Creating enduring value beyond mining

GOLD FIELDS LIMITED ANNUAL FINANCIAL REPORT INCLUDING GOVERNANCE REPORTS 2021

Gold Fields is a globally diversified gold producer with nine operating mines in Australia, Peru, South Africa and West Africa (including the Asanko Joint Venture (JV)) and one project in Chile. We have total attributable annual gold-equivalent production of 2.34Moz, attributable gold-equivalent mineral reserves of 48.6Moz and mineral resources of 111.8Moz. Our shares are listed on the Johannesburg Stock Exchange (JSE), with our American depositary shares trading on the New York Exchange (NYSE).

Delivering value in partnerships with our stakeholders

CONTENTS
GOVERNANCE REPORT
Statement of Responsibility by the Board of DirectorsCompany Secretary's CertificateCEO and CFO Responsibility StatementCorporate Governance ReportDirectors' ReportAudit Committee ReportRemuneration Report	3345202428
ANNUAL FINANCIAL STATEMENTS
Management's Discussion and Analysis of the Financial StatementsIndependent Auditor's ReportAccounting PoliciesConsolidated Income StatementConsolidated Statement of Comprehensive IncomeConsolidated Statement of Financial PositionConsolidated Statement of Changes in EquityConsolidated Statement of Cash-FlowsNotes to the Consolidated Financial StatementsOperating and Financial Information by Mine (unaudited)Shareholders' Information (unaudited)Glossary of Terms (unaudited)Independent reporting accountant's assurance report on the	61136140163164165166167168223230232
compilation of pro forma financial informationAdministration and Corporate Information (unaudited)	243245

NOTES

The Audited Financial Statements for the year ended 31 December 2021 were prepared by the corporate accounting staff of Gold Fields headed by Ms T Ilarionova, the Group Financial Controller. This process was supervised by Mr PA Schmidt, the Group's Chief Financial Officer (CFO).

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Statement of Responsibility by the Board of Directors

The directors are responsible for the preparation, integrity and fair presentation of the Annual Financial Statements (AFS) of Gold Fields Limited (Gold Fields) and its subsidiaries (together referred to as the Group or the Company), comprising the Consolidated Statement of Financial Position at 31 December 2021, the Consolidated Income Statement and Consolidated Statement of Comprehensive Income, Changes in Equity and Cash-Flows for the year then ended, the accounting policies and the notes to the Consolidated Financial Statements, as well as the Directors' Report. These financial statements presented on p140 – 222 were prepared in accordance with the International Financial Reporting Standards (IFRS) and the requirements of the South African Companies Act, 71 of 2008, as amended (Companies Act), and include amounts based on judgements and estimates made by management.

The directors consider that, in preparing the financial statements, they have used the most appropriate accounting policies, consistently applied and supported by reasonable and prudent judgements and estimates, and that all IFRS they consider to be applicable have been followed. The directors are satisfied that the information contained in the AFS fairly presents the results of operations and cash-flows for the year and the financial position of the Group at year-end. The directors also prepared the other information included in the Annual Financial Report (AFR) and are responsible for both its accuracy and its consistency with the financial statements.

The directors have responsibility for ensuring that accounting records are kept. The accounting records should disclose with reasonable accuracy the financial position of the Group to enable the directors to ensure that the financial statements comply with the relevant legislation.

The directors are also responsible for such internal controls as they deem necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and for maintaining adequate accounting records and an effective system of risk management.

The directors are also responsible for the controls over and the security of the website and, where applicable, for establishing and controlling the process for electronically distributing annual reports and other financial information to shareholders and to the Companies and Intellectual Property Commission (CIPC).

The auditors are responsible for reporting on whether the consolidated financial statements are fairly presented in accordance with the applicable financial reporting framework.

The going concern basis has been adopted in preparing the financial statements. The directors have no reason to believe that the Group, or any company within the Group, will not be a going concern in the foreseeable future, based on forecasts and available cash resources. These financial statements support the viability of the Group.

Gold Fields has adopted a Code of Ethics which is available on the Gold Fields website and which is adhered to by the Group.

The Group's external auditors, PricewaterhouseCoopers Inc, audited the financial statements, and their report is presented p136 – 139.

APPROVAL OF CONSOLIDATED ANNUAL FINANCIAL STATEMENTS

Gold Fields' consolidated AFS, as identified in the first paragraph, were approved by the Board of Directors on 31 March 2022 and are signed on its behalf by:

Chris Griffith Paul Schmidt Chief Executive Officer Chief Financial Officer

Authorised director Authorised director

Company Secretary's Certificate

In terms of section 88(2)(e) of the Companies Act, I certify that the Company has lodged with the CIPC all such returns required to be lodged by a public company in terms of the Companies Act, and that all such returns are true, correct and up to date.

Anré Weststrate Company Secretary 31 March 2022

CEO and CFO Responsibility Statement

In terms of section 3.84(k) of the JSE Listings Requirements, the directors, whose names are stated below, hereby confirm that:

a. The annual financial statements set out on pages 140 222, fairly present in all material respects the financial position, financial performance and cash flows of the issuer in terms of IFRS
b. No facts have been omitted or untrue statements made that would make the annual financial statements false or misleading
c. Internal financial controls have been put in place to ensure that material information relating to the issuer and its consolidated subsidiaries have been provided to effectively prepare the financial statements of the issuer
d. The internal financial controls are adequate and effective and can be relied upon in compiling the annual financial statements, having fulfilled our role and function within the combined assurance model pursuant to principle 15 of the King Code. Where we are not satisfied, we have disclosed to the Audit Committee and the auditors the deficiencies in design and operational effectiveness of the internal financial controls and any fraud that involves directors, and have taken the necessary remedial action.

Chris Griffith Paul Schmidt Chief Executive Officer Chief Financial Officer

Corporate Governance Report

OVERVIEW

STANDARDS, PRINCIPLES AND SYSTEMS

Material internal and external standards and principles

Internal standards andprinciples	Listings requirements	Sustainability standards	Business ethics standards
Gold Fields' comprehensive set ofinternal standards and principlesform the foundation of how we dobusiness. These include:Our vision and values: Our valuesinform everything we do in pursuit ofour vision to be the preferred goldmining company deliveringsustainable, superior value. Thesevalues apply across every level ofthe Group, from directors toemployees.Our purpose statement: Our newpurpose statement is: "Creatingenduring value beyond mining."More information on ourpurpose and vision statementand values can be found onp28 of our Integrated AnnualReport (IAR).Board of Directors' Charter: TheCharter describes the Board and itsCommittees' terms of reference, andarticulates the objectives, powersand responsibilities of the Board.Likewise, each Board Committeeoperates in terms of a written termsof reference that are reviewed atleast annually to align with theprovisions of applicable statutoryand regulatory requirements.Sustainable DevelopmentFramework: Gold Fields' SustainableDevelopment Framework, whichis based on good practice,environmental, social andgovernance (ESG) requirements,and operational requirements, is	Our primary listing is on the JSE, andare therefore subject to the JSEListings Requirements.Gold Fields has a secondary listingon the NYSE and, as a foreignprivate issuer, is subject to the NYSEListings Requirements, certainprovisions of the United States (US)Securities and ExchangeCommission (SEC), as well as theterms of the Sarbanes-Oxley Act(2002).The Board is committed to theprinciples and recommendedpractices of King IV that areentrenched across the Group. TheBoard is satisfied that every effortwas made to comply with all aspectsof the King IV Report on CorporateGovernance for South Africa, 2016(King IVTM1) and, to this end, ensuredcompliance during 2021.As per King IV, 48 non-binding rules,codes and standards have beenadopted by the Audit Committee.	Our Sustainable DevelopmentFramework is guided by theInternational Council on Mining &Metals' (ICMM) 10 principles onsustainable development, theirsupporting position statements andexternal assurance thereof.Despite not being a direct participantin the United Nations (UN) GlobalCompact, we are guided by andadhere to its 10 principles, and haveaccordingly incorporated itsmanagement model into ourbusiness activities.As members of the World GoldCouncil as from 1 January 2022, wesubscribe to all the relevant WGCstandards, including its ConflictFree Gold Standard. A copy of ourConflict-Free Gold Report andStatement of Conformance, togetherwith the limited assurance opinion.Can be viewed online atwww.goldfields.com/sustainability-reporting.phpOur reporting is guided by theInternational Integrated ReportingCouncil's (IIRC) International Framework, as well as the GlobalReporting Initiative (GRI) Standards.Our 2021 GRI submission canbe viewed online atwww.goldfields.com/sustainability-reporting.phpAll our eligible operations arecertified to the International CyanideManagement Code (ICMC) except	Our Code of Conduct is aligned withnational and international businessethics and anti-corruption standards,including the UN Convention againstCorruption (2003) and theOrganisation for EconomicCo-operation and Development(OECD) Convention on CombatingBribery of Foreign Public Officials inInternational Business Transactions(1997).We support the principles andprocesses of the Extractive IndustryTransparency Initiative (EITI) throughour membership of the ICMM. Ghanaand Peru are the EITI-compliantcountries in which we operate.We comply with the followinglegislation and code:• King IV and the Prevention andCombating of Corrupt ActivitiesAct No 12 of 2004• The US Sarbanes-Oxley Act(2002), Dodd-Frank Act (2010)and the Foreign Corrupt PracticesAct (1977)• All other relevant regulatoryrequirements in the jurisdictions inwhich Gold Fields operates
governed by an overall SustainableDevelopment Policy Statement.The Group developed a rangeof policy statements that directbusiness conduct, availableonline at www.goldfields.com/policies.phpCode of Conduct: Gold Fields' Codeof Conduct commits and binds everyemployee, officer and director withinthe Company to conduct business ina way that is ethical and fair. Both theAudit and Social, Ethics andTransformation (SET) Committees ofthe Board are tasked with ensuringthe consistent application of, andadherence to, the Code.The Code is available on ourwebsite at www.goldfields.com/code-of-conduct.php		Cerro Corona, which does not usecyanide in its processes, and theISO 45001 Occupational Health andSafety Management systems.Our Cerro Corona mine in Peru, aswell as the Tarkwa and Damangmines in Ghana, are certified to theISO 50001 Energy ManagementStandard. Our other mines willfollow suit.All our operations and regionaloffices, except those in Chile, arecertified against the ISO 27001standard for Information SecurityManagement Systems.

Corporate Governance Report continued

BOARD OF DIRECTORS

Board overview

As the highest governing authority of the Group, Gold Fields' Board of Directors assumes ultimate responsibility for the Company's adherence to sound corporate governance standards and ensures all business decisions and judgements are made with integrity, reasonable care, skill and diligence. The Board's objectives and responsibilities are articulated in its Charter. Similarly, each of the Board's Committees operates in accordance with its written terms of reference, which are reviewed and approved annually.

In terms of Gold Fields' Memorandum of Incorporation (MoI), which can be accessed at www.goldfields.com/standards-andprinciples.php, the Board must have a minimum of four and maximum of 15 directors. Currently, the Board comprises 10 directors – two executive directors and eight independent non-executive directors (NEDs). Gold Fields' Board has had a majority of independent NEDs since the Company was founded in 1998. On advisement by the Nominating and Governance Committee, the Board ensures that reputable persons of well-known competence and experience, who are willing to devote a sufficient part of their time to the Company, are elected as independent directors. Each director offers a range of relevant knowledge, expertise, technical experience and business acumen, enabling them to exercise independent judgement during Board deliberations and decision making.

The Nominating and Governance Committee also ensures the Board has adequate diversity in respect of race, gender, culture, age, field of knowledge, skills, experience, business expertise, and geographic and academic backgrounds. This is in line with the Company's commitment to inclusivity and diversity. The composition of the Board's Committees was reviewed and approved during the Board meeting held in November 2021.

The role of NEDs, who act independently of management, is to guide the Company, provide independent oversight, contribute to effective governance, and protect the interests of both the Company and its shareholders – including those of minority shareholders.

The roles of the Board Chairperson and Chief Executive Officer (CEO) are kept separate. Ms CA Carolus, a NED, serves as our Board Chairperson, while Mr RP Menell served as Gold Fields' Deputy Chairperson and Lead Independent Director (LID) until his resignation with effect from 10 March 2021. Mr SP Reid was subsequently appointed LID with effect from 16 September 2021.

During 2021, and subsequent to year-end, we made several other material announcements regarding the Board and its subcommittees. The following NEDs resigned during 2021: Mr RP Menell, Dr C Letton, Ms P Mahanyele-Dabengwa, while Mr NJ Holland, our former CEO, retired on 31 March 2021. In 2021, the following directors were appointed to the Board: Mr CI Griffith as CEO and executive director, Ms PG Sibiya and Ms JE McGill as NEDs. Ms Carolus announced her resignation as Board Chairperson, which will take effect at the 2022 AGM, scheduled for 1 June 2022. Mr YGH Suleman will take over as Chairperson on the same date. Other key appointments are, from 1 June 2022 onwards, Ms Sibiya as Chairperson of the Audit Committee and Ms McGill as Chairperson of the SET Committee.

The Board is kept informed of all developments relating to the Group, primarily through its executive directors, executive management and the Company Secretary.

NEDs have unrestricted access to the Group's management and access to the external auditors, when necessary, and are entitled to seek independent professional advice, at the Group's expense, on any matters pertaining to Gold Fields. A brief curriculum vitae (CV) for each Board member is detailed on p14 – 15 of this report.

Chief Financial Officer

Mr PA Schmidt has served as Gold Fields' CFO since his appointment to the position on 1 January 2009. In accordance with the JSE Listings Requirements, the Audit Committee considered and unanimously agreed that Mr Schmidt executed his duties satisfactorily and with the required levels of expertise and experience during 2021.

The Audit Committee is of the opinion that Mr Schmidt, together with other members of his financial management team, managed the Group's financial affairs effectively during the 2021 financial year.

Board appointments, rotation and retirement

The appointment of directors is governed by a formal process. The Nominating and Governance Committee assists the Board in identifying suitable candidates, as well as evaluating such candidates from time to time. The Board Chairperson and LID are appointed on an annual basis by the Board after a review of their performance and independence. In line with recommendations by King IV, the Board conducts a thorough annual evaluation of the independence of directors, and specifically where directors have served on the Board for nine or more years. The Board was satisfied that all its NEDs met the criteria for the 2021 financial year.

Together with management, the Nominating and Governance Committee develops and facilitates an induction programme for new Board members to ensure their understanding of Gold Fields and the business environment in which it operates. The Committee also assesses the commitments of non-executive candidates to ensure their availability to fulfil their responsibilities.

In accordance with Gold Fields' MoI, one-third of all directors (including executive directors) shall retire from office at each Annual General Meeting (AGM). The first to retire are those directors appointed during the year, followed by the longest serving members. The Board, assisted by the Nominating and Governance Committee, recommends the eligibility of retiring directors (subject to availability and their contribution to the business) for reappointment. Retiring directors can be re-elected immediately by the shareholders at the AGM.

Term limit of non-executive directors

In terms of the Board Charter, a director is required to retire at the AGM following the year in which they turn 70 years old, unless the retirement age is extended by a fixed period at the discretion of the Board. In accordance with the recommendations of King IV, a director may continue to serve longer than nine years, provided the Board in its entire discretion and unanimous decision determines that it is in the best interest of the Company and its shareholders to extend the director's service for the additional period.

Directors' dealings in shares of Gold Fields

Gold Fields' Board members and employees are informed of closed and prohibited periods for share dealings by the Company Secretary, as prescribed by the Gold Fields Share Dealing Policy, which is in line with listings requirements and applicable legislation. Closed and prohibited periods remain in force until quarterly, biannual and annual results are published. This was done on a quarterly basis during 2021. Closed periods will also be in place should the Company trade under a cautionary announcement. Any directors' dealings (including executive directors) require the pre-approval of the Chairperson. The Company Secretariat keeps record of such dealings.

Board remuneration

NEDs are remunerated for their services as members of the Board, including the respective subcommittees they attend annually, ad hoc committees officially approved by the Board and, where applicable, travel expenses to attend Board meetings. No travel expenses were incurred in 2021 since all Board and committee meetings were held virtually, mainly due to the restrictions brought about by the Covid-19 pandemic. Shareholders approve these fees annually at the Company's AGM. Further details of NEDs' and executive directors' remuneration can be found in the Remuneration Report on p42 – 60.

Board of Directors' Charter

During the year, the Board reviewed the Board of Directors' Charter and subcommittees' terms of reference to ensure it aligns with the recommendations of King IV.

A summary of how Gold Fields applied the principles of King IV is detailed on p16 – 17.

Company Secretary

The Company Secretary provides company secretarial services and oversees Board governance processes in accordance with applicable regulation, including the Companies Act, King IV, and the JSE and NYSE Listings Requirements. The Company Secretary attends all meetings held by the Board and its subcommittees. The Board has direct access to the Company Secretary, who guides the directors in the execution of their duties and responsibilities. The Company Secretary is not a director of the Group and has an arm's-length relationship with the Board.

The Company Secretary oversaw relevant Board governance matters and assisted the Board and its Committees with annual plans, agendas, minutes and terms of references during 2021.

Ms A Weststrate held the position of Company Secretary in 2021.The Board is satisfied that Ms Weststrate is competent, qualified and has the necessary expertise and experience to fulfil the role.

Corporate Governance Report continued

Application of King IV within Gold Fields

The Board aligns its processes, practices and structures with King IV and continued to review and refine the Group's approach to ensure and enhance compliance with King IV during 2021.

A full register of the King IV principles, and the extent of the Company's compliance therewith, is available on p16 – 17, and will also be placed on the website at www.goldfields.com/standards-and-principles.php

Board attendance

The Board is required to meet at least four times a year. The Board Charter allows the Board to conduct its meetings by electronic communication. Therefore, as a result of Covid-19 restrictions imposed in March 2020, the Board conducted its meetings electronically during 2021. In addition, the Company held a virtual AGM in May 2021. The Board met 10 times during 2021, as six special Board meetings were held to deliberate on urgent substantive matters. Regular and special Risk Committee meetings were held during 2021 to consider the ongoing effects of Covid-19 on the Company's operations and employees, as well as the measures applied to mitigate these. The Nominating and Governance Committee held special meetings to consider NED appointments and succession processes.

To prepare for Board meetings, all directors are provided with the necessary information needed in the form of comprehensive Board packs, which are collated in advance by management in preparation for each Board or subcommittee meeting. These packs enable our directors to discharge their responsibilities effectively and efficiently during meetings. The Board agenda and meeting structure focus on strategy, sustainable development, finance, performance monitoring, governance and other related matters. During 2021, Board meetings and some subcommittee meetings were preceded by closed-session meetings by NEDs. Directors are required to recuse themselves from meetings on any matters in which they may be conflicted.

Directors	Boardmeetings	SpecialBoardmeetings	Ad hocInvestmentCommittee	AuditCommittee	Safety,Health andSustainableDevelopmentCommittee	CapitalProjects,Control andReviewCommittee	RemunerationCommittee	Social,Ethics andTransformationCommittee	NominatingandGovernanceCommittee	RiskCommittee
Number of meetings per year	4	6	4	5	5	4	5	4	8	5
CA Carolus	4	6	4	0	5	4	5	4	8	0
A Andani^	4	6	0	5	0	2	5	4	0	0
PJ Bacchus	4	6	4	5	0	4	5	0	0	5
TP Goodlace^^#	4	6	3	0	5	4	0	0	0	5
CI Griffith**	3	2	3	3	3	3	3	3	7	3
CE Letton*	2	5	–	0	2	2	0	2	0	3
NJ Holland!	1	5	4	2	1	1	2	1	0	2
JE McGill**	1	0	0	1	1	1	2	1	1	0
RP MenellR	1	0	0	1	0	1	1	1	1	0
P Mahanyele-Dabengwa*	1	3	0	0	1	1	0	1	0	0
SP ReidL	4	6	3	0	5	4	5	0	8	0
PA Schmidt	4	6	4	5	0	4	0	0	0	5
PG Sibiya**^	3	3	0	4	0	3	0	3	0	3
YGH Suleman	4	6	4	5	0	4	0	0	8	5

Number of Board meetings, Board Committee meetings and directors' attendance during the year

L – LID; Mr Reid was appointed LID effective 2 September 2021

R – Recused; Mr RP Menell was recused from the following special Board meetings: 10 February 2021; 25 February 2021; 26 February 2021; and 4 March 2021

* – Resigned; Ms P Mahanyele-Dabengwa resigned on 28 February 2021; Mr RP Menell resigned on 10 March 2021; Ms C Letton resigned on 31 May 2021

! – Retired; Mr NJ Holland retired on 31 March 2021 ** – Appointed; Ms PG Sibiya was appointed to the Board effective 1 March 2021; Ms JE McGill was appointed to the Board effective, 22 November 2021;

Mr CI Griffiith was appointed CEO and executive director effective 1 April 2022. ^ – Chairperspon appointment; Mr A Andani was appointed Chairperson of the Capital Projects, Control and Review Committee effective 4 May 2021;

Ms Sibiya was appointed Chair of the SET Committee effective 1 July 2021

^^ – Committee appointment; Mr TP Goodlace was appointed a member of the Nominating and Governance Committee effective 23 November 2021 # – Mr Goodlace chaired the Capital Projects, Control and Review Committee meeting on 3 May 2021

The full Directors' Report is on p19 – 23.

BOARD COMMITTEES

The Board has eight standing Committees, established in compliance with the Companies Act and JSE Listings Requirements. These Committees have delegated authority from the Board. Members of the Committees are all independent NEDs, and the CEO, CFO and various members of management are standing invitees to these meetings. Each Board Committee is chaired by an independent NED.

The Board's Committees operate in accordance with written terms of reference and have a set list of responsibilities, which are outlined at www.goldfields.com/standard-and-principles.php. In line with King IV recommendations, the Board reviews the terms of reference of all subcommittees every year and, if necessary, adopts changes which are approved by the Board. Subcommittees are required to evaluate their effectiveness and performance annually, and to report findings to the Board for consideration.

The written terms of reference and responsibilities of the board and its Committees are set out below.

Board

The Board consists of eight NEDs and two executive directors.

The Board is responsible for approving and monitoring the Group's performance against the management developed strategy. The Board reviews its governance practices annually and is satisfied that all aspects of King IV principles were met in 2021. The Board Charter compels directors to promote the vision of the Company while upholding sound principles of corporate governance. Certain responsibilities are delegated to Board subcommittees without abdicating accountability. The delegation of authority to the subcommittees is formal in terms of the Board-approved terms of reference for each Committee. Other directors' responsibilities in terms of the Board Charter can be found on the Company website at www.goldfields.com/standards-and-principles.php.

Key focus areas during 2021

NED search, filling NED vacancies and appointing new directors
Resignation of the Board Chairperson and appointment of a suitable replacement
Appointing a LID
Governance and Board oversight given the higher standards of reporting
The impact of Covid-19 on the Group and its stakeholders, and how to mitigate any adverse effects
Training and implementation of the Group's ESG strategy
Progress on the CEO succession process
Monitoring South Deep's performance
Reviewing and approving the remuneration philosophy
Capital allocation and approval of the Capital Framework

The Board assessed its 2021 performance and effectiveness through an independent external assessment, which concluded that it was fully functional and satisfactorily discharging its duties as set out in the Board Charter.

