 21 May 2018 for the period 1 January 2019 to 31 May 2019; and on the 22 May 2019 for the period 1 June 2019 to 31 December 2019. US$’000 2019 Board fees Name Directors’ fees Committee fees Total Total received for the period ending 31 December 2018 Cheryl Carolus 215.77 215.77 231.30 Rick Menell 140.46 140.46 150.50 Yunus Suleman 70.82 65.66 136.48 148.40 Peter Bacchus 79.30 72.90 152.19 141.70 Steven Reid1 79.30 62.93 142.22 136.00 Terence Goodlace 70.82 35.82 106.64 114.30 Alhassan Andani2 79.30 46.01 125.30 120.80 Carmen Letton 79.30 51.59 130.88 130.40 Phuti Mahanyele-Dabengwa 70.82 29.98 100.80 28.60 Donald Ncube3 51.90 1 Steven Reid – director of subsidiary entities in the Netherlands and Isle of Man. Annual fees of €12,000 and ?16,645 pro-rated from 1 August 2019 - he received US$14,351 (2018: US$nil) – paid by Gold Fields Netherlands Services BV and Orogen, respectively 2 Alhassan Andani – appointed on 1 August 2016 as director of GF Ghana Limited and Gold Fields Abosso Limited. He received US$70,021 (2018: US$141,605) for duties performed on behalf of these entities 3 Donald Ncube retired from the Board at end-May 2018 We intend to seek approval from shareholders at the AGM on 19 May 2020 for NEDs’ fees for the period 1 June 2020 to 31 May 2020. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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59 Gold Fields Annual Financial Report including Governance Report 2019 MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS The following management’s discussion and analysis of the financial statements should be read together with the Gold Fields consolidated financial statements, including the notes accompanying these financial statements. OVERVIEW Gold Fields is a significant producer of gold and a major holder of gold reserves and resources in South Africa, Ghana, Australia and Peru. In Peru, Gold Fields also produces copper. In addition, Gold Fields has completed a feasibility study on the Salares Norte deposit in Chile and the final notice to proceed (“FNTP”) was provided by the Board in February 2020. Gold Fields is primarily involved in underground and surface gold and surface copper mining and related activities, including exploration, extraction, processing and smelting. In 2019, the South African, Ghanaian (including Asanko), Peruvian and Australian operations produced 10%, 37%, 13% and 40% of its total gold production, respectively. Gold Fields’ South African operation is South Deep. Gold Fields also owns the St Ives, Agnew, Granny Smith and Gruyere (50%) gold mining operations in Australia, a 90.0% interest in the Tarkwa and Damang mines in Ghana and a 45% interest in the Asanko mine in Ghana. Gold Fields also owns a 99.5% interest in the Cerro Corona mine in Peru. Asanko On 29 March 2018, Gold Fields entered into certain definitive agreements with Asanko Gold Inc. (“Asanko”) pursuant to which, among other things, Gold Fields and Asanko would each own a 45% interest in Asanko Gold Ghana Limited (“AGGL”), the former Asanko subsidiary that owns the Asanko Gold mine, with the government of Ghana continuing to retain a 10% free-carried interest in AGGL. On 20 June 2018, Gold Fields and Asanko received approval of the joint venture transaction (“JV transaction”) from the Ghanaian Minister of Lands and Natural Resources and the JV transaction closed on 31 July 2018 once all conditions precedent were met. In consideration for its interests in the joint venture, Gold Fields contributed US$165 million. An additional US$20 million was invested in the redeemable preference shares in 2019. The total cash invested amounted to US$185 million. Gold Fields and Asanko have joint control as each party has equal representation on the management committee that governs the relevant activities of the arrangement. For the purpose of the review of the Group’s results by the Chief Operating Decision Maker (“CODM”), in terms of IFRS 8 Operating Segments, Asanko is proportionately consolidated. As a result, the management’s discussion and analysis includes analysis of Asanko’s results where appropriate. Where reference is made to “excluding equity accounted investees” or “excluding Asanko”, this refers to amounts determined in accordance with IFRS. All other references to Asanko are non-IFRS. Darlot In 2017, Gold Fields sold the Darlot mine in Western Australia, through a wholly owned subsidiary, to ASX-listed Red 5 Limited (“Red 5”) for a total consideration of A$18.5 million, comprising A$12 million in cash and 130 million Red 5 shares. The cash component was made up of an upfront amount of A$7 million which could be converted into participation in a Red 5 rights issue and A$5 million deferred for up to 24 months. The deferred consideration may be taken as additional shares in Red 5 or as cash at Gold Fields’ election. The gain on disposal of Darlot was A$31 million (US$24 million). The sale of Darlot was completed on 2 October 2017. Gold Fields received the relevant upfront cash consideration (converted into participation in a Red 5 rights issue) as well as the issue of the Red 5 shares as part of the consideration during 2017. In 2017, Gold Fields participated in a rights issue by Red 5 and received 117 million additional shares valued at A$6 million (US$5 million). Gold Fields had a 19.9% shareholding in Red 5 with a market value of A$15 million (US$11 million). The deferred consideration was received in cash during 2018. During 2019, Gold Fields sold its 19.9% shareholding in Red 5 for A$30 million (US$21 million) realising a profit of A$17.2 million (US$12.4 million). Darlot has been disclosed as a discontinued operation in the 2017 results. Gruyere On 13 December 2016, Gold Fields purchased 50% of the Gruyere Gold project and entered into a 50:50 unincorporated joint venture with Gold Road Resources Limited (“Gold Road”) for the development and operation of the Gruyere Gold project in Western Australia, which comprises the Gruyere gold deposit as well as additional resources including Central Bore and Attila/ Alaric (“Gruyere”). Gold Fields acquired a 50% interest in the Gruyere Gold project for a total purchase consideration of A$350 million (US$259 million) payable in cash and a 1.5% royalty on Gold Fields’ share of production after total mine production exceeds two million ounces. The cash consideration was split with A$250 million (US$185 million) payable on the effective date and A$100 million (US$74 million) payable according to an agreed construction cash call schedule. Of the A$100 million payable, A$7 million was paid in 2016, A$78 million in 2017 and A$15 million in 2018. Transaction costs of A$19 million (US$13 million) were incurred. The Gruyere project was successfully completed during 2019, with first gold produced in June 2019. Commercial levels of production were achieved at the end of September 2019. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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Gold Fields Annual Financial Report including Governance Report 2019 60 MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS (continued) Salares Norte project As discussed above, the Environmental Impact Assessment for the project was approved on 18 December 2019, earlier than estimated in the project schedule. As a result, the updated feasibility study was presented to the Board in February 2020 and the final notice to proceed (“FNTP”) was provided by the Board. The updated capital expenditure estimate is US$860 million (in 2020 terms). The capital expenditure is scheduled over a 33-month period commencing in April 2020. The other key elements of the updated feasibility study are: Mineral Reserve of 3.5 million ounces of gold and 39 million ounces of silver for a gold equivalent Reserve of 4.0 million ounces as at December 2019; 11.5-year life-of-mine; Construction is scheduled to commence in Q4 2020; First production in Q1 2023; Annual throughput of 2 million tonnes of ore; Life-of-mine production of 3.7 million ounces gold equivalent; Average annual production of 450koz gold equivalent for the first seven years, and average annual production of 355koz gold equivalent for the first 10 years; and AISC over the life-of-mine of US$552 per gold equivalent ounce. During 2019, the district exploration yielded encouraging results at the Horizonte Project. In addition, more work is being done on the step out potential at Agua Amarga North and Brecha West targets on the Salares Norte project area. Placing of ordinary shares On 12 February 2020, Gold Fields successfully completed the placing of 41,431,635 new ordinary, no par value shares with existing and new institutional investors at a price of R90.20 per share. Gross proceeds of approximately R3.7 billion (US$252 million) were raised through the placing. The net proceeds from the placing will be used to continue pre-development work and commence construction of the Salares Norte project. Reserves and resources As of 31 December 2019, Gold Fields reported attributable proved and probable gold and copper reserves of approximately 49 million ounces of gold and 616 million pounds of copper, as compared to the 48 million ounces of gold and 691 million pounds of copper reported as of 31 December 2018. Gold production 2019 2018 2017 Figures in thousands unless otherwise stated Gold produced – oz Managed Gold produced – oz Attributable Gold produced – oz Managed Gold produced – oz Attributable Gold produced – oz Managed Gold produced – oz Attributable South Deep 222.1 222.1 157.1 157.1 281.3 281.3 South Africa region 222.1 222.1 157.1 157.1 281.3 281.3 Tarkwa 519.1 467.2 524.9 472.4 566.4 509.8 Damang 208.4 187.6 180.8 162.7 143.6 129.2 Asanko – 45% 113.0 113.0 44.5 44.5 – – Ghanaian region 840.5 767.8 750.2 679.6 710.0 639.0 Cerro Corona 292.7 291.3 314.1 312.6 306.7 305.3 South America region 292.7 291.3 314.1 312.6 306.7 305.3 St Ives 370.6 370.6 366.9 366.9 363.9 363.9 Agnew 219.4 219.4 239.1 239.1 241.2 241.2 Granny Smith 274.8 274.8 280.4 280.4 290.3 290.3 Gruyere – 50% 49.5 49.5 – – – – Australia region 914.3 914.3 886.4 886.4 895.4 895.4 Continuing operations 2,269.5 2,195.4 2,107.8 2,035.7 2,193.3 2,121.0 Discontinued operation – Darlot – – – – 39.2 39.2 Total Group (excluding Asanko) 2,156.5 2,082.4 2,063.2 1,991.2 2,232.5 2,160.2 Total Group (including Asanko) 2,269.5 2,195.4 2,107.8 2,035.7 2,232.5 2,160.2 Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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61 Gold Fields Annual Financial Report including Governance Report 2019 Gold production for the Group (continuing and discontinued operations, including Asanko) was 2.270 million ounces (2018: 2.108 million ounces and 2017: 2.233 million ounces) of gold equivalents in 2019, 2.195 million ounces (2018: 2.036 million ounces and 2017: 2.160 million ounces) of which were attributable to Gold Fields with the remainder attributable to non-controlling shareholders in Ghana and Peru. Gold production for the Group (continuing and discontinued operations, excluding Asanko) was 2.156 million ounces (2018: 2.063 million ounces and 2017: 2.233 million ounces) of gold equivalents in 2019, 2.082 million ounces (2018: 1.991 million ounces and 2017: 2.160 million ounces) of which were attributable to Gold Fields with the remainder attributable to non-controlling shareholders in Ghana and Peru. Gold production for continuing operations (including Asanko) was 2.270 million ounces (2018: 2.108 million ounces and 2017: 2.193 million ounces) of gold equivalents in 2019, 2.195 million ounces (2018: 2.036 million ounces and 2017: 2.121 million ounces) of which were attributable to Gold Fields with the remainder attributable to non-controlling shareholders in Ghana and Peru. Gold production for continuing operations (excluding Asanko) was 2.156 million ounces (2018: 2.063 million ounces and 2017: 2.193 million ounces) of gold equivalents in 2019, 2,082 million ounces (2018: 1.991 million ounces and 2017: 2.121 million ounces) of which were attributable to Gold Fields with the remainder attributable to non-controlling shareholders in Ghana and Peru. Gold production from the discontinued operation, Darlot, was 0.039 million ounces in 2017, all of which were attributable to Gold Fields. At South Deep in South Africa, production increased by 41% from 4,885 kilograms (157,100 ounces) in 2018 to 6,907 kilograms (222,100 ounces) in 2019 due to an increase in both volume and grade mined. At the Ghanaian operations (including Asanko), gold production increased by 12% from 750,200 ounces in 2018 to 840,500 ounces in 2019, driven by the build-up in production at Damang and inclusion of 12 months production from Asanko (2018 only included Asanko’s production for five months). Ghanaian operations (excluding Asanko), gold production increased by 3% from 705,700 ounces in 2018 to 727,500 ounces in 2019, driven by the build-up in production at Damang. At Tarkwa, gold production decreased by 1% from 524,900 ounces in 2018 to 519,100 ounces in 2019. At Damang, gold production increased by 15% from 180,800 ounces in 2018 to 208,400 ounces in 2019 mainly due to higher head grade and tonnes treated. At Asanko, gold production attributable to Gold Fields amounted to 44,500 ounces for the five months ended December 2018 and compared to 113,000 ounces for the 12 months ended December 2019. Gold equivalent production at Cerro Corona decreased by 7% from 314,100 ounces in 2018 to 292,700 ounces in 2019 mainly due to the lower copper price relative to the gold price (price factor). At the Australian continuing operations, gold production increased by 3% from 886,400 ounces in 2018 to 914,300 ounces in 2019 mainly due to the inclusion of Gruyere production from H2 2019. St Ives’ gold production increased by 1% from 366,900 ounces in 2018 to 370,600 ounces in 2019. At Agnew, gold production decreased by 8% from 239,100 ounces in 2018 to 219,400 ounces in 2019 due to decreased grade of ore mined and processed. At Granny Smith, gold production decreased by 2% from 280,400 ounces in 2018 to 274,800 ounces in 2019 due to a decrease in tonnes mined and processed. At Gruyere, gold production attributable to Gold Fields amounted to 49,500 ounces for the year ended December 2019. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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Gold Fields Annual Financial Report 2019 including Governance Report MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS (continued) NON-IFRS MEASURES The Annual Financial Report contains certain non-IFRS financial measures in respect of the Group’s financial performance, the statement of financial position and cash flows presented in order to provide users with relevant information and measures used by the Group to assess performance. Non-IFRS financial measures are financial measures other than those defined or specified under all relevant accounting standards. They are presented for illustrative purposes only and due to their nature may not fairly present Gold Fields’ financial position, changes in equity, results of operations or cash flows. In addition, these measures may not be comparable to similarly titled measures used by other companies. The following table sets out the non-IFRS financial measures disclosed throughout the Annual Financial Report and where they are reconciled to IFRS: Reference to where reconciled Non-IFRS measure Purpose of measure to IFRS All-in sustaining costs Intended to provide transparency into the costs associated with p67 (“AISC”) producing and selling an ounce of gold. All-in costs (“AIC”) Intended to provide transparency into the costs associated with p67 producing and selling an ounce of gold (including growth capital). Adjusted EBITDA (pre- and post-IFRS 16) Net debt (pre- and post-IFRS 16) Used in the ratio to monitor the capital of the Group. p206 Net debt to adjusted EBITDA (pre- and post-IFRS 16) Cash flow from operating Management uses net cash flow to measure the cash generated by p113 activities less net capital the core business. expenditure, environmental payments, lease payments and redemption of Asanko preference shares Adjusted free cash flow Used as a key metric in the determination of the long-term incentive and adjusted free cash p74 plan. flow margin Sustaining and non-sustaining capital Used in the determination of AISC and AIC. p68 expenditure REVENUES Substantially all of Gold Fields’ revenues are derived from the sale of gold and copper. As a result, Gold Fields’ revenues are directly related to the prices of gold and copper. Historically, the prices of gold and copper have fluctuated widely. The gold and copper prices are affected by numerous factors over which Gold Fields does not have control. The volatility of gold and copper prices is illustrated in the following tables, which show the annual high, low and average of the London afternoon fixing price of gold and the London Metal Exchange (“LME”) cash settlement price for copper in US Dollar for the past 12 calendar years (2008 to 2019):

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63 Gold Fields Annual Financial Report including Governance Report 2019 Price per ounce1 High Low Average Gold (US$/oz) 2008 1,011 713 872 2009 1,213 810 972 2010 1,421 1,058 1,224 2011 1,895 1,319 1,571 2012 1,792 1,540 1,669 2013 1,694 1,192 1,409 2014 1,385 1,142 1,266 2015 1,296 1,060 1,167 2016 1,355 1,077 1,250 2017 1,346 1,151 1,257 2018 1,355 1,178 1,269 2019 1,546 1,270 1,393 Source: I-Net 1 Rounded to the nearest US Dollar. On 25 March 2020, the London afternoon fixing price of gold was US$1,606/oz. Price per tonne1 High Low Average Copper (US$/t) 2008 8,985 2,770 6,952 2009 7,346 3,051 5,164 2010 9,740 6,091 7,539 2011 9,986 7,062 8,836 2012 8,658 7,252 7,951 2013 8,243 6,638 7,324 2014 7,440 6,306 6,861 2015 6,401 4,347 5,376 2016 5,936 4,311 4,863 2017 7,216 5,466 6,166 2018 7,263 5,823 6,539 2019 6,572 5,537 6,000 Source: I-Net 1 Rounded to the nearest US Dollar. On 25 March 2020, the LME cash settlement price for copper was US$4,754/t. As a general rule, Gold Fields sells the gold it produces at market prices to obtain the maximum benefit from prevailing gold prices and does not enter into hedging arrangements such as forward sales or derivatives which establish a price in advance for the sale of its future gold production. Hedges can be undertaken in one or more of the following circumstances: to protect cash flows at times of significant capital expenditures, for specific debt servicing requirements and to safeguard the viability of higher cost operations. Significant changes in the prices of gold and copper over a sustained period of time may lead Gold Fields to increase or decrease its production in the near term, which could have a material impact on Gold Fields’ revenues. Sales of copper concentrate are “provisionally priced” – that is, the selling price is subject to final adjustment at the end of a period normally ranging from 30 to 90 days after delivery to the customer, based on market prices at the relevant quotation points stipulated in the contract. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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Gold Fields Annual Financial Report including Governance Report 2019 64 MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS (continued) Revenue on provisionally priced copper concentrate sales is recorded on the date of shipment, net of refining and treatment charges, using the forward LME price to the estimated final pricing date, adjusted for the specific terms of the agreements. Variations between the price used to recognise revenue and the actual final price received can be caused by changes in prevailing copper and gold prices. Changes in the fair value as a result of changes in forward metal prices are classified as provisional price adjustments and included as a component of revenue. Gold Fields’ realised gold and copper prices The following table sets out the average, the high and the low London afternoon fixing price per ounce of gold and Gold Fields’ average US Dollar realised gold price during the past three years. Realised gold price1 2019 2018 2017 Average 1,393 1,269 1,257 High 1,546 1,355 1,346 Low 1,270 1,178 1,151 Gold Fields’ average realised gold price2 1,388 1,252 1,255 1 Prices stated per ounce. 2 Gold Fields’ average realised gold price may differ from the average gold price due to the timing of its sales of gold within each year. The following table sets out the average, the high and the low LME cash settlement price per tonne for copper and Gold Fields’ average US Dollar realised copper price for 2017, 2018 and 2019. Realised copper price1 2019 2018 2017 Average 6,000 6,539 6,166 High 6,572 7,263 7,216 Low 5,537 5,823 5,466 Gold Fields’ average realised copper price2 5,996 6,547 6,131 1 Prices stated per tonne. 2 Gold Fields’ average realised copper price may differ from the average copper price due to the timing of its sales of copper within each year. IFRS 16 LEASES The Group applied IFRS 16 Leases from 1 January 2019, using the modified retrospective approach. The Group recognised lease liabilities in relation to leases which had previously been classified as operating leases under the principles of IAS 17 Leases. On transition to IFRS 16, these liabilities were measured at the present value of the remaining lease payments, discounted using the Group’s incremental borrowing rate as at 1 January 2019 and an additional lease liability of US$210 million was recognised. The Group elected to recognise the right-of-use assets at an amount equal to the lease liability at 1 January 2019 and the Group applied the following practical expedients for IFRS 16: Relying on previous assessments on whether leases are onerous as an alternative to performing an impairment review. There were no onerous contracts as at 1 January 2019; and Accounting for operating leases with a remaining lease term of less than 12 months as at 1 January 2019 as short-term leases. For leases previously classified as finance leases the entity recognised the carrying amount of the lease asset and lease liability immediately before transition as the carrying amount of the right-of-use asset and the lease liability at the date of initial application. The judgements applied by the Group in applying IFRS 16 included the following: Assessing whether an arrangement contains a lease; Determining the discount rate; and Determining the non-lease components of an arrangement that will be separated. The Group recognised right-of-use assets and lease liabilities for its operating leases for the following material contracts, which relate mainly to the Australian and Ghanaian operations: Power Purchase Agreements (“PPAs”); Rental of gas pipelines; Ore haulage and site services; Transportation contracts; Mining equipment hire; and Property rentals. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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65 Gold Fields Annual Financial Report including Governance Report 2019 PRODUCTION Gold Fields’ revenues are primarily driven by its production levels and the price it realises on the sale of gold. Production levels are affected by a number of factors, some of which are described below. Total managed production for the Group (including Asanko) increased by 8% from 2.108 million ounces in 2018 to 2.270 million ounces in 2019. Total managed production (excluding Asanko) increased by 5% from 2.063 million ounces in 2018 to 2.157 million ounces in 2019. LABOUR IMPACT In recent years, Gold Fields has experienced union activity in some of the countries in which it operates, specifically South Africa and Ghana. A critical element of delivering safe production is a workforce that is appropriately structured and skilled to achieve the required results. Apart from focused recruitment and training programmes and setting up the right culture at the operations, it also means rightsizing the number of employees and contractors when conditions require this. In early 2018, Gold Fields announced a move by Tarkwa to contractor mining. The restructuring was completed successfully and the contractors started operations on 24 March 2018. South Deep has a relatively well-educated labour force with a component of skilled and semi-skilled employees who receive remuneration packages that are competitive and highly incentivised. There is also no evidence to date that the Association of Mineworkers and Construction Union (“AMCU”), which has been responsible for extensive strike action at South Africa’s gold and platinum mines, has established a material presence at the mine. The National Union of Mineworkers (“NUM”) is the dominant union. South Deep embarked on a restructuring process on 14 August 2018. The prescribed consultation process was concluded on 28 October 2018 culminating in the retrenchment of 1,092 permanent employees and 420 contractors. The majority union, the NUM, obtained a certificate of non-resolution from the Commission for Conciliation, Mediation and Arbitration (“CCMA”) and issued a notice of intended industrial action on 31 October 2018. The protected industrial action commenced on 2 November 2018 and lasted six weeks. Employees participating in the industrial action blocked all roads to the mine, limiting access and the ability to continue with any mining operations. Production was therefore suspended and essential services continued on an intermittent basis when access was possible. Negotiations with all levels of the union (branch, regional and national) concluded on 18 December 2018 with the signing of a new agreement that ended the industrial action. The mine gradually resumed operations from 15 December 2018. The process had a profound impact on production with the operations suspended for 41 days with a preceding “go slow” and acts of sabotage as from the announcement of restructuring. It took an additional eight days to start up the underground sections post-15 December 2018. Over the years, Gold Fields has sought to develop relationships with trade unions that are supportive of the delivery of our business objectives, and the Group remains committed to this engagement. There were no work stoppages as a result of strikes during 2019 and 2017 at any of the Gold Fields operations. HEALTH AND SAFETY IMPACT Gold Fields’ operations are also subject to various health and safety laws and regulations that impose various duties on Gold Fields’ mines while granting the authorities broad powers to, among other things, close or suspend operations at unsafe mines and order corrective action relating to health and safety matters. Additionally, it is Gold Fields’ policy to halt production at its operations when serious accidents occur in order to rectify dangerous situations and, if necessary, retrain workers. During 2019, Gold Fields’ operations suffered seven work safety-related stoppages at South Deep, one related to the fatality in June and six related to unsafe conditions. In South Africa, Gold Fields has actively engaged with the Department of Mineral Resources (“DMR”) on the protocols applied to safety-related mine closures. Gold Fields expects that should the above factors continue, production levels in the future will be impacted. COSTS Over the last three years, Gold Fields’ production costs consisted primarily of labour and contractor costs, power, water and consumable stores, which include explosives, diesel fuel, other petroleum products and other consumables. Gold Fields expects that its total costs, particularly the input costs noted above, are likely to continue to increase in the near future driven by general economic trends, market dynamics and other regulatory changes. In order to counter the effect of increasing costs in the mining industry, the Group rationalised and prioritised capital expenditure without undermining the sustainability of its operations and continued prioritisation of cash generation over production volumes. The Group also undertook further reductions in labour costs. South Africa region The Gold Fields’ South African operation is labour intensive due to the use of deep level underground mining methods. As a result, over the last three fiscal years labour has represented on average 38% of all-in costs (“AIC”), as defined on page 67, at the South African operation. In 2019, labour represented 36% of AIC at the South African operation. In 2018, South Deep concluded a three-year wage agreement with organised labour which provides for an annual increase of 7.3%. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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Gold Fields Annual Financial Report including Governance Report 2019 66 MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS (continued) At the South African operation, power and water made up on average 9% of AIC over the last three years. In 2019, power and water costs made up 11% of AIC. Gold Fields’ South Deep mining operation depends on electrical power generated by the state-owned power provider Eskom which is regulated by the National Energy Regulator of South Africa (“NERSA”). Eskom tariffs are determined through a consultative multi-year price determination (“MYPD”) process, with occasional tariff increase adjustments under the NERSA regulated Regulatory Clearing Account (“RCA”) mechanism. Eskom financial years are from April to March. During 2018, Eskom submitted their three-year MYPD application to NERSA for 17%, 15% and 15%, applicable to periods 2019 to 2020, 2020 to 2021 and 2021 to 2022, respectively. NERSA then allowed Eskom tariff increases of 9.41%, 8.1% and 5.2%, for Eskom respective financial years 2019 to 2020, 2020 to 2021 and 2021 to 2022. Through the RCA mechanism, Eskom was granted another 4.41% for 2018 to 2019, thus the total applicable tariff increase was 13.82% for this period (2019 to 2020). Eskom is saddled with an approximate debt of R450 billion and is struggling to generate enough revenue to service this debt and sustainably cover operations. In 2019, Government, as the Eskom shareholder, allocated an additional R23 billion per annum (over a three-year period, for 2019, 2020 and 2021) to Eskom, which NERSA treated as Eskom revenue from operations instead of an equity injection for balance sheet stability, effectively implying the bailout was a tariff subsidy by general tax payers for the benefit of consumers. Eskom has turned to the courts to challenge this, arguing NERSA erred and the bailouts should not be treated as revenue. The implication is that electricity tariffs will likely rise to 16% for the period 2020 to 2021. The court dismissed the urgent nature of the Eskom submission, but has not decided on the merits of the case. It is likely that the courts will agree with Eskom and will instruct NERSA to remedy its decision. At the same time, Eskom has also turned to the courts challenging the previous RCA decision (the 2018/2019 4.41%) and the one-year tariff decision (the 2018/2019 5.23% tariff increase, Eskom applied for 9.9%), arguing again that NERSA erred and Eskom should have been granted a higher increase. Should Eskom win these court cases, electricity tariffs will increase to at least 16% per annum. At the same time, Eskom coal fired power stations performance continues to deteriorate with an unprecedented stage 6 (the national grid was short of 6GW) declared in December 2019, during the low demand power season. The underperformance is due to operating old power stations with delayed critical mid-life refurbishments, maintenance budgets diversion, allegations of corruption that saw construction of the new power station delayed, significant overspend and loss of critical skills at the generation business unit. During load shedding periods, Eskom burns significant amounts of diesel to run their gas turbines and called on large power users to curtail power demand. The extended use of these gas turbines will lead to Eskom requesting further tariff increases. Current inflation is approximately 5%, thus Eskom’s request is three times CPI tariff increases. Further tariff increases may lead to lower power demand as consumers switch to alternate electricity and energy sources, such as renewable energy sources, gas for domestic cooking and solar for water heating. This may further place a significant tariff burden to those remaining on the grid. Government has now acknowledged that Eskom is the single biggest risk to the economy and that the Eskom business model is obsolete. In February 2019, the President of South Africa announced the vertical unbundling of Eskom. This unbundling, while maintaining full-state ownership, is expected to result in the separation of Eskom’s generation, transmission and distribution functions, which will require legislative and possibly policy reform. An Eskom policy paper, guiding the unbundling process has been put out, which also serves to enable Eskom to actively participate in the renewable energy space. Gold Fields expects this process will take at least three years to implement causing continued poor reliability of the supply of electricity, instability in prices and a possible increase in the tariff. West Africa region In Ghana, Tarkwa and Damang mines are primarily supplied power by an independent power producer with on-site gas turbines through a long-term power purchase agreement. Prior to installation of the on-site turbines, Tarkwa and Damang were supplied power by Volta River Authority (“VRA”) and Electricity Company of Ghana (“ECG”), respectively. The supply provided by the VRA and ECG was unreliable and in order to reduce their reliance on power supplied by the VRA and ECG, Tarkwa and Damang entered into a power purchasing agreement with the above independent power producer. Both VRA and ECG now serve as back supply for the Tarkwa and Damang mines, respectively. The independent