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GOLD FIELDS LIMITED - Results for the quarter and year ended 31 December 2015

Release Date: 18/02/2016 07:05
Code(s): GFI     PDF:  
Wrap Text
Results for the quarter and year ended 31 December 2015

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

Media Release

Quarter and year ended 31 December 2015 

Q4 2015
SALIENT FEATURES

- US$929
  per ounce
  All-in-sustaining costs

- US$942
  per ounce
  All-in-costs

- 566,000
  ounces
  of attributable gold
  production

- US$47 million
  cash inflow
  from operating activities*

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

Cash positive despite consistently lower prices
JOHANNESBURG. 18 February 2016

Gold Fields Limited (NYSE & JSE: GFI) today announced normalised earnings of US$15 million
for the December 2015 quarter compared with US$22 million for the September 2015 quarter and
US$17 million for the December 2014 quarter. Net losses attributable to our shareholders of
US$258 million for the December 2015 quarter compared with net earnings of US$18 million for
the September 2015 quarter and net losses of US$26 million for the December 2014 quarter.

A final dividend of 21 SA cents per share (gross) is payable on 14 March 2016, giving a total
dividend for the year ended December 2015 of 25 SA cents per share (gross).

Statement by Nick Holland,
Chief Executive Officer of Gold Fields

2015 was another challenging year for the
gold industry, with the US$ gold price
peaking at around US$1,300/oz in January
and then falling approximately US$250/oz
through the course of the year, with much
volatility, to close 2015 at the US$1,050/oz
level. For Gold Fields, however, weakening
commodity currencies provided some offset
to the weaker US$ gold price. Combined
with ongoing cost saving initiatives and
efficiency improvements, the Group
generated net cash flow of US$123 million for
the year. This performance, driven by our
strong international portfolio, has enabled
Gold Fields to meet its commitments of
paying dividends and improving the balance
sheet. At South Deep, good progress has
been made on getting the basics right, with
early encouraging indicators emerging in H2
2015.

Q4 2015 highlights

Q4 2015 attributable equivalent gold
production was 566koz (up 2% quarter on
quarter), with all-in sustaining costs (AISC)
and all-in costs (AIC) down 2% quarter on
quarter to US$929/oz and US$942/oz,
respectively. Production from South Deep
was 24% higher quarter on quarter at
2,119kg (68koz), on the back of a 42%
quarter on quarter increase in Q3 2015.
Despite a further reduction in the average
gold price during the quarter to US$1,092/oz,

the operations generated net cash flow of
US$47 million.

The gold price steadily decreased through 2015, to average the year at US$1,140/oz

(FY14: US$1,249/oz). Notwithstanding the approximate US$100/oz
decrease in the average gold price, the Group managed to achieve a
reduction of US$73 million in the net debt balance.

Impairments of US$300 million were
recognised in Q4 2015, which includes US$50
million of mine impairments (mainly related to
the current outlook for Darlot and Damang);
US$145 million of investment impairments;
and US$105 million of deferred tax assets
derecognised.

Normalised earnings for the quarter were
US$15 million or 2 cents per share. In-line
with our dividend policy, we have declared a
final dividend of 21 per share, taking the full
year dividend to 25 cents per share. During
Q4 2015, there was a further reduction in the
net debt balance to US$1,380 million (30
September 2015: US$1,427 million), which
resulted in an improvement in the net debt to
EBITDA ratio to 1.38x, from 1.41x at the end
of Q3 2015.

For FY15, attributable equivalent gold
production for the group was 2.16Moz (FY14:
2.22Moz), within 1% of the original guidance
provided in February 2015. AISC and AIC
came in below 2014 and better than both the
original (February 2015) and revised
(November 2015) guidance at US$1,007/oz
(FY14: US$1,053/oz) and US$1,026/oz
(FY14: US$1,087/oz), respectively.


Strong end to the year at South Deep

South Deep had another improved quarter, with gold production up
24% quarter on quarter to 2,119kg (68koz) (almost double Q1 2015
production), driven by an increase in tonnes (+20% quarter on
quarter) and head grade from underground sources (+4% quarter on
quarter). Consequently, AIC fell 19% quarter on quarter to
US$1,156/oz. Q1 2016 is expected to be lower quarter on quarter
due to the Christmas holidays, however, it is expected to be better
than Q1 2015 as a result of the back to basics approach adopted
during the past year.

There was further progress made on a number of important activities
at the mine in Q4 2015:

-   Safety continues to be a priority, with no fatalities in the quarter or
    in H2 2015 and the TRIFR 40% lower quarter on quarter at 2.12.
-   Assisted by the higher rand gold price, there was a material
    reduction in the cash outflow to R57 million from R266 million in
    the previous quarter.
-   Development decreased marginally (-3% quarter on quarter) in
    the December 2015 quarter to 1,443 metres.
-   The roll out of the new high profile destress mining progressed
    well during the quarter. At the end of the year, all destress cuts at
    the mine had been converted to high profile with the exception of
    corridor 1 (approximately 70% of the mine is now employing high
    profile destress). Given the transition to high profile, there was an
    expected decrease in destress mining from 9,523 square metres
    in Q3 2015 to 7,357 square metres in Q4 2016.
-   Secondary support increased by 33% quarter on quarter, while
    backfill placed increased by 25% quarter on quarter.
-   During 2015 the fleet was optimised and a total of 24 category 1
    machines were delivered to the mine during the year, with all
    machines, except one, commissioned before year-end. An
    additional 17 machines will be acquired during 2016. The
    maintenance capacity at South Deep improved through the
    course of the year through the implementation of the OEM
    maintenance contracts in corridor 2 (approximately 35% of total
    mining), as well as the commissioning of the 93 level workshop.
-   The recruitment of the identified critical skills was 98% completed
    at the end of 2015. Importantly, most of the core mining and
    engineering positions have now been filled. With the requisite
    skills in place, we expect further improvements across the mining
    value chain at South Deep during 2016.
-   During 2015 a marked improvement in the physical conditions
    have been achieved across the mine. Further improvements are
    expected in 2016, particularly through the new underground
    roadway construction and maintenance project to be initiated in
    Q1 2016.

Good cost performance in Ghana, without any
currency tailwind

Attributable gold production in Ghana decreased by 3% quarter on
quarter to 174koz, driven by lower production at both Tarkwa and
Damang. However, AIC was 4% lower quarter on quarter at
US$925/oz. Unfortunately, Tarkwa had a difficult end to the year
following a fatality at the mine in early December. Tarkwa managed
to continue its good cost performance and reported an 8% quarter on
quarter decrease in AIC to US$799/oz and generated net cash flow of
US$14 million.

Damang had another challenging quarter with production and costs
deteriorating quarter on quarter. As reported with the Q3 2015
results, we continue to evaluate various options for Damang. We
expect to complete this work before the middle of the year.

Lower copper price impacts Peru

Production at Cerro Corona of both gold and copper decreased
quarter on quarter due to lower head grades. Combined with the
lower copper price, attributable equivalent gold production decreased
16% quarter on quarter to 66koz. On the back of the lower equivalent
production, AIC per equivalent ounce increased to US$1,073/oz.

Australia

Gold production in Australia increased 6% quarter on quarter to
263koz, due to higher production at St Ives and Agnew/Lawlers.
Consequently, AIC decreased 5% quarter on quarter to US$819/oz.
The region had another strong quarter, generating US$86 million of
net cash flow, compared to US$64 million in the September 2015
quarter. The Yilgarn South acquisition was fully repaid by the end of
October, which is an exceptional payback period of two years.

Production at St Ives increased 20% quarter on quarter mainly due to
increased tonnes processed and higher grades. Agnew/Lawlers
continued its recovery from the challenging ground conditions at
Waroonga earlier in 2015, reporting a 14% quarter on quarter
increase in production. Lower grades mined at Granny Smith
resulted in a 12% quarter on quarter decrease in gold production,
while production at Darlot was 3% lower quarter on quarter.

The Australian region materially increased its exploration spend
(A$91 million) and activity during 2015 as part of a three-year strategy
to increase reserves and resources at the various operations. In
additional to exploration drilling to increase current orebodies, activity
was also focused on developing new targets on the prospective
leases. At St Ives, there have been prospective anomalies on the
Speedway Trend and some positive early indications on the Eastern
Causeway. Work at Agnew/Lawlers has shown good potential at
Cinderella and the adjacent Waroonga North/Kath complex could be
an analogue to Kim. Exploration at Granny Smith has indicated
further mineralisation at depth. Multiple targets have been identified
across the lease at Darlot but more work needs to be done given the
paucity of drilling below 200m.

To build on the work undertaken in 2015 we have budgeted an
additional A$86 million for 2016. We are targeting to replace
depletion in 2016 and aim to add additional targets to the pipeline that
will give us improved flexibility and optionality over the long term.
Over the past decade, our exploration efforts have largely resulted in
us being able to replace what has been mined and we believe there
are reasonable prospects that this can be replicated in the future.

Balance sheet improves in 2015

During Q4 2015, there was a further reduction in the net debt balance
to US$1,380 million (31 December 2015: US$1,453 million) taking the
total reduction for 2015 to US$73 million. There was a regression in
the net debt to EBITDA ratio to 1.38x at year-end, from 1.30x at 31
December 2014.

2016 guidance and outlook

For 2016, we expect attributable equivalent gold production of
between 2.05 million ounces and 2.10 million ounces, with decreases
in the international operations partly offset by the growth in production
at South Deep. Notable changes in 2016 include a reduction in
production from the Australian region to around 905,000 ounces; the
negative impact of the lower copper price on Cerro Corona's
equivalent gold production (reduction to around 260,000 ounces);
lower production from Damang given the review currently underway;
and a 30% increase at South Deep to around 257,000 ounces.

The main contributors to lower production in Australia in 2016 are as
follows:

-   Mining of lower grade areas of the mine on Zones 90 and 100 at
    Granny Smith.
-   Closure of Athena underground mine and outperformance on
    grade from Neptune ore in early 2015 at St Ives.
-   Deeper mining at Agnew and timing to access the new high grade
    Cinderella ore body.
-   Limited mining planned at Darlot pending further exploration
    success during the current year.

The 30% increase in production from South Deep is expected to be
driven mainly by an increase in available working places; an increase
in productivity; fleet expansion; and grade improvements.

However, we expect unit costs to be largely unchanged from 2015,
with AISC expected to be between US$1,000/oz and US$1,010/oz
and AIC expected to be between US$1,035/oz and US$1,045/oz.
Group capital expenditure for the year is forecast at US$602 million.
These expectations assume the following exchange rates:
R/US$:14.14 and A$/US$:0.73.

Move to semi-annual financial reporting

Following a review of our reporting requirements, we have taken the
decision to change from quarterly to semi-annual financial reporting.
We will continue to provide production and cost updates to the market
on a quarterly basis.

Stock data                                 NYSE – (GFI)                                      
Number of shares in issue                  Range – Quarter            US$2.08 – US$3.08      
– at end December 2015      776,594,162    Average Volume – Quarter   5,588,013 shares/day   
– average for the quarter   776,559,790                                                      
Free Float                  100 per cent   JSE Limited – (GFI)                               
ADR Ratio                   1:1            Range – Quarter            ZAR31.00 – ZAR45.24    
Bloomberg/Reuters           GFISJ/GFLJ.J   Average Volume – Quarter   2,149,044 shares/day   


                                                        UNITED STATES DOLLARS
                                                    Quarter                       Year ended
                                        December   September   December      December      December
Key Statistics                              2015        2015       2014          2015          2014
Gold produced*              oz (000)         566         557        556         2,159         2,219
Tonnes milled/treated            000       8,386       8,295      8,286        33,014        33,513
Revenue                         $/oz       1,092       1,103      1,179         1,140         1,249
Operating costs              $/tonne          41          45         49            43            50
Operating profit                  $m         298         269        303         1,089         1,191
All-in sustaining costs#        $/oz         929         948      1,023         1,007         1,053
Total all-in cost#              $/oz         942         961      1,047         1,026         1,087
Net (loss)/profit                 $m       (258)          18       (26)         (242)            13
Net (loss)/profit          US c.p.s.        (33)           2        (3)          (31)             2
Headline earnings/(loss)          $m        (54)          21       (10)          (28)            27
Headline earnings/(loss)   US c.p.s.         (8)           3        (1)           (4)             4
Normalised earnings               $m          15          22         17            45            85
Normalised earnings        US c.p.s.           2           3          2             6            11

* All of the key statistics are managed figures from continuing operations, except for gold produced which is attributable equivalent production.
# As per the new World Gold Council Standard issued on 27 June 2013. Refer to page 26 and 27.
  All operations are wholly owned except for Tarkwa and Damang in Ghana (90.0 per cent) and Cerro Corona in Peru (99.5 per cent).
  Gold produced (and sold) throughout this report includes copper gold equivalents of approximately 6 per cent of Group production.
  Figures may not add as they are rounded independently.

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

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

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

Gold Fields undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or
circumstances after the date of this report or to reflect the occurrence of unanticipated events.

Results for the Group

SAFETY

The Group's fatality injury frequency rate regressed from 0.00 in
the September quarter to 0.08 in the December quarter. We regret
to report that a fatality occurred at one of Tarkwa's waste rock
dumping areas. Our deepest sympathy and condolences were
extended to the family, friends and colleagues of the deceased.
The total recordable injury frequency rate (TRIFR)1 for the Group
regressed from 3.13 in the September quarter to 3.53 in the
December quarter.

The total recordable injury frequency rate for the year was 3.40
(2014: 4.04). This reflects a 16 per cent improvement in TRIFR for
2015.

1   Total Recordable Injury Frequency rate (TRIFR). (TRIFR) = (Fatalities +
    Lost Time Injuries2 + Restricted Work Injuries3 + Medically Treated
    Injuries4) x 1,000,000/number of man-hours worked.

2   A Lost Time Injury (LTI) is a work-related injury resulting in the employee
    or contractor being unable to attend work for a period of one or more days
    after the day of the injury. The employee or contractor is unable to perform
    any functions.

3   A Restricted Work Injury (RWI) is a work-related injury sustained by an
    employee or contractor which results in the employee or contractor being
    unable to perform one or more of their routine functions for a full working
    day, from the day after the injury occurred. The employee or contractor can
    still perform some of his duties.

4   A Medically Treated Injury (MTI) is a work-related injury sustained by an
    employee or contractor which does not incapacitate that employee and
    who, after having received medical treatment, is deemed fit to immediately
    resume his/her normal duties on the next calendar day, immediately
    following the treatment/re-treatment.

Quarter ended 31 December 2015 compared with
quarter ended 30 September 2015

REVENUE

Attributable equivalent gold production increased by 2 per cent
from 556,700 ounces in the September quarter to 566,000 ounces
in the December quarter. South Deep, St Ives and Agnew
produced more gold in the December quarter.

Gold production at South Deep in South Africa, increased by 24
per cent from 1,709 kilograms (54,900 ounces) to 2,119 kilograms
(68,100 ounces).

Attributable gold production at the West African operations
decreased by 3 per cent from 174,400 ounces in the September
quarter to 168,800 ounces in the December quarter due to lower
production at both Tarkwa and Damang. Attributable equivalent
gold production at Cerro Corona in Peru decreased by 16 per cent
from 78,800 ounces in the September quarter to 65,900 ounces in
the December quarter. Gold production at the Australian
operations increased by 6 per cent from 248,600 ounces in the
September quarter to 263,000 ounces in the December quarter
due to higher production at St Ives and Agnew, partially offset by
lower production at Granny Smith.

At the South Africa region, production at South Deep increased by
24 per cent from 1,709 kilograms (54,900 ounces) in the
September quarter to 2,119 kilograms (68,100 ounces) in the
December quarter due to increased volumes and grades.

At the West Africa region, managed gold production at Tarkwa
decreased by 3 per cent from 149,400 ounces in the September
quarter to 144,800 ounces in the December quarter mainly due to
lower tonnes mined and lower plant throughput caused by the fatal
accident, seasonal weather and a pre-mature three day reline of
the SAG mill. At Damang, managed gold production decreased by
3 per cent from 44,400 ounces in the September quarter to 42,900
ounces in the December quarter mainly due to lower tonnes mined
and processed caused by operational constraints with a narrower
mining footprint in the pits.

At the South America region, total managed gold equivalent
production at Cerro Corona decreased by 16 per cent from 79,200
ounces in the September quarter to 66,200 ounces in the
December quarter mainly due to lower gold and copper head
grades, a function of planned changes in mining sequence as the
pit floor is lowered across the footprint.

At the Australia region, St Ives' gold production increased by 20
per cent from 83,600 ounces in the September quarter to 100,400
ounces in the December quarter mainly due to increased tonnes
processed and higher grades. At Agnew/Lawlers, gold production
increased by 14 per cent from 57,500 ounces in the September
quarter to 65,700 ounces in the December quarter mainly due to
higher grades mined and processed. At Darlot, gold production
decreased by 3 per cent from 25,400 ounces in the September
quarter to 24,600 ounces in the December quarter mainly due to a
drawdown of gold-in-circuit in the September quarter. At Granny
Smith, gold production decreased by 12 per cent from 82,100
ounces in the September quarter to 72,400 ounces in the
December quarter due to lower grades mined and processed.

The average quarterly US dollar gold price achieved by the Group
decreased by 1 per cent from US$1,103 per equivalent ounce in
the September quarter to US$1,092 per equivalent ounce in the
December quarter. The average rand gold price increased by 7
per cent from R471,094 per kilogram to R503,887 per kilogram.
The average Australian dollar gold price decreased by 1 per cent
from A$1,553 per ounce to A$1,531 per ounce. The average US
dollar gold price for the Ghanaian operations decreased by 2 per
cent from US$1,126 per ounce in the September quarter to
US$1,108 per ounce in the December quarter. The average US
dollar gold price, net of treatment and refining charges, for Cerro
Corona increased by 6 per cent from US$908 per equivalent ounce
in the September quarter to US$960 per equivalent ounce in the
December quarter. The average US dollar/Rand exchange rate
weakened by 9 per cent from R12.86 in the September quarter to
R14.08 in the December quarter. The average Australian/US
dollar exchange rate weakened by 1 per cent from A$1.00 =
US$0.73 to A$1.00 = US$0.72.

