GOLD FIELDS LIMITED - Gold Fields Reviewed Results Six months ended 30 June 2018

Release Date: 16/08/2018 12:00
Code(s): GFI
 
Wrap Text
Gold Fields Reviewed Results Six months ended 30 June 2018

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

Media Release
Gold Fields Reviewed Results
Six months ended 30 June 2018


Salient features
Including continuing and discontinued operations

- 0.994 million ounces of attributable gold production
- US$965 per ounce of All-in sustaining costs
- US$1,169 per ounce of All-in costs
- US$79 million cash outflow from operating activities*
- Net debt/EBITDA Ratio 1.07
- Restructuring of South Deep
- Impairment of South Deep US$359m (after tax)
- Growth project at Damang on track
- Gruyere expected to be 18% above approved budget but first production still expected in Q2 2019
- Acquisition of 45% of Asanko Ghana operations concluded
- International operations on or ahead of plan
Note: *Cash flow from operating activities less net capital expenditure and environmental payments.


JOHANNESBURG. 16 August 2018: Gold Fields Limited (NYSE & JSE: GFI) today announced losses attributable to owners of the parent from
continuing operations for the six months to 30 June 2018 of US$367m (US$0.45 cent per share). This compared with profit of
US$54m (US$0.07 cent per share) for the six months to 30 June 2017. Normalised profit from continuing operations of US$43m for the
six months to 30 June 2018 compared with US$78m for the six months to 30 June 2017.

An interim dividend of 20 SA cents per share (gross) is payable on 10 September 2018.

Statement by Nick Holland,
Chief Executive Officer
of Gold Fields

H1 2018 Performance
Safety remains our number one priority and we are pleased to report a fatal free period for the six months ended June 2018. In
addition, the total recordable injury frequency rate (TRIFR) for the Group improved by 10% YoY to 2.13. Our drive toward zero harm
continues.

The international operations continued to perform well for the six months ended June 2018 generating c.US$190m in net cash flow
(before project capex) for the group.

Gold Fields is in a strong financial position, with the integrity of the balance sheet remaining intact after funding cumulative
project expenditure (Damang and Gruyere) of US$330m over the past 18 months.
As reported in the recent trading statement, attributable gold equivalent production from continuing operations, for the six months
ended 30 June 2018, was 994koz (for the six months ended June 2017: 1,022koz). All-in sustaining costs for the period were US$965/oz
(for the six months ended June 2017: US$967/oz), with all-in costs of US$1,169/oz (for the six months ended June 2017: US$1,092/oz) as
a result of the higher project capital, as was planned.

Normalised profit from continuing operations for the six months ended June 2018 was US$43m or US$0.05 per share, compared with
US$78m or US$0.09 per share in for the six months ended June 2017. Normalised profit was impacted by higher exploration expenditure
this half year particularly as activities at Salares Norte have increased to complete the feasibility study by year end.

In line with our dividend policy of paying out between 25% and 35% of normalised profit as dividends, we have declared an interim
dividend of 20 SA cents per share which compared with the 2017 interim dividend of 40 SA cents per share.



Net cash flow for continuing operations from operating activities less net capital expenditure and environmental payments was an
outflow of US$79m, compared with an outflow of US$102m for the six months ended June 2017, mainly due to the growth capital spent at
Gruyere, Damang and Salares Norte. We previously indicated that we expected to be cash negative in 2017and 2018 as a consequence of
building two new mines in the Group and our ongoing study at Salares Norte. Excluding the project capital of US$179m for the half year,
the net cash flow would have been an inflow of US$100m for the six months ended June 2018.

The net debt balance increased by US$90m to US$1,393m from US$1,303m at the end of FY 2017, with the net debt to EBITDA ratio
marginally higher at 1.07x (December 2017: 1.03x) but still well below the debt covenant level of 2.5x.

Update on projects
Damang
The Damang reinvestment project continued to track well against plan for the six months ended June 2018. Total tonnes mined increased
26% YoY to 23.9Mt for the six months ended June 2018 which was slightly ahead of plan. Gold produced increased 16% YoY to 89.5koz,
driven by higher grade material mined and processed during the half year.

Capital expenditure was 9% higher YoY at US$73m, with US$61m spent on capital waste stripping and the balance spent on engineering
projects, Amoanda Phase 2 infill drilling and construction of the Far East TSF. AISC decreased 18% YoY to US$829/oz while AIC decreased
7% YoY to US$1,585/oz.

The potential at Amoanda continues to increase, following a successful drilling campaign, which will provide additional flexibility to
the operation when the main Damang pit commences production in Q2 2019.

Gruyere
As reported by the joint venture partners (on 30 July 2018), the independent third party review of the Definitive Estimate (DE) for the
Gruyere Gold Project including the Final Forecast Capital (FFC) cost estimate has been completed. First gold remains scheduled for the
June 2019 quarter which is in line with the guidance issued in April 2018. However, the FFC is now estimated to be A$621m (level of
accuracy range -2% / +2%) which includes scope changes and force majeure costs of A$30m along with a contingency of A$30m. This compares
with the original budget of A$532m, with A$329m spent on the project to date. A$185 m is expected to be spent in the second part of the
year.

As per the Joint Venture agreement entered into at the time of the acquisition, Gold Fields will fund up to 10% of costs overruns,
excluding scope changes and force majeure costs. This translates to approximately A$51m. Consequently, Gold Fields share of the FFC is
A$337m, with A$164m having been incurred up to the end of June 2018.
As at 27 July 2018, overall Project engineering and construction was 94% and 61% complete respectively with EPC construction (process
plant and associated infrastructure) 39% complete.

Despite the increased capital for the project, we believe that the long-life, low-cost nature of Gruyere will subsequently improve the
Gold Fields portfolio.

Salares Norte
The feasibility study for Salares Norte is on track for completion at the end of 2018. As previously guided, the mine is expected to
produce 3.5Moz gold equivalent ounces over a 10-year life, with average AISC of around US$575/oz and initial capex of US$850m.
On 5 July 2018, the Environment Impact Assessment was accepted for evaluation by the Chilean regulatory authorities.

Regional performance
Australia
Gold production for the Australia region for the six months ended June 2018 was 1% lower YoY at 442koz, mainly due to lower production
at Granny Smith, partially offset by increased production at St Ives. AIC for the region (excluding Gruyere) was 2% lower YoY in
A$ terms at A$1,166/oz and 1% higher YoY in US$ terms at US$900/oz. Net cash flow from the region for the six months ended June 2018,
excluding the US$79m spent on Gruyere, was an inflow of US$86m.

During the six months ended June 2018, A$40m of the exploration budget was spent, with 387,800 metres drilled during the period. There
have been encouraging results at all operations including extensions at Wallaby at Granny Smith, both laterally and at depth, as well
as extensions at the Greater Invincible complex at St Ives. The prefeasibility study on the Paleochannel Project at St Ives continued
in the six months ended June 2018, with progress being made on the mining method. At Agnew, drilling at Waroonga North continued to
yield positive results and Redeemer is emerging as a potential new ore source for the future.

West Africa
Attributable gold production from the West Africa region decreased by 1% YoY for the six months ended June 2018 at 319koz due to lower
production at Tarkwa, partially offset by increased production at Damang. AIC for the region decreased 2% YoY to US$1,114/oz due to
lower cost of sales before amortisation and depreciation and sustaining capital. Project capex for the Damang reinvestment was
US$66m for the six months ended June 2018, compared with US$53m for the six months ended June 2017. The AISC for the Ghana region
(which excludes the project capex for Damang) decreased 7% YoY to US$924/oz. The region generated a net cash outflow of US$2m for the
six months to June 2018. Again, if the project capex for Damang is excluded, the region would have generated a net cash inflow of
US$64m.

South America
Attributable equivalent gold production at Cerro Corona increased marginally YoY to 137koz. AIC increased by 9% YoY to US$737 per
equivalent ounce, mainly due to higher cost of sales before amortisation and depreciation and lower equivalent ounces sold. Despite
this, the mine generated net cash flow of US$41m for the six months ended June 2018.

South Deep
Gold Fields announced   a material restructuring of its South Deep operation on 14 August 2018. The mine has had a number of operational
challenges since Gold   Fields acquired it in 2006. The key challenge has been the difficulty in transitioning the mine from one run with
a conventional mining   mindset and practices to mining with a modern, bulk, mechanised mining approach. South Deep is a complex and
unique mine, that has   faced persistent issues that need to be addressed in a holistic manner.

Despite numerous interventions to address these challenges, including optimising the mining method, extensive training and skills
development, changing shift and work configurations, and outsourcing functions, the mine continues to make losses (R4bn over the past
five years). Management believes that the mine can no longer sustain these cash losses and that the cost structure needs to be
realigned with the current lower level of production.

During Q1 2018, South Deep completed phase 2 of its organisational restructuring plan, focusing on the lower levels of the
organisation, through a voluntary retrenchment programme, which resulted in 261 employees leaving the company This followed the
restructuring in Q4 2017 (phase 1) at the more senior levels of the business, which comprised a 25% reduction (47 employees) in the
management level.

Although this restructuring was mostly voluntary in   nature, it nonetheless had a significant negative impact on morale and consequently
productivity and output during the six months ended   30 June 2018. In addition, continued low mobile equipment reliability and
productivity, the intersection of active geological   features (faults and dykes) in the high-grade corridor 3 and poor ground conditions
in the composites (far western part of the orebody)   slowed production rates.

For the six months to 30 June 2018, production at South Deep decreased by 19% YoY to 3,003kg (97koz) from 3,710kg (119koz)) for the six
months ended June 2017 driven by decreased volumes and grade. AIC for the six months ended June 2018 increased 8% YoY to R715,373/kg
(US$1,816/oz), mainly due to lower gold sold. Net cash outflow for the six months ended 30 June 2018 was R656m (US$54m).

These challenges have resulted in an underperformance on development and destress mining and has impacted stope availability and
output. Stope availability and output has also been adversely affected as a result of slow loading and backfilling. These challenges
will not only impact the mine’s 2018 performance but the knock-on effect will carry through into 2019 and beyond.

Section 189 process commenced
Management has commenced with consultations in terms of Section 189 of the Labour Relations Act. It is envisaged that approximately
1,100 permanent employees could potentially be impacted by the proposed restructuring. In addition, approximately 460 contractors could
also potentially be impacted. South Deep currently employs 3,614 full-time employees and 1,940 contractors. Section 189 notices have
been served on its two representative trade unions, the National Union of Mineworkers and UASA. This will be followed by a 60-day
consultation process, which will be facilitated by the CCMA. The Minister of Mineral Resources has been informed of these developments.

Focus on securing the future with intensive near term initiatives
In support of returning the mine to sustainable profitability we propose to:
- Temporarily suspend mining activities at 87 Level and redeploy these mining crews into the 4W corridor;
- Service the eastern part of the mine from the Twin Shafts and re-staff the South Shaft operations to a single shift per day.
   South Shaft will facilitate the provision of the following services to the full mining operation: Water and Backfill reticulation,
   Water Pumping, Ventilation;
- Reduce growth capital expenditure for the next 18 months to reduce the cash burn. New mine development has outperformed the plan in
   recent years, which allows us some flexibility to reduce this activity for the near term.

Given the significant impact of the restructuring from late 2017 and early 2018, we are unable to quantify the impact of the proposed
large scale restructuring on production in 2019 and beyond.

Consequently, the previously guided build-up plan for the mine (released in February 2018) has a high degree of risk and uncertainty
and can no longer be relied upon.

South Deep impairment
The underperformance of the mine in 2018 and the resultant knock-on impact has necessitated a further impairment of South Deep. As
discussed above, we are unable to provide guidance for 2019 and beyond. However, for the purpose of the impairment calculation, we
have used a number equivalent to extrapolating the six months ended 30 June 2018 production for 2019 of 6,100kg (196koz).

As a result, South Deep has been further impaired by R4.8bn (US$359m) (net of tax) to a carrying value of R20.7bn (US$1.5bn). The
information underlying the impairment calculation may be subject to further adjustments in the future. These adjustments could be as
a result of further information becoming available to management during Gold Fields’ production planning processes.

Joint Venture with Asanko Gold
The Joint Venture transaction with Asanko Gold (Asanko) was completed on 31 July 2018, with Gold Fields acquiring a 50% stake in
Asanko’s 90% interest in the Asanko Gold Mine in Ghana. Gold Fields is expected to equity account its share in the Joint Venture,
with attributable production and costs incorporated into the Group numbers from completion. Asanko’s published guidance for 2019-2023
is average annual production of 253koz (100% basis).

Gold Fields and Asanko have established various working groups to ensure that the Asanko Gold Mine continues to operate in an efficient
manner.

FY18 guidance adjusted
Attributable equivalent gold production for 2018, including Asanko, is expected to be within the original guidance (14 February 2018)
of between 2.08Moz and 2.10Moz. AISC is expected to be between US$1,010 per ounce and US$1,030 per ounce and AIC is expected to be
between US$1,190 per ounce to US$1,210 per ounce, both as previously guided.

The South Deep production guidance factored into the Group production guidance is unchanged from the 7,600kg provided in April 2018
(with Q1 2018 results). However, given the potential volatility related to the proposed restructuring, there is an increased level of
uncertainty with this forecast.

Gold Fields will account for its contribution from the Asanko Joint Venture from 31 July 2018. As such, production of 43koz is expected
to be attributable to Gold Fields from the JV.

Change   in Directorship
Mr Don   Ncube retired after the AGM in May 2018, having spent over 12 years on the Board, of which he has been Chair of the Social,
Ethics   and Transformation Committee for the past 5 years. I would like to thank Don for his service to Gold Fields and wish him well
in his   future endeavours.

N.J. Holland
Chief Executive Officer


STOCK DATA FOR THE 6 MONTHS ENDED 30 JUNE 2018
Number of shares in issue                              NYSE - (GFI)
– at 30 June 2018              820,614,217             Range - Quarter                US$3.51 - US$4.42
– average for the six months   820,614,217             Average Volume - six months    3,836,559 shares/day
Free Float                     100 per cent            JSE LIMITED - (GFI)
ADR Ratio                      1:1                     Range - Quarter                ZAR43.36 - ZAR56.46
Bloomberg/Reuters              GFISJ/GFLJ.J            Average Volume - six months    1,287,829 shares/day


KEY STATISTICS
                                                                                      United States Dollars
                                                                                     Quarter                    Six months ended
Figures are in millions unless otherwise stated                            June        March      June          June        June
                                                                           2018         2018      2017          2018        2017
                                                                                                                        Restated
Gold produced*                                     oz (000)                 504         490       550            994       1,047
  Continuing operations                                                     504         490       539            994       1,022
  Discontinued operations                                                     -           -        11              -          25
Tonnes milled/treated                                  000                8,314       8,372     8,667         16,686      17,331
  Continuing operations                                                   8,314       8,372     8,552         16,686      17,096
  Discontinued operations                                                     -           -       115              -         235
Revenue                                             US$/oz                1,297       1,316     1,247          1,306       1,232
  Continuing operations                                                  1,297      1,316     1,247       1,306       1,232
  Discontinued operations                                                    -          -     1,256           -       1,234
Cost of sales before gold inventory
change and amortisation and depreciation        US$/tonne                   42         43        42          42          42
  Continuing operations                                                     42         43        41          42          41
  Discontinued operations                                                    -          -       127           -         127
All-in sustaining costs#                           US$/oz                  973        955       949         965         980
  Continuing operations                                                    973        955       934         965         967
  Discontinued operations                                                    -          -     1,657           -       1,532
Total all-in cost#                                 US$/oz                1,187      1,150     1,092       1,169       1,103
  Continuing operations                                                  1,187      1,150     1,081       1,169       1,092
  Discontinued operations                                                    -          -     1,657           -       1,532
Net debt                                             US$m                1,393      1,373     1,365       1,393       1,365
Net debt to EBITDA ratio                                                                                   1.07        1.12
Cash flow from operating activities**                 US$                                                   (79)       (102)
  Continuing operations                                                                                     (79)       (102)
  Discontinued operations                                                                                     -           –
(Loss)/profit                                       US$m
  Continuing operations                                                                                  (366.6)       53.7
  Discontinued operations                                                                                     -        (2.7)
(Loss)/profit                                   US c.p.s
  Continuing operations                                                                                     (45)          7
  Discontinued operations                                                                                     -           –
Headline earnings/(loss)                            US$m
  Continuing operations                                                                                    66.7        69.7
  Discontinued operations                                                                                     -        (1.8)
Headline earnings                              US c.p.s.
  Continuing operations                                                                                       8           8
  Discontinued operations                                                                                     -           –
Normalised profit/(loss)                            US$m
  Continuing operations                                                                                    42.8        77.5
  Discontinued operations                                                                                     -        (2.6)
Normalised profit                              US c.p.s.
  Continuing operations                                                                                       5           9
  Discontinued operations                                                                                     -           –
* All of the key statistics are managed figures from continuing operations, except for gold produced which is attributable equivalent
   production.
** Cash flow from operating activities (net of tax) less net capital expenditure, environmental payments and financing costs.
# Refer to page 27 and 28.
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 7 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 production cost estimates at existing operations as outlined in this report or as otherwise
    disclosed;
-   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 macro-economic 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 improved from 0.07 for the six months ended 30 June 2017 to 0.00 for the six months ended
30 June 2018. The total recordable injury frequency rate (TRIFR)1 for the Group improved by 10 per cent from 2.37 for the six months
ended 30 June 2017 to 2.13 for the six months ended 30 June 2018.

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.

For the six months ended 30 June 2018 compared with the six months ended 30 June 2017

Revenue
Attributable equivalent gold production from continuing operations decreased by 3 per cent from 1,022,000 ounces for the six months
ended 30 June 2017 to 994,000 ounces for the six months ended 30 June 2018. South Deep, Tarkwa and Granny Smith produced less gold in
the six months ended 30 June 2018 compared with the six months ended June 2017.

Gold production at South Deep in South Africa, decreased by 19 per cent from 3,710 kilograms (119,300 ounces) to 3,003 kilograms
(96,500 ounces).

Attributable gold production at the West African operations decreased by 1 per cent from 322,600 ounces for the six months ended
30 June 2017 to 318,500 ounces for the six months ended 30 June 2018 due to decreased production at Tarkwa, partially offset by
increased production at Damang. Attributable equivalent gold production at Cerro Corona in Peru increased marginally from
136,300 ounces for the six months ended 30 June 2017 to 136,900 ounces for the six months ended 30 June 2018. Gold production at
the Australian operations decreased by 1 per cent from 444,300 ounces for the six months ended 30 June 2017 to 442,400 ounces for
the six months ended 30 June 2018 mainly due to lower production at Granny Smith, partially offset by increased production at St Ives.

At the South Africa region, production at South Deep decreased by 19 per cent from 3,710 kilograms (119,300 ounces) for the six months
ended 30 June 2017 to 3,003 kilograms (96,500 ounces) due to decreased volumes and grades. Production was negatively impacted by
labour restructuring and the implementation of a new shift system on 1 March 2018, along with the effect of remediation of ground
conditions in predominantly high grade areas of the mine. Gold sold decreased by 13 per cent from 3,740 kilograms (120,200 ounces) to
3,240 kilograms (104,200 ounces).

At the West Africa region, managed gold production at Tarkwa decreased by 6 per cent from 281,500 ounces for the six months ended
30 June 2017 to 264,400 ounces for the six months ended 30 June 2018 mainly due to lower yield. At Damang, managed gold production
increased by 16 per cent from 76,900 ounces for the six months ended 30 June 2017 to 89,500 ounces for the six months ended 30 June
2018 mainly due to higher grade material mined and processed. Gold produced and gold sold are the same for both Tarkwa and Damang.

At the South America region, total managed gold equivalent production at Cerro Corona increased marginally from 137,000 ounces for
the six months ended 30 June 2017 to 137,600 ounces for the six months ended 30 June 2018 mainly due to a higher conversion factor,
partially offset by lower gold sold. Gold equivalent ounces sold decreased by 3 per cent from 135,700 ounces to 131,700 ounces.

At the Australia region, St Ives’ gold production increased by 3 per cent from 184,100 ounces for the six months ended 30 June 2017 to
189,800 ounces for the six months ended 30 June 2018 mainly due to increased volumes processed. Gold sold increased by 3 per cent from
184,100 ounces to 190,200 ounces. At Agnew/Lawlers, gold production decreased marginally from 115,500 ounces for the six months ended
30 June 2017 to 115,400 ounces for the six months ended 30 June 2018. Gold sold increased by 1 per cent from 115,500 ounces to
116,900 ounces. At Granny Smith, gold production decreased by 5 per cent from 144,700 ounces for the six months ended 30 June 2017
to 137,200 ounces for the six months ended 30 June 2018 due to decreased tonnes mined and processed. Gold sold decreased by 5 per cent
from 144,700 ounces to 137,300 ounces.

The average US dollar gold price achieved by the Group increased by 6 per cent from US$1,232 per equivalent ounce for the six months
ended 30 June 2017 to US$1,306 per equivalent ounce for the six months ended 30 June 2018. The average rand gold price decreased by
1 per cent from R525,042 per kilogram to R518,504 per kilogram. The average Australian dollar gold price increased by 4 per cent from
A$1,642 per ounce to A$1,707 per ounce. The average US dollar gold price for the Ghanaian operations increased by 7 per cent from
US$1,232 per ounce for the six months ended 30 June 2017 to US$1,318 per ounce for the six months ended 30 June 2018. The average
equivalent US dollar gold price, net of treatment and refining charges, for Cerro Corona increased by 1 per cent from US$1,221 per
equivalent ounce for the six months ended 30 June 2017 to US$1,228 per equivalent ounce for the six months ended 30 June 2018. The
average US dollar/Rand exchange rate strengthened by 7 per cent from R13.24 for the six months ended 30 June 2017 to R12.25 for the
six months ended 30 June 2018. The average Australian/US dollar exchange rate strengthened by 3 per cent from A$1.00 = US$0.75 to
A$1.00 = US$0.77.

Gold equivalent ounces sold decreased by 3 per cent from 1.06 million ounces to 1.03 million ounces.

Revenue increased by 4 per cent from US$1,305 million for the six months ended 30 June 2017 to US$1,351 million for the six months
ended 30 June 2018 due to the higher gold price, partially offset by decreased gold sold.

Cost of sales before amortisation and depreciation
Cost of sales before amortisation and depreciation increased by 1 per cent from US$678 million for the six months ended 30 June 2017
to US$688 million for the six months ended 30 June 2018.

At the South Africa region, at South Deep, cost of sales before amortisation and depreciation decreased by 6 per cent from
R1,997 million (US$151 million) for the six months ended 30 June 2017 to R1,882 million (US$154 million) for the six months ended
30 June 2018 mainly due to lower production as well as lower expenditure on consumable costs, contractor costs and consulting costs.

At the West Africa region, cost of sales before amortisation and depreciation decreased by 2 per cent from US$218 million for the six
months ended 30 June 2017 to US$213 million for the six months ended 30 June 2018. This decrease was mainly due to continued business
process re-engineering, partially offset by a gold-in-process drawdown of US$6 million for the six months ended 30 June 2018 compared
with a build-up of US$16 million for the six months ended 30 June 2017.

At the South America region, at Cerro Corona, cost of sales before amortisation and depreciation increased by 11 per cent from
US$70 million for the six months ended 30 June 2017 to US$78 million for the six months ended 30 June 2018 due to higher waste tonnes
mined.

At the Australia region, cost of sales before amortisation and depreciation decreased by 1 per cent from A$318 million (US$239 million)
for the six months ended 30 June 2017 to A$316 million (US$244 million) for the six months ended 30 June 2018 mainly due to a higher
gold inventory credit to cost at St Ives of A$36 million (US$28 million) for the six months ended 30 June 2018 compared with
A$2 million (US$2 million) for the six months ended 30 June 2017, partially offset by increased costs from A$113 million
(US$85 million) to A$137 million (US$106 million) as a result of higher mining volumes.

Amortisation and depreciation
Amortisation and depreciation for the Group increased by 7 per cent from US$325 million for the six months ended 30 June 2017 to
US$347 million for the six months ended 30 June 2018. The US$22 million increase in amortisation was due to higher amortisation of
US$15 million in local currencies and the exchange rate effect of US$7 million on translation into US dollars at a 7 per cent stronger
rand and a 3 per cent stronger Australian dollar. The higher amortisation in local currencies related to an increase at Damang due to
increased production and at St Ives due to increased open pit mining.

Other
Net interest expense for the Group increased by 3 per cent from US$32 million for the six months ended 30 June 2017 to US$33 million
for the six months ended 30 June 2018. Interest expense of US$44 million, partially offset by interest income of US$4 million and
interest capitalised of US$7 million for the six months ended 30 June 2018 compared with interest expense of US$44 million, partially
offset by interest income of US$3 million and interest capitalised of US$9 million for the six months ended 30 June 2017.

The share of results of equity accounted investees after taxation increased from US$1 million for the six months ended 30 June 2017
to US$6 million for the six months ended 30 June 2018 due to sundry asset write-offs at Far Southeast project (FSE).
The gain on foreign exchange of US$3 million for the six months ended 30 June 2018 compared with a loss of US$4 million for the six
months ended 30 June 2017 related to the conversion of offshore cash holdings into their functional currencies.

The gain on financial instruments of US$24 million for the six months ended 30 June 2018 includes realised gains/losses and the mark to
market of the gold hedges taken out at the Australian operations (a gain of A$1 million/US$1 million), the Ghanaian operations (a gain
of US$10 million) and South Deep (a loss of US$1 million/R14 million), the oil hedges taken out at the Ghanaian and Australian
operations (a gain of US$7 million and A$5 million/US$4 million, respectively), as well as the copper hedge taken out at Cerro Corona
(gain of US$4 million). In addition, a currency hedge taken out at the Australian operations resulted in a loss of US$1 million
(A$1 million). This compared with a gain of US$7 million for the six months ended 30 June 2017.