Corporate Governance Report continued

Nominating and Governance Committee

The Nominating and Governance Committee consists of four independent directors.

The Committee contributes to value creation by developing a robust approach to corporate governance and recommending sound governance principles to the Board. The Committee reviews the structure, composition and size of the Board and how this relates to its effectiveness, and makes recommendations on the process to evaluate the effectiveness of the Board, its Committees and management. It considers the rotation of directors and makes appropriate recommendations on succession, whereupon it identifies and evaluates nominees, making recommendations for election of suitable candidates. The Committee identifies successors to the Chairperson, Deputy Chairperson or LID, and the CEO, and makes recommendations to the Board. It considers the mandates of Board Committees, the selection and rotation of the Chairpersons and Committee members, and makes recommendations to the Board. The Committee reviews the suitability of Committee members and conducts annual performance evaluations with recommendations to the Board. The Committee provides assurance to the Risk Committee on risks apportioned to the Committee as mandated by the Board, in ensuring risk management oversight with the Committee's scope.

Key focus areas during 2021

Filling NEDs vacancies and appointing new directors
Resignation of the Board Chairperson and appointment of a suitable replacement
Appointing a LID
Assessing Board skills, diversity and composition
Governance and Board oversight, given the higher standards of reporting
Succession planning for directors and senior executives, with particular reference to succession of the CEO
Board training and evaluation
Governance compliance matters

The Committee assessed its 2021 performance and effectiveness through an independent external assessment, which concluded that it was fully functional and satisfactorily discharging its duties as set out in its terms of reference.

Audit Committee

The Audit Committee consists of four independent directors.

The full duties and responsibilities of the Audit Committee, along with its terms of reference and statement, appear on p24 – 27.

This Committee contributes to value creation to the Company and the Board by overseeing the Company's financial affairs and integrated reporting on financial statements, sustainability reporting and public announcements on financial data. The Committee monitors the suitability and independence of external auditors, including their scope and effectiveness. It has oversight on combined assurance, effectiveness of the Group's internal audit controls and internal function. The Committee provides assurance to the Risk Committee Chairperson as mandated by the Board, in ensuring risk management oversight within the Committee's scope.

The Committee's formal terms of reference are reviewed annually and is set out in its Board-approved Charter. The Board is satisfied that the Committee complied with these terms, as well as with its legal and regulatory responsibilities as set out in the Companies Act, King IV and the JSE Listings Requirements.

Key focus areas during 2021

The impact of Covid-19 on the duties of the Committee and appropriate mitigation measures
Reviewed PwC's performance as external auditors, and resolved to recommend their re-appointment as the Company's auditors to the Board and shareholders
Ensured the external assurance of non-financial data
Interim and final dividend proposals
Statutory financial reporting, integrated reporting and Form 20-F
Reviewed the IAR, AFR and Form 20-F
Group funding and refinancing matters
Evaluation of the independence and performance of external auditors and recommendation of appointment to shareholders

Disclosures

Systems are in place to ensure combined assurance
Systems are in place to govern information and technology (IT) and its effectiveness
Adoption of a Responsible and Transparent Tax Policy and Strategy
Systems are in place to govern and manage compliance

Remuneration Committee

The Remuneration Committee consists of five independent directors.

This Committee contributes to value creation by overseeing the Company's remuneration link to performance outcomes against strategy, encouraging alignment with shareholder experience and principles of fairness and responsibility. It ensures that contractual terms on potential termination of the executive directors and Group ExCo members, and any payments made, are fair to both parties, that failure is not rewarded and that the duty to mitigate loss is fully recognised. It further provides oversight and management of remuneration-related risks. The Committee provides assurance to the Risk Committee Chairperson as mandated by the Board, in ensuring risk management oversight within the Committee's scope.

Key focus areas during 2021

Ensuring strategic alignment between targets in Group, regional and personal scorecards
Managing the CEO transition from Mr NJ Holland to Mr CI Griffith, including the related remuneration and benefits terms
Overseeing the inaugural holding period of the executive minimum shareholding requirements (MSR)
Issuing performance criteria for the 2021 equity and cash-settled LTIP awards, including measures related to decarbonisation and gender representation across the Group
Reviewing an independent benchmarking study of executive pay and addressing the subsequent outcomes
Approving the outcomes of the 2021 Group scorecard and the 2021 executive performance ratings
Supporting initiatives related to the retention of critical skills in jurisdictions with heightened talent challenges in competitive mining environments
Reviewing the Group's non-financial incentives as a complement to the remuneration strategy
Continuously assessing the impact of the Covid-19 pandemic in terms of remuneration. There were no Covid-19-related or other adjustments to standard reward outcomes in 2021.

The Company's remuneration policies, as well as details of directors' fees and equity-settled instruments, are included in the Remuneration Report on p28 – 60.

Safety, Health and Sustainable Development Committee

The Safety, Health and Sustainable Development (SHSD) Committee consists of three independent directors.

This Committee contributes to value creation by monitoring all matters of safety, health and sustainable development – including the consideration of investigations into any relevant incidents – and makes recommendations to the Board on policies and guidelines on these matters. The Committee assesses and approves sustainable development policies that apply to the Group's operations. It monitors the Group's operations against regulations, policies and standards and make specific recommendations regarding the investigation of incidents.

The SHSD Committee further considers national and international regulatory and technical developments that relate to sustainable development when making recommendations to the Board on these matters. It offers recommendations to the Board on the engagement of external assurance partners with the requisite credentials.

The Committee provides assurance to the Risk Committee Chairperson as mandated by the Board, in ensuring risk management oversight within the Committee's scope.

Corporate Governance Report continued

Key focus areas during 2021

Tracking Committee-related risks
Monitoring ESG matters, particularly related targets and decarbonisation
Addressing environmental risks, including the Short-tailed Chinchillas a protected species in Chile
Managing tailings storage facilities (TSFs) appropriately
The impact of Covid-19 on the duties of the Committee and ensuring appropriate mitigation measures are in place
Benchmarking Gold Fields' ESG reporting and performance relative to its peers
Reviewing the causes of major internal and industry incidents to prevent their occurrence at Gold Fields
Reviewing emergency drill procedures at our mines
Approving the Group Safety Strategy
Monitoring training in Courageous Safety Leadership (CSL) programme
Quarterly tailings and geotechnical management updates

Capital Projects, Control and Review Committee

The Capital Projects, Control and Review Committee consists of seven independent directors.

This Committee contributes to value creation by considering new capital projects and satisfying the Board that the Company used appropriate and efficient methodologies to evaluate and implement capital projects exceeding R1.5bn or US$200m. The Committee reviews the results attained in completion of each project against the work undertaken. It monitors progress throughout the project cycle and periodically reports its findings to management and the Board.

Key focus areas during 2021

Addressing and monitoring projects, with particular focus on Salares Norte and working towards completing the project in time and on budget
Monitoring the Damang Reinvestment project
The impact of Covid-19 on the duties of the Committee and appropriate mitigation measures
South Deep capital project implementation and solar project
Reviewed and approved the Group Capital Framework
Monitored the sustainability of contractor mining in Ghana

The Committee continues to review the results attained on completion of each project against the authorised work undertaken.

Social, Ethics and Transformation Committee

The SET Committee consists of three independent directors and one executive director (a requirement of the Companies Act). The Audit Committee Chairperson (one of the three independent directors) only attended the closed session of the SET Committee to receive a report on hotline, fraud, as well as governance and ethics-related matters. From November 2021, it was agreed that it was no longer necessary for the Audit Committee Chairperson to attend these closed sessions.

The SET Committee performs its role as contemplated in the Companies Act and its regulations, with oversight responsibilities on matters of social, ethics, security, labour, transformation, community, corruption, land (social context), human rights and stakeholder relationships matters, ensuring the Company upholds the principles of good corporate citizenship. This Committee adds to value creation by contributing to socio-economic development by adhering to acts and relevant regulation, including OECD, employment equity and Broad-Based Black Economic Empowerment (B-BBEE). It enforces the labour mandate and employment policies and practices by offering oversight over ethics management, transformation, localisation and compliance with laws and regulations. It also reviews and monitors stakeholder engagements and guides strategically on these matters.

The Committee provides assurance to the Risk Committee Chairperson as mandated by the Board, in ensuring risk management oversight within the Committee's scope.

Key focus areas during 2021

ESG benchmarking and targets, with particular reference to diversity and inclusion, and stakeholder management
Tracking Committee-related risks
Communication with stakeholders and stakeholder relationships
Ethics, human rights, governance and compliance
The impact of Covid-19 on the duties of the Committee and appropriate mitigation measures
Social and transformation initiatives at the corporate office and respective regions
Social and economic development in our host communities, sound corporate citizenship, labour and employment practices, employment equity, diversity and inclusion, stakeholder relations and value creation, human rights, branding and reputation, and ethics and governance
Oversaw the regions' foundations and trusts, including the South Deep Education Trust, South Deep Community Trust and Westonaria Community Trust

Risk Committee

The Risk Committee consists of four independent directors.

This Committee contributes to value creation by ensuring effective risk management policies and strategies are in place and are recommended to the Board for approval. The Committee reviews the adequacy of the risk management charter, policy and plan. The Committee regularly considers the Company's key risks, especially from a materiality reference point. The Chairperson, as mandated by the Board, receives assurance from the various Board Committees' Chairpersons regarding oversight of risk management within each respective Committee's scope.

Key focus areas during 2021

Managing the Company risks, enhancing risk management processes by separating the group catastrophic risks and developing a catastrophic risk management system for implementation throughout Gold Fields
Introducing a new risk appetite and tolerance standard to ensure a common and best practice approach and monitor compliance
The impact of Covid-19 on the duties of the Committee and appropriate mitigation measures during regular and special meetings
Cybersecurity risk assessment
Consideration and approval of combined assurance
Consideration and approval of Group and regional risk registers

Ad hoc Investment Committee

The ad hoc Investment Committee consists of five independent directors.

The objective of the ad hoc Investment Committee is to consider and, where appropriate, make recommendations to the Board on strategic, organisational and structuring options, including investment and divestment opportunities, to achieve the Company's strategic objective of maximising sustainable shareholder returns.

It is the responsibility of this Committee to:

Consider strategic alternative corporate organisational options and structures
Assess new material investment or divestment opportunities
Review the outcomes of all options or opportunities against specified work plans identified among the Committee members and management
Monitor progress throughout the process of material corporate transactions
Periodically report its findings and recommendations to the Board

Executive Committee

Gold Fields' ExCo is not a Board subcommittee. It is primarily responsible for the implementation of Company strategy, as well as carrying out the Board's mandates and directives. ExCo meets monthly to review Company performance against set objectives and develops Company strategy and policy proposals for consideration by the Board. ExCo also assists the Board in the execution of the Company's disclosure obligations. A series of guidelines on disclosure has been disseminated throughout the Company. ExCo consists of the principal officers and executive directors of Gold Fields – 12 members in total.

Each of Gold Fields' regional operating subsidiaries has established Board and ExCo structures in place to ensure sound corporate governance practices and standards. At least one of the Company's executive directors serves on the boards of the operating subsidiaries.

Corporate Governance Report continued

DIRECTORS

Independent non-executive directors

Cheryl A Carolus (63)

Board Chairperson (outgoing) and Chairperson of the Nominating and Governance Committee

BA Law; Bachelor of Education, University of the Western Cape; Honorary Doctorate in Law, University of Cape Town (UCT)

Appointed to the Board: Director 2009; Chairperson 2013

Experience and expertise: Governance and compliance, social development, training and development, people management, biodiversity and environment

Ms Carolus has served on the boards of numerous listed companies, including De Beers and Investec. More recently, she was appointed to the Board of Grindrod. She is a Board member of many not-for-profit organisations, including the International Crisis Group, Soul City, The British Museum (appointed by Her Majesty Queen Elizabeth) and the CyberPeace Institute, and is Chairperson of the SA Constitution Hill Education Trust.

Previously, Ms Carolus served as Chairperson for South African Airways, the South African National Parks Board, and has served on the boards of numerous public and private partnerships that address socio-economic challenges, including WWF International and WWF South Africa. Additionally, she served as South Africa's High Commissioner to the United Kingdom (UK) from 2001 to 2004.

Ms Carolus played a role in the liberation struggle of South Africa and the constitution-making process. She was awarded an honorary doctorate in law from the UCT for her contribution to freedom and human rights. In 2014, she was awarded the French National Order of Merit by the Government of France.

Yunus GH Suleman (63)

Chairperson Designate and Chairperson of the Audit Committee

BCom, University of KwaZulu-Natal (UKZN) (formerly Durban Westville); BCompt (Hons), University of South Africa (Unisa); CA(SA); CD(SA)

Appointed to the Board: 2016

Experience and expertise: Auditing, financial accounting and governance

Mr Suleman serves as Chairperson of Liberty Holdings Limited and Liberty Group Limited and interim Chairperson of Albaraka Bank Limited. He was an independent NED of Tiger Brands until November 2018.

Mr Suleman has over 35 years' experience in the auditing and accounting profession – first at Arthur Andersen and then at KPMG when the two companies merged in 2002. He was Chairperson of KPMG South Africa until February 2015. He also chaired the KPMG Foundation. Since leaving KPMG Mr Suleman has served as Executive Chairperson of Sulfam Holdings.

Steven P Reid (66)

LID and Chairperson of the Remuneration Committee

BSc (Mineral Engineering), South Australian Institute of Technology; MBA, Trium Global Executive; ICD.D, Institute of Corporate Directors

Appointed to the Board: 2016

Experience and expertise: Mining engineering, risk management and compensation management

Mr Reid has 44 years' international mining experience and has held senior leadership roles in numerous countries. He has served as a director of Eldorado Gold since May 2013 and was a director of SSR Mining between January 2013 and September 2020. He served as Chief Operating Officer (COO) of Goldcorp from January 2007 until his retirement in September 2012 and, prior to that, was the Company's Executive Vice President (EVP) in Canada and the United States of America (USA). Before joining Goldcorp, Mr Reid spent 13 years at Placer Dome in numerous corporate, mine management and operating roles. He also held leadership positions at Kingsgate Consolidated and Newcrest Mining, where he was responsible for the Asian and Australian operations.

Alhassan Andani (61)

Chairperson of the Capital Projects, Control and Review Committee

MA (Banking and Finance), Finafrica Institute in Italy; BSc (Agriculture), University of Ghana

Appointed to the Board: 2016

Experience and expertise: Investment and corporate banking and executive leadership

Mr Andani is a Founding Partner at LVSafrica Limited. He is the Chairperson of Ghana Association of Bankers (GAB) Health Insurance and a Board member at Stanbic Holdings and Teachers Fund of the Ghana National Association of Teachers (GNAT).

Mr Andani holds an Honorary Doctorate from the University of Development Studies, Ghana. He is an Honorary Fellow at the following institutions: Chartered Institute of Banking Ghana; Institute of Directors (IOD), Ghana; Chartered Institute of Credit Management; and Institute of Public Relations, Ghana.

Peter J Bacchus (53) Chairperson of the Risk Committee

MA (Economics), Cambridge University

Appointed to the Board: 2016

Experience and expertise: Investment banking, financing, and mergers and acquisitions

Mr Bacchus is Chairperson of Independent Merchant Bank, Bacchus Capital Advisers. He has acted as the Global Head of Mining and Metals and Joint Head of European Investment Banking at Investment Bank Jefferies, and served as Global Head of Mining and Metals at Morgan Stanley. Prior to that, he was Head of Investment Banking, Industrials and Natural Resources at Citigroup in Australia.

Mr Bacchus has spent more than 25 years in investment and corporate banking with a focus on the global natural resources sector and is a member of the Institute of Chartered Accountants, England and Wales. He is also an NED of UK-listed mining group Kenmare Resources, Australian-listed Galaxy Resources, and Chairperson of Space for Giants, an African-focused conversation charity.

Terence Goodlace (62)

Chairperson of the SHSD Committee

MBA (Business Administration), University of Wales; BCom, Unisa; NHDip and NDip (Metalliferous Mining), Witwatersrand Technikon; MDP, UCT

Appointed to the Board: 2016

Experience and expertise: Mining, capital projects, commercial and operational management, risk management and mineral resource management

Mr Goodlace's mining career commenced in 1977 and has spanned more than 42 years. He spent the majority of his career at Gengold, which merged with Gold Fields of South Africa in 1998 to form Gold Fields. He became COO in 2008. He has significant experience in leading underground and open pit operations in South Africa, Australia, Ghana and Peru. He then spent three years as the CEO of Metorex and served on the Impala Platinum Board for two years as an independent NED, and four and a half years as CEO. He is the Chairperson of Southern Palladium Limited, effective 29 March 2021, and Kumba Iron Ore Limited, effective 23 June 2021. He is a NED of AfriTin Mining Limited.

Jacqueline E McGill (53)

NED

MBA, La Trobe University; BScience (Ext Metallurgy), Murdoch University; Honorary Doctorate Adelaide University

Appointed to the Board: 2021

Experience and expertise: Financial performance management, operational leadership, risk management and ESG strategies

Ms McGill was appointed a NED of Gold Fields on 22 November 2021 after a successful career as an executive in the resources sector across a range of commodities (gold, copper, uranium, iron ore, and coal). Ms McGill has built a NED portfolio career in the resources, education and insurance sectors. Her 30-year executive career was predominantly operationally focused, and included profit and loss accountability for large-scale resource operations.

Ms McGill is well known for her expertise in people leadership and culture, as well as the governance of organisations with high levels of operational risk and complexity. She gained international experience in South America in both technical and project roles for BHP.

She is currently a NED on the Boards of 29 Metals, New Hope Corporation, Royal Automobile and Art Gallery of SA. She is also a member of the SA Premier's Economic Advisory Council.

Philisiwe Sibiya (45)

Chairperson of the SET Committee

BCom (Hons), UKZN; CA(SA)

Appointed to the Board: 2021

Experience and expertise: Executive management, finance, telecommunications

Ms Sibiya, a seasoned business executive, has nearly 20 years of management experience across Africa. After holding various senior financial roles, including CFO at MTN South Africa, she successfully transitioned into the role of CEO for MTN Cameroon – the first female appointed into a CEO position within the MTN Group. She is the founder and CEO of Shingai Group and non-executive board member of JSE-listed AECI Limited, Investec plc and Investec Limited.

Executive directors

Chris I Griffith (57)

CEO

BEng (Mining) (Hons), University of Pretoria, PR Eng

Appointed to the Board: Executive director and CEO 2021

Experience And expertise: Mining, management and engineering

Prior to his appointment as Gold Fields' CEO, Mr Griffith served as the CEO of Anglo American Platinum between September 2012 and April 2020 and, prior to that, was CEO of Kumba Iron Ore from 2008 – 2012. He joined Anglo American Platinum in 1990 and held various management positions at two of its mines before serving as Anglo American Platinum Head of Joint Venture Operations until 2008.

Paul Schmidt (54)

CFO

BCom, University of the Witwatersrand; BCompt (Hons), Unisa; CA(SA)

Appointed to the Board: 2009

Experience and expertise: Finance, mining, management

Prior to his appointment as CFO of Gold Fields, Mr Schmidt held the positions of acting CFO from May 2008 and Financial Controller from April 2003. He has more than 24 years' experience in the mining industry.

Corporate Governance Report continued

APPLICATION OF KING IV WITHIN GOLD FIELDS

The Board is committed to the principles and recommended practices of King IV and, to this end, ensured material compliance during 2021. The table below provides an overview of Gold Fields' compliance with the principles. Should gaps be identified, the Board instructs management to address these as work in progress.

Principles	Principle application
Leadership, ethics and corporate citizenship
Leadership
Principle 1: The governing body should leadethically and effectively.	The Board, Gold Fields' governing body, through its various subcommittees, is confident on a prospectivebasis that the combined inputs of its Committees produce conformity with this principle. The Boardexhibits the requisite levels of integrity, responsibility, accountability, fairness and transparency.
	The Board steers and set the strategic direction and acts in the best interest of the Group.
Organisational ethics
Principle 2: The governing body should governthe ethics of the organisation in a way thatsupports the establishment of an ethical culture.	The SET Committee comprises independent non-executive members, and one executive member. TheCommittee ensures conformity with this principle through the Code of Ethics and the Group DisciplinaryCode that set out sanctions to be followed.
	The implementation and execution of the Code of Ethics and related policies are delegated tomanagement.
Responsible corporate citizenship
Principle 3: The governing body should ensurethat the organisation is and is seen to be aresponsible corporate citizen.	The Board, through the SET Committee and the SHSD Committee, ensures conformity with this principle.The SHSD Committee is committed to the 10 principles of the ICMM and the UN Global Compact's10 sustainable development principles and ensures compliance therewith.
Strategy performance and reporting
Strategy and performance
Principle 4: The governing body shouldappreciate that the organisation's corepurposes, its risks and opportunities, strategy	The Board conforms to this principle. The Board oversees strategy formulation and execution and setsperformance targets, which are agreed upon with management. Standing subcommittees to assist theBoard in discharging its duties and responsibilities are established.
and business model, performance andsustainable development are all inseparableelements of the value creation process.	Together with management, the Board reviews the strategy on an annual basis.
Reporting
Principle 5: The governing body should ensurethat reports issued by the organisation enablestakeholders to make informed assessmentsof the organisation's performance, and short,medium and long-term prospects.	The Board keeps its shareholders updated in line with the JSE Listings Requirements and ensuresintegrity of external reports in so far as dealing with assurance of external reports. Prior to the AGM, theBoard engages major shareholders to address any concerns they may have.
Primary role and responsibilities of the governing body
Principle 6: The governing body should serveas the focal point and custodian of corporate	The Board is the custodian of corporate governance in the Group. The approval of the IAR and associatedreports is delegated to the Audit Committee.
governance in the organisation.	The Board receives external advice as and when required or necessary, and keeps abreast of corporategovernance practices both locally and abroad, making recommendations where appropriate, for Boardparticipation in continuing education programmes.
	The Board Charter also sets out Board's responsibilities, duties and accountability towards the Group.The Charter is reviewed annually.
Composition of the governing body
Principle 7: The governing body shouldcomprise the appropriate balance of	The Board delegates to the Nominating and Governance Committee the nomination, election and theappointment processes, having set the criteria for the selection of candidates to serve on the Board.
knowledge, skills, experience, diversity andindependence for it to discharge its governancerole and responsibilities objectively andeffectively.	The Board, through the Nominating and Governance Committee, ensures that the composition of theBoard comprises the appropriate mix of knowledge, skills and experience sufficient to deliver onstrategies and create long-term shareholder value.
	The Nominating and Governance Committee is the custodian of the Diversity Policy in so far as theappointment of NEDs.
Committees of the governing body
Principle 8: The governing body should ensurethat its arrangements for delegation within itsown structures promote independentjudgement, and assist with balance of power	The Board delegates particular roles to the subcommittees of the Board. The subcommittees operateunder Board-approved terms of references, which set out the nature and extent of the responsibilitiesdelegated and decision-making authority. Through the Nominating and Governance Committee, theBoard ensures that these subcommittees are well resourced with a balance of skills and expertise.
and the effective discharge of its duties.	The subcommittees of the Board, which meet independently of each other, include the following: AuditCommittee, Risk Committee, Nominating and Governance Committee, SET Committee, RemunerationCommittee, SHSD Committee, Capital Projects, Control and Review Committee and ad hoc InvestmentCommittee.