Revenue increased by 1 per cent from US$635 million in the
September quarter to US$640 million in the December quarter due
to increased gold sold, partially offset by the lower gold price
achieved. Equivalent gold sold increased by 2 per cent from
576,000 ounces in the September quarter to 586,300 ounces in the
December quarter. This was mainly due to increased gold sold at
South Deep, St Ives and Agnew, partially offset by lower gold sold
at Cerro Corona, Tarkwa, Damang, Darlot and Granny Smith.

OPERATING COSTS

Net operating costs decreased by 7 per cent from US$366 million
in the September quarter to US$342 million in the December
quarter mainly due to lower expenditure at all the operations
except at South Deep and a US$6 million gold-in-process credit to
cost in the December quarter compared with US$3 million in the
September quarter.

At the South Africa region, net operating costs at South Deep
increased by 7 per cent from R803 million (US$63 million) in the
September quarter to R857 million (US$61 million) in the
December quarter mainly due to higher production.

At the West Africa region, net operating costs decreased by 12 per
cent from US$134 million in the September quarter to US$118
million in the December quarter. This decrease in net operating
costs was mainly due to lower production as well as a build-up of
inventory of US$6 million in the December quarter compared with
US$1 million in the September quarter.

At the South America region, net operating costs at Cerro Corona
increased by 11 per cent from US$35 million in the September
quarter to US$39 million in the December quarter mainly due to a
drawdown of concentrate of US$2 million in the December quarter
compared with a US$1 million build-up at the end of the September
quarter.

At the Australia region, net operating costs decreased by 5 per
cent from A$186 million (US$135 million) in the September quarter
to A$176 million (US$125 million) in the December quarter mainly
due to lower direct mining costs at all the operations.

OPERATING PROFIT

Operating profit for the Group increased by 11 per cent from
US$269 million in the September quarter to US$298 million in the
December quarter due to the increase in revenue and the
decrease in net operating costs.

AMORTISATION

Amortisation for the Group increased by 11 per cent from US$155
million in the September quarter to US$172 million in the
December quarter mainly due to increased production.

OTHER

Net interest expense for the Group decreased by 13 per cent from
US$16 million in the September quarter to US$14 million in the
December quarter. Interest expense of US$20 million, partially
offset by interest income of US$2 million and interest capitalised of
US$4 million in the December quarter compared with interest
expense of US$22 million, partially offset by interest income of
US$2 million and interest capitalised of US$4 million in the
September quarter.

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

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

The loss on financial instruments of US$nil million in the December
quarter compared with US$4 million in the September quarter and
related to the mark to market adjustment on the diesel hedges that
the Australian operations entered into on 10 September 2014 and
26 November 2014. The diesel hedges came to an end on 31
December 2015.

Share-based payments for the Group decreased from US$3 million
to US$2 million and long-term employee benefits increased from
US$nil million to US$2 million. The two schemes combined were
similar at US$4 million.

Other costs for the Group increased from US$7 million to US$20
million, mainly due to increased social development costs at Cerro
Corona and additional expenditure on global compliance.

EXPLORATION AND PROJECT COSTS

Exploration and project costs decreased from US$11 million in the
September quarter to US$10 million in the December quarter
mainly due to lower expenditure at Salares Norte.

NON-RECURRING ITEMS

Non-recurring expenses increased from US$8 million in the
September quarter to US$199 million in the December quarter.

The non-recurring expenses in the December quarter included:
-   Impairment of the Group's investment in Far South East (FSE)
    in the Philippines (US$101 million) to its recoverable amount;
-   Impairment of the Group's investment in Hummingbird (US$4
    million) to its fair value;
-   Loss on disposal of assets at Cerro Corona (US$5 million);
-   Scrapping of assets no longer in use at Cerro Corona (US$7
    million);
-   Write-off of stockpiles at Damang (US$8 million) due to net
    realisable value adjustments; and
-   Impairment of Arctic Platinum project (APP) (US$39 million) to
    its fair value less cost of disposal;
-   Impairment at Darlot: gross A$19 million (US$14 million), tax
    A$6 million (US$4 million), net A$13 million (US$10 million);
    and
-   Impairment at Damang: (US$36 million) due to current studies
    which may result in certain pits not being mined and thus
    necessitating them written down to nil carrying value.

This was partially offset by:
-   A decrease in rehabilitation provision (US$15 million) due to
    increased discount rates at South Deep (R78 million/US$6
    million) and at the Australian operations (A$12 million/US$9
    million).

The non-recurring expenses in the September quarter included
US$3 million on the impairment of the Group's investment in
Hummingbird and US$4 million related to retrenchment costs at
Tarkwa.

ROYALTIES

Government royalties for the Group decreased from US$19 million
in the September quarter to US$18 million in the December
quarter.

TAXATION

The taxation charge for the Group of US$126 million in the
December quarter compared with US$34 million in the September
quarter. Normal taxation increased from US$36 million to US$43
million. The deferred tax charge of US$83 million in the December
quarter compared with a credit of US$2 million in the September
quarter. The deferred tax charge in the December quarter arose
mainly due to impairments of the deferred tax assets of US$68
million at Cerro Corona and US$37 million at Damang along with
an US$8 million charge related to the weakening of the Peruvian
Nuevo Sol.

In Peru, tax depreciation is recognised using the straight line
depreciation method for the majority of assets over periods longer
than the life of mine. As Cerro Corona has a current life of mine to
2023, a significant portion of assets will not be fully depreciated for
tax purposes at the end of the life of the mine. In prior years, the
Group believed that the life could be extended through an
expansion of the tailings storage facility. However, during 2015,
the Group completed the expansion feasibility study and concluded
that in the current gold and copper price environment it would not
be viable. Based on the Group's best estimate at 31 December
2015, it is unlikely that Cerro Corona will earn taxable profits post
the current life of mine in order to utilise these deductible
temporary differences as they reverse. Due to the above, the
Group impaired an amount of US$68 million related to deferred tax
assets not recoverable at Cerro Corona at 31 December 2015.

The impairment of the deferred tax asset at Damang of US$37
million arose due to uncertainty regarding the extent of future
taxable profits against which it can be utilised.

The tax returns for Cerro Corona are filed in Peruvian Nuevo Sol
(Soles) and the functional currency for accounting purposes is the
US dollar. For accounting purposes the unredeemed capital
allowance balance must be converted from Soles to dollars at the
closing rate at quarter end. Therefore, the US dollar equivalent of
unredeemed capital allowance balance fluctuates due to
movements in the exchange rate between the Peruvian Nuevo Sol
and the US dollar. This resulted in a change in the temporary
taxation differences for non-monetary assets on translation. A
deferred tax charge of US$8 million arose due to the weakening of
the exchange rate from 3.22 Nuevo Sol to 3.38 Nuevo Sol in the
December quarter, compared with a deferred tax charge of US$2
million which arose due to the weakening of the exchange rate
from 3.17 Nuevo Sol to 3.22 Nuevo Sol in the September quarter.
It has no cash effect.

EARNINGS

Net losses attributable to owners of the parent of US$258 million or
US$0.33 per share in the December quarter compared with net
earnings of US$18 million or US$0.02 per share in the September
quarter.

Headline loss of US$54 million or US$0.08 per share in the
December quarter compared with earnings of US$21 million or
US$0.03 per share in the September quarter.

Normalised earnings of US$15 million or US$0.02 per share in the
December quarter compared with US$22 million or US$0.03 per
share in the September quarter.

CASH FLOW

Cash inflow from operating activities of US$209 million in the
December quarter compared with US$221 million in the September
quarter. This decrease was mainly due to an investment into
working capital of US$34 million in the December quarter
compared with a release of working capital of US$34 million in the
September quarter, partially offset by lower royalties and taxation
paid in the December quarter.

Cash outflow from investing activities increased from US$146
million in the September quarter to US$165 million in the
December quarter due to an increase in capital expenditure from
US$143 million in the September quarter to US$158 million in the
December quarter.

Cash inflow from operating activities less net capital expenditure
and environmental payments of US$47 million in the December
quarter compared with US$75 million in the September quarter,
mainly due to higher capital expenditure and negative working
capital adjustments. The US$47 million inflow in the December
quarter comprised: US$82 million generated profit by the eight
mining operations, US$18 million of net interest paid, US$2 million
for exploration mainly at Salares Norte (this excludes any mine
based brownfields exploration which is included in the US$82
million above) and US$15 million on non-mine based costs. The
US$75 million inflow in the September quarter comprised: US$93
million generated profit by the eight mining operations, US$19
million of net interest paid, US$4 million for exploration mainly at
Salares Norte (this excludes any mine based brownfields
exploration which is included in the US$93 million above) and
US$5 million on non-mine based income.

In the South Africa region at South Deep, capital expenditure
increased from R187 million (US$14 million) in the September
quarter to R243 million (US$17 million) in the December quarter
due to higher expenditure on fleet.

At the West Africa region, capital expenditure decreased from
US$43 million to US$38 million. At Tarkwa, capital expenditure
decreased from US$37 million to US$35 million with expenditure
mainly incurred on pre-stripping. Capital expenditure at Damang
decreased from US$6 million to US$3 million.

In the South America region at Cerro Corona, capital expenditure
increased from US$19 million to US$28 million. The majority of the
expenditure was on the construction of further raises to the tailings
dam as well as construction of the new camp.

At the Australia region, capital expenditure increased from A$89
million (US$66 million) in the September quarter to A$107 million
(US$77 million) in the December quarter. At St Ives, capital
expenditure increased from A$31 million (US$22 million) in the
September quarter to A$45 million (US$32 million) in the
December quarter due to increased pre-strip at Neptune, Invincible
and A5. At Agnew/Lawlers, capital expenditure increased from
A$25 million (US$19 million) to A$28 million (US$20 million) mainly
due to increased development at FBH, a reasonably high grade
deposit that will ultimately replace Kim South at the Waroonga
underground mine. At Darlot, capital expenditure was similar at
A$7 million (US$5 million) and at Granny Smith, capital
expenditure increased from A$26 million (US$19 million) in the
September quarter to A$27 million (US$20 million) in the
December quarter due to equipment rebuilds.

Net cash outflow from financing activities of US$91 million in the
December quarter compared with an inflow of US$20 million in the
September quarter and related to net loans raised and paid. The
outflow in the December quarter related to the repayment of
US$212 million on offshore and local loans, partially offset by a net
drawdown of US$121 million on offshore and local loans.

The net cash outflow for the Group of US$54 million in the
December quarter compared with an inflow of US$93 million in the
September quarter. After accounting for a positive translation
adjustment of US$8 million on non-US dollar cash balances, the
cash outflow for the December quarter was US$46 million. As a
result, the cash balance decreased from US$486 million at the end
of September to US$440 million at the end of December.

ALL-IN SUSTAINING AND TOTAL ALL-IN COST

The Group all-in sustaining costs decreased by 2 per cent from
US$948 per ounce in the September quarter to US$929 per ounce
in the December quarter mainly due to higher gold sold and lower
net operating costs, partially offset by higher sustaining capital
expenditure and the inventory write off of US$8 million. Total all-in
cost decreased by 2 per cent from US$961 per ounce in the
September quarter to US$942 per ounce in the December quarter
for the same reasons as all-in sustaining costs.

In the South Africa region, at South Deep, all-in sustaining costs
decreased by 14 per cent from R578,051 per kilogram (US$1,404
per ounce) to R495,833 per kilogram (US$1,095 per ounce) mainly
due to higher gold sold, partially offset by higher operating costs
and higher sustaining capital expenditure. The total all-in cost
decreased by 11 per cent from R589,823 per kilogram (US$1,431
per ounce) to R522,642 per kilogram (US$1,156 per ounce) due to
the same reasons as for all-in sustaining costs, partially offset by
higher non-sustaining capital expenditure.

At the West Africa region, all-in sustaining costs and total all-in cost
decreased by 4 per cent from US$962 per ounce in the September
quarter to US$925 per ounce in the December quarter mainly due
to lower net operating costs and lower capital expenditure, partially
offset by the US$8 million inventory write-off at Damang.

At the South America region, all-in sustaining costs and total all-in
cost increased by 72 per cent from US$747 per ounce to
US$1,285 per ounce. This was mainly due to lower gold sold, the
decrease in the copper price, the gold-in-process charge to cost
compared with a credit in the previous quarter as well as increased
capital expenditure. All-in sustaining costs and total all-in cost per
equivalent ounce increased by 47 per cent from US$731 per
equivalent ounce to US$1,073 per equivalent ounce mainly due to
the same reasons as above, as well as lower equivalent ounces
sold.

At the Australia region, all-in sustaining costs and total all-in cost
decreased by 3 per cent from A$1,177 per ounce (US$859 per
ounce) in the September quarter to A$1,146 per ounce (US$819
per ounce) in the December quarter mainly due to higher gold sold
and lower net operating costs, partially offset by higher capital
expenditure.

FREE CASH FLOW MARGIN

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

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

December 2015                               US$'m   US$/oz   
Revenue*                                    614.1    1,104   
Less: Cash outflow                        (530.1)    (953)   
AIC                                       (523.9)    (942)   
Adjusted for                                                 
Share-based payments (as non-cash)            1.9        3   
Long-term employee benefits                   1.6        3   
Exploration, feasibility and evaluation                      
costs outside of existing operations          4.0        7   
Tax paid (excluding royalties)             (13.7)     (25)   
Free cash flow**                             84.0      151   
FCF margin                                    14%            
Gold sold only – 000'ounces                 556.4            


*  Revenue from income statement at US$640.1 million less revenue from
   by-products in AIC at US$26.0 million equals US$614.1 million.
** Free cash flow does not agree with cash flows from operating activities
   less capital expenditure in the statement of cash flows on page 23 mainly
   due to working capital adjustments and non-recurring items included in
   statement of cash flows.

The FCF margin of 14 per cent in the December quarter at a gold
price of US$1,092 per ounce compared with 11 per cent in the
September quarter at a gold price of US$1,103 per ounce.

The higher FCF margin in the December quarter was mainly due to
higher gold sold and lower net operating costs, partially offset by
higher capital expenditure.

BALANCE SHEET

Net debt (long-term loans plus the current portion of long-term
loans less cash and deposits) decreased from US$1,427 million at
the end of September to US$1,380 million at the end of December,
a US$47 million decrease.

NET DEBT/EBITDA

The net debt/EBITDA ratio at the end of the December quarter was
1.38x calculated on the actual results for the 2015 financial year.

South Africa region

South Deep Project

                                        Dec      Sept   
                                       2015      2015   
Gold produced              000'oz      68.1      54.9   
                               kg     2,119     1,709   
Yield – underground reef      g/t      5.21      5.08   
All-in sustaining costs      R/kg   495,833   578,051   
                           US$/oz     1,095     1,404   
Total all-in cost            R/kg   522,642   589,823   
                           US$/oz     1,156     1,431   


Gold production increased by 24 per cent from 1,709 kilograms
(54,900 ounces) in the September quarter to 2,119 kilograms
(68,100 ounces) in the December quarter due to increased
volumes and grades.

Total tonnes milled increased by 42 per cent from 387,000 tonnes
in the September quarter to 549,000 tonnes in the December
quarter. Total tonnes milled in the December quarter included
23,000 tonnes of underground waste mined and 122,300 tonnes of
surface tailings material compared with 19,400 tonnes of
underground waste mined and 33,700 tonnes of surface tailings
material in the September quarter. The re-mining project, treating
surface material, has started to gain momentum during the quarter
and has continued to sustain the backfill requirements in both
current workings and historical open stopes. Underground reef
yield increased by 3 per cent from 5.08 grams per tonne to 5.21
grams per tonne due to improved grades and a release of gold-in-
process during the quarter.

Development decreased by 3 per cent from 1,486 metres in the
September quarter to 1,443 metres in the December quarter. New
mine capital development (phase one, sub 95 level) decreased by
10 per cent from 347 metres in the September quarter to 314
metres in the December quarter. Development in the current mine
areas in 95 level and above decreased marginally from 1,139
metres to 1,129 metres. Destress mining decreased by 23 per
cent from 9,523 square metres in the September quarter to 7,357
square metres in the December quarter. The decrease in destress
mining is due to the strategic change in the mining method as
detailed in the September quarter. The mine started with the
process to convert low profile destress mining cuts to high profile
destress mining cuts towards the end of the September quarter.
High profile destress mining improved significantly from a low base
of 562 square metres in the September quarter to 2,990 square
metres in the December quarter, mainly due to the introduction of 3
new drill rigs and improved productivity. The high profile and low
profile methods contributed 43 per cent and 57 per cent,
respectively, to total destress.

The current mine (95 level and above) contributed 79 per cent of
the ore tonnes in the December quarter, while the new mine (below
95 level) contributed 21 per cent. The long-hole stoping method
accounted for 39 per cent of total ore tonnes mined compared with
40 per cent in the September quarter.

Operating costs increased by 7 per cent from R803 million (US$63
million) in the September quarter to R857 million (US$61 million) in
the December quarter. This increase was mainly due to the higher
production, as well as higher bonuses paid in line with the
increased production.

Operating profit of R211 million (US$17 million) in the December
quarter compared with R2 million (US$1 million) in the September
quarter mainly due to higher revenue, partially offset by higher
operating costs.

Capital expenditure increased from R187 million (US$14 million) in
the September quarter to R243 million (US$17 million) in the
December quarter as a result of higher spending on fleet.