Share-based payments for the Group increased from US$11 million to US$20 million and related to the current valuation of the share
scheme. The long-term incentive plan decreased from US$3 million to US$1 million due to the current valuation of the plan.

Other costs for the Group increased from US$21 million to US$30 million and mainly related to increased community spend.

Exploration and project expenses
Exploration and project expenses increased by 19 per cent from US$47 million for the six months ended 30 June 2017 to US$56 million
for the six months ended 30 June 2018, mainly due to increased costs at Salares Norte (increased from US$24 million to US$30 million)
and increased write-off of exploration (US$21 million to US$25 million) at the Australian operations.

Non-recurring items
Non-recurring expenses of US$661 million for the six months ended 30 June 2018 compared with US$38 million for the six months ended
30 June 2017. The non-recurring expenses for the six months ended 30 June 2018 mainly included:

-   impairment of R6.471 billion (US$482 million). The after tax impairment is R4.819 billion (US$359 million) in respect of the
    South Deep cash-generating unit. The impairment calculation is based on the 2018 life of mine plan using the following assumptions:
    - Gold price of R525,000 per kilogram;
    - Resource price of US$17 per ounce at a Rand/Dollar exchange rate of R13.44;
    - Resource ounces of 29.0 million ounces;
    - Life of mine: 77 years; and
    - Discount rate: 13.5 per cent nominal.
    The impairment is due to a deferral of production. The underperformance of the mine in 2018 and the resultant knock-on impact has
    necessitated a further impairment of South Deep. For the purpose of the impairment calculation, we have used a number equivalent to
    extrapolating the six months ended 30 June 2018 production for 2019 of 6,100kg (196koz). The carrying value after impairment is
    R20.7bn (US$1.5bn). The information underlying the impairment calculation may be subject to further adjustments in the future. These
    adjustments could be as a result of further information becoming available to management during Gold Fields’ production planning
    processes.
-   restructuring costs at Tarkwa (US$81 million) with the transition to contractor mining;
-   restructuring costs at Damang (US$15 million);
-   restructuring costs at South Deep (US$4 million/R53 million);
-   losses on the sale of mining fleet and heavy machinery equipment and inventory at Tarkwa as part of the transition to contractor
    mining, amounted to US$38 million and US$9 million, respectively; and
-   impairment of FSE amounted to US$20 million and other losses on the sale of assets amounted to US$16 million. The impairment of
    FSE was based on the fair value less cost of disposal of the investment which was directly derived from the market value of Lepanto
    Consolidated Mining Company.

The non-recurring expenses for the six months ended 30 June 2017 mainly related to the silicosis provision raised of US$30 million and
US$7 million for the write-off of parked up fleet at Tarkwa. Retrenchment payments at Tarkwa were largely offset by receipts on the
disposal of the fleet to the contractor.
Royalties
Government royalties for the Group increased by 10 per cent from US$30 million for the six months ended 30 June 2017 to US$33 million
for the six months ended 30 June 2018 in line with higher revenue.

Taxation
The taxation credit for the Group of US$129 million for the six months ended 30 June 2018 compared with a charge of US$62 million for
the six months ended 30 June 2017. Normal taxation decreased by 11 per cent from US$83 million for the six months ended 30 June 2017
to US$74 million for the six months ended 30 June 2018. The deferred tax credit of US$201 million for the six months ended 30 June
2018 compared with US$21 million for the six months ended 30 June 2017. The high effective tax rate for the six months ended 30 June
2018 is due to the non-deduction of certain interest payments of US$35 million and exploration costs at Salares Norte of US$30 million.
 The significant deferred tax credit arose due to the taxation credit of R1.652 billion (US$123 million) on the impairment of South
Deep, as well as the settlement of the South Deep tax dispute with SARS. GFIJVH has recognised an additional R2,338 million
(US$191 million) of capital allowance with a tax effect on this amount of R701 million (US$57 million).

Discontinued operation - Darlot
The net loss in the six months ended 30 June 2017 from the discontinued operation, Darlot, net of tax of US$3 million was a result of
revenue of A$40 million (US$30 million), cost of sales before amortisation and depreciation of A$40 million (US$30 million) with the
balance relating to other costs. The revenue of A$40 million (US$30 million) related to 24,500 ounces sold at a gold price of
A$1,641 per ounce (US$1,234 per ounce).

(Loss)/profit
Net loss attributable to owners of the parent for the Group of US$367 million or US$0.45 per share for the six months ended 30 June
2018 compared with net profit of US$51 million or US$0.07 per share for the six months ended 30 June 2017.

Headline earnings attributable to owners of the parent for the Group of US$67 million or US$0.08 per share for the six months ended
30 June 2018 compared with headline earnings of US$68 million or US$0.08 per share for the six months ended 30 June 2017.

Normalised profit for the Group of US$43 million or US$0.05 per share for the six months ended 30 June 2018 compared with US$75 million
or US$0.09 per share for the six months ended 30 June 2017.

Normalised profit
Normalised profit reconciliation for the Group is calculated as follows:
                                                                      Six months ended
                                                                       June       June
                                                                       2018       2017
(Loss)/profit from continuing operations                             (366.6)      53.7
Non-recurring items                                                   661.2       38.1
Tax effect of non-recurring items                                    (166.6)     (11.2)
Non-controlling interest effect of non-recurring items                 (9.7)      (0.9)
(Gain)/loss on foreign exchange                                        (2.8)       4.1
Tax effect of (gain)/loss on foreign exchange                           0.1       (1.0)
Gain on financial instruments                                         (23.9)      (7.3)
Tax effect of gain on financial instruments                             7.2        2.1
Non-controlling interest effect of gain on financial instruments        1.1       (0.1)
South Deep tax settlement                                             (57.2)         –
Profit excluding gains and losses on foreign exchange, financial
instruments and non-recurring items after taxation and
non-controlling interest effect                                        42.8       77.5
Normalised profit is considered an important measure by Gold Fields of the profit realised by the Group in the ordinary course of
operations. In addition, it forms the basis of the dividend pay-out policy. Non-IFRS measures such as normalised results are
considered as pro forma financial information as per the JSE Listing Requirements. The pro forma financial information is the
responsibility of the Group’s Board of directors and is presented for illustration purposes only and because of its nature, normalised
profit should not be considered as a representation of the income statement.

Cash flow
Cash inflow from operating activities of US$263 million for the six months ended 30 June 2018 compared with US$276 million for the six
months ended 30 June 2017. The decrease was mainly due to a decrease in the sum of:

-   profit before royalties, tax and non-recurring items,
-   non-recurring items,
-   amortisation and depreciation; and
-   other non-cash items.

In addition, royalties and taxation paid decreased from US$196 million to US$169 million and a release of working capital of
US$6 million compared with an investment into working capital of US$25 million.

Dividends paid of US$35 million for the six months ended 30 June 2018 compared with US$43 million for the six months ended 30 June
2017. Dividends paid to owners of the parent decreased from US$38 million to US$35 million and related to the final dividends paid for
2016 and 2017, respectively. No dividends were paid to non-controlling interest holders for the six months ended 30 June 2018 compared
with US$6 million for the six months ended 30 June 2017.

At the discontinued operation, Darlot, cash flows from operating activities amounted to US$6 million in the six months ended 30 June
2017.

Cash outflow from investing activities of US$320 million for the six months ended 30 June 2018 compared with a cash outflow of
US$439 million for the six months ended 30 June 2017. Capital expenditure increased from US$383 million to US$411 million. Proceeds on
disposal of fixed assets increased from US$21 million to US$77 million and purchase of investments decreased from US$60 million to
US$18 million. Proceeds on disposal of assets held for sale amounted to US$40 million and environmental payments decreased from
US$10 million to US$7 million. The US$28 million higher capital expenditure was due to higher expenditure of US$20 million in local
currencies and the exchange rate effect of US$8 million on translation into US dollars at a 7 per cent stronger rand and a 3 per cent
stronger Australian dollar.

Sustaining capital expenditure decreased from US$286 million to US$253 million, while non-sustaining capital expenditure increased from
US$96 million to US$157 million. At South Deep, growth expenditure increased from R62 million (US$4 million) to R149 million
(US$12 million). Growth expenditure on the reinvestment plan at Damang increased from US$53 million to US$66 million and at Gruyere it
increased from US$37 million (A$49 million) to US$66 million (A$86 million), respectively.

Environmental payments decreased from US$10 million for the six months ended 30 June 2017 to US$8 million for the six months ended
30 June 2018.

Cash outflow from operating activities less net capital expenditure and environmental payments of US$79 million for the six months
ended 30 June 2018 compared with an outflow of US$102 million for the six months ended 30 June 2017 mainly due to lower net capital
expenditure (sum of additions and disposals), lower taxation paid and a release of working capital.

The US$79 million outflow for the six months ended 30 June 2018 comprised: US$71 million net cash generated by the seven mining
operations (after royalties, taxes, capital expenditure and environmental payments), less US$18 million of net interest paid,
US$35 million at Salares Norte on exploration, US$79 million (A$103 million) at Gruyere with [US$66 million (A$86 million) on capital
expenditure and US$13 million (A$17 million) on working capital, as well as US$18 million on non-mine based costs mainly due to working
capital movements. Included in the US$71 million above is US$66 million capital expenditure on the Damang reinvestment project and
US$12 million on South Deep growth capital expenditure.

The US$102 million outflow for the six months ended 30 June 2017 comprised: US$52 million net cash generated by the eight mining
operations (after royalties, taxes, capital expenditure and environmental payments), less US$33 million of net interest paid,
US$24 million at Salares Norte on exploration, US$60 million (A$80 million) at Gruyere [US$37 million (A$49 million) on capital
expenditure and US$23 million (A$31 million) on working capital], as well as US$37 million on non-mine based costs mainly due to
working capital movements. Included in the US$52 million above is US$53 million capital expenditure on the Damang reinvestment project
and US$4 million on South Deep growth capital expenditure.

In the South Africa region at South Deep, capital expenditure decreased by 11 per cent from R427 million (US$32 million) for the six
months ended 30 June 2017 to R379 million (US$31 million) for the six months ended 30 June 2018 due to lower expenditure on fleet and
major components.

At the West Africa region, capital expenditure decreased by 5 per cent from US$164 million to US$156 million. At Tarkwa, capital
expenditure decreased by 13 per cent from US$97 million to US$84 million due to lower capital expenditure on mining equipment and
components as a result of the transition to contractor mining. Capital expenditure at Damang increased by 9 per cent from US$67 million
to US$73 million and included US$66 million spent on the Damang re-investment project for the six months ended 30 June 2018.

In the South America region at Cerro Corona, capital expenditure decreased by 17 per cent from US$12 million to US$10 million.
The majority of the expenditure was on the construction of further raises to the tailings storage facility.

At the Australia region, capital expenditure decreased by 3 per cent from A$180 million (US$135 million) for the six months ended
30 June 2017 to A$174 million (US$134 million) for the six months ended 30 June 2018 At St Ives, capital expenditure decreased by
22 per cent from A$95 million (US$72 million) to A$74 million (US$57 million) due to lower capital waste mined in the open pits. At
Agnew/Lawlers, capital expenditure increased by 21 per cent from A$38 million (US$29 million) to A$46 million (US$35 million) due to
increased decline development at Waroonga including development to the Waroonga North orebody. At Granny Smith, capital expenditure
increased by 15 per cent from A$47 million (US$35 million) for the six months ended 30 June 2017 to A$54 million (US$42 million) for
the six months ended 30 June 2018 due to increased capital development.

Proceeds on disposal of capital equipment of US$77 million for the six months ended 30 June 2018 related to Tarkwa’s sale of fleet to
the contractor as part of the conversion to contractor mining. This compared with US$21 million for the six months ended 30 June 2017
which related to the conversion to contractor mining at Damang.

Purchase of investments of US$18 million related to Gold Fields subscription to a 9.9 per cent share interest in Asanko Gold by way of
a private placement of 22,354,657 Asanko shares for the six months ended 30 June 2018. This compared with purchase of investments of
US$60 million which related mainly to the purchase of 74,284,070 shares in Gold Road Resources (Gold Fields now holds a 10 per cent
interest) in Gold Road Resources Limited for the six months ended 30 June 2017.

Proceeds on disposal of assets held for sale comprised US$40 million cash and royalty (2 per cent NSR (net smelter return)) on all
metals and related to the disposal of APP.

At the discontinued operation, Darlot, capital expenditure amounted to A$9 million (US$6 million) for the six months ended 30 June
2017.

Net cash inflow from financing activities of US$115 million for the six months ended 30 June 2018 compared with US$161 million for the
six months ended 30 June 2017. The inflow for the six months ended 30 June 2018 related to a drawdown of US$358 million, partially
offset by the repayment of US$243 million on offshore and local loans. The inflow for the six months ended 30 June 2017 related to a
drawdown of US$285 million, partially offset by the repayment of US$125 million on offshore and local loans.

The net cash inflow for the Group of US$24 million for the six months ended 30 June 2018 compared with an outflow of US$45 million for
the six months ended 30 June 2017. After accounting for a negative translation adjustment of US$5 million on non-US dollar cash
balances, the cash inflow for the six months ended 30 June 2018 was US$19 million. The cash balance at 30 June 2018 of US$498 million
compared with US$493 million at 30 June 2017.

All-in sustaining and total all-in cost
The Group all-in sustaining costs for continuing operations decreased marginally from US$967 per ounce for the six months ended 30 June
2017 to US$965 per ounce for the six months ended 30 June 2018 mainly due to lower sustaining capital expenditure, higher by-product
credits and lower cost of sales before amortisation and depreciation partially offset by lower gold sold. Total all-in cost increased
by 7 per cent from US$1,092 per ounce for the six months ended 30 June 2017 to US$1,169 per ounce for the six months ended 30 June 2018
due to higher non-sustaining capital expenditure on the Damang reinvestment project (US$66 million versus US$53 million) as well as
higher capital expenditure on the Gruyere project [A$86 million (US$66 million) versus A$49 million (US$37 million)] along with higher
exploration, feasibility and evaluation costs.

In the South Africa region, at South Deep, all-in sustaining costs increased by 4 per cent from R646,526 per kilogram (US$1,521 per
ounce) to R669,306 per kilogram (US$1,699 per ounce) mainly due to lower gold sold, partially offset by lower cost of sales before
amortisation and depreciation and lower sustaining capital expenditure. The total all-in cost increased by 8 per cent from
R662,973 per kilogram (US$1,557 per ounce) to R715,373 per kilogram (US$1,816 per ounce) due to the same reasons as for all-in
sustaining costs as well as higher non-sustaining capital expenditure.

At the West Africa region, all-in sustaining costs decreased by 7 per cent from US$995 per ounce for the six months ended 30 June 2017
to US$924 per ounce for the six months ended 30 June 2018 mainly due to lower cost of sales before amortisation and depreciation and
lower sustaining capital expenditure, partially offset by decreased gold sold. Total all-in cost decreased by 2 per cent from
US$1,142 per ounce for the six months ended 30 June 2017 to US$1,114 per ounce for the six months ended 30 June 2018 mainly due to
the same reasons as for all-in sustaining costs, partially offset by non-sustaining capital expenditure of US$66 million as a result of
expenditure on the Damang reinvestment project in the six months to 30 June 2018, compared with US$53 million in the six months to
30 June 2017.

At the South America region, all-in sustaining costs and total all-in cost decreased by 22 per cent from US$253 per ounce to US$197
per ounce mainly due to higher copper by-product credits and lower capital expenditure, partially offset by higher cost of sales before
amortisation and depreciation and lower gold sold. All-in sustaining costs and total all-in cost per equivalent ounce increased by
9 per cent from US$677 per equivalent ounce to US$737 per equivalent ounce due to higher cost of sales before amortisation and
depreciation and lower equivalent ounces sold, partially offset by lower capital expenditure.

At the Australia region excluding the discontinued operation Darlot and the Gruyere project, all-in sustaining costs decreased by 2 per
cent from A$1,184 per ounce (US$891 per ounce) for the six months ended 30 June 2017 to A$1,166 per ounce (US$900 per ounce) for the
six months ended 30 June 2018 mainly due to lower cost of sales before amortisation and depreciation and lower sustaining capital
expenditure, partially offset by lower gold sold.

Statement of financial position
Net debt (borrowings plus the current portion of borrowings less cash and deposits) increased from US$1,365 million for the six months
ended 30 June 2017 to US$1,393 million for the six months ended 30 June 2018. For the year ended December 2017 net debt amounted to
US$1,303 million.

Net debt/EBITDA
The net debt/EBITDA ratio of 1.07 at 30 June 2018 compared with 1.12 at 30 June 2017.

EBITDA
Adjusted EBITDA for calculating net debt/EBITDA is based on the previous 12 months profit, which is determined as follows in
US$ million:
Reconciliation between operating profit and adjusted EBITDA for the 6 months ended:
                                                                       June       June
                                                                       2018       2017
Revenue                                                               1,351      1,305
Cost of sales before amortisation and depreciation                     (688)      (678)
Environmental rehabilitation interest                                     6          6
Exploration and project costs                                           (56)       (48)
Other                                                                    (7)       (22)
                                                                        606        563
Reconciliation between operating profit and adjusted EBITDA for the 12 months ended:
                                                                       June       June
                                                                       2018       2017
Adjusted EBITDA for 6 months January to June                            606        563
Adjusted EBITDA for 6 months July to December                           701        654
Adjusted EBITDA for 12 months July to June                            1,307      1,217

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 six months ended 30 June 2018 is calculated as follows:

                                                                       US$’m    US$/oz
Revenue*                                                             1,264.0     1,318
Less: Cash outflow                                                  (1,046.1)   (1,091)
AIC                                                                 (1,121.4)   (1,169)
Adjusted for:
Share-based payments (non-cash)                                         20.3        21
Long-term incentive plan (non-cash)                                      1.3         1
Revenue hedge                                                            4.3         5
Exploration, feasibility and evaluation costs outside of
existing operations                                                     37.6        39
Non-sustaining capital expenditure (Damang reinvestment
and Gruyere)                                                           144.9       151
Tax paid (excluding royalties which is included in AIC above)         (133.2)     (139)
Free cash flow**                                                       217.9       227
FCF margin                                                                17%
Gold sold only - 000’ounces                                            958.9
* Revenue from income statement at US$1,350.7 million less revenue from by-products in AIC at US$86.7 million equals
   US$1,264.0 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 the statement of cash flows.

The FCF margin of 17 per cent for the six months ended 30 June 2018 at a gold price of US$1,306 per ounce compared with of 8 per cent
for the six months ended 30 June 2017 at a gold price of US$1,232 per ounce.

The higher FCF margin for the six months ended 30 June 2018 was mainly due to lower cost of sales before amortisation and depreciation,
lower tax paid and the higher gold price received.

Continuing operations
South Africa region
South Deep Project
                                                                     Six months ended
                                                                      June       June
                                                                      2018       2017
Gold produced            000’oz                                       96.5      119.3
                             kg                                      3,003      3,710
Gold sold                000’oz                                      104.2      120.2
                             kg                                      3,240      3,740
Yield - underground reef    g/t                                       5.24       5.50
AISC                       R/kg                                    669,306    646,526
                         US$/oz                                      1,699      1,521
AIC                        R/kg                                    715,373    662,973
                         US$/oz                                      1,816      1,557

Gold production decreased by 19 per cent from 3,710 kilograms (119,300 ounces) for the six months ended 30 June 2017 to 3,003 kilograms
(96,500 ounces) for the six months ended 30 June 2018 mainly due to the impact of labour restructuring and new shift system
implementation on 1 March 2018. In addition, continued low mobile equipment reliability, the intersection of active geological
features (faults and dykes) in the high-grade corridor 3 and poor ground conditions in the composites (far western part of the orebody)
slowed production rates. Production for the month of April 2018 was further impacted by a 22-day DMR safety related stoppage to re-
support back areas in two of the critical new mine access ramps, which account for half of total production for the mine. The mine is
tracking the revised guidance given for the year on 25 April 2018.

Total underground tonnes mined decreased by 18 per cent from 780,000 tonnes for the six months ended 30 June 2017 to 639,000 tonnes for
the six months ended 30 June 2018. The average reef grade mined increased by 11 per cent from 5.59 grams per tonne to 6.18 grams per
tonne.

Total tonnes milled decreased by 18 per cent from 0.97 million tonnes to 0.80 million tonnes, mainly due to less tonnes mined as a
result of the reasons above. Underground reef tonnes milled decreased by 15 per cent from 0.67 million tonnes for the six months ended
30 June 2017 to 0.57 million tonnes for the six months ended 30 June 2018. Total tonnes milled for the six months ended 30 June 2018
included 92,000 tonnes of underground waste mined and 139,000 tonnes of surface tailings material compared with 81,000 tonnes of
underground waste mined and 217,000 tonnes of surface tailings material for the six months ended 30 June 2017. Underground reef yield
decreased by 2 per cent from 5.50 grams per tonne for the six months ended 30 June 2017 to 5.24 grams per tonne for the six months
ended 30 June 2018. The 5.50 grams per tonne for the six months ended 30 June 2017 was as a result of high grade ore mined in 2016, but
only processed in the six months ended 30 June 2017. In addition, the decrease in grade for the six months ended June 2018 was
exacerbated by backfill re-mining which was included in the ore stream.

Development increased by 19 per cent from 2,853 metres for the six months ended 30 June 2017 to 3,406 metres for the six months ended
30 June 2018. New mine capital development (phase one, sub 95 level) increased by 103 per cent from 406 metres to 828 metres.
Development in the current mine areas in 95 level and above increased by 4 per cent from 1,604 metres to 1,670 metres, while reef
horizon development north of wrench increased by 8 per cent from 843 metres to 908 metres. Longhole stoping volume mined decreased by
39 per cent from 387,000 tonnes for the six months ended 30 June 2017 to 236,000 tonnes for the six months ended 30 June 2018.
Destress mining decreased by 19 per cent from 16,134 square metres for the six months ended 30 June 2017 to 13,114 square metres for
the six months ended 30 June 2018 mainly due to geological feature intersections.

The current mine contributed 4 per cent more ore tonnes at 58 per cent of total tonnes for the six months ended 30 June 2018, while
North of Wrench decreased by 4 per cent and contributed 42 per cent of total ore tonnes mined for the six months ended June 2018. This
compared with the current mine contributing 54 per cent and the North of Wrench 46 per cent, respectively, for the six months ended
30 June 2017.

The mine has identified six key focus areas to drive improved performance and a number of initiatives and projects are being initiated.
The six focus areas are:

-   Enabling Visible Felt Leadership (PVFL);
-   Reinvigorating our leadership system;
-   Improving face time;
-   Effective face time
-   Enabling logistics; and
-   Implementing of innovation and technology.

These initiatives have started to yield positive results, notably, a 45 per cent improvement in total recordable injury rates as well
as a reduction on the lost time injuries. The marginal and steady improvement in the reliability of equipment (high profile rigs in
particular), improvement in the shaft schedule arrangements and improvements in total meters developed.

Cost of sales before amortisation and depreciation, decreased by 6 per cent from R1,997 million (US$151 million) for the six months
ended 30 June 2017 to R1,882 million (US$154 million) for the six months ended 30 June 2018. The decrease was mainly due to lower
production, lower expenditure on consumable costs, contractor costs, consulting costs, partially offset by a gold inventory charge of
R36 million (US$3 million) for the six months ended 30 June 2018 compared with a gold inventory credit to cost of R63 million
(US$5 million) for the six months ended 30 June 2017.

Capital expenditure decreased by 11 per cent from R427 million (US$32 million) for the six months ended 30 June 2017 to R379 million
(US$31 million) for the six months ended 30 June 2018, as explained below.

Sustaining capital expenditure decreased by 37 per cent from R365 million (US$28 million) for the six months ended 30 June 2017 to
R230 million (US$19 million) for the six months ended 30 June 2018 due to lower expenditure on fleet and major components. Non-
sustaining capital expenditure increased by 140 per cent from R62 million (US$4 million) to R149 million (US$12 million). This
increase is mainly due to acceleration of new mine development, the progress on the 100 and 110 level conveyor belts and expenditure
on the 80 level fridge plant. These three projects accounted for R83 million (US$7 million) of the variance.

All-in sustaining costs increased by 4 per cent from R646,526 per kilogram (US$1,521 per ounce) for the six months ended 30 June 2017
to R669,306 per kilogram (US$1,699 per ounce) for the six months ended 30 June 2018 mainly due to lower gold sold, partially offset by
lower cost of sales before amortisation and depreciation and lower sustaining capital expenditure.

Total all-in cost increased by 8 per cent from R662,973 per kilogram (US$1,557 per ounce) for the six months ended 30 June 2017 to
R715,373 per kilogram (US$1,816 per ounce) for the six months ended 30 June 2018 due to the same reasons as for all-in-sustaining costs
as well as higher non-sustaining capital expenditure.

The steady but marginal improvement in performance remains below requirements and expectations. Management have initiated an
organisational restructuring process, with specific focus on aligning organisational structures and costs to the current level of
output. This intervention is planned to reposition the business to succeed, reinforce and embed accountability and delivery and build
a high performance culture. This process is expected to impact on the remainder of the year’s output and costs, the effect of which
cannot be quantified at this time.

West Africa region
Ghana
Tarkwa
                                                                     Six months ended
                                                                      June       June
                                                                      2018       2017
Gold produced     000’oz                                             264.4      281.5
Gold sold         000’oz                                             264.4      281.5
Yield               g/t                                               1.19       1.28
AISC and AIC     US$/oz                                                954        989

Gold production decreased by 6 per cent from 281,500 ounces for the six months ended 30 June 2017 to 264,400 ounces for the six months
ended 30 June 2018 mainly due to lower yield as a result of lower grade ore mined and feed of low grade ore from stockpiles in
accordance with the schedule.