Gold Fields Annual Financial Report including Governance Report 2021

16 AFR

Principle ApplicationThe Board regularly monitors and appraises its own performance, those of its subcommittees andindividual NEDs. The Board further evaluates the independence of its independent NEDs, which isrigorously tested in respect of the independent NEDs who have served on the Board for an aggregateterm exceeding nine years.The Board schedules in its yearly work plan an opportunity for consideration, reflection and discussionof its performance and that of its subcommittees, its Chairperson and its members as a whole.During 2021, a comprehensive independent external Board and subcommittees evaluation process wasconducted. The key strengths and areas of improvement were identified.The Board authority is conferred on management through the CEO. The approval of the Board is requiredto the levels of the sub-delegation immediately below the CEO.The Board delegates this authority to the Risk Committee. The Risk Committee has oversight of theintegrity and effectiveness of the risk management processes. A comprehensive strategic and operationalrisk management process is in place throughout the Group.The Board delegates this authority to the Audit Committee. The Audit Committee and Risk Committeeensure that the IT framework is in place and that the IT Charter and policies are established andimplemented. A detailed information, communication and technology risk assessment is performed on ayearly basis across the Group, with key strategic risk themes highlighted in the risk enterprise register.










The Chief Information Officer reports directly to executive management on cybersecurity issues, which,if material, are reported to the Audit Committee.

The Board delegates this authority to the Audit Committee. The Board approves policies that articulateand give effect to its direction on compliance. The following policies are applicable: anti-bribery andcorruption governance framework; and management guidelines in relation to the Group governanceand compliance framework.

The Board delegates this authority to the Remuneration Committee. The Remuneration Committee assiststhe Board in overseeing all aspects of remuneration practices for the Group to ensure employees areremunerated fairly, responsibly and transparently. Fair and competitive reward processes are embeddedin the organisation. These processes encourage and result in the achievement of the Group's strategicobjectives and positive outcomes in the short, medium and long term.

The combined assurance guideline for the Group provides an analysis of all the assurance activities withinthe Group. The Board, executive management and senior management identify additional areas that mayrequire assurance on an ongoing basis.

A Stakeholder Relationship and Engagement Policy statement, aligned with King IV, is approved by theBoard. The policy was revised to be inclusive of business-wide stakeholders that are material and not justthose relevant to sustainable development, particularly employees and shareholders.The governance framework addresses relationships within the Group's companies and shareholder

Corporate Governance Report continued

Application of section 3.84 of the JSE Listings Requirements on Board governance processes

RequirementPrinciple		Gold Fields' approach and compliance
3.84(a)	There must be a policy evidencing a clear balance of power andauthority at Board of Directors' level to ensure that no onedirector has unfettered powers of decision-making.	The Board Charter ensures that there is clear balance of powerand authority at Board level and that no one director hasunfettered powers.
3.84(b)	Issuers must have an appointed CEO and a Chairperson, and thesame person must not hold these positions.	Gold Fields' CEO and Chairperson positions are held by differentpeople, and the Chairperson is an independent NED.
	The Chairperson must either be an independent director, or theissuer must appoint a lead director in accordance with King IV.	The Board has also appointed a LID, who performs the role andfunctions of the Chairperson in the absence of the Chairpersonfor any reason.
3.84(c)	All issuers must, in compliance with King IV, appoint an AuditCommittee.Issuers must appoint a Remuneration Committee, and issuersmust appoint a Social and Ethics committee.	The Board appointed an Audit Committee that is chaired by anindependent NED. Audit Committee members are all independentNEDs.Gold Fields' Remuneration Committee comprises independent
	The composition of such Committees, a brief description of theirmandate, the number of meetings held and any other relevant	NEDs and has an independent Chairperson that is not theChairperson of the Board.
	information must be disclosed in the annual report.	Gold Fields' SET Committee is aligned with King IV and theCompanies Act. The Committee comprises independent NEDsand one executive director, the majority being NEDs.
		Each Committee provides a brief description in the IAR of itsmandate, number of meetings held in a year and any otherrelevant information.
3.84(d)	Brief CVs of each director standing for election or re-election mustaccompany the relevant notice of the meeting.	Brief CVs of our directors are listed on p14 – 15.
3.84(e)	The capacity of each director must be categorised as executive,non-executive or independent.	The CVs of our directors include information on whether adirector is an independent NED or an executive director.
		The composition of Committees is in accordance with therequirements of the Companies Act and King IV.
3. 84(f)	Issuers must have a full-time executive Financial Director.	Gold Fields has a full-time Financial Director.
3.84(g)	The Audit Committee must, on an annual basis, consider andsatisfy itself of the appropriateness of the expertise andexperience of the Financial Director and report same in theannual report.	The Audit Committee considers and satisfies itself of theappropriateness of the expertise and experience of Gold Fields'Financial Director on an annual basis and reports the findings tothe Board.
	The Audit Committee must ensure that the issuer has establishedappropriate financial reporting procedures and that thoseprocedures are operating.	The Audit Committee has established appropriate financialreporting procedures, which are reviewed from time to time toensure that they are operating effectively.
	The Audit Committee has executed its responsibilities in termsof 3.84(g) of the JSE Listing Requirements. More details in theAudit Committee Report on p24 – 27.
3.84(h)	The Board of Directors appoints the Company Secretary inaccordance with the Companies Act and applies therecommended practices in King IV.	The Company Secretary is appointed in accordance with theCompanies Act.
	The Board must consider and satisfy itself, on an annual basis, onthe competence, qualifications and experience of the CompanySecretary.	The Board considered the Company Secretary's competence,qualifications and experience at the meeting held in November2021 and is satisfied that she is competent and has theappropriate qualifications and experience to serve as theCompany Secretary.
3.84(i)	The Board of Directors or the Nominating Committee must have apolicy on the promotion of gender diversity at Board level.	The Board approved a Company-wide Diversity Policy inNovember 2017. This policy is reviewed and updated as andwhen necessary.
	The issuer must confirm this by reporting to shareholders in itsannual report on how the Board of Directors or the NominatingCommittee have considered and applied the policy of genderdiversity in the nomination and appointment of directors.	The Board takes the policy into account with all instances ofdirector succession. The Board considered the requirements of itsDiversity Policy in the 2021 Board appointments, wherein twofemale directors were appointed to fill vacancies within the Board.Diversity and inclusion remain high on the Board's agenda fordirector succession.

Requirement	Principle	Gold Fields' approach and compliance
3.84(j)	The Board of Directors or the Nominating Committee must have apolicy on the promotion of race diversity at Board level.If applicable, the Board of Directors or the Nominating Committeemust further report progress in respect thereof on agreedvoluntary targets.	The Board approved a Company-wide Diversity Policy inNovember 2017 and progress against set targets consideredduring 2021.The Board takes the policy into account with all instances ofdirector succession and, in 2021, the Board appointed a blackfemale director to fill a vacancy within the Board. Diversity andinclusion remain high on the Board's agenda for directorsuccession.
3.84(k)	The Remuneration Policy and Implementation Report must betabled every year for separate non-binding advisory votes byshareholders of the issuer at the AGM.The Remuneration Policy must record the measures that theBoard of Directors of the issuers commits to take if either theRemuneration Policy or the Implementation Report, or both, arevoted against by 25% or more of the votes exercised.If either the remuneration policy or the Implementation Report, orboth, are voted against by shareholders exercising 25% or moreof the voting rights exercised, the issuer must in its voting resultsannouncement provide for the following:• An invitation to dissenting shareholders to engage with theissuer• The manner and timing of such engagement	The Board approved the Group Remuneration Policy andImplementation Report as presented to the AGM for a non-bindingadvisory vote.

Directors' report

The directors have pleasure in submitting their report and the AFS of Gold Fields and its subsidiaries (the Group) for the year ended 31 December 2021.

PROFILE

Gold Fields is a globally diversified producer of gold and copper with nine operating mines (including our Asanko JV) in Australia, Ghana, Peru and South Africa, as well as one project in Chile, with total attributable gold-equivalent annual production of approximately 2.34Moz, Mineral Reserves of approximately 48.6Moz and Mineral Resources of approximately 111.8Moz. Gold Fields has a primary listing on the JSE, with a secondary listing on the NYSE.

REVIEW OF OPERATIONS

The activities of the various Gold Fields operations are detailed in our 2021 IAR.

FINANCIAL RESULTS

The information on the financial position of the Group for the period ended 31 December 2021 is set out on p140 – 222 of this AFR. The income statement for the Group shows a profit attributable to Gold Fields' shareholders of US$789m for the year ended 31 December 2021, compared with a profit of US$723m for the year ended 31 December 2020.

COMPLIANCE WITH FINANCIAL REPORTING STANDARDS

The Group's AFS were prepared in accordance with IFRS as issued by the International Accounting Standards Board (IASB), the South African Institute of Chartered Accountants (SAICA) Financial Reporting Guides as issued by the Accounting Practices Committee, Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council, the JSE Listings Requirements and the Companies Act.

LISTINGS

The abbreviated name under which the Company is listed on the JSE is GFIELDS, and the short code is GFI. The Company also has a secondary listing on the NYSE.

At 31 December 2021, the Company had in issue, through The Bank of New York Mellon on the NYSE, 264,244,554 (31 December 2020: 352,518,473) American Depository Receipts (ADRs). Each ADR is equal to one ordinary share.

DIRECTORATE

Composition of the Board

The Board currently consists of two executive directors and eight NEDs.

Rotation of directors

Directors retiring in terms of the Company's MoI are Mr PA Schmidt, Mr A Andani, Mr PJ Bacchus and Ms JE McGill, all of whom are eligible and offer themselves for re-election.

The Board of Directors of Gold Fields' various subsidiaries comprise some of the executive officers and one or both of the executive directors, where appropriate, as well as NEDs of the Group.

Directors' and officers' disclosure of interests in contracts

During the period under review, no contracts were entered into in which directors and officers of the Company had an interest, and which significantly affected the business of the Group.

For the year ended 31 December 2021, the directors' beneficial interest in the issued share capital and listed share capital of the Company (see adjacent table) was 0.1%. No one director individually exceeded 1% of the issued share capital or voting control of the Company.

Share ownership of directors and executive officers

	Beneficial
		Direct1	Indirect2
	31-Dec-21	31-Dec-20	31-Dec-21	31-Dec-20
Director
CI Griffith	1,300	–	–	–
NJ Holland1	–	2,188,708	–	–
PA Schmidt	214,260	122,549	–	–
CA Carolus	3,129	–	–	–
RP Menell	–	–	–	–
DMJ Ncube	–	–	–	–
SP Reid	–	–	–	–
A Andani	–	–	–	–
CE Letton	–	–	–	–
TP Goodlace	–	–	–	–
PJ Bacchus	–	–	–	–
YGH Suleman	–	–	–	–
P Mahanyele-Dabengwa	–	–	–	–
PG Sibiya	–	–	–	–
JE McGill	–	–	–	–
Prescribed officer
NA Chohan	259,545	105,307	–	16,298
BJ Mattison	100,187	41,103	–	36,498
TL Leishman	38,098	–	–	50,000
A Baku2	40,404	40,404	–	–
A Nagaser	146,650	–	–	56,223
M Preece	157,819	77,405	82,327	82,327
L Rivera	58,665	–	–	–
R Butcher	24,032	21,882	–	–
S Mathews	11,500	11,500	–	–
R Bardien	10,480	2,480	20,416	10,023
Total	1,066,069	2,611,338	102,743	251,369

1 Mr Holland retired from the Company effective 23 September 2021 and, therefore, his holdings are not disclosed for the 2021 period

2 Mr Baku resigned from the Company with effect from 31 December 2021

Related-party information is disclosed on p215 – 217 of the AFR.

FINANCIAL AFFAIRS

Dividend policy

The Company's dividend policy is to declare an interim and final dividend of 25% – 35% of its normalised earnings. On 16 February 2022, the Company declared a final cash dividend number 95 of 260 South African cents per ordinary share (2021: 320 South African cents) to shareholders reflected in the register of the Company on 14 March 2022. This dividend was paid on 14 March 2021. The dividend resulted in a total dividend of 470 South African cents per share for the year ended 31 December 2021 (2020: 480 South African cents), with the final dividend being accounted for in 2022.

Borrowing powers

In terms of the provisions of section 19(1) of the Companies Act, read together with clause 4 of the Company's MoI, the borrowing powers of the Company are unlimited. As at 31 December 2021, the Company's borrowings totalled US$969m, compared with total borrowings of US$1,069m at 31 December 2020.

Capital expenditure

Capital expenditure (capex) for the year ended 31 December 2021 amounted to US$1,089m compared with US$584m for 2020. Estimated capex for 2022 is US$1,050m – US$1,150m, and is intended to be funded from internal sources and, to the extent necessary, borrowings.

SIGNIFICANT ANNOUNCEMENTS IN 2021

Appointment of Gold Fields Chief Executive Officer-designate 21 January 2021

Gold Fields announces the appointment of Mr CI Griffith as the CEO and executive director of the Company with effect from1 April 2021. Mr Griffith succeeds Mr Holland, who stepped down on 31 March 2021.

Directors' report continued

Gold Fields included in the Bloomberg Gender-Equality Index

28 January 2021

Gold Fields is one of 380 companies globally included in the 2021 Bloomberg Gender-Equality Index.

Appointment of Gold Fields director

12 February 2021

Gold Fields announces the appointment of Ms PG Sibiya as a NED to the Board of Directors of the Company with effect from 1 March 2021. Ms Sibiya's appointment follows on resignation of Ms P Mahanyele–Dabengwa as NED of the Company, effective 28 February 2021.

Gold Fields welcomes National Energy Regulator of South Africa-approval of South Deep solar plant 25 February 2021

Gold Fields welcomes the electricity generation licence approved today by the National Energy Regulator of South Africa for the construction of a 40MW solar power plant at its South Deep mine. The Gold Fields Board gives a green light to the project in May 2021.

Resignation of Gold Fields director

11 March 2021

The Board announces the resignation of Mr RP Menell, an NED and Deputy Chairperson of the Board, with effect from 10 March 2021.

Resignation of Gold Fields director

24 May 2021

The Board announces the resignation of Dr C Letton as an independent NED of the Company and as Chairperson of the SET Committee, with effect from 30 May 2021.

Gold Fields' South Deep gold mine and the National Union of Mineworkers and United Association of South Africa reach three-year wage agreement

11 June 2021

Gold Fields' South Deep gold mine and the National Union of Mineworkers and United Association of South Africa trade unions conclude a three-year wage agreement for the period 1 March 2021 to February 2024.

Appointment of Gold Fields Board Chairperson and Lead Independent Director

2 September 2021

Gold Fields' Board of Directors announces the appointment of Mr YGH Suleman as Board Chairperson with effect from the 2022 AGM, scheduled for 1 June 2022. Mr Suleman will succeed Ms CA Carolus, who will step down at the 2022 AGM after seven years as Chairperson of the Company. The Board further announces that Mr SP Reid had been elected LID of the Board with immediate effect. The Board paid tribute to Ms Carolus' contributions to and leadership at the Gold Fields Board, which she joined in 2009 and led from 2013.

Gold Fields top South African-listed mining company on the Dow Jones Sustainability Index

16 November 2021

Gold Fields has again been ranked the top South African-listed mining company on the prestigious Dow Jones Sustainability Index. Gold Fields was ranked third among 81 mining companies assessed.

Appointment of Gold Fields director

16 November 2021

The Board of Directors announces the appointment of Ms JE McGill as a NED to the Company's Board of Directors with effect from 22 November 2021.

Gold Fields Announces 2030 environmental, social and governance targets

1 December 2021

Gold Fields published a comprehensive set of 2030 targets for its most material ESG priorities. The targets include a commitment to reduce its Scope 1 and 2 carbon emissions by 30% on a net basis and by 50% on an absolute basis by 2030. As a signatory to the Paris Agreement, Gold Fields is committed to net-zero carbon by 2050.

The Company is also setting ambitious new goals for its water and environmental stewardship, the management of its tailing facilities and to creating value for its stakeholders, particularly host communities. For its employees, Gold Fields seeks to further improve safety, health and wellbeing, and to achieve greater inclusion and diversity by targeting a 30% female workforce by 2030.

Gold Fields addresses environmental sanctions at Salares Norte

1 December 2021

Gold Fields is notified that Chile's Environmental Regulator (SMA) began sanction proceedings against the Salares Norte project due to infringements in the process of relocating Short-tailed Chinchillas residing in the project area. The sanction proceedings will not impact the commissioning of the Salares Norte mine. Gold Fields accepts the sanctions and will submit a new compliance programme to the SMA for its approval.

Availability of the Broad-Based Black Economic Empowerment Certificate and Black Economic Empowerment Commission Annual Compliance Report

14 December 2021

Shareholders were advised that the Company's 2020 B-BBEE Certificate, as well as 2019 and 2020 Annual Compliance Reports, in terms of the B-BBEE Amendment Act, 46 of 2013, were published on Gold Fields' website.

GOING CONCERN

Gold Fields' AFS were prepared using appropriate accounting policies, supported by reasonable judgements and estimates. The directors have reasonable belief the Company and Group have adequate resources to continue as a going concern for the foreseeable future.

DEMATERIALISATION OF THE SHARES

Shareholders are reminded that, as a result of the clearing and settlement of trades through STRATE, the Company's share certificates are no longer good for delivery for trading. Dematerialisation of the Company's share certificates is a prerequisite when dealing in the Company's shares.

PROPERTY

The register of property and mineral rights is available for inspection at the registered office of the Company during normal business hours.

ENVIRONMENTAL OBLIGATIONS

The Company's total gross closure liability for environmental rehabilitation costs amounted to US$510m at 31 December 2021 compared with US$467m at 31 December 2020. The regional gross closure liabilities are as follows:

Americas: US$156m
Australia: US$214m
South Africa: US$41m
West Africa: US$99m

The funding methods used by each region to make provision for the mine closure cost estimates are:

Americas bank guarantees
Australia self-funding, using existing cash resources
South Africa contributions into environmental trust funds and guarantees
West Africa reclamation security agreement bonds underwritten by banks and restricted cash

CONTINGENT LIABILITIES AND LITIGATION

A material Group Litigation Report is presented at each Audit Committee meeting for discussion and consideration on whether the matter remains contingent or whether a provision has to be recognised. Details of Gold Fields' contingent liabilities and litigation matters can be found in note 35 to the AFS, p197 – 198.

ADMINISTRATION

Ms A Weststrate held the position of Company Secretary for the period under review.

Computershare Investor Services Proprietary Limited is the Company's South African transfer secretaries and Link Asset Services is the registrars of the Company in the UK.

AUDITORS

The Audit Committee has recommended to the Board that PwC be appointed as the external auditors of the Company, until the conclusion of the next AGM, in accordance with section 90(1) of the Companies Act.

SUBSIDIARY COMPANIES

Details of major subsidiary companies in which the Company has a direct or indirect interest are set out on p221 – 222.

Audit Committee Report

for the year ended 31 December 2021

The members of Gold Fields' Audit Committee (the Committee) were appointed by our shareholders at the AGM on 6 May 2021. Mr YGH Suleman was reappointed as Chairperson of the Committee on the same day. From the 2022 AGM, scheduled for 1 June 2022, Ms PG Sibiya – who joined the Board and Audit Committee in 2021 – will become Chairperson of the Audit Committee as Mr Suleman will take over as Board Chairperson on that day. The Committee members are all independent NEDs.

Details of the number of meetings held during the year, as well as the attendance thereof by Committee members, are on p8 of this AFR. Gold Fields' Board continues to believe that, as a collective, the Committee members have the necessary skills to carry out their duties effectively and with due care.

The Committee has certain reporting responsibilities to both the shareholders and the Board and is accountable to them. Its duties, as set out in the Committee Charter, are reviewed annually and incorporate the Committee's statutory obligations as set out in the Companies Act and King IV. A work plan is drawn up every year, encompassing all these duties, and progress is monitored continually to ensure that these obligations are fulfilled by the Committee.

Among other things, the Committee monitors and reviews:

The preparation of the AFS, ensuring fair presentation and compliance with IFRS and the Companies Act, and recommending same to the Board for approval
The integrity of the IAR by ensuring its content is reliable and includes all relevant operational, financial and other nonfinancial information, risks and other relevant factors
Quarterly, interim and operational reports and all other widely distributed documents
Filing of the Form 20-F with the US SEC
Accounting policies of the Group and proposed revisions, and significant and unusual transactions, estimates and accounting judgements
The effectiveness of the internal control environment
The effectiveness of both the internal and external audit functions
The recommendation and appointment of Gold Fields' external auditors, and approves their remuneration, reviews the scope of their audit, their reports and findings, and pre-approves non-audit services in line with Company policy
The evaluation of the performance of the CFO
The adequacy and effectiveness of the Group's enterprise-wide risk management policies, processes and mitigating strategies
The governance of information communication technology (ICT) and the effectiveness of the Group's information systems
The cash/debt position of the Group to determine whether the going concern basis of reporting is appropriate
The combined assurance model, and provides independent oversight of the effectiveness of the Group's assurance functions and services, with particular focus on combined assurance arrangements
Compliance with applicable legislation, requirements of appropriate regulatory authorities and the Company's Code of Conduct
Policies and procedures for mitigating fraud
Approval of hedging activities as mandated by the Board
Consideration of JSE monitoring activities reports in 2021, including:
Reviewed Findings of Proactive Monitoring of Financial Statements
Activities of the Financial Reporting Investigation Panel
IFRS 9/15 Thematic Report
Sustainability and Climate Disclosure Guidance consultation paper

EXTERNAL AUDIT

The Committee is responsible for recommending the appointment or reappointment of a firm of external auditors to the Board that, in turn, will recommend the appointment to shareholders. Upon this recommendation, the Committee is responsible for determining whether the designated appointee firm and audit partner have the necessary independence, experience, qualifications and skills, and that the audit fee is adequate.

An external audit fee of R47.2m (US$3.2m) for 2021 was approved, as well as R1.2m (US$0.1m) for other fees.

The Committee reviewed the annual external audit plan presented at its meeting in 2021, including the scope, materiality levels and significant risk areas, and established the approach would appropriately respond to organisational and regulatory changes, as well as any other applicable requirements and risks. The audit plan forms the basis of providing the Committee with the necessary assurances on risk management, the internal control environment and IT governance. The plan was approved by the Committee.

PwC had direct access to the Committee throughout the year, and met with the Chairperson of the Committee before each meeting and, when required, on an ad hoc basis. PwC reported to the Committee at each quarterly meeting, as well as at the year-end meeting. In addition, the Committee regularly met with PwC separately without other invitees present. The Committee is satisfied that PwC is independent of the Group.

SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES

Significant areas requiring the use of management estimates and assumptions are detailed in note 1 to the accounting policies. Management presented position papers to the Committee detailing estimates and assumptions used, the external sources and experts consulted, and the basis on which they were applied in the calculations.

INTERNAL AUDIT

Gold Fields Internal Audit (GFIA) is an independent department within the Company, headed by a Vice President: Internal Audit (VP: IA) who is appointed and, if necessary, dismissed by the Committee. The VP: IA reports directly to the Committee and has direct access to the Chairperson and members of the Committee, as well as the Board Chairperson. The Committee Chairperson meets with the VP: IA once a quarter and on an ad hoc basis, as required. The VP: IA also meets with the Committee, without management, at least annually and whenever deemed necessary by either the VP: IA or the Committee.

The Committee is satisfied that the resources available to GFIA, along with the skills and experience of the department, will allow the team to fulfil its mandate.

The Committee determines the purpose, authority and responsibility of GFIA in an Internal Audit Charter, which is reviewed and approved annually. The Committee assesses the performance of GFIA every year. GFIA operates in accordance with the International Standards for the Professional Practice of Internal Auditing as prescribed by the Institute of Internal Auditors. The internal audit activities carried out during the year were identified through a combination of the Gold Fields risk management framework, which includes the combined assurance framework, and the risk-based methodologies adopted by GFIA. The Committee approves the annual internal audit assurance plan presented by GFIA and monitors progress against the plan reported to the Committee each quarter.

GFIA ensured that its framework is aligned with the Committee of Sponsoring Organizations of the Treadway Commission's (COSO) 2013 internal control framework.

The Group's internal control systems are designed to provide reasonable assurance on the maintenance of proper accounting records and the reliability of financial information. It also covers operational areas, compliance with the Gold Fields Code of Conduct and sustainability records. These systems are monitored by GFIA and its findings and recommendations are reported to the Committee and senior management.

GFIA reports deficiencies to the Committee every quarter, together with recommended remedial actions, which are then followed up on to ensure the necessary action has been taken.

GFIA provided the Committee with a written assurance statement on the adequacy and effectiveness of governance, risk management and controls. No significant events occurred, nor has any been brought to GFIA's attention, to believe that governance, risk management and the control environment are inadequate or ineffective.

Audit Committee Report continued

for the year ended 31 December 2021

INFORMATION COMMUNICATION AND TECHNOLOGY GOVERNANCE

ICT governance remains a key focus area for the Group, the responsibility of which was delegated to the Committee by the Board. The Committee also works with the Risk Committee on related ICT matters.

Gold Fields' ICT Charter defines the overall direction and governance for ICT across the Group. The VP and Group Head of ICT is responsible for executing ICT governance procedures in line with this Charter, and reports to the Committee at each meeting. The Committee reviews his report, which includes the results of all review and testing conducted by management and GFIA.

Gold Fields adopted the Control Objectives for Information Technology (COBIT) as a governance framework, and regular assessments are conducted to determine the maturity of ICT governance processes. Gold Fields' ICT at its various operations is operating at an overall maturity level of between three and four out of five, indicating that the Group's ICT governance framework and processes are established and predictable. Areas of ICT risks across the Group were defined as part of the Group's overall risk management framework, and formal policies and procedures are documented and updated regularly for these areas.

Given the nature of cybersecurity and the rising global cyber risk, cybersecurity has now become a key component of the Group's ICT governance and risk agenda. Gold Fields further enhanced its cybersecurity management controls by achieving the ISO 27001 information security management system certification for all its mines and corporate offices, with the exception of our offices and operation in Chile.

The ICT Governance, Risk, Architecture, Standards, and Security Compliance (GRASSC) Committee is responsible for ensuring compliance and adherence to the Group's ICT policies and procedures. The ICT GRASSC Committee reviews compliance to the governance framework quarterly and recommends improvements as appropriate.

CHIEF FINANCIAL OFFICER

The Committee evaluated the expertise and performance of the CFO, Mr PA Schmidt, and continues to be satisfied that he has the appropriate expertise and experience to carry out his duties as CFO of the Company and the Group, and is supported by highly qualified and competent senior staff. This conclusion is supported by input from both internal and external auditors.

GROUP GOVERNANCE AND COMPLIANCE

The Committee is also responsible for monitoring governance and compliance for the Group – a key focus area for the Board and management as a whole.

The Group Compliance Officer has a detailed, systematic and risk-based framework in place which are overseen, managed and maintained by an online and interactive Group Governance and Compliance Portal. The framework is applied to identify all statutes, rules, codes and standards applicable to Gold Fields in all jurisdictions in which the Group operates. Updates on regulatory changes are sourced from external legal sources and internally assessed for application and impact. Changes are recorded and monitored on a monthly basis. The assessment of potential and/or actual risk exposure of non-compliance regarding the identified applicable statutes per jurisdiction, includes potential exposure to financial loss, as well as operational and reputational risks, and the adequacy of recorded controls. Mitigating controls designed to manage the risks are identified, documented and maintained proactively. GFIA carries out a review of the effectiveness (in terms of design and operating effectiveness) of the control procedures and reports on the level of compliance. The results are reported to the Committee in detailed schedules and an annual compliance index is calculated for the Group.

Also, under the ambit of risk exposure assessment, all active suppliers and contractors are screened on a monthly basis based on an array of predefined risk criteria and adverse media exposure. A screening risk calculator is applied to those assessed entities posing a risk to Gold Fields, based on the outcome of the screening due diligence.

The Committee also ensures that Gold Fields' Code of Conduct is effective and implemented diligently throughout the Group (The Code is available on the Gold Fields website at www.goldfields.com/code-of-conduct.php).

The Committee is also responsible for ensuring all calls to the Gold Fields tip-offs line – administered by an independent external party – are proactively dealt with. The Chairperson of the Committee, together with GFIA, are custodians of the formalised and documented investigation procedure in place and, where appropriate and necessary, will make use of external advisors and experts to investigate matters or follow up on processes. The number and nature of these calls are reported at the quarterly Committee meetings. The details of the investigations, including details on any action taken, are also reported to the SET Committee.

RISK MANAGEMENT

The Group's Risk Committee deals with Group operational and financial risks, as well as the requisite reporting as required annually. While there is ongoing interaction between the Risk and Audit Committees, the management of financial risk remains a key focus of the Committee, management and GFIA. Gold Fields' Group and regional risk disclosures are on p8 – 16 of the IAR.

INTERNAL CONTROL STATEMENT

In terms of the SEC's listing requirements, Gold Fields has to comply with the requirement of the Sarbanes-Oxley Act of 2002, which requires management to establish and maintain adequate internal control over financial reporting using a recognised internal controls framework.

Management is accountable to the Board for the design, implementation, monitoring and integrating of internal financial controls for the day-to-day running of the Group, focusing on the efficiency and effectiveness of operations, safeguarding the Group's assets, legal and regulatory compliance, business sustainability and reliable reporting, including financial reporting.

The Committee believes that Gold Fields' internal controls are effective, and that the financial records can be relied upon as a reasonable basis for the preparation of the AFS.

AUDIT COMMITTEE STATEMENT

The Committee considered and discussed the AFR, including the Corporate Governance Report, and IAR with both management and the external auditors.

During this process, the Committee:

Reviewed the AFS included in the AFR for consistency, fair presentation and compliance with IFRS
Evaluated significant estimates and judgements and reporting decisions
Reviewed the documentation supporting the going concern basis of accounting and concluded that it is appropriate
Evaluated the material factors and risks that could impact the AFR and IAR
Evaluated the completeness of the financial and sustainability disclosures
Discussed the treatment of significant and unusual transactions with management and the external auditors
Reviewed and discussed the sustainability information disclosed in the IAR and, based on these discussions, is satisfied that the information is reliable

The Committee considers that the AFR and the IAR comply with the statutory requirements of the various regulations governing disclosure and reporting in all material respects, and that the AFS comply in all material respects with the Companies Act and IFRS.

The Committee recommended to the Board that the AFS included in the AFR be adopted and approved.

Yunus Suleman Chairperson: Audit Committee

31 March 2022

Remuneration Report

Preamble to the Remuneration Report

We present our 2021 Remuneration Report in three sections:

Section 1: The background statement from the Remuneration Committee (RemCo) Chairperson
Section 2: Overview of Gold Fields' Remuneration Policy
Section 3: Outcomes and implementation of the Remuneration Policy during 2021

Gold Fields' Board has a duty to ensure the Group's remuneration policies and practices are fair, responsible and aligned with the long-term interests of Gold Fields' stakeholders. In doing so, it is critical that the Board remains independent of management when making pay decisions, including those affecting the remuneration of our Chief Executive Officer (CEO), Chief Financial Officer (CFO), members of the Group's Executive Committee (ExCo) and other Group employees. With this in mind, RemCo – as a constituted committee of the Board comprising only independent non-executive directors (NEDs) – was delegated responsibility for overseeing the Group's remuneration activities. We detail the qualifications and experience of our RemCo members, as well as the number of meetings held and the attendance thereof, in our Governance Report on p5 – 19.

The RemCo Charter and terms of reference are available on www.goldfields.com/standards-andprinciples.php

The primary role of RemCo is to oversee the Group's approach to reward and remuneration, and to ensure fair, compliant, sustainable and competitive pay that drives the delivery of Gold Fields' strategy. RemCo is further responsible for overseeing the implementation of related policies to ensure consistent process delivery.

To ensure that it remains fully informed on developments and performance, RemCo invites the CEO and Executive Vice President (EVP): People and Organisational Effectiveness to attend meetings, where they provide reports and updates. These executives are not present when matters associated with their own remuneration are considered by the Committee. RemCo can draw on services from a range of external sources, including remuneration advisors.

The table alongside summarises how our shareholders have supported the Group's remuneration policies and implementation practices over the last three years.

Annual General Meeting shareholder voting record on remuneration resolutions1

	20212	20203	20194
Remuneration Policy	95%	91%	90%
Implementation of policy	98%	99%	91%
NED fees	99%	99%	99%

1 The rounded percentage of 'votes for' are reflected in the table

2 AGM dated 6 May 2021

3 AGM dated 17 August 2020

4 AGM dated 21 May 2019

RemCo also oversees and manages compensation-related risks. As part of its mandate, RemCo annually, and when considered necessary, reviews risks associated with the remuneration philosophy, structure, policies and practices. The Committee is satisfied that the current executive compensation structure does not create undue risks or promote inappropriate risk-taking behaviour.

Below are the key risk mitigation features of our remuneration policies and practices:

RemCo, together with management, is actively involved in the structuring and preparation of the Remuneration Policy to ensure it aligns with the Group strategy of sustainably improving total shareholder returns (TSR)
RemCo uses external experts and carries out external benchmarking as and when required to ensure the Remuneration Policy aligns with global best practices, and that incentive plans are aligned with Group strategy
RemCo ensures fair and responsible remuneration in respect of variable pay by approving a cap on both long-term and short-term incentive plans
RemCo approved a Malus and Clawback Policy in 2020 where the Board has the right to seek repayment of remuneration made available to the executive, or to withhold yet-to-be awarded remuneration in the instance of certain trigger events
Executive remuneration is disclosed annually in Section 3 of this Remuneration Report, and in accordance with the Group's Remuneration Policy; executives are not involved in any approval process relating to their own remuneration

RemCo approves the remuneration of the ExCo members after considering recommendations from the CEO (excluding his own remuneration) and independent external advisors, who have completed the necessary benchmarking to ensure there is alignment with the appropriate industry peer groups in the jurisdictions in which we operate.

Section 1: Message from our RemCo Chairperson

INTRODUCTION

Gold Fields' 2021 Remuneration Report is presented herewith on behalf of RemCo. The Board-approved RemCo Charter and its terms of reference govern the activities of RemCo – which include the release of this report – and is annually reviewed by the Board.

The global pandemic continued to affect our workplaces in 2021. Safety has always been a priority for Gold Fields; however, due to the events of 2021, we continued to implement standard measures to safeguard the safety, health and well-being of our people across all operations. Remote work, rigorous hygiene protocols, the use of facemasks and social distancing became integrated as business-as-usual across the Group, and remains an important part of how we protect our people.

Despite the ongoing challenges and disruptions brought on by the Covid-19 pandemic, we continued to maintain the integrity of our operations while placing the safety, health and well-being of our people and communities first. We are proud of the resilience shown by everyone at Gold Fields and how our people lived the Company's values during these challenging times.

The pandemic continues to challenge our lives and business in many ways. As at 31 December 2021, 17 of our employees or contractors have passed away as a result of Covid-19.

We also recorded one fatality during 2021 at our South Deep operation, that of Mr V Mgcina on 13 April 2021.

These are all tragic losses and my deep-felt condolences go out to the family members, friends and colleagues of our team members who passed away.

KEY OPERATIONAL AND FINANCIAL HIGHLIGHTS

Amid the challenges we faced, Gold Fields delivered a solid set of results for 2021, including the following:

Attributable gold-equivalent production for 2021 was up at 2,340koz (2020: 2,236koz), almost a 5% increase year-on-year
Normalised earnings were US$929m, up from US$879m in 2020
We declared a total dividend of R4.70/share (2020: R4.80/share), amounting to R2,308.1m (2020: R2,837.3m)
Mine cash-flow amounted to US$913m in comparison with US$868m in 2020
Net debt fell below US$1bn (2020: US$1,069m) for the first time in a decade

During 2021, RemCo strengthened the linkage between environmental, social and governance (ESG) issues and remuneration. While maintaining the overall framework of our Remuneration Policy and the remuneration mix for our executives, RemCo approved that 25% of the performance conditions underpinning long-term incentive plans (LTIPs) in 2021 should focus on ESG-related metrics, for both equity and cash-settled LTI awards. The inclusion of ESG targets

will remain in place for future awards. RemCo believes it is appropriate to build on the extensive work carried out on sustainability and long-term value creation with future incentivisation through financial rewards. The 2021 LTI awards included performance metrics for decarbonisation as well as diversity and inclusion aligning to our business strategy.

RemCo met six times during 2021 – February, May, June, August, November and December –and focused on the following:

Overseeing the Group's remuneration processes and, specifically, enhancing the link between performance and reward
Ensuring strategic alignment between targets in Group, regional and personal scorecards
Managing the CEO transition from Mr NJ Holland to Mr CI Griffith, including the related remuneration and benefits terms
Overseeing the inaugural holding period of the executive minimum shareholding requirements (MSR), and supporting principles related to subsequent executive holdings
Issuing performance criteria for the 2021 equity and cash-settled LTIP awards, including measures related to decarbonisation and gender representation across the Group
Reviewing an independent benchmarking study of executive pay and addressing the subsequent outcomes
Approving the outcomes of the 2020 Group scorecard and the 2020 executive performance ratings
Supporting initiatives related to the retention of critical skills in jurisdictions with heightened talent challenges in competitive mining environments
Reviewing the Group's non-financial incentives as a complement to the remuneration strategy
Discussing the enhancement of remuneration disclosures, policies and practices to assist with better understanding of remuneration

29 AFR

Remuneration Report continued

Supporting the introduction of systems to automate the Group's remuneration processes
Continuously assessing the impact of the pandemic in terms of remuneration. There were no Covid-19-related or other adjustments to standard reward outcomes in 2021

RemCo is satisfied that it fulfilled its responsibilities in accordance with its mandate for the 2021 financial year and that the Group's Remuneration Policy achieved its stated objectives. RemCo notes that it has worked closely with management and external advisors to continue improving the Group's remuneration practices.

The Committee believes that its work not only meets its own objectives, but also ensures the alignment of interests across Gold Fields' diverse set of stakeholders. Overall, we are satisfied that the performance-linked pay received by the Group's executives aligns with the approved framework for linking variable pay with performance.

During the year, and for the second consecutive year, Gold Fields' 2020 Remuneration Report was placed second by the South African Reward Association in the South African Annual Remuneration Report Awards. This award recognises companies who clearly and concisely disclose their remuneration policies and practices and the implementation thereof to their stakeholders. The award adjudicators assessed Gold Fields' 2020 Remuneration Report based on the requirements of the King IV Report on Corporate Governance for South Africa, 2016 (King IV), and considered how transparency, fairness and responsible pay decisions were demonstrated. Furthermore, the adjudicators focused on how remuneration detail – including fixed and variable pay – was reported.

Our report was commended for the link it demonstrated between reward and human resources (HR) and business strategy, as well as the clear indication of what we do and do not do in terms of our remuneration practices, and for its use of graphics.

Advisors

Khokhela Remuneration Advisors were RemCo's independent remuneration advisors during 2021 and were present at all regular committee meetings.

Deloitte conducted an independent benchmarking study, focusing on executive pay, during Q4 2021.

Shareholder engagement

Overall, shareholders supported NED fees (99%), the Remuneration Policy (95%) and the implementation thereof (98%), at the Annual General Meeting (AGM) held on 6 May 2021. On behalf of RemCo, I would like to express my thanks to shareholders for their ongoing support and engagement.

We will continue to seek and incorporate shareholder feedback as appropriate to refine and enhance our remuneration programmes on an ongoing basis, consistent with our corporate objectives and strategy.

Conclusion

RemCo concludes that the Company's employee remuneration policies and practices do not create undue risks or promote inappropriate risk-taking behaviour. RemCo will continue to monitor and assess emerging trends in remuneration policies and practices, and will ensure that fair, equitable and responsible remuneration processes are in place to drive the promotion and implementation of Gold Fields' strategy, thereby boosting stakeholder value creation.

Steven Reid RemCo Chairperson

On behalf of RemCo, which approved the report on 31 March 2022

Key features

75% of CEO's target pay is at risk
65% of the CEO and executive team's short-term incentives (STIs) are linked to Group performance
100% of the CEO and executive team's LTIs consist entirely of performance shares, which measure absolute and relative TSR, free cash-flow (FCF) margin and ESG metrics
The CEO's minimum shareholding requirement is three times his annual salary. Other executives' minimum shareholding requirement is equal to their annual salary, with Clawback and Malus policies in place
Severance payments for executive directors' upon change of control and termination of employment is two times their annual salary
100% of RemCo members are independent NEDs

Gold Fields does not:

Reprice underwater shares
Pay dividends for performance shares or any unvested awards
Provide guaranteed bonuses
Grant shares to NEDs
Allow the use of unvested LTIP awards as collateral, or protect the value of any unvested awards, or the value of shares and securities held as part of meeting MSR provisions
Provide financial assistance to directors or prescribed officers

Section 2: Remuneration Policy

Our Remuneration Policy and philosophy – which applies to the CEO and CFO (in their capacity as executive directors), and ExCo members (as prescribed officers) – is included in this section of our Remuneration Report. We also include related principles that are relevant across the Group.

INTRODUCTION

Our people are driven by passion, guided by values and committed to stakeholder partnerships that help us succeed – on both Group and individual levels.

We designed our remuneration structures to support this culture by incentivising high performance. We aim to partner with our people on their journey of continued growth through market-related base pay and benefits, attractive performance-driven STIs and LTIs, as well as recognition and retention programmes.

Our Remuneration Policy's core objective is to attract, retain and motivate top talent to deliver superior results. To ensure we provide remuneration that is fair, appropriate and responsible, we conduct our own internal benchmarking exercise annually and, every second year, use external remuneration data to confirm our objectivity in achieving this goal.

RemCo is acutely aware of the global concern around fair and responsible remuneration between management and junior level employees, as well as remuneration disparities between genders. We believe that our approach to short and long-term remuneration is substantively fair and consistently applied throughout the organisation in line with the approved frameworks.

Gold Fields' total reward programme and policy starts with and emanates from our Group strategy and values, as illustrated in the 2022 Group Balanced Scorecard (BSC) on the next page. The Group's BSC process is part of the business' day-to-day management, quarterly business review process and performance management process. It is not simply an input to reward-related decision-making, but fundamentally supports our delivery-based culture.

For all executive scorecards, we ensure that cascaded objectives are outcomes-focused and that targets are appropriately set, with stretch targets in place to take account of incremental reward. Each year, management and the Board establish the Group's key objectives for the year ahead to ensure the Group achieves its medium-term targets. The incentives under the Group BSC are then cascaded to executive, regional and individual scorecards.

The Group's HR key focus areas are depicted in the graphic below, while the 2022 BSC goals are captured on the next page.

Gold Fields Group HR focus areas

We are committed to achieving our vision of being the global leader in sustainable gold mining. Our strategy is designed to enable the delivery of this vision through an integrated approach. Our strategy, which comprises four pillars – organisational capacity, internal business processes, stakeholders and financial performance – is further informed by our dedication to operational resilience, debt reduction and integrated thinking. The infographic below shows how we performed against objectives set in the Group 2020 Scorecard.

14 IMPROVE FREE CASH-FLOW

• FCM at the business plan gold price (US$1,600) (US$78.9m)

15 REDUCE DEBT

MARGIN (FCM) • Limit increase in net debt while funding Salares Norte and paying dividends at budget gold price and exchange rates
- • Target: US$124.6m

IMPROVE PERCEPTION OF VALUE

11 IMPROVE ANALYST VALUATIONS OF OUR ASSETS

12 IMPROVE THE GOLD FIELDS BRAND WITH EMPLOYEES, HOST COMMUNITIES AND ALL OUR STAKEHOLDERS

• 1.05x analyst valuations to internal valuations (selected cases) for current assets at the same gold price
• 80% achievement of brand perception project implemented

7 IMPROVE OPERATIONAL EFFICIENCIES THROUGH ASSET OPTIMISATION

• 90% of progress against asset optimisation project plan (from diagnosis to implementation)
• 25 business critical initiatives identified per site that enhance the value of the asset
• ±8 reduction in variance on milled grade vs plan
• % reduction in operating cost per tonne milled against 2021 baseline

8 IMPROVE EFFICIENCY AND INTENSITY OF CAPITAL SPEND

• >60% of approved capital allocated in accordance with their capital ranking and allocation framework
• 70% capital projects executed in accordance with Board-approved plan (scope, schedule and cost)
• 5% capital savings from completed capital projects

3 DRIVE CULTURE OF INNOVATION, HIGH PERFORMANCE AND INCLUSIVITY

• 95% progress on mapping out the culture journey • % alignment to culture roadmap (metric year 2 onwards)

4 INCREASE THE VALUE DELIVERED THROUGH MODERNISATION PROJECTS

• 70% of digital infrastructure projects completed
• 50% modernisation projects that comply with the quality framework milestones

Remuneration Report continued

REMUNERATION FRAMEWORK

Gold Fields is committed to ensuring fair, equitable, sustainable and responsible remuneration practices. We believe in compensating our people in relation to sustained value creation, delivered consistently, in a way that is fair and transparent. Our values, ethics and beliefs underpin this philosophy, which aims to attract, retain and motivate top talent.