All-in sustaining costs decreased from R578,051 per kilogram
(US$1,404 per ounce) in the September quarter to R495,833 per
kilogram (US$1,095 per ounce) in the December quarter, a
decrease of 14 per cent mainly due to increased gold sold, partially
offset by higher operating costs and higher sustaining capital
expenditure.

Total all-in cost decreased from R589,823 per kilogram (US$1,431
per ounce) in the September quarter to R522,642 per kilogram
(US$1,156 per ounce) in the December quarter, a decrease of 11
per cent due to the same reasons as for all-in-sustainable costs,
partially offset by higher non-sustaining capital expenditure.

Sustaining capital expenditure increased from R166 million (US$13
million) in the September quarter to R184 million (US$13 million) in
the December quarter due to additional fleet and the refurbishment
of the twin shaft man winder. Non-sustaining capital expenditure
increased from R20 million (US$2 million) in the September quarter
to R59 million (US$4 million) in the December quarter.

The focus during the March 2016 quarter will remain on advancing
the high profile destress mining cuts into virgin rock in order to
open up the orebody. Ripping to advance the converted destress
cuts was completed during the December quarter. The ratio of
high profile destress square metres to total destress square metres
is planned to increase from 43 per cent in the December quarter to
48 per cent in the March quarter and to 82 per cent by 2016 year
end.

The independent Geotechnical Review Board (GRB), a committee
of local and international experts, will continue to peer review
progress at South Deep to ensure exposure to relevant industry
leading practices, operational de-risking and world class
geotechnical support in massive underground mining at depth.

Guidance

The estimate for calendar 2016 is as follows:
-   Gold produced ~ 8,000 kilograms (257,000 ounces)
-   Destress square metres ~ 36,000 square meters
-   Capital expenditure ~ R999 million (US$71 million)
-   All-in sustaining costs ~ R550,000 per kilogram (US$1,200 per
    ounce)
-   Total all-in cost ~ R575,000 per kilogram (US$1,250 per
    ounce)

West Africa region

GHANA

Tarkwa

                                     Dec    Sept   
                                    2015    2015   
Gold produced             000'oz   144.8   149.4   
Yield   – CIL plant          g/t    1.36    1.36   
        – combined           g/t    1.36    1.36   
All-in sustaining costs   US$/oz     799     872   
Total all-in cost         US$/oz     799     872   


Gold production decreased by 3 per cent from 149,400 ounces in
the September quarter to 144,800 ounces in the December quarter
due to lower plant throughput.

Total tonnes mined, including capital stripping, decreased from
26.1 million tonnes in the September quarter to 23.0 million tonnes
in the December quarter. Ore tonnes mined decreased from 3.8
million tonnes to 3.6 million tonnes. Operational waste tonnes
mined decreased from 9.7 million tonnes to 8.2 million tonnes while
capital waste tonnes mined decreased from 12.6 million tonnes to
11.2 million tonnes. The lower tonnes in all categories were due to
lower fleet utilisation in the December quarter compared with the
September quarter. The lower utilisation was partially due to some
of the equipment being parked during the investigation of the fatal
accident, but also a result of seasonal weather conditions. The
Harmattan (a very dusty wind) was particularly intense in
December as a result of the drought in West-Africa. This caused
very poor visibility which has a negative impact on effective
utilisation of mining equipment. Head grade mined increased from
1.37 grams per tonne to 1.45 grams per tonne. The strip ratio
decreased from 5.8 to 5.5.

The CIL plant throughput decreased from 3.40 million tonnes in the
September quarter to 3.30 million tonnes in the December quarter.
A three day reline on the SAG mill which was originally planned for
January 2016, had to be brought forward to December 2015 to
ensure continuous operation and structural integrity of the SAG
mill. Realised yield from the CIL plant was similar at 1.36 grams
per tonne.

Net operating costs, including gold-in-process movements,
decreased from US$86 million in the September quarter to US$73
million in the December quarter due to a net increase in gold-in-
process and lower operating costs. The US$7 million build-up of
stockpiles in the December quarter compared with US$1 million in
the September quarter.

Operating profit increased from US$82 million in the September
quarter to US$88 million in the December quarter as a result of the
lower net operating costs.

Capital expenditure decreased from US$37 million to US$35
million mainly due to lower capital waste mined.

All-in sustaining costs and total all-in cost decreased by 8 per cent
from US$872 per ounce in the September quarter to US$799 per
ounce in the December quarter due to lower net operating costs
and lower capital expenditure, partially offset by lower gold sold.

Guidance

The estimate for calendar 2016 is as follows:
-   Gold produced ~ 560,000 ounces
-   Capital expenditure ~ US$128 million
-   All-in sustaining costs ~ US$940 per ounce
-   Total all-in cost ~ US$940 per ounce

Damang

                                     Dec    Sept   
                                    2015    2015   
Gold produced             000'oz    42.9    44.4   
Yield                        g/t    1.26    1.23   
All-in sustaining costs   US$/oz   1,361   1,272   
Total all-in cost         US$/oz   1,361   1,272   


Gold production decreased by 3 per cent from 44,400 ounces in
the September quarter to 42,900 ounces in the December quarter
mainly due to decreased volumes and lower tonnes processed.

Total tonnes mined, including capital stripping, decreased from 6.0
million tonnes in the September quarter to 4.9 million tonnes in the
December quarter due to lower equipment availability on the larger
excavators and operational constraints with a narrower mining
footprint in the Huni, Juno and Rex pits, typical of pits as they
progress deeper.

Ore tonnes mined decreased from 1.4 million tonnes to 1.0 million
tonnes. Operational waste tonnes mined decreased from 4.6
million tonnes in the September quarter to 3.9 million tonnes in the
December quarter. Head grade mined increased from 1.17 grams
per tonne to 1.43 grams per tonne. The strip ratio increased from
3.4 to 3.8.

Yield increased from 1.23 grams per tonne to 1.26 grams per
tonne due to improved plant recovery, partially offset by a lower
mine call factor.

Tonnes processed decreased from 1.12 million tonnes in the
September quarter to 1.06 million tonnes in the December quarter
due to a reduction in the percentage of oxides in the feed blend
and more frequent power outages during the December quarter.

Net operating costs, including gold-in-process movements,
decreased from US$48 million to US$45 million mainly due to
lower production, partially offset by a US$1 million drawdown of
inventory in the December quarter compared with US$nil million in
the September quarter.

Operating profit increased from US$2 million in the September
quarter to US$3 million in the December quarter due to lower net
operating costs.

Capital expenditure decreased from US$6 million to US$3 million
with the majority spent on the processing plant upgrade.

All-in sustaining costs and total all-in cost increased by 7 per cent
from US$1,272 per ounce in the September quarter to US$1,361
per ounce in the December quarter due to lower gold sold and the
US$8 million write-off of non-economical low grade stockpiles,
partially offset by lower net operating costs and capital
expenditure.

Guidance

The estimate for calendar 2016 is as follows:
-   Gold produced ~ 150,000 ounces
-   Capital expenditure ~ US$30 million
-   All-in sustaining costs ~ US$1,160 per ounce
-   Total all-in cost ~ US$1,160 per ounce

South America region

PERU

Cerro Corona

                                               Dec    Sept   
                                              2015    2015   
Gold produced                       000'oz    36.8    44.0   
Copper produced                     tonnes   6,645   7,492   
Total equivalent gold
produced                         000' eqoz    66.2    79.2   
Total equivalent gold sold       000' eqoz    67.5    78.6   
Yield   – gold                         g/t    0.69    0.81   
        – copper                  per cent    0.40    0.45   
        – combined                     g/t    1.19    1.40   
All-in sustaining costs             US$/oz   1,285     747   
Total all-in cost                   US$/oz   1,285     747   
AISC per equivalent ounce*          US$/oz   1,073     731   
AIC per equivalent ounce*           US$/oz   1,073     731   
Gold price**                        US$/oz   1,110   1,128   
Copper price**                       US$/t   4,914   5,308   


*  Refer to page 26 and 28 for calculations.
** Average daily spot price for the period used to calculate total equivalent gold ounces
   produced.

Gold production decreased by 16 per cent from 44,000 ounces in
the September quarter to 36,800 ounces in the December quarter.
Copper production decreased by 11 per cent from 7,492 tonnes to
6,645 tonnes. Equivalent gold production decreased by 16 per
cent from 79,200 ounces to 66,200 ounces. The decrease in gold
and copper production was due to lower gold and copper head
grades treated. This was in line with the mine sequencing and the
planned production schedule for the December quarter. Gold head
grade decreased from 1.11 grams per tonne to 0.97 grams per
tonne and copper head grade decreased from 0.51 per cent to
0.47 per cent. Gold recoveries decreased from 73.1 per cent to
71.4 per cent and copper recoveries decreased from 86.8 per cent
to 85.5 per cent. As a result, gold yield decreased from 0.81
grams per tonne to 0.69 grams per tonne and copper yield
decreased from 0.45 per cent to 0.40 per cent.

In the December quarter, concentrate with a payable content of
37,622 ounces of gold was sold at an average price of US$1,109
per ounce and 6,770 tonnes of copper was sold at an average
price of US$4,229 per tonne, net of treatment and refining charges.
This compared with concentrate with a payable content of 44,464
ounces of gold that was sold at an average price of US$1,123 per
ounce and 7,278 tonnes of copper that was sold at an average
price of US$4,521 per tonne, net of treatment and refining charges
in the September quarter. Total equivalent gold sales decreased
by 14 per cent from 78,600 ounces in the September quarter to
67,500 ounces in the December quarter mainly due to lower
volumes.

Total tonnes mined decreased by 6 per cent from 3.53 million
tonnes in the September quarter to 3.31 million tonnes in the
December quarter in line with the mine sequencing. The higher
tonnes mined in the September quarter was due to a push back on
the North-west wall, which necessitated the need to move waste to
open up ore areas. Ore mined decreased by 2 per cent from 1.76
million tonnes to 1.72 million tonnes. The strip ratio decreased
from 1.01 to 0.92 due to lower waste mined in the December
quarter.

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

Net operating costs, including gold-in-process movements,
increased from US$35 million in the September quarter to US$39
million in the December quarter. The higher cost was mainly due
to a US$2 million drawdown of concentrate inventory at the end of
the December quarter compared with a US$1 million build-up at
the end of the September quarter.

Operating profit decreased from US$36 million in the September
quarter to US$26 million in the December quarter due to lower
equivalent gold sold and higher net operating costs.

Capital expenditure increased from US$19 million to US$28 million
mainly due to increased construction activities at the tailings dam
and the construction of the new camp.

All-in sustaining costs and total all-in cost increased by 72 per cent
from US$747 per ounce in the September quarter to US$1,285 per
ounce in the December quarter. This was mainly due to lower gold
sold, the gold-in-process charge to costs and increased capital
expenditure. All-in sustaining costs and total all-in costs per
equivalent ounce increased by 47 per cent from US$731 per
equivalent ounce to US$1,073 per equivalent ounce mainly due to
the same reasons as above and lower equivalent ounces sold.

Guidance

The estimate for calendar 2016 is as follows:
-   Gold equivalents produced ~ 260,000 ounces
-   Gold only produced ~ 150,000 ounces
-   Copper tonnes produced ~ 28,000 tonnes

-   Capital expenditure ~ US$54 million
-   All-in sustaining costs ~ US$860 per equivalent ounce
-   Total all-in cost ~ US$860 per equivalent ounce
-   Copper price ~ US$2.00 per pound
-   Gold price ~ US$1,100 per ounce
-   All-in sustaining costs ~ US$790 per ounce
-   Total all-in cost ~ US$790 per ounce

Australia region

St Ives

                                      Dec    Sept
                                     2015    2015
Gold produced              000'oz   100.4    83.6
Yield      – underground      g/t    4.81    4.42
           – heap leach*      g/t       -       -
           – surface          g/t    2.69    2.45
           – combined         g/t    3.21    3.11
All-in sustaining costs     A$/oz   1,171   1,229
                           US$/oz     836     879
Total all-in cost           A$/oz   1,171   1,229
                           US$/oz     836     879

* Heap leach produced 200 ounces, rinsed from inventory (1,800 ounces was rinsed in
  the September quarter).

Gold production increased by 20 per cent from 83,600 ounces in
the September quarter to 100,400 ounces in the December quarter
due to a significant increase in tonnes processed and higher
grades.

Total tonnes mined increased from 6.079 million tonnes in the
September quarter to 7.750 million tonnes in the December
quarter.

At the underground operations, ore mined decreased by 14 per
cent from 275,000 tonnes in the September quarter to 237,000
tonnes in the December quarter as the Athena mine approaches
closure in the March 2016 quarter. The reduced tonnes were
partially offset by a 6 per cent increase in grade from 4.85 grams
per tonne to 5.16 grams per tonne.

At the open pit operations, total ore tonnes mined increased by 16
per cent from 569,000 tonnes in the September quarter to 660,000
tonnes in the December quarter. Grade mined increased by 13 per
cent from 2.71 grams per tonne to 3.07 grams per tonne as the pit
moved into a higher grade portion of the ore body.

Operational waste tonnes mined decreased by 47 per cent from
3.913 million tonnes in the September quarter to 2.074 million
tonnes in the December quarter. Capital waste tonnes mined
increased by 262 per cent from 1.319 million tonnes to 4.779
million tonnes. The strip ratio increased from 9.2 to 10.4. Capital
waste mined included the commencement of stripping campaigns
at the Neptune and A5 pits which are expected to complement the
Invincible pit as St Ives moves to a predominately open pit
operation with the closure of the Athena underground mine.

Throughput at the Lefroy mill increased from 837,000 tonnes in the
September quarter to 974,000 tonnes in the December quarter with
more open pit ore available for processing. Yield increased from
3.11 grams per tonne to 3.21 grams per tonne in line with
increased open pit and underground grades mined. Gold
production from the Lefroy mill increased from 81,800 ounces in
the September quarter to 100,200 ounces in the December
quarter.

Residual leaching and irrigation of the existing heap leach pad
continued and a further 200 ounces were produced in the
December quarter. This compared with 1,800 ounces produced in
the September quarter. The decrease in production resulted from
a reduction in irrigation due to “ponding issues” (the top of the heap
leach pad becomes tight or solid and the solution cannot permeate
down through the pad) on the heap leach as well as a failure of the
elution circuit during the quarter. Since cessation of stacking
activities, a total of 24,400 ounces have been produced. This
process will continue until pregnant solutions become uneconomic.

Net operating costs, including gold-in-process movements, was
similar at A$65 million (US$46 million).

Operating profit increased from A$66 million (US$48 million) in the
September quarter to A$89 million (US$65 million) in the
December quarter due to increased production.

Capital expenditure increased from A$31 million (US$22 million) in
the September quarter to A$45 million (US$32 million) in the
December quarter with an additional A$13 million (US$9 million)
incurred on pre-stripping.

All-in sustaining costs and total all-in cost decreased by 5 per cent
from A$1,229 per ounce (US$879 per ounce) in the September
quarter to A$1,171 per ounce (US$836 per ounce) in the
December quarter due to increased gold sold, partially offset by
increased capital expenditure.

Guidance

The estimate for calendar 2016 is as follows:
-   Gold produced ~ 350,000 ounces
-   Capital expenditure ~ A$220 million (US$161 million)
-   All-in sustaining costs ~ A$1,380 per ounce (US$1,010 per
    ounce)
-   Total all-in cost ~ A$1,380 per ounce (US$1,010 per ounce)

Agnew/Lawlers

                                     Dec    Sept
                                    2015    2015
Gold produced             000'oz    65.7    57.5
Yield                        g/t    6.88    6.07
All-in sustaining costs    A$/oz   1,160   1,401
                          US$/oz     828   1,025
Total all-in cost          A$/oz   1,160   1,401
                          US$/oz     828   1,025

Gold production increased by 14 per cent from 57,500 ounces in
the September quarter to 65,700 ounces in the December quarter
mainly due to higher grades mined and processed.

Ore mined from underground increased by 19 per cent from
264,000 tonnes in the September quarter to 313,000 tonnes in the
December quarter as the Waroonga mine recovered from a
seismic event and adverse ground conditions encountered at the
beginning of the September quarter. Head grade mined increased
by 14 per cent from 6.36 grams per tonne to 7.25 grams per tonne
mainly due to higher grade areas being mined in the New Holland
mine.

Tonnes processed increased by 1 per cent from 294,000 tonnes in
the September quarter to 298,000 tonnes in the December quarter
with the mill continuing to operate near capacity. The combined
yield increased from 6.07 grams per tonne to 6.88 grams per tonne
mainly due to higher grades.

Net operating costs, including gold-in-process movements,
decreased from A$51 million (US$38 million) in the September
quarter to A$44 million (US$31 million) in the December quarter
due to a A$3 million (US$3 million) build-up of inventory in the
December quarter compared with a A$3 million (US$2 million)
drawdown in the September quarter.

Operating profit increased from A$38 million (US$27 million) in the
September quarter to A$57 million (US$41 million) in the
December quarter due to higher gold sold and lower net operating
costs.

Capital expenditure increased from A$25 million (US$19 million) in
the September quarter to A$28 million (US$20 million) in the
December quarter. The increase in capital expenditure was due to
the ramp-up in development activities associated with Fitzroy
Bengal Hastings (FBH) at Waroonga and the commencement of
decline development to the Cinderella ore body. The Cinderella
deposit straddles the tenement boundary between New Holland
and Waroonga and will be accessed from the existing New Holland
mine. The discovery and mining of this deposit on the tenement
boundary became possible with the integration of the Lawlers and
Agnew mines.

All-in sustaining costs and total all-in cost decreased by 17 per
cent from A$1,401 per ounce (US$1,025 per ounce) in the
September quarter to A$1,160 per ounce (US$828 per ounce) in
the December quarter due to increased gold sold and lower net
operating costs, partially offset by higher capital expenditure.