Total tonnes mined, including capital stripping, decreased by 15 per cent from 53.3 million tonnes for the six months ended 30 June
2017 to 45.2 million tonnes for the six months ended 30 June 2018 due to lower planned tonnes in accordance with a re-optimised life
of mine plan that will see the mine maintain an average of at least 500,000 ounces per annum at all in costs of between US$900 per
ounce and US$950 per ounce. Ore tonnes mined decreased by 16 per cent from 8.0 million tonnes to 6.7 million tonnes. Operational
waste tonnes mined decreased by 45 per cent from 19.6 million tonnes to 10.8 million tonnes due to the decision to reduce annual mining
volumes from 100 million tonnes to 87 million tonnes as well as focusing on capital waste stripping in line with the plan. Capital
waste tonnes mined increased by 8 per cent from 25.7 million tonnes to 27.7 million tonnes. Head grade mined decreased by 4 per cent
from 1.34 grams per tonne to 1.29 grams per tonne due to suspension of mining at the relatively high grade zone of the Underlap pit.
Mining operations at the Underlap pit has resumed. The strip ratio was similar at 5.7.

The CIL plant throughput increased marginally from 6.85 million tonnes for the six months ended 30 June 2017 to 6.88 million tonnes for
the six months ended 30 June 2018. Realised yield from the CIL plant decreased by 7 per cent from 1.28 grams per tonne to 1.19 grams
per tonne due to lower ore mined and feed to the plant.

Cost of sales before amortisation and depreciation, decreased by 5 per cent from US$158 million for the six months ended 30 June 2017
to US$150 million for the six months ended 30 June 2018 as a result of lower tonnes mined, partially offset by a higher gold-in-process
charge. The US$11 million drawdown of stockpiles for the six months ended 30 June 2018 compared with a build-up of US$15 million for
the six months ended 30 June 2017. In 2017, higher volumes were mined and stockpiled. These stockpiles were drawn down during the six
months to 30 June 2018 and further drawdowns are planned for the remainder of 2018 with focus on capital waste stripping and lower ore
tonnes mined. At the end of June 2018, 4.8 million tonnes at 0.86 grams per tonne remained on the ROM stockpile and 4.3 million tonnes
at 0.64 grams per tonne on the low grade stockpile.

Capital expenditure decreased by 13 per cent from US$97 million to US$84 million mainly due to lower capital expenditure on mining
equipment and components as a result of the transition to contract mining. Capital expenditure on mining equipment and components of
US$22 million for the six months ended 30 June 2017 compared with US$5 million for the six months ended 30 June 2018.

All-in sustaining costs and total all-in cost decreased by 4 per cent from US$989 per ounce for the six months ended 30 June 2017 to
US$954 per ounce for the six months ended 30 June 2018 due to lower cost of sales before amortisation and depreciation and lower
capital expenditure, partially offset by lower gold sold.

Damang
                                                                     Six months ended
                                                                      June       June
                                                                      2018       2017
Gold produced        000’oz                                           89.5       76.9
Gold sold            000’oz                                           89.5       76.9
Yield                   g/t                                           1.29       1.04
AISC                 US$/oz                                            829      1,017
AIC                  US$/oz                                          1,585      1,702

Gold production increased by 16 per cent from 76,900 ounces for the six months ended 30 June 2017 to 89,500 ounces for the six months
ended 30 June 2018 mainly due to higher grade material mined and processed.
Total tonnes mined, including capital stripping, increased by 26 per cent from 19.0 million tonnes for the six months ended 30 June
2017 to 23.9 million tonnes for the six months ended 30 June 2018 due to the acceleration of the Damang reinvestment project in line
with the 2018 operational plan.

Ore tonnes mined increased by 6 per cent from 1.7 million tonnes to 1.8 million tonnes. Operational waste tonnes mined increased by
26 per cent from 2.7 million tonnes to 3.4 million tonnes due to the acceleration of the Damang reinvestment project. Total capital
waste tonnes increased by 28 per cent from 14.6 million tonnes to 18.7 million tonnes. Capital waste of 4.4 million tonnes was mined at
Amoanda pit and 14.3 million tonnes at the Damang complex for the six months ended 30 June 2018. This compared with 8.3 million tonnes
mined at Amoanda pit, 5.6 million tonnes at the Damang complex and 0.6 million tonnes at Lima South pit for the six months ended
30 June 2017. Head grade mined increased by 44 per cent from 1.24 grams per tonne to 1.79 grams per tonne in line with the 2018
operational plan with higher grade ore from the Amoanda pits. The strip ratio increased from 10.4 to 12.7 due to the accelerated
mining of the Damang reinvestment project resulting in higher capital waste stripped.

Tonnes processed decreased by 6 per cent from 2.29 million tonnes for the six months ended 30 June 2017 to 2.16 million tonnes for the
six months ended 30 June 2018 as a result of higher percentage oxide material fed in the six months ended 30 June 2017 compared with
the six months ended 30 June 2018. Yield increased by 24 per cent from 1.04 grams per tonne to 1.29 grams per tonne due to higher
mined grade material treated from Amoanda pit. For the six months ended 30 June 2018, tonnes milled were sourced as follow:
1.52 million tonnes at 1.75 grams per tonne from the pits, 0.64 million tonnes at 0.63 grams per tonne from stockpiles. This compared
with 0.98 million tonnes at 1.40 grams per tonne from the pits, 0.37 million tonnes at 0.97 grams per tonne from Abosso tailings and
0.95 million tonnes at 0.66 grams per tonne from stockpiles for the six months ended 30 June 2017.

Cost of sales before amortisation and depreciation, increased by 5 per cent from US$60 million to US$63 million mainly due to
US$7 million increase in cost of sales before gold inventory change and amortisation and depreciation as a result of higher operating
tonnes mined, partially offset by gold-in-process credit to cost of US$5 million for the six months ended 30 June 2018 compared with
US$1 million for the six months ended 30 June 2017.

Capital expenditure increased by 9 per cent from US$67 million to US$73 million, with US$61 million spent on capital waste stripping
and the balance of US$12 million spent on engineering projects, Amoanda Phase 2 infill drilling and construction of the Far East
Tailings Storage Facility (FETSF).

Sustaining capital expenditure decreased by 50 per cent from US$14 million to US$7 million mainly due to timing of expenditure.

Non-sustaining capital expenditure increased by 25 per cent from US$53 million to US$66 million mainly due to acceleration of Damang
investment project.

All-in sustaining costs decreased by 18 per cent from US$1,017 per ounce for the six months ended 30 June 2017 to US$829 per ounce for
the six months ended 30 June 2018 due to higher gold sold and lower sustaining capital, partially offset by higher cost of sales before
amortisation and depreciation.

All-in costs decreased by 7 per cent from US$1,702 per ounce for the six months ended 30 June 2017 to US$1,585 per ounce for the six
months ended 30 June 2018 due to the same reasons above, as well as higher non-sustaining capital expenditure.

South America region
Peru
Cerro Corona
                                                                     Six months ended
                                                                      June       June
                                                                      2018       2017
Gold produced                       000’oz                            60.8       69.9
Copper produced                     tonnes                          14,678     14,431
Total equivalent gold produced    000’eq oz                           137.6      137.0
Total equivalent gold sold        000’eq oz                           131.7      135.7
Yield     - gold                        g/t                            0.59       0.66
          - copper                 per cent                            0.46       0.44
          - combined                 eq g/t                            1.29       1.24
AISC and AIC                         US$/oz                             197        253
AISC and AIC                      US$/eq oz                             737        677
Gold price*                          US$/oz                           1,321      1,234
Copper price*                         US$/t                           6,929      5,731
* Average daily spot price for the period used to calculate total equivalent gold ounces produced.

Gold production decreased by 13 per cent from 69,900 ounces for the six months ended 30 June 2017 to 60,800 ounces for the six months
ended 30 June 2018 due to mining of lower grade zones in line with the mining sequence. Copper production increased by 2 per cent from
14,431 tonnes to 14,678 tonnes. Equivalent gold production increased marginally from 137,000 ounces to 137,600 ounces. Gold head grade
decreased from 0.95 grams per tonne to 0.85 grams per tonne due to mining of lower grade zones in line with the mining sequence and
copper head grade increased from 0.50 per cent to 0.52 per cent. Gold recoveries decreased slightly from 69.7 per cent to 69.5 per
cent mainly due to the reduction of the Au head grade during the six months ended 30 June 2018. Copper recoveries decreased from
88.4 per cent to 87.6 per cent. Gold yield decreased from 0.66 grams per tonne to 0.59 grams per tonne due to lower grades mined and
copper yield increased from 0.44 per cent to 0.46 per cent.

For the six months ended 30 June 2018, concentrate with a payable content of 56,567 ounces of gold was sold at an average price of
US$1,310 per ounce and 14,181 tonnes of copper was sold at an average price of US$6,217 per tonne, net of treatment and refining
charges. This compared with 70,156 ounces of gold that was sold at an average price of US$1,239 per ounce and 14,138 tonnes of copper
that was sold at an average price of US$5,119 per tonne, net of treatment and refining charges, for the six months ended 30 June 2017.
Total equivalent gold sales decreased by 3 per cent from 135,700 ounces for the six months ended 30 June 2017 to 131,700 ounces for the
six months ended 30 June 2018 mainly due to lower gold sold resulting from lower gold production as explained above.

Total tonnes mined increased by 52 per cent from 7.31 million tonnes for the six months ended 30 June 2017 to 11.09 million tonnes for
the six months ended 30 June 2018 in line with the mine sequencing. Ore mined decreased by 7 per cent from 3.53 million tonnes to
3.29 million tonnes. Waste tonnes mined increased by 106 per cent from 3.78 million tonnes to 7.79 million tonnes mainly due to the
new mine sequence resulting from the expansion of the life of mine to 2030. The strip ratio increased from 1.07 to 2.37.

Ore processed decreased by 3 per cent from 3.44 million tonnes for the six months ended 30 June 2017 to 3.33 million tonnes for the
six months ended 30 June 2018 mainly due to lower plant throughput (799 tonnes per hour for the six months ended 30 June 2018 versus
810 tonnes per hour for the six months ended 30 June 2017) resulting from higher ore hardness.

Cost of sales before amortisation and depreciation, increased by 11 per cent from US$70 million for the six months ended 30 June 2017
to US$78 million for the six months ended 30 June 2018. The higher cost was mainly due higher waste tonnes mined in line with the 2018
plan.

Capital expenditure decreased by 17 per cent from US$12 million to US$10 million mainly due to delayed construction activities at the
tailings dam as a result of more severe rainy season during the six months ended 30 June 2018.

All-in sustaining costs and total all-in cost decreased by 22 per cent from US$253 per ounce for the six months ended 30 June 2017 to
US$197 per ounce for the six months ended 30 June 2018. This was mainly due to higher copper by-product credits and lower capital
expenditure, partially offset by higher cost of sales before amortisation and depreciation and lower gold sold. All-in sustaining
costs and total all-in costs per equivalent ounce increased by 9 per cent from US$677 per equivalent ounce to US$737 per equivalent
ounce due to higher cost of sales before amortisation and depreciation and lower equivalent ounces sold, partially offset by lower
capital expenditure.
Australia region
St Ives
                                                                     Six months   ended
                                                                      June         June
                                                                      2018         2017
Gold produced           000’oz                                       189.8        184.1
Gold sold               000’oz                                       190.2        184.1
Yield     - underground    g/t                                        4.16         4.21
          - surface        g/t                                        2.61         2.60
          - combined       g/t                                        2.82         2.81
AISC and AIC             A$/oz                                         988        1,184
                        US$/oz                                         763          891

Gold production increased by 3 per cent from 184,100 ounces for the six months ended 30 June 2017 to 189,800 ounces for the six months
ended 30 June 2018 due to higher volumes processed.

Total tonnes mined decreased by 39 per cent from 21.4 million tonnes for the six months ended 30 June 2017 to 13.1 million tonnes for
the six months ended 30 June 2018 with tonnes mined at Invincible open pit decreasing by 5.2 million tonnes and Neptune open pit
decreasing by 3.1 million tonnes in line with the operational plan.

At the underground operations, ore mined increased by 11 per cent from 0.28 million tonnes for the six months ended 30 June 2017 to
0.31 million tonnes for the six months ended 30 June 2018. This was due to the commencement of stope ore mining at the Invincible
underground mine. Total underground grade mined increased by 1 per cent from 4.47 grams per tonne to 4.53 grams per tonne.

At the open pit operations, total ore tonnes mined increased by 53 per cent from 1.67 million tonnes for the six   months ended 30 June
2017 to 2.56 million tonnes for the six months ended 30 June 2018. Grade mined decreased by 3 per cent from 2.98   grams per tonne to
2.90 grams per tonne. The increased ore mined was due to Neptune open pit operating at full production capacity    during the six months
ended 30 June 2018 compared with mainly pre-strip activities being performed during the six months ended 30 June   2017.

Operational waste tonnes mined increased by 30 per cent from 3.26 million tonnes for the six months ended 30 June 2017 to 4.25 million
tonnes for the six months ended 30 June 2018. Capital waste tonnes mined decreased by 63 per cent from 16.2 million tonnes to
6.0 million tonnes due to Neptune moving into a primary production phase compared with primarily pre-stripping in the six months ended
30 June 2017. The strip ratio decreased from 11.7 to 4.0. Total material movement was 39 per cent lower in line with the mine plan
with the mining contractor at Neptune demobilising to reflect the lower levels of open pit mining activity as the Invincible open pit
comes to an end. The Neptune and Invincible pits are planned to be mined using the existing owner mining fleet.

At the consolidated St Ives mine, ounces mined increased by 41 per cent from 200,600 ounces for the six months ended 30 June 2017 to
283,500 ounces for the six months ended 30 June 2018. By 30 June 2018, Neptune high-grade oxide material stockpiled amounted to
77,600 ounces (1,142,000 tonnes at 2.34 grams per tonne), Invincible amounted to 44,500 ounces (375,000 tonnes at 2.81 grams per tonne)
and A5 amounted to 7,900 ounces (174,000 tonnes at 1.46 grams per tonne). This compared with the 30 June 2017 stockpiles at Neptune of
21,400 ounces (523,000 tonnes at 0.71 grams per tonne), Invincible of 3,700 ounces (39,000 tonnes at 4.78 grams per tonne) and A5 of
7,900 ounces (174,000 tonnes at 1.46 grams per tonne. Currently, Lefroy mill can only sustain a 25 per cent oxide material blend, thus
constraining the processing of Neptune ore.

Throughput at the Lefroy mill increased by 2 per cent from 2.04 million tonnes for the six months ended 30 June 2017 to 2.09 million
tonnes for the six months ended 30 June 2018. Yield increased marginally from 2.81 grams per tonne to 2.82 grams per tonne.

Cost of sales before amortisation and depreciation, decreased by 8 per cent from A$111 million (US$83 million) for the six months ended
30 June 2017 to A$102 million (US$78 million) for the six months ended 30 June 2018. The lower cost of sales before amortisation and
depreciation were mainly due to a higher gold inventory credit of A$36 million (US$28 million) for the six months ended 30 June 2018
compared with A$2 million (US$2 million) for the six months ended 30 June 2017. The higher gold inventory credit was due to the
increased value of stockpiled material. The impact of the higher gold inventory credit on cost of sales before amortisation and
depreciation was partially offset by a A$18 million (US$14 million) increase in mining costs, due to higher volumes of ore and
operating waste mined, a A$2 million (US$1 million) increase in surface cartage costs and a A$3 million (US$2 million) increase in
processing costs.

Capital expenditure decreased by 22 per cent from A$95 million (US$72 million) for the six months ended 30 June 2017 to A$74 million
(US$57 million) for the six months ended 30 June 2018 due to lower capital waste tonnes mined in the open pits.

All-in sustaining costs and total all-in cost decreased by 17 per cent from A$1,184 per ounce (US$891 per ounce) for the six months
ended 30 June 2017 to A$988 per ounce (US$763 per ounce) for the six months ended 30 June 2018 mainly due to higher gold sold, lower
cost of sales before amortisation and depreciation and lower capital expenditure.

Agnew/Lawlers
                                                                     Six months   ended
                                                                      June         June
                                                                      2018         2017
Gold produced    000’oz                                              115.4        115.5
Gold sold        000’oz                                              116.9        115.5
Yield               g/t                                               6.11         5.75
AISC and AIC      A$/oz                                              1,393        1,275
                 US$/oz                                              1,075          960

Gold production decreased marginally from 115,500 ounces for the six months ended 30 June 2017 to 115,400 ounces for the six months
ended 30 June 2018.

Ore mined from underground increased by 9 per cent from 568,000 tonnes for the six months ended 30 June 2017 to 616,600 tonnes for the
six months ended 30 June 2018 with increased production from the New Holland mine. Ore mined from Waroonga decreased by 1 per cent from
320,000 tonnes at 7.58 grams per tonne to 315,400 tonnes at 8.62 grams per tonne. At New Holland, ore mined increased by 21 per cent
from 248,000 tonnes at 5.56 grams per tonne to 301,200 tonnes at 3.78 grams per tonne with lower grade bulk stopes at Sheba replacing
higher grade areas in Cinderella. Head grade mined decreased by 7 per cent from 6.70 grams per tonne to 6.26 grams per tonne mainly
due to lower grades mined at New Holland. In the six months ended 30 June 2018 tonnes ounces mined were sourced as follows:
87,400 ounces from Waroonga (315,000 tonnes at 8.6 grams per tonne) and 36,600 ounces from New Holland (301,000 tonnes at 3.8 grams
per tonne). This compared with 78,000 ounces from Waroonga (320,000 tonnes at 7.6 grams per tonne) and 44,4000 ounces from New Holland
(248,000 tonnes at 5.6 grams per tonne) in the six months ended 30 June 2017.

Tonnes processed decreased by 6 per cent from 624,300 tonnes for the six months ended 30 June 2017 to 587,800 tonnes for the six months
ended 30 June 2018 due to an extended maintenance shutdown during the March quarter. The combined yield increased by 6 per cent from
5.75 grams per tonne to 6.11 grams per tonne mainly due to high grade ore mined late in June 2017 not being processed until July and
the preferential treatment of high grade ore in the six months ended 30 June 2018 with more ore mined than processed.

Cost of sales before amortisation and depreciation, increased by 8 per cent from A$102 million (US$76 million) for the six months ended
30 June 2017 to A$110 million (US$85 million) for the six months ended 30 June 2018 mainly due higher processing costs associated with
the extended shutdown in the March quarter and a gold-in-process charge to cost of A$5 million (US$4 million) for the six months ended
30 June 2018 compared with a credit of A$nil million (US$nil million) for the six months ended 30 June 2017. The charge to cost in the
six months to 30 June 2018 was primarily due to a decrease in the average cost of stockpiled ore and gold-in-circuit.

Capital expenditure increased by 21 per cent from A$38 million (US$29 million) for the six months ended 30 June 2017 to A$46 million
(US$35 million) for the six months ended 30 June 2018. Capital expenditure was higher than the previous year due to an increase in
decline development at Waroonga including development to the Waroonga North ore body.
All-in sustaining costs and total all-in cost increased by 9 per cent from A$1,275 per ounce (US$960 per ounce) for the six months
ended 30 June 2017 to A$1,393 per ounce (US$1,075 per ounce) for the six months ended 30 June 2018 due to higher cost of sales before
amortisation and depreciation and higher capital expenditure, partially offset by increased gold sold.

Granny Smith
                                                                        Six months   ended
                                                                         June         June
                                                                         2018         2017
Gold produced       000’oz                                              137.2        144.7
Gold sold           000’oz                                              137.3        144.7
Yield                  g/t                                               5.11         5.12
AISC and AIC         A$/oz                                              1,219        1,110
                    US$/oz                                                942          835

Gold production decreased by 5 per cent from 144,700 ounces for the six months ended 30 June 2017 to 137,200 ounces for the six months
ended 30 June 2018 due to decreased tonnes mined and processed, in line with the plan.

Ore mined from underground decreased by 4 per cent from 867,000 tonnes to 832,300 tonnes due to additional waste movement and increased
depth of mining. Head grade mined increased by 1 per cent from 5.41 grams per tonne for the six months ended 30 June 2017 to
5.47 grams per tonne for the six months ended 30 June 2018.

Tonnes processed decreased by 5 per cent from 879,200 tonnes for the six months ended 30 June 2017 to 835,700 tonnes for the six months
ended 30 June 2018 due to the reduction in ore mined and the timing of the campaign milling in the respective periods. Yield decreased
marginally from 5.12 grams per tonne to 5.11 grams per tonne.

Cost of sales before amortisation and depreciation, decreased by 1 per cent from A$106 million (US$80 million) to A$105 million
(US$81 million) mainly due to a gold inventory charge of A$nil million (US$nil million) for the six months ended 30 June 2018 compared
with A$3 million (US$2 million) for the six months ended 30 June 2017.

Capital expenditure increased by 15 per cent from A$47 million (US$35 million) for the six months ended 30 June 2017 to A$54 million
(US$42 million) for the six months ended 30 June 2018 due to more capital development being incurred to open up the lower levels at the
Wallaby mine.

All-in sustaining costs and total all-in cost increased by 10 per cent from A$1,110 per ounce (US$835 per ounce) for the six months
ended 30 June 2017 to A$1,219 per ounce (US$942 per ounce) for the six months ended 30 June 2018 mainly due to higher capital
expenditure and lower gold sold, partially offset by lower cost of sales before amortisation and depreciation.

Corporate
Cash dividend
In line with the Company’s dividend policy to pay out a dividend of between 25 and 35 per cent of its profit, the Board has approved
and declared an interim dividend number 87 of 20 SA cents per ordinary share (gross) in respect of the six months ended 30 June 2018.
This translates to 31 per cent of normalised profit. The interim dividend will be subject to the Dividend Withholding Tax of 20 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   gross local dividend amount is 20 SA cents per ordinary share for shareholders exempt from dividends tax;
-   The   Dividend Withholding Tax of 20 per cent (twenty per centum) will be applicable to this dividend;
-   The   net local dividend amount is 16,000 SA cents per ordinary share for shareholders liable to pay the dividends tax;
-   Gold Fields currently has 821,532,707 ordinary shares in issue; and
-   Gold Fields’ income tax number is 9160035607.

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

-   Interim dividend number 87: 20 SA cents per share
-   Last date to trade cum-dividend: Tuesday, 4 September 2018
-   Sterling and US dollar conversion date: Wednesday, 5 September 2018
-   Shares commence trading ex-dividend: Wednesday, 5 September 2018
-   Record date: Friday, 7 September 2018
-   Payment of dividend: Monday, 10 September 2018

Share certificates may not be dematerialised or rematerialised between: Wednesday, 5 September 2018 and: Friday, 7 September 2018,
both dates inclusive.

Ghana
The Ghana Chamber of Mines received a letter from the Government of Ghana dated 31 July 2018 indicating that the Government intended
to exercise its right of pre-emption regarding minerals “raised, won and obtained in Ghana and from any area covered by territorial
waters, the exclusive economic zone or the continental shelf and products derived from the refining or treatment of these minerals”
in accordance with section 7 of the Minerals and Mining Act, 2006 (Act 703). In this regard, the Letter stated that the Government
intended to purchase up to 30 per cent of gold mined in Ghana from all mining companies and requested the Chamber to inform its
members, including Gold Fields, of the Government’s decision and be prepared to engage with the Ministry to finalise measures to ensure
implementation by 1 November 2018.

The Chamber on behalf of its Members has engaged and will continue to do so to obtain further information on this decision. Discussions
are ongoing.

Mining charter
On 17 June 2018, the Department of Mineral Resources (DMR) published the draft Mining Charter 2018. Parties were given 30 days to
respond to the draft at the time. The South African Minerals Council (formerly the Chamber of Mines), of which Gold Fields is a
member, is representing the mining industry in the negotiations with the DMR and stakeholders on the draft Mining Charter 2018.
The Minerals Council recognises that the draft Mining Charter 2018 is an improvement of the 2017 Mining Charter however believes that
much more work is required to create a Mining Charter that promotes competitiveness, investment, growth and transformation for the
growth and prosperity of South Africa.

At a Mining Charter Summit organised by the DMR and held on 7 and 8 July 2018, the Mineral Resources Minister, Gwede Mantashe, noted
that ongoing engagement between stakeholders was essential especially with the Minerals Council and mining-affected communities. The
Minister announced an extended comment and consultation process until the end of August 2018 and noted the draft Mining Charter 2018
was only likely to come into effect in November 2018.

Gold Fields supports the approach by the Minerals Council to continue to engage the DMR and other stakeholders and the need by all
parties to improve the competitiveness of the industry to ensure investment, growth and the transformation of the mining sector.

Outlook for 2018

Attributable equivalent gold production for the Group for 2018 is expected to be on track with original guidance given in February,
with the inclusion of Asanko. AISC is expected to be between US$990 per ounce and US$1,010 per ounce and AIC is planned to be between
US$1,190 per ounce and US$1,210 per ounce, both as previously guided.

The South Deep production guidance factored into the Group production guidance is unchanged from the 7,600kg provided in April 2018
(with Q1 2018 results). However, given the potential volatility related to the proposed restructuring, there is an increased level of
uncertainty with this forecast.

Capital expenditure for the Group for 2018 is forecast at US$854 million, which is higher than the guidance of US$835 million, mainly
due to increased expenditure at the Damang reinvestment project and the Gruyere project.

The above is subject to safety performance which limits the impact of safety-related stoppages and the forward looking statement on
page 5.

REVIEWED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

Notes to the condensed consolidated financial statements

Basis of preparation
The reviewed condensed consolidated interim financial statements are prepared in accordance with International Financial Reporting
Standard, (IAS) 34 Interim Financial Reporting, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee
and Financial Pronouncements as issued by Financial Reporting Standards Council and the requirements of the Companies Act of South
Africa.

The accounting policies applied in the preparation of these interim financial statements are in terms of International Financial
Reporting Standards and are consistent with those applied in the previous annual financial statements except for the adoption of
IFRS 9 Financial Instruments (IFRS 9) and IFRS 15 Revenue from Contracts with Customers (IFRS 15).

Auditor’s review
The condensed consolidated interim financial statements of Gold Fields Limited for the period ended 30 June 2018 have been reviewed
by the company’s auditor, 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 page 39 of the
media release for a copy of the auditor’s report.