Gold Fields' Remuneration Policy drives and incentivises the delivery of Gold Fields' strategy, and continuously supports shareholder value creation by aligning performance with commensurate levels of reward. The principles of King IV guide the fair and responsible application of the Remuneration Policy across all operations. In addition, compliance with all relevant laws and regulations in the various jurisdictions in which we operate is non-negotiable and strictly enforced.

A key design principle of the Remuneration Policy is to ensure a clear link between the Gold Fields strategy and our employees' work-related efforts.

PAY FOR PERFORMANCE

Our remuneration practices are competitive in the jurisdictions in which we operate, balanced with our pay-for-performance philosophy and overall strategy.

Our annual benchmarking efforts reflect this and translate to comparisons typically at the market median of our comparator peer group. Final pay decisions consider benchmarking results in combination with performance, affordability and economic conditions. Talent dynamics may further affect final outcomes.

These confirm the degree of alignment of the target pay mix with that of local and international mining peers approved by RemCo, and provides information to the committee when assessing remuneration levels.

GOLD FIELDS OVERALL REMUNERATION CONCEPT

The modified award is also adjusted at the end of the three-year period by a further 0% to 200% factor, in line with level of Company achievement against the performance conditions listed

2 RemCo approved the inclusion of ESG metrics in 2020 for the 2021, 2022 and 2023 performance periods. Measured at Group level for Share Plan and corporate participants in the cash-settled LTIP, and at regional level for regional participants in the cash-settled LTIP

Key reward components of the Remuneration Policy

Remuneration Policy

Guaranteed remuneration package (GRP), or baserate of pay (BRP)		Variable paySTIPs and LTIPs designed to align performancewith strategy and value creation
Base Pay	Benefits	STIPs	LTIPs	MSR
Market-related base paypackages (GRP or BRP),dependent onperformance, roles andresponsibilities	Market-related benefitsguided by locallegislation and internalpolicies	Performance-basedGroup annual incentivescheme	Longer-term plans thatinstil a sense ofownership and strategicalignment• Share plans• Cash-settled plan1	Encourages executivesto hold shares in GoldFields, in line with bestpractice

1 Not applicable to executives

Gold Fields' Employee Value Proposition balances financial rewards with non-financial rewards to drive the desired levels of performance. The financial reward component of our Employee Value Proposition includes:

GRP or BRP, being the total of base pay, allowances and benefits
Variable pay, which includes STI, LTI and MSR

Guaranteed remuneration package

Base pay (either GRP/BRP)

Objective and link tostrategy	Operation	Policy and practice	Performance measures
A competitive base payprovided to executives toensure that their experience,contribution and appropriatemarket comparisons are fairlyreflected. It also allows us toattract and retain the skillsrequired to deliver on ourstrategic goals.	Base pay for all employees isreviewed annually afterconsidering benchmarksagainst comparator groups,Group performance, economiccircumstances, affordability,individual performance,changes in responsibilityand inflation levels. Changesare effective from 1 Marcheach year.	We seek close alignmentbetween executive salaryincreases and increases for allnon-bargaining unit employees,where practical. This is informedby country inflation andindividual performance. Theguaranteed pay benchmark isthe market median.	Both Group and individualperformances in line with theBSC inform the individual basepay review. This is in additionto economic circumstances,affordability, changes in jobresponsibility and alignmentacross employee groups.
	The CEO makesrecommendations on ExCobase pay – excluding hisown – to RemCo for approvalby the Board.

Benefits and allowances

Objective and link tostrategy	Operation	Policy and practice	Performance measures
Provided to ensure local marketcompetitiveness benefits areprovided based on affordabilityto both the employees and theGroup.	Based on local market trendsand can include items such asgroup life insurance, disabilityand accidental death insurance.Our Expatriate Policy providesthat special allowances may bemade for expatriate employeesin respect of, among others,relocation costs, cost of living,and the cost of education forchildren and their families.	In line with approved policy, theprovision of benefits complieswith legislation across thejurisdictions in which weoperate. Benchmarking ensuresthat there are competitivebenefits aimed at attracting andretaining key employees.	Not applicable.

Remuneration Report continued

Remuneration mix

Gold Fields' total reward model links financial reward to a combination of job type and performance – therefore, the mix of GRP/BRP and variable pay differs according to level of performance and the grade of the job held. To entrench a high-performance culture, and in line with international best practice, the more senior the role, the higher the proportion of variable pay (at-risk pay) and the remuneration package. Pay-at-risk comprises 75% of our CEO's total target reward, of which 38% is LTIs
For exceptional performance, the Group aims to position overall remuneration, including STIs and LTIs, at the 75th percentile of our comparator market. This aligns with our total reward strategy of ensuring a market-competitive reward mix, rewarding employees for exceptional performance, and the retention of high-performing employees. RemCo retains the discretion to determine whether, and to what extent, specific performance levels warrant total pay at the 75th percentile
The graphs illustrate different scenarios of performance achievement of the total remuneration for the CEO, CFO and ExCo members, on a single total figure basis, based on the 2021 Remuneration Policy and using simplified hypothetical GRPs/BRPs for ease of illustration

Remuneration scenarios at different levels of performance1

CHIEF EXECUTIVE OFFICER

CHIEF FINANCIAL OFFICER

AVERAGE EXECUTIVE COMMITTEE

1 Not actual pay levels but rather for theoretical purposes of displaying the pay policy remuneration mix. LTI award at target 100% levels reflected above, the award can increase to 200%. The vesting can be a further 200% in addition. 'Below''assumes no annual LTI; 'On-target' assumes 100% outcome; 'Stretch''assumes 200% outcome. Does not include any share price movement.

SHORT-TERM INCENTIVES (STIP)

Our STIP is a performance-based Group annual incentive scheme that supports value creation and motivates our people to achieve success for the Group.

All Group executives, regional executives and management-level employees (Paterson D-band and above categories) are eligible to participate in the STIP, subject to the achievement of applicable performance conditions.

Individual performance (BSC)• Linked to team/department strategy	Company performance conditions (bonus parameters)• Safety (20%)• Gold production (20%)• All-in Costs (AIC) (40%)• Development and waste stripping (20%)
Category	Individual	Group	Region	Operation
CEO	35%	65%	0%	0%
CFO	35%	65%	0%	0%
Group executive	35%	65%	0%	0%
Regional executive	35%	20%	45%	0%
General manager	35%	0%	20%	45%
Regional office	35%	0%	65%	0%

Mines 35% 0% 0% 65%

Target performance for bonus parameters links to the annual business plan approved by the Board
Operational objectives for each mine are measured against plans approved by RemCo and comprise safety, production, costs and physical mine development (ore and waste) goals
The operational objectives form the basis of the regional objectives and subsequently feed into the Group objectives
If individual, operational, regional or Group objectives do not exceed threshold targets, no bonus is payable
Based on the above, RemCo approves annual payments of STIP in February of each year
Where applicable, production bonuses are paid to employees at mine level
We consider regional and on-mine schemes for example, in Peru, we apply a statutory bonus scheme in compliance with legislation, and pay the difference between a higher calculated STIP and legislated bonus, if applicable
Threshold, on-target and stretch bonus amounts expressed as a percentage of GRP (or BRP) are as below:

		Bonus target incentiveas % of GRP or BRP
	Threshold	On-target	Stretch
CEO	0%	65%	130%
CFO	0%	60%	120%
EVP	0%	55%	110%

Achievement falling between threshold and on-target and stretch is calculated on a straight-line basis between the two reference points
In advance of the STIP outcome, executives may elect to defer some or all of their STIP by converting a portion of their cash into shares towards their MSR-related commitments

GROUP PERFORMANCE MEASURES

This is made up of the following bonus parameters: • Safety (20%)

The safety performance measure comprises a mix of leading and lagging indicators listed below.

In addition, a fatal accident acts as a negative modifier. A fatality results in a forfeiture of the entire safety element (20%) for bonus purposes for the applicable operation and region; corporate office participants forfeit the entire 20% safety element of bonus for any fatality recorded in the Group's operations.

Serious injuries
Safety engagement rate (SER)
Near-miss reporting
Timely close-out of corrective actions on serious potential injuries
Gold production (20%)
All-in Costs (AIC) (40%)
Development and waste stripping (20%)

INDIVIDUAL PERFORMANCE MEASURES

We continued our efforts to align performance management processes with our Group strategy. This included the addition of a balance between leading and lagging indicators into all scorecards and ensuring that we set appropriate stretch targets for all management-level employees. While this new approach builds on our previous BSC process, it also ensures a stronger alignment between our strategy and scorecards. This ensures that our strategy is cascaded into measurable objectives that we track through our performance management process.

The chart shows how performance rating scores on the five-point scale translate to percentages used for bonus calculation purposes. A score below 2 results in 0%, and a score between 4.7 and the maximum of 5 results in the capped achievement of 200%.

PERSONAL PERFORMANCE RATING CORRELATION TO PERCENTAGE ACHIEVEMENT

Remuneration report continued

LONG-TERM INCENTIVES

Gold Fields' Amended 2012 Share Plan

Gold Fields' Amended 2012 Share Plan (Share Plan) is a conditional share plan that provides for annual awards of performance shares, which vest after three years subject to performance conditions. Participants receive shares under the Share Plan to instil a sense of ownership among executives, therefore enabling:

Alignment of executive rewards with shareholder interests
Retention of key people
Alignment of people costs with business results

The participants in the Share Plan are:

ExCo members: 100% of LTI participation through the Share Plan
Regional ExCo members: 30% of LTI awards through the Share Plan and 70% through the cash-settled LTIP (p39)

Other employees who are eligible for LTI awards receive 100% of their LTIs through the cash-settled LTIP.

By only awarding shares to Group and regional executives, Gold Fields ensures the future sustainability of the share scheme by limiting the issuance of shares under the plan. The use of Company shares also aligns executive management interests with those of shareholders.

Performance share awards are determined by job grade, performance and guaranteed remuneration. The award profile is set out below, expressed as a percentage of an individual's GRP or BRP as applicable:

Individual performance rating	1.0 to 2.7: 0%	2.8 to 3.2: 50%	3.3 to 3.7: 100%	3.8 to 4.2: 150%	4.3 to 5: 200%
CEO	—	52	104	156	208
CFO	—	48	96	144	192
ExCo	—	44	88	132	176
Regional ExCo1	—	9 – 10	18	27 – 30	36 – 40

1 This represents 30% of their LTI participation, as 70% of their LTI is under the cash-settled LTIP

These awards in monetary value are used to calculate an equivalent number of shares based on the three-day volume weighted average price (VWAP) preceding 1 March annually. The vesting of these shares is subject to the following performance conditions:

Performance condition	Weighting	Threshold (0% vesting)	Target (100% vesting)	Stretch (200% vesting)
Absolute TSR	33%	N/A – no vesting below target	The US Dollar (nominal) costof equity1 over the three-yearperformance period	US Dollar cost of equity +6% over the three-yearperformance period
Relative TSR	33%	Below median of the peer group2	Median of the peer group	Upper quartile of the peergroup
FCF margin	34%	Average FCF margin over thethree-year performance period of5% at a gold price of US$1,300/oz	Average FCF margin over thethree-year performanceperiod of 15% at a gold priceof US$1,300/oz	Average FCF margin overthe three-yearperformance period of20% at a gold price ofUS$1,300/oz

1 Cost of equity is validated by an external consultant

2 For the 2021 awards, the peer group consisted of AngloGold Ashanti, Barrick, Eldorado Gold, Yamana, Agnico Eagle, Kinross, Newmont, Newcrest, Northern Star and Endeavour

Vesting occurs after three years from award and depends on the extent to which the Group has met the above performance conditions over the three-year period. Vesting is capped at 200% of the award
In advance of the vesting date, executives also have the option to elect to defer some or all of their vested share awards towards the achievement of their MSR
Linear interpolation is applied between threshold and target and target to stretch performance

Cash-settled long-term incentives (LTIP)

The cash-settled LTIP ensures alignment between regional contributions and the Group's long-term business strategy. The use of cash as opposed to shares reduces the number of shares required, while still ensuring a longer-term focus for participants.

During 2020, RemCo carried out a comprehensive review of the LTIP awards. As a result, the Committee established that LTIP awards made in 2018 and 2019 would use the final year regional scorecard ratings (2020 and 2021 respectively) as performance criteria on vesting of these awards. Cash-settled LTIP awards made in 2020 would use the average of the three years' regional scorecard ratings (2020, 2021 and 2022) to determine the performance outcome. Executive directors or prescribed officers of the Company do not participate in this cash-settled LTIP.

The LTIP's design links regional long-term strategic objectives with Group objectives. Regional performance conditions and targets are set and agreed with RemCo through the BSC process. The BSC ratings are used to determine vesting outcomes for awards in 2018, 2019 and 2020. While awards are made in March each year, and settled in February three years later, the measurement periods are from 1 January of the year of the award to 31 December of the third year of award. RemCo approves the performance conditions for each set of awards based on management recommendations.

From 2021, RemCo supports the use of a framework that aligns performance conditions for the Share Plan and the cash-settled LTIP as follows:

Group absolute TSR (25%)
Group relative TSR (25%)
Group FCF margin (25%)
ESG (25%), measured at Group level for Share Plan and corporate participants in the cash-settled LTIP, and at regional level for regional participants in the cashsettled LTIP

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OTHER KEY FEATURES OF OUR REMUNERATION POLICY

Executive minimum shareholding requirements

Aligning the interests of our executives with those of our shareholders is critical to sustainable value creation. As such, we encourage executives to hold shares in Gold Fields in line with international and South African best practice.

Our MSR Policy, which we introduced in 2017, requires ExCo members to hold shares in Gold Fields equivalent to the multiples of their GRP/BRP as indicated:

CEO: 300% (increased from 200% from April 2021)
All other ExCo members: 100%.

The ExCo members are given a period of five years to achieve these multiples.

RemCo makes an award of matching shares at a ratio of 1:3 (one share for every three committed towards the MSR, capped at the matching share limit). The value of the ultimate number of matching shares that will vest is limited to 67% of GRP in the case of the CEO, and 33% of GRP or BRP for all other executives. The matching shares vest at the end of the five-year period if the participant remains in the employment of the Group and has retained the committed shares.

Retention and sign-on bonuses

RemCo has the discretion to approve managementproposed sign-on payments and/or retention payments to recruit and/or retain individuals at certain levels for specific business reasons. Below these levels, management has the discretion to approve such payments. The typical minimum work-back period for retention payments is two years. No such payments were made to executives during 2021.

Malus and clawback

The Board is entitled to seek repayment of remuneration amounts that were made in error and subsequently restated. The policy gives RemCo the right to recover all forms of remuneration from executives. This is applicable, but not limited to: remuneration relating to base pay, the achievement of financial or performance goals or similar conditions for any award, or payment under the annual incentive plan or LTIP, or any bonus payment, whether vesting is based on the achievement of performance conditions, the passage of time, or both.

The right of recovery may be exercised within three years from the restatement date and the policy sets out the procedures to be followed depending on whether the remuneration has been paid, transferred or otherwise made available to the executive, as well as the steps to take if the amount is not immediately recoverable.

Our Malus and Clawback Policy, approved in 2020, permits the Board to withhold yet-to-be awarded remuneration in the event of certain trigger events.

Executive Committee service contracts and termination provisions

Gold Fields can terminate an executive's employment summarily for any reason recognised by law in the respective jurisdictions.

The general principles governing the settlement of employment benefits and rewards is that employees who resign voluntarily or are dismissed for disciplinary reasons forfeit all unvested benefits and awards. Employees who separate from the Group for reasons of death, disability, retirement or redundancy for operational reasons, retain a portion of unvested benefits and awards. This portion is based on the principles of time (pro-rata) and performance testing at on-target levels and in line with the principles of King IV.

Executive directors have employment agreements in place with Gold Fields Group Services Proprietary Limited (GFGS), Gold Fields Ghana Holdings BVI Limited (GF Ghana), Gold Fields Orogen BVI Limited (Orogen) and Gold Fields Holdings Company. The EVP: Strategy, Planning and Group Development also has employment agreements with GFGS and Orogen.

In terms of the South African employment contracts with Group ExCo, employment continues until terminated upon notice by either party or retirement age, which is currently 63 years. Orogen, GF Ghana and Gold Fields Holdings Company have substantially similar terms.

The notice period is 12 months for the CEO and CFO; and six months for other Group ExCo members.

Change of control provisions for the Chief Executive Officer, Chief Financial Officer and Executive Vice President: Sustainable Development

In 2012, RemCo resolved to discontinue the remuneration entitlement in the event of a change of control for senior executives appointed after 1 January 2013. Senior executives appointed before this date are entitled to the change of control remuneration benefits and retained their rights under the previous policy. This applies to the CFO and EVP: Sustainable Development.

This change of control provision was also included in the terms agreed for the incoming CEO in 2021 and approved by RemCo.

A change of control is defined as a third party or concert parties holding 30% or more of Gold Fields' ordinary shares. In the event of the finalisation of an acquisition, merger, consolidation, scheme of arrangement or other reorganisation, whether or not there is a change of control and if the executive directors' services are terminated, the change of control provisions also apply. For these employees, their employment contracts provide that, in the event of their employment being terminated within 12 months of the change of control, the executive is entitled to:

Payment of an amount equal to two times annual GRP for the CFO and the EVP: Sustainable Development, plus an amount equal to the average of the incentive bonuses paid during the previous two completed financial years
For the CEO, a payment equal to two times annual GRP together with any other payments then due and payable
Full vesting of all LTIP awards

Their employment contracts also provide that these payments cover any compensation or damages the executive directors may have under applicable employment legislation.

Share Plan

The Share Plan provides for pro-rata vesting of LTI awards in the event of a change of control.

A change of control as defined for the purpose of Share Plan includes (in summary) an acquirer obtaining:

Ownership or voting control of 50% of the Company's issued share capital
The right to control the management of the Company or the composition of the board, or
The approval by the Company's shareholders of, or the consummation of, a merger or consolidation of the Company with another business entity

The treatment of LTI awards on a change of control is subject to any pre-existing employment conditions, which take precedence in the event of a conflict.

NON-BINDING ADVISORY VOTE – REMUNERATION POLICY

As set out in King IV, shareholders are required to cast non-binding advisory votes on the Remuneration Policy and Implementation Report at Gold Fields' AGM on 1 June 2022.

Should there be a 25% or higher vote against either of the above, we will engage with shareholders to understand the drivers of the dissenting votes, and to discuss potential remedial measures. We also attempt to connect with most shareholders who vote against our remuneration approach to understand their perspective.

NON-EXECUTIVE DIRECTORS

Non-executive directors' remuneration

NEDs are not eligible to receive any STIs or LTIs. Gold Fields pays NEDs based solely on their role within the Board and/or committees, with differentiation only between international directors and those based in South Africa. We apply the policy using the following principles:

Payment of a Board fee for the Board meetings attended during the year
Board committee members receive annual committee fees for participation
The Chairperson and Lead Independent Director receive all-inclusive annual fees for all Board and committee participation
We review fees annually and implement any increases in June of each year
Travel expenses are paid to NEDs for travel for site visits and Board meetings

Non-executive directors' fee review

We intend to seek approval for increases based on last year's inflation rates to be applied to the prevailing fees of NEDs, effective from 1 June 2022, of 4.7% for Rand-based fees and of 3.2% for US Dollar-based fees.

The following fixed annual fees shall be payable to NED's with effect from 1 June 2022 (excluding value-added tax (VAT)) if approved by shareholders at the AGM on 1 June 2022.

Remuneration report continued

Proposed NED Fees

	Approved2021/2022fees in Rand	Proposed2022/2023fees in Rand	Approved2021/2022fees in US$	Proposed2022/2023fees in US$
Chair of the Board (all-inclusive fee)	3,355,123	3,512,800	na	na
Lead Independent Director (all-inclusive fee)	2,184,056	2,286,700	na	na
Members of the Board	1,101,254	1,153,000	83,623	86,300
Chair of the Audit Committee	400,034	418,800	na	na
Chairs of the Capital Projects Control and Review Committee,Nominating and Governance Committee, RemunerationCommittee, Risk Committee, Social, Ethics and TransformationCommittee and Safety, Health and Sustainable DevelopmentCommittee*	246,214	257,800	18,640	19,200
Members of the Audit Committee	206,340	216,000	15,705	16,200
Members of the Capital Projects Control and ReviewCommittee, Nominating and Governance Committee,Remuneration Committee, Risk Committee, Social, Ethics andTransformation Committee and Safety, Health and SustainableDevelopment Committee	155,368	162,700	11,921	12,300
Chair of the Ad-hoc Committee	62,371	65,300	4,671	4,800
Member of the Ad-hoc Committee	38,713	40,500	2,989	3,100

The Chair and Lead Independent Director do not receive any additional fees to their all-inclusive fees above, regardless of Chair or member roles on committees.

Section 3: Implementation Report

This section of the Remuneration Report explains how we implemented our Remuneration Policy and provides details of the remuneration paid to executives and NEDs for the financial year ended 31 December 2021.

Our STIP and LTI targets comprise objectives that are deliberately and rigorously evaluated and selected based on their importance to the Company's success. Therefore, in a year that continued with the Covid-19 pandemic, we elected not to modify or eliminate any of our chosen objectives. Instead, we requested that our people place an overarching priority on their safety and those of our host communities, and to maintain the integrity and long-term value of our operations. Our people responded diligently to these additional priorities, and achieved solid annual performance for the Group in 2021.

Guaranteed remuneration package

Guaranteed pay (GRP and BRP) adjustments

Key facts	Policy application
• All eligible employees received a salary increase on 1 March2021, with an average increase of 2.3% for executives• The overall increase in employment costs during 2021 waswithin the approved mandate of RemCo• Executive packages were increased only by country-specificinflation rates for the 2021 review period	• Across the Group, salary increase mandates were set at theprevailing country-specific inflation rate, with an additionalpercentage for addressing pay gaps, where applicable• The forward-looking drive to eliminate any unintended bias thatmay be present in our pay systems is being conducted acrossthe Group with the help of an independent professional advisor,Deloitte

SHORT-TERM INCENTIVES

Key facts

Bonus parameters for 2021 were approved as detailed in Section 2
The total 2021 annual incentive award payment amounted to US$26m (2020: US$27m), with 628 (2020: 656) eligible employees participating
The incentive is based on an average individual performance rating of 3.5 (2020: 3.8) out of a maximum of 5.0 against performance measures set at the beginning of the year

Policy application

Incentive bonus parameters and targets are agreed and approved at the beginning of each cycle
Bonus parameter performance achievement is peer reviewed internally and by independent external advisors prior to approval and payment
There is calibration between individual performance ratings and Group or Company performance as applicable
Regional incentives are aligned with operation and regional performance achievements
Operational objectives form the basis of the regional objectives and subsequently feed into Group objectives
Actual performance achievement is confirmed by the Group's external auditors
Performance calculations are formulaic, however, RemCo does have the discretion to adjust the outcome deemed appropriate
There were no Covid-19-related or other adjustments to standard reward outcomes in 2021

Average exchange rates of US$1: R14.79 (2020: R16.38) and A$1: R11.11 (2020: R11.29) were applied for calculation purposes in this section.