Guidance

The estimate for calendar 2016 is as follows:
-   Gold produced ~ 223,000 ounces
-   Capital expenditure ~ A$87 million (US$64 million)
-   All-in sustaining costs ~ A$1,350 per ounce (US$990 per
    ounce)
-   Total all-in cost ~ A$1,350 per ounce (US$990 per ounce)

Darlot

                                     Dec    Sept
                                    2015    2015
Gold produced             000'oz    24.6    25.4
Yield                        g/t    6.52    6.30
All-in sustaining costs    A$/oz   1,142   1,232
                          US$/oz     817     906
Total all-in cost          A$/oz   1,142   1,232
                          US$/oz     817     906

Gold production decreased by 3 per cent from 25,400 ounces in
the September quarter to 24,600 ounces in the December quarter
due to a drawdown of gold in circuit in the September quarter.

Ore mined from underground decreased by 1 per cent from
110,800 tonnes to 109,300 tonnes. Head grade mined increased
from 7.03 grams per tonne in the September quarter to 7.09 grams
per tonne in the December quarter.

Tonnes processed decreased by 6 per cent from 125,300 tonnes in
the September quarter to 118,000 tonnes in the December quarter
due to a parcel of toll treatment in the September quarter not
repeated in the December quarter. The yield increased from 6.30
grams per tonne to 6.52 grams per tonne. This was due to higher
grade ore mined and cessation of the lower grade material treated
as part of the toll treatment arrangements in the September
quarter. The tolling arrangements contributed 529 ounces to gold
production for the September quarter.

Net operating costs, including gold-in-process movements,
decreased from A$23 million (US$17 million) in the September
quarter to A$20 million (US$14 million) in the December quarter.
The decrease reflects a small build-up of gold-in-process in the
December quarter compared with a US$1 million drawdown in the
September quarter.

Operating profit increased from A$17 million (US$13 million) to
A$18 million (US$13 million) mainly due to lower net operating
costs, partially offset by the decrease in ounces produced.

Capital expenditure was similar at A$7 million (US$5 million) and
included A$3 million of capital development at Lords South Lower
and A$3 million of exploration.

All-in sustaining costs and total all-in cost decreased by 7 per cent
from A$1,232 per ounce (US$906 per ounce) in the September
quarter to A$1,142 per ounce (US$817 per ounce) in the
December quarter due to lower net operating costs, partially offset
by lower gold sold.

Guidance

The estimate for calendar 2016 is as follows:
-   Gold produced ~ 58,000 ounces
-   Capital expenditure ~ A$10 million (US$8 million)
-   All-in sustaining costs ~ A$1,660 per ounce (US$1,215 per
    ounce)
-   Total all-in cost ~ A$1,660 per ounce (US$1,215 per ounce)

Granny Smith

                                     Dec    Sept
                                    2015    2015
Gold produced             000'oz    72.4    82.1
Yield                        g/t    6.26    7.08
All-in sustaining costs    A$/oz   1,101     957
                          US$/oz     787     699
Total all-in cost          A$/oz   1,101     957
                          US$/oz     787     699

Gold production decreased by 12 per cent from 82,100 ounces in
the September quarter to 72,400 ounces in the December quarter
due to lower grades mined in line with the mining sequence and as
planned.

Ore mined from underground was similar at 353,000 tonnes. Head
grade mined decreased from 7.68 grams per tonne in the
September quarter to 6.51 grams per tonne in the December
quarter. In the September quarter mining activity took place, as
sequenced, in higher grade areas of the ore body. Due to mine
scheduling lower grade areas were mined in the December
quarter.

Tonnes processed decreased marginally from 361,000 tonnes in
the September quarter to 359,000 tonnes in the December quarter.
The yield decreased from 7.08 grams per tonne to 6.26 grams per
tonne due to lower head grades.

Net operating costs, including gold-in-process movements were
similar at A$47 million (US$34 million).

Operating profit decreased from A$80 million (US$59 million) in the
September quarter to A$63 million (US$45 million) in the
December quarter due to lower gold sold.

Capital expenditure increased from A$26 million (US$19 million) in
the September quarter to A$27 million (US$20 million) in the
December quarter. The majority of the expenditure related to
capital development, exploration, the establishment of the new
fresh air rise and gas power station integration. The mine is
planned to move from diesel power to gas fired power in the June
2016 quarter with the completion of construction and the
commissioning of the new power station. The new power station is
expected to provide savings in power costs. It will also replace an
old diesel powered plant, substantially lowering the risk of power
interruption and reducing carbon emissions.

All-in sustaining costs and total all-in cost increased by 15 per cent
from A$957 per ounce (US$699 per ounce) in the September
quarter to A$1,101 per ounce (US$787 per ounce) in the
December quarter mainly due to lower gold sold and higher capital
expenditure.

Guidance

The estimate for calendar 2016 is as follows:
-  Gold produced ~ 270,000 ounces
-  Capital expenditure ~ A$118 million (US$87 million)
-  All-in sustaining costs ~ A$1,170 per ounce (US$855 per
   ounce)
-  Total all-in cost ~ A$1,170 per ounce (US$855 per ounce)

Year ended 31 December 2015 compared with
year ended 31 December 2014

Group attributable equivalent gold production decreased by 3 per
cent from 2.22 million ounces in 2014 to 2.16 million ounces in
2015 mainly due to lower production at all the mines except for
Tarkwa and St Ives.

At the South Africa region, gold production at South Deep,
decreased by 1 per cent from 6,237 kilograms (200,500 ounces) in
2014 to 6,160 kilograms (198,000 ounces) in 2015 mainly due to
lower grades, partially offset by increased volumes.

At the West Africa region, total managed gold production increased
by 2 per cent from 736,000 ounces in 2014 to 753,900 ounces in
2015. At Tarkwa, gold production increased by 5 per cent from
558,300 ounces to 586,100 ounces mainly due to higher grade. At
Damang, gold production decreased by 6 per cent from 177,800
ounces to 167,800 ounces mainly due to lower grades, partially
offset by increased volumes.

At the South America region, gold equivalent production at Cerro
Corona decreased by 9 per cent from 326,600 ounces in 2014 to
295,600 ounces in 2015 mainly due to a decrease in gold and
copper grades as well as a lower gold equivalent price ratio.

At the Australia region, gold production decreased by 4 per cent
from 1,031,000 ounces in 2014 to 988,000 ounces in 2015. At St
Ives, gold production increased by 3 per cent from 361,700 ounces
to 371,900 ounces mainly due to higher grades mined and
processed. At Agnew/Lawlers, gold production decreased by 13
per cent from 270,700 ounces to 236,600 ounces mainly due to
lower tonnes mined and processed as well as lower grade. At
Darlot, gold production decreased by 6 per cent from 83,600
ounces to 78,400 ounces due to lower tonnes mined and
processed, partially offset by higher grade. At Granny Smith, gold
production decreased by 4 per cent from 315,200 ounces to
301,100 ounces mainly due to lower grades and volumes
processed.

INCOME STATEMENT

Revenue decreased by 11 per cent from US$2,869 million in 2014
to US$2,545 million in 2015 mainly due to lower production and the
lower gold price received. The average gold price decreased by 9
per cent from US$1,249 per ounce to US$1,140 per ounce. The
average Rand/US dollar exchange rate weakened by 17 per cent
from R10.82 in 2014 to R12.68 in 2015. The average
Australian/US dollar exchange rate weakened by 17 per cent from
A$1.00 = US$0.903 to A$1.00 = US$0.752.

Net operating costs decreased by 13 per cent from US$1,678
million to US$1,456 million due to the 17 per cent weaker Rand/US
dollar exchange rate, the 17 per cent weaker Australian/US dollar
exchange rate, the lower oil price and good cost control.

At South Deep in South Africa, net operating costs increased by 13
per cent from R2,657 million (US$246 million) in 2014 to R3,000
million (US$237 million) in 2015. This was mainly due to annual
wage increases and normal inflationary increases. All-in sustaining
costs of R607,429 per kilogram (US$1,490 per ounce) and total all-
in cost of R635,622 per kilogram (US$1,559 per ounce) in 2015
compared with all-in sustaining costs of R538,254 per kilogram
(US$1,548 per ounce) and total all-in cost of R602,363 per
kilogram (US$1,732 per ounce) in 2014 with the increase due to
lower gold sold and higher operating costs, partially offset by lower
capital expenditure.

At the West Africa region, net operating costs decreased by 7 per
cent from US$551 million in 2014 to US$513 million in 2015. All-in
sustaining costs and total all-in cost for the region of US$1,049 per
ounce in 2015 compared with US$1,094 per ounce in 2014.

At Tarkwa, net operating costs decreased by 12 per cent from
US$372 million in 2014 to US$327 million in 2015 due to on-going
business improvement initiatives and the lower oil price. All-in
sustaining costs and total all-in costs of US$970 per ounce in 2015
compared with US$1,068 per ounce in 2014 due to increased gold
sold and lower operating costs, partially offset by higher capital
expenditure.

At Damang, net operating costs increased by 3 per cent from
US$180 million to US$186 million mainly due to increased tonnes
mined. All-in sustaining costs and total all-in cost of US$1,326 per
ounce in 2015 compared with US$1,175 per ounce in 2014 due to
higher net operating costs, lower gold sold and the US$8 million
inventory write-off.

At Cerro Corona in South America, net operating costs decreased
by 9 per cent from US$160 million in 2014 to US$145 million in
2015 mainly due to lower ore tonnes mined. All-in sustaining costs
and total all-in cost amounted to US$718 per ounce in 2015
compared with US$316 per ounce in 2014 due to lower gold sold,
lower by-product credits and higher capital expenditure, partially
offset by lower net operating costs. All-in sustaining costs and total
all-in cost, on a gold equivalent basis amounted to US$777 per
ounce in 2015 compared with US$702 per ounce in 2014 mainly
due to the same reasons as above as well as lower equivalent
ounces sold.

At the Australia region, net operating costs decreased by 7 per
cent from A$799 million (US$721 million) in 2014 to A$747 million
(US$562 million) in 2015 mainly due to the lower production. All-in
sustaining costs and total all-in cost for the region of A$1,211 per
ounce (US$912 per ounce) in 2015 compared with A$1,124 per
ounce (US$1,015 per ounce) in 2014 due to lower gold sold and
higher capital expenditure, partially offset by lower net operating
costs.

At St Ives, net operating costs decreased by 6 per cent from A$313
million (US$282 million) in 2014 to A$293 million (US$220 million)
in 2015. This was mainly due to restructuring after the Cave Rocks
mine moved into care and maintenance at the beginning of May
2015, reduced tonnage from Athena underground, lower costs at
the Lefroy mill since the introduction of campaign milling in March
2015 as well as lower surface cartage costs resulting from shorter
tramming distances after the Cave Rocks closure. This was
partially offset by a drawdown of mainly Neptune stockpiles of
A$34 million (US$25 million) in 2015 compared with a build-up of
A$11 million (US$10 million) in 2014. All-in sustaining costs and
total all-in cost for St Ives of A$1,287 per ounce (US$969 per
ounce) in 2015 compared with A$1,289 per ounce (US$1,164 per
ounce) in 2014 due to higher gold sold and lower net operating
costs, partially offset by higher capital expenditure.

At Agnew/Lawlers, net operating costs decreased by 2 per cent
from A$191 million (US$173 million) in 2014 to A$188 million
(US$141 million) in 2015 mainly due to cost saving initiatives as
well as a A$2 million (US$1 million) build-up of inventory in 2015
compared with A$nil million (US$nil million) in 2014. All-in
sustaining costs and total all-in cost for Agnew/Lawlers of A$1,276
per ounce (US$959 per ounce) in 2015 compared with A$1,096
per ounce (US$990 per ounce) in 2014 due to lower gold sold and
higher capital expenditure, partially offset by lower net operating
costs.

At Darlot, net operating costs decreased by 15 per cent from A$93
million (US$84 million) in 2014 to A$79 million (US$59 million) in
2015. This decrease was mainly due to lower mining and
processing costs in line with the lower production, continued
rationalisation of costs as well as a A$1 million (US$1 million)
build-up of inventory in 2015 compared with a A$2 million (US$2
million) drawdown in 2014. All-in sustaining costs and total all-in
cost of A$1,403 per ounce (US$1,057 per ounce) in 2015
compared with A$1,353 per ounce (US$1,222 per ounce) in 2014
due to lower gold sold and higher capital expenditure, partially
offset by lower operating costs.

At Granny Smith, net operating costs decreased by 7 per cent from
A$202 million (US$183 million) in 2014 to A$188 million (US$141
million) in 2015 mainly due to a decrease in mining and processing
and its associated costs. All-in sustaining costs and total all-in cost
of A$1,017 per ounce (US$764 per ounce) in 2015 compared with
A$896 per ounce (US$809 per ounce) in 2014 due to lower gold
sold and higher capital expenditure, partially offset by lower net
operating costs.

The Group all-in sustaining costs of US$1,007 per ounce and total
all-in cost of US$1,026 per ounce in 2015 compared with all-in
sustaining costs of US$1,053 per ounce and total all-in cost of
US$1,087 per ounce in 2014. The lower all-in-sustaining and all-in
costs in 2015 was due to lower net operating costs, the weaker
average Rand/US and Australian/US dollar exchange rates,
partially offset by lower by-product credits and higher capital
expenditure.

Operating profit decreased from US$1,191 million to US$1,089
million as a result of the above.

Amortisation for the Group decreased from US$657 million in 2014
to US$610 million in 2015 mainly due to lower production.

Net interest expense decreased from US$77 million to US$65
million due to the paying down of relatively more expensive South
African debt in the March 2015 quarter, as compared with offshore
debt.

The share of equity accounted losses after taxation increased from
US$2 million in 2014 to US$6 million in 2015 and related mainly to
the ongoing study and evaluation costs at the Far Southeast
project (FSE) and the Group's share of losses at Hummingbird of
US$2 million.

The gain on foreign exchange of US$10 million in 2015 compared
with US$8 million in 2014. These related to the conversion of
offshore cash holdings into their functional currencies.

The loss on financial instruments of US$5 million in 2015
compared with US$12 million in 2014 and related to the mark to
market adjustment on diesel hedges that the Australian operations
entered into on 10 December and 26 November 2014.

Share-based payments for the Group decreased from US$26
million in 2014 to US$11 million in 2015 due to the implementation
of a new long-term employee incentive scheme in 2014. Long-
term employee benefits of US$5 million in 2015 compared with
US$9 million in 2014 due to mark to market adjustments. The two
schemes combined decreased from US$35 million to US$16
million.

Exploration expenditure increased from US$47 million in 2014 to
US$54 million in 2015 due to increased expenditure at Salares
Norte. Expenditure at Salares Norte amounted to US$16 million in
2015.

Non-recurring items increased from US$97 million in 2014 to
US$218 million in 2015.

The non-recurring expenses in 2015 included mainly:
-   Impairment of the Group's investment in Far South East (FSE)
    in the Philippines (US$101 million) to its recoverable amount;
-   Impairment of the Group's investment in Hummingbird (US$15
    million) to its fair value;
-   Loss on disposal of assets at Cerro Corona (US$5 million);
-   Scrapping of assets no longer in use at Cerro Corona (US$7
    million);
-   Write-off of stockpiles at Damang (US$8 million) due to net
    realisable value adjustments;
-   Retrenchment costs (US$9 million), mainly at Tarkwa (US$5
    million) and St Ives (A$4 million/US$3 million);
-   Impairment of Arctic Platinum project (US$39 million) to its fair
    value less cost of disposal;
-   Impairment at Darlot: gross A$19 million (US$14 million), tax
    A$6 million (US$4 million), net A$13 million (US$10 million);
    and
-   Impairment at Damang: gross US$36 million, tax US$13
    million, net US$23 million. This was based on current studies
    which may result in the pits not being mined and thus
    necessitating them being written down to nil carrying value.

This was partially offset by:
-   A decrease in rehabilitation costs (US$15 million) due to
    increased discount rates at South Deep (R78 million/US$6
    million) and at the Australian operations (A$12 million/US$9
    million).

The non-recurring expenses in 2014 included mainly:
-   Retrenchment costs of US$42 million at all the operations with
    the majority at Tarkwa (US$17 million), South Deep (R161
    million/US$15 million), Damang (US$4 million) and St Ives
    (A$4 million/US$3 million);

-   An increase in rehabilitation costs in respect of previously
    retired assets due to an update of estimates of A$11 million
    (US$10 million) at Agnew and A$11 million (US$10 million) at
    St Ives;
-   Impairment of investments of US$16 million including: Bezant
    Resources PLC (US$7 million), Rand Refinery (US$4
    million/R45 million), APP (US$3 million) and Aurigin (US$2
    million);
-   Scrapping of redundant trackless equipment at South Deep
    (R91 million/US$8 million);
-   Scrapping of assets at Agnew (A$3 million/US$3 million) and
    St Ives (A$1 million/US$1 million); and
-   Information technology conversions at the Yilgarn South assets
    (A$5 million/US$5 million).

This was partially offset by the profit on the sale of Chucapaca
(US$5 million) and Robust Resources (US$2 million).

Royalties of US$76 million in 2015 compared with US$86 million in
2014.

The taxation charge of US$247 million in 2015 compared with
US$118 million in 2014. Normal taxation increased from US$134
million to US$143 million due to higher taxable income. The
deferred tax charge of US$104 million in 2015 compared with a
credit of US$16 million in 2014.

The deferred tax charge of US$104 million, arose mainly due to
impairments of the deferred tax assets of US$68 million at Cerro
Corona and US$37 million at Damang along with a US$32 million
charge related to the weakening of the Peruvian Nuevo Sol.