Changes in significant accounting policies
The group adopted IFRS 15 and IFRS 9 with effect from 1 January 2018.

IFRS 15
This IFRS introduces a new revenue recognition model for contracts with customers and establishes a comprehensive framework for
determining whether, how much and when revenue is recognised.

The Group assessed the impact of adopting IFRS 15 and determined the impact as follows:

-   Revenue will be recognised when the customer takes control of the gold, copper and silver. The timing of recognition of revenue
    will no longer be when risks and rewards of ownership pass to the customer; and
-   The change in timing of revenue recognition will result in revenue at the South African and Australian operations being recognised
    on settlement date (date when control passes) and not contract date (previous date when risks and rewards of ownership passed).
    There is no change to the revenue recognition at any of the other operations given that the date of control is the same date as when
    risks and rewards of ownership pass. The change in timing of revenue recognition for the South African and Australian operations is
    that revenue will be recognised approximately two days later than it was previously recognised.

The Group has adopted IFRS 15 using the cumulative effect method (without practical expedients), with the effect of initially applying
this standard at the date of initial application (i.e. 1 January 2018). Accordingly, the information presented for prior periods has
not been restated. The impact on opening retained earnings has been disclosed in the statement of changes in equity (this had no impact
on the non-controlling interest).

There was no material impact on the Group interim income statement and statements of financial position and cash flows for the six
month period ended 30 June 2018.

IFRS 9
This IFRS sets out requirements for recognising and measuring financial assets, financial liabilities and some contracts to buy or sell
non-financial items. This standard replaces IAS 39 Financial Instruments: Recognition and Measurement.

This IFRS contains a new classification and measurement approach for financial assets that reflects the business model in which the
assets are managed and their cash flow characteristics. The three principal classification categories for financial assets are:
amortised cost, fair value through profit or loss (FVTPL) and fair value through other comprehensive income (FVOCI).

The new classification does not have a significant impact on the Group accounting for financial assets. The Group’s available-for-sale
financial assets will be designated as FVOCI.

Given the historically low risk of impairment in respect of receivables and the nature of receivables, the change from the “incurred
loss” model to the “expected credit loss” model did not have an impact on the measurement of financial assets.

There was no material impact on the Group interim income statement and statements of financial position and cash flows for the six
month period ended 30 June 2018.

Correction of methodology
During the year ended 31 December 2017, the Group corrected the amortisation methodology for the mineral rights asset at the Australian
operations to reduce the level of estimation required in calculating amortisation. Prior to the correction of the methodology, the
total mineral rights asset capitalised at the Australian operation was depreciated on a units-of-production basis over a useful life
that exceeded proved and probable reserves. The amortisation estimation methodology was corrected in order to divide the total mineral
rights asset capitalised at the respective operations into a depreciable and a non-depreciable component. The mineral rights are
initially capitalised to the mineral rights asset as a non-depreciable component. The depreciable component is amortised over the
estimated proved and probable ore reserves on a units-of-production method.

As a result of this correction of the methodology, management identified an understatement of the amortisation and depreciation charge
relating to prior periods as set out in note 40 to the 31 December 2017 financial statements.

The 30 June 2017 results as published, have been accordingly restated to reflect the impact of the correction of the amortisation
methodology.

                                                   United States Dollars
                                                     Six months ended
                                As previously reported     Adjustments     As restated
Amortisation and depreciation                    321.9             2.9           324.8
Mining and income taxation                        63.3             0.9            62.4

Credit facilities successfully refinanced
R1,500 million Nedbank revolving credit facility
On 13 April 2018, Gold Fields Operations Limited and GFI Joint Venture Holdings (Proprietary) Limited entered into a R1,500 million
revolving credit facility with Nedbank Limited which became available on 8 May 2018. The purpose of this facility was to fund (i)
capital expenditure of the Gold Fields group, and (ii) general corporate and working capital requirements of the Gold Fields group.
The final maturity date of this facility is five years from the financial close date, namely 8 May 2023.
US$100 million Senior Secured revolving credit facility
On 12 June 2017, Gold Fields Ghana Limited and Abosso Goldfields Limited (as Borrowers) entered into a US$100 million senior secured
revolving credit facility with the Standard Bank of South Africa Limited (acting through its Isle of Man branch) (as Original Lender
and Agent) and Stanbic Ghana Limited (as Security Agent) which became available on 17 July 2017. The purpose of this facility was (i)
to refinance the outstanding balance of US$45 million under the US$70 million senior secured revolving credit facility (which matured
on 17 July 2017); (ii) to finance working capital requirements; (iii) for general corporate purposes; and (iv) for capital expenditure
purposes of each borrower. The final maturity date of this facility is three years from the financial close date, namely 17 July 2020.
On 22 March 2018, the Borrowers, the Original Lender and the Security Agent entered into an Amendment and Restatement Agreement to
release any and all security interests created in favour of the Security Agent (the Security). The effective date of the release of the
Security was 22 March 2018.

Non-recurring items
Asset impairments and write-offs
Asset impairments and write-offs recognised by the Group during 2018 include:

South Deep
- Impairment of R6.471 billion (US$482 million). The after tax impairment is R4.819 billion (US$359 million) in respect of the
   South Deep cash-generating unit. The impairment calculation is based on the 2018 life of mine plan using the following assumptions:
   - Gold price of R525,000 per kilogram;
   - Resource price of US$17 per ounce at a Rand/Dollar exchange rate of R13.44;
   - Resource ounces of 29.0 million ounces;
   - Life of mine: 77 years; and
   - Discount rate: 13.5 per cent nominal.
      The impairment is due to a deferral of production. The underperformance of the mine in 2018 and the resultant knock-on impact has
      necessitated a further impairment of South Deep. For the purpose of the impairment calculation, we have used a number equivalent
      to extrapolating the six months ended 30 June 2018 production for 2019 of 6,100kg (196koz). The carrying value after impairment
      is R20.7bn (US$1.5bn). The information underlying the impairment calculation may be subject to further adjustments in the future.
      These adjustments could be as a result of further information becoming available to management during Gold Fields’ production
      planning processes.

Impairment of investments and assets
The impairment of US$20 million related to the impairment of FSE which was based on the fair value less cost of disposal of the
investment which was directly derived from the market value of Lepanto Consolidated Mining Company.

Restructuring costs
The restructuring costs of US$100 million comprised restructuring costs at Tarkwa of US$81 million with the transition to contractor
mining as well as restructuring costs at Damang and South Deep of US$15 million and US$4 million, respectively.

Subsequent events
On 29 March 2018, the Group entered into certain definitive agreements (the JV Transaction) with Asanko Gold Inc. (Asanko) pursuant to
which, among other things:

-   Gold Fields and Asanko will each own a 45 per cent interest in Asanko Gold Ghana Limited   (AGGL), the Asanko subsidiary that
    currently owns the Asanko Gold Mine, with the Government of Ghana continuing to retain a   10 per cent free-carried interest in AGGL
    (the Joint Arrangement);
-   Gold Fields and Asanko will each own a 50 per cent interest in Adansi Gold Company Ghana   Limited (Adansi Ghana), the Asanko
    subsidiary that currently owns a number of the Company’s exploration licenses; and
-   Gold Fields and Asanko will each acquire a 50 per cent interest in a newly formed entity   (JV Finco).
On 20 June 2018, Gold Fields and Asanko received approval of the JV Transaction from the Ghanaian Minister of Lands and Natural
Resources and the JV Transaction closed on 31 July 2018 once all conditions precedent were met.

In consideration for its interests in the Joint Arrangement, Gold Fields:

-   contributed US$165.0 million, representing its initial US$164.9 million redeemable share investment in JV Finco, as well as its
    initial US$0.1 million equity investments in AGGL, Adansi Ghana and JV Finco, respectively; and
-   will contribute an additional US$20.0 million redeemable share investment to JV Finco based on an agreed Esaase development
    milestone, but in any event no later than 31 December 2019.

In addition to the US$185.0 million investment described above, Gold Fields purchased a 9.9 per cent interest in the common shares of
Asanko via a private placement on 4 April 2018. Gold Fields purchased 22,354,657 common shares of the Company at US$0.79 per common
share, equal to the 5-day volume-weighted average price as of market close on 27 March 2018, for US$17.6 million.

The above transactions will be accounted for as follows from 31 July 2018:

-   Equity investments in AGGL, Adansi Ghana and JV Finco - these will be equity accounted in terms of the requirements of IAS 28
    Investments in Associates and Joint Ventures given that these entities will be classified as joint ventures; and
-   Redeemable share investment in JV Finco - these will be accounted for as a financial asset in terms of the requirements of IFRS 9.

The investment in Asanko common shares - have been accounted for as a financial asset in terms of the requirements of IFRS 9.

Silicosis and tuberculosis class and individual actions
As previously disclosed, a consolidated application has been brought against several South African mining companies, including Gold
Fields, for certification of a class action on behalf of current or former mineworkers (and their dependants) who have allegedly
contracted silicosis and/or tuberculosis while working for one or more of the mining companies listed in the application.
On 3 May 2018, the Gold Working Group representing African Rainbow Minerals, Anglo American SA, AngloGold Ashanti, Gold Fields, Harmony
and Sibanye-Stillwater entered into a settlement agreement with the claimants in the silicosis and tuberculosis class action
litigation.

The Settlement Agreement provides meaningful compensation to all eligible workers suffering from silicosis and/or tuberculosis who
worked in these companies’ mines from 12 March 1965 to date. This is the very first class action settlement of its kind in South
Africa.

The settlement is subject to certain suspensive conditions, including the Settlement Agreement being approved by the South Gauteng High
Court. The parties’ respective legal teams are working together to prepare the necessary paperwork in order that the Court may review
the agreement and approve the process whereby all interested and affected parties will be given notice of the settlement and an
opportunity to comment and make submissions before the Court considers issuing its final approval.

The parties believe the settlement represents a fair outcome for claimants and a sustainable outcome for the companies.

An effective date of the agreement will be set based on a date after court approval.

A new website - www.SilicosisSettlement.co.za and a Facebook page - www.facebook.com/silicosissettlement - have been launched to assist
former mineworkers and their dependents who may be entitled to compensation if they worked at one of the six gold-mining companies that
have made provisions for a trust to pay mineworkers who contracted silicosis and/or TB at work.

In addition to the class action, an individual silicosis-related action has been instituted against Gold Fields and another mining
company. In February 2018, the defendants (including Gold Fields) and the plaintiff entered into a confidential settlement agreement
in full and final settlement of this matter.
Provision raised
As at 30 June 2017, as a result of the ongoing work of the Working Group and engagements with affected stakeholders since 31 December
2016, Gold Fields provided an amount of US$30 million (R390 million) in the statement of financial position for its share of a possible
settlement of the class action claims and related costs. The nominal value of this provision was US$40 million (R509 million).

Gold Fields believe that this remains a reasonable estimate of its share of the settlement of the class action claims and related
costs. This provision, of US$28 million (R378 million) at 30 June 2018 compares to the amount raised in June 2017 of US$30 million
(R390 million) in June 2017 and the decrease is due to a change in the timing of expected cash flows and the effect of translation
offset by the effect of unwinding. The nominal value of this provision is US$38 million (R511 million).

The ultimate outcome of this matter remains uncertain, with a possible failure to fulfil all the suspensive conditions, including the
Settlement Agreement being approved by the South Gauteng High Court. The provision is consequently subject to adjustment in the
future.

South Deep tax dispute
During the September 2014 quarter, the South African Revenue Service (“SARS”) issued a Finalisation of Audit Letter stating that SARS
has disallowed GFI Joint Venture Holdings (Pty) Ltd’s (GFIJVH”) additional capital allowance claim.

The Group objected to SARS’ decision and vigorously defended its position. After no resolution was achieved during a Tax Court sitting
in 2017, GFIJVH appealed to the High Court.

The Group is pleased to announce that on 30 May 2018 GFIJVH and SARS entered into a confidential settlement agreement (as provided for
in the Tax Administration Act) in full and final settlement of this matter. As a result of the settlement GFIJVH has recognised an
additional R2,338 million (US$191 million) of capital allowance with a tax effect on this amount of R701 million (US$57 million).

Segment reporting
The net (loss)/profit per the income statement reconciles to the net (loss)/profit in the segmental operating and financial results as
follows:

2018                                          US$’m
Net loss                                     (369.2)
– Operating segments                          (68.6)
– Corporate and projects                     (300.6)

2017                                          US$’m

Net profit                                     56.6
– Operating segments                          143.7
– Corporate and projects                      (87.1)

Additional notes include
- Debt maturity ladder on page 22;
- Reconciliation of headline earnings with net profit on page 23, and
- Hedging/derivatives on page 24.



N.J. Holland
Chief Executive Officer
16 August 2018


The financial statements are presented on a condensed consolidated basis

INCOME STATEMENT
                                                                                 United States Dollars
                                                                                    Six months ended
                                                                                      June        June
                                                                                      2018        2017
                                                                                 (Reviewed)   Restated
Figures are in millions unless otherwise stated                                             (Unaudited)
Revenue                                                                            1,350.7     1,304.5
Cost of sales                                                                     (1,034.8)   (1,002.3)
Cost of sales before amortisation and depreciation                                  (687.9)     (677.5)
– Cost of sales before gold inventory change and amortisation and depreciation      (703.0)     (698.2)
– Gold inventory change                                                               15.1        20.7
– Amortisation and depreciation                                                     (346.9)     (324.8)
Net interest expense                                                                 (33.2)      (31.8)
Share of results of equity accounted investees after taxation                         (6.0)       (0.8)
Gain/(loss) on foreign exchange                                                        2.8        (4.1)
Gain on financial instruments                                                         23.9         7.3
Share-based payments                                                                 (20.3)      (11.4)
Long-term incentive plan                                                              (1.3)       (3.3)
Other costs, net                                                                     (29.6)      (21.3)
Exploration and project expenses                                                     (56.1)      (47.1)
Profit before royalties, taxation and non-recurring items                            196.1       189.7
Non-recurring items                                                                 (661.2)      (38.1)
Profit before royalties and taxation                                                (465.1)      151.6
Royalties                                                                            (33.3)      (29.9)
(Loss)/profit before taxation                                                       (498.4)      121.7
Mining and income taxation                                                           129.2       (62.4)
– Normal taxation                                                                    (73.9)      (83.4)
– Deferred taxation                                                                  203.1        21.0
(Loss)/profit from continuing operations                                            (369.2)       59.3
Loss from discontinued operations, net of tax                                            -        (2.7)
(Loss)/profit for the period                                                        (369.2)       56.6
Attributable to:
– Owners of the parent                                                             (366.6)       51.0
– Non-controlling interest                                                           (2.6)        5.6
Non-recurring items:
(Loss)/profit on sale of assets                                                     (53.1)        3.1
Restructuring costs                                                                (100.3)       (2.3)
Silicosis provision adjusted/(raised)                                                 3.0       (30.2)
Impairment of South Deep                                                           (481.5)          –
Impairment of investments and assets                                                (20.0)       (7.0)
Loss on sale of inventory                                                            (8.9)          –
Other                                                                                (0.4)       (1.7)
Total non-recurring items                                                          (661.2)      (38.1)
Taxation on items above                                                             166.6        11.2
Net non-recurring items after tax                                                                        (494.6)     (26.9)
(Loss)/profit from continuing operations attributable to owners of the parent                            (366.6)      53.7
(Loss)/profit per share (cents) from continuing operations attributable to owners of the parent             (45)         7
Diluted (loss)/profit per share (cents) from continuing operations attributable to owners
of the parent                                                                                              (44)          7
Loss from discontinued operations attributable to owners of the parent                                       -        (2.7)
Loss per share (cents) from discontinued operations attributable to owners of the parent                     -           –
Diluted loss per share (cents) from discontinued operations                                                  -           –
Headline earnings from continuing operations attributable to owners of the parent                         66.7        69.7
Headline earnings per share (cents) from continuing operations attributable to owners of the parent          8           8
Diluted headline earnings per share (cents) from continuing operations attributable to owners of
the parent                                                                                                   8           8
Headline loss from discontinued operations attributable to owners of the parent                              -        (1.8)
Headline loss per share (cents) from discontinued operations attributable to owners of the parent            -           –
Diluted headline loss per share (cents) from discontinued operations                                         -           –
Profit excluding gains and losses on foreign exchange, financial instruments and non-recurring
items after taxation and non-controlling interest - continuing operations                                 42.8        77.5
Profit per share excluding gains and losses on foreign exchange, financial instruments and
non-recurring items after taxation and non-controlling interest (cents) - continuing operations              5           9
Loss excluding gains and losses on foreign exchange, financial instruments and non-recurring items
after taxation and non-controlling interest - discontinued operations                                        -        (2.6)
Loss per share excluding gains and losses on foreign exchange, financial instruments and non-recurring
items after taxation and non-controlling interest (cents) - discontinued operations                          -           –
US dollar/South African rand conversion rate                                                             12.25       13.24
US dollar/Australian dollar conversion rate                                                               0.77        0.75
Gold equivalent sold - managed continuing operations         eq oz (000)                                 1,034       1,059
Gold equivalent sold - managed discontinued operation        eq oz (000)                                     -          24
Gold equivalent price received                               US$/eq oz                                   1,306       1,232

Figures may not add as they are rounded independently.

The condensed consolidated financial statements for the six months ended 30 June 2018 have been prepared by the corporate
accounting staff of Gold Fields Limited headed by Tzvet Ilarionova, the Group's Financial Controller. This process was supervised
by Paul Schmidt, the Group's Chief Financial Officer.


STATEMENT OF COMPREHENSIVE INCOME
                                                                                                     United States Dollars
                                                                                                        Six months ended
                                                                                                          June        June
                                                                                                          2018        2017
                                                                                                     (Reviewed)   Restated
Figures are in millions unless otherwise stated                                                                 (Unaudited)
Net (loss)/profit                                                                                       (369.2)       56.6
Other comprehensive income, net of tax#                                                                 (158.9)      231.6
Marked to market valuation of listed investments*                                                           8.8        1.6
Deferred taxation on marked to market valuation of listed investments*                                     (1.5)         –
Foreign currency translation adjustments#                                                                (166.2)     230.0
Total comprehensive income                                                                              (528.1)      288.2
Attributable to:
– Owners of the parent                                                                                (525.5)      282.6
– Non-controlling interest                                                                              (2.6)        5.6
                                                                                                      (528.1)      288.2
*Items that will not be reclassified to the income statement.
#Item can be subsequently reclassified to the income statement.


STATEMENT OF FINANCIAL POSITION
                                                                                                    United States Dollars
                                                                                                         June        June
                                                                                                         2018        2017
                                                                                                    (Reviewed)   Restated
Figures are in millions unless otherwise stated                                                                  (Audited)
Non-current assets                                                                                    4,988.2     5,505.7
Property, plant and equipment                                                                         4,266.9     4,892.9
Goodwill                                                                                                    -        76.6
Other non-current assets                                                                                190.9       188.3
Investments                                                                                             275.3       275.9
Deferred taxation                                                                                       255.1        72.0
Current assets                                                                                        1,069.6     1,114.4
– Other current assets                                                                                  571.5       595.4
– Cash and deposits                                                                                     498.1       479.0
– Assets held for sale                                                                                      -        40.0
Total assets                                                                                          6,057.8     6,620.1
Total equity                                                                                          2,857.0     3,403.0
Non-current liabilities                                                                               2,217.6     2,363.1
Deferred taxation                                                                                       439.7       453.9
Borrowings                                                                                            1,463.0     1,587.9
Environmental rehabilitation provisions                                                                 277.1       281.5
Long-term employee benefits                                                                               2.3           –
Other long-term provisions                                                                               35.5        39.8
Current liabilities                                                                                     983.2       854.0
– Other current liabilities                                                                             554.8       660.4
– Current portion of borrowings                                                                         428.4       193.6
Total equity and liabilities                                                                          6,057.8     6,620.1
US dollar/South African rand conversion rate                                                            13.44       12.58
US dollar/Australian dollar conversion rate                                                              0.74        0.77
Net debt                                                                                              1,393.3     1,302.5


STATEMENT OF CHANGES IN EQUITY
                                                                            United States Dollars
                                                                                                   Non-
                                                      Share capital      Other    Retained   controlling       Total
Figures are in millions unless otherwise stated         and premium   reserves    earnings      interest      equity
Balance at 31 December 2017 (Audited)                       3,622.5   (1,817.8)    1,471.1         127.2     3,403.0
Adjustment on initial application of
IFRS I5 (net of tax)                                              -          -       (3.5)              -       (3.5)
Adjusted balance at 1 January 2018                          3,622.5   (1,817.8)   1,467.6           127.2    3,399.5
Total comprehensive income                                        -     (158.9)    (366.6)           (2.6)    (528.1)
Loss for the period                                               -            -        (366.6)         (2.6)     (369.2)
Other comprehensive income                                        -       (158.9)            -             -      (158.9)
Dividends declared                                                -            -         (34.7)            -       (34.7)
Share-based payments continuing operations                        -         20.3             -             -        20.3
Balance as at 30 June 2018 (Reviewed)                       3,622.5     (1,956.4)       1,066.3        124.6     2,857.0

                                                                              United States Dollars
                                                                                                   Non-
                                                      Share capital        Other    Retained controlling           Total
Figures are in millions unless otherwise stated         and premium     reserves    earnings    interest          equity
Balance at 31 December 2016 restated (Audited)              3,622.5     (2,124.4)    1,552.6       122.6         3,173.3
Total comprehensive income                                        -        231.6        51.0         5.6           288.2
Profit for the period                                             -            -        51.0         5.6            56.6
Other comprehensive income                                        -        231.6           -           -           231.6
Dividends declared                                                -            -       (37.5)       (5.8)          (43.3)
Share-based payments continuing operations                        -         11.4           -           -            11.4
Share-based payments discontinued operation                       -          0.3           -           -             0.3
Balance as at 30 June 2017 (Reviewed)                       3,622.5     (1,881.1)    1,566.1       122.4         3,429.9


DEBT MATURITY LADDER (REVIEWED)
                                                                                 United States Dollars
                                                                                        1 Jan 2020 to
Figures are in millions unless otherwise stated           31 Dec 2018    31 Dec 2019      31 Dec 2025            Total
Uncommitted loan facilities
Rand million                                                  1,650.0               -                  -        1,650.0
US dollar million                                                   -               -                  -              –
Rand debt translated to dollar                                  122.8               -                  -          122.8
Total (US$’m)                                                   122.8               -                  -          122.8
Committed loan facilities
US dollar million                                                   -          380.0              2,156.3       2,536.3
Rand million                                                        -              -              2,500.0       2,500.0
A$ million                                                          -              -                500.0         500.0
Rand debt translated to dollar                                      -              -                186.0         186.0
A$ debt translated to dollar                                        -              -                372.0         372.0
Total (US$’m)                                                       -          380.0              3,094.3       3,094.3
Total (US$’m) - Uncommitted and committed loan facilities           -          380.0              3,094.3       3,217.1
Utilisation - Uncommitted loan facilities
Rand million                                                    651.0               -                  -         651.0
US dollar million                                                   -               -                  -             –
Rand debt translated to dollar                                   48.4               -                  -          48.4
Total (US$’m)                                                    48.4               -                  -          48.4
Utilisation - Committed loan facilities (including US$ bond)
US dollar million                                                   -          380.0              1,128.3       1,508.3
Rand million                                                        -              -                    -             –
A$ million                                                          -              -                450.0         450.0
Rand debt translated to dollar                                      -              -                    -             –
A$ debt translated to dollar                                        -              -                334.7         334.7
Total (US$’m)                                                       -          380.0              1,463.0       1,843.0
Total (US$’m) - Utilisation - Uncommitted and
committed loan facilities                                        48.4            380.0          1,463.0      1,891.4
Exchange rate: US$1 = R13.44 and US$1 = A$0.74 being the closing rates for six months ended 30 June 2018.


STATEMENT OF CASH FLOWS
                                                                                                     United States Dollars
                                                                                                          June        June
                                                                                                          2018        2017
                                                                                                     (Reviewed)   Restated
Figures are in millions unless otherwise stated                                                                 (Unaudited)
Cash flows from operating activities                                                                     262.9       276.4
Profit before royalties, tax and non-recurring items                                                     196.1       189.7
Non-recurring items                                                                                     (661.2)      (38.1)
Amortisation and depreciation                                                                            346.9       324.8
Other non-cash items#                                                                                    563.5        27.5
South Deep BEE dividend                                                                                   (1.7)       (1.5)
Payment of long-term incentive plan                                                                      (17.8)      (11.5)
Change in working capital                                                                                  5.9       (25.3)
Royalties and taxation paid                                                                             (168.8)     (195.6)
Cash generated by continuing operations                                                                  262.9       270.0
Cash generated by discontinued operations                                                                    -         6.4
Dividends paid                                                                                           (34.7)      (43.3)
Owners of the parent                                                                                     (34.7)      (37.5)
Non-controlling interest holders                                                                             -        (5.8)
Cash flows from investing activities                                                                    (319.6)     (438.5)
Capital expenditure - additions                                                                         (410.8)     (382.6)
Capital expenditure - proceeds on disposal                                                                76.6        20.7
Purchase of investments                                                                                  (17.6)      (60.1)
Proceeds on disposal of assets held for sale                                                              40.0           –
Environmental payments                                                                                    (7.8)      (10.1)
Cash utilised in continuing operations                                                                  (319.6)     (432.1)
Cash utilised in discontinued operations                                                                     -        (6.4)
Cash flows from financing activities                                                                     115.1       160.6
Loans received                                                                                           358.1       285.3
Loans repaid                                                                                            (243.0)     (124.7)
Cash generated by continuing operations                                                                  115.1       160.6
Cash generated by discontinued operations                                                                    -           –
Net cash inflow/(outflow)                                                                                 23.7       (44.8)
Net cash inflow/(outflow) from continuing operations                                                      23.7       (44.8)
Net cash inflow from discontinued operations                                                                 -           –
Translation adjustment                                                                                    (4.6)       10.9
Cash at beginning of period                                                                              479.0       526.7
Cash at end of period                                                                                    498.1       492.8
Cash flow for continuing operations from operating activities less net
capital expenditure and environmental payments                                                            (79.1)   (102.0)
#Includes impairment of South Deep (US$481.5 million) and impairment of investments and assets (US$20 million).