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Group objectives

budgeted prices.

Group performance was assessed with an outcome of 94% for the 2021 year, with targets and achievements shown below. The fatal accident recorded at South Deep resulted in the negative modifier being applied for safety metrics at operation and Group levels.

2021 Objectives	Weight	Target	Achieved	Final weightedachievement
Safety
• Safety Engagement Rate	5%	5.38	0%	0%
• Increase in near-miss reporting	5%	475	0%	0%
• Timely close-out of corrective actions on serious potentialincidents	5%	95%	0%	0%
• Reduction in serious injuries	5%	11	0%	0%
Gold (equivalent) production (koz)	20%	2,323	65%	13%
AIC (US$/oz)1	40%	1,311	152%	61%
Development and waste			100%	20%
• Development at South Deep (m)	4%	4,563	200%
• Destress at South Deep (m)	4%	50,233	0%
• Open-pit waste mined (kt)	6%	123,686	200%
• Underground development (m)	6%	49,297	0%
Total				94%

1 Every year-end, AIC is adjusted for STIP purposes by measuring in local currency and converting to US Dollar at budgeted exchange rate, excluding worker's participation at Cerro Corona, and calculating the related royalty charge based on budgeted gold prices. Cerro Corona by-products are normalised for

CHIEF EXECUTIVE OFFICER'S 2021 BALANCED SCORECARD

Weight	Objective	Target	Results	Overallrating4.0
Financial
15%	Reduce debt toimprove TSR,reduce risk andcreate financial	Target• Contain increase in net debt to nomore than US$115m @ US$1,600/ozwhile funding Salares Norte andpaying dividendsStretch target• Contain increase in net debt to no	Achieved stretch target• Net debt result was US$116.4magainst a targeted US$20m reduction	4.0
	flexibility	more than US$20m @ US$1,700/ozwhile funding Salares Norte andpaying dividends
Internal business processes
10%	Improve TSFmanagement	Target• Gap analysis completed bySeptember• No Level 3 to 5 incidents• One to two less variances than 2020level of TSF performance variance• GISTM implementation: complianceroadmap under development• 75% of key appointments madeStretch target• Gap analysis completed by June2020 and commence initiatives• No Level 3 to 5 Incidents• Three less variances than 2020 levelof TSF performance variances• Compliance roadmap• 90% of key appointments made• Agreement of Asanko to becomecompliant with the GISTM	Achieved stretch target• Gap analysis completed by June• One Level 3 incident in January 2021(Tarkwa TSF 5 sinkhole); nosubsequent incidents• Out-performed 2020 with threevariances• Compliance roadmap – stretchachieved• 100% of appointments made	4.0

Gold Fields Annual Financial Report including Governance Report 2021

Weight Objective Target Results rating 4.0 Internal business processes continued 10% Revitalise and integrate strategic planning process Target • List of action items developed and actions commenced Stretch target • List of action items developed and actions have been significantly advanced. Process items identified, which will enhance future strategy sessions Achieved stretch target • Comprehensive 10-year strategy developed • Completed new vision, purpose and strategy. Established clear objectives and measures for long-term strategy delivery and established key high-focused initiatives which will be monitored to deliver strategy. Project charters detail all the activities and actions to be executed and the dependencies 4.5 10% Improve diversity and inclusion Target • 21.5% female in total; 21% female in leadership positions; 53% female in core mining Stretch target • 23% female in total; 22% female in leadership positions; 54% female in core mining Achieved between target and stretch target • 21.8% female representation. This was impacted by high turnover in general in the mining sector • 21.8% women in leadership • 53.07% women in core mining 3.5 15% Improve quality of the portfolio – advance Salares Norte Target • 65% of total project complete • 34% pre-striping completed (17.3Mt) • 60% construction progress • 85% fabrication and equipment delivery Stretch target • Maintain overall progress, momentum and first gold schedule; 70% of total project complete • 39% pre-stripping completed (19.8Mt) • 66% construction progress • 90% fabrication and equipment delivery Achieved stretch target • First gold schedule maintained; 62% project completed • 44.9% pre-stripping completed (22Mt). Brought forward additional equipment to accelerate pre-stripping • 55% construction completed forecast – impacted by Covid-19 • 99.6% fabrication 4.0 10% Improve the quality of the Chilean portfolio Target • Five targets prepared for exploration drilling • Drill test three new targets within SN District • District drilling exploration: 18km DDH Stretch target • Seven targets prepared for exploration drilling • Drill test five new targets within SN District • District Drilling Exploration: 18.6km DDH Achieved stretch target • Seven target preparations completed • Exploration drilling over top ranked targets within SN District completed in eight areas • District drilling achieved 23,844m versus a plan of 18,000m 4.0 10% Improvement in South Deep people and processes Target • 70% of supervisory-level rated above level 3.0 and 50% of mid-levels rated above level 3.5 • 27% mine error factor • 88% stoping compliance Stretch target • 80% of supervisory level rated above level 3.0 and 60% of mid-levels rated above level 3.5 • 23% mine error factor • 92% stoping compliance Achieved between target and stretch target • 85% supervisory level above 3 rating; 58% mid-managers rating above 3.5. South Deep's focus on improving the bench strength an leadership capabilities has been impressive • 29% mine error factor • Stoping compliance 88% 3.5

Overall

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Weight	Objective	Target	Results	Overallrating4.0
	Internal business processes continued
10%	Improve I&T	Target• 80% committed modernisation (I&T)projects achievedStretch target• 90% committed modernisation (I&T)projects achieved	Achieved between target and stretchtarget• 81% – 83% as at 10 December 2021despite Covid-19 and supply chainconstraints	3.5
10%	Driving theprocess behind'Living the GoldFields Values'	Target• New purpose and vision derived,distributed and communicated acrossthe organisationStretch target• New purpose and vision derived,distributed and recognised/owned byour employees; identifiable withinleadership	Achieved beyond stretch target• New purpose vision and valueslaunched Group-wide via livewebinar, Modern and innovativemedium used for the launch with animpressive pack of supportingmaterial to support the regional rollout. Roll-out programme in place forexecution over the coming monthsinto 2022 in conjunction with theregions that will entrench these in theworkforce and drive the desiredculture in leadership	4.5

CHIEF FINANCIAL OFFICER'S 2021 BALANCED SCORECARD

Weight	Objective	Target	Results	Overallrating3.8
Financial
15%	Refinance thePeru subsidiaryLa CimaRevolving CreditFacility (RCF)	Target• New three-year non-recourse facilityat 2.8% over LIBOR. If LIBOR hasbeen replaced by the overnightbenchmark rate, a margin equivalentto the margin above LIBORStretch target• New three-year non-recourse facilityat better than 2.8% over LIBOR. IfLIBOR has been replaced by theovernight benchmark rate, a marginequivalent to the margin aboveLIBOR	Achieved stretch target• Peru subsidiary La Cima refinancedwith a US$150m RCF• Renegotiated and executed a newthree-year US$150m RCF. Securedby sales contracts and non-recourseto Gold Fields. Substantially improvedmargin over LIBOR from 2.8% to 1.4%• Documentation completed andagreement signed and effective fromApril 2021	4.0
15%	Refinancethe GhanaUS$100m RCFfacility	Target• New three-year non-recourse facilityat 3.5% over LIBOR. If LIBOR hasbeen replaced by the overnightbenchmark rate, a margin equivalentto the margin above LIBORStretch target• New three-year non-recourse facilityat better than 3.5% over LIBOR. IfLIBOR has been replaced by theovernight benchmark rate, a marginequivalent to the margin aboveLIBOR	Achieved stretch target• Ghana US$100m RCF• Renegotiated a new three-yearUS$100m RCF unsecured andnon-recourse to Gold Fields. Marginover LIBOR substantially improvedfrom 3.5% to 2.75% for first thirdutilisation, 2.85% second thirdutilisation and 2.95% for final third.Improved commitment fee from 1.4%to 0.9%. Documentation still beingfinalised. Expected to be finalised byend-July 2021	4.0

Overall

Weight	Objective	Target	Results	rating3.8
Financial
25%	Reduce net debt	Target• Contain net debt increase to no morethan US$115m at a US$1,600/ozgold priceStretch target• Contain net debt increase to no morethan US$20m at a US$1,700/oz goldprice	Achieved stretch target• Stretch target achieved at US$1,700	4.0
20%	Investment graderating from S&P	Target• Maintain BB+ positive outlook ratingStretch target• Be upgraded to investment grade	Met target• S&P review in April/May confirmedour BB+ positive rating outlook. S&Pstated that they would do a ratingsreview early next year	3.0
7.5%	Implement globalcybersecurityoperationscentre	Target• Implement global cybersecurityoperations centre that monitorscritical ICT assets across the groupby December 2021Stretch• Implement global cybersecurityoperations centre that monitorscritical ICT and OT assets across theGroup by December 2021	Achieved stretch target• The ISO 27001 recertification hasbeen achieved for all operations andregions• The global cybersecurity operationscentre has been implemented andare monitoring all critical and noncritical ICT and OT assets	4.0
7.5%	Implementcyber-resilientinfrastructureutilising cloudbased platforms	Target• Migrate all critical ICT infrastructure tocyber resilient cloud platforms byDecember 2021Stretch• Migrate all critical and non-critical ICTinfrastructure to cyber resilient cloudplatforms by December 2021	Achieved stretch target• The adoption of a cyber-resilientcloud platform has been completedfor the Gold Fields Group emailenvironment and mobile devicemanagement. A cloud identity andaccess management system hasbeen set up in the Microsoft Azurecloud	4.0
Organisational capacity
10%	Live the GoldFields values	Target• Average rating of 3.0 on values 360°assessmentStretch target• Average rating of 4.0 or above onvalues 360° assessment	Achieved between target and stretchtarget• Evidence as per the values 360°scorecard	3.5

In line with their BSC performance, RemCo awarded the CEO and CFO bonuses equal to 76% and 68% of their annual GRP, respectively. The following chart shows the historical performance outcomes for the CEO over a five-year period, through the percentage of GRP paid as bonus.

Remuneration Report continued

CHIEF EXECUTIVE OFFICER'S FIVE-YEAR BONUS PAYOUT HISTORY AS A PERCENTAGE OF GRP

Translation of ratings

Performancerating	Label	Descriptor
5.0	Exceptional performer	Far exceeded expectations by making a unique business contribution
4.5	Top performer	Consistently exceeds expectations in all areas
4.0	High performer	High standard achieved with expectations notably exceeded in some areas
3.5	Great performer	Consistently meets expectations with some great achievements
3.0	Good performer	Meets expectations
2.5	Moderate performer	Achieved most objectives set but not all
2.0	Low performer	Meets a few of the objectives set
1.0	Non-performer	Did not achieve objectives set

LONG-TERM INCENTIVES

The Group currently has the following LTIP in place:
Equity-settled Share Plan awards for executives governed by Gold Fields' Share Plan (amended), details of which are
provided in notes to the Annual Financial Statements (AFS)
The cash-settled plans for all other eligible LTIP participants in the regions and corporate offices

In addition, the MSR Policy applies to shares held by executives.

Performance share awards

Performance conditions

Awards made in terms of the Share Plan were subject to the following performance conditions:

Absolute and relative total shareholder returns

This has a 66% weighting broken down as below and measured over the three-year measurement period.

Absolute total shareholder returns – 33% of the initial award value will vest on the following

Target	TSR performance	TSR factor
Below target	0%	N/A
Target	Average US Dollar cost of equity as measured over a three-year periodand independently assessed	100%
Stretch	Target +6% per annum	200%
Above stretch	Capped at 200%	200%

Target	TSR performance	TSR factor
Below target	0%	N/A
Target	Median of the peer group	100%
Stretch	Upper quartile of the peer group	200%
Above stretch	Capped at 200%	200%

Relative total shareholder return – 33% of the initial award value will vest on the following basis:

Free cash-flow margin

FCF margin has a 34% weighting and targets an average FCF margin of 15%, with an average FCF margin of 20% for stretch for the three-year measurement period, calculated at a gold price of US$1,300/oz. The FCF margin is expressed as a percentage and defined as: revenue less AIC, excluding share-based payments and LTIP charges (AIC, subject to any add-backs on exploration and projects), the realised portion of revenue hedges, taxation paid and LTIP payments divided by revenue (greenfields exploration, acquisitions, projects, dividends and debt service costs are excluded).

The use of a constant gold price benchmark over the period allows us to measure those elements within our control only, since gold price is outside of our control.

Target	FCF margin performance	FCF margin factor
Threshold	Average FCF margin over the performance period of 5% at a gold price of US$1,300/oz –margin to be adjusted relative to actual gold price for the performance period	0%
Target	Average FCF margin over the performance period of 15% at a gold price of US$1,300/oz –margin to be adjusted relative to actual gold price for the performance period	100%
Stretch	Average FCF margin over the performance period of 20% at a gold price of US$1,300/oz –margin to be adjusted relative to actual gold price for the performance period	200%

In terms of the provisions of the Share Plan, eligible employees are awarded performance shares on 1 March of each year, which vest in mid-February three years later, subject to closed periods. The performance of these awards since 2019 is illustrated in the tables that follow.

2019 performance share award

Performance period: 1 January 2019 to 31 December 2021

Vesting date: 15 February 2022 (closed period lifted 17 February 2022)

Executive	Title	Number ofsharesawarded	US$mvalue onaward date	Estimated US$mfair value atyear-end
NJ Holland	Previous CEO	163,966	0.65	2.46
PA Schmidt	CFO	238,268	0.95	4.15
A Baku	Previous EVP: West Africa	275,653	1.09	4.8
R Butcher	EVP: Technical	81,368	0.32	1.42
S Mathews	EVP: Australasia	109,577	0.43	1.91
L Rivera	EVP: Americas	176,981	0.70	3.08
TL Leishman	EVP: Group Head of Legal and Compliance	127,171	0.50	2.22
BJ Mattison	EVP: Strategy, Planning and Group Development	155,412	0.62	2.71
NA Chohan	EVP: Sustainable Development	126,392	0.50	2.2
A Nagaser	EVP: Investor Relations and Group Affairs	57,841	0.23	1.01
M Preece	EVP: South Africa	60,276	0.24	1.05
R Bardien	EVP: People and Organisational Effectiveness	69,117	0.27	1.2
		1,642,022	6.52	28.20

Remuneration report continued

2020 performance share award

Performance period: 1 January 2020 to 31 December 2022

Vesting date: 15 February 2023

Executive	Title	Number ofsharesawarded	US$mvalue onaward date	EstimatedUS$m fairvalue atyear-end
NJ Holland	Previous CEO	282,734	1.81	2.83
PA Schmidt	CFO	182,429	1.17	3.46
A Baku	Previous EVP: West Africa	106,176	0.68	1.57
R Butcher	EVP: Technical	46,937	0.3	0.89
S Mathews	EVP: Australasia	90,471	0.58	1.72
L Rivera	EVP: Americas	102,253	0.65	1.94
TL Leishman	EVP: Group Head of Legal and Compliance	72,926	0.47	1.38
BJ Mattison	EVP: Strategy, Planning and Group Development	89,250	0.57	1.69
NA Chohan	EVP: Sustainable Development	72,478	0.46	1.38
A Nagaser	EVP: Investor Relations and Group Affairs	53,222	0.34	1.01
M Preece	EVP: South Africa	69,130	0.44	1.31
R Bardien	EVP: People and Organisational Effectiveness	63,597	0.41	1.21
		1,231,603	7.88	20.40

2021 performance share award

Performance period: 1 January 2021 to 31 December 2023

Vesting date: 15 February 2024

Executive	Title	Number ofsharesawarded	US$mvalue onaward date	EstimatedUS$m fairvalue atyear-end
CI Griffith	CEO	110,068	0.93	1.09
NJ Holland	Previous CEO	250,680	2.13	0.48
PA Schmidt	CFO	119,925	1.02	1.19
A Baku	Previous EVP: West Africa	142,682	1.21	0.63
R Butcher	EVP: Technical	45,449	0.39	0.45
S Mathews	EVP: Australasia	87,603	0.74	0.87
L Rivera	EVP: Americas	91,606	0.78	0.91
TL Leishman	EVP: Group Head of Legal and Compliance	62,898	0.53	0.62
BJ Mattison	EVP: Strategy, Planning and Group Development	78,230	0.66	0.78
NA Chohan	EVP: Sustainable Development	62,512	0.53	0.62
A Nagaser	EVP: Investor Relations and Group Affairs	30,602	0.26	0.3
M Preece	EVP: South Africa	89,436	0.76	0.89
R Bardien	EVP: People and Organisational Effectiveness	54,852	0.47	0.54
		1,226,543	10.42	9.37

Cash-settled long-term incentive plan

The Group executives do not participate in the cash-settled LTIP. The 2018 cash-settled LTIP is a three-year performance plan intended to provide alignment between employee's performance and Group strategy. Each performance cycle starts on 1 January of the first year and ends on 31 December of the third year. Participants include employees from level DL to EU, on a 100% participation level, and regional ExCo members participate 70% in the cash plan and 30% in the Share Plan. The cash plan has approximately 713 participants.

Minimum shareholding requirement

As explained on p40, executives are encouraged to hold shares in Gold Fields in accordance with the MSR Policy. The MSR achievement in the table below is for the period up to 31 December 2021.

During 2018, the Company entered a self-imposed special closed period for executive management to, inter alia, trade in shares, which slowed down the rate of achievement of the MSR Policy targets for some individuals. Furthermore, this closed period resulted in an extension in the MSR holding target date by an equivalent period of one year unless the executive reached their target level prior to the end of the holding period inclusive of the additional year.

Executives may elect to defer certain cash or equity awards to increase their MSR holdings. Any contribution purchased using post-tax income is grossed-up for taxes at the top prevailing marginal rate of individual tax when determining the contribution. Also refer to the share ownership table on p21 for full share ownership details. The number of shares subject to tax gross-up for the following executives are presented in the following table:

Name and title	Holdings(number of restrictedand tax grossedpersonal shares)1	MSRachievement	Target date for endof build-up
CI Griffith, CEO	2,364	1%	31 March 2026
PA Schmidt, CFO	357,100	329%	17 May 2021
M Preece, EVP: South Africa	350,056	455%	14 May 2023
A Nagaser, EVP: Investor Relations and Group Affairs	244,417	899%	17 May 2022
NA Chohan, EVP: Sustainable Development	433,295	903%	17 May 2022
TL Leishman, EVP: Group Head of Legal and Compliance	63,497	220%	17 May 2022
BJ Mattison, EVP: Strategy, Planning and Group Development	146,978	319%	17 May 2022
R Bardien, EVP: People and Organisational Effectiveness	39,471	108%	31 January 2024
R Butcher, EVP: Technical	45,343	96%	17 May 2022
L Rivera, EVP: Americas	83,807	146%	31 October 2022
S Mathews, EVP: Australasia	21,698	47%	31 January 2023

1 Shares committed by 31 December 2021 are included for indicative purposes; personal shares are grossed up for tax in line with MSR Policy

Remuneration report continued

Executive directors' and prescribed officers' remuneration

In line with King IV remuneration reporting guidelines, remuneration related to performance for the 2021 measurement period is disclosed in the following single total figure remuneration table. This includes the value for the 2019 LTIP that vested in accordance with the performance period ended on 31 December 2021. The actual remuneration that will be settled during 2022 may vary depending on exchange rate and continued employment. The 2018 LTIP that vested in with the performance period ended on 31 December 2020 is the actual remuneration that was settled during 2021.

The remuneration cash-flow statement may be found in the table unvested award and cash flow settlement on p54 – 59. Note 40 to the AFS and other sections in this Remuneration Report.

Mr Griffith was appointed as CEO on 1 April 2021
Mr Griffith has a contract in South African Rand and US Dollar. The 2021 US Dollar contract amount included in the table on the next page for Mr Griffith is US$244,500

MR NJ HOLLAND

Mr Holland retired with effect from 31 March 2021
Mr Holland had contracts in both South African Rand and US Dollar. The 2021 US Dollar contracts included in the table on the next page are US$106,950, with US$215,881 stated in other payments as part of termination payment. The 2020 US Dollar amounted to US$424,550
Other payments to Mr Holland include a termination payment in line with his retirement agreement

MR PA SCHMIDT

Mr Schmidt has contracts in both South African Rand and US Dollar. The 2021 US Dollar contract amount included in the table on the next page amount to US$131,500. The 2020 US Dollar amounted to US$129,600
Other payments to Mr Schmidt include a long-service award of US$2,459 for 25 years' service

Name	Status		Salary1	Pension fundcontribution	Cashincentives2	LTIPreflected3	Matchingsharesreflected4	Other5	Total singlefigure ofremuneration
CI Griffith6	Executive director	2021	719.5	17.7	748.2	—	—	—	1,485.5
		2020	—	—	—	—	—	—	—
NJ Holland7	Executive director	2021	318.5	6.1	741.1	2,458.5	—	757.3	4,281.6
		2020	1,174.2	21.7	904.3	6,767,1	—	3.1	8,870.3
PA Schmidt	Executive director	2021	641.9	48.9	470.3	4,148.9	—	2.5	5,312.5
		2020	574.3	42.6	446.6	4,958.5	—	1.7	6,023.8
L Rivera8	Prescribed officer	2021	812.8	335,7	—	3,081.7	274.1	451.0	4,955.3
		2020	708.6	130.4	—	3,492.4	—	389.4	4,720.8
A Baku9	Prescribed officer	2021	874.1	201.1	530.4	4,799.8	—	3,533.4	9,938.8
		2020	859.3	197.7	564.1	5,439.5	—	184.3	7,244.8
R Butcher	Prescribed officer	2021	429.3	36.9	261.2	1,416.8	10.7	—	2,154.9
		2020	382.8	38.3	235.4	1,753.6	102.9	—	2,513.0
NA Chohan	Prescribed officer	2021	368.0	32.0	263.7	2,200.8	—	—	2,864.5
		2020	318.7	27.0	227.4	2,661.1	23.4	1.8	3,259.3
BJ Mattison10	Prescribed officer	2021	466.2	25.5	306.8	2,706.1	—	1.71	3,506.3
		2020	416.8	22.2	281.1	4,312.4	54.1	0.05	5,086.7
TL Leishman11	Prescribed officer	2021	375.9	26.6	251.3	2,214.4	—	1.5	2,869.6
		2020	327.5	23.1	224.7	2,677.5	108.3	53.0	3,414.2
A Nagaser	Prescribed officer	2021	266.1	27.6	183.4	1,007.2	—	—	1,484.3
		2020	229.5	23.8	158.1	1,826.7	26.0	0.4	2,264.4
S Mathews12	Prescribed officer	2021	564.7	40.2	337.0	1,908.0	70.9	27.3	2,948.2
		2020	493.6	56.9	333.6	2,874.8	—	25.1	3,784.1
M Preece13	Prescribed officer	2021	545.6	26.7	333.1	1,049.6	—	—	1,955.0
		2020	475.4	23.2	302.6	1,337.6	222.8	2.9	2,364.6
R Bardien14	Prescribed officer	2021	323.6	27.4	219.2	1,203.5	47.6	—	1,821.2
		2020	279.0	23.6	117.6	1,455.2	39.3	—	1,914.8