power supply accounts for some 95% of the electricity consumed at Tarkwa mine and 100% at Damang mine with a 27.5 megawatt power plant at Damang and a 44 megawatt power plant at Tarkwa mine. While Tarkwa has electricity supplied by an independent power producer, it experienced challenges with frequent power surges from the grid, which caused some delays in the process plant. During 2019, the independent power producer commissioned a 77km buried gas pipeline to supply Tarkwa and Damang with natural gas, instead of trucking in liquid petroleum gas via national roads. Power and water costs represented on average 7% of AIC at Tarkwa over the last three years, and 5% of AIC during 2019. Over the last three years, power and water costs represented on average 9% of AIC at Damang with 7% in 2019. Contractor costs represented on average 20% of AIC at Tarkwa over the last three years, and 36% of AIC during 2019. The increase in 2019 at Tarkwa is due to the higher operational tonnes mined during 2019 as well as contractor mining for nine months in 2018 compared to 12 months in 2019. Over the last three years, contractor costs represented on average 23% of Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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67 Gold Fields Annual Financial Report including Governance Report 2019 AIC at Damang with 28% in 2019. Following the restructuring concluded in the first half of 2016 in Damang and first quarter of 2018 for Tarkwa, the direct labour cost decreased as all mining and development is performed by outside contractors. Direct labour costs represent on average a further 13% of AIC at Tarkwa over the last three years and 9% in 2019. Over the last three years, direct labour costs represented on average 10% at Damang and 9% in 2019. South American region At Cerro Corona, contractor costs represented on average 26% of AIC over the last three years and 24% of AIC during 2019. Direct labour costs represent on average a further 18% of AIC over the last three years and 18% in 2019. Power and water made up on average a further 6% of AIC over the last three years and 5% in 2019. Australia region At the Australian operations, mining operations were historically conducted by outside contractors. However, at Agnew, owner mining is conducted at the underground operations, while development is conducted by outside contractors. At St Ives, owner mining is conducted at the underground and surface operations, but development is still conducted by contractors. Over the last three years, total contractor costs represented on average 21% at St Ives and 31% at Agnew of AIC and direct labour costs represented on average a further 13% at St Ives and 15% at Agnew of AIC. In 2019, contractors and direct labour costs represented 25% and 11% at St Ives and 27% and 13% at Agnew, respectively. Power and water made up, on average, a further 6% and 4% of AIC over the last three years and 5% and 4% of AIC in 2019 at St Ives and Agnew, respectively. At Granny Smith, mining operations and development are conducted through owner mining. Over the last three years, contractors and direct labour costs represented, on average, 12% and 21%, respectively, at Granny Smith. In 2019, contractors and direct labour costs represented 8% and 21% at Granny Smith. Power and water made up, on average, a further 6% of AIC over the last three years and 6% of AIC in 2019 at Granny Smith. No such analysis has been performed for Gruyere as the mine was only in commercial levels for quarter four of 2019. The remainder of Gold Fields’ total costs consists primarily of amortisation and depreciation, exploration costs and selling, administration and general and corporate charges. ALL-IN SUSTAINING AND ALL-IN COSTS The World Gold Council has worked closely with its member companies to develop definitions for all-in sustaining costs (“AISC”) and AIC. The World Gold Council is not a regulatory industry organisation and does not have the authority to develop accounting standards or disclosure requirements. Gold Fields ceased being a member of the World Gold Council in 2014. AISC and AIC are non-IFRS measures. These non-IFRS measures are intended to provide further transparency into the costs associated with producing and selling an ounce of gold. The new standard was released by the World Gold Council on 27 June 2013. It is expected that these metrics will be helpful to investors, governments, local communities and other stakeholders in understanding the economics of gold mining. The AISC incorporates costs related to sustaining current production. The AIC include additional costs which relate to the growth of the Group. AISC, as defined by the World Gold Council, are operating costs plus all costs not already included therein relating to sustaining current production, including sustaining capital expenditure. The value of by-product revenues such as silver and copper is deducted from operating costs as it effectively reduces the cost of gold production. AIC starts with AISC and adds additional costs which relate to the growth of the Group, including nonsustaining capital expenditure and exploration, evaluation and feasibility costs not associated with current operations. On 14 November 2018, the World Gold Council published an update to its guidance note on the interpretation of all-in sustaining and all-in costs. The note provided additional clarity on what constitutes growth capital expenditure. Gold Fields has considered the new guidance note to ensure the interpretation of the guidelines is consistent with the additional guidance now available and has adopted it prospectively from 1 January 2019. Based on the revised World Gold Council interpretation guidance, all-in sustaining costs for the Group are US$897 per ounce in 2019. One of the benefits of adopting the new standard is closer alignment of our cost reporting with existing practices in our sector. AISC and AIC are reported on a per ounce of gold basis, net of by-product revenues (as per the World Gold Council definition) as well as on a per ounce of gold equivalent basis, gross of by-product revenues. An investor should not consider AISC and AIC or operating costs in isolation or as alternatives to operating costs, cash flows from operating activities or any other measure of financial performance presented in accordance with International Financial Reporting Standards (“IFRS”). AISC and AIC as presented in this Annual Financial Report may not be comparable to other similarly titled measures of performance of other companies. The following tables set out a reconciliation of Gold Fields’ cost of sales before gold inventory change and amortisation and depreciation, as calculated in accordance with IFRS (refer to the consolidated financial statements), to its AISC (original interpretation) and AIC (original interpretation) net of by-product revenues per ounce of gold sold for 2019, 2018 and 2017. The following tables also set out AISC (original interpretation) and AIC (original interpretation) gross of by-product revenue on a gold equivalent ounce basis for 2019, 2018 and 2017. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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Gold Fields Annual Financial Report including Governance Report 2019 68 MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS (continued) United States Dollar AISC and AIC, net of by-product revenue per ounce of gold For the year ended 31 December 2019 Figures in millions unless otherwise stated South Deep Tarkwa Damang Asanko1 St Ives Agnew Granny Smith Gruyere 50% Cerro Corona Corporate and projects Total Group including equity accounted joint venture Total Group excluding equity accounted joint venture Cost of sales before gold inventory change and amortisation and depreciation (245.9) (329.8) (150.4) (87.0) (231.2) (164.5) (156.9) (19.1) (168.4) — (1,553.4) (1,466.4) Gold inventory change 3.7 14.4 8.8 (1.4) 2.5 2.6 (0.3) 5.4 6.0 — 41.6 43.0 Royalties (1.6) (25.8) (10.3) (7.7) (12.5) (7.3) (9.5) (1.3) (5.5) — (81.4) (73.7) Realised gains or losses on commodity cost hedges — 3.9 1.5 — 1.9 0.6 0.5 — — — 8.5 8.5 Community/social responsibility costs (1.7) (11.7) (1.2) (0.1) — — — — (3.4) — (18.2) (18.0) Non-cash remuneration (share-based payments) 0.8 (3.4) (1.8) — (1.7) (1.2) (1.3) (0.1) (1.1) (10.7) (20.5) (20.5) Cash remuneration (long-term employee benefits) (1.8) (1.5) (0.7) — (0.9) (0.6) (0.7) (0.1) (0.4) (2.4) (9.1) (9.1) Other6 — — — — — — — (4.4) (0.9) (5.3) (5.3) By-product revenue2 0.3 1.6 0.1 0.4 0.6 0.3 0.1 0.1 165.1 — 168.5 168.2 Rehabilitation, amortisation and interest (0.2) (4.2) (1.4) (0.4) (4.0) (1.8) (1.6) (0.6) (5.8) (0.3) (20.3) (19.9) Sustaining capital expenditure3 (33.1) (125.5) (5.8) (19.6) (98.3) (76.1) (72.2) (5.2) (56.3) (2.5) (494.7) (475.1) Lease payments (0.1) (15.4) (7.3) (8.7) (6.3) (4.6) (11.3) (2.2) (1.0) (8.6) (65.7) (57.0) All-in sustaining costs4 (279.7) (497.2) (168.6) (124.5) (350.0) (252.8) (253.3) (23.0) (75.4) (25.3) (2,050.0) (1,925.5) Exploration, feasibility and evaluation costs5 — — — (4.2) — — — — — (50.0) (54.2) (50.0) Non-sustaining capital expenditure3 — — (70.5) (7.2) — — — — — (66.9) (144.6) (137.4) All-in costs4 (279.7) (497.2) (239.0) (136.0) (350.0) (252.8) (253.3) (23.1) (75.4) (142.2) (2,248.9) (2,112.9) Gold only ounces sold (’000oz) 222.1 519.1 208.4 112.0 363.3 219.6 274.8 33.7 159.7 — 2,112.6 2,000.6 All-in sustaining costs (279.7) (497.2) (168.6) (124.5) (350.0) (252.8) (253.3) (23.0) (75.4) (25.3) (2,050.0) (1,925.5) All-in sustaining costs net of by-product revenue per ounce of gold sold (US$/oz) 1,259 958 809 1,112 963 1,152 922 683 472 — 970 962 All-in costs (279.7) (497.2) (239.0) (136.0) (350.0) (252.8) (253.3) (23.1) (75.4) (142.2) (2,248.9) (2,112.9) All-in costs net of by-product revenue per ounce of gold sold (US$) 1,259 958 1,147 1,214 963 1,152 922 684 472 — 1,064 1,056 1 Equity accounted joint venture. 2 By-product revenue at Cerro Corona relates to copper. For all the other operations, by-product revenue relates to silver. 3 Sustaining capital expenditure represents the majority of capital expenditures at existing operations, including underground mine development costs, ongoing replacement of mine equipment and other capital facilities and other capital expenditures at existing operations and is calculated as total capital expenditure of US$612.5 million per note 43 to the consolidated financial statements, less non-sustaining capital expenditures. Non-sustaining capital expenditures (or growth capital) represent capital expenditures for major growth projects as well as enhancement capital for significant infrastructure improvements at existing operations. 4 This total may not reflect the sum of the line items due to rounding. 5 Includes exploration, feasibility and evaluation and share of equity accounted losses of Far Southeast Gold Resources Incorporated (“FSE”). 6 Other includes offshore structure costs and management fees. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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69 Gold Fields Annual Financial Report including Governance Report 2019 United States Dollar AISC and AIC, gross of by-product revenue per ounce of gold For the year ended 31 December 2019 Figures in millions unless otherwise stated South Deep Tarkwa Damang Asanko1 St Ives Agnew Granny Smith Gruyere 50% Cerro Corona Corporate and projects Total Group including equity accounted joint venture Total Group excluding equity accounted joint venture All-in sustaining costs (per table above) (279.7) (497.2) (168.6) (124.5) (350.0) (252.8) (253.3) (23.0) (75.4) (25.3) (2,050.0) (1,925.5) Add back by-product revenue2 (0.3) (1.6) (0.1) (0.4) (0.6) (0.3) (0.1) (0.1) (165.1) — (168.5) (168.2) All-in sustaining costs gross of by-product revenue3 (280.0) (498.8) (168.7) (124.9) (350.6) (253.1) (253.4) (23.1) (240.4) (25.3) (2,218.5) (2,093.6) All-in costs (per table above) (279.7) (497.2) (239.0) (136.0) (350.0) (252.8) (253.3) (23.1) (75.4) (142.2) (2,248.9) (2,112.9) Add back by-product revenue2 (0.3) (1.6) (0.1) (0.4) (0.6) (0.3) (0.1) (0.1) (165.1) — (168.5) (168.2) All-in costs gross of by-product revenue3 (280.0) (498.8) (239.1) (136.4) (350.6) (253.1) (253.4) (23.1) (240.4) (142.2) (2,417.4) (2,281.0) Gold equivalent ounces sold 222.1 519.1 208.4 112.0 363.3 219.6 274.8 33.7 296.9 — 2,249.8 2,137.8 All-in sustaining costs gross of by-product revenue (US$/equivalent oz) 1,261 961 809 1,115 965 1,153 922 685 810 — 986 979 All-in costs gross of by-product revenue (US$ equivalent oz) 1,261 961 1,148 1,218 965 1,153 922 685 810 — 1,074 1,067 1 Equity accounted joint venture. 2 By-product revenue at Cerro Corona relates to copper. For all the other operations, by-product revenue relates to silver. 3 This total may not reflect the sum of the line items due to rounding. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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Gold Fields Annual Financial Report including Governance Report 2019 70 MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS (continued) United States Dollar AISC and AIC, net of by-product revenue per ounce of gold For the year ended 31 December 2018 Figures in millions unless otherwise stated South Deep Tarkwa Damang Asanko1 St Ives Agnew Granny Smith Cerro Corona Corporate and projects Total Group including equity accounted joint venture Total Group excluding equity accounted joint venture Cost of sales before gold inventory change and amortisation and depreciation 262.0 298.7 143.5 41.6 200.9 159.7 166.3 160.3 (0.6) 1,432.4 1,390.8 Gold inventory change 9.6 10.1 (19.1) (4.2) (14.9) 1.7 1.8 (5.5) — (20.4) (16.2) Royalties 1.0 21.2 7.3 2.8 11.6 7.4 8.8 5.1 — 65.2 62.5 Realised gains or losses on commodity cost hedges — (5.5) (2.1) — (2.9) (0.9) (0.8) — — (12.2) (12.2) Community/social responsibility costs 1.3 6.7 0.4 — — — – 6.3 — 14.6 14.6 Non-cash remuneration (share-based payments) 4.7 6.7 2.1 — 3.5 2.6 3.1 4.3 10.6 37.5 37.5 Cash remuneration (long-term employee benefits) 0.9 — 0.2 — 0.4 0.1 0.3 (0.4) (0.5) 1.1 1.1 Other6 — — — 1.0 — — — 1.1 7.9 10.0 9.0 By-product revenue2 (0.3) (0.7) (0.2) (0.2) (0.5) (0.3) (0.1) (169.2) — (171.4) (171.2) Rehabilitation, amortisation and interest 0.2 5.5 1.3 0.2 4.4 1.5 1.3 3.7 — 18.1 17.9 Sustaining capital expenditure3 40.0 156.1 13.5 7.9 127.2 72.8 78.8 33.2 2.2 531.5 523.6 Lease payments — — — — 1.4 — — 0.9 — 2.3 2.3 All-in sustaining costs3 319.4 498.9 147.0 49.1 331.0 244.7 259.6 39.8 19.6 1,908.9 1,859.8 Exploration, feasibility and evaluation costs5 — — 0.4 — — — — — 77.8 78.2 78.2 Non-sustaining capital expenditure2 18.3 — 125.0 4.9 — — — — 147.1 295.3 290.4 All-in costs4 337.7 498.9 272.3 54.0 331.0 244.7 259.6 39.8 244.6 2,282.3 2,228.3 Gold only ounces sold (’000oz) 167.8 524.9 180.8 45.9 367.0 238.5 280.5 141.0 — 1,946.4 1,900.5 All-in sustaining costs 319.4 498.9 147.0 49.1 331.0 244.7 259.6 39.8 19.6 1,908.9 1,859.8 All-in sustaining costs net of by-product revenue per ounce of gold sold (US$/oz) 1,903 951 813 1,069 902 1,026 925 282 — 981 979 All-in costs 337.7 498.9 272.3 54.0 331.0 244.7 259.6 39.8 244.6 2,282.3 2,228.3 All-in costs net of by-product revenue per ounce of gold sold (US$) 2,012 951 1,506 1,175 902 1,026 925 282 — 1,173 1,172 1 Equity accounted joint venture. 2 By-product revenue at Cerro Corona relates to copper. For all the other operations, by-product revenue relates to silver. 3 Sustaining capital expenditure represents the majority of capital expenditures at existing operations, including underground mine development costs, ongoing replacement of mine equipment and other capital facilities and other capital expenditures at existing operations and is calculated as total capital expenditure of US$814.2 million per note 43 to the consolidated financial statements, less non-sustaining capital expenditures. Non-sustaining capital expenditures (or growth capital) represent capital expenditures for major growth projects as well as enhancement capital for significant infrastructure improvements at existing operations. 4 This total may not reflect the sum of the line items due to rounding. 5 Includes exploration, feasibility and evaluation and share of equity accounted losses of Far Southeast Gold Resources Incorporated (“FSE”). 6 Other includes offshore structure costs and management fees. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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71 Gold Fields Annual Financial Report including Governance Report 2019 United States Dollar AISC and AIC, gross of by-product revenue per ounce of gold For the year ended 31 December 2018 Figures in millions unless otherwise stated South Deep Tarkwa Damang Asanko1 St Ives Agnew Granny Smith Cerro Corona Corporate and projects Total Group including equity accounted joint venture Total Group excluding equity accounted joint venture All-in sustaining costs (per table above) 319.4 498.9 147.0 49.1 331.0 244.7 259.6 39.8 19.6 1,908.9 1,859.8 Add back by-product revenue2 0.3 0.7 0.2 0.2 0.5 0.3 0.1 169.2 — 171.4 171.2 All-in sustaining costs gross of by-product revenue3 319.7 499.6 147.2 49.3 331.5 245.0 259.7 209.0 19.6 2,080.3 2,031.0 All-in costs (per table above) 337.7 498.9 272.3 54.0 331.0 244.7 259.6 39.8 244.6 2,282.3 2,228.3 Add back by-product revenue2 0.3 0.7 0.2 0.2 0.5 0.3 0.1 169.2 — 171.4 171.2 All-in costs gross of by-product revenue3 338.0 499.6 272.5 54.2 331.5 245.0 259.7 208.9 244.6 2,453.7 2,399.5 Gold equivalent ounces sold 167.8 524.9 180.8 45.9 367.0 238.5 280.5 299.1 — 2,104.5 2,058.6 All-in sustaining costs gross of by-product revenue (US$/equivalent oz) 1,905 952 812 1,073 903 1,027 926 699 — 988 987 All-in costs gross of by-product revenue (US$ equivalent oz) 2,014 952 1,506 1,179 903 1,027 926 699 — 1,166 1,166 1 Equity accounted joint venture. 2 By-product revenue at Cerro Corona relates to copper. For all the other operations, by-product revenue relates to silver. 3 This total may not reflect the sum of the line items due to rounding. AISC AND AIC (ORIGINAL INTERPRETATION) AISC net of by-product revenues (including Asanko) decreased by 1% from US$981 per ounce of gold in 2018 to US$970 per ounce of gold in 2019, mainly due to higher gold sold and lower sustaining capital expenditure, partially offset by higher cost of sales before amortisation and depreciation. AIC net of by-product revenues (including Asanko) decreased by 9% from US$1,173 per ounce of gold in 2018 to US$1,064 per ounce of gold in 2019 due to the same reasons as for all-in sustaining costs as well as lower non-sustaining capital expenditure and lower exploration, feasibility and evaluation costs. AISC net of by-product revenues (excluding Asanko) decreased by 2% from US$979 per ounce of gold in 2018 to US$962 per ounce of gold in 2019, mainly due to higher gold sold and lower sustaining capital expenditure, partially offset by higher cost of sales before amortisation and depreciation. AIC net of by-product revenues (including Asanko) decreased by 10% from US$1,172 per ounce of gold in 2018 to US$1,056 per ounce of gold in 2019 due to the same reasons as for all-in sustaining costs as well as lower non-sustaining capital expenditure and lower exploration, feasibility and evaluation costs. AISC gross of by-product revenues (including Asanko) decreased marginally from US$988 per ounce of gold in 2018 to US$986 per ounce of gold in 2019, mainly due to higher gold sold and lower sustaining capital expenditure, partially offset by higher cost of sales before amortisation and depreciation. AIC gross of by-product revenues (including Asanko) decreased by 8% from US$1,166 per ounce of gold in 2018 to US$1,074 per ounce of gold in 2019 due to the same reasons as for all-in sustaining costs as well as lower non-sustaining capital expenditure and lower exploration, feasibility and evaluation costs. AISC gross of by-product revenues (excluding Asanko) decreased by 1% from US$987 per ounce of gold in 2018 to US$979 per ounce of gold in 2019, mainly due to higher gold sold and lower sustaining capital expenditure, partially offset by higher cost of sales before amortisation and depreciation. AIC gross of by-product revenues (excluding Asanko) decreased by 8% from US$1,166 per ounce of gold in 2018 to US$1,067 per ounce of gold in 2019 due to the same reasons as for all-in sustaining costs as well as lower non-sustaining capital expenditure and lower exploration, feasibility and evaluation costs. United States Dollar Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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Gold Fields Annual Financial Report including Governance Report 2019 72 MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS (continued) AISC and AIC, net of by-product revenue per ounce of gold For the year ended 31 December 2017 Figures in millions unless otherwise stated South Deep Tarkwa Damang St Ives Agnew Granny Smith Cerro Corona Corporate and other Continuing operations Darlot Group Cost of sales before gold inventory change and amortisation and depreciation 306.3 348.0 121.3 187.6 154.9 156.8 151.2 0.4 1,426.5 46.3 1,472.8 Gold inventory change (1.5) (42.0) 0.9 (29.0) (4.5) 3.6 3.1 — (69.5) 0.9 (68.6) Royalties 1.8 21.7 5.5 11.1 7.6 9.0 5.3 — 62.0 1.1 63.1 Realised gains or losses on commodity cost hedges — (0.8) — (0.3) (0.1) (0.1) — — (1.3) — (1.3) Community/social responsibility costs 2.0 11.1 0.4 — — — 6.7 — 20.2 — 20.2 Non-cash remuneration (share-based payments) 3.5 4.8 1.3 2.2 1.7 2.1 3.6 7.7 26.8 0.6 27.4 Cash remuneration (long-term employee benefits) 0.5 1.1 0.3 0.7 0.5 0.7 0.7 0.5 5.0 0.1 5.1 Other5 — — — — — — 1.0 9.8 10.8 — 10.8 By-product revenue1 (0.6) 0.9 (0.1) (0.6) (0.3) (0.1) (177.8) — (178.6) (0.1) (178.7) Rehabilitation, amortisation and interest 0.2 7.0 0.7 5.5 2.1 1.2 5.8 — 22.6 0.4 23.0 Sustaining capital expenditure2 65.5 180.6 17.2 156.2 73.7 87.0 34.0 2.8 617.0 6.8 623.9 All-in sustaining costs3 377.7 532.4 147.5 333.5 235.7 260.1 33.5 21.2 1,938.9 56.1 1,997.8 Exploration, feasibility and evaluation costs4 — — — — — — — 59.9 59.9 — 59.9 Non-sustaining capital expenditure2 16.9 — 114.9 — — — — 84.7 216.5 — 216.5 All-in costs3 394.6 532.4 262.4 333.5 235.7 260.1 33.5 165.8 2,218.1 56.1 2,274.2 Gold only ounces sold (’000oz) 281.8 566.4 143.6 363.9 241.2 290.3 164.7 — 2,051.9 39.2 2,091.1 All-in sustaining costs 377.7 532.4 147.5 333.5 235.7 260.1 33.5 21.2 1,938.9 56.1 1,997.8 All-in sustaining costs net of by-product revenue per ounce of gold sold (US$/oz) 1,340 940 1,027 916 977 896 203 — 945 1,432 955 All-in costs 394.6 532.4 262.4 333.5 235.7 260.1 33.5 165.8 2,218.1 56.1 2,274.2 All-in costs net of by-product revenue per ounce of gold sold (US$) 1,400 940 1,827 916 977 896 203 — 1,081 1,432 1,088 1 By-product revenue at Cerro Corona relates to copper. For all the other operations, by-product revenue relates to silver. 2 Sustaining capital expenditure represents the majority of capital expenditures at existing operations, including underground mine development costs, ongoing replacement of mine equipment and other capital facilities and other capital expenditures at existing operations and is calculated as total capital expenditure of US$840.4 million per note 43 to the consolidated financial statements, less non-sustaining capital expenditures. Non-sustaining capital expenditures (or growth capital) represent capital expenditures for major growth projects as well as enhancement capital for significant infrastructure improvements at existing operations. 3 This total may not reflect the sum of the line items due to rounding. 4 Includes exploration, feasibility and evaluation and share of equity accounted losses of FSE. 5 Other includes offshore structure costs and management fees. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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73 Gold Fields Annual Financial Report including Governance Report 2019 United States Dollar AISC and AIC, gross of by-product revenue per ounce of gold For the year ended 31 December 2017 Figures in millions unless otherwise stated South Deep Tarkwa Damang St Ives Agnew Granny Smith Cerro Corona Corporate and other Continuing operations Darlot Group All-in sustaining costs (per table above) 377.7 532.4 147.5 333.5 235.7 260.1 33.5 21.2 1,938.9 56.1 1,997.8 Add back by-product revenue1 0.6 (0.9) 0.1 0.6 0.3 0.1 177.8 — 178.6 0.1 178.7 All-in sustaining costs gross of by-product revenue2 378.3 531.5 147.6 334.1 236.0 260.3 211.3 21.2 2,117.5 56.2 2,176.5 All-in costs (per table above) 394.6 532.4 262.4 333.5 235.7 260.1 33.5 165.8 2,218.1 56.1 2,274.2 Add back by-product revenue1 0.6 (0.9) 0.1 0.6 0.3 0.1 177.8 — 178.6 0.1 178.7 All-in costs gross of by-product revenue2 395.2 531.5 262.5 334.1 236.0 260.3 211.3 165.8 2,396.7 56.2 2,452.9 Gold equivalent ounces sold 281.8 566.4 143.6 363.9 241.2 290.3 313.8 — 2,201.1 39.2 2,240.2 All-in sustaining costs gross of by-product revenue (US$/equivalent oz) 1,342 938 1,028 918 978 897 673 — 962 1,435 972 All-in costs gross of by-product revenue (US$/equivalent oz) 1,402 938 1,828 918 978 897 673 — 1,089 1,435 1,095 1 By-product revenue at Cerro Corona relates to copper. For all the other operations, by-product revenue relates to silver. 2 This total may not reflect the sum of the line items due to rounding. AISC AND AIC – CONTINUING OPERATIONS (ORIGINAL INTERPRETATION) AISC net of by-product revenues (including Asanko) from continuing operations increased by 4% from US$945 per ounce of gold in 2017 to US$981 per ounce of gold in 2018, mainly due to lower gold sold, partially offset by lower cost of sales before amortisation and depreciation and lower sustaining capital expenditure. AIC net of by-product revenues (including Asanko) from continuing operations increased by 9% from US$1,081 per ounce of gold in 2017 to US$1,173 per ounce of gold in 2018 due to the same reasons as for all-in sustaining costs as well as higher non-sustaining capital expenditure and higher exploration, feasibility and evaluation costs. AISC net of by-product revenues (excluding Asanko) from continuing operations increased by 4% from US$945 per ounce of gold in 2017 to US$979 per ounce of gold in 2018, mainly due to lower gold sold, partially offset by lower cost of sales before amortisation and depreciation and lower sustaining capital expenditure. AIC net of by-product revenues (including Asanko) from continuing operations increased by 8% from US$1,081 per ounce of gold in 2017 to US$1,172 per ounce of gold in 2018 due to the same reasons as for all-in sustaining costs as well as higher non-sustaining capital expenditure and higher exploration, feasibility and evaluation costs. AISC gross of by-product revenues (including Asanko) from continuing operations increased by 3% from US$962 per ounce of gold in 2017 to US$988 per ounce of gold in 2018, mainly due to lower gold sold, partially offset by lower cost of sales before amortisation and depreciation and lower sustaining capital expenditure. AIC gross of by-product revenues (including Asanko) from continuing operations increased by 7% from US$1,089 per ounce of gold in 2017 to US$1,166 per ounce of gold in 2018 due to the same reasons as for all-in sustaining costs as well as higher non-sustaining capital expenditure and higher exploration, feasibility and evaluation costs. AISC gross of by-product revenues (excluding Asanko) from continuing operations increased by 3% from US$962 per ounce of gold in 2017 to US$987 per ounce of gold in 2018, mainly due to lower gold sold, partially offset by lower cost of sales before amortisation and depreciation and lower sustaining capital expenditure. AIC gross of by-product revenues (excluding Asanko) from continuing operations increased by 7% from US$1,089 per ounce of gold in 2017 to US$1,166 per ounce of gold in 2018 due to the same reasons as for all-in sustaining costs as well as higher non-sustaining capital expenditure and higher exploration, feasibility and evaluation costs. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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Gold Fields Annual Financial Report including Governance Report 2019 74 MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS (continued) Adjusted free cash flow and adjusted free cash flow margin (“free cash flow” or “free cash flow margin”) Adjusted free cash flow under the existing LTIP scheme is defined as revenue (excluding by-product revenue) less AIC adjusted for non-cash share-based payments, non-cash long-term employee benefits, exploration, feasibility and evaluation costs outside of existing operations, non-sustaining capital expenditure for growth projects only, realised gains or losses on revenue hedges and taxation paid (excluding royalties). Adjusted free cash flow margin under the existing LTIP scheme is adjusted free cash flow divided by revenue adjusted for byproduct revenue. The adjusted FCF margin is calculated as follows: Figures in millions unless otherwise stated 2019 2018 2017 Revenue1 2,798.9 2,406.6 2,632.1 Less: Cash outflow (2,208.4) (2,032.6) (2,214.9) AIC2 (2,112.9) (2,228.3) (2,274.2) Adjusted for: Share-based payments3 20.5 37.5 27.4 Long-term employee benefits3 9.1 1.1 5.1 Exploration outside of existing operations2 50.0 78.2 59.9 Non-sustaining capital expenditure4 137.4 272.1 196.0 Revenue hedge5 (140.6) 41.7 12.8 Redemption of Asanko preference shares 10.0 – – Long-term employee benefits payment – (17.8) – Tax paid from continuing and discontinued operations (181.9) (217.1) (241.9) Adjusted FCF 590.5 374.0 417.2 Adjusted FCF margin6 21% 16% 16% 1 Revenue from continuing and discontinued operations less revenue from by-product revenue per AIC calculation (pages 68 to 73), being US$2,967.1 million less US$168.2 million, US$2,577.8 million less US$171.2 million and US$2,810.8 million less US$178.7 million, for 2019, 2018 and 2017, respectively. 2 Per AIC calculation in management discussion and analysis (per pages 67 to 73). 3 Per note 43 of the consolidated financial statements. 4 Includes non-sustaining capital expenditure for growth projects only at Damang and Gruyere. 5 Represents realised hedges on revenue only, excludes unrealised revenue hedges as well as cost hedges. 6 Non-IFRS measures such as adjusted free cash flow margin is the responsibility of the Group’s Board of Directors and is presented for illustration purposes only and because of its nature, adjusted free cash flow margin should not be considered a representation of earnings. The adjusted free cash flow margin is used as a key metric in the determination of the long-term incentive plan (“LTIP”). ROYALTIES South Africa The Royalty Act was promulgated on 24 November 2008 and came into operation on 1 March 2010. The Royalty Act imposes a royalty on refined and unrefined minerals payable to the South African government. The royalty in respect of refined minerals (which include gold and platinum) is calculated by dividing earnings before interest and taxes (“EBIT”), as defined by the Royalty Act, by the product of 12.5 times gross revenue calculated as a percentage, plus an additional 0.5%. EBIT refers to taxable mining income (with certain exceptions such as no deduction for interest payable and foreign exchange losses) before assessed losses but after capital expenditure. A maximum royalty of 5% is levied on refined minerals. The royalty in respect of unrefined minerals (which include uranium) is calculated by dividing EBIT by the product of nine times gross revenue calculated as a percentage, plus an additional 0.5%. A maximum royalty of 7% is levied on unrefined minerals. Where unrefined mineral resources (such as uranium) constitute less than 10% in value of the total composite mineral resources, the royalty rate in respect of refined mineral resources may be used for all gross sales and a separate calculation of EBIT for each class of mineral resources is not required. For Gold Fields, this means that currently it will pay a royalty based on the refined minerals royalty calculation as applied to its gross revenue. The rate of royalty tax payable for 2019, 2018 and 2017 was 0.5% of revenue. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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75 Gold Fields Annual Financial Report including Governance Report 2019 Ghana Minerals are owned by the Republic of Ghana and held in trust by the President. From March 2016, under the terms of the Development Agreement (“DA”) entered into with the government of Ghana, Tarkwa and Damang have been subject to a sliding scale for royalty rates, linked to the prevailing gold price. The royalty sliding scale is as follows: Average gold price Low value High value Royalty rate US$0.00 – US$1,299.99 3.0% US$1,300.00 – US$1,449.99 3.5% US$1,450.00 – US$2,299.99 4.1% US$2,300.00 – Unlimited 5.0% The rate of royalty tax payable for 2019, 2018 and 2017 based on the above sliding scale was 3.5%, 3.0% and 3.0% on revenue, respectively. Asanko does not have a DA with the government and was subject to a 5% royalty tax rate for 2019 and 2018. Australia Royalties are payable to the state based on the amount of gold produced from a mining tenement. Royalties are payable quarterly at a fixed rate of 2.5% of the royalty value of gold sold. The royalty value of gold is the amount of gold produced during the month multiplied by the average gold spot price for the month. Peru Royalties are calculated with reference to the operating margin and ranging from 1% (for operating margins less than 10%) to 12% (for operating margins of more than 80%), or 1% of revenue, the highest of both amounts. Cerro Corona’s effective royalty rate for 2019, 2018 and 2017 was 3.6%, 4.0% and 4.6% of operating profit, respectively. Chile Chile levies a royalty (referred to as the special mining income tax) on all medium to large scale mining operations in Chile. Gold Fields anticipates that its Chilean subsidiary will be treated as a large scale mineral producer. This is because it will produce annual gold equivalent ounces in excess of 50,000 metric tonnes of fine copper. The applicable mining tax percentage is calculated on a sliding scale with reference to the mining operational profit margin. The tax rate is from 5% (for operating margins equal to or less than 35%) to 14% (for operating margins of 85% or more). The mining tax payable is calculated at the applicable tax rate on the net operating income of the Chilean subsidiary. The mining tax is a deductible expense in the calculation of the Chilean corporate tax. INCOME AND MINING TAXES Gold Fields tax strategy and policy The Gold Fields tax strategy is to proactively manage its tax obligations in a transparent, responsible and sustainable manner, acknowledging the differing interests of all stakeholders. Gold Fields has invested and allocated appropriate resources in the Group tax department to ensure compliance with global tax obligations. The Group does not engage in aggressive tax planning and seeks to maintain professional real-time relationships with the relevant tax authorities. In material or complex matters, the Group would generally seek advance tax rulings, or alternatively obtain external counsel opinion. Gold Fields has appropriate controls and procedures in place to ensure compliance with relevant tax legislation in all the jurisdictions in which it operates. This includes compliance with Transfer Pricing (“TP”) legislation and associated TP documentation requirements, which is governed by the Group TP policy. The Group TP policy is fully compliant with OECD guidelines and is regularly updated and benchmarked by independent experts. Uncertain tax positions are properly evaluated, and reported in terms of IFRIC 23 Uncertainty over Income Tax Treatments. The Group is subject to South African Controlled Foreign Companies (“CFC”) tax legislation which is aimed at taxing passive income and capital gains realised by its foreign subsidiaries (to the extent that it was not taxed in the foreign jurisdiction). Therefore, tax avoidance on passive income or capital gains cannot be achieved by shifting such passive income to low or tax haven jurisdictions. The active business income from mining is taxed at source in the relevant jurisdiction where the mining operations are located. The Group does not embark on intra-group gold sales and only sells its gold (or gold-equivalent product) directly to independent third parties at arm’s-length prices – generally at the prevailing gold (or gold-equivalent) spot price. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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Gold Fields Annual Financial Report including Governance Report 2019 76 MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS (continued) The Group has reported its key financial figures on a country-by-country basis from 2017 as required by the South African Revenue Service (“SARS”), such requirement being aligned with OECD guidelines. The country-by-country reports are filed with SARS, which will exchange the information with all the relevant jurisdictions with which it has concluded or negotiated exchange of information agreements. South Africa Generally, South Africa imposes tax on the worldwide income (including capital gains) of all of Gold Fields’ South African incorporated and tax resident entities. Certain classes of passive income such as interest and royalties, and certain capital gains, derived by Controlled Foreign Companies (“CFC”) could be subject to South African tax on a notional imputation basis. CFCs generally constitute a foreign company in which Gold Fields owns or controls more than 50% of the shareholding. Gold Fields pays taxes on its taxable income generated by its mining and non-mining tax entities. Under South African law, gold mining companies and non-gold mining companies are taxed at different rates. Companies in the Group not carrying on direct gold mining operations are taxed at a statutory rate of 28%. Gold Fields Operations Limited (“GFO”), and GFI Joint Venture Holdings Proprietary Limited (“GFIJVH”), jointly own the South Deep mine and constitute gold mining companies for South African taxation purposes. These companies are subject to the gold formula on their mining income. The applicable formula takes the form Y = 34 — 170/x Where: Y = the tax rate to be determined x = the ratio of taxable income to the total income (expressed as a percentage) The effective mining tax rate for GFO and GFIJVH, owners of the South Deep mine, has been calculated at 29% (2018: 29% and 2017: 30%). Ghana Ghanaian resident entities are subject to tax on a source basis where income has a source in Ghana, if it accrues in or is derived from Ghana. Under the terms of the Development Agreement (“DA”) entered into with the government of Ghana, Tarkwa and Damang are liable to a 32.5% corporate income tax rate. Asanko does not have a DA with the government and is subject to a 35% corporate income tax rate. Dividends paid by Tarkwa and Damang are subject to an 8% withholding tax rate. Tarkwa and Damang are allowed to deduct 20% on a straight-line basis for capital allowances on depreciable assets (i.e. over five years). Any capital allowances which are not utilised in a particular year are added to operating losses (if any), thereby increasing operating losses and then carried forward for five years. Any operating losses carried forward are extinguished if not utilised within five years. The Revenue Administration Act, 2016 (Act 915) became effective on 1 January 2017. Act 915 consolidates the tax administration provisions from the various tax laws (income tax, value added tax, customs) into a single Act and introduces a more stringent tax compliance framework. Act 915 enables taxpayers to offset surpluses and liabilities arising from different tax types. It should be noted that the tax authorities are again expected to release guidance notes to allow taxpayers to fully utilise the offset mechanism. Australia Generally, Australia imposes tax on the worldwide income (including capital gains) of all of Gold Fields’ Australian incorporated and tax resident entities. The current income tax rate for companies is 30%. Exploration expenditure is deductible in full as incurred and other capital expenditure is generally deductible over the effective lives of the assets acquired. The Australian Uniform Capital Allowance system allows tax deductions for the decline in value of depreciable assets and certain other capital expenditures. Gold Fields Australia and its eligible related Australian sister companies, together with all wholly owned Australian subsidiaries, have elected to be treated as a tax consolidated group for taxation purposes. As a tax consolidated group, a single tax return is lodged for the Group based on the consolidated results of all companies within the Group. Withholding tax is payable on dividends, interest and royalties paid by Australian residents to non-residents. In the case of dividend payments to non-residents, withholding tax at a rate of 30% will apply. However, where the recipient of the dividend is a resident of a country with which Australia has concluded a double taxation agreement, the rate of withholding tax is generally limited to between 5% and 15%, depending on the applicable agreement and percentage shareholding. Where dividends are paid out of profits that have been subject to Australian corporate tax there is no withholding tax, regardless of whether a double taxation agreement is in place. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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77 Gold Fields Annual Financial Report including Governance Report 2019 Peru Peruvian taxes for resident individuals and domiciled corporations are based on their worldwide income, and for non-resident individuals and non-domiciled corporations are based on their Peruvian income source. The general income tax rate applicable to domiciled corporations is 29.5% on taxable income and to non-resident corporations is 30%. The income tax applied to interest paid to non-residents is 4.99%. The dividends tax rate (to residents and non-residents) is 5%. Capital gains are also taxed as ordinary income for domiciled corporations. Chile Gold Fields anticipates that its Chilean subsidiary will be subject to the 27% corporate tax rate, and that dividends paid by the Chilean subsidiary to the parent company will be subject to a 35% withholding tax rate, but that the 27% corporate tax paid will fully count as a credit against the withholding tax levied, so that the effective dividend withholding tax rate will approximate 8%. EXCHANGE RATES Gold Fields’ Australian and South African revenues and costs are very sensitive to the Australian Dollar/US Dollar exchange rate and the Rand/US Dollar exchange rate, because revenues are generated using a gold price denominated in US Dollar, while the costs of the Australian and South African operations are incurred principally in Australian Dollar and Rand, respectively. Depreciation of the Australian Dollar and Rand against the US Dollar reduces Gold Fields’ average costs when they are translated into US Dollar, thereby increasing the operating margin of the Australian and South African operations. Conversely, appreciation of the Australian Dollar and Rand results in Australian and South African operating costs being translated into US Dollar at a lower Australian Dollar/US Dollar exchange rate and Rand/US Dollar exchange rate, resulting in higher costs in US Dollar terms and in lower operating margins. The impact on profitability of any change in the value of the Australian Dollar and Rand against the US Dollar can be substantial. Furthermore, the exchange rates obtained when converting US Dollar to Australian Dollar and Rand are set by foreign exchange markets, over which Gold Fields has no control. In 2019, the Rand weakened by 10% against the US Dollar, from an average of R13.20 per US$1.00 in 2018 to R14.46 per US$1.00 in 2019. The Australian Dollar weakened by 7% at an average of A$1.00 per US$0.75 in 2018 to A$1.00 per US$0.70 in 2019. With respect to its operations in Ghana and Peru, a substantial portion of Gold Fields’ operating costs (including wages) are either directly incurred in US Dollar or are translated to US Dollar. Accordingly, fluctuations in the Ghanaian Cedi and Peruvian Nuevo Soles do not materially impact operating results for the Ghana and Peru operations. During 2018, Gold Fields entered into the following currency forward contracts: In May 2018, the Australian operations entered into Australian Dollar/US Dollar average rate forwards for a total notional US$96 million for the period January 2019 to December 2019 at an average strike price of 0.7517. In June 2018, further hedges were taken out for a total notional US$60 million for the same period January 2019 to December 2019 at an average strike of 0.7330. In September 2018, further hedges were taken out for a total notional US$100 million for the same period January 2019 to December 2019 at an average strike of 0.7182. In October 2018, further hedges were taken out for the period January 2019 to December 2019 for a notional US$60 million at an average strike of 0.7075. In December 2018, further hedges were taken out for the period January 2019 to December 2019 for a notional US$50 million at an average strike of 0.715. At 31 December 2019, the mark-to-market value on the hedges was A$nil (US$nil) with a realised loss of A$22 million (US$14 million) for the year ended 31 December 2019. INFLATION A period of significant inflation could adversely affect Gold Fields’ results and financial condition. Further, over the past several years, production costs, especially wages and electricity costs, have increased considerably. The effect of these increases has adversely affected, and may continue to adversely affect, the profitability of Gold Fields’ South Deep operations. To ensure sustainability and free cash flow generation, reinvesting in and upgrading the Gold Fields portfolio is essential. To achieve this, Gold Fields embarked on a period of reinvestment in 2017 and 2018. 2019 marked the end of the reinvestment programme and having reinvested close to US$1 billion in the business over this period, the Group managed to limit the cash outflow, with minimal impact on the statement of financial position. Given the high levels of capital expenditure, the Group undertook short-term tactical hedging. For further details, refer to pages 201 to 203. The Group continued rationalising and prioritising capital expenditure without undermining the sustainability of its operations and continued prioritisation of cash generation over production volumes. The Group undertook reductions in labour costs through a retrenchment process in Damang in preparation for rightsizing the Damang reinvestment plan in 2017. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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Gold Fields Annual Financial Report including Governance Report 2019 78 MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS (continued) In 2018, Tarkwa transitioned from owner mining to contractor mining in an attempt to address cost inflation in the region. In addition, the Australian operations implemented a margin improvement project. South Deep completed a large-scale restructuring at the end of 2018, placing the mine on an improved footing from which to build-up production, by removing over R800 million from the cost base and R400 million of capital expenditure with a significantly reduced footprint. Further, the majority of Gold Fields’ costs at the South African operations are in Rand and revenues from gold sales are in US Dollar. Generally, when inflation is high, the Rand potentially devalues thereby increasing Rand revenues and potentially offsetting the increase in costs. However, there can be no guarantee that any cost-saving measures or the effects of any potential devaluation will offset the effects of increased inflation and production costs. The same applies to the Australian operations with regard to the link between the Australian Dollar and US Dollar. The Peruvian and Ghanaian operations, on the other hand, are affected by inflation without a potential similar effect on revenue proceeds, thereby increasing the impact of inflation on the operating margins. CAPITAL EXPENDITURES Gold Fields will continue to be required to make capital investments in both new and existing infrastructure and opportunities and, therefore, management will be required to continue to balance the demands for capital expenditure in the business and allocate Gold Fields’ resources in a focused manner to achieve its sustainable growth objectives. Gold Fields expects that its use of available capital resources and allocation of its capital expenditures may shift in future periods as it increases investment in certain of its exploration projects. Group Capital expenditure for the Group (excluding Asanko) decreased by 25%, from US$814 million in 2018 (comprising sustaining capital expenditure of US$524 million and growth capital expenditure of US$290 million) to US$613 million in 2019 (comprising sustaining capital expenditure of US$475 million and growth capital expenditure of US$138 million). Set out below are the capital expenditures made by Gold Fields during 2019. Also, refer to “Cash flows from investing activities” section. The growth capital expenditure (excluding Asanko) of US$138 million in 2019 comprised Damang of US$71 million and Gruyere of A$96 million (US$67 million). The growth capital expenditure of US$290 million in 2018 comprised South Deep of R242 million (US$18 million), Damang of US$125 million, Gruyere of A$180 million (US$134 million) and other growth capital expenditure of US$13 million. South African operation Gold Fields spent R479 million (US$33 million) on capital expenditure at South Deep in 2019 and has budgeted approximately R995 million (US$68 million) for capital expenditure at South Deep in 2020. The capital expenditure of R479 million (US$33 million) in 2019 comprised only sustaining capital expenditure. The budgeted capital expenditure of R995 million (US$68 million) comprises sustaining capital expenditure of R775 million (US$53 million) and growth capital expenditure of R220 million (US$15 million). Ghanaian operations Gold Fields spent US$126 million on capital expenditure at Tarkwa in 2019 and has budgeted US$150 million for capital expenditure at Tarkwa for 2020. The total spend relates to sustaining capital expenditure. Gold Fields spent US$76 million on capital expenditure at Damang in 2019 and has budgeted US$18 million of capital expenditure at Damang for 2020. The expenditure of US$76 million in 2019 comprised sustaining capital expenditure of US$5 million and growth capital expenditure of US$71 million. The budgeted capital expenditure of US$18 million comprises sustaining capital expenditure of US$8 million and growth capital expenditure of US$10 million. Gold Fields spent US$27 million on capital expenditure at Asanko in 2019 and has budgeted US$34 million of capital expenditure at Asanko for 2020. The capital expenditure of US$27 million in 2019 comprised sustaining capital expenditure of US$20 million and growth capital expenditure of US$7 million. The budgeted capital expenditure of US$34 million comprises sustaining capital expenditure of US$23 million and growth capital expenditure of US$11 million. Peruvian operation Gold Fields spent US$56 million on capital expenditure at Cerro Corona in 2019 and has budgeted US$55 million for capital expenditure at Cerro Corona for 2020. The total spend in 2019 relates to sustaining capital expenditure. The budgeted capital expenditure of US$55 million comprises sustaining capital expenditure of US$27 million and growth capital expenditure of US$28 million. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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79 Gold Fields Annual Financial Report including Governance Report 2019 Australian operations Gold Fields spent A$141 million (US$98 million) on capital expenditure at St Ives in 2019 and has budgeted A$105 million (US$72 million) for capital expenditure at St Ives in 2020. The total spend in 2019 relates to sustaining capital expenditure. The budgeted capital expenditure of A$105 million (US$72 million) comprises sustaining capital expenditure of A$83 million (US$57 million) and growth capital expenditure of A$22 million (US$15 million). Gold Fields spent A$110 million (US$76 million) on capital expenditure at Agnew in 2019 and has budgeted A$75 million (US$52 million) for capital expenditure at Agnew for 2020. The total spend in 2019 relates to sustaining capital expenditure. The budgeted capital expenditure of A$75 million (US$52 million) comprises sustaining capital expenditure of A$55 million (US$38 million) and growth capital expenditure of A$20 million (US$14 million). Gold Fields spent A$104 million (US$72 million) on capital expenditure at Granny Smith in 2019 and has budgeted A$110 million (US$76 million) for capital expenditure at Granny Smith for 2020. The total spend in 2019 relates to sustaining capital expenditure. The budgeted capital expenditure of A$110 million (US$76 million) comprises sustaining capital expenditure of A$67 million (US$46 million) and growth capital expenditure of A$43 million (US$30 million). Gold Fields spent A$104 million (US$72 million) on capital expenditure at the Gruyere Gold project in 2019 and has budgeted A$41 million (US$28 million) for capital expenditure for 2020. The expenditure of A$104 million (US$72 million) in 2019 comprised sustaining capital expenditure of A$8 million (US$5 million) and growth capital expenditure of A$96 million (US$67 million). The budgeted capital expenditure of A$41 million (US$28 million) comprises sustaining capital expenditure of A$40 million (US$27 million) and growth capital of A$1 million (US$1 million). The actual capital expenditure for the future periods noted above may be different from the amounts set out above and the amount of actual capital expenditure will depend on a number of factors, such as production volumes, the price of gold, copper and other minerals mined by Gold Fields and general economic conditions. Some of the factors are outside of the control of Gold Fields. SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES Gold Fields’ significant accounting policies are more fully described in the accounting policies to its consolidated financial statements included in this Annual Financial Report. Some of Gold Fields’ accounting policies require the application of significant judgements and estimates by management that can affect the amounts reported in the consolidated financial statements. By their nature, these judgements are subject to a degree of uncertainty and are based on Gold Fields’ historical experience, terms of existing contracts, management’s view on trends in the gold mining industry, information from outside sources and other assumptions that Gold Fields considers to be reasonable under the circumstances. Actual results could differ from these estimates under different assumptions or conditions. Refer to the accounting policies, pages 131 to 151, to the consolidated financial statements included elsewhere in this Annual Financial Report for the more significant areas requiring the use of management judgements and estimates. RESULTS FOR THE PERIOD – YEARS ENDED 31 DECEMBER 2019 AND 31 DECEMBER 2018 Profit/(loss) attributable to owners of the parent for the Group was a profit of US$162 million (or US$0.20 per share) in 2019 compared to a loss of US$348 million (or US$0.42 per share) for 2018. The reasons for this increase are discussed below. Revenue Revenue increased by 15% from US$2,578 million in 2018 to US$2,967 million in 2019. The increase in revenue of US$389 million was due to the higher gold price and higher gold sold. The average US Dollar gold price achieved by the Group increased by 11% from US$1,252 per equivalent ounce in 2018 to US$1,388 per equivalent ounce in 2019. The average Rand gold price increased by 24% from R531,253 per kilogram in 2018 to R659,111 per kilogram in 2019. The average Australian Dollar gold price increased by 18% from A$1,694 per ounce in 2018 to A$2,007 per ounce in 2019. The average US Dollar gold price for the Ghanaian operations (including Asanko) increased by 9% from US$1,265 per ounce in 2018 to US$1,384 per ounce in 2019 and the average US Dollar gold price for the Ghanaian operations (excluding Asanko) increased by 9% from US$1,270 per ounce in 2018 to US$1,387 per ounce in 2019. The average equivalent US Dollar gold price, net of treatment and refining charges, for Cerro Corona increased by 14% from US$1,174 per equivalent ounce in 2018 to US$1,344 per equivalent ounce in 2019. The average US Dollar/Rand exchange rate weakened by 10% from R13.20 in 2018 to R14.46 in 2019. The average Australian/US Dollar exchange rate weakened by 7% from A$1.00 = US$0.75 in 2018 to A$1.00 = US$0.70 in 2019. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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Gold Fields Annual Financial Report including Governance Report 2019 80 MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS (continued) Gold sales from operations (excluding Asanko) increased by 4% from 2,058,600 equivalent ounces in 2018 to 2,137,800 equivalent ounces in 2019. Gold sales at the South African operation increased by 32% from 5,220 kilograms (167,800 ounces) in 2018 to 6,907 kilograms (222,100 ounces) in 2019. Gold sales at the Ghanaian operations (excluding Asanko) increased by 3% from 705,700 ounces in 2018 to 727,500 ounces in 2019. Gold equivalent sales at the Peruvian operation (Cerro Corona) decreased by 1% from 299,100 equivalent ounces in 2018 to 296,900 equivalent ounces in 2019. At the Australian operations, gold sales increased by 1% from 885,900 ounces in 2018 to 891,400 ounces in 2019. As a general rule, Gold Fields sells all the gold it produces. 2019 2018 Revenue US$ million Gold sold ’000oz Gold produced ’000oz Revenue US$ million Gold sold ’000oz Gold produced ’000oz South Deep 314.8 222.1 222.1 210.1 167.8 157.1 Tarkwa 720.4 519.1 519.1 666.9 524.9 524.9 Damang 288.3 208.4 208.4 229.0 180.8 180.8 Asanko1 153.3 112.0 113.0 54.9 45.9 44.5 Cerro Corona 399.0 296.9 292.7 351.0 299.1 314.1 St Ives 505.0 363.3 370.6 464.7 367.0 366.9 Agnew 304.6 219.6 219.4 301.1 238.5 239.1 Granny Smith 383.8 274.8 274.8 355.0 280.5 280.4 Gruyere – 50% 51.2 33.7 49.5 – – – Total Group (including Asanko) 3,120.4 2,249.8 2,269.5 2,632.7 2,104.5 2,107.8 Total Group (excluding Asanko) 2,967.1 2,137.8 2,156.5 2,577.8 2,058.6 2,063.2 1 Equity accounted joint venture. Included above for information only, not included in revenue for the Group. At South Deep in South Africa, gold sales increased by 32% from 5,220 kilograms (167,800 ounces) in 2018 to 6,907 kilograms (222,100 ounces) in 2019 due to an increase in both volumes and grade mined. At the Ghanaian operations, gold sales at Tarkwa decreased by 1% from 524,900 ounces in 2018 to 519,100 ounces in 2019. Damang’s gold sales increased by 15% from 180,800 ounces in 2018 to 208,400 ounces in 2019 mainly due to higher grade and tonnes treated. Gold sales at Asanko amounted to 45,900 ounces for the five months ended December 2018 compared to 112.0 ounces for the 12 months ended December 2019 (Asanko is an equity accounted joint venture and not included in the Group or Ghanaian operation’s figures). At Cerro Corona in Peru, copper sales increased by 2% from 30,742 tonnes in 2018 to 31,452 tonnes in 2019 mainly due to timing of shipments. Gold sales increased by 13% from 141,041 ounces in 2018 to 159,706 ounces in 2019 due to higher gold production and timing of shipments. Gold equivalent sales decreased by 1% from 299,100 ounces in 2018 to 296,900 ounces in 2019 mainly due to lower copper/gold price ratio. At the Australian operations, gold sales at St Ives decreased by 1% from 367,000 ounces in 2018 to 363,300 ounces in 2019. At Agnew, gold sales decreased by 8% from 238,500 ounces in 2018 to 219,600 ounces in 2019 due to decreased grade of ore mined and processed. At Granny Smith, gold sales decreased by 2% from 280,500 ounces in 2018 to 274,800 ounces in 2019 due to a decrease in tonnes mined and processed. Gruyere commenced production during 2019, with first gold produced in June 2019 and sold in July 2019. Commercial levels of production were achieved at the end of September, with gold sold prior to this date being capitalised to the construction capital. Gold sales for Gruyere amounted to 33,700 ounces for the three months (October to December 2019) in which Gruyere was in commercial levels of production. Cost of sales Cost of sales, which comprises cost of sales before gold inventory change and amortisation and depreciation, gold inventory change and amortisation and depreciation, decreased marginally from US$2,043 million in 2018 to US$2,034 million in 2019. The reasons for this decrease are described below. Cost of sales before gold inventory change and amortisation and depreciation Cost of sales before gold inventory change and amortisation and depreciation increased by 5% from US$1,391 million in 2018 to US$1,467 million in 2019. At South Deep in South Africa, cost of sales before gold inventory change and amortisation and depreciation increased by 3% from R3,459 million (US$262 million) in 2018 to R3,556 million (US$246 million) in 2019. This increase of R97 million was mainly due to higher production. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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81 Gold Fields Annual Financial Report including Governance Report 2019 At the Ghanaian operations (excluding Asanko), cost of sales before gold inventory change and amortisation and depreciation increased by 9% from US$442 million in 2018 to US$480 million in 2019. At Tarkwa, cost of sales before gold inventory change and amortisation and depreciation increased by 10% from US$299 million in 2018 to US$330 million in 2019 due to higher mining costs in line with higher operational tonnes mined. At Damang, cost of sales before gold inventory change and amortisation and depreciation increased by 4% from US$144 million in 2018 to US$150 million in 2019 mainly due to higher operating tonnes mined. At Asanko, cost of sales before gold inventory change and amortisation and depreciation amounted to US$42 million for the five months ended December 2018 compared to US$89 million for the 12 months ended December 2019 (Asanko is an equity accounted joint venture and not included in the Group or Ghanaian regional figures). At Cerro Corona in Peru, cost of sales before gold inventory change and amortisation and depreciation increased by 5% from US$160 million in 2018 to US$168 million in 2019. The higher cost was due to higher process plant maintenance cost due to ageing and ore hardness, higher workers’ participation due to higher profit and higher labour expenses resulting from the close out of the union labour agreement. At the Australian operations, cost of sales before gold inventory change and amortisation and depreciation increased by 17% from A$705 million (US$527 million) in 2018 to A$822 million (US$572 million) in 2019. At St Ives, cost of sales before gold inventory change and amortisation and depreciation increased by 24% from A$269 million (US$201 million) in 2018 to A$333 million (US$232 million) in 2019 mainly due to increased mining cost as a result of increased ore tonnes mined at Invincible underground mine and Neptune open pit and increased processing maintenance cost. At Agnew, cost of sales before gold inventory change and amortisation and depreciation increased by 11% from A$214 million (US$160 million) in 2018 to A$237 million (US$165 million) in 2019 mainly due to increased mining cost at Waroonga as a result of increased tonnes mined. At Granny Smith, cost of sales before gold inventory change and amortisation and depreciation increased by 1% from A$223 million (US$166 million) in 2018 to A$226 million (US$157 million) in 2019. Cost of sales before gold inventory change and amortisation and depreciation for Gruyere amounted to A$28 million (US$19 million) for the three months (October to December 2019) in which Gruyere was in commercial levels of production. Gold inventory change The gold inventory credit to costs of US$43 million in 2019 compared with US$16 million in 2018. At South Deep, the gold inventory credit to costs of R54 million (US$4 million) in 2019 compared with a charge to costs of R127 million (US$10 million) in 2018, due to a buildup of gold in circuit in 2019 compared with a drawdown of gold in circuit at the end of 2018. At Tarkwa, the gold inventory credit to costs of US$14 million in 2019 compared with a charge to costs of US$10 million in 2018. In 2018 more lower grade ore was stockpiled and medium grade ore was processed. In 2019, higher ore volumes were mined and more medium grade ore was stockpiled compared to 2018. At Damang, the gold inventory credit to costs of US$9 million in 2019 compared with US$19 million in 2018, due to a lower buildup of stockpiles in 2019 compared to 2018. At Asanko, the gold inventory charge to costs of US$2 million for the 12 months ended December 2019 compared with a credit to costs of US$4 million for the five months ended December 2018 (Asanko is an equity accounted joint venture and not included in the Group or Ghanaian operation’s figures). At Cerro Corona, the gold inventory credit to costs remained flat at US$6 million in 2019, due to a continued buildup of stockpiles in line with the new life extension plan in which ore will be stockpiled for the first few years until the in-pit tailings process commences. At St Ives, the credit to costs of A$4 million (US$3 million) in 2019 compared with A$20 million (US$15 million) in 2018, both due to a buildup of stockpiles. At Agnew, the credit to costs of A$4 million (US$3 million) in 2019 compared with a charge to costs of A$2 million (US$2 million) in 2018, due to a buildup of stockpiles in 2019 compared to a drawdown of stockpiles in 2018. At Granny Smith, the charge to costs of A$1 million (US$nil) in 2019 compared to A$3 million (US$2 million) in 2018, both due to a drawdown of stockpiles. At Gruyere, the credit to costs amounted to A$8 million (US$5 million) for the three months (October to December 2019) in which Gruyere was in commercial levels of production. This was due to a buildup of gold in circuit. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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Gold Fields Annual Financial Report including Governance Report 2019 82 MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS (continued) Amortisation and depreciation Amortisation and depreciation is calculated on the units-of-production method and is based on current gold production as a percentage of total expected gold production over the lives of the different mines based on proved and probable reserves. The table below depicts the changes from 31 December 2018 to 31 December 2019 for proved and probable managed gold and equivalent reserves and for the life-of-mine for each operation and the resulting impact on the amortisation charge in 2019. The amortisation in 2019 was based on the reserves as at 31 December 2018. The life-of-mine information is based on the operations’ strategic plans, adjusted for proved and probable reserve balances. In basic terms, amortisation is calculated using the life-of-mine for each operation, which is based on: (1) the proved and probable reserves for the operation at the start of the relevant year (which are taken to be the same as at the end of the prior fiscal year and using reserves); and (2) the amount of gold produced by the operation during the year. The ore reserve statement as at 31 December 2019 became effective on 1 January 2020. Proved and probable mineral reserves as of Life-of-mine Amortisation for the year ended 31 December 2019 ’000oz 31 December 2018 ’000oz 31 December 2017 ’000oz 31 December 2019 years 31 December 2018 years 31 December 2019 US$ million 31 December 2018 US$ million South Africa region South Deep1 32,800 32,800 37,400 75 75 32.9 48.9 West Africa region Tarkwa2 5,900 5,800 5,900 14 14 181.8 168.3 Damang3 1,300 1,600 1,700 6 7 53.9 99.9 Asanko4 1,200 — — 10 South America region Cerro Corona5 3,000 3,400 3,700 13 12 92.6 81.8 Salares Norte 4,000 4,049 — 11.5 11.5 — — Australia region St Ives 2,300 1,700 1,600 9 7 105.0 146.2 Agnew 800 600 500 4 4 62.9 75.0 Granny Smith 2,100 2,200 2,200 13 12 55.4 44.6 Gruyere6 1,800 1,900 1,900 11 12 14.5 — Corporate and other — — — — — 11.0 3.7 Total reserves7 55,200 54,049 54,900 610.0 668.4 1 As of 31 December 2017, 31 December 2018 and 31 December 2019, 91.0%, 90.8% and 90.7% of mineral reserves amounting to 34.023 million ounces, 29.772 million ounces and 29.763 million ounces of gold, respectively, were attributable to Gold Fields, with the remainder attributable to future non-controlling shareholders in the South Deep operation in terms of the South Deep BEE transaction. 2 As of 31 December 2017, 31 December 2018 and 31 December 2019, 90% of mineral reserves amounting to 5.315 million ounces, 5.200 million ounces and 5.305 million ounces of gold, respectively, were attributable to Gold Fields, with the remainder attributable to non-controlling shareholders in the Tarkwa operation. 3 As of 31 December 2017, 31 December 2018 and 31 December 2019, 90% of mineral reserves amounting to 1.555 million ounces, 1.454 million ounces and 1.214 million ounces of gold, respectively, were attributable to Gold Fields, with the remainder attributable to non-controlling shareholders in the Damang operation. 4 As of 31 December 2019, mineral reserves at Asanko represent the 50% portion managed by Gold Fields. 5 As of 31 December 2017, 31 December 2018 and 31 December 2019, 99.53% of mineral reserves amounting to 3.710 million ounces, 3.342 million ounces and 2.984 million ounces of equivalent gold were attributable to Gold Fields, with the remainder attributable to non-controlling shareholders in the Cerro Corona operation. 6 As of 31 December 2017, 31 December 2018 and 31 December 2019, mineral reserves at Gruyere represent the 50% portion attributable to Gold Fields only. 7 As of 31 December 2017, 31 December 2018 and 31 December 2019, reserves of 50.787 million ounces, 50.258 million ounces and 52.384 million ounces of equivalent gold, respectively, were attributable to Gold Fields, with the remainder attributable to non-controlling shareholders in the Ghanaian and Peruvian operations. Amortisation and depreciation decreased by 9% from US$668 million in 2018 to US$610 million in 2019. At South Deep in South Africa, amortisation and depreciation decreased by 26% from R646 million (US$49 million) in 2018 to R476 million (US$33 million) in 2019 mainly due to the impairment of the South Deep cash-generating unit in June 2018, as well as lower capital expenditure in 2019. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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83 Gold Fields Annual Financial Report including Governance Report 2019 At the Ghanaian operations (excluding Asanko), amortisation and depreciation decreased by 12% from US$268 million in 2018 to US$236 million in 2019. Tarkwa increased by 8% from US$168 million in 2018 to US$182 million in 2019 mainly due to an increase in ounces mined. Damang decreased by 46% from US$100 million in 2018 to US$54 million in 2019 mainly due to the completion of the Amoanda pit in H1 2019. Amortisation and depreciation at the Amoanda pit decreased from US$68 million in 2018 to US$4 million in 2019. At Asanko, the amortisation and depreciation amounted US$43 million for the 12 months ended December 2019 compared to US$16 million for the five months ended December 2018 (Asanko is an equity accounted joint venture and not included in the Group or Ghanaian operation’s figures). At Cerro Corona in Peru, amortisation and depreciation increased by 13% from US$82 million in 2018 to US$93 million in 2019. This increase was mainly due to higher capital expenditure and higher ounces mined. At the Australian operations, amortisation and depreciation decreased by 4% from A$356 million (US$266 million) in 2018 to A$342 million (US$238 million) in 2019. At St Ives, amortisation and depreciation decreased by 23% from A$196 million (US$146 million) in 2018 to A$151 million (US$105 million) in 2019 due to a decrease in ounces mined. At Agnew, amortisation and depreciation decreased by 10% from A$100 million (US$75 million) in 2018 to A$90 million (US$63 million) in 2019 due to an increase in ore reserves in 2019, resulting in a lower amortisation rate per ounce. At Granny Smith, amortisation and depreciation increased by 33% from A$60 million (US$45 million) in 2018 to A$80 million (US$55 million) in 2019 mainly due to depreciation of assets capitalised in line with the adoption of IFRS 16. At Gruyere, amortisation and depreciation amounted to A$21 million (US$15 million) for the three months (October to December 2019) in which Gruyere was in commercial levels of production. All-in sustaining and total all-in costs The following table sets out for each operation and the Group, total gold sales in ounces, all-in sustaining costs and total all-in costs, net of by-product revenue, in US$/oz for 2019 and 2018: 2019 2018 Figures in thousands unless otherwise stated Gold only ounces sold All-in sustaining costs – US$/oz Total all-in costs – US$/oz Gold only ounces sold All-in sustaining costs – US$/oz Total all-in costs – US$/oz South Deep 222.1 1,259 1,259 167.8 1,903 2,012 South African operation 222.1 1,259 1,259 167.8 1,903 2,012 Tarkwa 519.1 958 958 524.9 951 951 Damang 208.4 809 1,147 180.8 813 1,506 Asanko1 112.0 1,112 1,214 45.9 1,069 1,175 Ghanaian operations 839.5 942 1,039 751.6 926 1,098 Cerro Corona2 159.7 472 472 141.0 282 282 Peruvian operation 159.7 472 472 141.0 282 282 St Ives 363.3 963 963 367.0 902 902 Agnew 219.6 1,152 1,152 238.5 1,026 1,026 Granny Smith 274.8 922 922 280.5 925 925 Gruyere – 50% 33.7 683 684 – – – Australian operations 891.4 986 986 885.9 943 943 Total Group (including Asanko) 2,112.9 970 1,064 1,946.4 981 1,173 Total Group (excluding Asanko) 2,000.6 962 1,056 1,900.5 979 1,172 All-in costs are calculated in accordance with the World Gold Council Industry standard. Refer to pages 67 to 73 for detailed calculations and discussion of non-IFRS measures. 1 Equity accounted joint venture. 2 Gold sold at Cerro Corona excludes copper equivalents of 137,194 ounces in 2018 and 158,100 ounces in 2018. Figures above may not add as they are rounded independently. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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Gold Fields Annual Financial Report including Governance Report 2019 84 MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS (continued) AISC and AIC (original interpretation) AISC net of by-product revenues (including Asanko) decreased by 1% from US$981 per ounce of gold in 2018 to US$970 per ounce of gold in 2019, mainly due to higher gold sold and lower sustaining capital expenditure, partially offset by higher cost of sales before amortisation and depreciation. AIC net of by-product revenues (including Asanko) decreased by 9% from US$1,173 per ounce of gold in 2018 to US$1,064 per ounce of gold in 2019 due to the same reasons as for all-in sustaining costs as well as lower non-sustaining capital expenditure and lower exploration, feasibility and evaluation costs. AISC net of by-product revenues (excluding Asanko) decreased by 2% from US$979 per ounce of gold in 2018 to US$962 per ounce of gold in 2019, mainly due to higher gold sold and lower sustaining capital expenditure, partially offset by higher cost of sales before amortisation and depreciation. AIC net of by-product revenues (excluding Asanko) decreased by 10% from US$1,172 per ounce of gold in 2018 to US$1,056 per ounce of gold in 2019 due to the same reasons as for all-in sustaining costs as well as higher non-sustaining capital expenditure and higher exploration, feasibility and evaluation costs. At South Deep in South Africa, all-in sustaining costs decreased by 28% from R807,688 per kilogram (US$1,903 per ounce) in 2018 to R585,482 per kilogram (US$1,259 per ounce) in 2019 mainly due to higher gold sold, lower sustaining capital expenditure and lower cost of sales before amortisation and depreciation. The total all-in cost decreased by 31% from R854,049 per kilogram (US$2,012 per ounce) in 2018 to R585,482 per kilogram (US$1,259 per ounce) in 2019 due to the same reasons as for all-in sustaining costs as well as temporary postponement of non-sustaining capital expenditure. At the Ghanaian operations, all-in sustaining costs increased by 2% from US$926 per ounce in 2018 to US$942 per ounce in 2019 and total all-in cost decreased by 5% from US$1,098 per ounce in 2018 to US$1,039 per ounce in 2019 as the project capital at Damang rolled off. Asanko was included for 12 months in 2019 and five months in 2018. At Tarkwa, all-in sustaining costs and total all-in costs increased by 1% from US$951 per ounce in 2018 to US$958 per ounce in 2019 due to lower gold sold, partially offset by lower capital expenditure. At Damang, all-in sustaining costs decreased marginally from US$813 per ounce in 2018 to US$809 per ounce in 2019 due to higher gold sold, partially offset by higher cost of sales before amortisation and depreciation. All-in costs decreased by 24% from US$1,506 per ounce in 2018 to US$1,147 per ounce in 2018 due to the same reasons as for all-in sustaining cost and lower non-sustaining capital. At Asanko, all-in sustaining costs and total allin cost for the five months ended December 2018 was US$1,069 per ounce and US$1,175 per ounce, respectively and for the 12 months ended December 2019 was US$1,112 per ounce and US$1,214 per ounce, respectively. At Cerro Corona in Peru, all-in sustaining costs and total all-in costs increased by 67% from US$282 per ounce in 2018 to US$472 per ounce in 2019 mainly due to lower by-product credits, higher capital expenditures and higher cost of sales before amortisation and depreciation. All-in sustaining costs and total all-in cost per equivalent ounce increased by 16% from US$699 per equivalent ounce in 2018 to US$810 per equivalent ounce in 2019 mainly due to the same reasons as above as well as lower equivalent ounces sold. At the Australian operations, all-in sustaining costs and total all-in costs increased by 12% from A$1,262 per ounce (US$943 per ounce) in 2018 to A$1,418 per ounce (US$986 per ounce) in 2019 due to lower ounces sold (part of Gruyere production for the year was capitalised) and higher cost of sales before amortisation and depreciation, partially offset by lower sustaining capital expenditure. At St Ives, all-in sustaining costs and total all-in costs increased by 15% from A$1,207 per ounce (US$902 per ounce) in 2018 to A$1,385 per ounce (US$963 per ounce) in 2019 due to higher cost of sales before amortisation and depreciation, partially offset by lower capital expenditure. At Agnew, all-in sustaining costs and total all-in costs increased by 21% from A$1,374 per ounce (US$1,026 per ounce) in 2018 to A$1,656 per ounce (US$1,152 per ounce) in 2019 due to lower gold sold, higher cost of sales before amortisation and depreciation and higher capital expenditure. At Granny Smith, all-in sustaining costs and total all-in costs increased by 7% from A$1,239 per ounce (US$925 per ounce) in 2018 to A$1,325 per ounce (US$922 per ounce) in 2019, mainly due to lower gold sold. At Gruyere, all-in sustaining costs and total all-in cost for the three months (October to December 2019) in which Gruyere was in commercial levels of production was A$983 per ounce (US$683 per ounce) and A$983 per ounce (US$684 per ounce), respectively. Investment income Income from investments decreased by 13% from US$8 million in 2018 to US$7 million in 2019. The decrease was mainly due to lower interest rates in 2019. The investment income in 2019 of US$7 million comprised US$1 million interest on monies invested in the South African rehabilitation trust fund and US$6 million interest on other cash and cash equivalent balances. The investment income in 2018 of US$8 million comprised US$1 million interest on monies invested in the South African rehabilitation trust fund and US$7 million interest on other cash and cash equivalent balances. Interest received on the South African rehabilitation trust fund remained flat at US$1 million. Interest on other cash balances decreased by 14% from US$7 million in 2018 to US$6 million in 2019 mainly due to lower interest rates in 2019. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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85 Gold Fields Annual Financial Report including Governance Report 2019 Finance expense Finance expense increased by 16% from US$88 million in 2018 to US$102 million in 2019. The finance expense of US$102 million in 2019 comprised US$12 million relating to the accretion of the environmental rehabilitation liability, US$1 million relating to the unwinding of the silicosis provision, US$18 million lease interest and US$114 million on various Group borrowings, partially offset by borrowing costs capitalised of US$43 million. The finance expense of US$88 million in 2018 comprised US$12 million relating to the accretion of the environmental rehabilitation liability, US$2 million relating to the unwinding of the silicosis provision and US$92 million on various Group borrowings, partially offset by borrowing costs capitalised of US$18 million. The environmental rehabilitation liability accretion expense remained flat at US$12 million in 2018. The unwinding of the silicosis provision decreased by 50% from US$2 million in 2018 to US$1 million in 2019 due to a change in the expected timing of the cash flows, as well as an increase in the discount rate. The interest expense on lease liability of US$18 million relates to the adoption of IFRS 16 Leases in 2019. Below is an analysis of the components making up the interest on the various Group borrowings, stated on a comparative basis: United States Dollar Figures in millions unless otherwise stated 2019 2018 Interest on borrowings to fund capital expenditure and operating costs at the South African operation 7 9 Interest on US$1 billion notes issue 36 43 Interest on US$500 million 5-year notes issue 16 – Interest on US$500 million 10-year notes issue 18 – Interest on US$100 million revolving senior secured credit facility 3 4 Interest on US$150 million revolving senior secured credit facility 4 3 Interest on A$500 million syndicated revolving credit facility 12 – Interest on US$1,290 million term loan and revolving credit facilities 17 31 Other interest charges 1 2 114 92 Interest on borrowings to fund capital expenditure and operating costs at the South African operation decreased from US$9 million in 2018 to US$7 million in 2019 due to repayments of South African borrowings in 2019. Interest on the US$1 billion notes issue decreased from US$43 million in 2018 to US$36 million in 2019 due to the buy-back of US$250 million of the outstanding notes on 24 May 2019. On 9 May 2019, Gold Fields successfully concluded the raising of two new bonds, a US$500 million five-year notes issue and a US$500 million 10-year notes issue, raising a total of US$1 billion. Interest on the US$500 million five-year notes issue and US$500 million 10-year notes issue amounted to US$16 million and US$18 million in 2019, respectively. Interest on the US$100 million term revolving senior secured credit facility decreased from US$4 million in 2018 to US$3 million in 2019 due to the repayment of the facility during 2019. Interest on the US$150 million revolving senior secured credit facility increased marginally from US$3 million in 2018 to US$4 million in 2019. Interest on the A$500 million syndicated revolving credit facility was US$12 million in 2019. Interest on the US$1,290 million term loan and revolving credit facilities decreased from US$31 million in 2018 to US$17 million in 2019 due to the repayment of the facilities in 2019. Capitalised interest increased by 139% from US$18 million in 2018 to US$43 million in 2019 due to higher interest capitalised as a result of higher carrying values at Damang and Gruyere. This interest was capitalised in terms of IAS 23 Borrowing Costs. IAS 23 requires capitalisation of borrowing costs whenever general or specific borrowings are used to finance qualifying projects. The qualifying projects in 2019 were the Damang reinvestment project (US$20 million) and the Gruyere project (US$23 million). The qualifying projects in 2018 were the Damang reinvestment project (US$10 million) and the Gruyere project (US$8 million). An average interest capitalisation rate of 6.2% (2018: 5.9%) was applied. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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Gold Fields Annual Financial Report including Governance Report 2019 86 MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS (continued) (Loss)/gain on financial instruments The loss on financial instruments of US$238 million in 2019 compared with a gain of US$21 million in 2018. United States Dollar Figures in millions unless otherwise stated 2019 2018 South Deep gold hedge (26) (3) Ghana gold hedge (37) 22 Ghana oil hedge 2 2 Peru copper hedge – 9 Australia gold hedge (179) (5) Australia oil hedge 2 1 Australia foreign currency hedge (7) (9) Maverix warrants – gain on fair value 4 4 Gain on fair value on disposal of Maverix 3 – (238) 21 In 2019, the US$238 million comprised US$245 million losses on hedges and a US$7 million gain on the mark-to-market of Maverix warrants. The US$245 million included US$132 million realised losses and US$113 million unrealised losses. The realised losses of US$132 million comprised losses realised on the South Deep gold hedge of R220 million (US$15 million), the Australian gold hedge of A$163 million (US$113 million) and the Australian currency hedge of A$22 million (US$14 million), partially offset by gains made on the Ghana oil hedge of US$5 million, Ghana gold hedge of US$2 million and Australian oil hedge of A$4 million (US$3 million). The unrealised losses of US$113 million comprised losses on the South Deep gold hedge of R153 million (US$11 million), the Ghana gold hedge US$39 million, the Australian gold hedge of A$94 million (US$66 million), the Ghana oil hedge of US$3 million and Australian oil hedge of A$1 million (US$1 million), partially offset by a gain on Australian currency hedge of A$12 million (US$7 million). South Deep gold hedge Between October 2018 and January 2019, South Deep entered into cash-settled average rate forwards for a total of 112,613 ounces for the period June 2019 to December 2019 at an average strike rate of R617,000 per kilogram. In June 2019, a total of 200,000 ounces of the expected production for 2020 for South Deep was hedged for the period January 2020 to December 2020 using cash-settled zero cost collars (100,000 ounces) and average rate forwards (100,000 ounces). The average strike price is R660,000 per kilogram on the floor and R727,000 per kilogram on the cap. The average strike price is R681,400 per kilogram on the forwards. At 31 December 2019, the mark-to-market value on the hedge was negative R176 million (US$13 million) (2018: R23 million (US$2 million)) with a realised loss of R220 million (US$15 million) (2018: gain of R117 million (US$9 million) for the year ended 31 December 2019. Ghana gold hedge In January 2018 and April 2018, a total of 488,900 ounces of the expected production for the Ghanaian region was hedged for the period January 2018 to December 2018 using zero-cost collars. The average strike prices are US$1,300 per ounce on the floor and US$1,418 per ounce on the cap. In June 2019, a total of 275,000 ounces of the expected production for 2020 for the Ghanaian region was hedged for the period January 2020 to December 2020 using cash-settled zero-cost collars (175,000 ounces) and average rate forwards (100,000 ounces). The average strike prices are US$1,364 per ounce on the floor and US$1,449 per ounce on the cap. The average strike price on the forwards is US$1,382 per ounce. Subsequent to 30 June 2019, 100,000 ounces of the expected production for the Ghanaian region was hedged for the period January 2020 to December 2020 using cash-settled zero cost collars. The average strike prices are US$1,400 per ounce on the floor and US$1,557 per ounce on the cap. At 31 December 2019, the mark-to market value on the hedge was negative US$36 million (2018: positive US$2 million) with a realised gain of US$2 million (2018: US$20 million) for the year ended 31 December 2019. Ghana oil hedge In May 2017 and June 2017, the Ghanaian operations entered into fixed price ICE Gasoil cash-settled swap transaction for a total of 125.8 million litres of diesel for the period June 2017 to December 2019. The average swap price is US$457.2 per metric tonne (equivalent US$61.4 per barrel). At the time of the transactions, the average Brent swap equivalent over the tenure was US$49.8 per barrel. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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87 Gold Fields Annual Financial Report including Governance Report 2019 In June 2019, fixed price ICE Gasoil cash-settled swap transactions were entered into for a total of 123.2 million litres of diesel for the period January 2020 to December 2022 based on 50% of usage over the specified period. The average swap price is US$575 per metric tonne (equivalent to US$75.8 per barrel). At the time of the transactions, the average Brent swap equivalent over the tenor was US$59.2 per barrel. At 31 December 2019, the mark-to-market value on the hedge was a US$nil (2018: US$3 million) with a realised gain of US$5 million (2018: US$8 million). Peru copper hedge In November 2017, zero-cost collars were entered into for the period January 2018 to December 2018. A total volume of 29,400 tonnes was hedged, at an average floor price of US$6,600 per tonne and an average cap price of US$7,431 per tonne. At 31 December 2019, the mark-to-market valuation of the hedge was a US$nil (2018: positive of US$1 million), with a realised gain of US$nil (2018: US$5 million). Australia gold hedge In February 2018, the Australian operations entered into Asian swaps (Asian swaps are options where the payoff is determined by the average monthly gold price over the option period) for the period June 2018 to December 2018 for a total of 221,000 ounces of gold. The average strike price on the swaps was A$1,714 per ounce. In March 2018, the Australian operations entered into zero-cost collars for the period April 2018 to December 2018 for a total of 452,800 ounces of gold. The average strike prices are A$1,703 per ounce on the floor and US$1,767 per ounce on the cap. In December 2018, additional Asian swaps were entered into for the period January 2019 to December 2019 for a notional 283,000 ounces of gold at an average strike price of A$1,751 per ounce. In December 2018, additional zero-cost collars were executed for the period January 2019 to December 2019 for a notional 173,000 ounces of gold with a strike price on the floor at A$1,720 per ounce and the strike price on the cap at A$1,789 per ounce. In January 2019, zero-cost collars were executed for the period January 2019 to December 2019 for a notional 456,000 ounces of gold with a strike price on the floor at A$1,800 per ounce and the strike price on the cap at A$1,869 per ounce. In June 2019, a total of 480,000 ounces of the expected production for 2020 for the Australian region was hedged for the period January 2020 to December 2020 using cash-settled zero-cost collars (270,000 ounces) and average rate forwards (210,000 ounces). The average strike prices are A$1,933 per ounce on the floor and A$2,014 on the cap. The average strike price on the forwards is A$1,957 per ounce. At 31 December 2019, the mark-to-market value on the hedges was negative A$111 million (US$78 million) (2018: A$18 million (US$12 million)) with a realised loss of A$163 million (US$113 million) (2018: gain of A$11 million (US$8 million)) for the year ended 31 December 2019. Australia oil hedge In May 2017 and June 2017, the Australian operations entered into fixed price Singapore 10ppm Gasoil cash-settled swap transactions for a total of 77.5 million litres of diesel for the period June 2017 to December 2019. The average swap price is US$61.2 per barrel. At the time of the transactions, the average Brent swap equivalent over the tenure was US$49.9 per barrel. In June 2019, fixed price Singapore 10ppm Gasoil cash-settled swap transactions were entered into for a total of 75.0 million litres of diesel for the period January 2020 to December 2022 based on 50% of usage over the specified period. The average swap price is US$74.0 per barrel. At the time of the transactions, the average Brent swap equivalent over the tenor was US$57.4 per barrel. At 31 December 2019, the mark-to-market value on the hedge was a positive A$1 million (US$1 million) (2018: A$3 million (US$2 million)) with a realised gain of A$4 million (US$3 million) (2018: A$6 million (US$5 million)). Australia foreign currency hedge In May 2018, the Australian operations entered into Australian Dollar/US Dollar average rate forwards for a total notional US$96 million for the period January 2019 to December 2019 at an average strike price of 0.7517. In June 2018, further hedges were taken out for a total notional US$60 million for the same period January 2019 to December 2019 at an average strike of 0.7330. In September 2018, further hedges were taken out for a total notional US$100 million for the same period January 2019 to December 2019 at an average strike of 0.7182. In October 2018, further hedges were taken out for the period January 2019 to December 2019 for a notional US$60 million at an average strike of 0.7075. In December 2018, further hedges were taken out for the period January 2019 to December 2019 for a notional US$50 million at an average strike of 0.715. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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Gold Fields Annual Financial Report including Governance Report 2019 88 MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS (continued) At 31 December 2019, the mark-to-market value on the hedges was A$nil (US$nil) (2018: A$12 million (US$9 million)) with a realised loss of A$22 million (US$14 million) (2018: A$nil (US$nil)) for the year ended 31 December 2019. Foreign exchange (loss)/gain The foreign exchange loss of US$5 million in 2019 compared with a gain of US$6 million. These gains or losses on foreign exchange related to the conversion of offshore cash holdings into their functional currencies. The exchange loss of US$5 million was mainly due to the release of the foreign exchange reserve on disposal of subsidiary, while the exchange gain of US$6 million was due to the strengthening of the Ghanaian Cedi and the weakening of the Australian Dollar. Other costs, net Other costs, net increased by 51% from US$45 million in 2018 to US$68 million in 2019. The costs in 2019 are mainly made up of: Social contributions and sponsorships of US$18 million; Offshore structure costs of US$17 million; Loss on buy-back on notes of US$5 million: Damang contract termination costs of US$13 million; and Rehabilitation expense of US$13 million as a result of changes in estimates relating to the provision for environmental rehabilitation costs recognised in profit or loss. The costs in 2018 are mainly made up of: Social contributions and sponsorships of US$15 million; Offshore structure costs of US$16 million; Corporate-related costs of US$5 million; Loss on sale of inventory of US$9 million; and Rehabilitation income of US$1 million as a result of changes in estimates relating to the provision for environmental rehabilitation costs recognised in profit or loss. Share-based payments Gold Fields recognises the cost of share options granted (share-based payments) in terms of IFRS 2 Share-based Payment. The Group grants share options and restricted shares to executive directors, certain officers and employees under the Gold Fields Limited 2012 Share Plan amended. Gold Fields has adopted appropriate valuation models (Black-Scholes and Monte Carlo simulation) to fair value share-based payments. The value of the equity-settled instruments is determined at the grant date of the options and depending on the rules of the plan expensed on a straight-line basis over a three-year vesting period, adjusted for forfeitures as appropriate. From 2018 onwards, only Executive Committee members (including regional Executive Committee members) receive awards under the Gold Fields Limited 2012 Share Plan amended, while senior and middle management receive awards under the revised Long-Term Incentive Plan (“LTIP”). Share-based payments decreased by 45% from US$38 million in 2018 to US$21 million in 2019 mainly due to the awards from 2018 onwards being granted to the Executive Committee members only. The corresponding entry for the share-based payment expense was the share-based payment reserve within shareholders’ equity. Long-term incentive plan expense Gold Fields recognises the long-term incentive plan expense in terms of IAS 19 Employee Benefits. On 1 March 2014, the Remuneration Committee approved the Gold Fields Limited Long-Term Cash Incentive Plan (“LTIP”). The plan provided for executive directors, certain officers and employees to receive a cash award, conditional on the achievement of specified performance conditions relating to total shareholder return and free cash flow margin. The conditions were assessed over the performance cycle which runs over three calendar years. The expected timing of the cash outflows in respect of each grant was at the end of three years after the original award was made. The last award under this plan was made in 2015. From 2018 onwards, Executive Committee members (including regional Executive Committee members) receive awards under the Gold Fields Limited 2012 Share Plan amended, while senior and middle management receive awards under the revised LTIP. The performance conditions of the revised LTIP are approved annually by the Remuneration Committee. The expected timing of the cash outflows in respect of each grant is at the end of three years after the original award was made. The LTIP expense increased by 800% from US$1 million in 2018 to US$9 million in 2019 due to awards being granted to senior and middle management from 2018 onwards. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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89 Gold Fields Annual Financial Report including Governance Report 2019 Exploration expense The exploration expense decreased by 19% from US$104 million in 2018 to US$84 million in 2019. United States Dollar Figures in millions unless otherwise stated 2019 2018 Australia 30 38 Salares Norte 49 61 Exploration office costs 5 5 Total exploration expense 84 104 In 2019, Australia spent US$59 million on exploration of which US$30 million was expensed in the income statement. In 2018, Australia spent US$64 million on exploration of which US$38 million was expensed in the income statement. Share of results of equity accounted investees, net of taxation Share of results of equity accounted investees, net of taxation was a loss of US$13 million in 2018 compared to a profit of US$3 million in 2019. During 2019 and 2018, Gold Fields equity accounted for Far South East Resources Incorporated (“FSE”), Maverix Metals Incorporated (“Maverix”) and Asanko Gold Inc (“Asanko”). FSE’s share of results of equity accounted investees, net of taxation decreased from a loss of US$13 million in 2018 to a loss of US$1 million in 2019, mainly due to the US$12 million write-off of deferred costs and other non-recoverable amounts in 2018. In March 2018, Gold Fields entered into an agreement to form an incorporated joint venture with Asanko Gold. In the deal which became unconditional on 31 July 2018, Gold Fields acquired 45% of Asanko Gold Ghana Limited (“AGGL”), the former Asanko subsidiary that owns the Asanko Gold mine, with the government of Ghana continuing to retain a 10% free carried interest in AGGL. The share of results of equity accounted investees, net of taxation for Asanko, was a profit of US$4 million in 2019 compared to a loss of US$1 million in 2018. Maverix’s share of results of equity accounted investees, net of taxation decreased from a profit of US$1 million in 2018 to US$nil in 2019, representing nil% (2018: 19.9%) shareholding. The decrease is due to the sale of Maverix during 2019 (refer below for further details). Profit on disposal of Maverix Metals Incorporated Profit on disposal of Maverix Metals amounted to US$15 million in 2019. In line with its key strategic objective of paying down its debt, Gold Fields Limited disposed of its shareholding in Maverix during the year ended 31 December 2019. The sale of the shares, processed through a series of private market transactions, raised US$67 million in cash. After the first transaction, Maverix no longer met the definition of an associate and it was reclassified as a listed investment. A profit on disposal of US$15 million was recognised comprising a profit on disposal of associate of US$34 million, partially offset by a loss on derecognition of the investment in Maverix designated at fair value through profit or loss of US$19 million. Restructuring costs Restructuring costs decreased by 99% from US$114 million in 2018 to US$1 million in 2019. The cost in 2019 relates mainly to separation packages at South Deep and Tarkwa and the cost in 2018 relates mainly to separation packages at South Deep (US$11 million), Damang (US$14 million) and Tarkwa (US$89 million) (related to the conversion from owner to contractor mining implemented in 2018). Silicosis settlement costs Silicosis settlement costs decreased by 60% from a reversal of costs of US$5 million in 2018 and to a reversal of costs of US$2 million in 2019. A consolidated application was brought against several South African mining companies, including Gold Fields, for certification of a class action on behalf of current or former mineworkers (and their dependants) who have allegedly contracted silicosis and/or tuberculosis while working for one or more of the mining companies listed in the application (refer to note 25.2 and 35 of the consolidated financial statements for further details). During 2019 and 2018, reversal of costs of US$2 million and US$5 million, respectively, related to a change in the expected timing of the cash flows and an increase in the discount rate. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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Gold Fields Annual Financial Report including Governance Report 2019 90 MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS (continued) Gain on acquisition of Asanko On 29 March 2018, the Group entered into certain definitive agreements (the “JV Transaction”) with Asanko Gold Inc. pursuant to which, among other things: Gold Fields and Asanko will each own a 45% interest in Asanko Gold Ghana Limited (“AGGL”), the former Asanko subsidiary that owns the Asanko Gold mine, with the government of Ghana continuing to retain a 10% free-carried interest in AGGL (the “Joint Arrangement”); Gold Fields and Asanko will each own a 50% interest in Adansi Gold Company Ghana Limited (“Adansi Ghana”), the Asanko subsidiary that currently owns a number of the Company’s exploration licences; and Gold Fields and Asanko will each acquire a 50% interest in a newly formed entity (Shika Group Finance Limited (“JV Finco”)). On 20 June 2018, Gold Fields and Asanko received approval of the JV Transaction from the Ghanaian Minister of Lands and Natural Resources and the JV transaction closed on 31 July 2018 once all conditions precedent were met. In consideration for its interests in the Joint Arrangement, Gold Fields contributed US$165 million in 2018, representing its initial US$165 million redeemable share investment in JV Finco, as well as its initial US$nil equity investments in AGGL, Adansi Ghana and JV Finco, respectively. An additional US$20 million was invested in the redeemable preference shares during 2019. Recognition and measurement Gold Fields and Asanko have joint control and the Asanko transaction is structured as a separate vehicle and the Group has a residual interest in the net assets of Asanko. Accordingly, the Group has classified its interest in Asanko as a joint venture. Fair value measured There were no changes in 2019 to the provisional purchase price allocation performed at the time of acquisition of Asanko, therefore the purchase price allocation is considered final. Consideration transferred The following table summarises the acquisition date fair value of the consideration transferred: Figures in millions unless otherwise stated United States Dollar 2018 Cash for Asanko redeemable preference shares and equity 165 Total consideration paid 165 An additional US$20 million was invested in the redeemable preference shares in 2019. Gain on acquisition of Asanko The gain on acquisition was determined as follows: Figures in millions unless otherwise stated United States Dollar 2018 Total fair value of assets acquired 217 Consideration transferred (165) Gain on acquisition 52 The redeemable preference shares have the following conditions: Redeemable at the option of the issuer at par value; and Non-interest-bearing. The redeemable preference shares were recognised as an investment in an equity financial instrument measured at fair value through other comprehensive income. The key assumptions used to determine the fair value of the redeemable preference shares of US$130 million at acquisition were as follows: Par value of the preference shares US$/165.0 million Market-related interest rate 7.85% Expected redemption period – 2020 to 2023 5 years Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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91 Gold Fields Annual Financial Report including Governance Report 2019 The key assumptions used to determine the fair value of the net identifiable assets acquired were as follows: US$ gold price – 2018 to 2019 US$1,200/oz US$ gold price – 2020 onwards US$1,300/oz Discount rate 10.27% Life-of-mine – 2019 to 2030 12 years The excess of the fair value of the identifiable net assets acquired over the consideration is recognised immediately in profit or loss as a gain on acquisition. The injection of capital into Asanko Gold Mine for an equity stake represented a favourable deal for Gold Fields, as Asanko needed to refinance the debt of Asanko Gold Mine, resulting in a gain on acquisition. Impairment, net of reversal of impairment of investments and assets Impairment, net of reversal of impairment of investments and assets decreased by 98% from US$520 million in 2018 to US$10 million in 2019. United States Dollar Figures in millions unless otherwise stated 2019 2018 Cerro Corona redundant assets – 2 South Deep cash-generating unit – goodwill – 72 South Deep cash-generating unit – other assets – 410 FSE 10 37 10 520 The impairment charge of US$10 million in 2019 relate mainly to the net impairment of FSE. The impairment of FSE was based on the fair value less cost of disposal of the investment which was indirectly derived from the market value of Lepanto Consolidated Mining Company. The impairment charge of US$520 million in 2018 comprises: US$2 million impairment of redundant assets at Cerro Corona; US$482 million cash-generating unit impairment at South Deep. US$72 million of the impairment was firstly allocated to goodwill and the remainder of US$410 million to other assets. The impairment calculation was performed in June 2018 and given that impairment indicators still existed at 31 December 2018, a further assessment was performed. The recoverable amount at 31 December 2018 is R21.2 billion (US$1.4 billion). There were no further impairments at 31 December 2018 using the following assumptions: ––Gold price of R525,000 per kilogram for 2019 and R550,000 per kilogram thereafter; –– Resource price of US$17 per ounce at a Rand/US$ exchange rate of R14.63; –– Resource ounces of 24.5 million ounces; –– Life-of-mine of 75 years; and ––Discount rate of 13.5% nominal. US$37 million impairment of FSE. The impairment of FSE was based on the fair value less cost of disposal of the investment which was indirectly derived from the market value of Lepanto Consolidated Mining Company. Profit/(loss) on disposal of assets Loss of US$52 million in 2018 compared to a profit on disposal of assets was US$1 million in 2019. Profit on disposal of assets of US$1 million in 2019 related mainly to the sale of redundant assets at South Deep, Ghana and Australia. Loss on disposal of assets of US$52 million in 2018 related mainly to the losses of US$38 million on the sale of mining fleet and heavy machinery equipment and inventory at Tarkwa as part of the transition to contractor mining and a loss of US$15 million on the sale of APP. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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Gold Fields Annual Financial Report including Governance Report 2019 92 MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS (continued) Royalties Royalties increased by 17% from US$63 million in 2018 to US$74 million in 2019 and are made up as follows: United States Dollar Figures in millions unless otherwise stated 2019 2018 South Africa 2 1 Ghana 36 29 Peru 5 5 Australia 31 28 74 63 The royalty in South Africa increased by 100% from US$1 million in 2018 to US$2 million in 2019 due to an increase in revenue in 2019. The royalty in Ghana increased by 24% from US$29 million in 2018 to US$36 million in 2019 due to an increase in revenue and an increase in the royalty rate in 2019. The royalty in Peru remained flat at US$5 million. The royalty in Australia increased by 11% from US$28 million in 2018 to US$31 million in 2019 due to an increase in revenue in 2019. Mining and income tax Mining and income tax was an income of US$66 million in 2018 compared to a charge of US$176 million in 2019. The table below indicates Gold Fields’ effective tax rate in 2019 and 2018: United States Dollar Figures in millions unless otherwise stated 2019 2018 Income and mining tax credit/(charge) (US$ million) (176) 66 Effective tax rate (%) 50.3 16.0 In 2019, the effective tax rate of 50.3% was higher than the maximum South African mining statutory tax rate of 34% mainly due to the tax effect of the following: US$18 million adjustment to reflect the actual realised company tax rates in South Africa and offshore; US$1 million of non-taxable share of results of equity accounted investees, net of taxation; US$1 million non-taxable fair value gain on Maverix warrants; and US$5 million non-taxable profit on disposal of Maverix. The above were offset by the following tax effected charges: US$24 million non-deductible charges comprising share-based payments (US$7 million) and exploration expense (US$17 million); US$3 million recognised on impairment of FSE; US$30 million non-deductible interest paid; US$3 million dividend withholding tax; US$11 million of net non-deductible expenditure and non-taxable income; US$5 million deferred tax on unremitted earnings at Tarkwa and Cerro Corona; US$7 million of various Peruvian non-deductible expenses; and US$3 million deferred tax assets not recognised at Cerro Corona. In 2018, the effective tax rate of 16.0% was lower than the maximum South African mining statutory tax rate of 34% mainly due to the tax effect of the following: US$18 million non-taxable gain on acquisition of Asanko; US$1 million non-taxable fair value gain on Maverix warrants; US$1 million non-taxable profit on dilution of Gold Fields’ interest in Maverix warrants; US$7 million deferred tax assets recognised at Damang; and US$70 million additional capital allowances recognised at South Deep. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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93 Gold Fields Annual Financial Report including Governance Report 2019 The above were offset by the following tax effected charges: US$7 million adjustment to reflect the actual realised company tax rates in South Africa and offshore; US$35 million non-deductible charges comprising share-based payments (US$13 million) and exploration expense (US$22 million); US$13 million and US$24 million deferred tax assets not recognised on impairment of FSE and South Deep goodwill, respectively; US$26 million non-deductible interest paid; US$5 million of non-deductible share of results of equity accounted investees, net of taxation; US$16 million dividend withholding tax; US$15 million deferred tax assets not recognised at Cerro Corona; US$8 million of net non-deductible expenditure and non-taxable income; US$1 million deferred tax raised on unremitted earnings at Tarkwa and Cerro Corona; US$1 million deferred tax movement on Peruvian Nuevo Sol devaluation against US Dollar; US$8 million of various Peruvian non-deductible expenses; and US$11 million deferred tax release on change of tax rate at South Deep. Profit/(loss) for the year As a result of the factors discussed above, a profit of US$175 million in 2019 compared to a loss of US$345 million in 2018. Profit/(loss) attributable to owners of the parent A profit attributable to owners of the parent of US$162 million in 2019 compared to a loss of US$348 million in 2018. Profit attributable to non-controlling interests Profit attributable to non-controlling interests increased by 333% from US$3 million in 2018 to US$13 million in 2019. The non-controlling interest consists of Gold Fields Ghana (Tarkwa) and Abosso Goldfields (Damang) at 10% each at the end of 2019 and 2018 and Gold Fields La Cima (Cerro Corona) at 0.47% at the end of 2019 and 2018. The amount making up the non-controlling interest is shown below: 2019 2018 2019 2018 Minority interest Effective* Minority interest Effective* US$ million US$ million Gold Fields Ghana Limited – Tarkwa 10.0% 10.0% 10 4 Abosso Goldfields – Damang 10.0% 10.0% 3 (1) Gold Fields La Cima – Cerro Corona 0.47% 0.47% – – 13 3 * Average for the year. Basic earnings/(loss) per share As a result of the above, Gold Fields earnings of US$0.20 per share in 2019 compared to a loss per share of US$0.42 in 2018. RESULTS FOR THE PERIOD – YEARS ENDED 31 DECEMBER 2018 AND 31 DECEMBER 2017 Loss attributable to owners of the parent for the Group was US$348 million (or US$0.42 per share) for 2018 compared to US$19 million (or US$0.02 per share) for 2017. Loss attributable to owners of the parent for continuing operations was US$348 million (or US$0.42 per share) for 2018 compared to US$32 million (or US$0.04 per share) for 2017. Profit attributable to discontinued operation, Darlot, was US$nil for 2018 compared to US$13 million (or US$0.02 per share) for 2017. The reasons for this increase in loss are discussed below. CONTINUING OPERATIONS Revenue Revenue from continuing operations decreased by 7% from US$2,762 million in 2017 to US$2,578 million in 2018. The decrease in revenue of US$184 million was due to Iower ounces sold. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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Gold Fields Annual Financial Report including Governance Report 2019 94 MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS (continued) The average US Dollar gold price achieved by the Group decreased marginally from US$1,255 per equivalent ounce in 2017 to US$1,252 per equivalent ounce in 2018. The average Rand gold price decreased by 1% from R538,344 per kilogram to R531,253 per kilogram. The average Australian Dollar gold price increased by 3% from A$1,640 per ounce to A$1,694 per ounce. The average US Dollar gold price for the Ghanaian operations (including Asanko) increased by 1% from US$1,255 per ounce in 2017 to US$1,265 per ounce in 2018 and the average US Dollar gold price for the Ghanaian operations (excluding Asanko) increased by 1% from US$1,255 per ounce in 2017 to US$1,270 per ounce in 2018. The average equivalent US Dollar gold price, net of treatment and refining charges, for Cerro Corona decreased by 6% from US$1,252 per equivalent ounce in 2017 to US$1,174 per equivalent ounce in 2018. The average US Dollar/Rand exchange rate strengthened by 1% from R13.33 in 2017 to R13.20 in 2018. The average Australian/US Dollar exchange rate weakened by 3% from A$1.00 = US$0.77 in 2017 to A$1.00 = US$0.75 in 2018. Gold sales from continuing operations (excluding Asanko) decreased by 6% from 2,201,100 equivalent ounces in 2017 to 2,058,600 equivalent ounces in 2018. Gold sales at the South African operation decreased by 40% from 8,766 kilograms (281,800 ounces) in 2017 to 5,220 kilograms (167,800 ounces) in 2018. Gold sales at the Ghanaian operations (excluding Asanko) decreased by 1% from 710,000 ounces in 2017 to 705,700 ounces in 2018. Gold equivalent sales at the Peruvian operation (Cerro Corona) decreased by 5% from 313,800 equivalent ounces in 2017 to 299,100 equivalent ounces in 2018. At the Australian operations, gold sales decreased by 1% from 895,400 ounces in 2017 to 885,900 ounces in 2018. As a general rule, Gold Fields sells all the gold it produces. 2018 2017 Figures in million unless otherwise stated Revenue US$ million Gold sold ’000oz Gold produced ’000oz Revenue US$ million Gold sold ’000oz Gold produced ’000oz South Deep 210.1 167.8 157.1 354.1 281.8 281.3 Tarkwa 666.9 524.9 524.9 710.8 566.4 566.4 Damang 229.0 180.8 180.8 180.3 143.6 143.6 Asanko1 54.9 45.9 44.5 – – – Cerro Corona 351.0 299.1 314.1 392.9 313.8 306.7 St Ives 464.7 367.0 366.9 457.3 363.9 363.9 Agnew 301.1 238.5 239.1 302.6 241.2 241.2 Granny Smith 355.0 280.5 280.4 363.8 290.3 290.3 Continuing operations (including Asanko) 2,632.7 2,104.5 2,107.8 2,761.8 2,201.1 2,193.3 Continuing operations (excluding Asanko) 2,577.8 2,058.6 2,063.2 2,761.8 2,201.1 2,193.3 1 Equity accounted joint venture. Included above for information only, not included in revenue for the Group. At South Deep in South Africa, gold sales decreased by 40% from 8,766 kilograms (281,800 ounces) in 2017 to 5,220 kilograms (167,800 ounces) in 2018 due to decreased volumes and grades. This was mainly due to the industrial action, the restructuring process as well as the fatal accident, further exacerbated by poor ground conditions in the high grade areas of the mine. At the Ghanaian operations, gold sales at Tarkwa decreased by 7% from 566,400 ounces in 2017 to 524,900 ounces in 2018 due to lower volumes mined in line with the 2018 planned strategy to reduce mining and optimise margins and cash flow. Damang’s gold sales increased by 26% from 143,600 ounces in 2017 to 180,800 ounces in 2018 mainly due to higher head grade and yield. Gold sales at Asanko amounted to 45,900 ounces for the five months ended December 2018 (Asanko is an equity accounted joint venture and not included in the Group or Ghanaian operation’s figures). At Cerro Corona in Peru, copper sales increased by 1% from 30,377 tonnes in 2017 to 30,742 tonnes in 2018 mainly due to higher copper production as a result of higher copper head grade. Gold sales decreased by 14% from 164,715 ounces in 2017 to 141,041 ounces in 2018 due to lower gold production and timing of shipments. Gold equivalent sales decreased by 5% from 313,800 ounces in 2017 to 299,100 ounces in 2018 as a result of lower gold sold and higher copper price relative to the gold price (price factor). At the Australian operations, gold sales at St Ives increased by 1% marginally from 363,900 ounces in 2017 to 367,000 ounces in 2018. At Agnew, gold sales decreased by 1% from 241,200 ounces in 2017 to 238,500 ounces in 2018 mainly due to decreased ore processed. At Granny Smith, gold sales decreased by 3% from 290,300 ounces in 2017 to 280,500 ounces in 2018 due to lower grades mined. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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95 Gold Fields Annual Financial Report including Governance Report 2019 Cost of sales Cost of sales, which comprises cost of sales before gold inventory change and amortisation and depreciation, gold inventory change and amortisation and depreciation, decreased by 3% from US$2,105 million in 2017 to US$2,043 million in 2018. The reasons for this decrease are described below. Cost of sales before gold inventory change and amortisation and depreciation Cost of sales before gold inventory change and amortisation and depreciation from continuing operations decreased by 3% from US$1,427 million in 2017 to US$1,391 million in 2018. At South Deep in South Africa, cost of sales before gold inventory change and amortisation and depreciation decreased by 15% from R4,083 million (US$306 million) in 2017 to R3,459 million (US$262 million) in 2018. This decrease of R624 million was mainly due to lower production exacerbated by the industrial action, lower expenditure on consumables, contractors, labour and utility costs. At the Ghanaian operations (excluding Asanko), cost of sales before gold inventory change and amortisation and depreciation decreased by 6% from US$469 million in 2017 to US$442 million in 2018. At Tarkwa, cost of sales before gold inventory change and amortisation and depreciation decreased by 14% from US$348 million in 2017 to US$299 million in 2018 due to lower mining costs in line with lower operational tonnes mined. At Damang, cost of sales before gold inventory change and amortisation and depreciation increased by 19% from US$121 million in 2017 to US$144 million in 2018 mainly due to higher operating tonnes mined. Cost of sales before gold inventory change and amortisation and depreciation at Asanko amounted to US$42 million for the five months ended December 2018 (Asanko is an equity accounted joint venture and not included in the Group or Ghanaian regional figures). At Cerro Corona in Peru, cost of sales before gold inventory change and amortisation and depreciation increased by 6% from US$151 million in 2017 to US$160 million in 2018, mainly due to higher tonnes mined in 2018. At the Australian operations, cost of sales before gold inventory change and amortisation and depreciation increased by 8% from A$653 million (US$499 million) in 2017 to A$705 million (US$527 million) in 2018. At St Ives, cost of sales before gold inventory change and amortisation and depreciation increased by 10% from A$245 million (US$188 million) in 2017 to A$269 million (US$201 million) in 2018 mainly due to increased underground mining cost as a result of increased ore tonnes mined at Invincible, less cheaper open-pit tonnes mined and increased processing maintenance cost. At Agnew, cost of sales before gold inventory change and amortisation and depreciation increased by 5% from A$203 million (US$155 million) in 2017 to A$214 million (US$160 million) in 2018 mainly due to increased mining cost at Waroonga as a result of increased ground support and paste fill. At Granny Smith, cost of sales before gold inventory change and amortisation and depreciation increased by 9% from A$205 million (US$157 million) in 2017 to A$223 million (US$166 million) in 2018 mainly due to increased mining cost as a result of mining deeper zones. Gold inventory change The gold inventory credit to costs from continuing operations of US$16 million in 2018 compared with US$70 million in 2017. At South Deep, the gold inventory charge to costs of R127 million (US$10 million) in 2018 compared with a credit to costs of R21 million (US$2 million) in 2017, due to a drawdown of gold in circuit at the end of 2018 compared with a buildup of gold in circuit in 2017. At Tarkwa, the gold inventory charge to costs of US$10 million in 2018 compared with a credit to cost of US$42 million in 2017. In 2017, higher volumes were mined and more medium grade ore was stockpiled compared to 2018. In 2018 more lower grade ore was stockpiled and medium grade ore was processed. At Damang, the gold inventory credit to costs of US$19 million in 2018 compared with a charge to costs of US$1 million in 2017, due to a buildup of stockpiles in 2018 compared to a drawdown in 2017. At Asanko, the gold inventory credit to costs amounted to US$4 million for the five months ended December 2018 (Asanko is an equity accounted joint venture and not included in the Group or Ghanaian operation’s figures). At Cerro Corona, the gold inventory credit to costs of US$6 million in 2018 compared to a charge to costs of US$3 million in 2017, due to a buildup of concentrate inventory in 2018 compared a drawdown of concentrate inventory in 2017. At St Ives, the credit to costs of A$20 million (US$15 million) in 2018 compared with A$38 million (US$29 million) in 2017, both due to a buildup of stockpiles. At Agnew, the charge to costs of A$2 million (US$2 million) in 2018 compared with a credit costs of A$6 million (US$5 million) in 2017, due to a drawdown of stockpiles in 2018 compared to a buildup of stockpiles in 2017. At Granny Smith, the charge to costs of A$3 million (US$2 million) in 2018 compared to A$5 million (US$4 million) in 2017, both due to a drawdown of stockpiles. 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Gold Fields Annual Financial Report including Governance Report 2019 96 MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS (continued) Amortisation and depreciation Amortisation and depreciation are calculated on the units-of-production method and is based on current gold production as a percentage of total expected gold production over the lives of the different mines based on proved and probable reserves. The table below depicts the changes from 31 December 2017 to 31 December 2018 for proved and probable managed gold and equivalent reserves and for the life-of-mine for each operation and the resulting impact on the amortisation charge in 2018. The amortisation in 2018 was based on the reserves as at 31 December 2017. The life-of-mine information is based on the operations’ strategic plans, adjusted for proved and probable reserve balances. In basic terms, amortisation is calculated using the life-of-mine for each operation, which is based on: (1) the proved and probable reserves for the operation at the start of the relevant year (which are taken to be the same as at the end of the prior fiscal year and using reserves); and (2) the amount of gold produced by the operation during the year. The ore reserve statement as at 31 December 2018 became effective on 1 January 2019. Proved and probable mineral reserves as of Life-of-mine Amortisation for the year ended Figures in million unless otherwise stated 31 December 2018 ’000oz 31 December 2017 ’000oz 31 December 2016 ’000oz 31 December 2018 years 31 December 2017 years 31 December 2018 US$ million 31 December 2017 US$ million South Africa region South Deep1 32,800 37,400 37,300 75 78 48.9 74.2 West Africa region Tarkwa2 5,800 5,900 6,100 14 14 168.3 220.0 Damang3 1,600 1,700 1,700 7 8 99.9 22.3 South America region Cerro Corona4 3,400 3,700 2,400 12 13 81.8 130.9 Salares Norte 4,049 — — 11.5 — — — Australia region St Ives 1,700 1,600 1,700 7 5 146.2 172.3 Agnew/Lawlers 600 500 500 4 4 75.0 82.3 Granny Smith 2,200 2,200 1,700 12 11 44.6 43.5 Gruyere5 1,900 1,900 1,800 12 13 — — Corporate and other — — — — — 3.7 2.7 Total reserves continuing operations6 54,049 54,900 53,200 668.4 748.1 1 As of 31 December 2016, 31 December 2017 and 31 December 2018, 91.3%, 91.0% and 90.8% of mineral reserves amounting to 34.072 million ounces, 34.023 million ounces and 29.772 million ounces of gold, respectively, were attributable to Gold Fields, with the remainder attributable to future non-controlling shareholders in the South Deep operation in terms of the South Deep BEE transaction. 2 As of 31 December 2016, 31 December 2017 and 31 December 2018, 90% of mineral reserves amounting to 5.473 million ounces, 5.315 million ounces and 5.200 million ounces of gold, respectively, were attributable to Gold Fields, with the remainder attributable to non-controlling shareholders in the Tarkwa operation. 3 As of 31 December 2016, 31 December 2017 and 31 December 2018, 90% of mineral reserves amounting to 1.506 million ounces, 1.555 million ounces and 1.454 million ounces of gold, respectively, were attributable to Gold Fields, with the remainder attributable to non-controlling shareholders in the Damang operation. 4 As of 31 December 2016, 31 December 2017 and 31 December 2018, 99.53% of mineral reserves amounting to 2.356 million ounces, 3.710 million ounces and 3.342 million ounces of equivalent gold were attributable to Gold Fields, with the remainder attributable to non-controlling shareholders in the Cerro Corona operation. 5 As of 31 December 2017 and 31 December 2018 mineral reserves at Gruyere represent the 50% portion attributable to Gold Fields only. 6 As of 31 December 2016, 31 December 2017 and 31 December 2018 reserves of 49.172 million ounces, 50.787 million ounces and 50.258 million ounces of equivalent gold, respectively, were attributable to Gold Fields, with the remainder attributable to non-controlling shareholders in the Ghanaian and Peruvian operations. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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97 Gold Fields Annual Financial Report including Governance Report 2019 Amortisation and depreciation from the continuing operations decreased by 11% from US$748 million in 2017 to US$668 million in 2018. At South Deep in South Africa, amortisation and depreciation decreased by 35% from R989 million (US$74 million) in 2017 to R646 million (US$49 million) in 2018 mainly due to a decrease in production and lower equipment purchases. At the Ghanaian operations (excluding Asanko), amortisation and depreciation increased by 11% from US$242 million in 2017 to US$268 million in 2018. Tarkwa decreased by 24% from US$220 million in 2017 to US$168 million in 2018 mainly due to a decrease in ounces mined combined with the transition from owner mining to contractor mining, resulting in a decrease in mining fleet. Damang increased by 355% from US$22 million in 2017 to US$100 million in 2018, mainly due to increased ounces mined from the higher cost Amoanda pit in line with the reinvestment plan. At Asanko, the amortisation and depreciation amounted to US$16 million for the five months ended December 2018 (Asanko is an equity accounted joint venture and not included in the Group or Ghanaian operation’s figures). At Cerro Corona in Peru, amortisation and depreciation decreased by 37% from US$131 million in 2017 to US$82 million in 2018. This decrease was mainly due to the increase in reserves at Cerro Corona in line with the life extension from 2023 to 2030. At the Australian operations, amortisation and depreciation decreased by 8% from A$388 million (US$298 million) in 2017 to A$356 million (US$266 million). At St Ives, amortisation and depreciation decreased by 12% from A$223 million (US$172 million) in 2017 to A$196 million (A$146 million) in 2018 due to a decrease in ounces mined. At Agnew, amortisation and depreciation decreased by 7% from A$108 million (US$82 million) in 2017 to A$100 million (US$75 million) in 2018 due to an increase in ore reserves at Waroonga mine in 2018, resulting in a lower amortisation rate per ounce. At Granny Smith, amortisation and depreciation increased by 5% from A$57 million (US$44 million) in 2017 to A$60 million (US$45 million) in 2018 due to depreciation of new mining equipment bought at the beginning of 2018, compared to mostly fully depreciated equipment utilised in 2017. All-in sustaining and total all-in costs (original interpretation) The following table sets out for each operation and the Group, total gold sales in ounces, all-in sustaining costs and total all-in costs, net of by-product revenue, in US$/oz for 2018 and 2017: 2018 2017 Figures in thousands unless otherwise stated Gold only ounces sold All-in sustaining costs – US$/oz Total all-in costs – US$/oz Gold only ounces sold All-in sustaining costs – US$/oz Total all-in costs – US$/oz South Deep 167.8 1,903 2,012 281.8 1,340 1,400 South African operation 167.8 1,903 2,012 281.8 1,340 1,400 Tarkwa 524.9 951 951 566.4 940 940 Damang 180.8 813 1,506 143.6 1,027 1,827 Asanko1 45.9 1,069 1,175 – – – Ghanaian operations 751.6 926 1,098 710.0 958 1,119 Cerro Corona2 141.0 282 282 164.7 203 203 Peruvian operation 141.0 282 282 164.7 203 203 St Ives 367.0 902 902 363.9 916 916 Agnew 238.5 1,026 1,026 241.2 977 977 Granny Smith 280.5 925 925 290.3 896 896 Australian operations 885.9 943 943 895.4 926 926 Continuing operations (including Asanko) 1,946.4 981 1,173 2,051.9 945 1,081 Continuing operations (excluding Asanko) 1,900.5 979 1,172 2,051.9 945 1,081 All-in costs are calculated in accordance with the World Gold Council Industry standard. Refer to pages 67 to 73 for detailed calculations and discussion of non-IFRS measures. 1 Equity accounted joint venture. 2 Gold sold at Cerro Corona excludes copper equivalents of 158,100 ounces in 2018 and 149,100 ounces in 2017. Figures above may not add as they are rounded independently. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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Gold Fields Annual Financial Report including Governance Report 2019 98 MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS (continued) AISC and AIC AISC net of by-product revenues (including Asanko) from continuing operations increased by 4% from US$945 per ounce of gold in 2017 to US$981 per ounce of gold in 2018, mainly due to lower gold sold, partially offset by lower cost of sales before amortisation and depreciation and lower sustaining capital expenditure. AIC net of by-product revenues (including Asanko) from continuing operations increased by 9% from US$1,081 per ounce of gold in 2017 to US$1,173 per ounce of gold in 2018 due to the same reasons as for all-in sustaining costs as well as higher non-sustaining capital expenditure and higher exploration, feasibility and evaluation costs. AISC net of by-product revenues (excluding Asanko) from continuing operations increased by 4% from US$945 per ounce of gold in 2017 to US$979 per ounce of gold in 2018, mainly due to lower gold sold, partially offset by lower cost of sales before amortisation and depreciation and lower sustaining capital expenditure. AIC net of by-product revenues (including Asanko) from continuing operations increased by 8% from US$1,081 per ounce of gold in 2017 to US$1,172 per ounce of gold in 2018 due to the same reasons as for all-in sustaining costs as well as higher non-sustaining capital expenditure and higher nonsustaining capital expenditure and higher exploration, feasibility and evaluation costs. At South Deep in South Africa, all-in sustaining costs increased by 41% from R574,406 per kilogram (US$1,340 per ounce) in 2017 to R807,688 per kilogram (US$1,903 per ounce) in 2018 mainly due to lower gold sold, partially offset by lower cost of sales before amortisation and depreciation and lower sustaining capital expenditure. The total all-in cost increased by 42% from R600,109 per kilogram (US$1,400 per ounce) in 2017 to R854,049 per kilogram (US$2,012 per ounce) in 2018 due to the same reasons as for all-in sustaining costs as well as higher non-sustaining capital expenditure. At the Ghanaian operations, all-in sustaining costs decreased by 3% from US$958 per ounce in 2017 to US$926 per ounce in 2018 mainly due to higher gold sold and lower sustaining capital expenditure, partially offset by higher cost of sales before amortisation and depreciation. Results for Asanko were included for five months in 2018. Total all-in cost decreased by 2% from US$1,119 per ounce in 2017 to US$1,098 per ounce in 2018 due to the same reasons as for all-in sustaining costs and higher non-sustaining capital expenditure of US$125 million on the Damang reinvestment project and US$5 million at Asanko. At Tarkwa, all-in sustaining costs and total all-in costs increased by 1% from US$940 per ounce in 2017 to US$951 per ounce in 2018 due to higher cost of sales before amortisation and depreciation and lower gold sold, partially offset by lower capital expenditure. At Damang, all-in sustaining costs decreased by 21% from US$1,027 per ounce in 2017 to US$813 per ounce in 2018 due to higher gold sold and lower sustaining capital expenditure, partially offset by higher cost of sales before amortisation and depreciation. All-in costs decreased by 18% from US$1,827 per ounce in 2017 to US$1,506 per ounce in 2018 due to the same reasons as for all-in sustaining cost, partially offset by increased non-sustaining capital expenditure. At Asanko, all-in sustaining costs and total all-in cost for the five months ended December 2018 was US$1,069 per ounce and US$1,175 per ounce, respectively. At Cerro Corona in Peru, all-in sustaining costs and total all-in costs increased by 39% from US$203 per ounce in 2017 to US$282 per ounce in 2018 mainly due to lower gold sold, lower by-product credits and higher cost of sales before amortisation and depreciation, partially offset by lower capital expenditure. All-in sustaining costs and total all-in cost per equivalent ounce increased by 4% from US$673 per equivalent ounce in 2017 to US$699 per equivalent ounce in 2018 mainly due to the same reasons as above as well as lower equivalent ounces sold. At the Australian operations, all-in sustaining costs and total all-in costs increased by 4% from A$1,210 per ounce (US$926 per ounce) in 2017 to A$1,262 per ounce (US$943 per ounce) in 2018, mainly due to higher cost of sales before amortisation and depreciation and lower gold sold, partially offset by lower capital expenditure. At St Ives, all-in sustaining costs and total all-in costs increased by 1% from A$1,198 per ounce (US$916 per ounce) in 2017 to A$1,207 per ounce (US$902 per ounce) in 2018 due to higher cost of sales before amortisation and depreciation, partially offset by higher gold sold and lower capital expenditure. At Agnew, all-in sustaining costs and total all-in costs increased by 8% from A$1,276 per ounce (US$977 per ounce) in 2017 to A$1,374 per ounce (US$1,026 per ounce) in 2018 due to higher cost of sales before amortisation and depreciation, higher capital expenditure and lower gold sold. At Granny Smith, all-in sustaining costs and total all-in costs increased by 6% from A$1,171 per ounce (US$896 per ounce) in 2017 to A$1,239 per ounce (US$925 per ounce) in 2018, mainly due to higher cost of sales before amortisation and depreciation and lower gold sold, partially offset by lower capital expenditure. Investment income Income from investments increased by 33% from US$6 million in 2017 to US$8 million in 2018. The increase was mainly due to higher cash balances at the international operations in 2018. The investment income in 2018 of US$8 million comprised US$1 million interest on monies invested in the South African rehabilitation trust fund and US$7 million interest on other cash and cash equivalent balances. The investment income in 2017 of US$6 million comprised US$1 million interest on monies invested in the South African rehabilitation trust fund and US$5 million interest on other cash and cash equivalent balances. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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99 Gold Fields Annual Financial Report including Governance Report 2019 Interest received on the South African rehabilitation trust fund remained flat at US$1 million. Interest on other cash balances increased by 40% from US$5 million in 2017 to US$7 million in 2018 mainly due to higher cash balances at the international operations in 2018. Finance expense Finance expense increased by 9% from US$81 million in 2017 to US$88 million in 2018. The finance expense of US$88 million in 2018 comprised US$12 million relating to the accretion of the environmental rehabilitation liability, US$2 million relating to the unwinding of the silicosis provision and US$92 million on various Group borrowings, partially offset by borrowing costs capitalised of US$18 million. The finance expense of US$81 million in 2017 comprised US$12 million relating to the accretion of the environmental rehabilitation liability, US$1 million relating to the unwinding of the silicosis provision and US$91 million on various Group borrowings, partially offset by borrowing costs capitalised of US$23 million. The environmental rehabilitation liability accretion expense remained flat at US$12 million in 2018. Capitalised interest decreased by 22% from US$23 million in 2017 to US$18 million in 2018 due to South Deep no longer meeting the definition of a qualifying project for capitalisation of interest, partially offset by higher interest capitalised due to higher carrying values at Damang and Gruyere. This interest was capitalised in terms of IAS 23 Borrowing Costs. IAS 23 requires capitalisation of borrowing costs whenever general borrowings are used to finance qualifying projects. The qualifying projects in 2018 were the Damang reinvestment project (US$10 million) and the Gruyere project (US$8 million). The qualifying projects in 2017 were South Deep (US$20 million), Damang (US$2 million) and Gruyere (US$1 million). An average interest capitalisation rate of 5.9% (2017: 5.3%) was applied. Below is an analysis of the components making up the interest on the various Group borrowings, stated on a comparative basis: United States Dollar Figures in millions unless otherwise stated 2018 2017 Interest on borrowings to fund capital expenditure and operating costs at the South African operation 9 12 Interest on US$1 billion notes issue 43 43 Interest on US$70 million revolving senior secured credit facility – 1 Interest on US$100 million revolving senior secured credit facility 4 2 Interest on US$150 million revolving senior secured credit facility (old) – 2 Interest on US$150 million revolving senior secured credit facility (new) 3 1 Interest on US$1,290 million term loan and revolving credit facilities 31 27 Other interest charges 2 3 92 91 Interest on borrowings to fund capital expenditure and operating costs at the South African operation decreased from US$12 million in 2017 to US$9 million in 2018 due to repayments of South African borrowings in 2018. Interest on the US$1 billion notes issue remained flat at US$43 million in 2018. Interest on the US$70 million senior secured revolving credit facility decreased from US$1 million in 2017 to US$nil in 2018. The decrease is due to the US$70 million revolving senior secured credit facility being cancelled and refinanced through the US$100 million revolving senior secured credit facility on 21 July 2017. Interest on the US$100 million term revolving senior secured credit facility increased from US$2 million in 2017 to US$4 million in 2018. The increase is due to the interest charge being for five months in 2017 compared to 12 months in 2018. Interest on the US$150 million revolving senior secured credit facility (old) decreased from US$2 million in 2017 to US$nil in 2018. The decrease is due to the US$150 million revolving senior secured credit facility being cancelled and refinanced through the US$150 million revolving senior secured credit facility (new) on 22 September 2017. Interest on the US$150 million revolving senior secured credit facility (new) increased from US$1 million in 2017 to US$3 million in 2018. The increase is due to interest charge being for three months in 2017 compared to 12 months in 2018. Interest on the US$1,290 million term loan and revolving credit facilities increased from US$27 million in 2017 to US$31 million in 2018 due to drawdowns in 2018. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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Gold Fields Annual Financial Report including Governance Report 2019 100 MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS (continued) Gain on financial instruments The gain on financial instruments decreased by 38% from US$34 million in 2017 to US$21 million in 2018. United States Dollar Figures in millions unless otherwise stated 2018 2017 South Deep gold hedge (3) 11 Ghana gold hedge 22 – Ghana oil hedge 2 9 Peru copper hedge 9 (6) Australia gold hedge (5) 15 Australia oil hedge 1 5 Australia foreign currency hedge (9) – Maverix warrants – gain on fair value 4 – 21 34 South Deep gold hedge In November 2017, South Deep entered into zero-cost collars for the period January 2018 to December 2018 for 63,996 ounces of gold. The strike prices are R600,000 per kilogram on the floor and R665,621 per kilogram on the cap. At 31 December 2018, the marked-to-market value of the hedge was a positive R5 million (US$nil), with a realised gain of R117 million (US$9 million). In October 2018 and November 2018, average rate forwards were entered into for the period September 2019 to December 2019 for a total of 69,543 ounces at an average strike price of R615,103 per kilogram. At 31 December 2018, the marked-to-market value was a negative R29 million (US$2.0 million). Subsequent to year end, additional rate forwards were taken out for a further 30,072 ounces at an average strike price of R620,000 per kilogram. In summary, the rate forwards taken out for South Deep for 2019 are for 99,615 ounces of gold in total at an average strike price of R616,581 per kilogram. Ghana gold hedge In January 2018 and April 2018, a total of 488,900 ounces of the expected production for the Ghanaian region was hedged for the period January 2018 to December 2018 using zero-cost collars. The average strike prices are US$1,300 per ounce on the floor and US$1,418 per ounce on the cap. At 31 December 2018, the marked-to-market value on the hedge was a positive US$2 million, with a realised gain of US$20 million. Ghana oil hedge In May 2017 and June 2017, the Ghanaian operations entered into fixed price ICE Gasoil cash settled swap transaction for a total of 125.8 million litres of diesel for the period June 2017 to December 2019. The average swap price is US$457.2 per metric tonne (equivalent US$61.4 per barrel). At the time of the transactions, the average Brent swap equivalent over the tenure was US$49.8 per barrel. At 31 December 2018, the marked-to-market value on the hedge was a positive US$3 million, with a realised gain of US$8 million. Peru copper hedge In November 2017, further zero-cost collars were entered into for the period January 2018 to December 2018. A total volume of 29,400 tonnes was hedged, at an average floor price of US$6,600 per tonne and an average cap price of US$7,431 per tonne. At 31 December 2018, the marked-to-market value on the hedge was a positive US$1 million, with a realised gain of US$5 million. Australia gold hedge In February 2018, the Australian operations entered into Asian swaps (Asian swaps are options where the payoff is determined by the average monthly gold price over the option period) for the period June 2018 to December 2018 for a total of 221,000 ounces of gold. The average strike price on the swaps was A$1,714 per ounce. In March 2018, the Australian operations entered into zero-cost collars for the period April 2018 to December 2018 for a total of 452,800 ounces of gold. The average strike prices are A$1,703 per ounce on the floor and US$1,767 per ounce on the cap. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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101 Gold Fields Annual Financial Report including Governance Report 2019 The realised gain on the above Asian swaps and zero-cost collars was A$11 million (US$8 million). In December 2018, additional Asian swaps were entered into for the period January 2019 to December 2019 for a notional 283,000 ounces of gold at an average strike price of A$1,751 per ounce. At 31 December 2018, the marked-to-market value on the above hedges was a negative A$12 million (US$8 million). In December 2018, additional zero-cost collars were executed for the period January 2019 to December 2019 for a notional 173,000 ounces of gold with a strike price on the floor at A$1,720 per ounce and the strike price on the cap at A$1,789 per ounce. At 31 December 2018, the marked-to-market value on the hedge was a negative A$6 million (US$4 million). Subsequent to year end, additional zero-cost collars were executed for the period January 2019 to December 2019 for a notional 456,000 ounces of gold with a strike price on the floor at A$1,800 per ounce and the strike price on the cap at A$1,869 per ounce. In summary, the zero-cost collars taken out for Australia for 2019 are for 629,000 ounces of gold in total with a strike price on the floor at A$1,778 per ounce and a strike price on the cap at A$1,847 per ounce and Asian swaps of 283,000 ounces of gold with an average strike price of A$1,751 per ounce. Australia oil hedge In May 2017 and June 2017, the Australian operations entered into fixed price Singapore 10ppm Gasoil cash-settled swap transactions for a total of 77.5 million litres of diesel for the period June 2017 to December 2019. The average swap price is US$61.15 per barrel. At the time of the transactions, the average Brent swap equivalent over the tenure was US$49.92 per barrel. At 31 December 2017, the marked-to-market value on the hedge was a positive A$3 million (US$2 million) with a realised gain of A$6 million (US$5 million). Australia foreign currency hedge In May 2018, the Australian operations entered into Australian Dollar/US Dollar average rate forwards for a total notional US$96 million for the period January 2019 to December 2019 at an average strike price of 0.7517. In June 2018, further hedges were taken out for a total notional US$60 million for the same period January 2019 to December 2019 at an average strike of 0.7330. In September 2018, further hedges were taken out for a total notional US$100 million for the same period January 2019 to December 2019 at an average strike of 0.7182. In October 2018, further hedges were taken out for the period January 2019 to December 2019 for a notional US$60 million at an average strike of 0.7075. In December 2018, further hedges were taken out for the period January 2019 to December 2019 for a notional US$50 million at an average strike of 0.715. At 31 December 2018, the marked-to-market value on the hedge was a negative A$12 million (US$9 million). Foreign exchange loss The foreign exchange gain of US$6 million in 2018 compared with a loss of US$4 million in 2017. These gains or losses on foreign exchange related to the conversion of offshore cash holdings into their functional currencies. The exchange gain of US$6 million was due to the strengthening of the Ghanaian Cedi and the weakening of the Australian Dollar, while the exchange loss of US$4 million was due to the weakening of the Ghanaian Cedi and the strengthening of the Australian Dollar. Other costs, net Other costs, net increased by 137% from US$19 million in 2017 to US$45 million in 2018. The costs in 2018 are mainly made up of: Social contributions and sponsorships of US$15 million; Offshore structure costs of US$16 million; Corporate-related costs of US$5 million; Loss on sale of inventory of US$9 million; and Rehabilitation income of US$1 million as a result of changes in estimates relating to the provision for environmental rehabilitation costs recognised in profit or loss. The costs in 2017 are mainly made up of: Social contributions and sponsorships of US$20 million; Offshore structure costs of US$11 million; Corporate-related costs of US$1 million; and Rehabilitation income of US$14 million as a result of changes in estimates relating to the provision for environmental rehabilitation costs recognised in profit or loss. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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Gold Fields Annual Financial Report including Governance Report 2019 102 MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS (continued) Share-based payments Gold Fields recognises the cost of share options granted (share-based payments) in terms of IFRS 2 Share-based Payment. Gold Fields has adopted appropriate valuation models (Black-Scholes and Monte Carlo simulation) to fair value share-based payments. The value of the share options is determined at the grant date of the options and depending on the rules of the plan expensed on a straight-line basis over a three-year vesting period, adjusted for forfeitures as appropriate. Share-based payments increased by 41% from US$27 million in 2017 to US$38 million in 2018. The corresponding entry for the share-based payment expense was the share-based payment reserve within shareholders’ equity. The charge in 2018 related to a new allocation in 2018 in addition to the 2017 and 2016 allocations. The charge in 2017 related only to the 2017 and 2016 allocations. Long-term incentive plan expense Gold Fields recognises the long-term incentive plan expense in terms of IAS 19 Employee Benefits. On 1 March 2014, the Remuneration Committee approved the Gold Fields Limited Long-Term Incentive Plan (“LTIP”). The plan provided for executive directors, certain officers and employees to receive a cash award, conditional on the achievement of specified performance conditions relating to total shareholder return and free cash flow margin. The conditions were assessed over the performance cycle which runs over three calendar years. The expected timing of the cash outflows in respect of each grant was at the end of three years after the original award was made. The last award under this plan was made in 2015. From 2018 onwards, Executive Committee members (including regional Executive Committee members) receive awards under the Gold Fields Limited 2012 Share Plan amended, while senior and middle management receive awards under the revised LTIP. The performance conditions of the revised LTIP are approved annually by the Remuneration Committee. The expected timing of the cash outflows in respect of each grant is at the end of three years after the original award was made. No allocations were made under the LTIP in 2017. The LTIP expense decreased by 80% from US$5 million in 2017 to US$1 million in 2018 due to negative marked-to-market adjustments of the plan. Exploration expense The exploration expense decreased by 5% from US$110 million in 2017 to US$104 million in 2018. United States Dollar Figures in millions unless otherwise stated 2018 2017 Australia 38 52 Salares Norte 61 53 Arctic Platinum Project (“APP”) – 1 Exploration office costs 5 4 Total exploration expense 104 110 In 2018, Australia spent US$64 million on exploration of which US$38 million was expensed in the income statement. In 2017, Australia spent US$75 million on exploration of which US$52 million was expensed in the income statement. Share of results of equity accounted investees, net of taxation Share of results of equity accounted investees, net of taxation increased from a loss of US$1 million in 2017 to a loss of US$13 million in 2018. During 2018, Gold Fields equity accounted for Far South East Resources Incorporated (“FSE”), Maverix Metals Incorporated (“Maverix”) and Asanko Gold Inc (“Asanko”). During 2017, Gold Fields accounted for FSE and Maverix. FSE’s share of results of equity accounted investees, net of taxation increased from a loss of US$1 million in 2017 to a loss of US$13 million in 2018, mainly due to the US$12 million write-off of deferred costs and other non-recoverable amounts. Maverix’s share of results of equity accounted investees, net of taxation increased from US$nil for 2017 to a profit of US$1 million in 2018, representing 19.9% (2017: 27.9%) shareholding. In March 2018, Gold Fields entered into an agreement to form an incorporated joint venture with Asanko Gold. In the deal which became unconditional on 31 July 2018, Gold Fields acquired 45% of Asanko Gold Ghana Limited (“AGGL”), the Asanko subsidiary that owns the Asanko Gold mine, with the government of Ghana continuing to retain a 10% free carried interest in AGGL. The share of results of equity accounted investees, net of taxation for Asanko, was a loss of US$1 million in 2018. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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103 Gold Fields Annual Financial Report including Governance Report 2019 Restructuring costs Restructuring costs increased from US$9 million in 2017 to US$114 million in 2018. The cost in 2018 relates mainly to separation packages at South Deep (US$11 million), Damang (US$14 million) and Tarkwa (US$89 million) (related to the conversion from owner to contractor mining implemented in 2018) and the cost in 2017 relates mainly to separation packages at South Deep (US$2 million), Damang (US$2 million) (related to the conversion from owner to contractor mining implemented in 2017) and Tarkwa (US$5 million). Silicosis settlement costs Silicosis settlement costs related to a reversal of costs of US$5 million in 2018 compared to costs of US$30 million in 2017. A consolidated application was brought against several South African mining companies, including Gold Fields, for certification of a class action on behalf of current or former mineworkers (and their dependants) who have allegedly contracted silicosis and/or tuberculosis while working for one or more of the mining companies listed in the application. During 2017, as a result of the ongoing work of the Working Group (refer to note 35 of the consolidated financial statements for further details) and engagements with affected stakeholders since 31 December 2016, Gold Fields provided an amount of US$30 million for its share of the estimated cost in relation to the Working Group of a possible settlement of the class action claims and related costs. During 2018, reversal of costs of US$5 million related to a change in the expected timing of the cash flows. Gain on acquisition of Asanko On 29 March 2018, the Group entered into certain definitive agreements (the “JV Transaction”) with Asanko Gold Inc. pursuant to which, among other things: Gold Fields and Asanko will each own a 45% interest in Asanko Gold Ghana Limited (“AGGL”), the Asanko subsidiary that currently owns the Asanko Gold mine, with the government of Ghana continuing to retain a 10% free-carried interest in AGGL (the “Joint Arrangement”); Gold Fields and Asanko will each own a 50% interest in Adansi Gold Company Ghana Limited (“Adansi Ghana”), the Asanko subsidiary that currently owns a number of the Company’s exploration licences; and Gold Fields and Asanko will each acquire a 50% interest in a newly formed entity (Shika Group Finance Limited (“JV Finco”)). On 20 June 2018, Gold Fields and Asanko received approval of the JV transaction from the Ghanaian Minister of Lands and Natural Resources and the JV transaction closed on 31 July 2018 once all conditions precedent were met. In consideration for its interests in the Joint Arrangement, Gold Fields contributed US$165 million, representing its initial US$165 million redeemable share investment in JV Finco, as well as its initial US$nil equity investments in AGGL, Adansi Ghana and JV Finco, respectively. An additional US$20.0 million will be invested in the redeemable preference shares on an agreed Esaase development milestone, but in any event no later than 31 December 2019. Recognition and measurement Gold Fields and Asanko have joint control and the Asanko transaction is structured as a separate vehicle and the Group has a residual interest in the net assets of Asanko. Accordingly, the Group has classified its interest in Asanko as a joint venture. Fair value measured on a provisional basis The fair value of identifiable net assets acquired has been performed on a provisional basis, using the acquisition life-of-mine model, pending completion of review and sign off of the life-of-mine model, including the Reserves and Resources, by the Group Competent Person. Any changes to the acquisition life-of-mine model and/or Reserves and Resources could result in a material change to the cash flows used to determine the fair value of the identifiable net assets acquired. If new information is obtained, within one year from the date of acquisition, about facts and circumstances that existed at the date of acquisition about the life-of-mine and adjustments are required to be made to the provisional fair values of the identifiable net assets, or if any additional provisions that existed at the date of acquisition are identified, then the accounting for the acquisition will be revised. Consideration transferred The following table summarises the acquisition date fair value of the consideration transferred: Figures in millions unless otherwise stated United States Dollar 2018 Cash for Asanko redeemable preference shares and equity 165 Total consideration paid 165 Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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Gold Fields Annual Financial Report including Governance Report 2019 104 MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS (continued) Gain on acquisition of Asanko The gain on acquisition was determined as follows: Figures in millions unless otherwise stated United States Dollar 2018 Total fair value of assets acquired 217 Consideration transferred (165) Gain on acquisition 52 The redeemable preference shares have the following conditions: Redeemable at the option of the issuer at par value; and Non-interest-bearing. The redeemable preference shares were recognised as an investment in an equity financial instrument measured at fair value through other comprehensive income. The key assumptions used to determine the fair value of the redeemable preference shares of US$130 million at acquisition were as follows: Par value of the preference shares US$/165.0 million Market-related interest rate 7.85% Expected redemption period – 2020 to 2023 5 years The key assumptions used to determine the fair value of the net identifiable assets acquired were as follows: US$ gold price – 2018 to 2019 US$1,200/oz US$ gold price – 2020 onwards US$ 1,300/oz Discount rate 10.27% Life-of-mine – 2019 to 2030 12 years The excess of the fair value of the identifiable net assets acquired over the consideration is recognised immediately in profit or loss as a gain on acquisition. The injection of capital into Asanko Gold Mine for an equity stake represented a favourable deal for Gold Fields, as Asanko needed to refinance the debt of Asanko Gold Mine, resulting in a gain on acquisition. Impairment, net of reversal of impairment of investments and assets Impairment, net of reversal of impairment of investments and assets increased by 160% from US$200 million in 2017 to US$520 million in 2018. United States Dollar Figures in millions unless otherwise stated 2018 2017 Cerro Corona redundant assets 2 1 Tarkwa mining fleet – 7 Damang Rex pit assets – 4 South Deep cash-generating unit – goodwill 72 278 South Deep cash-generating unit – other assets 410 – Listed and unlisted investments – 4 Cerro Corona cash-generating unit – other assets – (53) APP – (39) FSE 37 – 520 200 Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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105 Gold Fields Annual Financial Report including Governance Report 2019 The impairment charge of US$520 million in 2018 comprises: US$2 million impairment of redundant assets at Cerro Corona; US$482 million cash-generating unit impairment at South Deep. US$72 million of the impairment was firstly allocated to goodwill and the remainder of US$410 million to other assets. The impairment calculation was performed in June 2018 and given that impairment indicators still existed at 31 December 2018, a further assessment was performed. The recoverable amount at 31 December 2018 is R21.2 billion (US$1.4 billion). There were no further impairments at 31 December 2018 using the following assumptions: ––Gold price of R525,000 per kilogram for 2019 and R550,000 per kilogram thereafter; –– Resource price of US$17 per ounce at a Rand/US$ exchange rate of R14.63; –– Resource ounces of 24.5 million ounces; –– Life-of-mine of 75 years; and ––Discount rate of 13.5% nominal. US$37 million impairment of FSE. The impairment of FSE was based on the fair value less cost of disposal of the investment which was indirectly derived from the market value of Lepanto Consolidated Mining Company. The impairment charge of US$200 million in 2017 comprises: US$1 million impairment of redundant assets at Cerro Corona; US$7 million asset specific impairment at Tarkwa, relating to aged, high maintenance and low effectiveness mining fleet that is no longer used; US$4 million asset specific impairment at Damang, relating to all assets at the Rex pit. Following a series of optimisations, the extensional drilling, completed in 2017, failed to deliver sufficient tonnages at viable grades to warrant further work; US$278 million cash-generating unit impairment at South Deep, the impairment is due to a reduction in the gold price assumptions, a lower resource price and a deferral of production. The main assumptions used were: ––Gold price of R525,000 per kilogram; –– Resource price of US$17 per ounce at a Rand/US$ exchange rate of R12.58; –– Resource ounces of 29.0 million ounces; –– Life-of-mine of 77 years; and ––Discount rate of 13.5% nominal. US$4 million impairment of listed and unlisted investments. The above were partially offset by the following reversal of impairments: US$53 million reversal of cash-generating unit impairment at Cerro Corona. The reversal of the impairment is due to a higher net present value due to the completion of a pre-feasibility study in 2017 extending the life-of-mine from 2023 to 2030 by optimising the tailings density and increasing the tailings capacity by using in-pit tailings after mining activities end. The main assumptions used were: ––Gold price of US$1,200 per ounce for 2018 and US$1,300 per ounce for 2019 onwards; ––Copper price of US$2.50 per pound for 2018 and US$2.80 per pound for 2019 onwards; –– Resource price of US$41 per ounce; –– Life-of-mine of 13 years; and ––Discount rate of 4.8%. US$39 million reversal of APP impairment. During 2017, active marketing activities continued for APP and as a result, a sale agreement was completed comprising a purchase offer of US$40 million cash and a 2% net smelter refiner royalty on all metals. As a result, the impairment previously recorded, was reversed up to the value of the selling price. (Loss)/profit on disposal of assets Profit on disposal of assets was US$4 million in 2017 compared to a loss of US$52 million in 2018. Loss on disposal of assets of US$52 million in 2018 related mainly to the losses of US$38 million on the sale of mining fleet and heavy machinery equipment and inventory at Tarkwa as part of the transition to contractor mining and a loss of US$15 million on the sale of APP. Profit on disposal of assets of US$4 million in 2017 related mainly to the sale of redundant assets at Agnew and Tarkwa. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS (continued) Gold Fields Annual Financial Report including Governance Report 2019 106 Royalties Royalties increased by 2% from US$62 million in 2017 to US$63 million in 2018 and are made up as follows: United States Dollar Figures in millions unless otherwise stated 2018 2017 South Africa 1 2 Ghana 29 27 Peru 5 5 Australia 28 28 63 62 The royalty in South Africa decreased by 50% from US$2 million in 2017 to US$1 million in 2018 due to a decrease in revenue in 2018. The royalty in Ghana increased by 7% from US$27 million in 2017 to US$29 million in 2018 due to an increase in revenue in 2018. The royalty in Peru remained flat at US$5 million. The royalty in Australia remained flat at US$28 million. Mining and income tax Mining and income tax was a charge of US$173 million in 2017 compared to an income of US$66 million in 2018. The table below indicates Gold Fields’ effective tax rate in 2018 and 2017: United States Dollar Figures in millions unless otherwise stated 2018 2017 Income and mining tax credit/(charge) (US$ million) 66 (173) Effective tax rate (%) 16.0 113.6 In 2018, the effective tax rate of 16.0% was lower than the maximum South African mining statutory tax rate of 34% mainly due to the tax effect of the following: US$18 million non-taxable gain on acquisition of Asanko; US$1 million non-taxable fair value gain on Maverix warrants; US$1 million non-taxable profit on dilution of Gold Fields’ interest in Maverix warrants; US$7 million deferred tax assets recognised at Damang; and US$70 million additional capital allowances recognised at South Deep. The above were offset by the following tax effected charges: US$7 million adjustment to reflect the actual realised company tax rates in South Africa and offshore; US$35 million non-deductible charges comprising share-based payments (US$13 million) and exploration expense (US$22 million); US$13 million and US$24 million deferred tax assets not recognised on impairment of FSE and South Deep goodwill, respectively; US$26 million non-deductible interest paid; US$5 million of non-deductible share of results of equity accounted Investees, net of taxation; US$16 million dividend withholding tax; US$15 million deferred tax assets not recognised at Cerro Corona; US$8 million of net non-deductible expenditure and non-taxable income; US$1 million deferred tax raised on unremitted earnings at Tarkwa and Cerro Corona; US$1 million deferred tax movement on Peruvian Nuevo Sol devaluation against the US Dollar; US$8 million of various Peruvian non-deductible expenses; and US$11 million deferred tax release on change of tax rate at South Deep. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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107 Gold Fields Annual Financial Report including Governance Report 2019 In 2017, the effective tax rate of 113.6% was higher than the maximum South African mining statutory tax rate of 34% mainly due to the tax effect of the following: US$19 million adjustment to reflect the actual realised company tax rates in South Africa and offshore; US$13 million deferred tax assets not recognised on reversal of impairment of APP; US$5 million deferred tax movement on Peruvian Nuevo Sol devaluation against US Dollar; US$7 million utilisation of tax losses not previously recognised at Damang; and US$20 million deferred tax assets recognised at Cerro Corona and Damang. The above were offset by the following tax effected charges: US$29 million non-deductible charges comprising share-based payments (US$9 million) and exploration expense (US$20 million); US$24 million non-deductible interest paid; US$95 million impairment of South Deep goodwill; US$13 million deferred tax assets not recognised at Cerro Corona and Damang; US$5 million of net non-deductible expenditure and non-taxable income; US$10 million deferred tax raised on unremitted earnings at Tarkwa; and US$5 million of various Peruvian non-deductible expenses. Loss from continuing operations As a result of the factors discussed above, a loss from continuing operations increased from US$21 million in 2017 to US$345 million in 2018. Profit from discontinued operations, net of tax Profit from discontinued operations decreased from US$13 million in 2017 to US$nil in 2018 due to the disposal of Darlot in 2017. Loss for the year – continuing and discontinued operations Loss for the year increased from US$8 million in 2017 to US$345 million in 2018. Loss attributable to owners of the parent Loss attributable to owners of the parent increased from US$19 million in 2017 to US$348 million in 2018. The loss attributable to owners of the parent of US$348 million in 2018 comprised US$348 million loss attributable to owners of the parent from continuing operations and US$nil attributable to owners of the parent from discontinued operations. The loss attributable to owners of the parent of US$19 million in 2017 comprised US$32 million loss attributable to owners of the parent from continuing operations and US$13 million profit attributable to owners of the parent from discontinued operations. Profit attributable to non-controlling interests Profit attributable to non-controlling interests decreased by 73% from US$11 million in 2017 to US$3 million in 2018. The non-controlling interest consists of Gold Fields Ghana (Tarkwa) and Abosso Goldfields (Damang) at 10% each at the end of 2018 and 2017 and Gold Fields La Cima (Cerro Corona) at 0.47% at the end of 2018 and 2017. The amount making up the non-controlling interest is shown below: 2018 2017 2018 2017 Minority interest Effective* Minority interest Effective* US$ million US$ million Gold Fields Ghana Limited – Tarkwa 10.0% 10.0% 4 9 Abosso Goldfields – Damang 10.0% 10.0% (1) 2 Gold Fields La Cima – Cerro Corona 0.47% 0.47% – – 3 11 * Average for the year. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS (continued) Gold Fields Annual Financial Report including Governance Report 2019 108 Loss per share from continuing operations As a result of the above, Gold Fields loss per share increased from US$0.04 per share in 2017 to US$0.42 per share in 2018. Earnings per share from discontinued operations Earnings per share from discontinued operation decreased from US$0.02 per share in 2017 to US$nil in 2018. LIQUIDITY AND CAPITAL RESOURCES – YEARS ENDED 31 DECEMBER 2019 AND 31 DECEMBER 2018 CASH RESOURCES Cash flows from operating activities Cash inflows from operating activities increased by 49% (US$276 million) from US$569 million1 in 2018 to US$845 million in 2019. The items comprising these are discussed below. The increase of US$276 million was due to: Figures in millions unless otherwise stated United States Dollar Increase in cash generated from operations due to higher gold sold and higher gold price 305 Decrease in investment in working capital 7 Silicosis payment (5) Increase in interest paid mainly due to adoption of IFRS 16 Leases (41) Increase in royalties paid (7) Decrease in taxes paid 9 Decrease in dividends paid due to lower dividends paid to non-controlling interests 8 276 Dividends paid decreased from US$57 million in 2018 to US$49 million in 2019. The dividends paid of US$49 million in 2019 comprised dividends paid to ordinary shareholders of US$46 million, dividends paid to non-controlling interests in Ghana and Peru of US$2 million and South Deep BEE dividend of US$1 million. The dividends paid of US$57 million in 2018 comprised dividends paid to ordinary shareholders of US$45 million, dividends paid to non-controlling interests in Ghana and Peru of US$10 million and South Deep BEE dividend of US$2 million. Cash flows from investing activities Cash outflows from investing activities decreased by 50% (US$440 million) from US$887 million in 2018 to US$447 million in 2019. The decrease of US$440 million was due to: Figures in millions unless otherwise stated United States Dollar Decrease in additions to property, plant and equipment 201 Decrease in proceeds on disposal of property, plant and equipment (75) Purchase of Asanko Gold 145 Decrease in purchase of investments 13 Redemption of Asanko preference shares – 2019 10 Proceeds on disposal of subsidiary – 2019 6 Proceeds on disposal of Maverix – 2019 67 Increase in proceeds on disposal of investments 112 Proceeds on disposal of APP – 2018 (40) Decrease in environmental trust funds and rehabilitation payments 1 440 1 Refer to note 42 of the consolidated financial statements for further details of the restatement. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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109 Gold Fields Annual Financial Report including Governance Report 2019 Additions to property, plant and equipment Capital expenditure decreased by 25% from US$814 million in 2018 to US$613 million in 2019. United States Dollar 2019 2018 Figures in million unless otherwise stated Sustaining capital Growth capital Total capital Sustaining capital Growth capital Total capital South Deep 33 — 33 40 18 58 South African region 33 — 33 40 18 58 Tarkwa 126 — 126 156 — 156 Damang 5 71 76 14 125 139 Asanko1 20 7 27 8 5 13 Ghanaian region 151 78 229 178 130 308 Cerro Corona 56 — 56 33 — 33 South American region 56 — 56 33 — 33 St Ives 98 — 98 127 — 127 Agnew 76 — 76 73 — 73 Granny Smith 72 — 72 79 — 79 Gruyere – 50% 5 67 72 — 134 134 Australian operations 251 67 318 279 — 413 Other 4 — 4 2 13 15 Capital expenditure (including Asanko) 495 145 640 532 295 827 Capital expenditure (excluding Asanko) 475 138 613 524 290 814 1 Equity accounted joint venture. Capital expenditure at South Deep in South Africa decreased by 38% from R770 million (US$58 million) in 2018 to R479 million (US$33 million) in 2019. The capital expenditure of R479 million (US$33 million) in 2019 comprised only sustaining capital expenditure. The capital expenditure of R770 million (US$58 million) in 2018 comprised R528 million (US$40 million) sustaining capital and R242 million (US$18 million) growth capital. This decrease was driven by the decrease in non-sustaining capital expenditure, which was communicated as part of the restructuring at the end of 2018 with the temporary suspension of New Mine development in 2019. Capital expenditure at the Ghanaian operations (excluding Asanko) decreased by 32% from US$295 million in 2018 to US$202 million in 2019: Tarkwa decreased by 19% from US$156 million in 2018 to US$126 million in 2019 mainly due to the lower capital waste stripping expenditure in line with the 2019 plan. All capital related to sustaining capital; Damang decreased by 45% from US$139 million in 2018 to US$76 million in 2019 due to lower capital waste tonnes mined. The capital expenditure of US$76 million in 2019 comprised US$5 million sustaining capital and US$71 million growth capital. The capital expenditure of US$139 million in 2018 comprised US$14 million sustaining capital and US$125 million growth capital; and Asanko incurred total capital expenditure of US$13 million for the five months ended December 2018 compared to US$27 million for the 12 months ended December 2019. The capital expenditure of US$27 million in 2019 comprised US$20 million sustaining capital expenditure and US$7 million growth capital. The capital expenditure of US$13 million in 2018 comprised sustaining capital expenditure of US$8 million and non-sustaining capital expenditure of US$5 million. (Asanko is an equity accounted joint venture and not included in the Group or Ghanaian operation’s figures.) Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS (continued) Gold Fields Annual Financial Report including Governance Report 2019 110 Capital expenditure at Cerro Corona in Peru increased by 70% from US$33 million in 2018 to US$56 million in 2019. All capital related to sustaining capital: The increase was due to higher expenditure resulting from the new waste storage facility construction and infrastructure relocation (access roads, blasting supplies warehouse, general warehouse, etc) expenses for the life extension plan. Capital expenditure at the Australian operations decreased by 17% from A$553 million (US$413 million) in 2018 to A$458 million (US$318 million) in 2019: St Ives decreased by 17% from A$170 million (US$127 million) in 2018 to A$141 million (US$98 million) in 2019 due to reduced stripping at the open pits combined with lower spend on mining infrastructure in 2019. All capital related to sustaining capital; Agnew increased by 11% from A$98 million (US$73 million) in 2018 to A$109 million (US$76 million) in 2019. Additional expenditure was incurred in 2019 to establish the new accommodation village with A$32 million spent on the village in 2019 compared to A$8 million in 2018. The additional expenditure was partially offset by lower capital development in 2019 following the completion of the first phase of development of the Waroonga North complex early in the year. All capital related to sustaining capital; Granny Smith decreased by 1% from A$105 million (US$79 million) in 2018 to A$104 million (US$72 million) in 2019. The majority of capital expenditure related to development and infrastructure at the Wallaby mine, exploration and the development of a paste plant and associated infrastructure. All capital related to sustaining capital; and Capital expenditure at Gruyere decreased by 42% from A$180 million (US$134 million) in 2018 to A$104 million (US$72 million) in 2019 due to the completion of the construction project. The capital expenditure of A$104 million (US$72 million) in 2019 comprised A$8 million (US$5 million) sustaining capital and A$96 million (US$67 million) growth capital. The capital expenditure of A$180 million (US$134 million) in 2018 related only to growth capital. Proceeds on disposal of property, plant and equipment Proceeds on the disposal of property, plant and equipment decreased by 95% from US$79 million in 2018 to US$4 million in 2019. In 2019, the proceeds related mainly to the disposal of various redundant assets. In 2018, the proceeds related mainly to the disposal of fleet in Tarkwa of US$73 million as part of the conversion to contractor mining and the balance related to the sale of various redundant assets. Purchase of Asanko Gold Purchase of Asanko decreased by 88% from US$165 million in 2018 to US$20 million in 2019. Purchase of Asanko of US$165 million in 2018 related to the JV transaction with Asanko which was completed on 31 July 2018. Gold Fields acquired a 50% stake in Asanko’s 90% interest in the Asanko Gold Mine in Ghana. Purchase of Asanko of US$20 million in 2019 related to the additional purchase of preference share in accordance with the JV transaction. Purchase of investments Investment purchases decreased by 63% from US$19 million in 2018 to US$7 million in 2019. The purchase of investments of US$7 million in 2019 comprised: Figures in millions unless otherwise stated United States Dollar Chakana Copper 7 The purchase of investments of US$19 million in 2018 comprised: Figures in millions unless otherwise stated United States Dollar Asanko Gold Inc 18 Lefroy Exploration Limited 1 19 Redemption of Asanko preference shares Redemption of Asanko preference shares amounted to US$10 million in 2019. Proceeds on disposal of subsidiary Proceeds on disposal of subsidiary amounted to US$6 million in 2019 and related to the sale of Norperuna. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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111 Gold Fields Annual Financial Report including Governance Report 2019 Proceeds on disposal of Maverix Proceeds on disposal of Maverix amounted to US$67 million in 2019 and related to the sale of the Group’s 19.9% holding in the Toronto-listed gold and royalty streaming company Maverix. Proceeds on disposal of investments Proceeds on the disposal of investments increased by 112% from US$1 million in 2018 to US$113 million in 2019. The proceeds on disposal of investments of US$113 million in 2019 comprised: Figures in millions unless otherwise stated United States Dollar Red 5 Limited 21 Gold Road Resources Limited 85 Hummingbird Resources PLC 6 113 The proceeds on disposal of investments of US$1 million in 2018 related to the disposal of various investments. Proceeds on disposal of APP On 24 January 2018, Gold Fields sold APP to a Finnish subsidiary of private equity fund CD Capital Natural Resources Fund III for US$40 million. Contributions to environmental trust funds The contributions to environmental trust fund decreased by 13% from US$8 million in 2018 to US$7 million in 2019. The contributions to environmental trust funds of US$7 million in 2019 comprised: Figures in millions unless otherwise stated United States Dollar South Deep mine environmental trust fund 1 Tarkwa mine environmental trust fund 6 7 The contributions to environmental trust funds of US$8 million in 2018 comprised: Figures in millions unless otherwise stated United States Dollar South Deep mine environmental trust fund 1 Tarkwa mine environmental trust fund 7 8 Cash flows from financing activities Cash inflows from financing activities was an outflow of US$105 million in 2019 compared to an inflow of US$152 million1 in 2018. The items comprising these numbers are discussed below. The movement of US$257 million was due to: Figures in millions unless otherwise stated United States Dollar Increase in loans raised 848 Increase in loans repaid (1,069) Increase in payment of lease liability (36) 257 1 Refer to note 42 of the consolidated financial statements for further details of the restatement. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS (continued) Gold Fields Annual Financial Report including Governance Report 2019 112 Loans raised Loans raised increased by 123% from US$690 million1 in 2018 to US$1,538 million in 2019. The US$1,538 million loans raised in 2019 comprised: Figures in millions unless otherwise stated United States Dollar US$500 million 5-year notes issue2 496 US$500 million 10-year notes issue2 496 US$1,290 million term loan and revolving credit facilities 434 R500 million Standard Bank revolving credit facility 21 Short-term Rand uncommitted credit facilities 91 1,538 1 Refer to note 42 of the consolidated financial statements for further details of the restatement. Credit facilities financing and refinancing 2 On 9 May 2019, Gold Fields successfully concluded the raising of two new bonds, a US$500 million five-year notes issue with a coupon of 5.125% and a US$500 million 10-year notes issue with a coupon of 6.125%, raising a total of US$1 billion at an average coupon of 5.625%. The US$690 million loans raised in 2018 comprised: Figures in millions unless otherwise stated United States Dollar Restated1 A$500 million syndicated revolving credit facility 120 US$1,290 million term loan and revolving credit facilities 383 R1,500 million Nedbank revolving credit facility 21 R500 million Standard Bank revolving credit facility2 14 R500 million Absa Bank revolving credit facility3 36 Short-term Rand uncommitted credit facilities 116 690 1 Refer to note 42 of the consolidated financial statements for further details of the restatement. Credit facilities financing and refinancing 2 On 27 March 2017, Gold Fields Operations Limited and GFI Joint Venture Holdings Proprietary Limited entered into a R500 million revolving credit facility with the Standard Bank of South Africa Limited which became available on 31 March 2017. The purpose of this facility was to fund (i) capital expenditure of the Gold Fields group, and (ii) general corporate and working capital requirements of the Gold Fields group. The final maturity date of this facility is three years from the financial close date, namely 31 March 2020. The Group only drew down under this facility in 2018. 3 On 27 March 2017, Gold Fields Operations Limited and GFI Joint Venture Holdings Proprietary Limited entered into a R500 million revolving credit facility with Absa Bank Limited which became available on 31 March 2017. The purpose of this facility was to fund (i) capital expenditure of the Gold Fields group, and (ii) general corporate and working capital requirements of the Gold Fields group. The final maturity date of this facility is three years from the financial close date, namely 31 March 2020. The Group only drew down under this facility in 2018. Loans repaid Loans repaid increased by 199% from US$536 million1 in 2018 to US$1,604 million in 2019. The US$1,604 million loans repaid in 2019 comprised: Figures in millions unless otherwise stated United States Dollar US$1 billion notes issue – buy-back of US$250 million notes2 255 US$100 million revolving credit facility 45 A$500 million syndicated revolving credit facility 144 US$1,290 million term loan and revolving credit facility 906 R500 million Standard Bank revolving credit facility 35 R500 million Absa Bank revolving credit facility 35 Short-term Rand uncommitted credit facilities 184 1,604 1 Refer to note 42 of the consolidated financial statements for further details of the restatement. 2 On 27 May 2019, Gold Fields announced the successful buy back of US$250 million of the outstanding 2020 notes at 102% of par as compared with a premium of 101.73% of par at the close of business on 24 May 2019. The buy-back of the notes was financed with the proceeds of the raising of two new bonds, the five-year notes and the 10-year notes. The Group recognised a loss of US$5.0 million on the buy-back of the 2020 notes. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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113 Gold Fields Annual Financial Report including Governance Report 2019 The US$536 million loans repaid in 2018 comprised: Figures in millions unless otherwise stated United States Dollar Restated1 US$1,290 million term loan and revolving credit facility 291 R1,500 million Nedbank revolving credit facility 108 Short-term Rand uncommitted credit facilities 137 536 1 Refer to note 42 of the consolidated financial statements for further details of the restatement. Payment of lease liabilities Payment of lease liabilities increased by 1167% from US$3 million in 2018 to US$38 million in 2019. The increase related to the adoption of IFRS 16 Leases in 2019. Net cash generated/(utilised) As a result of the above, net cash generated of US$294 million in 2019 compared to net cash utilised of US$167 million1 in 2018. Cash and cash equivalents increased by 134% from US$220 million1 at 31 December 2018 to US$515 million at 31 December 2019. Cash flow from operating activities less net capital expenditure, environmental payments, lease payments and redemption of Asanko preference shares (“net cash flow”) This is a measure that management uses to measure the cash generated by the core business. Cash flow from operating activities less net capital expenditure, environmental payments, lease payments and redemption of Asanko preference shares is defined as net cash from operations adjusted for South Deep BEE dividend, additions to property, plant and equipment, proceeds on disposal of property, plant and equipment, environmental trust funds payments, lease payments and redemption of Asanko preference shares per the statement of cash flows. The cash inflow of US$249 million in 2019 compared to an outflow of US$122 million1 in 2018. The main reasons for the increase was that net cash from operations increased by 43% from US$626 million1 in 2018 to US$894 million in 2019 mainly due to higher gold sold and higher gold prices. Additions to property, plant and equipment decreased by 25% from US$814 million in 2018 to US$613 million in 2019 due to a decrease in capital across all operations. Below is a table reconciling the cash flow from operating activities less net capital expenditure, environmental payments, lease payments and redemption of Asanko preference shares to the statement of cash flows. United States Dollar Figures in millions unless otherwise stated 2019 2018 Restated1 Net cash from operations 894 626 South Deep BEE dividend (1) (2) Additions to property, plant and equipment (613) (814) Proceeds on disposal of property, plant and equipment 4 79 Environmental trust funds and rehabilitation payments (7) (8) Lease payments (38) (3) Redemption of Asanko preference shares 10 - Cash flow from operating activities less net capital expenditure, environmental payments, lease payments and redemption of Asanko preference shares 249 (122) 1 Refer to note 42 of the consolidated financial statements for further details of the restatement. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS (continued) Gold Fields Annual Financial Report including Governance Report 2019 114 Below is a table providing a breakdown of how the cash was generated/(utilised) by the Group. United States Dollar Figures in millions unless otherwise stated 2019 2018 Restated1 Net cash generated by mines before growth capital 552 345 Damang growth capital (71) (125) South Deep growth capital – (18) Gruyere growth capital2 (67) – Net cash generated after growth capital 414 202 Gruyere project capital2 – – Salares Norte (55) – Other exploration (5) (5) Interest paid by corporate entities3 (86) (77) Other corporate costs and South Deep BEE dividend (19) (31) Cash flow from operating activities less net capital expenditure, environmental payments, lease payments and redemption of Asanko preference shares 249 (122) 1 Refer to note 42 of the consolidated financial statements for further details of the restatement. 2 The Gruyere project was successfully completed during 2019, with first gold produced in June 2019. Commercial levels of production were achieved at the end of September 2019 and was included in the Australian operations from that date. 3 Does not agree to interest paid per the cash flow of US$132 million (2018: US$91 million) due to interest paid by the mines reflected under net cash generated by mines before growth capital. LIQUIDITY AND CAPITAL RESOURCES – YEARS ENDED 31 DECEMBER 2018 AND 31 DECEMBER 2017 CASH RESOURCES Cash flows from operating activities Cash inflows from operating activities decreased by 22% from US$732 million1 in 2017 to US$569 million1 in 2018. The items comprising these are discussed below. CONTINUING OPERATIONS Cash generated by continuing operations decreased by 22% from US$725 million1 in 2017 to US$569 million1 in 2018. The decrease of US$156 million was due to: Figures in millions unless otherwise stated United States Dollar Restated1 Decrease in cash generated from operations due to lower gold sold and higher restructuring costs (289) Increase in interest received due to higher cash balances 2 Decrease in investment in working capital2 58 Decrease in taxes paid 59 Decrease in dividends paid due to lower normalised earnings, partially offset by higher dividends paid to non-controlling interests 14 (156) 1 Refer to note 42 of the consolidated financial statements for further details of the restatement. 2 In 2017, A$78 million (US$60 million) payment was made in respect of the deferred portion of the purchase price of the Group’s 50% share of the Gruyere Gold project. Dividends paid decreased from US$71 million in 2017 to US$57 million in 2018. The dividends paid of US$57 million in 2018 comprised dividends paid to ordinary shareholders of US$45 million, dividends paid to non-controlling interests in Ghana and Peru of US$10 million and South Deep BEE dividend of US$2 million. The dividends paid of US$71 million in 2017 comprised dividends paid to ordinary shareholders of US$63 million, dividends paid/advanced to non-controlling interests in Ghana and Peru of US$6 million and South Deep BEE dividend of US$2 million. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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115 Gold Fields Annual Financial Report including Governance Report 2019 DISCONTINUED OPERATIONS Cash generated by discontinued operations decreased from US$7 million in 2017 to US$nil in 2018 due to the sale of Darlot in 2017. Cash flows from investing activities Cash outflows from investing activities decreased by 2% from US$909 million in 2017 to US$887 million in 2018. CONTINUING OPERATIONS Cash utilised in continuing operations decreased by 2% from US$902 million in 2017 to US$887 million in 2018. The decrease of US$15 million was due to: Figures in millions unless otherwise stated United States Dollar Decrease in additions to property, plant and equipment 19 Increase in proceeds on disposal of property, plant and equipment 56 Purchase of Asanko Gold joint venture investment (165) Decrease in purchase of investments 61 Increase in proceeds on disposal of investments 1 Proceeds on disposal of APP – 2018 40 Proceeds on disposal of Darlot – 2017 (5) Decrease in environmental trust funds and rehabilitation payments 9 15 Additions to property, plant and equipment Capital expenditure increased by 2% from US$834 million in 2017 to US$814 million in 2018. United States Dollar 2018 2017 Figures in million unless otherwise stated Sustaining capital Growth capital Total capital Sustaining capital Growth capital Total capital South Deep 40 18 58 66 17 82 South African region 40 18 58 66 17 82 Tarkwa 156 — 156 181 — 181 Damang 14 125 139 17 115 132 Asanko1 8 5 13 — — — Ghanaian region 178 130 308 198 115 313 Cerro Corona 33 — 33 34 — 34 South American region 33 — 33 34 — 34 St Ives 127 — 127 156 — 156 Agnew/Lawlers 73 — 73 74 — 74 Granny Smith 79 — 79 87 — 87 Australian region 279 — 279 317 — 317 Gruyere — 134 134 — 81 81 Other 2 13 15 3 4 7 Capital expenditure (including Asanko) 532 295 827 617 217 834 Capital expenditure (excluding Asanko) 524 290 814 617 217 834 1 Equity accounted joint venture. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS (continued) Gold Fields Annual Financial Report including Governance Report 2019 116 Capital expenditure at South Deep in South Africa decreased by 30% from R1,099 million (US$82 million) in 2017 to R770 million (US$58 million) in 2018. The capital expenditure of R770 million (US$58 million) in 2018 comprised R528 million (US$40 million) sustaining capital and R242 million (US$18 million) growth capital. The capital expenditure of R1,099 million (US$82 million) in 2017 comprised R874 million (US$66 million) sustaining capital and R225 million (US$17 million) growth capital. This decrease was due to lower spending on fleet and surface infrastructure, partially offset by higher expenditure on new mine development infrastructure and more metres developed compared to 2017. Capital expenditure at the Ghanaian operations (excluding Asanko) decreased by 6% from US$313 million in 2017 to US$295 million in 2018: Tarkwa decreased by 14% from US$181 million in 2017 to US$156 million in 2018 mainly due to the lower expenditure on mining fleet as a consequence of the conversion from owner mining to contractor mining. All capital related to sustaining capital; Damang increased by 5% from US$132 million in 2017 to US$139 million in 2018 with the majority spent on waste stripping due to the reinvestment project. The capital expenditure of US$139 million in 2018 comprised US$14 million sustaining capital and US$125 million growth capital. The capital expenditure of US$132 million in 2017 comprised US$17 million sustaining capital and US$115 million growth capital; and Asanko incurred total capital expenditure of US$13 million for the five months ended December 2018 comprising sustaining capital expenditure of US$8 million and non-sustaining capital expenditure of US$5 million. Non-sustaining capital expenditure included construction of the haul road and other expenditure related to the Esaase project, which commenced production in early 2019. (Asanko is an equity accounted joint venture and not included in the Group or Ghanaian operation’s figures.) Capital expenditure at Cerro Corona in Peru decreased by 3% from US$34 million in 2017 to US$33 million in 2018. All capital related to sustaining capital: The decrease is due to lower expenditure on the tailings dam and waste storage facilities. Capital expenditure at the Australian operations decreased by 10% from A$414 million (US$317 million) in 2017 to A$373 million (US$279 million): St Ives decreased by 17% from A$204 million (US$156 million) to A$170 million (US$127 million) in 2018 mainly due to lower capital development in the open pits following completion of mining activities at Invincible open pit stage 5 (A$54 million/ US$41 million), partially offset by increased capital development at the new Invincible underground mine (A$25 million/ US$19 million); Agnew/Lawlers increased by 2% from A$96 million (US$74 million) to A$98 million (US$73 million) in 2018. Capital expenditure in 2018 included A$7 million (US$5 million) for the new camp. All capital related to sustaining capital; and Granny Smith decreased by 8% from A$114 million (US$87 million) to A$105 million (US$79 million) in 2018 due to the completion of the VR8 ventilation shaft in 2017. The majority of capital expenditure related to development and infrastructure at the Wallaby mine, exploration and the development of a paste plant and associated infrastructure. All capital related to sustaining capital. Capital expenditure at Gruyere increased by 70% from A$106 million (US$81 million) to A$180 million (US$134 million) due to project construction activities. All capital related to growth capital. Proceeds on disposal of property, plant and equipment Proceeds on the disposal of property, plant and equipment increased by 243% from US$23 million in 2017 to US$79 million in 2018. In 2018, the proceeds related mainly to the disposal of fleet in Tarkwa of US$73 million as part of the conversion to contractor mining and the balance related to the sale of various redundant assets. In 2017, the proceeds related mainly to the disposal of fleet in Damang of US$17 million and the balance related to the sale of various redundant assets. Purchase of Asanko Gold joint venture investment Purchase of Asanko of US$165 million in 2018 related to the JV transaction with Asanko which was completed on 31 July 2018. Gold Fields acquired a 50% stake in Asanko’s 90% interest in the Asanko Gold Mine in Ghana. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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117 Gold Fields Annual Financial Report including Governance Report 2019 Purchase of investments Investment purchases decreased by 76% from US$80 million in 2017 to US$19 million in 2018. The purchase of investments of US$19 million in 2018 comprised: Figures in millions unless otherwise stated United States Dollar Asanko Gold Inc 18 Lefroy Exploration Limited 1 19 The purchase of investments of US$80 million in 2017 comprised: Figures in millions unless otherwise stated United States Dollar Red 5 Limited 5 Cardinal Resources Limited 20 Gold Road Resources Limited 55 80 Proceeds on disposal of investments Proceeds on the disposal of investments increased by 100% from US$nil in 2017 to US$1 million in 2018. The proceeds on disposal of investments of US$1 million in 2018 related to the disposal of various investments. Proceeds on disposal of APP On 24 January 2018, Gold Fields sold APP to a Finnish subsidiary of private equity fund CD Capital Natural Resources Fund III for US$40 million. Proceeds on disposal of Darlot In 2017, Gold Fields sold the Darlot mine in Western Australia, through a wholly owned subsidiary, to ASX-listed Red 5 Limited (“Red 5”) for a total consideration of A$18.5 million, comprising A$12 million in cash and 130 million Red 5 shares. The cash component was made up of an upfront amount of A$7 million (US$5 million) which could be converted into participation in a Red 5 rights issue and A$5 million deferred for up to 24 months. The deferred consideration may be taken as additional shares in Red 5 or as cash at Gold Fields’ election. The gain on disposal of Darlot was A$31 million (US$24 million). The sale of Darlot was completed on 2 October 2017. Gold Fields received the relevant cash consideration of US$5 million and converted it into participation in a rights issue, as well as the issue of the Red 5 shares as part of the consideration. Gold Fields participated in a rights issue by Red 5 and received 117 million additional shares valued at A$6 million (US$5 million). Gold Fields has a 19.9% shareholding in Red 5 with a market value of A$15 million (US$11 million). Contributions to environmental trust funds The contributions to environmental trust fund decreased by 53% from US$17 million in 2017 to US$8 million in 2018. The contributions to environmental trust funds of US$8 million in 2018 comprised: Figures in millions unless otherwise stated United States Dollar South Deep mine environmental trust fund 1 Tarkwa mine environmental trust fund 7 8 Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS (continued) Gold Fields Annual Financial Report including Governance Report 2019 118 The contributions to environmental trust funds of US$17 million in 2017 comprised: Figures in millions unless otherwise stated United States Dollar South Deep mine environmental trust fund 3 Tarkwa mine environmental trust fund 6 Ongoing rehabilitation payments1 8 17 1 Ongoing rehabilitation payments were allocated to cash flows from operating activities in 2018. DISCONTINUED OPERATIONS Cash utilised in discontinued operations decreased by 100% from US$7 million in 2017 to US$nil in 2018 due to the sale of Darlot in 2017. Cash flows from financing activities Cash inflows from financing activities increased by 79% from US$85 million1 in 2017 to US$152 million1 in 2018. The items comprising these numbers are discussed below. CONTINUING OPERATIONS Cash generated by continuing operations increased by 79% from US$85 million1 in 2017 to US$152 million1 in 2018. The increase of US$67 million was due to: Figures in millions unless otherwise stated United States Dollar Decrease in loans raised (97) Decrease in loans repaid 167 Increase in payment of finance lease liability (3) 67 1 Refer to note 42 of the consolidated financial statements for further details of the restatement. Loans raised Loans raised decreased by 12% from US$788 million1 in 2017 to US$690 million1 in 2018. The US$690 million loans raised in 2018 comprised: Figures in millions unless otherwise stated United States Dollar Restated1 A$500 million syndicated revolving credit facility 120 US$1,290 million term loan and revolving credit facilities 383 R1,500 million Nedbank revolving credit facility 21 R500 million Standard Bank revolving credit facility2 14 R500 million Absa revolving credit facility3 36 Short-term Rand uncommitted credit facilities 116 690 1 Refer to note 42 of the consolidated financial statements for further details of the restatement. Credit facilities financing and refinancing: 2 On 27 March 2017, Gold Fields Operations Limited and GFI Joint Venture Holdings Proprietary Limited entered into a R500 million revolving credit facility with the Standard Bank of South Africa Limited which became available on 31 March 2017. The purpose of this facility was to fund (i) capital expenditure of the Gold Fields group, and (ii) general corporate and working requirements of the Gold Fields group. The final maturity date of this facility is three years from the financial close date, namely 31 March 2020. The Group only drew down under this facility in 2018. 3 On 27 March 2017, Gold Fields Operations Limited and GFI Joint Venture Holdings Proprietary Limited entered into a R500 million revolving credit facility with Absa Bank Limited which became available on 31 March 2017. The purpose of this facility was to fund (i) capital expenditure of the Gold Fields group, and (ii) general corporate and working requirements of the Gold Fields group. The final maturity date of this facility is three years from the financial close date, namely 31 March 2020. The Group only drew down under this facility in 2018. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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119 Gold Fields Annual Financial Report including Governance Report 2019 The US$788 million loans raised in 2017 comprised: Figures in millions unless otherwise stated United States Dollar Restated1 US$150 million revolving senior secured credit facility – new2 84 US$100 million revolving senior secured credit facility3 45 A$500 million syndicated revolving credit facility4 237 US$1,290 million term loan and revolving credit facilities 73 R1,500 million Nedbank revolving credit facility 79 Short-term Rand uncommitted credit facilities 270 788 1 Refer to note 42 of the consolidated financial statements for further details. Credit facilities financing and refinancing: 2 On 19 September 2017, Gold Fields La Cima S.A. entered into a US$150 million revolving senior secured credit facility with Banco de Crédito del Perú and Scotiabank Perú S.A.A. which became available on 20 September 2017. The purpose of this facility was (i) to refinance the US$200 million revolving senior secured credit facility; (ii) to finance the working capital requirements of the borrower; and (iii) for the general corporate purposes of the borrower. The final maturity date of this facility is three years from the date of the agreement, namely 19 September 2020. 3 On 12 June 2017, Gold Fields Ghana Limited and Abosso Goldfields Limited entered into a US$100 million senior secured revolving credit facility with the Standard Bank of South Africa Limited (acting through its Isle of Man branch) which became available on 17 July 2017. The purpose of this facility was (i) to refinance the outstanding balance of US$45 million under the US$70 million senior secured revolving credit facility (which matured on 17 July 2017); (ii) to finance working capital requirements; (iii) for general corporate purposes; and (iv) for capital expenditure purposes of each borrower. The final maturity date of this facility is three years from the financial close date, namely 17 July 2020. 4 On 24 May 2017, Gruyere Holdings entered into a A$500 million revolving credit facility which became available on 13 June 2017 with a syndicate of international banks and financial institutions. The purpose of this facility is to finance capital expenditure in respect of the Gruyere Gold project and to fund general working capital requirements. The final maturity date of this facility is three years from the agreement date, namely 13 June 2020. Loans repaid Loans repaid decreased by 24% from US$703 million1 in 2017 to US$536 million1 in 2018. The US$536 million loans repaid in 2018 comprised: Figures in millions unless otherwise stated United States Dollar Restated1 US$1,290 million term loan and revolving credit facility 291 R1,500 million Nedbank revolving credit facility 108 Short-term Rand uncommitted credit facilities 137 536 1 Refer to note 42 of the consolidated financial statements for further details of the restatement. The US$703 million loans repaid in 2017 comprised: Figures in millions unless otherwise stated United States Dollar Restated1 US$150 million revolving senior secured credit facility – old 82 US$70 million revolving senior secured credit facility 45 US$1,290 million term loan and revolving credit facility 352 Short-term Rand uncommitted credit facilities 224 703 1 Refer to note 42 of the consolidated financial statements for further details of the restatement. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS (continued) Gold Fields Annual Financial Report including Governance Report 2019 120 Payment of finance lease liabilities The US$3 million payment in 2018 related mainly to the power purchase agreements entered into at Gruyere and Granny Smith. DISCONTINUED OPERATIONS Cash generated by discontinued operations was US$nil in 2018 and 2017. Net cash utilised As a result of the above, net cash utilised increased by 82% from US$92 million1 in 2017 to US$167 million1 in 2018. Cash and cash equivalents decreased by 44% from US$394 million1 at 31 December 2017 to US$220 million1 at 31 December 2018. Cash flow from operating activities less net capital expenditure, environmental payments and lease payments (“net cash flow”) This is a measure that management uses to measure the cash generated by the core business. Cash flow from operating activities less net capital expenditure, environmental payments and lease payments is defined as net cash from operations adjusted for South Deep BEE dividend, additions to property, plant and equipment, proceeds on disposal of property, plant and equipment, environmental trust funds payments and lease payments per the statement of cash flows. The cash outflow increased from US$33 million in 2017 to US$122 million in 2018. The main reasons for the increase was that net cash from operations decreased from US$796 million in 2017 to US$626 million in 2018 mainly due to lower gold sold, higher restructuring costs, partially offset by lower taxes paid and lower investment in working capital. Additions to property plant and equipment decreased from US$834 million in 2017 to US$814 million in 2018 due to a decrease in sustaining capital across all operations, partially offset by an increase in growth capital, being growth capital at Damang of US$125 million (2017: US$115 million), the growth capital at South Deep of US$18 million (2017: US$17 million) and Gruyere project capital of US$134 million (2017: US$81 million). Below is a table reconciling the cash flow from operating activities less net capital expenditure, environmental payments and finance lease payments to the statement of cash flows. United States Dollar Figures in millions unless otherwise stated 2018 Restated1 2017 Restated1 Net cash from operations 626 796 South Deep BEE dividend (2) (1) Additions to property, plant and equipment (814) (834) Proceeds on disposal of property, plant and equipment 79 23 Environmental trust funds and rehabilitation payments (8) (17) Lease payments (3) – Cash flow from operating activities less net capital expenditure, environmental payments and lease payments (122) (33) 1 Refer to note 42 of the consolidated financial statements for further details of the restatement. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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121 Gold Fields Annual Financial Report including Governance Report 2019 Below is a table providing a breakdown of how the cash was utilised by the Group. United States Dollar Figures in millions unless otherwise stated 2018 Restated1 2017 Restated1 Net cash generated by mines before growth capital 345 410 Damang growth capital (125) (115) South Deep growth capital (18) (17) Net cash generated after growth capital 202 278 Gruyere project capital (134) (81) Gruyere deferred payment and stamp duty – (60) Salares Norte (77) (53) Other exploration (5) (5) Interest paid by corporate entities2 (77) (72) Other corporate costs and South Deep BEE dividend (31) (40) Cash flow from operating activities less net capital expenditure, environmental payments and lease payments (122) (33) 1 Refer to note 42 of the consolidated financial statements for further details. 2 Does not agree to interest paid per the cash flow of US$91 million due to interest paid by the mines reflected under net cash generated by mines before growth capital. STATEMENT OF FINANCIAL POSITION Borrowings Total debt (short and long-term borrowings) decreased from US$1,907 million1 at 31 December 2018 to US$1,846 million at 31 December 2019. Net debt(pre-IFRS 16) is defined as total borrowing less cash and cash equivalents. Net debt (post- IFRS 16) is defined as total borrowing plus lease liabilities less cash and cash equivalents. Net debt(pre-IFRS 16) decreased from US$1,687 million1 at 31 December 2018 to US$1,331 million as a result of lower debt and higher cash balances. Net debt (post-IFRS 16) amounted to US$1,664 million in 2019. The Group monitors capital using the ratio of net debt to adjusted EBITDA and takes into account the adoption of IFRS 16. Adjusted EBITDA is defined as profit or loss for the year adjusted for interest, taxation, amortisation and depreciation and certain other costs. For external borrowings entered into before 1 January 2019, the definition of adjusted EBITDA is as defined in the US$1,290 million term loan and revolving credit facilities agreement. For external borrowings entered into after 1 January 2019, the definition of adjusted EBITDA is as defined in the US$1,200 million term loan and revolving credit facilities agreement. The Group’s long-term target is a ratio of net debt to adjusted EBITDA of one times or lower. The bank covenants on external borrowings entered into before 1 January 2019 require a net debt to adjusted EBITDA ratio of 2.5 or below and the ratio is measured based on amounts in United States Dollar. The bank covenants on external borrowings entered into after 1 January 2019 takes into account the adoption of IFRS 16 and require a net debt to adjusted EBITDA ratio of 3.5 or below and the ratio is measured based on amounts in United States Dollar. Net debt to adjusted EBITDA (IFRS 16 impact excluded) at 31 December 2019 was 1.08 (2018: 1.52). Net debt to adjusted EBITDA (IFRS 16 impact included) at 31 December 2019 was 1.29. Refer to note 39 of the consolidated financial statements for further details including the reconciliation of profit/(loss) for the year to adjusted EBITDA. Provisions Long-term provisions increased from US$320 million in 2018 to US$391 million in 2019 and included the following. United States Dollar Figures in millions unless otherwise stated 2019 2018 Provision for environmental rehabilitation costs 370 290 Silicosis settlement costs 17 25 Other provisions 4 5 Total long-term provisions 391 320 1 Refer to note 42 of the consolidated financial statements for further details of the restatement. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS (continued) Gold Fields Annual Financial Report including Governance Report 2019 122 Provision for environmental rehabilitation costs The amount provided for environmental rehabilitation costs increased from US$290 million at 31 December 2018 to US$370 million at 31 December 2019. The increase is due to the increase of the gross environmental rehabilitation costs at all the operations in 2019. This provision represents the present value of closure, rehabilitation and other environmental obligations up to 31 December 2019. This provision is updated annually to take account of inflation, the time value of money and any new environmental obligations incurred. The inflation and range of discount rates applied in 2019 and 2018 for each region are shown in the table below: South Africa Ghana Australia Peru Chile Inflation rates 2019 5.4% 2.5% 2.5% 2.5% 2.5% 2018 5.5% 2.2% 2.5% 2.2% 2.2% Discount rates 2019 10.3% 7.7% – 7.9% 1.2% – 1.6% 3.0% 2.6% 2018 10.0% 10.3% 2.3 – 2.5% 4.2% 3.6% The interest charge remained flat at US$12 million. Adjustments for new disturbances and changes in environmental legislation during 2019 and 2018, after applying the above inflation and discount rates were: United States Dollar Figures in millions unless otherwise stated 2019 2018 Ghana 22 (9) Australia 41 22 Peru 17 10 Total 80 23 The South African and Ghanaian operations contribute to a dedicated environmental trust fund and a dedicated bank account, respectively, to provide financing for final closure and rehabilitation costs. The amount invested in the fund is shown as a noncurrent asset in the financial statements and increased from US$61 million at 31 December 2018 to US$70 million at 31 December 2019. The increase is mainly as a result of contributions amounting to US$7 million and interest income of US$1 million. The South African and Ghanaian operations are required to contribute annually to the trust fund over the remaining lives of the mines, to ensure that sufficient funds are available to discharge commitments for future rehabilitation costs. Silicosis settlement costs provision The principal health risks associated with Gold Fields’ mining operations in South Africa arise from occupational exposure to silica dust, noise, heat and certain hazardous chemicals. The most significant occupational diseases affecting Gold Fields’ workforce include lung diseases (such as silicosis, tuberculosis, a combination of the two and chronic obstructive airways disease (“COAD”) as well as noise-induced hearing loss (“NIHL”)). A consolidated application was brought against several South African mining companies, including Gold Fields, for certification of a class action on behalf of current or former mineworkers (and their dependants) who have allegedly contracted silicosis and/or tuberculosis while working for one or more of the mining companies listed in the application. On 3 May 2018, the Gold Working Group (comprising African Rainbow Minerals, Anglo American SA, AngloGold Ashanti, Gold Fields, Harmony and Sibanye-Stillwater) (the “GWG Parties”) concluded a settlement agreement (the “Settlement Agreement”) with the attorneys representing claimants in the silicosis and tuberculosis class action litigation. The Settlement Agreement provides meaningful compensation to all eligible workers suffering from silicosis and/or tuberculosis who worked in the GWG Parties’ mines from 12 March 1965 to the effective date of the Settlement Agreement. A full bench of the High Court, Gauteng Local Division, approved the Settlement Agreement on 26 July 2019 (“Approval Order”). The Settlement Agreement and Approval Order contained two suspensive conditions, which have subsequently been fulfilled and, in accordance with the provisions of the Settlement Agreement and the Approval Order, the Settlement Agreement has become effective on 10 December 2019. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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123 Gold Fields Annual Financial Report including Governance Report 2019 Gold Fields has provided for the estimated cost of the class action settlement based on actuarial assessments and the provisions of the Settlement Agreement. At 31 December 2019, the total provision for Gold Fields’ share of the settlement of the class action claims and related costs amounts to US$21 million (R297 million) (2018: US$25 million (R368 million)) of which US$4 million (R64 million) (2018: US$nil (Rnil)) was classified as current and US$17 million (US$233 million) (2018: US$25 million (R368 million)) asnon-current. The nominal value of this provision is US$29 million (R408 million) at 31 December 2019. The assumptions that were made in the determination of the provision include silicosis prevalence rates, estimated settlement per claimant, benefittake-up rates and disease progression rates. A discount rate of 10.08% (2018: 8.74%) was used, based on government bonds with similar terms to the anticipated settlements. Details of the silicosis settlement can be found on the website www.silicosissettlement.co.za and the Facebook page https://www.facebook.com/silicosissettlement. The ultimate outcome of this matter however remains uncertain, with the number of eligible workers successfully submitting claims and receiving compensation being uncertain. The provision is consequently subject to adjustment in the future. Refer to notes 25.2 and 35 of the consolidated financial statements for further details. Other long-term provisions Other long-term provisions decreased from US$5 million at 31 December 2018 to US$4 million at 31 December 2019. Credit facilities At 31 December 2019, the Group had unutilised committed banking facilities available under the following facilities, details of which are discussed in note 24: US$1,200 million available under the US$1,200 million revolving credit facilities; US$67 million available under the US$150 million revolving senior secured credit facility; US$100 million available under the US$100 million senior secured revolving credit facility; A$260 million (US$182 million) under the A$500 million syndicated revolving credit facility; R1,500 million (US$107 million) available under the R1,500 million Nedbank revolving credit facility; R500 million (US$36 million) available under the R500 million Absa Bank revolving credit facility; and R500 million (US$36 million) available under the R500 million Standard Bank revolving credit facility. Substantial contractual arrangements for uncommitted borrowing facilities are maintained with several banking counterparties to meet the Group’s normal contingency funding requirements. As of the date of this report, the Group was not in default under the terms of any of its outstanding credit facilities. US$1,200 million revolving credit facility On 25 July 2019, Gold Fields Orogen Holding (BVI) Limited and Gold Fields Ghana Holdings (BVI) Limited entered into a US$1,200 million revolving credit facilities agreement, with a syndicate of international banks and financial institutions. The new facilities which became effective on the same day comprise two tranches: US$600 million 3+1+1 (two1-year extension options subject to bank consent) year revolving credit facility (“RCF”) – at a margin of 1.45% over Libor; and US$600 million 5+1+1 (two1-year extension options subject to bank consent) year revolving credit facility (“RCF”) – at a margin of 1.70% over Libor. US$1 billion notes issue In addition, the Company holds US$148.0 million principal amount of the US$1 billion notes issue (the “notes”), which it repurchased in 2016 and which can be resold (in whole or in part) subject to market conditions. There is no guarantee, however, that the notes can be resold at a price satisfactory to the Company or at all. In accordance with the terms and conditions of the notes, any such resale would need to take place outside the United States in reliance on Regulation S under the U.S. Securities Act of 1933. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS (continued) Gold Fields Annual Financial Report including Governance Report 2019 124 Contractual obligations and commitments as at 31 December 2019 United States Dollar Payments due by period Figures in millions unless otherwise stated Total Within one year Between one and five years After five years Borrowings US$1 billion notes issue Capital1 602.4 602.4 — — Interest 23.0 23.0 — — US$500 million5-year notes issue Capital1 500.0 — 500.0 — Interest 112.2 25.6 86.6 — US$500 million10-year notes issue Capital1 500.0 — — 500.0 Interest 287.1 30.6 122.5 134.0 US$150 million revolving senior secured credit facility Capital 83.5 83.5 — — Interest 1.8 1.8 — — A$500 million syndicated revolving credit facility Capital 168.5 — 168.5 — Interest 7.7 5.5 2.2 — Other obligations Finance lease liability 447.4 63.9 178.2 205.3 Environmental obligations2 436.3 11.9 28.4 396.0 Trade and other payables 385.3 385.3 — — Gold, copper and foreign exchange derivatives 127.6 127.6 — — South Deep dividend 8.5 1.4 3.8 3.3 Total contractual obligations 3,691.3 1,362.5 1,090.2 1,238.6 1 The capital amounts of the US$1 billion notes issue, US$500 million5-year notes issue and the US$50010-year notes issue in the table above represent the principal amounts to be repaid and differ from the carrying values presented in the statement of financial position due to the unwinding of transaction costs capitalised at inception. 2 Gold Fields makes full provision for all environmental obligations based on the net present value of the estimated cost of restoring the environmental disturbance that has occurred up to the reporting date. Management believes that the provisions made for environmental obligations are adequate to cover the expected volume of such obligations. United States Dollar Amounts of commitments expiring by period Figures in millions unless otherwise stated Total Within one year Between one and five years After five years Commitments Guarantees1 — — — — Capital expenditure 43.8 43.8 — — Total commitments 43.8 43.8 — — 1 Guarantees consist of numerous obligations. Guarantees consisting of US$195.8 million committed to guarantee Gold Fields’ environmental and other obligations with respect to its South African, Peruvian, Ghanaian and Australian operations are fully provided for under the provision for environmental rehabilitation and certain lease liabilities and are not included in the amount above. Working capital Following its going concern assessment performed, which takes into account the 2020 operational plan, net debt position and unutilised loan facilities, management believes that Gold Fields’ working capital resources, by way of internal sources and banking facilities, are sufficient to fund Gold Fields’ currently foreseeable future business requirements.Off-balance sheet items At 31 December 2019, Gold Fields had no materialoff-balance sheet items except for as disclosed under guarantees and capital commitments. Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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125 Gold Fields Annual Financial Report including Governance Report 2019 INFORMATION COMMUNICATION AND TECHNOLOGY (“ICT”) ICT at Gold Fields remains focused on being a strategic enablement partner to the overall Gold Fields business. ICT ensures that the technology adopted across the Group remains relevant in enabling the business in executing the business strategy and operational plans. ICT further ensures that adequate protection of our technology and information assets is embedded in the business. For 2019, ICT has delivered on the following key objectives: Maintaining ICT governance and achieving operational targets; Ensuring key systems and infrastructure availability; Progressing the implementation of the approved ICT digital strategy to enable the foundational elements of the digital mine of the future; Enhancing the Group’s cyber security posture including the achievement of the ISO 27001 Information Security Management Standard certification; Maintaining sound financial management and sustaining cost savings; and Managing the delivery of strategic projects. Gold Fields’ vision to be the global leader in sustainable gold mining requires the adaptability to respond to the rapidly changing technology environment. This is achieved through ensuring the foundational elements of the mine of the future are in place across the various operations. Following the establishment of the Innovation and Technology vision and the approval of the Gold Fields ICT digital strategy, ICT conducted various strategic programmes across the Group to progress the implementation of the ICT digital strategy as follows: Digital infrastructure: Laying the foundation of an infrastructure to enable a connected mine and facilitate the successful flow of data. An initial assessment of the current ICT infrastructure across the regions commenced with the outcome being a digital infrastructure roadmap for each region; Information Technology (“IT”) and Operational Technology (“OT”) convergence: Enabling the convergence of information and operational technology under a unified architecture, standards, governance and cyber security framework. An assessment of the OT environment is under way which aims to identify and prioritise areas for convergence; Data analytics: Creating the platform for the use of data to move from a data driven to an insights driven organisation. Selected data analytics initiatives were concluded with further use case being defined for each of the regions; and Cyber security: Ensuring the protection of information and assets. The Security Event and Incident Management (“SEIM”) system as well as associated cyber security monitoring was implemented and embedded across the Group and continues to be enhanced to remain relevant to the changing threat landscape. In addition, the entire Group including all operations have been certified against the ISO 27001 standard, making Gold Fields the world’s first mining organisation to achieve this certification. Further, to strengthen the Group’s cyber security posture, the implementation of an intelligent cyber threat detection and monitoring solution across all operations was completed. Gold Fields’ ICT operating and delivery model which is based on industry best practice was enhanced to position ICT to effectively deliver on the digital strategy. This operating model enables ICT to focus on business imperatives and business support, while thenon-core services are outsourced. The operating model enhancements and delivery against key strategic targets for 2019 mitigated key technology risks and exposed technology opportunities to enable the rapid deployment of digital technologies. INTERNAL CONTROL OVER FINANCIAL REPORTING Gold Fields’ management is responsible for establishing and maintaining adequate internal control over financial reporting. The Securities Exchange Act of 1934 defines internal control over financial reporting in Rule13a-15(f) and15d-15(f) as a process designed by, or under the supervision of, the Company’s principal executive and principal financial officers, and effected by the Company’s Board of Directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board, and includes those policies and procedures that: Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board, and that receipts and expenditures of the Company are being made only in accordance with authorisations of management and directors of the Company; and Provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use or disposition of the Company’s assets that could have a material effect on the consolidated financial statements. 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MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS (continued) Gold Fields Annual Financial Report including Governance Report 2019 126 Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Gold Fields’ management assessed the effectiveness of its internal control over financial reporting as of 31 December 2019. In making this assessment, Gold Fields’ management used the criteria established in Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organisations of the Treadway Commission. The results of this assessment are outlined below: During 2019, management identified a material weakness in the internal control over financial reporting related to the recording of transactions between cost close (the date the general ledger was closed for reporting purposes) and calendaryear-end. The control deficiencies were caused by an inadequate evaluation of the risk that transactions, including cash payments and receipts, could occur between the cost close date and 31 December which could have a material impact, both individually and in aggregate, on financial statement captions and disclosures. Consequently, management failed to design and implement appropriate controls to address this risk. Management’s controls only focused on transactions that occurred outside the normal course of business, and did not consider potentially material transactions that occurred in the normal course of business between the cost close and 31 December of the relevant years. The cost close dates were 21 December 2018 and 22 December 2017, respectively. The Company has concluded that its internal control over financial reporting was not effective as of 31 December 2018 and, accordingly, its disclosure controls and procedures were not effective as of 31 December 2018. These deficiencies in internal control over financial reporting resulted in restatements to a number of financial statement captions within the statements of financial position and cash flows as described in note 42 to the consolidated financial statements. The error was corrected by restating each of the affected financial statement items from prior periods. Remediation efforts The deficiencies in management’s internal control over financial reporting, which gave rise to the material weakness described above, have been remediated as of 31 December 2019. Management designed, implemented and tested specific controls to identify and account for material transactions in the normal course of business between cost close and calendaryear-end. Conclusion on effectiveness of controls as of 31 December 2019 Based upon its assessment, Gold Fields management concluded that, as of 31 December 2019, its internal control over financial reporting is effective based upon the criteria set out in the COSO framework. TREND AND OUTLOOK Attributable equivalent gold production for the Group for 2020 is expected to be between 2.275 million ounces and 2.315 million ounces. AISC is expected to be between US$920 per ounce and US$940 per ounce. AIC is planned to be between US$1,035 per ounce and US$1,055 per ounce. If we exclude expenditure on Salares Norte, AIC for the Group is expected to be between US$975 per ounce and US$995 per ounce. These expectations assume exchange rates of R/US$:14.50 and A$/US$:0.69. Capital expenditure for the Group is planned at US$630 million. Sustaining capital expenditure for the Group is planned at US$406 million and growth capital expenditure is planned at US$224 million. The US$224 million growth capital expenditure comprises US$60 million for the Australian region, US$10 million for Damang, US$15 million for South Deep and US$111 million for Salares Norte. Due to the revised WGC interpretation on AISC certain capital expenditure has been reclassified from sustaining capital to growth capital (primarily for Australia and Cerro Corona). The capital expenditure above excludes the Group’s share of Asanko’s total expenditure of US$34 million for 2020. Paul Schmidt Chief Financial Officer 30 March 2020 Gold Fields AFS 2019_Pr oof 15 – 27 March 2020

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