RECONCILIATION OF HEADLINE EARNINGS WITH NET (LOSS)/PROFIT
                                                                                                     United States Dollars
                                                                                                          June           June
                                                                                                          2018           2017
                                                                                                     (Reviewed)      Restated
Figures are in millions unless otherwise stated                                                                    (Unaudited)
Net (loss)/profit from continuing operations                                                            (366.6)          53.7
Loss/(profit) on sale of assets                                                                           53.1           (3.1)
Taxation effect on sale of assets                                                                        (12.1)           1.1
Non-controlling interest effect on sale of assets                                                         (2.6)           0.2
Impairment of South Deep                                                                                 481.5              –
Impairment of investments and assets and other                                                            43.3           26.4
Taxation on impairment of South Deep and investments and assets                                         (129.9)          (8.1)
Non-controlling interest effect on impairment of investments and assets                                      -           (0.5)
Headline earnings from continuing operations                                                              66.7           69.7
Headline earnings per share - cents                                                                          8              8
Based on headline earnings as given above divided by 820,614,217 (June 2017 - 820,609,409)
being the weighted average number of ordinary shares in issue.


HEDGING/DERIVATIVES (REVIEWED)
The Group’s policy is to remain unhedged to the gold price. However, hedges are sometimes undertaken 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.

Derivative instruments*
Ghana - Oil hedge
In May 2017 and June 2017 fixed price ICE Gasoil cash settled swap transactions were entered into for a total of 125.8 million litres
of diesel for the period June 2017 to December 2019 based on 50 per cent of usage over the specified period. The average swap price is
US$457 per metric tonne (equivalent to US$61.4 per barrel). At the time of the transactions, the average Brent swap equivalent over the
tenor was US$49.80 per barrel.

At the reporting date, the mark to market value on the hedge was positive US$12 million with a realised gain of US$3 million for the
six months ended 30 June 2018.

Ghana - Gold hedge
In January 2018 and April 2018, a total of 488,900 ounces of the expected production for the Ghanaian region was hedged for the period
January 2018 to December 2018 using zero-cost collars. The average strike prices are US$1,300 per ounce on the floor and US$1,418 per
ounce on the cap.

At the reporting date, the mark to market value on the hedge was positive US$10 million, with nothing realised as it moved within the
band.

Australia - Oil hedge
In May 2017 and June 2017 fixed price Singapore 10ppm Gasoil cash settled swap transactions were entered into, for a total of
77.5 million litres of diesel for the period June 2017 to December 2019 based on 50 per cent of usage over the specified period.
The average swap price is US$61.15 per barrel. At the time of the transactions, the average Brent swap equivalent over the tenor was
US$49.92 per barrel.
At the reporting date, the mark to market value on the hedge was positive A$10 million (US$7 million) with a realised gain of
A$3 million (US$2 million) for the six months ended 30 June 2018.

Australia - Gold hedge
In February 2018, Asian swaps# were entered into for the period June 2018 to December 2018 for a total of 221,000 ounces of gold.
The average strike price on the swaps was A$1,714 per ounce.

In March 2018, zero cost collars were entered into for the period April 2018 to December 2018 for a total of 452,800 ounces of gold.
The average strike prices are A$1,703 per ounce on the floor and US$1,767 per ounce on the cap.

At the reporting date, the mark to market value on the hedges was positive A$2 million (US$1 million) with a realised loss of
A$1 million (US$1 million) for the six months ended 30 June 2018.

Australia - Foreign exchange hedge
In May 2018, A$/US$ average rate forwards were entered into for a total notional of US$96 million for the period January 2019 to
December 2019 at an average strike rate of 0.7517.

At the reporting date, the mark to market value on the hedge was negative A$1 million (US$1 million).

South Africa - Gold hedge
In November 2017, zero cost collars were entered into for the period January 2018 - December 2018 for 63,996 ounces of gold.
The strike prices are R600,000 per kilogram on the floor and R665,621 per kilogram on the cap.

At the reporting date, the mark to market value on the hedge was positive R53 million (US$4 million) with a total realised gain of
R70 million (US$6 million) for the six months ended 30 June 2018.

Peru - Copper hedge
In November 2017, zero-cost collars were entered into for the period January 2018 - December 2018. A total volume of 29,400 tonnes
was hedged, at an average floor price of US$6,600 per tonne and an average cap price of US$7,431 per tonne.

At the reporting date the mark to market value on the hedges was positive US$1 million.

* Do not qualify for hedge accounting and are accounted for as derivative financial instruments in the income statement.
# Asian swop is an option where the payoff is determined by the average monthly gold price over the option period.
All these derivative financial instruments are measured at fair value using available market contract values for each trading
date’s settlement volume (Level 2).


SEGMENTAL OPERATING AND FINANCIAL RESULTS
Figures are in millions unless otherwise stated                                 United States Dollars
                                                                                      South Africa          West Africa            South America
                                                                             Total          Region               Region                   Region
                                                                Total         Mine                                Ghana                     Peru
                                                                 Mine   Continuing           South                                         Cerro
                                                           Operations   Operations            Deep      Total    Tarkwa   Damang          Corona
Operating Results (Unreviewed)
Ore milled/treated             Six months to June   2018       16,686       16,686             800      9,040     6,884    2,156           3,330
(000 tonnes)                    Six months to Dec   2017       17,161       17,058           1,112      8,976     6,677    2,299           3,349
                               Six months to June   2017       17,331       17,096             969      9,141     6,850    2,291           3,447
Yield                          Six months to June   2018          1.9          1.9             3.8        1.2       1.2      1.3             1.3
(grams per tonne)               Six months to Dec   2017          2.1          2.1             4.5        1.2       1.3      0.9             1.6
                                Six months to June   2017        1.9        1.9       3.8       1.2      1.3       1.0      1.2
Gold produced                   Six months to June   2018    1,030.4    1,030.4      96.5     353.9    264.4      89.5    137.6
(000 managed equivalent          Six months to Dec   2017    1,148.9    1,134.2     162.0     351.5    284.9      66.6    169.7
ounces)                         Six months to June   2017    1,083.6    1,059.1     119.3     358.5    281.5      76.9    137.0
Gold sold                       Six months to June   2018    1,034.0    1,034.0     104.2     353.9    264.4      89.5    131.7
(000 managed equivalent          Six months to Dec   2017    1,157.0    1,142.3     161.6     351.5    284.9      66.6    178.1
ounces)                         Six months to June   2017    1,083.2    1,058.8     120.2     358.5    281.5      76.9    135.7
Gold price received             Six months to June   2018      1,306      1,306     1,316     1,318    1,318     1,315    1,228
(dollar per equivalent           Six months to Dec   2017      1,276      1,276     1,273     1,279    1,280     1,276    1,275
ounce)                          Six months to June   2017      1,232      1,232     1,233     1,232    1,230     1,237    1,221
Cost of sales before gold
inventory change and            Six months to June   2018         42         42       188        23       20        32       23
amortisation and depreciation    Six months to Dec   2017         43         43       136        26       26        26       24
(dollar per tonne)              Six months to June   2017         42         41       160        26       25        27       21
All-in-sustaining costs         Six months to June   2018        955        955     1,699       924      954       829      197
(dollar per ounce)               Six months to Dec   2017        918        913     1,205       919      891     1,038      165
                                Six months to June   2017        973        960     1,521       995      989     1,017      253
Total all-in-cost               Six months to June   2018      1,037      1,037     1,816     1,114      954     1,585      197
(dollar per ounce)               Six months to Dec   2017        988        984     1,282     1,096      891     1,971      165
                                Six months to June   2017      1,029      1,017     1,557     1,142      989     1,702      253
Financial Results ($ millions)
Revenue                        Six months to June    2018#   1,350.7    1,350.7     137.1     466.3     348.6    117.7    161.6
                                Six months to Dec    2017    1,476.2    1,457.3     205.8     449.6     364.5     85.1    227.1
                               Six months to June    2017    1,334.6    1,304.5     148.3     441.5     346.3     95.2    165.8
Cost of sales before           Six months to June    2018#    (688.1)    (688.1)   (153.6)   (212.9)   (150.2)   (62.7)   (77.6)
amortisation and                Six months to Dec    2017     (696.1)    (678.8)   (153.9)   (210.5)   (148.3)   (62.2)   (84.1)
depreciation                   Six months to June    2017     (707.9)    (678.1)   (150.8)   (217.8)   (157.7)   (60.1)   (70.2)
Cost of sales before gold      Six months to June    2018#    (703.2)    (703.2)   (150.7)   (206.9)   (138.9)   (68.0)   (77.4)
inventory change and            Six months to Dec    2017     (744.0)    (727.5)   (150.7)   (235.9)   (175.8)   (60.1)   (80.2)
amortisation and depreciation Six months to June     2017     (728.2)    (698.5)   (155.5)   (233.4)   (172.2)   (61.2)   (71.0)
  - Gold inventory change      Six months to June    2018#      15.1       15.1      (2.9)     (6.1)    (11.3)     5.3     (0.1)
                                Six months to Dec    2017       48.0       49.0      (3.2)     25.4      27.5     (2.1)    (3.9)
                               Six months to June    2017       20.7       20.7       4.7      15.6      14.5      1.1      0.8
Amortisation of mining assets Six months to June     2018#    (344.9)    (344.9)    (27.9)   (130.3)    (85.1)   (45.2)   (33.1)
                                Six months to Dec    2017     (423.4)    (421.5)    (39.9)   (129.0)   (115.6)   (13.5)   (73.4)
                               Six months to June    2017*    (325.3)    (323.7)    (34.3)   (113.2)   (104.4)    (8.8)   (57.4)
Net operating profit/(loss)    Six months to June    2018#     317.6      317.6     (44.4)    123.1     113.2      9.9     51.0
                                Six months to Dec    2017      356.6      357.0      12.0     110.1     100.6      9.4     69.6
                               Six months to June    2017      301.6      302.8     (36.8)    110.6      84.2     26.4     38.2
Other expenses                 Six months to June    2018#     (36.5)     (36.5)    (10.4)      5.4       5.8     (0.4)    (3.8)
                                Six months to Dec    2017      (34.3)     (33.9)      0.9      (0.1)      3.4     (3.5)   (14.4)
                               Six months to June    2017      (57.3)     (55.6)     (8.8)    (16.2)    (12.6)    (3.6)    (7.1)
Profit/(loss) before           Six months to June    2018#     281.1      281.1     (54.8)    128.4     119.0      9.4     47.3
royalties and taxation          Six months to Dec    2017      322.3      323.1      12.9     110.0     104.1      5.9     55.2
                               Six months to June    2017      244.5      247.2     (45.6)     94.3      71.6     22.7     31.1
Royalties, mining and          Six months to June    2018#      53.2       53.2     149.8     (12.1)     (6.0)    (6.1)   (24.9)
income taxation                 Six months to Dec    2017     (145.7)    (138.7)     (2.2)    (50.9)    (51.5)     0.5    (28.7)
                               Six months to June    2017      (93.3)     (93.6)     11.2     (31.7)    (28.9)    (2.9)   (12.6)
  - Normal taxation            Six months to June    2018#     (28.3)     (28.3)        -      (4.3)     (4.3)       -    (23.8)
                                Six months to Dec    2017     (159.1)    (156.8)        -     (36.3)    (36.3)       -    (28.9)
                               Six months to June    2017      (43.7)     (43.7)        -     (21.8)    (21.8)       -    (21.9)
  - Royalties                  Six months to June    2018#     (33.3)     (33.3)     (0.6)    (15.6)    (11.6)    (4.0)    (2.6)
                                Six months to Dec    2017      (32.5)     (32.1)     (1.1)    (13.8)    (11.3)    (2.6)    (2.9)
                               Six months to June    2017      (30.6)     (29.9)     (0.7)    (13.2)    (10.4)    (2.9)    (2.4)
  - Deferred taxation          Six months to June    2018#     114.8      114.8     150.4       7.8       9.9     (2.1)     1.6
                                Six months to Dec    2017       46.0       50.3      (1.1)     (0.8)     (3.9)     3.1      3.0
                               Six months to June    2017*     (19.0)     (20.0)     12.0       3.3       3.3        -     11.7
Profit/(loss) before non-      Six months to June    2018#     334.3      334.3      95.0     116.4     113.0      3.3     22.4
recurring items                 Six months to Dec    2017      176.5      184.4      10.7      59.0      52.6      6.4     26.5
                               Six months to June    2017      151.1      153.6     (34.4)     62.7      42.7     19.9     18.5
Non-recurring items            Six months to June    2018#    (402.9)    (402.9)   (259.8)   (143.0)   (128.4)   (14.6)       –
                                Six months to Dec    2017       80.2       56.7      (1.8)     (8.1)     (3.2)    (4.9)    52.6
                               Six months to June 2017             (7.4)           (7.4)            0.1          (7.8)     (6.8)      (1.0)                           –
Net (loss)/profit             Six months to June 2018#            (68.6)          (68.6)         (164.8)        (26.6)    (15.4)     (11.2)                        22.4
                               Six months to Dec 2017             256.7           241.1             8.9          50.9      49.4        1.5                         79.1
                              Six months to June 2017             143.7           146.2           (34.3)         54.9      35.8       18.9                         18.5
Capital expenditure           Six months to June 2018#           (331.2)         (331.2)          (30.9)       (156.3)    (83.6)     (72.7)                        (9.9)
                               Six months to Dec 2017            (402.7)         (402.3)          (50.1)       (149.1)    (83.6)     (65.5)                       (21.6)
                              Six months to June 2017            (350.0)         (343.6)          (32.2)       (163.6)    (97.0)     (66.6)                       (12.4)
The average US dollar/Rand exchange rates for the six months were US$1 = R12.25 for June 2018 and US$1 = R13.24 for June 2017.
The average Australian/US dollar exchange rates for the six months were A$1 = US$0.77 for June 2018 and A$1 = US$0.75 for June 2017.
Figures may not add as they are rounded independently.
#Reviewed.
*Restated - correction of methodology, refer page 17.


                                                                                                                                           South         United
                                                                                                                                         African         States     Australian
                                                                   United States Dollars                  Australian Dollars                Rand        Dollars        Dollars
                                                                        Australia                             Australia             South Africa      Australia      Australia
                                                                           Region                               Region1                  Region2         Region         Region
                                                                       Continuing                            Continuing                            Discontinued   Discontinued
                                                                           Agnew/ Granny                         Agnew/   Granny          South
                                                        Total     St Ives Lawlers   Smith     Total     St Ives Lawlers    Smith           Deep         Darlot         Darlot
Operating Results (Unreviewed)
Ore milled/treated         Six months to June   2018    3,517      2,093      588      836    3,517      2,093      588      836            800              -                 –
(000 tonnes)                Six months to Dec   2017    3,621      2,163      611      847    3,621      2,163      611      847          1,112            103               103
                           Six months to June   2017    3,538      2,035      624      879    3,538      2,035      624      879            969            235               235
Yield                      Six months to June   2018      3.9        2.8      6.1      5.1      3.9        2.8      6.1      5.1            3.8              -                 –
(grams per tonne)           Six months to Dec   2017      3.9        2.6      6.4      5.3      3.9        2.6      6.4      5.3            4.5            4.4               4.4
                           Six months to June   2017      3.9        2.8      5.8      5.1      3.9        2.8      5.8      5.1            3.8            3.2               3.2
Gold produced              Six months to June   2018    442.4      189.8    115.4    137.2    442.4      189.8    115.4    137.2          3,003              -                 –
(000 managed                Six months to Dec   2017    451.1      179.8    125.7    145.6    451.1      179.8    125.7    145.6          5,038           14.7              14.7
equivalent ounces)         Six months to June   2017    444.3      184.1    115.5    144.7    444.3      184.1    115.5    144.7          3,710           24.5              24.5
Gold sold                  Six months to June   2018    444.3      190.2    116.9    137.3    444.3      190.2    116.9    137.3          3,240              -                 –
(000 managed                Six months to Dec   2017    451.1      179.8    125.7    145.6    451.1      179.8    125.7    145.6          5,026           14.7              14.7
equivalent ounces)         Six months to June   2017    444.3      184.1    115.5    144.7    444.3      184.1    115.5    144.7          3,740           24.5              24.5
Gold price received        Six months to June   2018    1,318      1,318    1,316    1,320    1,707      1,707    1,704    1,709        518,504              -                 –
(dollar per                 Six months to Dec   2017    1,274      1,274    1,275    1,274    1,638      1,637    1,640    1,638        548,582          1,284             1,632
equivalent ounce)          Six months to June   2017    1,235      1,240    1,232    1,233    1,642      1,648    1,637    1,639        525,042          1,234             1,641
Cost of sales before
gold inventory change
and amortisation and       Six months to June   2018       76         51      138      97        99         66      179      125          2,308              -                 –
depreciation                Six months to Dec   2017       72         48      128      94        93         61      165      121          1,818            160               202
(dollar per tonne)         Six months to June   2017       67         42      123      88        90         55      163      117          2,124            127               168
All-in sustaining costs    Six months to June   2018      900        763    1,075     942     1,166        988    1,393    1,219        669,306              -                 –
(dollar per ounce)          Six months to Dec   2017      961        943      992     957     1,234      1,211    1,273    1,229        519,567          1,270             1,631
                           Six months to June   2017      891        891      960     835     1,184      1,184    1,275    1,110        646,526          1,532             2,040
Total all-in-cost          Six months to June   2018      900        763    1,075     942     1,166        988    1,393    1,219        715,373              -                 –
(dollar per ounce)          Six months to Dec   2017      961        943      992     957     1,234      1,211    1,273    1,229        552,889          1,270             1,631
                           Six months to June   2017      891        891      960     835     1,184      1,184    1,275    1,110        662,973          1,532             2,040
Financial Results ($ millions)
Revenue                    Six months to June   2018#    585.7     250.7    153.8    181.2     758.4     324.6     199.2   234.6        1,679.9              -                 –
                            Six months to Dec   2017     574.8     229.0    160.4    185.4     738.8     294.2     206.3   238.4        2,756.2           18.9              24.0
                           Six months to June   2017     548.8     228.2    142.2    178.4     729.6     303.4     189.1   237.1        1,963.7           30.2              40.2
Cost of sales before       Six months to June   2018#   (244.0)    (78.4)   (84.7)   (80.9)   (316.0)   (101.5)   (109.7) (104.8)      (1,882.1)             -                 –
amortisation and            Six months to Dec   2017    (230.2)    (75.5)   (74.0)   (80.8)   (295.7)    (96.8)    (95.0) (103.8)      (2,065.2)         (17.3)            (21.9)
depreciation               Six months to June   2017    (239.0)    (83.1)   (76.4)   (79.5)   (317.7)   (110.5)   (101.6) (105.6)      (1,996.7)         (29.8)            (39.6)
Cost of sales before
gold inventory change      Six months to June   2018#   (268.2)   (106.0)   (81.2)   (81.0)   (347.3)   (137.3)   (105.2) (104.9)      (1,846.1)             -                 –
and amortisation and        Six months to Dec   2017    (260.6)   (102.7)   (78.2)   (79.7)   (335.3)   (132.4)   (100.6) (102.4)      (2,023.1)         (16.5)            (20.9)
depreciation               Six months to June   2017    (238.6)    (84.9)   (76.7)   (77.1)   (317.1)   (112.8)   (101.9) (102.4)      (2,059.4)         (29.8)            (39.5)
– Gold inventory           Six months to June   2018#     24.2      27.7     (3.5)       -      31.3      35.8      (4.5)    0.1          (36.0)             -                 –
  change                    Six months to Dec   2017      30.4      27.2      4.3     (1.1)     39.6      35.6       5.6    (1.5)         (42.1)          (0.9)             (1.0)
                           Six months to June   2017      (0.4)      1.7      0.2     (2.4)     (0.6)      2.3       0.3    (3.2)          62.7              -              (0.1)
Amortisation of mining     Six months to June   2018#   (153.7)                               (199.0)                                    (341.8)             -                 –
assets                      Six months to Dec   2017    (179.2)                               (231.4)                                    (534.9)          (1.9)             (2.5)
                           Six months to June   2017*   (118.9)                               (158.5)                                    (454.3)          (1.6)             (2.1)
Net operating              Six months to June   2018#    188.0                                 243.4                                     (544.0)             -                 –
profit/(loss)               Six months to Dec   2017     165.4                                 211.8                                      156.0           (0.4)             (0.5)
                           Six months to June   2017     191.1                                 253.4                                     (487.3)          (1.2)             (1.6)
Other expenses             Six months to June 2018#       (27.7)                                     (35.8)                                      (127.5)              -               –
                            Six months to Dec 2017        (20.4)                                     (26.2)                                        12.2            (0.4)           (0.7)
                           Six months to June 2017        (23.4)                                     (31.1)                                      (116.3)           (1.7)           (2.3)
Profit/(loss) before       Six months to June 2018#       160.3                                      207.6                                       (671.5)              -               –
royalties and taxation      Six months to Dec 2017        145.0                                      185.6                                        168.2            (0.8)           (1.1)
                           Six months to June 2017        167.7                                      222.3                                       (603.6)           (2.7)           (3.6)
Royalties, mining and      Six months to June 2018#      (59.6)                                      (77.2)                                     1,928.4               -               –
income taxation             Six months to Dec 2017       (56.8)                                      (72.8)                                       (27.4)           (7.0)           (9.4)
                           Six months to June 2017       (60.5)                                      (80.7)                                       148.6             0.3             0.4
  - Normal taxation        Six months to June 2018#       (0.2)                                       (0.3)                                           -               -               –
                            Six months to Dec 2017       (91.7)                                     (117.6)                                           -            (2.3)           (3.0)
                           Six months to June 2017           -                                           -                                            -               -               –
  - Royalties              Six months to June 2018#      (14.4)                                      (18.7)                                        (7.6)              -               –
                            Six months to Dec 2017       (14.3)                                      (18.3)                                       (13.8)           (0.4)           (0.6)
                           Six months to June 2017       (13.5)                                      (18.0)                                        (9.8)           (0.7)           (0.9)
  - Deferred taxation      Six months to June 2018       (45.0)                                      (58.2)                                     1,936.0               -               –
                            Six months to Dec 2017        49.2                                        63.1                                        (13.6)           (4.3)           (5.8)
                           Six months to June 2017*      (47.0)                                      (62.7)                                       158.4             1.0             1.3
Profit/(loss) before       Six months to June 2018#      100.7                                       130.3                                      1,256.9               -               –
non-recurring items         Six months to Dec 2017        88.2                                       112.7                                        140.8            (7.9)          (11.4)
                           Six months to June 2017       107.2                                       141.6                                       (455.1)           (2.5)           (3.3)
Non-recurring items       Six months to June 2018#        (0.2)                                       (0.2)                                    (3,487.2)              -               –
                           Six months to Dec 2017         14.1                                        18.4                                        (25.5)           23.5            30.8
                          Six months to June 2017          0.3                                         0.4                                          1.0               -               –
Net profit/(loss)         Six months to June 2018#       100.5                                       130.1                                     (2,230.3)              -               –
                           Six months to Dec 2017        102.3                                       131.1                                        116.3            15.6            20.0
                          Six months to June 2017        107.5                                       142.0                                       (454.0)           (2.5)           (2.3)
Capital expenditure       Six months to June 2018#      (133.9)    (57.0)    (35.4)    (41.6)       (173.6)    (73.8)   (45.9)    (53.8)         (378.8)              -               –
                           Six months to Dec 2017       (181.6)    (84.7)    (44.9)    (52.0)       (234.0)   (109.0)   (57.8)    (67.2)         (672.0)           (0.4)           (0.5)
                          Six months to June 2017       (135.4)    (71.6)    (28.9)    (35.0)       (180.0)    (95.1)   (38.4)    (46.5)         (426.8)           (6.4)           (8.5)
# 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. Figures may not add as they are rounded independently.
#Reviewed.
*Restated - correction of methodology, refer page 17.