Remuneration for executive directors and prescribed officers – all figures US$'000

Exchange rates used: US$1 = R14.79 (FY2021) and US$1 = R16.38 ( FY2021)

1 Mr Griffith, Mr Schmidt and Mr Mattison have contracts in South African Rand and US Dollar. The 2021 US Dollar contract amounts included above are: Mr Griffith US$244,500 Mr Schmidt US$131,500 and Mr Mattison US$93,500

The 2020 US Dollar amounts included in the 2020 reporting were: Mr Schmidt US$129,600 and Mr Mattison US$92,100

Mr Holland had contracts in South African Rand and US Dollar. The 2021 US Dollar contracts included above are US$106,950 with US$215,881 stated in other payments as part of termination payment

The 2020 US Dollar amounts included in the 2020 reporting were: Mr Holland US$424,550 2 The annual bonus accruals for the year ended 31 December 2020 were paid in February/March 2021. The annual bonus accruals for the year ended 31 December 2021 were paid in February/March 2022

3 The values of the 2019 performance shares with a performance period ending 31 December 2021 is reflected in the 2021 figures. The value of the 2018 performance shares with a performance period ending 31 December 2020 is reflected in the 2020 figures. Values reported are as at 31 December 2021, calculated using forecasted 167% vesting and 20 day VWAP of US$10.43

For Mr Holland, award pro-rated in accordance with retirement agreement 4 The cash equivalent value of matching shares awarded in 2021 under the terms of MSR Policy are reflected in 2021, and 2020 includes awards made in May 2020

5 Other includes incidental payments unless otherwise stated

For Mr Schmidt – other includes long-service award of US$2,459 for 25 years' service

6 Mr Griffith – appointed as CEO on 1 April 2021

7 Mr Holland – retired effective 31 March 2021; other payments include termination payment in line with retirement agreement

8 Mr Rivera – other payments include advance payment of portion of estimated Utilidades for 2020 and 2021 and a recognition award for 2021. Pre-payments or advance payments are common practice in Peru but not common practice anywhere else in the Group. Benefit includes use of a Company-owned vehicle

9 Mr Baku – resigned on 31 December 2021. Other payments for 2020 relate to leave encashment and leave travel allowance, and termination payment and leave encashment for 2021. Benefit includes use of a Company-owned vehicle

10 Mr Mattison – other payments for 2021 relate to forced leave encashment in accordance with Company policy

11 Ms Leishman – other payments for 2021 relate to forced leave encashment in accordance with Company policy, and for 2020 relate to an approved bonus for handover to newly appointed Company Secretary, for her role as acting Company Secretary

12 Mr Mathews – other payments for 2021 and 2020 relate to bonus payment for most improved and best operation bonus scheme. May avail of companyprovided local transportation at operations, on non-exclusive basis

13 Mr Preece may avail of Company-provided local transportation at operations, on non-exclusive basis

14 Ms Bardien – elected prior to the determination of the annual performance bonus for 2020, in line with the rules of the MSR Policy, to defer 40% of her 2020 cash bonus (US$78,398) into Restricted Shares. Prior to such election her full calculated annual performance bonus for 2020 was US$195,995

Remuneration report continued

Unvested award and cash-flow on settlement

	Openingnumber ofawards on1 January	Granted/enhancedvesting during	Forfeited/lapsed	Vested	Closingnumber on31 December
Executive	2020	2020	during 2020	during 2020	2020
CI Griffith
2021 Performance Shares PS14	—	—	—	—	—
TOTAL

NJ Holland
2017 Performance shares PS10	370,042	296,034		666,076	—
2017 MSR Matching Shares	244,574	—	—	244,574	—
2018 Performance Shares PS11	380,207	—	—	—	380,207
2019 Performance Shares PS12	163,966	—	—	—	163,966
2020 Performance Shares PS13	—	282,734	—	—	282,734
2021 Performance Shares PS14	—	—	—	—	—
TOTAL

PA Schmidt
2017 Performance shares PS10	178,808	143,046	—	321,854
2017 MSR Matching Shares	40,850	—	—	—	40,850
2018 Performance Shares PS11	278,594	—	—	—	278,594
2018 MSR Matching Shares	24,285	—	—	—	24,285
2019 Performance Shares PS12	238,268	—	—	—	238,268
2020 Performance Shares PS13	—	182,429	—	—	182,429
2021 Performance Shares PS14	—	—	—	—	—
TOTAL

L Rivera
2017 Performance shares PS10	67,182	53,746	—	120,928
2018 Performance Shares PS11	196,218		—	—	196,218
2019 Performance Shares PS12	176,981		—	—	176,981
2020 Performance Shares PS13	—	102,253	—	—	102,253
2021 Performance Shares PS14
2021 MSR Matching Shares
TOTAL

A Baku
2017 Performance shares PS10	156,967	125,574	—	282,541
2017 Retention Share PS10 – Damang	133,311	—	—	133,311
2017 MSR Matching Shares	13,468	—	—	—	13,468
2018 Performance Shares PS11	305,617	—	—	—	305,617
2018 MSR Matching Shares	4,489	—	—	—	4,489
2019 Performance Shares PS12	275,653	—	—	—	275,653
2020 Performance Shares PS13	—	106,176	—	—	106,176
2021 Performance Shares PS14
TOTAL

NA Chohan
2017 Performance shares PS10	70,907	56,726	—	127,633	—
2017 MSR Matching Shares	14,008	—	—	—	14,008
2018 Performance Shares PS11	149,513		—	—	149,513
2018 MSR Matching Shares*	10,770		—	—	10,770
2019 Performance Shares PS12	126,392				126,392
2019 MSR Matching Shares*	4,000		—	—	4,000
2020 MSR Matching Shares	—	2,878	—	—	2,878
2020 Performance Shares PS13	—	72,478	—	—	72,478
2021 Performance Shares PS14
TOTAL

Cash valueon settlementduring 2020US$	estimated fair31 Dec 2020	ClosingGranted/value atenhancedvesting duringUS$2021	Fair value atgrant dateUS$	Forfeited/lapsedduring 2021	Vestedduring 2021	Closingnumber on31 Dec 2021	Cash value onsettlementduring 2021US$	Closingestimated fairvalue at31 Dec 2021US$
—		—110,068	934,634	—		—110,068	—	1,090,264
—		—					—	1,090,264

3,818,897		——	—	—		——	—	—
2,267,201		——	—	—		——	—	—
——	6,729,8462,856,929	380,207—	3,228,362—	22,773	760,414	——141,193	6,456,725—	—2,458,536
—	4,092,244	—	—	133,513		—149,221	—	2,831,706
—		—250,680	2,128,631	201,937		—48,743	—	482,817
6,086,098	13,679,019						6,456,725	5,290,242

1,845,326		——	—	—		——	—	—
	376,596	—	—	—	40,850	—	363,409	—
	4,931,248223,883	278,594—	2,365,560—	—606	557,18823,679	——	4,731,119210,653	——
—	4,151,560	—	—	—		—238,268	—	4,148,863
	2,640,446	—	—	—		—182,429	—	3,461,881
—		—119,925	1,018,334	—		—119,925	—	1,187,901
1,845,326	12,323,734						5,305,181	8,798,645

693,332		——	—	—		——	—	—
—	3,473,153	196,218	1,666,100	—	392,436	—	3,332,200	—
—	3,083,701	—	—	—		—176,981	—	3,081,697
—	1,479,993	—91,606	——	——		—102,253—91,606	——	1,940,414907,391
		27,935	—	—		—27,935	—	291,270
693,332	8,036,846						3,332,200	6,220,772

1,619,928		—	—	—		——	—	—
764,329		—	—	—		——	—	—
——	124,1615,409,568	—305,617	—2,595,014	——	611,234	—13,468—	—5,190,028	140,427—
—		41,384—	—	—		—4,489	—	46,805
—	4,802,953	—	—	—		—275,653	—	4,799,832
—	1,536,773	—	—	23,595		—82,581	—	1,567,106
2,384,256	11,914,840	142,682	—	79,268		—63,414	—5,190,028	628,1397,182,310


731,774—	129,140	———	——	——	14,008	———	—153,905	——
—	2,646,452	149,513	1,269,525		299,026	—	2,539,049	—
—		99,289—	—	5,296	5,474	—	60,143	—
—	2,202,243	—	—	—		—126,392	—	2,200,812
——		36,876—26,532—	—	——	4,0002,878	——	43,94831,620	——
—	1,049,034	—	—	—		—72,478	—	1,375,386
		62,512	—	—		—62,512	—	619,204
731,774	6,189,566						2,828,666	4,195,402

Gold Fields Annual Financial Report including Governance Report 2021

Remuneration report continued

	Openingnumber of	Granted/			Closing
	awards on1 January	enhancedvesting during	Forfeited/lapsed	Vested	number on31 December
Executive	2020	2020	during 2020	during 2020	2020
A Nagaser
2017 Performance shares PS10	48,673	38,938	—	87,611
2018 Performance Shares PS11	102,633		—	—	102,633
2018 MSR Matching Shares*	3,722		—	—	3,722
2019 Performance Shares PS12	57,841		—	—	57,841
2019 Matching Shares	11,818		—	—	11,818
2020 Matching Shares	—	3,200	—	—	3,200
2020 Performance Shares PS13	—	53,222	—	—	53,222
2021 Performance Shares PS14

TOTAL

TL Leishman
2017 Performance shares PS10	95,126	76,101	—	171,227
2017 MSR Matching Shares	—	—	—	—	—
2018 Performance Shares PS11	150,434	—	—	—	150,434
2019 Performance Shares PS12	127,171	—	—		127,171
2019 MSR Matching Shares	3,333	—	—	—	3,333
2020 MSR Matching Shares	—	13,333	—	—	13,333
2020 Performance Shares PS13	—	72,926	—	—	72,926
2021 Performance Shares PS14
TOTAL


BJ Mattison
2017 Performance shares PS10	116,641	93,313	—	209,954
2017 MSR Matching Shares	14,368	—	—	—	14,368
2018 Performance Shares PS11	242,291	—	—	—	242,291
2018 MSR Matching Shares*	2,911	—	—	—	2,911
2019 Performance Shares PS12	155,412	—	—	—	155,412
2019 MSR Matching Shares	5,499	—	—	—	5,499
2020 MSR Matching Shares	—	6,666	—	—	6,666
2020 Performance Shares PS13	—	89,250	—	—	89,250
2021 Performance Shares PS14
TOTAL


M Preece
2017 Performance shares PS10	53,462	42,770	—	96,232	—
2018 Performance Shares PS11	75,153	—	—	—	75,153
2019 Performance Shares PS12	60,276	—	—	—	60,276
2020 MSR Matching Shares	27,442	—	—	—	27,442
2020 Performance Shares PS13	69,130	—	—	—	69,130
2021 Performance Shares PS14	—	—	—	—	—
TOTAL

R Butcher
2017 Performance shares PS10	98,389	78,711	—	177,100
2018 Performance Shares PS11	98,523	—	—	—	98,523
2019 Performance Shares PS12	81,368	—	—	—	81,368
2020 MSR Matching Shares	—	12,675	—	—	12,675
2020 Performance Shares PS13	—	46,937	—	—	46,937

2021 Performance Shares PS14
2021 MSR Matching Shares
TOTAL

Cash valueon settlementduring 2020US$	Closingestimated fairvalue at31 Dec 2020US$	Granted/enhancedvesting during2021	Fair value atgrant dateUS$	Forfeited/lapsedduring 2021	Vestedduring 2021	Closingnumber on31 Dec 2021	Cash value onsettlementduring 2021US$	Closingestimated fairvalue at31 Dec 2021US$

502,311		—	—	—	—	—	—	—
——	1,816,65334,313	102,633—	871,463—	——	205,2663,722	——	1,742,92733,112	——
—	1,007,816	—	—	—	—	57,841	—	1,007,162
—	108,950	—	—	548	11,270	—	100,260	—
—	29,501	—	—		3,200	—	28,468	—
—	770,326	—	—	—	—	53,222	—	1,009,972
502,311	3,767,560	30,602				30,602	1,904,766	303,1242,320,258

981,717		—	—	—	—	—	—	—
—	—	—	—	—	—	—	—	—
—	2,662,754	150,434	1,277,345	—	300,868	—	2,554,690	—
	2,215,816	—	—	—	—	127,171	—	2,214,376
—	30,727	—	—	—	3,333	—	29,651	—
—	122,917	—	—	454	12,879	—	114,574	—
—	1,055,519	—62,898	—	—	—	72,92662,898	—	1,383,887623,028
981,717	6,087,732						2,698,915	4,221,291
1,203,756—	132,459	——	——	—1,450	—12,918	——	—114,921	—
—	4,288,667	242,291	2,057,309	—	484,582	—	4,114,617	——
—	26,837	—	—	—	2,911	—	25,897	—
—	2,707,885	—	—	—	—	155,412	—	2,706,125
—	50,695	—	—	—	5,499	—	48,920	—
——	61,4541,291,789	——	——	——	6,666—	—89,250	59,302—	—1,693,661
		78,230				78,230		774,897
1,203,756	8,559,785						4,363,657	5,174,683

551,739	—	—	—	—	—	—	—	—
——	1,330,2441,050,244	75,153—	638,129—	——	150,306—	—60,276	1,276,258—	—1,049,561
—	252,988	—	—	—	—	27,442	—	286,130
—	1,000,576	—	—	—	—	69,130	—	1,311,852
—	—	89,436				89,436		885,896
551,739	3,634,051						1,276,258	3,533,439

1,015,390—	—1,743,904	—98,523	—836,565	——	—197,046	——	—1,673,130	——
—	1,417,749	—	—	—	—	81,368	—	1,416,828
—	116,851	—	—	—	—	12,675	—	132,158
—	679,358	—	—	—	—	46,937	—	890,704
		45,449	—	—	—	45,449	—	450,189
1,015,390	3,957,862	1,089	—	—	—	1,086	—1,673,130	11,3232,901,203

Remuneration report continued

	Openingnumber of	Granted/			Closing
Executive	awards on1 January2020	enhancedvesting during2020	Forfeited/lapsedduring 2020	Vestedduring 2020	number on31 December2020
S Mathews
2017 Performance shares PS10	107,533	86,026	—	193,559	—
2018 Performance Shares PS11	161,520	—	—	—	161,520
2019 Performance Shares PS12	109,577	—	—	—	109,577
2020 Performance Shares PS13	—	90,471	—	—	90,471
2021 Performance Shares PS14
2021 MSR Matching Shares
TOTAL

R Bardien
2018 Performance Shares PS11	81,760		—	—	81,760
2019 Performance Shares PS12	69,117		—	—	69,117
2020 MSR Matching Shares	—	4,844	—	—	4,844
2020 Performance Shares PS13	—	63,597	—	—	63,597
2021 Performance Shares PS14
2021 MSR Matching Shares

TOTAL — 3,616,629 1,388,459 3,054,745

a. Mr Holland and Mr Baku exited the Company during 2021. The balances reflected above are adjusted in accordance with their approved separation terms for vestings over the next three years

b. PS11/2018 performance shares awarded in February 2018 (effective 1 March 2018) vested in February 2021, with an estimated vesting in 2020 of 192% and actual vesting of 200% in 2021

c. PS12/2019 performance shares awarded effective 1 March 2019 vesting in February 2022 were valued with an estimated vesting of 189% in 2020 and 167% in 2021

d. PS13/2020 performance shares awarded (effective 1 March 2020) vesting in February 2023 were valued with an estimated vesting of 157% in 2020 and 182% in 2021

e. PS14/2021 performance shares awarded (effective 1 March 2021) vesting in February 2024 were valued with an estimated vesting of 95% in 2021

f. All matching shares awarded were valued with an estimated vesting of 100%

g. Executives who were settled with matching shares in 2021 were also settled with restricted shares, if any held, in line with the MSR Policy

h. The restriction on number of matching shares was applied on the value of shares and not number of shares, prior to an amendment to the policy in August 2021. This is relevant for executives who have met and exceeded their target holdings

i. The 20-day vwap for determining the value of the unvested awards as at 31 December 2020 is US$9.22, and US$10.43 for unvested awards as at 31 December 2021

j. Share prices used are based on the ADR share price

Closingestimated fairvalue at31 Dec 2021US$	Cash value onsettlementduring 2021US$	Closingnumber on31 Dec 2021	Vestedduring 2021	Forfeited/lapsedduring 2021	Fair value atgrant dateUS$	Granted/enhancedvesting during2021	Closingestimated fairvalue at31 Dec 2020US$	Cash valueon settlementduring 2020US$
—	—	—	—	—	—	—	—	1,109,756
—	2,742,954	—	323,040	—	1,371,477	161,520	2,858,982	—
1,908,019	—	109,577	—	—	—	—	1,909,260	—
1,716,831	—	90,471	—	—	—	—	1,309,462	—
867,740	—	87,603	—	—	—	87,603
75,406	—	7,232	—	—	—	7,232
4,567,996	2,742,954						6,077,703	1,109,756
	1,388,459	—	163,520	—	694,229	81,760	1,447,191	—
1,203,506	—	69,117	—	—	—		1,204,288	—
50,507	—	4,844	—	—	—	—	44,657	—
1,206,854	—	63,597	—	—	—	—	920,492	—
543,329	—	54,852				54,852
50,549	—	4,848				4,848
3,054,745	1,388,459						3,616,629	—

Remuneration Report continued

NON-BINDING ADVISORY VOTE – IMPLEMENTATION REPORT

As set out in King IV, shareholders are required to cast a non-binding advisory vote on the Implementation Report at Gold Fields' AGM on 1 June 2022.

Should there be a 25% or higher vote against the adoption of the above, we will embark upon a process of shareholder engagement to understand the drivers of the dissenting votes, and to discuss potential remedial measures.

NON-EXECUTIVE DIRECTOR FEES – ALL FIGURES US$'000

NEDs were paid the following committee and Board fees as approved by shareholders on 6 May 2021 for the period 1 June 2021 to 31 May 2022.

		Gold Fields Limited Board Fees2021 and 2020	Subsidiary Board fees2021 and 2020
Name	2021Directors'fees	2021Committeefees	2021TotalBoardfees	2020TotalBoardfees	2021Totalsubsidiaryfees	2020Totalsubsidiaryfees
CA Carolus	223.74	—	223.74	194.92
RP Menell1	27.94	—	27.94	126.89
YGH Suleman	73.44	75.57	149.00	127.66
PJ Bacchus	83.14	90.17	173.31	164.55
SP Reid2	104.49	47.75	152.24	136.78	36.83	34.96
TP Goodlace3	73.44	56.94	130.38	107.50
A Andani4	83.14	50.19	133.33	122.36	74.02	69.68
C Letton5	34.36	28.26	62.62	148.35
P Mahanyele-Dabengwa6	12.00	5.08	17.08	91.06
PG Sibiya7	61.44	43.20	104.64	—
JE McGill8	9.19	—	9.19	—

1 Mr Menell resigned from the Board on 10 March 2021

2 Mr Reid is a director of various subsidiaries in the Netherlands and Isle of Man. Fees are paid by Gold Fields Netherlands and Services BV and Orogen, respectively. Appointed as Lead Independent Director on 1 September 2021 with an all-inclusive Rand-based fee

3 Mr Goodlace appointed to Nominating Committee effective 23 November 2021. He was paid pro-rated fees for November 2021, plus the full monthly fee for December 2021, in February 2022

4 Mr Andani is a director of subsidiaries Gold Fields Ghana Limited and Gold Fields Abosso Limited. Appointed as Chairperson of the Capital Projects

Committee on 1 June 2021

5 Ms Letton resigned from the Board on 31 May 2021

6 Ms Mahanyele resigned from the Board on 28 February 2021

7 Ms Sibiya appointed to the Board on 1 March 2021

8 Ms McGill appointed to the Board on 22 November 2021 and only received Director fees for this period. Committee appointments took effect in February 2022

Management's Discussion and Analysis of the Financial Statements

The following management's discussion and analysis of the financial statements should be read together with the Gold Fields consolidated financial statements, including the notes accompanying these financial statements.

OVERVIEW

Gold Fields is a significant producer of gold and a major holder of gold reserves and resources in South Africa, Ghana, Australia and Peru. In Peru, Gold Fields also produces copper. In addition, Gold Fields has completed a feasibility study on the Salares Norte deposit in Chile and the final notice to proceed ("FNTP") was provided by the Board in February 2020 and construction commenced in April 2020. In Chile, Gold Fields will produce silver and gold. Gold Fields is primarily involved in underground and surface gold and surface copper mining and silver from 2023 and related activities, including exploration, extraction, processing and smelting.

Salares Norte made good progress in a year where construction activities were impacted by COVID-19 and severe weather conditions. Approximately 4% of the non-critical project completion was deferred to 2022 to preserve camp capacity for contractors employed on critical path activities given the COVID-19 restrictions in place. The detailed engineering, which was 97% complete at the end of 2020 was completed during the early months of 2021. Although the total project progress of 63% was slightly behind plan (67%) at 31 December 2021, all critical path items of the project have tracked the plan and the bulk of the equipment (97%) had been fabricated and delivered. Pre-stripping of the pit and construction of the processing plant commenced during January 2021, in line with the project's construction schedule. At 31 December 2021, 22.9Mt of earth had been moved, comfortably ahead of plan of 17.3Mt, while plant construction stood at 36% completion.

In 2021, the South African, Ghanaian (including Asanko), Peruvian and Australian operations produced 12%, 36%, 10% and 42% of its total gold production, respectively.

Gold Fields' economic interest in the South Deep mine in South Africa is 96.43%. Gold Fields also owns a 100% of the St Ives, Agnew, Granny Smith mines and 50% of the Gruyere gold mine in Australia, 90.0% of the Tarkwa and Damang mines in Ghana and 45% of the Asanko mine in Ghana. Gold Fields also owns 99.5% of the Cerro Corona mine in Peru.

Management's Discussion and Analysis of the Financial Statements continued

Reserves

As of 31 December 2021, Gold Fields reported attributable proved and probable gold and copper reserves of approximately 47 million ounces of gold and 474 million pounds of copper, as compared to the 50 million ounces of gold and 563 million pounds of copper reported as of 31 December 2020.