In Peru, tax depreciation is recognised using the straight line
depreciation method for the majority of assets over periods longer
than the life of mine. As Cerro Corona has a current life of mine to
2023, a significant portion of assets will not be fully depreciated for
tax purposes by the end of the life of the mine. In prior years, the
Group believed that the life could be extended through an
expansion of the tailings storage facility. However, during 2015,
the Group completed the expansion feasibility study and concluded
that in the current gold and copper price environment it would not
be viable. Based on the Group's best estimate at 31 December
2015, it is unlikely that Cerro Corona will earn taxable profits post
the current life of mine in order to utilise these deductible
temporary differences as they reverse. Due to the above, the
Group impaired an amount of US$68 million related to deferred tax
assets not recoverable at Cerro Corona at 31 December 2015.

The impairment of the deferred tax asset at Damang of US$37
million arose due to uncertainty regarding the extent of future
taxable profits against which it can be utilised.

The tax returns for Cerro Corona are filed in Peruvian Nuevo Sol
(Soles) and the functional currency for accounting purposes is the
US dollar. For accounting purposes the unredeemed capital
allowance balance must be converted from Soles to dollars at the
closing rate at quarter end. Therefore, the US dollar equivalent of
unredeemed capital allowance balance fluctuates due to
movements in the exchange rate between the Peruvian Nuevo Sol
and the US dollar. This resulted in a change in the temporary
taxation differences for non-monetary assets on translation. A
deferred tax charge of US$32 million arose due to the weakening
of the exchange rate from 2.84 Nuevo Sol in 2014 to 3.38 Nuevo
Sol in 2015. It has no cash effect.

As a result of the above, net losses attributable to the Gold Fields
shareholders of US$242 million in 2015 compared with net
earnings of US$13 million in 2014.

Headline loss of US$28 million in 2015 compared with earnings of
US$27 million in 2014.

Normalised earnings of US$45 million in 2015 compared with
US$85 million in 2014.

CASH FLOW

Cash inflow from operating activities of US$771 million in 2015
compared with US$849 million in 2014 with the decrease mainly
due to a lower release of working capital and lower profit before
royalties, tax and non-recurring items.

Cash outflows from investing activities increased from US$531
million in 2014 to US$651 million in 2015. The cash outflow was
lower in 2014 mainly due to the proceeds on the disposal of
Chucapaca of US$81 million, as well as lower capital expenditure.

Capital expenditure increased from US$609 million in 2014 to
US$634 million in 2015.

At the South Africa region, capital expenditure at South Deep
decreased from R994 million (US$92 million) to R848 million
(US$67 million).

At the West Africa region, capital expenditure increased from
US$190 million in 2014 to US$221 million in 2015, due to
increased pre-stripping and additional expenditure on fleet
purchases at Tarkwa. In South America, at Cerro Corona, capital
expenditure increased from US$51 million in 2014 to US$65 million
in 2015 mainly due to increased expenditure on the construction of
a new raise at the tailings dam as well as the construction of a new
camp and fuel station. At the Australia region, capital expenditure
increased from A$304 million (US$274 million) to A$372 million
(US$281 million), mainly due to increased expenditure on
exploration.

Net cash outflow from financing activities of US$88 million in 2015
compared with US$126 million in 2014. Both related to long term
and short term loans received and repaid.

The net cash inflow of US$4 million in 2015 compared with
US$152 million in 2014. After accounting for a negative translation
adjustment of US$22 million, the cash outflow in 2015 was US$18
million. The cash balance at the end of December 2015 was
US$440 million compared with US$458 million at the end of
December 2014.

Corporate

DIRECTORATE APPOINTMENT

Gold Fields announced the appointment of Mr Steven Reid as an
independent non-executive director to the Board of directors of
Gold Fields Limited with effect from 1 February 2016.

Mr Reid has served as a director of Silver Standard Resources Inc.
since January 2013 and a director of Eldorado Gold Corporation
since May 2013. He has over 35 years of international business
experience, including senior leadership roles in numerous
countries. He held the position of Chief Operating Officer of
Goldcorp Inc. ("Goldcorp") from January 2007 until his retirement
in September, 2012. He also served at Goldcorp as Executive
Vice President, Canada and USA. Prior to joining Goldcorp, Mr
Reid spent 13 years at Placer Dome Inc. in numerous corporate,
mine management and operating roles, including Country Manager
for Canadian operations. Mr Reid has also held leadership
positions at Kingsgate Consolidated and Newcrest Mining Limited,
where he was responsible for running operations throughout Asia
and Australia.

Mr Reid holds a Bachelor of Science degree in Mineral
Engineering from the South Australian Institute of Technology and
a Trium Global Executive MBA.

GOLD FIELDS TOP SA MINING COMPANY IN
SUSTAINABILITY YEARBOOK

Gold Fields was once again the top ranked South African mining
company in the 2016 Sustainability Yearbook, one of the most
recognised publications highlighting the sustainability performance
of listed companies worldwide. Gold Fields was also one of only a
few South African companies included in the Sustainability
Yearbook compiled by investment firm RobecoSAM. The
methodology used in compiling the Sustainability Yearbook is
identical to the one used by RobecoSAM in compiling the annual
Dow Jones Sustainability Index (DJSI).

The Sustainability Yearbook ranks the annual sustainability
performance of the world's 2,100 largest companies, including 47
mining companies. Among other factors, it measures management
practices surrounding economic, environmental and social
engagement approaches. Gold Fields' 80 per cent rating (2014: 81
per cent) qualifies it for a Silver Class Award in the Sustainability
Yearbook as it is within five percentage points of the mining sector
leaders, Newmont Mining of the US and Barrick in Canada. This is
the fifth successive year that Gold Fields has received a Silver
Class award.

CASH DIVIDEND

In line with the company's dividend policy to pay out a dividend of
between 25 and 35 per cent of its earnings, the Board has
approved and declared a final dividend number 83 of 21 SA cents
per ordinary share (gross) in respect of the year ended 31
December 2015. This translates to 34 per cent of normalised
earnings. The final will be subject to the Dividend Withholding Tax
that was introduced with effect from 1 April 2012 of 15 per cent. In
accordance with paragraphs 11.17(a)(i) and 11.17(c) of the JSE
Listings Requirements, the following additional information is
disclosed:

-   The dividend has been declared out of income reserves;

-   The local dividends withholding tax rate is 15 per cent (fifteen
    per centum);
-   The gross local dividend amount is 21 SA cents per ordinary
    share for shareholders exempt from dividends tax;
-   The Dividend Withholding Tax of 15 per cent (fifteen per
    centum) will be applicable to this dividend;
-   The net local dividend amount is 17.850 SA cents per ordinary
    share for shareholders liable to pay the dividends tax;
-   Gold Fields currently has 776,134,626 ordinary shares in issue
    (included in this number are 856,330 treasury shares); and
-   Gold Fields' income tax number is 9160035607.

Shareholders are advised of the following dates in respect of the
final dividend:

Final dividend number 83: 21 SA cents per share
Last date to trade cum-dividend: Friday 4 March 2016
Sterling and US dollar conversion date: Monday 7 March 2016
Shares commence trading ex-dividend: Monday 7 March 2016
Record date: Friday 11 March 2016
Payment of dividend: Monday 14 March 2016

Share certificates may not be dematerialised or rematerialised
between Monday, 7 March 2016 and Friday, 11 March 2016, both
dates inclusive.

Outlook for 2016

Attributable equivalent gold production for the Group for 2016 is
expected to be between 2.05 million ounces and 2.10 million
ounces, with decreases in the international operations partly offset
by the growth in production at South Deep. The Australian region
is expected to produce around 905,000 ounces with reduced
ounces at the four mines largely due to a change in mining mix
across these dynamic operations which inevitably affect grade and
tonnage. Cerro Corona's gold equivalent production of around
260,000 ounces is lower than 2015 with the decrease mainly due
to the negative impact of the lower copper price. Lower production
is expected at Damang given the review currently underway and
South Deep is expected to increase production to around 8,000
kilograms (257,000 ounces).

The lower production in Australia is due to mining of lower grade
central areas of the main lode on Zone 90 and Zone 100 at Granny
Smith; the mining schedule for Invincible and Neptune at St Ives;
and limited mining planned at Darlot pending further exploration
success during 2016. The increase in production at South Deep is
expected to be driven mainly by an increase in available working
places; an increase in productivity; fleet expansion and grade
improvements.

Unit costs are expected to be largely unchanged from 2015, with
AISC expected to be between US$1,000 per ounce and US$1,010
per ounce and AIC is expected to be between US$1,035 per ounce
and US$1,045 per ounce. Group capex for the year is planned at
US$602 million. These expectations assume exchange rates of
R/US$: 14.14 and A$/US$: 0.73.

The above is subject to safety performance which limits the impact
of safety-related stoppages and the forward looking statement on
pages 4 and 32.

N.J. Holland
Chief Executive Officer
18 February 2016

Reviewed condensed consolidated financial
statements
Notes to the condensed consolidated financial statements

BASIS OF ACCOUNTING

The condensed consolidated financial statements are prepared in
accordance with the requirements of the JSE Limited Listings
Requirements for preliminary reports and the requirements of the
Companies Act 2008 of South Africa.

The Listings Requirements require preliminary reports to be prepared
in accordance with the framework concepts and the measurement
and recognition requirements of International Financial Reporting
Standards (IFRS) and the SAICA Financial Reporting Guides as
issued by the Accounting Practices Committee and Financial
Pronouncements as issued by Financial Reporting Standards Council
and to also, as a minimum, contain the information required by IAS
34, Interim Financial Reporting.

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

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

AUDITOR'S REVIEW

The condensed consolidated financial statements of Gold Fields
Limited for the year ended 31 December 2015 have been reviewed by
the company's auditor, KPMG Inc. The information for the quarters
ended September 2015, December 2015 and December 2014 and
the segmental operating results included in the condensed
consolidated financial statements have not been reviewed by KPMG
Inc. The auditor's report does not necessarily report on all of the
information contained in this media release. Shareholders are
therefore advised that in order to obtain a full understanding of the
nature of the auditor's engagement they should refer to the auditor's
report on the last page of this release.

LITIGATION STATEMENT

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

South Deep tax dispute
The Group has taken legal advice on the matter and was advised by
external Senior Counsel that South African Revenue Services (SARS)
should not be allowed to disallow the claiming of the Additional
Capital Allowance. GFIJVH has in the meantime not only formally
appealed against the position taken by SARS, but also filed an
application in the High Court and will vigorously defend its position.
Currently it is awaiting the grounds of assessment to be issued by
SARS after the alternative dispute resolution process has failed.

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

Mining Charter ownership element declaration
application
On 5 June 2015, the Chamber of Mines commenced a court
application against the Minister and Director General of the
Department of Mineral Resources regarding the continuing
consequences of previous BEE deals in measuring progress on the
Mining Charter's ownership element. The parties' legal
representatives met with the Deputy Judge President of the North
Gauteng High Court on 11 November 2015, where it was agreed that
the application hearing will take place on 15 and 16 March 2016.

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

ASSET IMPAIRMENTS AND WRITE-OFFS

Asset impairments and write-offs recognised by the Group during
2015 include:
-   Impairment of the Group's investment in Far South East (FSE) in
    the Philippines (US$101 million) to its recoverable amount;
-   Impairment of the Group's investment in Hummingbird (US$15
    million) to its fair value;
-   Write-off of stockpiles at Damang (US$8 million) due to net
    realisable value adjustments;
-   Impairment of Artic Platinum project (APP) (US$39 million) to its
    fair value less cost of disposal;
-   Impairment at Darlot (US$14 million); and
-   Impairment at Damang (US$36 million).

TAXATION

The major items causing the Group's income taxation to differ from
the maximum South Africa statutory mining tax rate of 34 per cent
include:
-   Non-deductible share-based payments;
-   Non-deductible interest expense;
-   Deferred tax asset not recognised on impairments of FSE, APP
    and Hummingbird;
-   Deferred taxation charge on Peruvian Nuevo Sol devaluation
    against the US Dollar (the functional currency of Cerro Corona is
    US Dollar, however, the Peruvian tax base is based on values in
    Peruvian Nuevo Sol); and
-   Deferred tax assets derecognised at Damang and Cerro Corona.

ADDITIONAL NOTES INCLUDE

-   Hedging/derivatives on page 21;

-   Debt maturity ladder on page 22; and                       -   Reconciliation of headline earnings with net earnings on page 23.

The preliminary financial statements are presented on a condensed consolidated basis

Income statement
Figures are in millions unless otherwise stated

                                                                                                       UNITED STATES DOLLARS
                                                                                      Quarter (Unreviewed)                     Year ended
                                                                               December      September        December       December         December                                 
                                                                                  2015*          2015*           2014*           2015             2014
                                                                                                                           (Reviewed)        (Audited)
Revenue                                                                           640.1          635.1           708.0        2,545.4          2,868.8
Operating costs, net                                                            (342.0)        (366.0)         (404.8)      (1,456.2)        (1,677.7)
     – Operating costs                                                          (347.8)        (369.4)         (406.5)      (1,431.3)        (1,684.9)
     – Gold inventory change                                                        5.8            3.4             1.7         (24.9)              7.2

Operating profit                                                                  298.1          269.1           303.2        1,089.2          1,191.1
Amortisation and depreciation                                                   (172.4)        (155.0)         (172.1)        (609.9)          (656.7)
Net operating profit                                                              125.7          114.1           131.1          479.3            534.4
Net interest expense                                                             (14.3)         (16.3)          (19.5)         (64.9)           (76.6)
Share of equity accounted earnings after taxation                                 (1.1)          (0.6)             0.5          (5.7)            (2.4)
Gain on foreign exchange                                                            2.1            7.3             1.3            9.5              8.4
Loss on financial instruments                                                     (0.2)          (3.7)          (11.4)          (4.7)           (11.5)
Share-based payments                                                              (1.9)          (2.9)           (3.7)         (10.9)           (26.0)
Long-term employee benefits                                                       (1.6)          (0.3)           (1.9)          (5.3)            (8.7)
Other                                                                            (19.9)          (6.5)          (15.6)         (45.1)           (48.8)
Exploration and project costs                                                     (9.6)         (11.2)          (12.3)         (53.5)           (47.2)
Profit before royalties, taxation and non-recurring items                         79.2            79.9            68.5          298.7            321.6
Non-recurring items                                                             (198.9)          (8.2)          (49.8)        (218.2)           (97.0)
(Loss)/profit before royalties and taxation                                     (119.7)           71.7            18.7           80.5            224.6
Royalties                                                                        (17.8)         (18.7)          (20.7)         (76.0)           (86.1)
(Loss)/profit before taxation                                                   (137.5)           53.0           (2.0)            4.5            138.5
Mining and income taxation                                                      (126.0)         (34.3)          (22.0)        (247.1)          (118.1)
     – Normal taxation                                                           (42.8)         (36.4)          (46.3)        (142.9)          (134.3)
     – Deferred taxation                                                         (83.2)            2.1            24.3        (104.2)             16.2

Net (loss)/profit                                                               (263.5)           18.7          (24.0)        (242.6)             20.4
Attributable to:
     – Owners of the parent                                                     (257.9)           18.0          (25.5)        (242.1)             12.8
     – Non-controlling interest                                                   (5.6)            0.7             1.5          (0.5)              7.6
Non-recurring items:
Profit on sale of investments                                                         -            0.1             1.3            0.1              0.5
Profit on sale of Chucapaca                                                           -              -               -              -              4.6
(Loss)/profit on sale of assets                                                   (2.1)            0.2             0.1          (0.1)            (1.3)
Restructuring costs                                                               (0.6)          (4.2)           (5.4)          (9.3)           (42.0)
Impairment of stockpiles and consumables                                          (8.0)              -               -          (8.0)            (1.3)
Impairment of investments and assets                                            (201.3)          (3.4)          (24.2)        (213.1)           (25.4)
Other                                                                              13.1          (0.9)          (21.6)           12.2           (32.1)
Total non-recurring items                                                       (198.9)          (8.2)          (49.8)        (218.2)           (97.0)
Taxation on items above                                                            18.4            1.6            11.5           20.9             25.7
Non-recurring deferred taxation items (non-cash)                                (100.4)              -               -        (100.4)                -
Net non-recurring items after tax                                               (280.9)          (6.6)          (38.3)        (297.7)           (71.3)
Net (loss)/earnings                                                             (257.9)           18.0          (25.5)        (242.1)             12.8
Net (loss)/earnings per share (cents)                                              (33)              2             (3)           (31)                2
Diluted (loss)/earnings per share (cents)                                          (33)              2             (3)           (31)                2
Headline (loss)/earnings                                                         (54.3)           21.0           (9.5)         (28.2)             27.3
Headline (loss)/earnings per share (cents)                                          (8)              3             (1)            (4)                4
Diluted headline (loss)/earnings per share (cents)                                  (8)              3             (1)            (4)                4
Net earnings excluding gains and losses on foreign exchange, financial
instruments and non-recurring items after royalties and taxation                  14.9            21.6            17.1          44.7              85.3
Net earnings per share excluding gains and losses on foreign exchange,
financial instruments and non-recurring items after royalties and taxation
(cents)                                                                              2               3               2             6                11
US dollar/South African rand conversion rate                                     14.08           12.86           11.18         12.68             10.82
US dollar/Australian dollar conversion rate                                       0.72            0.73            0.86          0.75              0.90
Gold equivalent sold – managed     eq oz (000)                                     586             576             601         2,233             2,296
Gold equivalent price received     US$/eq oz                                     1,092           1,103           1,179         1,140             1,249

Figures may not add as they are rounded independently.
* The information has not been reviewed by KPMG Inc.