ALL-IN COSTS (UNREVIEWED)
World Gold Council Industry Standard
Figures are in millions unless otherwise stated                                                United States Dollars
                                                                                                     South Africa                   West Africa                  South America
                                                                                            Total          Region                        Region                         Region
                                                                          Total              Mine                                         Ghana                           Peru
                                                                           Mine        Continuing           South                                                        Cerro
                                                                     Operations        Operations            Deep              Total      Tarkwa     Damang             Corona
Cost of sales before gold          Six months to June    2018            (703.0)           (703.0)         (150.7)            (206.9)     (138.9)     (68.0)             (77.4)
inventory change and                Six months to Dec    2017            (744.7)           (728.2)         (150.7)            (235.9)     (175.8)     (60.1)             (80.2)
amortisation and depreciation      Six months to June    2017            (727.9)           (698.2)         (155.5)            (233.4)     (172.2)     (61.2)             (71.0)
Gold inventory change              Six months to June    2018              15.1              15.1            (2.9)              (6.1)      (11.3)       5.3               (0.1)
                                    Six months to Dec    2017              48.2              49.0            (3.2)              25.4        27.5       (2.1)              (3.9)
                                   Six months to June    2017              20.7              20.7             4.7               15.6        14.5        1.1                0.8
Royalties                          Six months to June    2018             (33.3)            (33.3)           (0.6)             (15.6)      (11.6)      (4.0)              (2.6)
                                    Six months to Dec    2017             (32.4)            (32.0)           (1.1)             (13.8)      (11.3)      (2.6)              (2.9)
                                   Six months to June    2017             (30.6)            (29.8)           (0.7)             (13.2)      (10.4)      (2.9)              (2.4)
Realised gains/losses on           Six months to June    2018               4.8               4.8               -                3.2         2.2        1.0                  –
commodity cost hedges               Six months to Dec    2017               1.3               1.3               -                0.8         0.8          -                  –
                                   Six months to June    2017                 -                 -               -                  -           -          -                  –
Community/social                   Six months to June    2018              (6.2)             (6.2)           (1.1)              (2.8)       (2.6)      (0.2)              (2.3)
responsibility costs                Six months to Dec    2017             (11.3)            (11.3)           (0.7)              (5.8)       (5.7)      (0.1)              (4.8)
                                   Six months to June    2017              (8.9)             (8.9)           (1.3)              (5.7)       (5.4)      (0.3)              (1.9)
Non-cash remuneration -            Six months to June    2018             (20.3)            (20.3)           (2.6)              (4.4)       (3.4)      (1.0)              (2.7)
share-based payments                Six months to Dec    2017             (15.7)            (15.5)           (1.7)              (3.6)       (2.8)      (0.7)              (2.0)
                                   Six months to June    2017             (11.7)            (11.4)           (1.8)              (2.5)       (1.9)      (0.6)              (1.5)
Cash remuneration                  Six months to June    2018              (1.3)             (1.3)           (0.4)              (0.4)       (0.2)      (0.2)               0.3
(long-term incentive plan)          Six months to Dec    2017              (1.8)             (1.7)            0.1                  -           -          -                0.4
                               Six months to June    2017            (3.3)       (3.3)           (0.5)       (1.4)     (1.1)     (0.3)              (0.3)
Other                          Six months to June    2018            (4.8)       (4.8)              -           -         -         -               (0.6)
                                Six months to Dec    2017            (5.3)       (5.3)              -           -         -         -                0.4
                               Six months to June    2017            (5.4)       (5.4)              -           -         -         -               (0.5)
By-product credits             Six months to June    2018            86.7        86.7             0.2         0.2       0.2         -               85.9
                                Six months to Dec    2017           105.1       105.2             0.4         0.6       0.6         -              103.7
                               Six months to June    2017            73.4        73.3             0.2        (1.4)     (1.5)      0.1               74.1
Rehabilitation amortisation    Six months to June    2018            (9.1)       (9.1)           (0.1)       (3.6)     (2.8)     (0.7)              (1.7)
and interest                    Six months to Dec    2017           (11.7)      (11.6)           (0.1)       (3.8)     (3.5)     (0.3)              (3.1)
                               Six months to June    2017           (11.2)      (10.9)           (0.1)       (3.8)     (3.5)     (0.4)              (2.7)
Sustaining capital expenditure Six months to June    2018          (253.7)     (253.7)          (18.7)      (90.2)    (83.6)     (6.6)              (9.9)
                                Six months to Dec    2017          (330.9)     (330.5)          (37.7)      (86.9)    (83.6)     (3.3)             (21.6)
                               Six months to June    2017          (292.9)     (286.4)          (27.8)     (110.9)    (97.0)    (13.9)             (12.4)
All-in sustaining costs        Six months to June    2018          (925.1)     (925.1)         (177.0)     (326.5)   (252.0)    (74.3)             (11.1)
                                Six months to Dec    2017          (999.5)     (980.9)         (194.7)     (323.0)   (253.8)    (69.2)             (15.6)
                               Six months to June    2017          (997.8)     (960.4)         (182.9)     (356.8)   (278.5)    (78.2)             (17.7)
Exploration, feasibility       Six months to June    2018           (39.2)      (39.2)              -        (1.5)        -      (1.5)              (0.1)
and evaluation costs            Six months to Dec    2017           (31.4)      (31.4)              -           -         -         -                  –
                               Six months to June    2017           (28.5)      (28.5)              -           -         -         -                  –
Non-sustaining capital         Six months to June    2018          (157.1)     (157.1)          (12.2)      (66.1)        -     (66.1)                 –
expenditure                     Six months to Dec    2017          (120.3)     (120.3)          (12.5)      (62.2)        -     (62.2)                 –
                               Six months to June    2017           (96.2)      (96.2)           (4.4)      (52.7)        -     (52.7)                 –

Total all-in cost               Six months to June   2018        (1,121.4)   (1,121.4)         (189.2)     (394.1)   (252.0)   (141.9)             (11.1)
                                 Six months to Dec   2017        (1,151.2)   (1,132.5)         (207.2)     (385.1)   (253.8)   (131.3)             (15.6)
                                Six months to June   2017        (1,122.5)   (1,085.0)         (187.3)     (409.5)   (278.5)   (130.9)             (17.7)
Total all-in sustaining cost    Six months to June   2018          (925.1)     (925.1)         (177.0)     (326.5)   (252.0)    (74.3)             (11.1)
                                 Six months to Dec   2017          (999.5)     (980.9)         (194.7)     (323.0)   (253.8)    (69.2)             (15.6)
                                Six months to June   2017          (997.8)     (960.4)         (182.9)     (356.8)   (278.5)    (78.2)             (17.7)
Gold only ounces sold           Six months to June   2018           958.9       958.9           104.2       353.9     264.4      89.5               56.6
– (000 ounces)                   Six months to Dec   2017         1,073.4     1,058.7           161.6       351.5     284.9      66.6               94.5
                                Six months to June   2017         1,017.7       993.2           120.2       358.5     281.5      76.9               70.2
AISC per ounce of gold sold     Six months to June   2018             965         965           1,699         924       954       829                197
US$/oz                           Six months to Dec   2017             932         927           1,205         919       891     1,038                165
                                Six months to June   2017             980         967           1,521         995       989     1,017                253
Total all-in cost               Six months to June   2018        (1,121.4)   (1,121.4)         (189.2)     (394.1)   (252.0)   (141.9)             (11.1)
                                 Six months to Dec   2017        (1,151.2)   (1,132.5)         (207.2)     (385.1)   (253.8)   (131.3)             (15.6)
                                Six months to June   2017        (1,122.5)   (1,085.0)         (187.3)     (409.5)   (278.5)   (130.9)             (17.7)
Gold only ounces sold           Six months to June   2018           958.9       958.9           104.2       353.9     264.4      89.5               56.6
– (000 ounces)                   Six months to Dec   2017         1,073.4     1,058.7           161.6       351.5     284.9      66.6               94.5
                                Six months to June   2017         1,017.7       993.2           120.2       358.5     281.5      76.9               70.2
AIC per ounce of gold sold      Six months to June   2018           1,169       1,169           1,816       1,114       954     1,585                197
US$/oz                           Six months to Dec   2017           1,072       1,070           1,282       1,096       891     1,971               165
                                Six months to June   2017           1,103       1,092           1,557       1,142       989     1,702               253



ALL-IN COSTS (UNREVIEWED)
World Gold Council Industry Standard
Figures are in millions unless otherwise stated                                    United States Dollars
                                                                                              Australia                                     Australia
                                                                                                 Region                                        Region
                                                                   Total                     Continuing                   Corporate      Discontinued
                                                              Continuing                         Agnew/                         and
                                                              Operations     St Ives            Lawlers    Granny Smith    projects            Darlot
Cost of sales before gold         Six months to June   2018       (268.2)     (106.0)             (81.2)         (81.0)         0.2                 –
inventory change and               Six months to Dec   2017       (260.6)     (102.7)             (78.2)         (79.7)        (0.7)            (16.5)
amortisation and depreciation     Six months to June   2017       (238.6)      (84.9)             (76.7)         (77.1)         0.3             (29.8)
Gold inventory change             Six months to June   2018         24.2        27.7               (3.5)             -            -                 –
                                   Six months to Dec   2017         30.4        27.2                4.3           (1.1)           -              (0.8)
                                  Six months to June   2017         (0.4)        1.7                0.2           (2.4)           -                 –
Royalties                         Six months to June   2018        (14.4)       (6.2)              (3.7)          (4.5)           -                 –
                                  Six months to Dec   2017       (14.2)           (5.7)              (4.0)            (4.5)            -          (0.4)
                                 Six months to June   2017       (13.4)           (5.3)              (3.6)            (4.5)            -          (0.8)
Realised gains/losses on         Six months to June   2018         1.6             0.9                0.4              0.3             -             –
commodity cost hedges             Six months to Dec   2017         0.4             0.3                0.1              0.1             -             –
                                 Six months to June   2017           -               -                  -                -             -             –
Community/social                 Six months to June   2018           -               -                  -                -             -             –
responsibility costs              Six months to Dec   2017           -               -                  -                -             -             –
                                 Six months to June   2017           -               -                  -                -             -             –
Non-cash remuneration -          Six months to June   2018        (4.9)           (1.9)              (1.4)            (1.6)         (5.7)            –
share-based payments              Six months to Dec   2017        (3.6)           (1.2)              (1.1)            (1.3)         (4.5)         (0.2)
                                 Six months to June   2017        (2.3)           (0.9)              (0.6)            (0.7)         (3.2)         (0.3)
Cash remuneration                Six months to June   2018        (1.0)           (0.5)              (0.2)            (0.4)          0.1             –
(long-term incentive plan)        Six months to Dec   2017        (0.4)           (0.2)              (0.2)            (0.1)         (1.0)         (0.1)
                                 Six months to June   2017        (1.6)           (0.6)              (0.4)            (0.6)          0.5             –
Other                            Six months to June   2018           -               -                  -                -          (4.2)            –
                                  Six months to Dec   2017           -               -                  -                -          (4.9)            –
                                 Six months to June   2017           -               -                  -                -          (4.9)            –
By-product credits               Six months to June   2018         0.4             0.2                0.1                -             -             –
                                  Six months to Dec   2017         0.4             0.3                0.2                -             -             –
                                 Six months to June   2017         0.4             0.3                0.1              0.1             -           0.1
Rehabilitation amortisation      Six months to June   2018        (3.8)           (2.3)              (0.8)            (0.7)            -             –
and interest                      Six months to Dec   2017        (4.5)           (2.8)              (1.1)            (0.6)            -          (0.1)
                                 Six months to June   2017        (4.3)           (2.7)              (1.0)            (0.6)            -          (0.3)
Sustaining capital expenditure   Six months to June   2018      (133.9)          (57.0)             (35.4)           (41.6)         (0.9)            –
                                  Six months to Dec   2017      (181.6)          (84.7)             (44.9)           (52.0)         (2.8)         (0.4)
                                 Six months to June   2017      (135.4)          (71.6)             (28.9)           (35.0)            -          (6.4)
All-in sustaining costs          Six months to June   2018      (400.0)         (145.1)            (125.6)          (129.3)        (10.5)            –
                                  Six months to Dec   2017      (433.7)         (169.5)            (124.9)          (139.3)        (13.9)        (18.7)
                                 Six months to June   2017      (395.7)         (164.0)            (110.9)          (120.8)         (7.3)        (37.5)
Exploration, feasibility         Six months to June   2018           -               -                  -                -         (37.6)            –
and evaluation costs              Six months to Dec   2017           -               -                  -                -         (31.4)            –
                                 Six months to June   2017           -               -                  -                -         (28.5)            –
Non-sustaining capital           Six months to June   2018           -               -                  -                -         (78.8)            –
expenditure                       Six months to Dec   2017           -               -                  -                -         (45.6)            –
                                 Six months to June   2017           -               -                  -                -         (39.1)            –

Total all-in cost                Six months to June   2018      (400.0)         (145.1)            (125.6)          (129.3)       (126.9)            –
                                  Six months to Dec   2017      (433.7)         (169.5)            (124.9)          (139.3)        (90.9)        (18.7)
                                 Six months to June   2017      (395.7)         (164.0)            (110.9)          (120.8)        (74.9)        (37.5)
Total all-in sustaining cost     Six months to June   2018      (400.0)         (145.1)            (125.6)          (129.3)        (10.5)            –
                                  Six months to Dec   2017      (433.7)         (169.5)            (124.9)          (139.3)        (13.9)        (18.7)
                                 Six months to June   2017      (395.7)         (164.0)            (110.9)          (120.8)         (7.3)        (37.5)
Gold only ounces sold            Six months to June   2018       444.3           190.2              116.9            137.3             -             –
– (000 ounces)                    Six months to Dec   2017       451.1           179.8              125.7            145.6             -          14.7
                                 Six months to June   2017       444.3           184.1              115.5            144.7             -          24.5
AISC per ounce of gold sold      Six months to June   2018         900             763              1,075              942             -             –
US$/oz                            Six months to Dec   2017         961             943                992              957             -         1,270
                                 Six months to June   2017         891             891                960              835             -         1,532
Total all-in cost                Six months to June   2018      (400.0)         (145.1)            (125.6)          (129.3)       (126.9)            –
                                  Six months to Dec   2017      (433.7)         (169.5)            (124.9)          (139.3)        (90.9)        (18.7)
                                 Six months to June   2017      (432.4)         (164.0)            (110.9)          (120.8)        (74.9)        (37.5)
Gold only ounces sold            Six months to June   2018       444.3           190.2              116.9            137.3             -             –
– (000 ounces)                    Six months to Dec   2017       451.1           179.8              125.7            145.6             -          14.7
                                 Six months to June   2017       444.3           184.1              115.5            144.7             -          24.5
AIC per ounce of gold sold       Six months to June   2018         900             763              1,075              942             -             –
US$/oz                            Six months to Dec   2017         961             943                993              957             -         1,270
                                 Six months to June   2017         891             891                960              835             -         1,532

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 millions unless otherwise stated                                      United States Dollars
                                                                                           South Africa             West Africa             South America
                                                                                  Total          Region                Region                         Region
                                                                    Total          Mine                                 Ghana                           Peru
                                                                     Mine    Continuing           South                                                Cerro
                                                               Operations    Operations            Deep       Total    Tarkwa      Damang             Corona
All-in sustaining costs          Six months to June    2018        (925.1)       (925.1)         (177.0)     (326.5)   (252.0)      (74.3)             (11.1)
(per table on page 27)            Six months to Dec    2017        (999.5)       (980.9)         (194.7)     (323.0)   (253.8)      (69.2)             (15.6)
                                 Six months to June    2017        (997.8)       (960.4)         (182.9)     (356.8)   (278.5)      (78.2)             (17.7)
Add back by-product credits      Six months to June    2018         (86.7)        (86.7)           (0.2)       (0.2)     (0.2)          -              (85.9)
                                  Six months to Dec    2017        (105.1)       (105.2)           (0.4)       (0.6)     (0.6)          -             (103.7)
                                 Six months to June    2017         (73.4)        (73.3)           (0.2)        1.4       1.5        (0.1)             (74.1)
All-in sustaining costs gross    Six months to June    2018      (1,011.9)     (1,011.9)         (177.2)     (326.7)   (252.3)      (74.3)             (97.0)
of by-product credits             Six months to Dec    2017      (1,104.6)     (1,086.0)         (195.1)     (323.6)   (254.4)      (69.2)            (119.3)
                                 Six months to June    2017      (1,071.2)     (1,033.7)         (183.1)     (355.3)   (277.0)      (78.3)             (91.8)
Gold equivalent ounces sold      Six months to June    2018       1,034.0       1,034.0           104.2       353.9     264.4        89.5              131.7
                                  Six months to Dec    2017       1,157.0       1,142.3           161.6       351.5     284.9        66.6              178.1
                                 Six months to June    2017       1,083.2       1,058.8           120.2       358.5     281.5        76.9              135.7
AISC gross of by-product         Six months to June    2018           979           979           1,701         923       954         829                737
credits per equivalent ounce      Six months to Dec    2017           955           951           1,207         921       893       1,038                670
of gold - US$/eq oz              Six months to June    2017           989           976           1,523         991       984       1,018                677

All-in costs                     Six months to June    2018      (1,121.4)     (1,121.4)         (189.2)     (394.1)   (252.0)     (141.9)             (11.1)
(per table on page 27)            Six months to Dec    2017      (1,151.2)     (1,132.5)         (207.2)     (385.1)   (253.8)     (131.3)             (15.6)
                                 Six months to June    2017      (1,122.5)     (1,085.0)         (187.3)     (409.5)   (278.5)     (130.9)             (17.7)
Add back by-product credits      Six months to June    2018         (86.7)        (86.7)           (0.2)       (0.2)     (0.2)          -              (85.9)
                                  Six months to Dec    2017        (105.1)       (105.2)           (0.4)       (0.6)     (0.6)          -             (103.7)
                                 Six months to June    2017         (73.4)        (73.3)           (0.2)        1.4       1.5        (0.1)             (74.1)
All-in costs gross of            Six months to June    2018      (1,208.1)     (1,208.1)         (189.4)     (394.3)   (252.3)     (141.9)             (97.0)
by-product credits                Six months to Dec    2017      (1,256.3)     (1,237.7)         (207.6)     (385.8)   (254.4)     (131.4)            (119.3)
                                 Six months to June    2017      (1,195.9)     (1,158.4)         (187.5)     (408.0)   (277.0)     (131.0)             (91.8)
Gold equivalent ounces sold      Six months to June    2018       1,034.0       1,034.0           104.2       353.9     264.4        89.5              131.7
                                  Six months to Dec    2017       1,157.0       1,142.3           161.6       351.5     284.9        66.6              178.1
                                 Six months to June    2017       1,083.2       1,058.8           120.2       358.5     281.5        76.9              135.7
AIC gross of by-product          Six months to June    2018         1,168         1,168           1,818       1,114       954       1,585                737
credits per equivalent ounce      Six months to Dec    2017         1,086         1,084           1,285       1,097       893       1,971                670
of gold - US$/eq oz              Six months to June    2017         1,104         1,094           1,559       1,138       984       1,703                677



Figures are in millions unless otherwise stated                                      United States Dollars
                                                                                                Australia                                       Australia
                                                                                                   Region                                          Region
                                                                   Total                       Continuing                    Corporate       Discontinued
                                                              Continuing                           Agnew/                          and
                                                              Operations       St Ives            Lawlers    Granny Smith     projects             Darlot
All-in sustaining costs         Six months to June    2018        (400.0)       (145.1)            (125.6)         (129.3)       (10.5)                 -
(per table on page 28)           Six months to Dec    2017        (433.7)       (169.5)            (124.9)         (139.3)       (13.9)             (18.7)
                                Six months to June    2017        (395.7)       (164.0)            (110.9)         (120.8)        (7.3)             (37.5)
Add back by-product credits     Six months to June    2018          (0.4)         (0.2)              (0.1)              -            -                  -
                                 Six months to Dec    2017          (0.4)         (0.3)              (0.2)           (0.1)           -               (0.1)
                                Six months to June    2017          (0.4)         (0.3)              (0.1)           (0.1)           -               (0.1)
All-in sustaining costs gross   Six months to June    2018        (400.4)       (145.3)            (125.7)         (129.4)       (10.5)                 -
of by-product credits            Six months to Dec    2017        (434.1)       (169.8)            (125.1)         (139.3)       (13.9)             (18.6)
                                Six months to June    2017        (396.1)       (164.3)            (110.9)         (120.9)        (7.3)             (37.6)
Gold equivalent ounces sold     Six months to June    2018         444.3         190.2              116.9           137.3            -                  -
                                 Six months to Dec    2017         451.1         179.8              125.7           145.6            -               14.7
                                Six months to June    2017         444.3         184.1              115.5           144.7            -               24.5
AISC gross of by-product        Six months to June    2018           901           764              1,076             942            -                  -
credits per equivalent ounce     Six months to Dec    2017           962           944                995             957            -              1,268
of gold - US$/eq oz             Six months to June    2017           891           893                960             835            -              1,535

All-in costs                    Six months to June 2018           (400.0)       (145.1)            (125.6)         (129.3)       (126.9)                -
(per table on page 28)           Six months to Dec 2017           (433.7)       (169.5)            (124.9)         (139.3)        (90.9)            (18.7)
                               Six months to June    2017       (432.4)        (164.0)                (110.9)            (120.8)        (38.2)            (37.5)
Add back by-product credits    Six months to June    2018         (0.4)          (0.2)                  (0.1)                 -             -                 -
                                Six months to Dec    2017         (0.4)          (0.3)                  (0.2)              (0.1)            -              (0.1)
                               Six months to June    2017         (0.4)          (0.3)                  (0.1)              (0.1)            -              (0.1)
All-in costs gross of          Six months to June    2018       (400.4)        (145.3)                (125.7)            (129.4)       (126.9)                -
by-product credits              Six months to Dec    2017       (434.1)        (169.8)                (125.1)            (139.3)        (90.9)            (18.6)
                               Six months to June    2017       (432.8)        (164.3)                 110.9             (120.9)        (38.2)            (37.6)
Gold equivalent ounces sold    Six months to June    2018        444.3          190.2                  116.9              137.3             -                 -
                                Six months to Dec    2017        451.1          179.8                  125.7              145.6             -              14.7
                               Six months to June    2017        444.3          184.1                  115.5              144.7             -              24.5
AIC gross of by-product        Six months to June    2018          901            764                  1,076                942             -                 -
credits per equivalent ounce    Six months to Dec    2017          962            944                    995                957             -             1,268
of gold - US$/eq oz            Six months to June    2017          891            893                    960                835             -             1,535


UNDERGROUND AND SURFACE (UNREVIEWED)
                                                                               United States Dollars
                                                                           South               West                  South
                                                                          Africa             Africa                America                         Australia
                                                                          Region             Region                 Region                            Region
                                                                  Total                       Ghana                   Peru                        Continuing             Discontinued
Imperial ounces with metric                         Total          Mine
tonnes and grade                                     Mine    Continuing    South                                     Cerro                          Agnew/     Granny
                                               Operations    Operations     Deep         Total   Tarkwa   Damang    Corona         Total   St Ives Lawlers      Smith          Darlot
Tonnes mined
(000 tonnes)*
– underground     Six months to June    2018         2,259        2,259      497          -           -        -         -         1,762       313       617       832              –
 ore               Six months to Dec    2017         2,459        2,359      724          -           -        -         -         1,635       197       606       833            100
                  Six months to June    2017         2,649        2,417      698          -           -        -         -         1,720       284       568       867            232
– underground     Six months to June    2018           142          142      142          -           -        -         -             -         -         -         -              –
   waste           Six months to Dec    2017           106          106      106          -           -        -         -             -         -         -                        –
                  Six months to June    2017            82           82       82          -           -        -         -             -         -         -         -              –
– surface ore     Six months to June    2018        14,303       14,303        -      8,454       6,703    1,751     3,294         2,555     2,555         -         -              –
                   Six months to Dec    2017        16,215       16,215        -     10,347       8,676    1,671     3,556         2,311     2,311         -         -              –
                  Six months to June    2017        14,884       14,884        -      9,685       8,027    1,658     3,529         1,670     1,670         -         -              –
– total           Six months to June    2018        16,704       16,704      639      8,454       6,703    1,751     3,294         4,317     2,868       617       832              –
                   Six months to Dec    2017        18,780       18,679      830     10,347       8,676    1,671     3,556         3,946     2,508       606       833            100
                  Six months to June    2017        17,616       17,384      780      9,687       8,027    1,658     3,529         3,390     1,955       568       867            232
Grade mined
(grams per tonne)
– underground      Six months to June   2018           5.9          5.9      6.2             -        -        -         -           5.6         4.5     6.3       5.5              –
 ore                Six months to Dec   2017           6.1          6.1      6.2             -        -        -         -           5.8         3.7     6.7       5.6            4.6
                   Six months to June   2017           5.6          5.8      5.6             -        -        -         -           5.7         4.5     6.7       5.4            3.3
– surface ore      Six months to June   2018           1.6          1.6        -           1.4      1.3      1.8       0.9           2.9         2.9       -         -              –
                    Six months to Dec   2017           1.5          1.5        -           1.3      1.3      1.0       1.2           2.9         2.9       -         -              –
                   Six months to June   2017           1.5          1.5        -           1.3      1.3      1.2       1.0           3.0         3.0       -         -              –
– total            Six months to June   2018           2.2          2.2      5.0           1.4      1.3      1.8       0.9           4.0         3.1     6.3       5.5              –
                    Six months to Dec   2017           2.1          2.1      5.4           1.3      1.3      1.0       1.2           4.1         3.0     6.7       5.6            4.6
                   Six months to June   2017           2.1          2.1      5.0           1.3      1.3      1.2       1.0           4.3         3.2     6.7       5.4            3.3
Gold mined
(000 ounces)*
– underground      Six months to June   2018        414.6         414.6     98.7             -        -        -         -         315.9      45.6     124.0    146.3               –
 ore                Six months to Dec   2017        463.4         448.4    143.7             -        -        -         -         304.7      23.4     131.4    150.0            15.0
                   Six months to June   2017        463.9         439.2    125.2             -        -        -         -         314.0      40.8     122.4    150.7            24.7
– surface ore      Six months to June   2018        708.4         708.4      0.3         379.4    278.5    100.8      90.8         237.9     237.9         -        -               –
                    Six months to Dec   2017        772.8         772.8        -         422.0    365.7     56.4     136.3         519.2     237.9         -        -               –
                   Six months to June   2017        681.4         681.4        -         411.6    345.3     66.3     109.9         159.8     159.8         -        -               –
– total            Six months to June   2018      1,123.1       1,123.1     99.0         379.4    278.5    100.8      90.8         553.8     283.5     124.0    146.3               –
                    Six months to Dec   2017      1,236.2       1,221.2    143.7         422.0    365.7     56.4     136.3         214.5     214.5     131.4    150.0            15.0
                   Six months to June   2017      1,145.2       1,120.6    125.2         411.6    345.3     66.3     109.9         473.8     200.6     122.4    150.7            24.7
Ore milled/treated
(000 tonnes)
– total mined     Six months to June    2018     2,280     2,280     569       -       -       -       -   1,711     288     588     836      –
                   Six months to Dec    2017     2,515     2,412     812       -       -       -       -   1,600     142     611     847    103
                  Six months to June    2017     2,686     2,451     671       -       -       -       -   1,780     277     624     879    235
– underground     Six months to June    2018        92        92      92       -       -       -       -       -       -       -       -      –
  waste            Six months to Dec    2017        84        84      84       -       -       -       -       -       -       -       -      –
                  Six months to June    2017        81        81      81       -       -       -       -       -       -       -       -      –
– surface ore     Six months to June    2018    14,314    14,314     139   9,040   6,884   2,156   3,330   1,806   1,806       -       -      –
                   Six months to Dec    2017    14,563    14,563     216   8,977   6,677   2,299   3,349   2,021   2,021       -       -      –
                  Six months to June    2017    14,564    14,564     217   9,141   6,850   2,291   3,447   1,758   1,758       -       -      –
– total milled    Six months to June    2018    16,686    16,686     800   9,040   6,884   2,156   3,330   3,516   2,093     588     836      –
                   Six months to Dec    2017    17,161    17,058   1,112   8,976   6,677   2,299   3,349   3,621   2,163     611     847    103
                  Six months to June    2017    17,331    17,096     969   9,141   6,850   2,291   3,447   3,538   2,035     624     879    235
Yield
(grams per tonne)
– underground      Six months to June   2018       6.1       6.1     5.2       -       -       -       -     6.9     4.2     6.1     9.9      –
  ore               Six months to Dec   2017       5.5       5.6     5.6       -       -       -       -     5.6     3.4     6.4     5.3    4.4
                   Six months to June   2017       5.9       6.2     5.5       -       -       -       -     5.2     4.2     5.8     5.1    3.2
– surface ore      Six months to June   2018       1.4       1.4     0.1     1.2     1.2     1.3     1.3     2.6     2.6       -       -      –
                    Six months to Dec   2017       1.5       1.5     0.1     1.2     1.3     0.9     1.6     2.5     2.5       -       -      –
                   Six months to June   2017       1.3       1.3     0.1     1.2     1.3     1.0     1.2     2.6     2.6       -       -      –
– combined         Six months to June   2018       1.9       1.9     3.8     1.2     1.2     1.3     1.3     3.9     2.8     6.1     5.1      –
                    Six months to Dec   2017       2.1       2.1     4.5     1.2     1.3     0.9     1.6     3.9     2.6     6.4     5.3    4.4
                   Six months to June   2017       1.9       1.9     3.8     1.2     1.3     1.0     1.2     3.9     2.8     5.8     5.1    3.2
Gold produced
(000 ounces)
– underground      Six months to June   2018     387.1     387.1    95.9       -       -       -       -   291.1    38.5   115.4   137.2      –
  ore               Six months to Dec   2017     462.7     448.0   161.5       -       -       -       -   286.6    15.3   125.7   145.6   14.7
                   Six months to June   2017     440.6     416.1   118.5       -       -       -       -   297.6    37.5   115.5   144.7   24.5
– surface ore      Six months to June   2018     643.4     643.4     0.6   353.9   264.4    89.5   137.6   151.3   151.3       -       -      –
                    Six months to Dec   2017     686.2     686.2     0.5   351.5   284.9    66.6   169.7   164.5   164.5       -       -      –
                   Six months to June   2017     643.0     643.0     0.8   358.5   281.5    76.9   137.0   146.7   146.7       -       -      –
– total            Six months to June   2018   1,030.4   1,030.4    96.5   353.9   264.4    89.5   137.6   442.4   189.8   115.4   137.2      –
                    Six months to Dec   2017   1,148.9   1,134.2   162.0   351.5   284.9    66.6   169.7   451.1   179.8   125.7   145.6   14.7
                   Six months to June   2017   1,083.6   1,059.1   119.3   358.5   281.5    76.9   137.0   444.3   184.1   115.5   144.7   24.5
Cost of sales
before gold
inventory change
and amortisation
and depreciation
(dollar per tonne)
– underground      Six months to June   2018       151       151     228       -       -       -       -     113     107     138      97      –
                    Six months to Dec   2017       161       161     247       -       -       -       -     104      61     128      94    160
                   Six months to June   2017       144       146     206       -       -       -       -     113      66     123      88    127
– surface          Six months to June   2018        25        25       1      23      20      32      23      42      42       -       -      –
                    Six months to Dec   2017        23        23       3      26      26      26      24      47      47       -       -      –
                   Six months to June   2017        23        23       3      26      25      27      21      38      38       -       -      –
– total            Six months to June   2018        42        42     188      23      20      32      23      76      51     138      97      –
                    Six months to Dec   2017        43        43     136      26      26      26      24      72      48     128      94    160
                   Six months to June   2017        42        41     160      26      25      27      21      67      42     123      88    127