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

Statement of comprehensive income
Figures are in millions unless otherwise stated

                                                                      UNITED STATES DOLLARS
                                                           Quarter (Unreviewed)                     Year ended
                                                     December     September        December     December        December
                                                        2015*         2015*           2014*         2015            2014
                                                                                              (Reviewed)       (Audited)
Net (loss)/profit                                     (263.5)          18.7          (24.0)      (242.6)            20.4
Other comprehensive loss, net of tax                  (134.8)       (344.9)         (139.8)      (636.6)         (320.1)
Marked to market valuation of listed investments            -           0.4           (1.9)          0.4             1.0
Currency translation adjustments                      (134.8)       (345.3)         (137.9)      (637.0)         (321.1)

Total comprehensive loss                              (398.3)       (326.2)         (163.8)      (879.2)         (299.7)
Attributable to:
     – Owners of the parent                           (392.5)       (327.2)         (165.4)      (878.7)         (308.9)
     – Non-controlling interest                         (5.8)           1.0             1.6        (0.5)             9.2
                                                      (398.3)       (326.2)         (163.8)      (879.2)         (299.7)

Statement of financial position
Figures are in millions unless otherwise stated

                                                    UNITED STATES DOLLARS
                                                          Year ended
                                                  December            December
                                                      2015                2014
                                                (Reviewed)           (Audited)
Property, plant and equipment                      4,312.4             4,895.7
Goodwill                                             295.3               385.7
Non-current assets                                   167.8               163.2
Investments                                          140.0               257.9
Deferred taxation                                     54.1                62.4
Current assets                                       908.1             1,092.8
    – Other current assets                           467.1               594.8
    – Cash and deposits                              440.0               458.0
    – Assets held for sale                             1.0                40.0

Total assets                                       5,877.7             6,857.7

Shareholders' equity                               2,768.0             3,663.3
Deferred taxation                                    487.3               387.0
Long-term loans                                    1,803.6             1,765.7
Environmental rehabilitation provisions              275.4               311.2
Long-term employee benefits                           12.6                 8.3
Other long-term provisions                             8.7                 9.1
Current liabilities                                  522.1               713.1
    – Other current liabilities                      505.4               567.9
    – Current portion of long-term loans              16.7               145.2

Total equity and liabilities                       5,877.7             6,857.7
US dollar/South African rand conversion rate         15.10               11.56
US dollar/Australian dollar conversion rate           0.73                0.81
Net debt*                                          1,380.3             1,452.9

Hedging/Derivatives (Reviewed)
The Group's policy is to remain unhedged to the gold price. However, hedges are sometimes undertaken on a project specific basis as follows:

  -   to protect cash flows at times of significant expenditure;
  -   for specific debt servicing requirements; and
  -   to safeguard the viability of higher cost operations.

Gold Fields may from time to time establish currency financial instruments to protect underlying cash flows.
There were no outstanding contracts at December 2015.

  * The information has not been reviewed by KPMG Inc.

Statement of changes in equity (Reviewed)
Figures are in millions unless otherwise stated

                                                                  UNITED STATES DOLLARS
                                               Share capital       Other    Retained  Non-controlling      Total
                                                 and premium    reserves    earnings         interest     equity
Balance as at 31 December 2014                       3,470.8   (1,636.5)     1,704.6            124.5    3,663.3
Total comprehensive (loss)/income                          -     (636.6)     (242.1)            (0.5)    (879.2)
(Loss)/profit for the period                               -           -     (242.1)            (0.5)    (242.6)
Other comprehensive loss                                   -     (636.6)           -                -    (636.6)
Dividends declared                                         -           -      (15.1)           (12.1)     (27.2)
Share-based payments                                       -        10.9           -                -       10.9
Exercise of employee share options                       0.2           -           -                -        0.2
Balance as at 31 December 2015                       3,471.0   (2,262.2)     1,447.4            111.9    2,768.0

                                                                  UNITED STATES DOLLARS
                                               Share capital       Other    Retained  Non-controlling      Total
                                                 and premium    reserves    earnings         interest     equity
Balance as at 31 December 2013                       3,470.7   (1,340.8)     1,721.6            193.8    4,045.2
Total comprehensive (loss)/income                          -     (321.7)        12.8              9.2    (299.7)
Profit for the period                                      -           -        12.8              7.6       20.4
Other comprehensive (loss)/income                          -     (321.7)           -              1.6    (320.1)
Dividends declared                                         -           -      (29.8)           (10.7)     (40.5)
Share-based payments                                       -        26.0           -                -       26.0
Disposal of non-controlling interest                       -           -           -           (69.8)     (69.8)
Loans received from non-controlling interest               -           -           -              2.0        2.0
Exercise of employee share options                       0.1           -           -                -        0.1
Balance as at 31 December 2014                       3,470.8   (1,636.5)     1,704.6            124.5    3,663.3

Debt maturity ladder (Reviewed)
Figures are in millions unless otherwise stated

                                                                             UNITED STATES DOLLARS
                                                                                             1 Jan 2018 to
                                                               31 Dec 2016    31 Dec 2017      31 Dec 2020     Total
Uncommitted loan facilities
US dollar million                                                        -              -                -         -
Rand million                                                       1,447.0              -                -   1,447.0
Rand debt translated to dollar                                        95.8              -                -      95.8
Total (US$'m)                                                         95.8              -                -      95.8
Committed loan facilities
US dollar million                                                        -        1,655.0            992.6   2,647.6
Rand million                                                       1,000.0              -          1,500.0   2,500.0
Rand debt translated to dollar                                        66.2              -             99.3     165.5
Total (US$'m)                                                         66.2        1,655.0          1,091.9   2,813.1
Total (US$'m) – Uncommitted and committed loan
facilities                                                           162.0        1,655.0          1,091.9   2,908.9
Utilisation – Uncommitted loan facilities
Rand million                                                         252.0              -                -     252.0
US dollar million                                                        -              -                -         -
Rand debt translated to dollar                                        16.7              -                -      16.7
Total (US$'m)                                                         16.7              -                -      16.7
Utilisation – Committed loan facilities (including US$ bond)
US dollar million                                                        -          811.0            992.6   1,803.6
Rand million                                                             -              -                -         -
Rand debt translated to dollar                                           -              -                -         -
Total (US$'m)                                                            -          811.0            992.6   1,803.6
Total (US$'m) – Utilisation – Uncommitted and committed loan
facilities                                                            16.7          811.0            992.6   1,820.3

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

Statement of cash flows
Figures are in millions unless otherwise stated

                                                                                         UNITED STATES DOLLARS
                                                                               Quarter (Unreviewed)                     Year ended      
                                                                        December      September        December      December       December
                                                                           2015*          2015*           2014*          2015           2014
                                                                                                                   (Reviewed)      (Audited)
Cash flows from operating activities                                       209.1          220.5           225.2         771.1          848.9
Profit before royalties, tax and non-recurring items                        79.2           79.9            68.5         298.7          321.6
Non-recurring items                                                      (198.9)          (8.2)          (49.8)       (218.2)         (97.0)
Amortisation and depreciation                                              172.4          155.0           172.1         609.9          656.7
South Deep BEE dividend                                                        -              -               -         (1.7)          (1.9)
Change in working capital                                                 (33.9)           34.1            39.2          43.6           83.7
Royalties and taxation paid                                               (33.2)         (43.6)          (62.7)       (195.3)        (194.1)
Other non-cash items                                                       223.5            3.3            57.9         234.1           79.9

Dividends paid                                                             (7.2)          (2.5)               -        (27.2)         (40.4)
Owners of the parent                                                           -          (2.3)               -        (15.1)         (29.8)
Non-controlling interest holders                                           (7.2)          (0.2)               -        (12.1)         (10.6)

Cash flows from investing activities                                     (165.5)        (145.9)         (169.3)       (651.5)        (530.9)
Capital expenditure – additions                                          (158.3)        (142.7)         (170.0)       (634.1)        (608.9)
Capital expenditure – proceeds on disposal                                     -            0.7             0.9           3.1            4.9
Purchase of investments                                                    (3.0)              -           (2.8)         (3.0)          (4.4)
Proceeds on disposal of Chucapaca                                              -              -               -             -           81.0
Proceeds on disposal of investments                                            -              -             4.4             -            6.4
Environmental payments                                                     (4.2)          (3.9)           (1.8)        (17.5)          (9.9)

Cash flows from financing activities                                      (90.7)           20.4          (28.0)        (88.3)        (125.9)
Loans received                                                            120.9            38.9           137.4         506.0          463.9
Loans repaid                                                             (211.6)         (18.5)         (165.4)       (594.3)        (591.8)
Non-controlling interest holders' loans received                               -              -               -             -            2.0

Net cash (outflow)/inflow                                                 (54.3)           92.5            27.9           4.1          151.7
Translation adjustment                                                       8.5         (21.8)          (16.1)        (22.1)         (18.7)
Cash at beginning of period                                                485.8          415.1           446.2         458.0          325.0
Cash at end of period                                                      440.0          485.8           458.0         440.0          458.0
Cash flow from operating activities less net capital expenditure and
environmental payments                                                      46.6           74.6            54.3         122.6          235.0

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

                                                                                           UNITED STATES DOLLARS
                                                                                 Quarter (Unreviewed)                          Year end
                                                                           December    September        December         December        December          
                                                                              2015*        2015*           2014*             2015            2014
                                                                                                                       (Reviewed)       (Audited)
Net (loss)/earnings                                                         (257.9)         18.0          (25.5)          (242.1)            12.8
Profit on sale of investments                                                     -        (0.1)           (1.3)            (0.1)           (0.5)
Profit on sale of Chucapaca                                                       -            -               -                -           (4.6)
(Loss)/profit on sale of assets                                                 2.1        (0.2)           (0.1)              0.1             1.3
Taxation effect on sale of assets                                             (0.2)        (0.1)               -              0.4           (0.4)
Impairment of investments and assets                                          232.1          3.4            21.2            243.9            22.4
Taxation on impairment of investments and assets                             (30.4)            -           (3.8)           (30.4)           (3.7)
Headline (loss)/earnings                                                     (54.3)         21.0           (9.5)           (28.2)            27.3
Headline (loss)/earnings per share – cents                                      (8)            3             (1)              (4)               4
Based on headline earnings as given above divided by 776,559,790 (Sept
2015 – 775,270,967 and December 2014 – 770,519,087) being the weighted                                                                            
average number of ordinary shares in issue.                                                                         

* The information has not been reviewed by KPMG Inc.

Segmental operating and financial results

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

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

Average exchange rates were US$1 = R14.08 and US$1 = R12.86 for the December 2015 and September 2015 quarters respectively.
The Australian/US dollar exchange rates were A$1 = US$0.72 and A$1 = US$0.73 for the December 2015 and September 2015 quarters respectively.

# The information for the year ended 31 December 2015 has been reviewed by KPMG Inc.
  The information for the quarters ended December 2015 and September 2015 has not been reviewed by KPMG Inc.
  Figures may not add as they are rounded independently.
Segmental operating and financial results
                                                                                                                                                                                    SOUTH
                                                                      Australia Region#                                          AUSTRALIAN DOLLARS1                               AFRICAN
                                                                                                                                                                                    RAND2
                                                                                                                                                                                 South Africa
                                                                             Australia                                               Australia Region¤
                                                                                                                                                                                    Region
 UNITED STATES DOLLARS                                                         Agnew/                  Granny                                Agnew/                  Granny
                                                       Total      St Ives     Lawlers      Darlot       Smith          Total    St Ives     Lawlers      Darlot       Smith         South Deep
                                                                                                                                                                      
Operating Results (Unreviewed)
Ore milled/treated                       Dec 2015      1,749          974         298         118         359          1,749         974        298         118         359                549
(000 tonnes)                            Sept 2015      1,617          837         294         125         361          1,617         837        294         125         361                387
                             Financial year ended      6,993        3,867       1,218         457       1,451          6,993       3,867      1,218         457       1,451              1,496
Yield                                    Dec 2015        4.7          3.2         6.9         6.5         6.3            4.7         3.2        6.9         6.5         6.3                3.9
(grams per tonne)                       Sept 2015        4.7          3.0         6.1         6.3         7.1            4.7         3.0        6.1         6.3         7.1                4.4
                             Financial year ended        4.4          3.0         6.0         5.3         6.5            4.4         3.0        6.0         5.3         6.5                4.1
Gold produced                            Dec 2015      263.0        100.4        65.7        24.6        72.4          263.0       100.4       65.7        24.6        72.4              2,119
(000 managed                            Sept 2015      248.6         83.6        57.5        25.4        82.1          248.6        83.6       57.5        25.4        82.1              1,709
equivalent ounces)           Financial year ended      988.0        371.9       236.6        78.4       301.1          988.0       371.9      236.6        78.4       301.1              6,160
Gold sold                                Dec 2015      263.0        100.4        65.7        24.6        72.4          263.0       100.4       65.7        24.6        72.4              2,119
(000 managed                            Sept 2015      248.6         83.6        57.5        25.4        82.1          248.6        83.6       57.5        25.4        82.1              1,709
equivalent ounces)           Financial year ended      988.0        371.9       236.6        78.4       301.1          988.0       371.9      236.6        78.4       301.1              6,160
Gold price received                      Dec 2015      1,098        1,099       1,102       1,111       1,088          1,531       1,531      1,532       1,533       1,527            503,887
(dollar per                             Sept 2015      1,133        1,128       1,126       1,172       1,132          1,553       1,561      1,547       1,573       1,547            471,094
equivalent ounce)            Financial year ended      1,159        1,161       1,158       1,163       1,157          1,541       1,543      1,539       1,546       1,538            478,263
Operating costs                          Dec 2015         73           48         113         123          90            102          67        159         172         126              1,567
(dollar per tonne)                      Sept 2015         84           59         120         128          97            115          81        165         175         133              2,088
                             Financial year ended         76           50         117         131          94            101          67        156         174         125              2,005
All-in-sustaining costs                  Dec 2015        819          836         828         817         787          1,146       1,171      1,160       1,142       1,101            495,833
(dollar per ounce)                      Sept 2015        859          879       1,025         906         699          1,177       1,229      1,401       1,232         957            578,051
                             Financial year ended        912          969         959       1,057         764          1,211       1,287      1,276       1,403       1,017            607,429
Total all-in-cost                        Dec 2015        819          836         828         817         787          1,146       1,171      1,160       1,142       1,101            522,642
(dollar per ounce)                      Sept 2015        859          879       1,025         906         699          1,177       1,229      1,401       1,232         957            589,823
                             Financial year ended        912          969         959       1,057         764          1,211       1,287      1,276       1,403       1,017            635,622
Financial Results ($ million)
Revenue                                  Dec 2015      288.8        110.4        72.5        27.3        78.7          402.6       153.7      100.7        37.7       110.6            1,067.9
                                        Sept 2015      281.7         94.3        64.7        29.7        93.0          386.5       130.5       89.0        39.9       127.1              805.1
                            Financial year ended#    1,145.4        431.8       273.9        91.3       348.4        1,522.4       573.9      364.1       121.3       463.1            2,946.1
Net operating                            Dec 2015    (124.8)       (45.6)      (31.2)      (14.3)      (33.7)        (175.7)      (64.6)     (44.0)      (20.0)      (47.3)            (857.3)
costs                                   Sept 2015    (134.6)       (45.9)      (37.5)      (16.9)      (34.3)        (185.5)      (64.2)     (51.3)      (22.9)      (47.1)            (803.2)
                            Financial year ended#    (562.3)      (220.3)     (141.4)      (59.2)     (141.3)        (747.3)     (292.8)    (188.0)      (78.6)     (187.9)          (3,000.2)
  – Operating costs                      Dec 2015    (126.9)       (46.5)      (33.8)      (14.5)      (32.1)        (177.9)      (65.1)     (47.4)      (20.3)      (45.1)            (857.3)
                                        Sept 2015    (135.6)       (49.2)      (35.3)      (16.0)      (35.1)        (185.9)      (67.6)     (48.4)      (21.9)      (48.1)            (803.2)
                            Financial year ended#    (533.2)      (195.0)     (142.6)      (59.8)     (135.9)        (708.8)     (259.2)    (189.5)      (79.5)     (180.7)          (3,000.2)
  – Gold inventory                       Dec 2015        2.1          0.8         2.6         0.2       (1.6)            2.1         0.6        3.4         0.3       (2.2)                  -
                                        Sept 2015        1.0          3.3       (2.3)       (0.9)         0.9            0.4         3.4      (2.9)       (1.0)         1.0                  -
                            Financial year ended#     (29.0)       (25.3)         1.1         0.6       (5.4)         (38.5)      (33.7)        1.5         0.9       (7.2)                  -
Operating                                Dec 2015      164.1         64.7        41.3        13.0        45.0          226.9        89.1       56.8        17.7        63.3              210.6
profit/loss                             Sept 2015      147.1         48.4        27.2        12.8        58.7          201.0        66.4       37.6        16.9        80.0                1.9
                            Financial year ended#      583.1        211.5       132.5        32.1       207.1          775.0       281.1      176.1        42.6       275.2             (54.1)
Amortisation of                          Dec 2015     (68.1)                                                          (94.5)                                                           (268.9)
mining assets                           Sept 2015     (64.0)                                                          (87.2)                                                           (213.3)
                            Financial year ended#    (251.8)                                                         (334.7)                                                           (861.0)
Net operating                            Dec 2015       95.9                                                           132.3                                                            (58.3)
profit/(loss)                           Sept 2015       83.1                                                           113.7                                                           (211.4)
                            Financial year ended#      331.3                                                           440.4                                                           (915.1)
Other expenses                           Dec 2015      (8.1)                                                          (11.6)                                                            (13.6)
                                        Sept 2015     (12.8)                                                          (17.4)                                                            (30.5)
                            Financial year ended#     (44.6)                                                          (59.3)                                                           (120.7)
Profit/(loss) before                     Dec 2015       87.8                                                           120.8                                                            (71.9)
royalties and                           Sept 2015       70.5                                                            96.3                                                           (241.9)
taxation                    Financial year ended#      286.7                                                           381.0                                                         (1,035.8)
Royalties, mining                        Dec 2015     (29.2)                                                          (40.5)                                                            (12.5)
and income                              Sept 2015     (26.3)                                                          (35.8)                                                              63.8
taxation                    Financial year ended#    (104.1)                                                         (138.4)                                                             265.5
  – Normal taxation                      Dec 2015     (66.6)                                                          (88.5)                                                                 -
                                        Sept 2015      (0.1)                                                           (0.1)                                                                 -
                            Financial year ended#     (66.7)                                                          (88.6)                                                                 -
  – Royalties                            Dec 2015      (6.9)                                                           (9.6)                                                             (5.3)
                                        Sept 2015      (6.9)                                                           (9.5)                                                             (4.0)
                            Financial year ended#     (28.0)                                                          (37.2)                                                            (14.7)
  – Deferred taxation                    Dec 2015       44.2                                                            57.6                                                             (7.2)
                                        Sept 2015     (19.3)                                                          (26.2)                                                              67.8
                            Financial year ended#      (9.5)                                                          (12.6)                                                             280.2
Profit/(loss) before                     Dec 2015       58.6                                                            80.3                                                            (84.4)
non-recurring                           Sept 2015       44.2                                                            60.5                                                           (178.1)
items                       Financial year ended#      182.5                                                           242.6                                                           (770.3)
Non-recurring                            Dec 2015      (6.9)                                                           (9.3)                                                              78.4
items                                   Sept 2015        0.7                                                             1.0                                                             (0.9)
                            Financial year ended#      (7.0)                                                           (9.3)                                                              69.8
Net profit/(loss)                        Dec 2015       51.7                                                            71.0                                                             (6.0)
                                        Sept 2015       44.9                                                            61.5                                                           (179.0)
                            Financial year ended#      175.5                                                           233.3                                                           (700.5)
Net profit/(loss) excluding              Dec 2015       56.7                                                            65.9                                                              47.3
gains and losses on foreign
exchange, financial
                                        Sept 2015       45.1                                                            52.4                                                           (179.0)
instruments and non-        Financial year ended#      183.8                                                           213.6                                                           (651.6)
recurring items