Review of Operations (Unreviewed)

Quarter ended 30 June 2018 compared with quarter ended 31 March 2018

South Africa region
South Deep Project

                                                                            June           March
                                                                            2018            2018
Gold produced              000’oz                                     48.8        47.7
                               kg                                    1,518       1,485
Gold sold                  000’oz                                     50.3        53.9
                               kg                                    1,565       1,675
Yield - underground reef      g/t                                     5.85        4.74
AISC                         R/kg                                  697,450     643,021
                           US$/oz                                    1,736       1,666
AIC                          R/kg                                  755,930     677,495
                           US$/oz                                    1,882       1,755

Gold production increased by 2 per cent from 1,485 kilograms (47,700 ounces) in the March quarter to 1,518 kilograms (48,800 ounces) in
the June quarter mainly due to higher volumes mined.

Total underground tonnes mined increased by 4 per cent from 313,000 tonnes in the March quarter to 326,000 tonnes in the June quarter.
Ore tonnes mined decreased by 5 per cent from 255,000 tonnes to 242,000 tonnes due to lower ore tonnes mined in the current mine, while
underground waste mined increased by 45 per cent from 58,000 tonnes to 84,000 tonnes due to increased New mine development.
Underground reef grade mined increased by 10 per cent from 5.89 grams per tonne to 6.48 grams per tonne due to higher grade areas
mined. Total gold mined from- underground increased by 4 per cent from 1,504 kilograms (48,400 ounces) to 1,567 kilograms
(50,400 ounces).

Total tonnes milled decreased by 3 per cent from 407,000 tonnes to 393,000 tonnes. Underground ore tonnes milled decreased by 17 per
cent from 311,000 tonnes in the March quarter to 258,000 tonnes in the June quarter due to processing of backlog tonnes in the March
quarter. Underground waste milled increased by 88 per cent from 32,000 tonnes to 60,000 tonnes. Surface tailings material treated
increased by 17 per cent from 64,000 tonnes to 75,000 tonnes. Underground reef yield increased by 23 per cent from 4.74 grams per tonne
to 5.85 grams per tonne due to increased volumes mined from higher grade areas.

Ore milled was higher than ore mined due to tramming of additional underground stocks, but much less in the June quarter than in the
March quarter.

Gold recovered from underground was 1,509 kilograms (48,500 ounces) with 9 kilograms (300 ounces) being recovered from treatment of the
surface material.

Destress mining decreased by 14 per cent from 7,061 square metres in the March quarter 6,053 square metres in the June quarter mainly
due to delayed start-up after additional ground support installation as a result of intersection of geological features and mining
through highly stressed ground.

Longhole stoping increased by 3 per cent from 116,300 tonnes to 120,000 tonnes due to improved stope availability. The current mine
contributed 85 per cent of the total ore tonnes in the June quarter compared with 78 per cent in the March quarter due to increased
tonnes from 90 3W and 95 1W in the current mine and a reduction in 100 2A and 100 4W in the North Wrench area. Total tonnes mined from
longhole stoping was similar and accounted for 37 per cent of total tonnes broken.

Development increased by 11 per cent from 1,617 metres in the March quarter to 1,789 metres in the June quarter. New mine capital
development on 100 level increased by 46 per cent from 337 metres to 492 metres. Development in the current mine areas decreased by
19 per cent from 923 metres to 747 metres due to lower metres achieved in 95-2W as a result of crew re-allocation to assist with the
2W and 3W ramp re-support. The decrease was compounded by lower equipment availability in the 87 1W and 87 2W corridors. Development
North of Wrench increased by 54 per cent from 357 metres to 550 metres.

Cost of sales before amortisation and depreciation, decreased by 2 per cent from R952 million (US$79 million) to R931 million
(US$74 million) mainly due to lower bonuses and a decrease in the gold-in-process charge from R25 million (US$2 million) in the March
quarter to R12 million (US$1 million) in the June quarter.
Capital expenditure increased by 43 per cent from R156 million (US$13 million) in the March quarter to R223 million (US$18 million) in
the June quarter.

Sustaining capital expenditure increased by 35 per cent from R98 million (US$8 million) in the March quarter to R132 million
(US$11 million) in the June quarter and non-sustaining capital expenditure increased by 57 per cent from R58 million (US$5 million)
to R91 million (US$7 million), both due to scheduling.

All-in sustaining costs increased by 8 per cent from R643,021 per kilogram (US$1,666 per ounce) in the March quarter to R697,450 per
kilogram (US$1,736 per ounce) in the June quarter mainly due to lower gold sold and higher sustaining capital expenditure, partially
offset by lower cost of sales before amortisation and depreciation.

Total all-in cost increased by 12 per cent from R677,495 per kilogram (US$1,755 per ounce) in the March quarter to R755,930 per
kilogram (US$1,882 per ounce) in the June quarter due to the same reasons as for all-in sustaining costs and higher non-sustaining
capital expenditure.

West Africa region
Ghana
Tarkwa
                                                                      June       March
                                                                      2018        2018
Gold produced          000’oz                                        133.1       131.2
Gold sold              000’oz                                        133.1       131.2
Yield                     g/t                                         1.18        1.19
AISC and AIC           US$/oz                                          955         952

Gold production increased by 1 per cent from 131,200 ounces in the March quarter to 133,100 ounces in the June quarter mainly due to
higher tonnes processed and higher plant recovery.

Total tonnes mined, including capital waste stripping, decreased by 18 per cent from 24.8 million tonnes in the March quarter to
20.3 million tonnes in the June quarter due to the transition to contractor mining. Ore tonnes mined decreased by 11 per cent from
3.5 million tonnes to 3.1 million tonnes due to lower planned ore tonnes.

Operational waste tonnes mined decreased by 20 per cent from 6.0 million tonnes to 4.8 million tonnes and capital waste tonnes mined
decreased by 19 per cent from 15.3 million tonnes to 12.4 million tonnes in line with the operational plan. Mined grade increased by
2 per cent from 1.28 grams per tonne to 1.31 grams per tonne. Gold mined decreased by 9 per cent from 146,100 ounces to 132,500 ounces
as a result of lower ore tonnes mined. The strip ratio decreased from 6.0 to 5.5.

The CIL plant throughput increased by 3 per cent from 3.4 million tonnes to 3.5 million tonnes due to improved milling rate and higher
plant utilisation. Yield decreased by 1 per cent from 1.19 grams per tonne to 1.18 grams per tonne. This was mainly due to more ore
fed from stockpile to augment the ex-pit ore tonnes mined.

Cost of sales before amortisation and depreciation, decreased by 4 per cent from US$77 million to US$74 million mainly due to lower
tonnes mined, partially offset by a bigger gold-in-process drawdown of US$9 million in the June quarter compared with US$2 million in
the March quarter.

Capital expenditure increased by 13 per cent from US$39 million to US$44 million due to timing of capital expenditure on the gravity
circuit installation.

All-in sustaining costs and total all-in cost increased marginally from US$952 per ounce in the March quarter to US$955 per ounce in
the June quarter due to higher capital expenditure, partially offset by lower cost of sales before amortisation and depreciation and
increased gold sold.

Damang
                                                                      June       March
                                                                      2018        2018
Gold produced    000’oz                                               53.5        36.0
Gold sold        000’oz                                               53.5        36.0
Yield               g/t                                               1.58        1.01
AISC             US$/oz                                                746         951
AIC              US$/oz                                              1,347       1,934

Gold production increased by 49 per cent from 36,000 ounces in the March quarter to 53,500 ounces in the June quarter mainly due to
higher head grade mined and processed from Amoanda pit.

Total tonnes mined, including capital stripping, increased by 8 per cent from 11.5 million tonnes in the March quarter to 12.4 million
tonnes in the June quarter due to an increase in contractor mining fleet capacity and efficiency in the Damang complex pits.

Ore tonnes mined increased by 46 per cent from 0.71 million tonnes in the March quarter to 1.04 million tonnes in the June quarter
mainly from the Amoanda pit area where the ore zones are exposed. Total waste tonnes mined increased by 6 per cent from 10.8 million
tonnes to 11.4 million tonnes due to improved efficiencies from contractor mining fleet. Capital waste tonnes included in total waste
tonnes decreased by 12 per cent from 10.0 million tonnes to 8.8 million tonnes as a result of timely exposure of the ore zones at
Amoanda pit in line with operational plan. Operational waste tonnes mined increased by 225 per cent from 0.8 million tonnes to
2.6 million tonnes in line with the operational plan.


Head grade mined increased by 29 per cent from 1.53 grams per tonne to 1.97 grams per tonne due to higher grade mined from Amoanda pit.
Gold mined increased by 90 per cent from 34,700 ounces to 66,100 ounces. The strip ratio decreased from 15.3 to 10.9.

Tonnes processed decreased by 5 per cent from 1.11 million tonnes in the March quarter to 1.05 million tonnes in the June quarter due
to lower plant overall equipment efficiency. Yield increased by 56 per cent from 1.01 grams per tonne to 1.58 grams per tonne due to
higher head grade mined. In the June quarter, tonnes milled were sourced as follows: 0.89 million tonnes at 1.94 grams per tonne from
the pits and 0.16 million tonnes at 0.60 grams per tonne from stockpiles. This compared 0.63 million tonnes at 1.47 grams per tonne
from the pits and 0.48 million tonnes at 0.66 grams per tonne from stockpiles in the March quarter.

Cost of sales before amortisation and depreciation, increased by 17 per cent from US$29 million to US$34 million mainly due to an
increase in cost of sales before gold inventory change and amortisation and depreciations as a result of higher operating tonnes mined.

Capital expenditure decreased by 3 per cent from US$37 million in the March quarter to US$36 million in the June quarter.

Sustaining capital expenditure increased by 33 per cent from US$3 million to US$4 million due to cost incurred on the Gyratory Crusher
replacement. Non-sustaining capital expenditure decreased by 6 per cent from US$34 million to US$32 million mainly due to lower
capital waste mined (8.8 million tonnes in the June quarter compared with 10.0 million tonnes mined in the March quarter).

All-in sustaining costs decreased by 22 per cent from US$951 per ounce in the March quarter to US$746 per ounce in the June quarter
mainly due to increased gold sold, partially offset by higher sustaining capital expenditure and higher cost of sales before
amortisation and depreciation.

All-in costs decreased by 30 per cent from US$1,934 per ounce in the March quarter to US$1,347 per ounce in the June quarter due to the
same reasons as above as well as lower non-sustaining capital expenditure.
At the end of the June 2018 quarter (18 months into the Damang Reinvestment Project, DRP), total material mined amounted to 64 million
tonnes, 24 per cent ahead of the project schedule. Gold produced during the same period was 233,000 ounces, 46 per cent above the DRP
plan of 160,000 ounces. All major projects are on schedule. Installation of the Jaw Crusher commenced in the June 2018 quarter. The
SAG mill shell replacement is on track with installation and commissioning planned for the December 2018 quarter.

South America region
Peru
Cerro Corona
                                                                       June         March
                                                                       2018          2018
Gold produced                         000’oz                           30.9          29.9
Copper produced                       tonnes                          7,317         7,361
Total equivalent gold produced     000’eq oz                           69.0          68.7
Total equivalent gold sold         000’eq oz                           66.5          65.2
Yield     - gold                         g/t                           0.60          0.58
          - copper                  per cent                           0.46          0.46
          - combined                  eq g/t                           1.29          1.28
AISC and AIC                          US$/oz                            316            75
AISC and AIC                       US$/eq oz                            795           677
Gold price*                           US$/oz                          1,314         1,327
Copper price*                          US$/t                          6,864         6,994
* Average daily spot price for the period used to calculate total equivalent gold   ounces produced.

Gold production increased by 3 per cent from 29,900 ounces in the March quarter to 30,900 ounces in the June quarter due to higher
yield. Copper production decreased by 1 per cent from 7,361 tonnes to 7,317 tonnes. Equivalent gold production increased marginally
from 68,700 ounces to 69,000 ounces mainly due to higher gold head grade in line with the mining sequence.

Gold   head grade increased by 7 per cent from 0.83 grams per tonne to 0.89 grams per tonne and gold recoveries increased from 69.3 per
cent   to 69.7 per cent, in line with the mining sequence and the operational plan. Copper head grade increased from 0.52 per cent to
0.54   per cent and copper recoveries decreased slightly from 87.7 per cent to 87.6 per cent. Gold yield increased by 3 per cent from
0.58   grams per tonne to 0.60 grams per tonne due to higher head grade and higher recoveries and copper yield remained similar at
0.46   per cent, in line with the mining sequence.

In the June quarter, concentrate with a payable content of 28,475 ounces of gold was sold at an average price of US$1,302 per ounce and
7,105 tonnes of copper was sold at an average price of US$6,244 per tonne, net of treatment and refining charges. This compared with
28,093 ounces of gold that was sold at an average price of US$1,317 per ounce and 7,076 tonnes of copper that was sold at an average
price of US$6,191 per tonne, net of treatment and refining charges, in the March quarter.

Total tonnes mined decreased by 10 per cent from 5.85 million tonnes in the March quarter to 5.24 million tonnes in the June quarter
mainly due to lower waste mined in line with the mining sequence. Ore mined decreased by 4 per cent from 1.68 million tonnes to
1.62 million tonnes. Operational waste tonnes mined decreased by 13 per cent from 4.17 million tonnes to 3.62 million tonnes in line
with the 2018 mining plan. The strip ratio decreased from 2.49 to 2.24 due to lower waste mined.

Ore processed was similar at 1.67 million tonnes.

Cost of sales before amortisation and depreciation, increased by 5 per cent from US$38 million to US$40 million mainly due to a
US$2 million charge to costs as a result of a drawdown in stockpiles in the June quarter compared with a credit of US$2 million due to
a build-up of stockpiles in the March quarter.
Capital expenditure increased by 133 per cent from US$3 million to US$7 million due to an increase in construction activities at the
tailings dam and waste storage facilities during the dry season.

All-in sustaining costs and total all-in cost per gold ounce increased by 321 per cent from US$75 per ounce in the March quarter to
US$316 per ounce in the June quarter mainly due to higher capital expenditure, partially offset by increased gold sold. All-in
sustaining costs and total all-in costs per equivalent ounce increased by 17 per cent from US$677 per equivalent ounce to US$795 per
equivalent ounce due to the same reasons as above and increased gold equivalent ounces sold.

Australia region
St Ives
                                                                      June       March
                                                                      2018        2018
Gold produced           000’oz                                        94.6        95.2
Gold sold               000’oz                                        95.1        95.0
Yield     - underground    g/t                                        4.60        3.15
          - surface        g/t                                        2.47        2.72
          - combined       g/t                                        2.89        2.76
AISC and AIC             A$/oz                                       1,103         873
                        US$/oz                                         839         686

Gold production decreased by 1 per cent from 95,200 ounces in the March quarter to 94,600 ounces in the June quarter.

Total ore tonnes mined decreased by 39 per cent from 1.8 million tonnes in the March quarter to 1.1 million tonnes in the June quarter.

Total underground ore tonnes mined increased by 38 per cent from 131,300 tonnes in the March quarter to 181,600 tonnes in the June
quarter.

At the Hamlet underground operation, ore tonnes mined decreased by 14 per cent from 100,500 tonnes in the March quarter to
86,200 tonnes in the June quarter due to a reduction in ore development. Head grade increased by 15 per cent from 3.44 grams per
tonne to 3.96 grams per tonne with higher grade stopes mined during the June quarter as per the mining schedule. Gold mined from
Hamlet underground remained similar at 11,000 ounces.

Development at the Invincible underground operation continued with ore tonnes mined increasing by 210 per cent from 30,800 tonnes in
the March quarter to 95,400 tonnes in the June quarter with the first stopes mined in the June quarter. Head grade mined decreased by
26 per cent from 7.18 grams per tonne to 5.34 grams per tonne due to an increase in ore development which reduced total ore head grade.
Gold mined from Invincible underground increased by 130 per cent from 7,100 ounces to 16,300 ounces.

At the open pit operations, ore tonnes mined decreased by 44 per cent from 1.6 million tonnes in the March quarter to 0.9 million
tonnes in the June quarter with focus given to operational waste removal at Neptune stages 5 and 6.

Grade mined from open pits, decreased by 14 per cent from 3.05 grams per tonne to 2.63 grams per tonne mainly due to lower grade mined
at Neptune in line with the mining plan. Gold mined from open pits decreased by 51 per cent from 160,200 ounces to 77,700 ounces.
This reduction is in line with the mine plan with the mining contractor at Neptune demobilising to reflect the lower levels of open pit
mining activity as Invincible open pit comes to an end. The Neptune and Invincible pits will now be mined using the existing owner
mining fleet. In the June quarter, tonnes mined were sourced as follows: 0.6 million tonnes at 3.17 grams per tonne from Invincible
and 0.3 million tonnes at 1.52 grams per tonne from Neptune. This compared with 0.9 million tonnes at 2.48 grams per tonne from
Invincible and 0.7 million tonnes at 3.78 grams per tonne from Neptune in the March quarter.

Operational waste tonnes mined increased by 10 per cent from 2.0 million tonnes in the March quarter to 2.2 million tonnes in the June
quarter and capital waste tonnes mined decreased by 38 per cent from 3.7 million tonnes to 2.3 million tonnes with no further pre-strip
activities planned at Invincible open pit during 2018. Total material movements at the open pits decreased by 25 per cent from
7.3 million tonnes to 5.4 million tonnes. The strip ratio increased from 3.5 to 4.9 driven by the stages 5 and 6 at Neptune.

Ounces mined at the consolidated St Ives mine decreased by 41 per cent from 178,400 ounces in the March quarter to 105,100 ounces in
the June quarter. At the end of the June quarter, Neptune high-grade oxide material stockpiled amounted to 77,600 ounces
(1,142,000 tonnes at 2.34 grams per tonne), Invincible amounted to 44,500 ounces (375,000 tonnes at 2.81 grams per tonne) and
A5 amounted to 7,900 ounces (174,000 tonnes at 1.46 grams per tonne). This compared with 90,600 ounces (1,136,000 tonnes at 2.48 grams
per tonne) at Neptune, Invincible amounted to 28,700 ounces (368,000 tonnes at 2.43 grams per tonne) and A5 amounted to 7,900 ounces
(174,000 tonnes at 1.41 grams per tonne), at the end of the March quarter. Currently, Lefroy mill can only sustain a 25 per cent oxide
material blend. The excess Neptune oxide material is stockpiled and fed to the mill so as to maintain the optimum blend.

Throughput at the Lefroy mill decreased by 5 per cent from 1.07 million tonnes in the March quarter to 1.02 million tonnes in the
June quarter due to a scheduled major maintenance shutdown in the June quarter. Yield increased by 5 per cent from 2.76 grams per
tonne to 2.89 grams per tonne.

Cost of sales before amortisation and depreciation, increased by 62 per cent from A$39 million (US$30 million) to A$63 million
(US$48 million). The increase in cost of sales before gold inventory change and amortisation and depreciations was the result of the
commencement of stope mining at Invincible (A$4 million/US$3 million) and costs incurred in the major maintenance shutdown
(A$5 million/US$3 million), partially offset by reduced mining costs at Hamlet underground (A$3 million/US$2 million). In addition, a
gold
inventory credit of A$9 million (US$6 million) in the June quarter compared with A$27 million (US$21 million) in the March quarter.
This decreased net stockpile credit of A$18 million (US$15 million) adds to the A$6 million (US$3 million) increase in cost of sales
before gold inventory change and amortisation and depreciations for an overall A$24 million (US$18 million) increase in cost of sales
before amortisation and depreciation.

Capital expenditure decreased by 5 per cent from A$38 million (US$30 million) to A$36 million (US$27 million) mainly due to lower
capital waste tonnes mined in the open pits.

All-in sustaining costs and total all-in cost increased by 26 per cent from A$873 per ounce (US$686 per ounce) in the March quarter to
A$1,103 per ounce (US$839 per ounce) in the June quarter due to higher cost of sales before amortisation and depreciation, partially
offset by lower capital expenditure and higher gold sold.

Agnew/Lawlers
                                                                      June       March
                                                                      2018        2018
Gold produced    000’oz                                               56.8        58.6
Gold sold        000’oz                                               56.9        60.0
Yield               g/t                                               5.79        6.44
AISC and AIC      A$/oz                                              1,383       1,402
                 US$/oz                                              1,044       1,103

Gold production decreased by 3 per cent from 58,600 ounces in the March quarter to 56,800 ounces in the June quarter mainly due to
lower grades mined and processed.

Ore mined from underground increased by 11 per cent from 292,700 tonnes in the March quarter to 323,900 tonnes in the June quarter as a
result of additional ore mined from Waroonga and New Holland. Head grade mined decreased by 8 per cent from 6.52 grams per tonnes to
6.01 grams per tonne partially offsetting the additional tonnes mined. Gold mined increased by 2 per cent from 61,400 ounces to
62,600 ounces. In the June quarter tonnes mined were sourced as follows: 168,000 tonnes at 8.3 grams per tonne from Waroonga and
155,900 tonnes at 3.6 grams per tonne from New Holland. This compared with 147,400 tonnes at 9.0 grams per tonne from Waroonga and
145,300 tonnes at 4.0 grams per tonne from New Holland in the March quarter.
Tonnes processed increased by 8 per cent from 282,900 tonnes in the March quarter to 304,900 tonnes in the June quarter.   The combined
yield decreased by 10 per cent from 6.44 grams per tonne to 5.79 grams per tonne due to the lower grades mined.

Cost of sales before amortisation and depreciation, decreased by 17 per cent from A$60 million (US$47 million) in the March quarter to
A$50 million (US$37 million) in the June quarter due to a decrease in mining costs of A$2 million (US$2 million) as a result of the mix
between ore and capital development. In addition, a gold-in-circuit credit of A$2 million (US$1 million) in the June quarter compared
with a gold-in-circuit charge of A$6 million (US$5 million) in the March quarter. The credit to cost in the June quarter was primarily
due to a build-up of stockpiles with more ore mined than processed. During the March quarter, there was a 900 ounce drawdown of gold-
in-circuit and a decrease in the average cost of stockpiled ore and gold-in-circuit.