Capital expenditure                   Dec 2015         (76.9)      (32.4)       (20.1)       (4.9)     (19.5)        (106.6)      (44.8)      (27.9)       (6.8)      (27.0)            (243.4)
                                      Sept 2015        (65.9)      (22.3)       (18.6)       (5.0)     (19.3)         (89.4)      (31.0)      (25.3)       (6.8)      (26.3)            (186.5)
                          Financial year ended#       (280.8)     (114.5)       (73.0)      (20.0)     (72.4)        (373.3)     (152.2)      (97.1)      (26.6)      (96.3)            (848.4)
 # As a significant portion of the acquisition price was allocated to tenements on endowment ounces and also as the Australian operations are entitled to transfer and then off-set tax losses
   from one company to another, it is not meaningful to split the income statement below operating profit.
 1 For Australia, all financial numbers are in Australian dollar.
 2 For South Africa, all financial numbers are in Rand and Rand per kilogram.
 # The information for the year ended 31 December 2015 has been reviewed by KPMG Inc.
   The information for the quarters ended December 2015 and September 2015 has not been reviewed by KPMG Inc.
   Figures may not add as they are rounded independently.

All-in-costs (Unreviewed)
WORLD GOLD COUNCIL INDUSTRY STANDARD
Figures are in US dollar million unless otherwise stated
                                                                                                     South
                                                                                                                                                                                           South
                                                                                                     Africa                                West Africa Region
                                                                                                                                                                                          America
                                                                                                     Region
                                                                             Total Group
                                                                              Operations                                                            Ghana                                     Peru


UNITED STATES DOLLARS                                                                                                                                                                       Cerro
                                                                                                      South Deep                  Total             Tarkwa            Damang
                                                                                                                                                                                             Corona
Operating costs(1)                                        Dec 2015               (347.8)                  (61.1)                (123.6)             (79.5)            (44.2)                 (36.4)
                                                         Sept 2015               (369.4)                  (62.8)                (134.7)             (86.9)            (47.8)                 (36.7)
                                              Financial year ended             (1,431.3)                 (236.6)                (518.5)            (334.2)           (184.3)                (143.8)
Gold inventory change                                     Dec 2015                   5.8                      -                     5.9                6.7             (0.8)                  (2.1)
                                                         Sept 2015                   3.4                      -                     1.0                1.0                 -                    1.4
                                              Financial year ended                (24.9)                      -                     5.2                7.3             (2.1)                  (1.0)
Inventory write-off                                       Dec 2015                 (8.0)                      -                   (8.0)                  -             (8.0)                      -
                                                         Sept 2015                     -                      -                       -                  -                 -                      -
                                              Financial year ended                 (8.0)                      -                   (8.0)                  -             (8.0)                      -
Royalties                                                 Dec 2015                (17.8)                  (0.4)                  (10.4)              (8.0)             (2.4)                  (0.2)
                                                         Sept 2015                (18.7)                  (0.3)                  (10.9)              (8.4)             (2.5)                  (0.6)
                                              Financial year ended                (76.0)                  (1.2)                  (43.8)             (34.0)             (9.7)                  (3.1)
Realised gains/losses on                                  Dec 2015                 (3.4)                      -                       -                  -                 -                      -
commodity cost hedges                                    Sept 2015                 (2.7)                      -                       -                  -                 -                      -
                                              Financial year ended                (12.1)                      -                       -                  -                 -                      -
Community/social                                          Dec 2015                 (5.1)                  (0.4)                   (0.1)              (0.1)                 -                  (4.7)
responsibility costs                                     Sept 2015                 (2.4)                  (0.4)                   (0.6)              (0.6)                 -                  (1.4)
                                              Financial year ended                (12.2)                  (1.7)                   (2.3)              (2.1)             (0.2)                  (8.3)
Non-cash remuneration –                                   Dec 2015                 (1.9)                  (0.1)                   (0.4)              (0.3)             (0.1)                  (0.1)
share-based payments                                     Sept 2015                 (2.9)                  (0.3)                   (0.4)              (0.3)             (0.1)                  (0.3)
                                              Financial year ended                (10.9)                  (1.0)                   (1.8)              (1.5)             (0.3)                  (1.2)
Cash remuneration (long-term                              Dec 2015                 (1.6)                    0.5                       -              (0.1)               0.1                  (0.2)
employee benefits)                                       Sept 2015                 (0.3)                  (0.3)                   (0.1)              (0.1)                 -                  (0.1)
                                              Financial year ended                 (5.3)                  (1.0)                   (1.7)              (1.4)             (0.4)                  (0.8)
Other                                                     Dec 2015                 (2.1)                      -                       -                  -                 -                      -
                                                         Sept 2015                 (2.1)                      -                       -                  -                 -                      -
                                              Financial year ended                 (8.5)                      -                       -                  -                 -                      -
By-product credits                                        Dec 2015                  26.0                    0.2                     1.5                1.5                 -                   24.1
                                                         Sept 2015                  27.8                    0.1                     3.1                3.1                 -                   24.2
                                              Financial year ended                 120.7                    0.4                     5.5                5.5                 -                  113.8
Rehabilitation amortisation                               Dec 2015                 (5.7)                  (0.2)                   (0.9)              (0.8)             (0.1)                  (1.2)
and interest                                             Sept 2015                 (6.1)                  (0.2)                   (1.1)              (1.0)             (0.1)                  (1.3)
                                              Financial year ended                (25.0)                  (0.8)                   (4.3)              (3.7)             (0.6)                  (4.9)
Sustaining capital                                        Dec 2015               (155.1)                 (13.2)                  (37.5)             (34.6)             (2.8)                 (27.6)
expenditure                                              Sept 2015               (139.7)                 (12.9)                  (42.7)             (36.8)             (5.9)                 (18.5)
                                              Financial year ended               (619.9)                 (53.2)                 (221.1)            (204.2)            (16.9)                 (64.8)
All-in sustaining costs(2)                                Dec 2015               (516.7)                 (74.6)                 (173.5)            (115.2)            (58.4)                 (48.3)
                                                         Sept 2015               (513.5)                 (77.2)                 (186.5)            (130.2)            (56.4)                 (33.3)
                                              Financial year ended             (2,113.3)                (295.1)                 (790.8)            (568.2)           (222.5)                (114.0)
Exploration, feasibility                                  Dec 2015                 (4.0)                      -                       -                  -                 -                      -
and evaluation costs                                     Sept 2015                 (4.5)                      -                       -                  -                 -                      -
                                              Financial year ended                (26.0)                      -                       -                  -                 -                      -
Non sustaining                                            Dec 2015                 (3.2)                  (4.2)                       -                  -                 -                      -
capital expenditure                                      Sept 2015                 (3.0)                  (1.5)                       -                  -                 -                      -
                                              Financial year ended                (14.2)                 (13.7)                       -                  -                 -                      -
Total all-in cost(3)                                      Dec 2015               (523.9)                 (78.8)                 (173.5)            (115.2)            (58.4)                 (48.3)
                                                         Sept 2015               (520.9)                 (78.6)                 (186.5)            (130.2)            (56.4)                 (33.3)
                                              Financial year ended             (2,153.5)                (308.8)                 (790.8)            (568.2)           (222.5)                (114.0)
 
Total all-in sustaining                                   Dec 2015               (516.7)                 (74.6)                 (173.5)            (115.2)            (58.4)                 (48.3)
cost                                                     Sept 2015               (513.5)                 (77.2)                 (186.5)            (130.2)            (56.4)                 (33.3)
                                              Financial year ended             (2,113.3)                (295.1)                 (790.8)            (568.2)           (222.5)                (114.0)
Gold only ounces sold                                     Dec 2015                 556.4                   68.1                   187.6              144.8              42.9                   37.6
– (000 ounces)                                           Sept 2015                 541.8                   54.9                   193.8              149.4              44.4                   44.5
                                              Financial year ended               2,098.8                  198.0                   753.9              586.1             167.8                  158.8
AISC per ounce of gold sold                               Dec 2015                   929                  1,095                     925                799             1,361                  1,285
US$/oz                                                   Sept 2015                   948                  1,404                     962                872             1,272                    747
                                              Financial year ended                 1,007                  1,490                   1,049                970             1,326                    718
 
Total all-in cost                                         Dec 2015               (523.9)                 (78.8)                 (173.5)            (115.2)            (58.4)                 (48.3)
                                                         Sept 2015               (520.9)                 (78.6)                 (186.5)            (130.2)            (56.4)                 (33.3)
                                              Financial year ended             (2,153.5)                (308.8)                 (790.8)            (568.2)           (222.5)                (114.0)
Gold only ounces sold                                     Dec 2015                 556.4                   68.1                   187.6              144.8              42.9                   37.6
– (000 ounces)                                           Sept 2015                 541.8                   54.9                   193.8              149.4              44.4                   44.5
                                              Financial year ended               2,098.8                  198.0                   753.9              586.1             167.8                  158.8
AIC per ounce of gold sold                                Dec 2015                   942                  1,156                     925                799             1,361                  1,285
US$/oz                                                   Sept 2015                   961                  1,431                     962                872             1,272                    747
                                              Financial year ended                 1,026                  1,559                   1,049                970             1,326                    718
  
  DEFINITIONS 
  All-in costs are calculated in accordance with the World Gold Council Industry standard.
  1 Operating costs – As published and includes all mining and processing costs, third party refining costs, permitting costs and corporate G&A charges.

  2 All-in sustaining costs – Include operating costs and costs detailed above, including sustaining capital expenditure based on managed gold sales.

  3 Total all-in cost – Includes sustaining and group costs, excluding income tax, M&A activity, working capital, impairments (other than inventory impairments), financing costs, one-time
    severance charges and items to normalise earnings.

All-in-costs (Unreviewed)
WORLD GOLD COUNCIL INDUSTRY STANDARD
Figures are in US dollar million unless otherwise stated

                                                                                                 Australia Region
                                                                                                                                                  Corporate
                                                                                                    Australia                                        and
                                                                                                                                                   projects
UNITED STATES DOLLARS                                              Total         St Ives           Agnew/           Darlot         Granny Smith
                                                                                                   Lawlers
                    (1)
Operating costs                                       Dec 2015       (126.9)         (46.5)            (33.8)          (14.5)            (32.1)          0.2
                                                      Sept 2015      (135.6)         (49.2)            (35.3)          (16.0)            (35.1)          0.6
                                            Financial year ended     (533.2)        (195.0)           (142.6)          (59.8)           (135.9)          0.8
Gold inventory change                                 Dec 2015           2.1            0.8               2.6             0.2             (1.6)            -
                                                      Sept 2015          1.0            3.3             (2.3)           (0.9)               0.9            -
                                            Financial year ended      (29.0)         (25.3)               1.1             0.6             (5.4)            -
Inventory write-off                                   Dec 2015            -               -               -                 -                 -            -
                                                      Sept 2015           -               -               -                 -                 -            -
                                            Financial year ended          -               -               -                 -                 -            -
Royalties                                             Dec 2015         (6.9)          (2.7)             (1.7)           (0.6)             (1.9)            -
                                                      Sept 2015        (6.9)          (2.2)             (1.7)           (0.7)             (2.4)            -
                                            Financial year ended      (28.0)         (10.7)             (6.6)           (2.1)             (8.7)            -
Realised gains/losses on                              Dec 2015         (3.4)          (1.4)             (0.4)           (0.1)             (1.4)            -
commodity cost hedges                                 Sept 2015        (2.7)          (1.1)             (0.3)           (0.2)             (1.1)            -
                                            Financial year ended      (12.1)          (5.0)             (1.5)           (0.5)             (5.2)            -
Community/social                                      Dec 2015            -               -               -                 -                 -            -
responsibility costs                                  Sept 2015           -               -               -                 -                 -            -
                                            Financial year ended          -               -               -                 -                 -            -
Non-cash remuneration –                               Dec 2015         (0.2)          (0.1)                 -               -             (0.1)         (1.0)
share-based payments                                  Sept 2015        (0.9)          (0.4)             (0.3)           (0.1)             (0.2)         (1.0)
                                            Financial year ended       (2.5)          (1.2)             (0.7)           (0.2)             (0.4)         (4.4)
Cash remuneration (long-                              Dec 2015             -            0.1             (0.1)               -                 -         (2.0)
term employee benefits)                               Sept 2015          0.4            0.2               0.1           (0.1)               0.1           0.1
                                            Financial year ended       (1.2)          (0.2)             (0.5)           (0.2)             (0.3)         (0.6)
Other                                                 Dec 2015             -              -                 -               -                 -         (2.1)
                                                      Sept 2015            -              -                 -               -                 -         (2.1)
                                            Financial year ended           -              -                 -               -                 -         (8.5)
By-product credits                                    Dec 2015           0.2            0.1               0.1               -                 -             -
                                                      Sept 2015          0.4            0.1               0.1             0.2               0.1             -
                                            Financial year ended         1.0            0.5               0.3             0.2               0.1             -
Rehabilitation amortisation                           Dec 2015         (3.4)          (1.9)             (0.9)           (0.2)             (0.4)             -
and interest                                          Sept 2015        (3.4)          (2.0)             (0.7)           (0.2)             (0.5)             -
                                            Financial year ended      (14.9)          (8.9)             (3.4)           (0.8)             (1.8)             -
Sustaining capital expenditure                        Dec 2015        (76.9)         (32.4)            (20.1)           (4.9)            (19.5)             -
                                                      Sept 2015       (65.9)         (22.3)            (18.6)           (5.0)            (19.3)             -
                                            Financial year ended     (280.8)        (114.5)            (73.0)          (20.0)            (72.4)             -
All-in sustaining costs(2)                            Dec 2015       (215.4)         (83.9)            (54.4)          (20.1)            (57.0)         (5.1)
                                                      Sept 2015      (213.6)         (73.5)            (58.9)          (23.0)            (57.4)         (2.5)
                                            Financial year ended     (900.7)        (360.2)           (226.8)          (82.9)           (230.0)        (13.0)
Exploration, feasibility                              Dec 2015             -              -                 -               -                 -         (4.0)
and evaluation costs                                  Sept 2015            -              -                 -               -                 -         (4.5)
                                            Financial year ended           -              -                 -               -                 -        (26.0)
Non sustaining capital                                Dec 2015             -              -                 -               -                 -           1.0
expenditure                                           Sept 2015            -              -                 -               -                 -         (1.5)
                                            Financial year ended           -              -                 -               -                 -         (0.5)
Total all-in cost(3)                                  Dec 2015       (215.4)         (83.9)            (54.4)          (20.1)            (57.0)         (8.1)
                                                      Sept 2015      (213.6)         (73.5)            (58.9)          (23.0)            (57.4)         (8.5)
                                            Financial year ended     (900.7)        (360.2)           (226.8)          (82.9)           (230.0)        (39.5)

Total all-in sustaining cost                          Dec 2015       (215.4)         (83.9)            (54.4)          (20.1)            (57.0)         (5.1)
                                                      Sept 2015      (213.6)         (73.5)            (58.9)          (23.0)            (57.4)         (2.5)
                                            Financial year ended     (900.7)        (360.2)           (226.8)          (82.9)           (230.0)        (13.0)
Gold only ounces sold                                 Dec 2015        263.0          100.4              65.7             24.6             72.4              -
– (000 ounces)                                        Sept 2015       248.6           83.6              57.5             25.4             82.1              -
                                            Financial year ended      988.0          371.9             236.6             78.4            301.1              -
AISC per ounce of gold sold                           Dec 2015          819            836               828              817              787              -
US$/oz                                                Sept 2015         859            879             1,025              906              699              -
                                            Financial year ended        912            969               959            1,057              764              -

Total all-in cost                                     Dec 2015       (215.4)         (83.9)            (54.4)          (20.1)            (57.0)         (8.1)
                                                      Sept 2015      (213.6)         (73.5)            (58.9)          (23.0)            (57.4)         (8.5)
                                            Financial year ended     (900.7)        (360.2)           (226.8)          (82.9)           (230.0)        (39.5)
Gold only ounces sold                                 Dec 2015        263.0          100.4              65.7             24.6             72.4             -
– (000 ounces)                                        Sept 2015       248.6           83.6              57.5             25.4             82.1             -
                                            Financial year ended      988.0          371.9             236.6             78.4            301.1             -
AIC per ounce of gold sold                            Dec 2015          819            836               828              817              787             -
US$/oz                                                Sept 2015         859            879             1,025              906              699             -
                                            Financial year ended        912            969               959            1,057              764             -

All-in sustaining costs and all-in costs gross of by-product credits per equivalent ounce of gold sold (Unreviewed)
WORLD GOLD COUNCIL INDUSTRY STANDARD
Figures are in US dollar million unless otherwise stated
                                                                                  South
                                                                                                                                           South
                                                                                  Africa                   West Africa Region
                                                                                                                                          America
                                                                                  Region
                                                                  Total Group
                                                                  Operations                                     Ghana                        Peru


UNITED STATES DOLLARS                                                                                                                        Cerro
                                                                                  South Deep     Total           Tarkwa         Damang
                                                                                                                                             Corona

All-in sustaining costs                                Dec 2015        (516.7)        (74.6)    (173.5)          (115.2)         (58.4)       (48.3)
(per table on page 26)                                Sept 2015        (513.5)        (77.2)    (186.5)          (130.2)         (56.4)       (33.3)
                                           Financial year ended      (2,113.3)       (295.1)    (790.8)          (568.2)        (222.5)      (114.0)
Add back by-product credits                            Dec 2015         (26.0)         (0.2)      (1.5)            (1.5)              -       (24.1)
                                                      Sept 2015         (27.8)         (0.1)      (3.1)            (3.1)              -       (24.2)
                                           Financial year ended        (120.7)         (0.4)      (5.5)            (5.5)              -      (113.8)
All-in sustaining costs gross                          Dec 2015        (542.7)        (74.8)    (175.0)          (116.7)         (58.4)       (72.4)
of by-product credits                                 Sept 2015        (541.3)        (77.3)    (189.6)          (133.3)         (56.4)       (57.5)
                                           Financial year ended      (2,234.0)       (295.5)    (796.3)          (573.7)        (222.5)      (227.8)
Gold equivalent ounces sold                            Dec 2015          586.3          68.1     187.6             144.8           42.9         67.5
                                                      Sept 2015          576.0          54.9     193.8             149.4           44.4         78.6
                                           Financial year ended        2,233.3         198.0     753.9             586.1          167.8        293.3
AISC gross of by-product                               Dec 2015            926         1,098       933               806          1,361        1,073
credits per equivalent ounce                          Sept 2015            940         1,406       978               892          1,272          731
of gold – US$/eq oz                        Financial year ended          1,000         1,492     1,056               979          1,326          777


All-in costs                                           Dec 2015        (523.9)        (78.8)    (173.5)          (115.2)         (58.4)       (48.3)
(per table on page 26)                                Sept 2015        (520.9)        (78.6)    (186.5)          (130.2)         (56.4)       (33.3)
                                           Financial year ended      (2,153.5)       (308.8)    (790.8)          (568.2)        (222.5)      (114.0)
Add back by-product credits                            Dec 2015         (26.0)         (0.2)      (1.5)            (1.5)              -       (24.1)
                                                      Sept 2015         (27.8)         (0.1)      (3.1)            (3.1)              -       (24.2)
                                           Financial year ended        (120.7)         (0.4)      (5.5)            (5.5)              -      (113.8)
All-in costs gross of by-product credits               Dec 2015        (549.9)        (79.0)    (175.0)          (116.7)         (58.4)       (72.4)
                                                      Sept 2015        (548.7)        (78.7)    (189.6)          (133.3)         (56.4)       (57.5)
                                           Financial year ended      (2,274.2)       (309.2)    (796.3)          (573.7)        (222.5)      (227.8)
Gold equivalent ounces sold                            Dec 2015          586.3          68.1      187.6            144.8           42.9         67.5
                                                      Sept 2015          576.0          54.9      193.8            149.4           44.4         78.6
                                           Financial year ended        2,233.3         198.0      753.9            586.1          167.8        293.3
AIC gross of by-product                                Dec 2015            938         1,159        933              806          1,361        1,073
credits per equivalent ounce                         Sept 2015             953         1,433        978              892          1,272          731
of gold – US$/eq oz                        Financial year ended          1,018         1,561      1,056              979          1,326          777

All-in sustaining costs and all-in costs gross of by-product credits per equivalent ounce of gold sold (Unreviewed)
WORLD GOLD COUNCIL INDUSTRY STANDARD
Figures are in US dollar million unless otherwise stated

                                                                                              Australia Region

                                                                                                                                             Corporate
                                                                                                 Australia                                      and
                                                                                                                                              projects

UNITED STATES DOLLARS                                                                           Agnew/
                                                                   Total         St Ives                         Darlot       Granny Smith
                                                                                                Lawlers

All-in sustaining costs                               Dec 2015       (215.4)         (83.9)          (54.4)         (20.1)          (57.0)        (4.9)
(per table on page 27)                                Sept 2015      (213.6)         (73.5)          (58.9)         (23.0)          (57.4)        (2.5)
                                            Financial year ended     (900.7)        (360.2)         (226.8)         (82.9)         (230.0)       (12.7)
Add back by-product credits                           Dec 2015         (0.2)          (0.1)           (0.1)               -              -            -
                                                      Sept 2015        (0.4)          (0.1)           (0.1)           (0.2)          (0.1)            -
                                            Financial year ended       (1.0)          (0.5)           (0.3)           (0.2)          (0.1)            -
All-in sustaining costs gross                         Dec 2015       (215.6)         (84.0)          (54.5)         (20.1)          (57.0)        (4.9)
of by-product credits                                 Sept 2015      (214.0)         (73.6)          (59.0)         (23.1)          (57.4)        (2.5)
                                            Financial year ended     (901.8)        (360.7)         (227.1)         (83.1)         (230.1)       (12.7)
Gold equivalent ounces sold                           Dec 2015        263.0          100.4             65.7           24.6           72.4             -
                                                      Sept 2015       248.6           83.6             57.5           25.4           82.1             -
                                            Financial year ended      988.0          371.9            236.6           78.4          301.1             -
AISC gross of by-product                              Dec 2015          819            837              829            817            787             -
credits per equivalent ounce                          Sept 2015         861            881            1,027            912            699             -
of gold – US$/eq oz                         Financial year ended        913            970              960          1,059            764             -


All-in costs                                          Dec 2015       (215.4)         (83.9)          (54.4)         (20.1)          (57.0)        (7.9)
(per table on page 27)                                Sept 2015      (213.6)         (73.5)          (58.9)         (23.0)          (57.4)        (8.5)
                                            Financial year ended     (900.7)        (360.2)         (226.8)         (82.9)         (230.0)       (39.2)
Add back by-product credits                           Dec 2015         (0.2)          (0.1)           (0.1)               -              -            -
                                                      Sept 2015        (0.4)          (0.1)           (0.1)          (0.2)           (0.1)            -
                                            Financial year ended       (1.0)          (0.5)           (0.3)          (0.2)           (0.1)            -
All-in costs gross of by-                             Dec 2015       (215.6)         (84.0)          (54.5)         (20.1)          (57.0)        (7.9)
product credits                                       Sept 2015      (214.0)         (73.6)          (59.0)         (23.1)          (57.4)        (8.5)
                                            Financial year ended     (901.8)        (360.7)         (227.1)         (83.1)         (230.1)       (39.2)
Gold equivalent ounces sold                           Dec 2015        263.0          100.4             65.7           24.6           72.4             -
                                                      Sept 2015       248.6           83.6             57.5           25.4           82.1             -
                                            Financial year ended      988.0          371.9            236.6           78.4          301.1             -
AIC gross of by-product                               Dec 2015          819            837              829            817            787             -
credits per equivalent ounce                          Sept 2015         861            881            1,027            912            699             -
of gold – US$/eq oz                         Financial year ended        913            970              960          1,059            764             -

Underground and surface (Unreviewed)

                                                                     South                                            South
                                                                     Africa             West Africa Region           America                      Australia Region
                                                                     Region                                          Region

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

Ore milled/treated (000 tonnes)

– underground ore                    Dec 2015           1,414            404             -          -          -           -     1,010           235         298       118          359
                                    Sept 2015           1,390            335             -          -          -           -     1,055           276         294       125          360
                         Financial year ended           5,571          1,231             -          -          -           -     4,340         1,214       1,218       457        1,451
  
– underground waste                  Dec 2015              23             23             -          -          -           -         -             -          -          -            -
                                    Sept 2015              19             19             -          -          -           -         -             -          -          -            -
                         Financial year ended              51             51             -          -          -           -         -             -          -          -            -
 
– surface ore                        Dec 2015           6,949            122         4,361      3,299      1,062       1,727       739           739          -          -            -
                                    Sept 2015           6,887             34         4,538      3,415      1,123       1,753       562           561          -          -            1
                         Financial year ended          27,392            214        17,815     13,520      4,295       6,710     2,653         2,653          -          -            -
  
– total milled                       Dec 2015           8,386            549         4,361      3,299      1,062       1,727     1,749           974         298       118          359
                                    Sept 2015           8,295            387         4,538      3,415      1,123       1,753     1,617           837         294       125          361
                         Financial year ended          33,014          1,496        17,815     13,520      4,295       6,710     6,993         3,867       1,218       457        1,451


Yield (grams per tonne)


– underground ore                    Dec 2015             5.8           5.2              -          -          -           -       6.1           4.8         6.9       6.5          6.3
                                    Sept 2015             5.7           5.1              -          -          -           -       6.0           4.4         6.1       6.3          7.1
                         Financial year ended             5.5           5.0              -          -          -           -       5.7           4.5         6.0       5.3          6.5   
– underground                        Dec 2015               -             -              -          -          -           -         -             -           -         -            -
    t                               Sept 2015               -             -              -          -          -           -         -             -           -         -            -
                         Financial year ended               -             -              -          -          -           -         -             -           -         -            -   
– surface ore                        Dec 2015             1.4           0.1            1.3        1.4        1.3         1.2       2.7           2.7           -         -            -
                                    Sept 2015             1.4           0.2            1.3        1.4        1.2         1.4       2.4           2.5           -         -            -
                         Financial year ended             1.4           0.2            1.3        1.3        1.2         1.4       2.3           2.3           -         -            -
 
– combined                           Dec 2015             2.2           3.9            1.3        1.4        1.3         1.2       4.7           3.2         6.9       6.5          6.3
                                    Sept 2015             2.1           4.4            1.3        1.4        1.2         1.4       4.7           3.1         6.1       6.3          7.1
                         Financial year ended             2.1           4.1            1.3        1.3        1.2         1.4       4.4           3.0         6.0       5.3          6.5


Gold produced (000 ounces)


– underground ore                    Dec 2015           266.7          67.7              -          -          -           -     199.0          36.3        65.7      24.6         72.3
                                    Sept 2015           259.0          54.7              -          -          -           -     204.3          39.4        57.5      25.4         82.1
                         Financial year ended           989.4         195.8              -          -          -           -     792.5         176.3       236.6      78.4        301.1
 
– underground                        Dec 2015               -             -              -          -          -           -         -             -           -        -             -
    t                               Sept 2015               -             -              -          -          -           -         -             -           -        -             -
                         Financial year ended               -             -              -          -          -           -         -             -           -        -             -
     
– surface ore                        Dec 2015           318.4           0.5          187.6      144.8       42.9        66.2      64.1          64.1           -        -             -
                                    Sept 2015           317.5           0.3          193.8      149.4       44.4        79.2      44.3          44.3           -        -             -
                         Financial year ended         1,246.2           1.1          753.9      586.1      167.8       295.6     195.5         195.5           -        -             -
  
– total                              Dec 2015           585.0          68.1          187.6      144.8       42.9        66.2     263.0         100.4        65.7      24.6         72.4
                                    Sept 2015           576.5          54.9          193.8      149.4       44.4        79.2     248.6          83.6        57.5      25.4         82.1
                         Financial year ended         2,235.6         198.0          753.9      586.1      167.8       295.6     988.0         371.9       236.6      78.4        301.1
 

Operating costs (dollar per tonne)


– underground                        Dec 2015             112           142              -          -          -          -         96           104         113       123           90
                                    Sept 2015             124           178              -          -          -          -        104            91         120       128           97
                         Financial year ended             122           184              -          -          -          -        102            87         117       131           94
    
– surface                            Dec 2015              27             3             28         24         42         21         40            40           -         -            -
                                    Sept 2015              29             3             30         25         43         21         46            43           -         -            -
                         Financial year ended              28             1             29         25         43         21         34            34           -         -            -
  
– total                              Dec 2015              41           111             28         24         42         21         73            48         113       123           90
                                    Sept 2015              45           162             30         25         43         21         84            59         120       128           97
                         Financial year ended              43           158             29         25         43         21         76            50         117       131           94
 # December quarter includes 180 ounces at St Ives, from rinsing inventory at the heap leach operations.

Administration and corporate information

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


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

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


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


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

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

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

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


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


UNITED KINGDOM
Capita Asset Services
The Registry
34 Beckenham Road
Beckenham
Kent BR3 4TU
England
Tel: 0871 664 0300 [calls cost 10p a minute plus network extras,
     lines are open 8.30am – 5pm Mon-Fri] or [from overseas]
    +44 20 8639 5000
Fax: +44 20 8658 3430
e-mail:ssd@capitaregistrars.com


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

                                                          Website
                                                  WWW.GOLDFIELDS.COM


                                                          Listings
                                                       JSE / NYSE / GFI
                                                         SWX: GOLI


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

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

Independent auditor’s review report on condensed consolidated financial
statements

To the shareholders of Gold Fields Limited

We have reviewed the condensed consolidated financial statements of Gold
Fields Limited, which comprise the condensed consolidated statement of
financial position as at 31 December 2015, and the condensed consolidated
income statement and the condensed consolidated statements of comprehensive
income, changes in equity and cash flows for the year then ended, and selected
explanatory notes, as set out on pages 19 to 23 and marked as reviewed, and
the segmental financial results for the year ended 31 December 2015, as set out
on pages 24 to 25 and marked as reviewed.

Directors’ Responsibility for the Condensed Consolidated Financial Statements
The directors are responsible for the preparation and presentation of these
condensed consolidated financial statements in accordance with the
requirements of the JSE Limited Listings Requirements for preliminary reports,
as set out in the “Basis of accounting” note to the financial statements, and the
requirements of the Companies Act of South Africa, and for such internal control
as the directors determine is necessary to enable the preparation of financial
statements that are free from material misstatement, whether due to fraud or
error.

Auditor’s Responsibility
Our responsibility is to express a conclusion on these financial statements. We
conducted our review in accordance with International Standard on Review
Engagements (ISRE) 2410, which applies to a review of historical information
performed by the independent auditor of the entity. ISRE 2410 requires us to
conclude whether anything has come to our attention that causes us to believe
that the financial statements are not prepared in all material respects in
accordance with the applicable financial reporting framework. This standard also
requires us to comply with relevant ethical requirements.

A review of financial statements in accordance with ISRE 2410 is a limited
assurance engagement. We perform procedures, primarily consisting of making
inquiries of management and others within the entity, as appropriate, and
applying analytical procedures, and evaluate the evidence obtained.

The procedures performed in a review are substantially less than those
performed in an audit conducted in accordance with International Standards on
Auditing. Accordingly, we do not express an audit opinion on these financial
statements.

Conclusion
Based on our review, nothing has come to our attention that causes us to believe
that the condensed consolidated financial statements of Gold Fields Limited for
the year ended 31 December 2015 are not prepared, in all material respects, in
accordance with the requirements of the JSE Limited Listings Requirements for
preliminary reports, as set out in the “Basis of accounting” note to the financial
statements, and the requirements of the Companies Act of South Africa.

Other Matter
We have not reviewed the information for the quarters ended September 2015,
December 2015 and December 2014 and the segmental operating results
included in the accompanying condensed consolidated financial statements, and
accordingly do not express a conclusion thereon.

/s/ KPMG Inc.

Registered Auditor
Per Coenie Basson
Chartered Accountant (SA)
Registered Auditor
Director
18 February 2016
Parktown

South Africa

Forward looking statements

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

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

-   overall economic and business conditions in South Africa, Ghana, Australia, Peru and elsewhere;
-   changes in assumptions underlying Gold Fields’ mineral reserve estimates;
-   the ability to achieve anticipated efficiencies and other cost savings in connection with past and future acquisitions;
-   the ability to achieve anticipated cost savings at existing operations;
-   the success of the Group’s business strategy, development activities and other initiatives;
-   the ability of the Group to comply with requirements that it operate in a sustainable manner and provide benefits to affected communities;
-   decreases in the market price of gold or copper;
-   the occurrence of hazards associated with underground and surface gold mining or contagious diseases at Gold Field’s operations;
-   the occurrence of work stoppages related to health and safety incidents;
-   loss of senior management or inability to hire or retain employees;
-   fluctuations in exchange rates, currency devaluations and other macroeconomic monetary policies;
-   the occurrence of labour disruptions and industrial actions;
-   power cost increases as well as power stoppages, fluctuations and usage constraints;
-   supply chain shortages and increases in the prices of production imports;
-   the ability to manage and maintain access to current and future sources of liquidity, capital and credit, including the terms and conditions of Gold Fields’ facilities
    and Gold Fields’ overall cost of funding;
-   the adequacy of the Group’s insurance coverage;
-   the manner, amount and timing of capital expenditures made by Gold Fields on both existing and new mines, mining projects, exploration project or other initiatives;
-   changes in relevant government regulations, particularly labour, environmental, tax, royalty, health and safety, water, regulations and potential new legislation
    affecting mining and mineral rights;
-   fraud, bribery or corruption at Gold Field’s operations that leads to censure, penalties or negative reputational impacts; and
-   political instability in South Africa, Ghana, Peru or regionally in Africa or South America.
Gold Fields undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of
this report or to reflect the occurrence of unanticipated events.





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