Capital expenditure increased by 19 per cent from A$21 million (US$16 million) to A$25 million (US$19 million) mainly due to increased
capital development expenditure with more capital development and less ore development in the June quarter.

All-in sustaining costs and total all-in cost decreased by 1 per cent from A$1,402 per ounce (US$1,103 per ounce) in the March quarter
to A$1,383 per ounce (US$1,044 per ounce) in the June quarter due to lower cost of sales before amortisation and depreciation,
partially offset by higher capital expenditure and lower gold sold.

Granny Smith
                                                                      June       March
                                                                      2018        2018
Gold produced            000’oz                                       67.4        69.8
Gold sold                000’oz                                       67.4        69.9
Yield                       g/t                                       5.16        5.06
AISC and AIC              A$/oz                                      1,311       1,131
                         US$/oz                                        995         890

Gold production decreased by 3 per cent from 69,800 ounces in the March quarter to 67,400 ounces in the June quarter mainly due to
lower grades mined and a decrease in ore tonnes processed.

Ore mined from underground increased by 4 per cent from 408,500 tonnes to 423,700 tonnes. Head grade mined decreased by 8 per cent from
5.71 grams per tonne in the March quarter to 5.23 grams per tonnes in the June quarter due to spatial compliance and geotechnical
sequencing constraints in the zone 110 and zone 120 ore bodies. As a result, ounces mined decreased by 5 per cent from 75,000 ounces
in the March quarter to 71,300 ounces in the June quarter.

Tonnes processed decreased by 5 per cent from 429,000 tonnes in the March quarter to 406,400 tonnes in the June quarter due to timing
of milling campaigns quarter on quarter. The yield increased by 2 per cent from 5.06 grams per tonne to 5.16 grams per tonne due to a
drawdown of 3,500 ounces of gold-in-circuit in the June quarter compared with a build-up of 4,600 ounces in the March quarter.

Cost of sales before amortisation and depreciation, increased by 6 per cent from A$51 million (US$40 million) in the March quarter to
A$54 million (US$41 million) in the June quarter due to a A$1 million (US$1 million) increase in contractor mining and ground support
costs required in the lower zones and a A$1 million (US$1 million) gold-in-circuit charge in the June quarter compared with a gold-in-
circuit credit of A$1 million (US$1 million) in the March quarter.

Capital expenditure increased by 25 per cent from A$24 million (US$19 million) to A$30 million (US$23 million). The increase in
capital from the previous quarter was primarily due to increased exploration of A$2 million (US$2 million), increased underground and
TSF development of A$3 million (US$2 million) and the purchase of an additional Jumbo development drill rig of A$1 million
(US$1 million).

All-in sustaining costs and total all-in cost increased by 16 per cent from A$1,131 per ounce (US$890 per ounce) in the March quarter
to A$1,311 per ounce (US$995 per ounce) in the June quarter due to higher capital expenditure, higher cost of sales before amortisation
and depreciation and lower gold sold.


SALIENT FEATURE AND COST BENCHMARKS (UNREVIEWED)
Figures are in millions unless otherwise stated                                                United States Dollars
                                                                                             South Africa              West Africa                       South America
                                                                                 Total             Region                   Region                              Region
                                                                   Total          Mine                                       Ghana                                Peru
                                                                    Mine    Continuing                South                                                      Cerro
                                                              Operations    Operations                 Deep       Total          Tarkwa     Damang              Corona

Operating Results
Ore milled/treated                            June   2018          8,314         8,314                  393       4,524           3,473      1,051                   1,665
(000 tonnes)                                 March   2018          8,372         8,372                  407       4,516           3,411      1,105                   1,665
                                              June   2017          8,667         8,552                  526       4,510           3,391      1,119                   1,741
Yield                                         June   2018            2.0           2.0                  3.9         1.3             1.2        1.6                     1.3
(grams per tonne)                            March   2018            1.9           1.9                  3.6         1.2             1.2        1.0                     1.3
                                              June   2017            2.0           2.0                  4.3         1.3             1.3        1.1                     1.2
Gold produced                                 June   2018          523.2         523.2                 48.8       186.7           133.1       53.5                    69.0
(000 managed equivalent ounces)              March   2018          507.1         507.1                 47.7       167.2           131.2       36.0                    68.7
                                              June   2017          569.1         558.3                 73.5       183.9           142.8       41.1                    68.4
Gold sold                                     June   2018          522.9         522.9                 50.3       186.7           133.1       53.5                    66.5
(000 managed equivalent ounces)              March   2018          511.2         511.2                 53.9       167.2           131.2       36.0                    65.2
                                              June   2017          570.4         559.6                 73.5       183.9           142.8       41.1                    69.6
Cost of sales before                          June   2018         (347.7)       (347.7)               (74.4)     (107.5)          (73.5)     (34.0)                  (39.6)
amortisation and depreciation                March   2018         (340.4)       (340.4)               (79.2)     (105.4)          (76.7)     (28.7)                  (38.0)
(million)                                     June   2017         (352.5)       (337.7)               (80.0)     (110.4)          (79.7)     (30.7)                  (37.8)
Cost of sales before gold inventory           June   2018             42            42                  187          23              19         37                      23
change and amortisation                      March   2018             43            43                  190          23              22         27                      24
and depreciation (dollar per tonne)           June   2017             42            41                  153          26              26         27                      21
Sustaining capital*                           June   2018         (134.4)       (134.4)               (10.6)      (48.0)          (44.4)      (3.6)                   (7.0)
(million)                                    March   2018         (118.4)       (118.4)                (8.1)      (42.2)          (39.2)      (3.0)                   (2.9)
                                              June   2017         (154.8)       (152.6)               (16.4)      (51.3)          (47.3)      (4.0)                   (7.2)
Non-sustaining capital*                       June   2018          (39.7)        (39.7)                (7.4)      (32.4)              -      (32.4)                      –
(million)                                    March   2018          (38.6)        (38.6)                (4.8)      (33.8)              -      (33.8)                      –
                                              June   2017          (35.1)        (35.1)                (2.7)      (32.4)              -      (32.4)                      –
Total capital expenditure*                    June   2018         (174.2)       (174.2)               (18.0)      (80.4)          (44.4)     (36.0)                   (7.0)
(million)                                    March   2018         (157.0)       (157.0)               (12.9)      (75.9)          (39.3)     (36.7)                   (2.9)
                                              June   2017         (218.6)       (216.4)               (19.1)      (83.6)          (47.3)     (36.4)                   (7.2)
All-in-sustaining costs                       June   2018            969           969                1,736         897             955        746                     316
(dollar per ounce)                           March   2018            938           938                1,666         952             952        951                      75
                                              June   2017            941           926                1,352         955             969        906                     380
Total all-in-cost                             June   2018          1,051         1,051                1,882       1,069             955      1,347                     316
(dollar per ounce)                           March   2018          1,022         1,022                1,755       1,163             952      1,934                      75
                                              June   2017          1,006           993                1,389       1,131             969      1,692                     380


                                                                                                                       South              United
                                                                                                                     African              States        Australian
                                             United States Dollars                    Australian Dollars                Rand             Dollars           Dollars
                                                  Australia                               Australia             South Africa           Australia         Australia
                                                     Region                                 Region1                  Region2              Region            Region
                                                 Continuing                              Continuing                                 Discontinued      Discontinued
                                                     Agnew/ Granny                           Agnew/   Granny           South
                                    Total   St Ives Lawlers   Smith         Total   St Ives Lawlers    Smith            Deep               Darlot          Darlot

Operating Results
Ore milled/treated    June   2018   1,732    1,020      305      407        1,732    1,020      305       407              393                 -                –
(000 tonnes)         March   2018   1,785    1,073      283      429        1,785    1,073      283       429              407                 -                –
                      June   2017   1,774    1,040      316      418        1,774    1,040      316       418              526               115              115
Yield                 June   2018     3.9      2.9      5.8      5.2          3.9      2.9      5.8       5.2              3.9                 -                –
(grams per tonne)    March   2018     3.9      2.8      6.4      5.1          3.9      2.8      6.6       5.1              3.6                 -                –
                        June   2017       4.1        3.1      5.6      5.4            4.1          3.1       5.6      5.4             4.3                 2.9              2.9
Gold produced           June   2018     218.8       94.6     56.8     67.4          218.8         94.6      56.8     67.4           1,518                   -                –
(000 managed           March   2018     223.6       95.2     58.6     69.8          223.6         95.2      58.6     69.8           1,485                   -                –
equivalent ounces)      June   2017     232.5      102.6     57.2     72.8          232.5        102.6      57.2     72.8           2,286                10.8             10.8
Gold sold               June   2018     219.4       95.1     56.9     67.4          219.4         95.1      56.9     67.4           1,565                   -                –
(000 managed           March   2018     224.9       95.0     60.0     69.9          224.9         95.0      60.0     69.9           1,675                   -                –
equivalent ounces)      June   2017     232.5      102.6     57.2     72.8          232.5        102.6      57.2     72.8           2,286                10.8             10.8
Cost of sales before    June   2018    (126.2)     (48.0)   (37.4)   (40.8)        (166.3)       (62.9)    (49.6)   (53.8)         (930.6)                  -                –
amortisation and
depreciation           March 2018      (117.7)     (30.4)   (47.3)   (40.1)        (149.6)       (38.6)    (60.0)   (51.0)         (951.5)               -                    –
(million)               June 2017      (109.4)     (34.5)   (37.4)   (37.5)        (145.9)       (46.0)    (49.8)   (50.0)       (1,057.3)           (14.9)               (19.7)
Cost of sales before
gold inventory
change and              June 2018          77        53      127       99               101        70       168       130           2,336                  -                 –
amortisation and       March 2018          76        48      150       95                96        61       191       121           2,277                  -                 –
depreciation
(dollar per tonne)      June   2017        65         37      121       93             87           49       161      124           2,023                 127              168
Sustaining capital*     June   2018     (68.7)     (26.9)   (19.1)   (22.8)         (90.8)       (35.5)    (25.2)   (30.0)         (131.8)                  -                –
(million)              March   2018     (65.2)     (30.1)   (16.3)   (18.8)         (82.8)       (38.3)    (20.7)   (23.8)          (97.8)                  -                –
                        June   2017     (77.7)     (45.4)   (14.8)   (17.5)        (103.5)       (60.5)    (19.8)   (23.3)         (214.4)               (2.2)            (2.9)
Non-sustaining
capital*                June   2018         -          -        -        -              -            -         -        -           (91.4)                  -                –
(million)              March   2018         -          -        -        -              -            -         -        -           (57.8)                  -                –
                        June   2017         -          -        -        -              -            -         -        -           (38.8)                  -                –
Total capital           June   2018     (68.7)     (26.9)   (19.1)   (22.8)         (90.8)       (35.5)    (25.2)   (30.0)         (223.2)                  -                –
expenditure*           March   2018     (65.2)     (30.1)   (16.3)   (18.8)         (82.8)       (38.3)    (20.7)   (23.8)         (155.6)                  -                –
(million)               June   2017    (104.2)     (45.4)   (14.8)   (17.5)        (138.7)       (60.5)    (19.8)   (23.3)         (253.2)               (2.2)            (2.9)
All-in-sustaining
costs                 June 2018       940       839   1,044     995            1,240     1,103   1,383    1,311           697,450               -                             –
(dollar per ounce)   March 2018       861       686   1,103     890            1,094       873   1,402    1,131           643,021               -                             –
                      June 2017       854       831     964     799            1,138     1,107   1,283    1,067           573,127           1,657                         2,208
Total all-in-cost     June 2018       940       839   1,044     995            1,240     1,103   1,383    1,311           755,930               -                             –
(dollar per ounce)   March 2018       861       686   1,103     890            1,094       873   1,402    1,131           677,495               -                             –
                      June 2017       854       831     964     799            1,138     1,107   1,283    1,067           573,127           1,657                         2,208
The average US dollar/Rand exchange rates were US$1 = R12.49, US$1 = R12.01 and US$1 = R13.21 for the June 2018, March 2018 and June 2017 quarters,
respectively. The average Australian/US dollar exchange rates were A$1 = US$0.76, A$1 = US$0.79 and A$1 = US$0.75 for the June 2018, March 2018 and
June 2017 quarters, respectively.
Figures may not add as they are rounded independently.
* In local currency.


UNDERGROUND AND SURFACE (UNREVIEWED)
                                                                          United States Dollars
                                                                      South               West                South
                                                                     Africa             Africa              America                Australia
                                                                     Region             Region               Region                   Region
                                                          Total                          Ghana                 Peru               Continuing             Discontinued
Imperial ounces with metric                Total           Mine
tonnes and grade                            Mine     Continuing       South                                   Cerro                    Agnew/   Granny
                                      Operations     Operations        Deep     Total   Tarkwa    Damang     Corona   Total   St Ives Lawlers    Smith           Darlot

Tonnes mined            June   2018       1,171             1,171       242         -        -        -           -     929      182      324     424                –
(000 tonnes)*          March   2018       1,088             1,088       255         -        -        -           -     833      131      293     409                –
– underground ore       June   2017       1,344             1,231       369         -        -        -           -     862      143      268     451              114
                        June   2018          84                84        84         -        -        -           -       -        -        -       -                –
– underground waste    March   2018          58                58        58         -        -        -           -       -        -        -       -                –
                        June   2017          46                46        46         -        -        -           -       -        -        -       -                –
                        June   2018       6,722             6,722         -     4,183    3,139    1,044       1,619     920      920        -       -                –
– surface ore          March   2018       7,581             7,581         -     4,271    3,563      707       1,675   1,635    1,635        -       -                –
                        June   2017       7,840             7,840         -     5,165    4,259      906       1,789     886      886        -       -                –
                        June   2018       7,977             7,977       326     4,183    3,139    1,044       1,619   1,849    1,102      324     424                –
– total                March   2018       8,727             8,727       313     4,271    3,563      707       1,675   2,468    1,767      293     409                –
                        June   2017       9,230             9,117       414     5,165    4,259      906       1,789   1,748    1,028      268     451              114
Grade mined             June   2018         5.8               5.8       6.5         -        -        -           -     5.4      4.7      6.0     5.2                –
(grams per tonne)      March   2018         6.0               6.0       5.9         -        -        -           -     5.8      4.3      6.5     5.7                –
– underground ore       June   2017         5.8               6.1       5.9         -        -        -           -     5.9      4.1      7.1     5.8              2.6
                        June   2018           -                 -         -         -        -        -           -       -        -        -       -                –
– underground waste    March   2018           -                 -         -         -        -        -           -       -        -        -       -                –
                        June   2017           -                 -         -         -        -        -           -       -        -        -       -                –
                        June   2018         1.9               1.9         -       1.5      1.3      2.0         0.9     5.1      5.1        -       -                –
– surface ore          March   2018         1.6               1.6         -       1.3      1.3      1.5         0.8     3.0      3.0        -       -                –
                       June   2017     1.5      1.5      -     1.3     1.3    1.3     1.0      3.3     3.3      -      -      –
                       June   2018     2.5      2.5    4.8     1.5     1,3    2.0     0.9      5.3     5.1    6.0    5.2      –
– total               March   2018     2.2      2.2    4.8     1.3     1.3    1.5     0.8      4.0     3.1    6.5    5.7      –
                       June   2017     2.1      2.1    5.3     1.3     1.3    1.3     1.0      4.6     3.4    7.1    5.8    2.6
Gold mined             June   2018   211.7    211.7   50.4       -       -      -            161.3    27.3   62.6   71.3      –
(000 ounces)*         March   2018   203.0    203.0   48.4       -       -      -        -   154.6    18.2   61.4   75.0      –
– underground ore      June   2017   242.3    232.7   67.9       -       -      -        -   164.8    18.6   61.4   84.8    9.6
                       June   2018       -        -      -       -       -      -        -       -       -      -      -      –
– underground waste   March   2018       -        -      -       -       -      -        -       -       -      -      -      –
                       June   2017       -        -      -       -       -      -        -       -       -      -      -      –
                       June   2018   396.6    396.6    0.3   198.5   132.5   66.1     46.2   151.5   151.5      -      -      –
– surface ore         March   2018   311.9    311.9      -   180.8   146.1   34.7     44.6   160.2   160.2      -      -      –
                       June   2017   374.5    374.5      -   221.8   182.7   39.1     59.2    93.5    93.5      -      -      –
                       June   2018   608.2    608.2   50.7   198.5   132.5   66.1     46.2   312.8   178.9   62.6   71.3      –
– total               March   2018   514.8    514.8   48.4   180.8   146.1   34.7     44.6   314.8   178.4   61.4   75.0      –
                       June   2017   616.8    607.2   67.9   221.8   182.7   39.1     59.2   258.3   112.1   61.4   84.8    9.6
Ore milled/treated     June   2018   1,170    1,170    258       -       -      -        -     912     201    305    406      –
(000 tonnes)*         March   2018   1,110    1,110    311       -       -      -        -     799      87    283    429      –
– underground ore      June   2017   1,382    1,267    397       -       -      -        -     870     136    316    418    115
                       June   2018      60       60     60       -       -      -        -       -       -      -      -      –
– underground waste   March   2018      32       32     32       -       -      -        -       -       -      -      -      –
                       June   2017      47       47     47       -       -      -        -       -       -      -      -      –
                       June   2018   7,083    7,083     75   4,524   3,473   1,051   1,665     819     819      -      -      –
– surface ore         March   2018   7,230    7,230     64   4,516   3,411   1,105   1,665     986     986      -      -      –
                       June   2017   7,238    7,238     82   4,510   3,391   1,119   1,741     904     904      -      -      –
                       June   2018   8,314    8,314    393   4,524   3,473   1,051   1,665   1,733   1,020    305    406      –
– total               March   2018   8,372    8,372    407   4,516   3,411   1,105   1,665   1,785   1,073    283    429      –
                       June   2017   8,667    8,552    526   4,510   3,391   1,119   1,741   1,774   1,040    316    418      –
Yield                  June   2018     5.1      5.1    5.8       -       -       -       -     5.2     4.6    5.8    5.2      –
(Grams per tonne)     March   2018     5.0      5.0    4.7       -       -       -       -     5.3     3.2    6.4    5.1      –
– underground ore      June   2017     5.1      5.2    5.7       -       -       -       -     5.2     3.6    5.6    5.4    2.9
                       June   2018       -        -      -       -       -       -       -       -       -      -      -      –
– underground waste   March   2018       -        -      -       -       -       -       -       -       -      -      -      –
                       June   2017       -        -      -       -       -       -       -       -       -      -      -      –
                       June   2018     1.4      1.4    0.1     1.3     1.2     1.6     1.3     2.5     2.5      -      -      –
– surface ore         March   2018     1.4      1.4    0.2     1.2     1.2     1.0     1.3     2.7     2.7      -      -      –
                       June   2017     1.5      1.5    0.1     1.3     1.3     1.1     1.2     3.0     3.0      -      -      –
                       June   2018     2.0      2.0    3.9     1.3     1.2     1.6     1.3     3.9     2.9    5.8    5.1      –
– combined            March   2018     1.9      1.9    3.6     1.2     1.2     1.0     1.3     3.9     2.8    6.4    5.1      –
                       June   2017     2.0      2.0    4.3     1.3     1.3     1.1     1.2     4.1     3.1    5.6    5.4    2.9
Gold produced          June   2018   202.4    202.4   48.5       -       -       -       -   153.9    29.7   56.8   67.4      –
(000 ounces)*         March   2018   184.7    184.7   47.4       -       -       -       -   137.2     8.8   58.6   69.8   13.7
– underground ore      June   2017   229.9    219.9   73.2       -       -       -       -   145.9    15.9   57.2   72.8   10.8
                       June   2018       -        -      -       -       -       -       -       -       -      -      -      –
– underground waste   March   2018       -        -      -       -       -       -       -       -       -      -      -      –
                       June   2017       -        -      -       -       -       -       -       -       -      -      -      –
                       June   2018   320.8    320.8    0.3   186.7   133.1    53.5    69.0    64.9    64.9      -      -      –
– surface ore         March   2018   322.8    322.6    0.3   167.2   131.2    36.0    68.7    86.4    86.4      -      -      –
                       June   2017   339.2    339.2    0.3   183.9   142.8    41.1    68.4    86.7    86.7      -      -      –
                       June   2018   523.2    523.3   48.8   186.7   133.1    53.5    69.0   218.8    94.6   56.8   67.4      –
– total               March   2018   507.1    507.1   47.7   167.2   131.2    36.0    68.7   223.6    95.2   58.6   69.8      –
                       June   2017   569.1    558.3   73.5   183.9   142.8    41.1    68.4   232.5   102.6   57.2   72.8   10.8
Cost of sales before
gold inventory change
and amortisation and
depreciation          June 2018         146    146    231       -       -       -       -     105      85    127     99      –
(dollar per tonne)   March 2018         157    157    224       -       -       -       -     121     157    150     95      –
– underground         June 2017         130    130    181       -       -       -       -      96      43    121     93    127
                      June 2018          25     25      1      23      19      37      23       -      45      -      -      –
– surface            March 2018          25     25      3      23      22      27      24      39      39      -      -      –
                      June 2017          26     25      3      26      26      27      21      36      36      -      -      –
                      June 2018          42     42    187      23      19      37      23      77      53    127     99      –
– total              March 2018          43     43    190      23      22      27      24      76      48    150     95      –
                      June 2017          42     41    153      26      26      27      21      65      37    121     93    127
* Excludes surface material at South Deep



Administration and corporate information
Corporate Secretary
Lucy Mokoka
Tel: +27 11 562 9719
Fax: +27 11 562 9829
e-mail: lucy.mokoka@goldfields.com

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

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

Office of the United Kingdom secretaries
London
St James's Corporate Services Limited
Suite 31, Second Floor
107 Cheapside
London
EC2V 6DN
United Kingdom
Tel: +44 20 7796 8644
Fax: +44 20 7796 8645
e-mail: general@corpserv.co.uk

American depository receipts transfer agent
Shareholder correspondence should be mailed to:
BNY Mellon Shareowner Services
P.O. Box 30170
College Station, TX 77842-3170

Overnight correspondence should be sent to:
BNY Mellon Shareowner Services
211 Quality Circle, Suite 210
College Station, TX 77845
e-mail: shrrelations@cpushareownerservices.com

Phone Numbers
Tel: 888 269 2377 Domestic
Tel: 201 680 6825 Foreign

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.com

Thomas Mengel
Tel: +27 11 562 9849
Mobile: +27 72 493 5170
e-mail: thomas.mengel@goldfields.com

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

Transfer secretaries
South Africa
Computershare Investor Services (Proprietary) Limited
Rosebank Towers
15 Biermann Avenue
Rosebank
Johannesburg
2196
P O Box 61051
Marshalltown
2107
Tel: +27 11 370 5000
Fax: +27 11 688 5248

United Kingdom
Link Asset Services
The Registry
34 Beckenham Road
Beckenham
Kent BR3 4TU
England
Tel: 0871 664 0300
Calls cost 12p per minute plus your phone company's access charge.
If you are outside the United Kingdom,
please call +44 371 664 0300.
Calls outside the United Kingdom will be charged at the applicable international rate.
The helpline is open between 9:00am - 5:30pm, Monday to Friday excluding public holidays in England and Wales.
e-mail: enquiries@linkgroup.co.uk
SPONSOR
J.P. Morgan Equities South Africa (Pty) Ltd

Website
WWW.GOLDFIELDS.COM

Listings
JSE / NYSE / GFI
SWX: GOLI

CA Carolus+ (Chair)   RP Menell+ (Deputy Chair)   NJ Holland*## (Chief Executive Officer)    PA Schmidt## (Chief Financial Officer)
A Andani#+   PJ Bacchus+   TP Goodlace+   C Letton^+   SP Reid^+ YGH Suleman+
 ^Australian   *British    #Ghanaian
 +Independent Director    ##Non-independent Director


INDEPENDENT AUDITOR’S REVIEW REPORT ON CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
To the shareholders of Gold Fields Limited

We have reviewed the condensed consolidated interim financial statements of Gold Fields Limited, contained in the accompanying interim
report, which comprise the condensed consolidated statement of financial position at 30 June 2018 and the condensed consolidated income
statement and the condensed consolidated statements of comprehensive income, changes in equity, debt maturity ladder and cash flows for
the six months then ended, and selected explanatory notes, as set out on pages 17 to 24 and marked as reviewed, and the segmental
operating and financial results for the six months ended 30 June 2018, as set out on pages 25 to 26 and marked as reviewed.

Directors’ Responsibility for the Condensed Consolidated Interim Financial Statements
The directors are responsible for the preparation and presentation of these condensed consolidated interim financial statements in
accordance with the International Financial Reporting Standard, (IAS)34, Interim Financial Reporting, the SAICA Financial Reporting
Guides, as issued by the Accounting Practices Committee and Financial Pronouncements as issued by the Financial Reporting Standards
Council 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 interim 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 interim financial statements. We conducted our review in accordance with
International Standard on Review Engagements (ISRE) 2410, Review of Interim Financial 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 interim
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 interim 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 and differ in nature from 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 accompanying condensed consolidated interim
financial statements of Gold Fields Limited for the six months ended 30 June 2018 are not prepared, in all material respects, in
accordance with the International Financial Reporting Standard, (IAS)34, Interim Financial Reporting, the SAICA Financial Reporting
Guides, as issued by the Accounting Practices Committee and Financial Pronouncements as issued by the Financial Reporting Standards
Council, and the requirements of the Companies Act of South Africa.

KPMG Inc.
Registered Auditor
Per Mandy Watson
Chartered Accountant (SA)
Registered Auditor
Director

16 August 2018
85 Empire Road
Parktown
South Africa


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 production cost estimates at existing operations as outlined in this report or as otherwise
    disclosed;
-   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 macro-economic 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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