Gold production

	2021		2020		2019
Figures in thousands unless otherwise stated	Goldproduced –ozManaged	Goldproduced –ozAttributable	Goldproduced –ozManaged	Goldproduced –ozAttributable	Goldproduced –ozManaged	Goldproduced –ozAttributable
South Deep	292.6	282.2	226.9	226.9	222.1	222.1
South African region	292.6	282.2	226.9	226.9	222.1	222.1
Tarkwa	521.7	469.5	526.3	473.7	519.1	467.2
Damang	254.4	229.0	223.0	200.7	208.4	187.6
Asanko – 45%	94.6	94.6	112.5	112.5	113.0	113.0
Ghanaian region (including Asanko)	870.7	793.1	861.7	786.9	840.5	767.8
Ghanaian region (excluding Asanko)	776.1	698.5	749.3	674.4	727.5	654.8
Cerro Corona	248.3	247.0	207.1	206.1	292.7	291.3
South American region	248.3	247.0	207.1	206.1	292.7	291.3
St Ives	393.0	393.0	384.9	384.9	370.6	370.6
Agnew	223.0	223.0	233.3	233.3	219.4	219.4
Granny Smith	279.2	279.2	269.6	269.6	274.8	274.8
Gruyere – 50%	123.3	123.3	129.1	129.1	49.5	49.5
Australian region	1,018.5	1,018.5	1,016.8	1,016.8	914.3	914.3
Total Group (including Asanko)	2,430.1	2,340.8	2,312.4	2,236.7	2,269.5	2,195.4
Total Group (excluding Asanko)	2,335.5	2,246.2	2,200.0	2,124.2	2,156.5	2,082.4

Managed gold production for the Group (including Asanko) was 2,430 million ounces (2020: 2,312 million ounces and 2019: 2,270 million ounces) of gold equivalents in 2021, 2,341 million ounces (2020: 2,237 million ounces and 2019: 2,195 million ounces) of which were attributable to Gold Fields with the remainder attributable to non-controlling shareholders in Ghana and Peru.

Managed gold production for the Group (excluding Asanko) was 2,336 million ounces (2020: 2,200 million ounces and 2019: 2,157 million ounces) of gold equivalents in 2021, 2,246 million ounces (2020: 2,124 million ounces and 2019: 2,082 million ounces ) of which were attributable to Gold Fields with the remainder attributable to non-controlling shareholders in Ghana, Peru and South Deep.

At South Deep in South Africa, production increased by 29% from 7,056 kilograms (226,900 ounces) in 2020 to 9,102 kilograms (292,600 ounces) in 2021 due to improved volumes mined and processed and lower Covid-19 related losses in 2021. The increase was also due to the productivity improvement programmes introduced in 2019 sustainably delivering results, despite three waves of COVID-19 related interruptions during 2021. It is estimated that South Deep lost approximately 300 kilograms (9,300 ounces) due to Covid-19 related stoppages in 2021 compared to 1,000 kilograms (32,000 ounces) in 2020.

At the Ghanaian operations (including Asanko), gold production increased by 1% from 861,700 ounces in 2020 to 870,700 ounces in 2021, mainly due to increased production at Damang as mining progressed into the main ore body at the Damang Pit Cutback and a full year of commercial levels of production in 2021 as opposed to half a year in 2020 after completing the project stage. At the Ghanaian operations (excluding Asanko), gold production increased by 4% from 749,300 ounces in 2020 to 776,100 ounces in 2021, mainly due to increased production at Damang as explained above. At Tarkwa, gold production decreased by 1% from 526,300 ounces in 2020 to 521,700 ounces in 2021 mainly due to lower tonnes processed. At Damang, gold production increased by 14% from 223,000 ounces in 2020 to 254,400 ounces in 2021 mainly due to higher yield as a result of higher grade tonnes produced. At Asanko, gold production attributable to Gold Fields decreased by 16% from 112,500 ounces in 2020 to 94,600 ounces in 2021 mainly due to lower yield.

Gold equivalent production at Cerro Corona increased by 20% from 207,100 ounces in 2020 to 248,300 ounces in 2021 mainly due to the higher price factor (41,000 ounces). It is estimated that Cerro Corona lost approximately 20,000 ounces gold production due to Covid-19 related stoppages compared to 46,000 ounces in 2020.

At the Australian operations, gold production increased marginally from 1,016,800 ounces in 2020 to 1,018,500 ounces in 2021. St Ives' gold production increased by 2% from 384,900 ounces in 2020 to 393,000 ounces in 2021 due to an increase in yield, partially offset by decreased tonnes processed. At Agnew, gold production decreased by 4% from 233,300 ounces in 2020 to 223,000 ounces in 2021 due to decreased ore tonnes processed, partially offset by an increase in yield. At Granny Smith, gold production increased by 4% from 269,600 ounces in 2020 to 279,200 ounces in 2021 due to an increase in yield, partially offset by decreased ore tonnes processed. At Gruyere, gold production attributable to Gold Fields decreased by 5% from 129,100 ounces in 2020 to 123,300 ounces in 2021 due to a decrease in grade of ore mined and processed.

NON-IFRS MEASURES

The Annual Financial Report contains certain non-IFRS financial measures in respect of the Group's financial performance, the statement of financial position and cash flows presented in order to provide users with relevant information and measures used by the Group to assess performance. Non-IFRS financial measures are financial measures other than those defined or specified under all relevant accounting standards. To the extent that these measures are not extracted from the segment disclosure included in the audited consolidated financial statements of Gold Fields Limited for the year ended 31 December 2021, these measures constitute pro forma financial information in terms of the JSE Listings Requirements and are the responsibility of the Group's Board of Directors. They are presented for illustrative purposes only and due to their nature may not fairly present Gold Fields' financial position, changes in equity, results of operations or cash flows. In addition, these measures may not be comparable to similarly titled measures used by other companies. The following table sets out the non-IFRS financial measures disclosed throughout the Annual Financial Report and where they are reconciled to IFRS:

Non-IFRS measure	Purpose of measure	Reference to wherereconciled to IFRS
All-in sustaining costs ("AISC")	Intended to provide transparency into the costs associated withproducing and selling an ounce of gold.	p68
All-in costs ("AIC")	Intended to provide transparency into the costs associated withproducing and selling an ounce of gold (including growth capital).	p68
Adjusted EBITDA;
Net debt;
Net debt (excluding lease liabilities); and	Used in the ratio to monitor the capital of the Group.	p129 and p214
Net debt to adjusted EBITDA
Adjusted free cash flow	Used to measure the cash generated by the core business.	p122
Adjusted free cash flow for LTIP purposesand adjusted free cash flow margin for LTIPpurposes	Used as a key metric in the determination of the long-termincentive plan.	p75
Sustaining and non-sustaining capitalexpenditure	Used in the determination of AISC and AIC.	p69
Normalised profit attributable to owners ofthe parent and normalised profit per shareattributable to owners of the parent	Forms the basis of the dividend pay-out policy.	p97
report thereon.	This pro-forma financial information has been reported on by the Group's auditors, being PricewaterhouseCoopers Inc. Refer pages 243 to 244 for their unqualified reporting accountant's

Management's Discussion and Analysis of the Financial Statements continued

REVENUES

Substantially all of Gold Fields' revenues are derived from the sale of gold and copper. As a result, Gold Fields' revenues are directly related to the prices of gold and copper. Historically, the prices of gold and copper have fluctuated widely. The gold and copper prices are affected by numerous factors over which Gold Fields does not have control. The volatility of gold and copper prices is illustrated in the following tables, which show the annual high, low and average of the London afternoon fixing price of gold and the London Metal Exchange ("LME") cash settlement price for copper in US Dollar for the past 12 calendar years (2010 to 2021):

		Price per ounce1
	High	Low	Average
Gold		(US$/oz)
2010	1,421	1,058	1,224
2011	1,895	1,319	1,571
2012	1,792	1,540	1,669
2013	1,694	1,192	1,409
2014	1,385	1,142	1,266
2015	1,296	1,060	1,167
2016	1,355	1,077	1,250
2017	1,346	1,151	1,257
2018	1,355	1,178	1,269
2019	1,546	1,270	1,393
2020	2,067	1,474	1,770
2021	1,943	1,684	1,799

Source: I-Net

1 Rounded to the nearest US Dollar.

On 17 March 2022, the London afternoon fixing price of gold was US$1,950/oz.

	Price per tonne1
	High	Low	Average
		(US$/t)
Copper
2010	9,740	6,091	7,539
2011	9,986	7,062	8,836
2012	8,658	7,252	7,951
2013	8,243	6,638	7,324
2014	7,440	6,306	6,861
2015	6,401	4,347	5,376
2016	5,936	4,311	4,863
2017	7,216	5,466	6,166
2018	7,263	5,823	6,539
2019	6,572	5,537	6,000
2020	7,964	4,618	6,175
2021	10,725	7,756	9,318

Source: I-Net

1 Rounded to the nearest US Dollar.

On 17 March 2022, the LME cash settlement price for copper was US$10,166/t.

Gold Fields sells the gold it produces at market prices to obtain the maximum benefit from prevailing gold prices. As a general rule, Gold Fields does not enter into hedging arrangements such as forward sales or derivatives which establish a price in advance for the sale of its future gold production. However, hedges can be undertaken in one or more of the following circumstances:

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

Significant changes in the prices of gold and copper over a sustained period of time may lead Gold Fields to increase or decrease its production in the near term, which could have a material impact on Gold Fields' revenues.

Sales of copper concentrate are "provisionally priced" – that is, the selling price is subject to final adjustment at the end of a period normally ranging from 30 to 90 days after delivery to the customer, based on market prices at the relevant quotation points stipulated in the contract.

Revenue on provisionally priced copper concentrate sales is recorded on the date of shipment, net of refining and treatment charges, using the forward LME price to the estimated final pricing date, adjusted for the specific terms of the agreements. Variations between the price used to recognise revenue and the actual final price received can be caused by changes in prevailing copper and gold prices. Changes in the fair value as a result of changes in forward metal prices are classified as provisional price adjustments and included as a component of revenue.

Gold Fields' realised gold and copper prices

The following table sets out the average, the high and the low London afternoon fixing price per ounce of gold and Gold Fields' average US Dollar realised gold price during the past three years.

Realised gold price1	2021	2020	2019
Average	1,799	1,770	1,393
High	1,943	2,067	1,546
Low	1,684	1,474	1,270
Gold Fields' average realised gold price2	1,794	1,768	1,388

1 Prices stated per ounce.

2 Gold Fields' average realised gold price may differ from the average gold price due to the timing of its sales of gold within each year.

The following table sets out the average, the high and the low LME cash settlement price per tonne for copper and Gold Fields' average US Dollar realised copper price during the past three years.

Realised copper price1	2021	2020	2019
Average	9,318	6,175	6,000
High	10,725	7,964	6,572
Low	7,756	4,618	5,537
Gold Fields' average realised copper price2	9,315	6,184	5,996

1 Prices stated per tonne.

2 Gold Fields' average realised copper price may differ from the average copper price due to the timing of its sales of copper within each year.

PRODUCTION

Gold Fields' revenues are primarily driven by its production levels and the price it realises on the sale of gold. Production levels are affected by a number of factors, some of which are described below. Total managed production for the Group (including Asanko) increased by 5% from 2,312 million ounces in 2020 to 2,430 million ounces in 2021. Total managed production (excluding Asanko) increased by 6% from 2,200 million ounces in 2020 to 2,336 million ounces in 2021.

LABOUR IMPACT

In recent years, Gold Fields has not experienced union activity in the countries in which it operates.

Over the years, Gold Fields has sought to develop relationships with trade unions that are supportive of the delivery of our business objectives, and the Group remains committed to this engagement.

There were no work stoppages as a result of strikes during 2020 and 2021 at any of the Gold Fields operations.

Management's Discussion and Analysis of the Financial Statements continued

HEALTH AND SAFETY IMPACT

Gold Fields' operations are also subject to various health and safety laws and regulations that impose various duties on Gold Fields' mines while granting the authorities broad powers to, among other things, close or suspend operations at unsafe mines and order corrective action relating to health and safety matters. Additionally, it is Gold Fields' policy to halt production at its operations when serious accidents occur in order to rectify dangerous situations and, if necessary, retrain workers. During 2021, Gold Fields' operations suffered three work safety-related stoppages at South Deep, all of which related to unsafe conditions. In South Africa, Gold Fields has actively engaged with the Department of Mineral Resources ("DMR") on the protocols applied to safety-related mine closures.

Amid the Covid-19 pandemic, the Group strengthened its efforts to protect the workforce and assist the communities and governments in mitigating the impact of the pandemic. During 2021, the operations spent approximately US$27 million on Covid-19-related initiatives and interventions such as specialised camp accommodation, testing equipment and facilities, additional labour costs and transport facilities. A further US$2 million was spent on donations to assist governments and communities in their fight against the pandemic. In 2020, the respective figures were US$30 million and US$3 million.

Gold Fields expects that should the above factors continue, production levels and costs in the future will be impacted.

COSTS

Over the last three years, Gold Fields' production costs consisted primarily of labour and contractor costs, power, water and consumable stores, which include explosives, diesel fuel, other petroleum products and other consumables. Gold Fields expects that its total costs, particularly the input costs noted above, are likely to continue to increase in the near future driven by general economic trends, market dynamics and other regulatory changes.

In order to counter the effect of increasing costs in the mining industry, the Group rationalised and prioritised capital expenditure without undermining the sustainability of its operations and continued prioritisation of cash generation over production volumes. The Group also undertook further reductions in labour costs.

South Africa region

The Gold Fields' South African operation is labour intensive due to the use of deep level underground mining methods. As a result, over the last three fiscal years labour has represented on average 30% of AIC, as defined on page 68, at the South African operation. In 2021, labour represented 27% of AIC at the South African operation.

At the South African operation, power and water made up on average 10% of AIC over the last three years. In 2021, power and water costs made up 10% of AIC.

Gold Fields' South Deep mining operation depends on electrical power generated by the state-owned power provider Eskom which is regulated by the National Energy Regulator of South Africa ("NERSA"). Eskom tariffs are determined through a consultative multi-year price determination ("MYPD") process, with occasional tariff increase adjustments under the NERSA regulated Regulatory Clearing Account ("RCA") mechanism. In the most recent MYPD process, NERSA granted Eskom tariff increases of 8.1% (later adding an additional 0.66%) for the period 2020 to 2021 and 15.06% for the period 2021 to 2022 (it was initially 5.22% and later increased by 9.84%) and 9.61% for the period 2022 to 2023 (initially 3.49% with 6.12% added).

South Deep commenced with the construction of a R715 million solar power plant in 2021. The plant will provide the mine with about a quarter of its power requirements and save it over R120 million a year in electricity costs. In Q4 2021 the capacity of the plant was increased from 40MW to 50MW. It is scheduled to be completed in 2022.

Eskom coal-fired power stations' performance continues to deteriorate. During load shedding periods, Eskom burns significant amounts of diesel to run their gas turbines and calls on large power users to curtail power demand. The extended use of these gas turbines will lead to Eskom requesting further tariff increases. Further tariff increases may lead to lower power demand as consumers switch to alternate electricity and energy sources, which may place a significant additional tariff burden to those remaining on the grid. Government has now acknowledged that Eskom is the single biggest risk to the economy and that the Eskom business model is obsolete. In February 2019, the President of South Africa announced the vertical unbundling of Eskom. It is anticipated that the unbundling of Eskom Transmission will be concluded in October 2022, the division will operate as a subsidiary of Eskom as the National Transmission Company. According to previous communication, which suggested that the unbundling of Generation and Distribution will occur after a year of the unbundling of Transmission, it is expected that the unbundling of Generation and Distribution will be concluded by October 2023. It is expected that these processes will take time to implement, causing continued poor reliability of the supply of electricity, instability in prices and a possible increase in the tariff in the future.

West Africa region

In Ghana, Tarkwa and Damang mines are primarily supplied power by an independent power producer with on-site gas turbines through a long-term power purchase agreement. Prior to installation of the on-site turbines, Tarkwa and Damang were supplied power by Volta River Authority ("VRA") and Electricity Company of Ghana ("ECG"), respectively. The supply provided by the VRA and ECG was unreliable and in order to reduce their reliance on power supplied by the VRA and ECG, Tarkwa and Damang entered into a power purchasing agreement with the above independent power producer. Both VRA and ECG now serve as back supply for the Tarkwa and Damang mines, respectively. The independent power supply accounts for some 95% of the electricity consumed at Tarkwa mine and 100% at Damang mine with a 27.5 megawatt power plant at Damang and a 44 megawatt power plant at Tarkwa mine.

While Tarkwa has electricity supplied by an independent power producer, it experienced challenges with frequent power surges from the grid, which caused some delays in the process plant. During 2019, the independent power producer commissioned a 77km buried gas pipeline to supply Tarkwa and Damang with natural gas, instead of trucking in liquid petroleum gas via national roads.

Power and water costs represented on average 4% of AIC at Tarkwa over the last three years, and 3% of AIC during 2021. Over the last three years, power and water costs represented on average 7% of AIC at Damang with 7% in 2021.

Contractor costs represented on average 29% of AIC at Tarkwa over the last three years, and 26% of AIC during 2021. Over the last three years, contractor costs represented on average 45% of AIC at Damang with 51% in 2021. Following the restructuring concluded in the first half of 2016 in Damang and first quarter of 2018 for Tarkwa, the direct labour cost decreased as all mining and development is performed by outside contractors. Direct labour costs represent on average a further 10% of AIC at Tarkwa over the last three years and 10% in 2021. Over the last three years, direct labour costs represented on average 12% at Damang and 14% in 2021.

South American region

At Cerro Corona, contractor costs represented on average 27% of AIC over the last three years and 30% of AIC during 2021. Direct labour costs represent on average a further 17% of AIC over the last three years and 16% in 2021. Power and water made up on average a further 5% of AIC over the last three years and 4% in 2021.

Management's Discussion and Analysis of the Financial Statements continued

Australia region

At the Australian operations, mining operations were historically conducted by outside contractors. However, at Agnew, owner mining is conducted at the underground operations, while development is conducted by outside contractors. At St Ives, owner mining is conducted at the underground and surface operations, but development is still conducted by contractors. Over the last three years, total contractor costs represented on average 27% at St Ives and 27% at Agnew of AIC and direct labour costs represented on average a further 12% at St Ives and 13% at Agnew of AIC. In 2021, contractors and direct labour costs represented 28% and 12% at St Ives and 26% and 11% at Agnew, respectively. Power and water made up, on average, a further 5% and 2% of AIC over the last three years and 5% and 1% of AIC in 2021 at St Ives and Agnew, respectively. At Granny Smith, mining operations and development are conducted through owner mining. Over the last three years, contractors and direct labour costs represented, on average, 10% and 20%, respectively, at Granny Smith. In 2021, contractors and direct labour costs represented 9% and 19% at Granny Smith. Power and water made up, on average, a further 5% of AIC over the last three years and 5% of AIC in 2021 at Granny Smith. At Gruyere, mining operations and development are conducted through owner mining. Over the last three years, contractors and direct labour costs represented, on average, 12% and 6%, respectively, at Gruyere. In 2021, contractors and direct labour costs represented 14% and 7% at Gruyere. Power and water made up a further 9% of AIC over the last three years and 9% in 2021 at Gruyere.

The remainder of Gold Fields' total costs consists primarily of amortisation and depreciation, exploration costs and selling, administration and general and corporate charges.

ALL-IN SUSTAINING AND ALL-IN COSTS

The World Gold Council has worked closely with its member companies to develop definitions for AISC and AIC. The World Gold Council is not a regulatory industry organisation and does not have the authority to develop accounting standards or disclosure requirements. Gold Fields ceased being a member of the World Gold Council in 2014. AISC and AIC are non-IFRS measures. These non-IFRS measures are intended to provide further transparency into the costs associated with producing and selling an ounce of gold. The new standard was released by the World Gold Council on 27 June 2013. It is expected that these metrics will be helpful to investors, governments, local communities and other stakeholders in understanding the economics of gold mining. The AISC incorporates costs related to sustaining current production. The AIC include additional costs which relate to the growth of the Group. AISC, as defined by the World Gold Council, are operating costs plus all costs not already included therein relating to sustaining current production, including sustaining capital expenditure. The value of by-product revenues such as silver and copper is deducted from operating costs as it effectively reduces the cost of gold production. AIC starts with AISC and adds additional costs which relate to the growth of the Group, including non-sustaining capital expenditure and exploration, evaluation and feasibility costs not associated with current operations.

On 14 November 2018, the World Gold Council published an update to its guidance note on the interpretation of all-in sustaining and all-in costs. The note provided additional clarity on what constitutes growth capital expenditure. Gold Fields has considered the new guidance note to ensure the interpretation of the guidelines is consistent with the additional guidance now available and has adopted it prospectively from 1 January 2019. One of the benefits of adopting the new standard is closer alignment of our cost reporting with existing practices in our sector.

AISC and AIC are reported on a per ounce of gold basis, net of by-product revenues (as per the World Gold Council definition) as well as on a per ounce of gold equivalent basis, gross of by-product revenues.

An investor should not consider AISC and AIC or operating costs in isolation or as alternatives to operating costs, cash flows from operating activities or any other measure of financial performance presented in accordance with International Financial Reporting Standards ("IFRS"). AISC and AIC as presented in this Annual Financial Report may not be comparable to other similarly titled measures of performance of other companies.

The tables on the following pages set out a reconciliation of Gold Fields' cost of sales before gold inventory change and amortisation and depreciation, as calculated in accordance with IFRS (refer to the consolidated financial statements), to its AISC and AIC net of by-product revenues per ounce of gold sold for 2021 and 2020. The following tables also set out AISC and AIC gross of by-product revenue on a gold equivalent ounce basis for 2021 and 2020.

United States Dollar

	AISC and AIC, net of by-product revenue per ounce of gold
	For the year ended 31 December 2021
Figures in millions unlessotherwise stated	SouthDeep	Tarkwa	Damang	Asanko145%	St Ives	Agnew	GrannySmith	Gruyere50%	CerroCorona	Corporateandprojects	TotalGroupincludingequityaccountedjoint venture	TotalGroupexcludingequityaccountedjoint venture
Cost of sales before goldinventory change andamortisation and depreciation	(312.2)	(339.7)	(222.0)	(115.0)	(268.4)	(168.2)	(191.3)	(92.5)	(190.0)	—	(1,899.4)	(1,784.4)
Gold inventory change	7.3	29.6	71.9	4.6	(5.1)	(4.3)	(2.1)	11.3	14.4	—	127.4	122.8
Royalties	(2.6)	(37.5)	(18.3)	(8.6)	(17.7)	(10.0)	(12.8)	(5.6)	(8.0)		(121.0)	(112.4)
Realised gains or losses oncommodity cost hedges7	—	0.2	—	—	0.3	0.1	0.2	—	—	—	0.9	0.9
Community/social responsibilitycosts7	(3.5)	(6.7)	(2.8)	—	—	—	—	—	(5.1)		(18.1)	(18.1)
Non-cashremuneration (share-basedpayments)	(0.3)	(2.1)	(0.1)	—	(0.6)	(0.5)	(0.5)	(0.2)	(1.5)	(6.6)	(12.6)	(12.6)
Cash remuneration (long-termemployee benefits)7	(3.4)	(6.6)	(2.0)	—	(3.6)	(2.4)	(3.4)	(1.8)	(1.0)	(3.7)	(27.9)	(27.9)
Other6,7	—	—	—	—	—	—	—	—	—	(18.6)	(18.6)	(18.6)
By-productrevenue2,7	0.7	1.5	0.2	0.3	1.1	0.4	0.2	0.6	232.3	—	237.3	237.0
Rehabilitation, amortisationand interest	—	(5.1)	(2.4)	(0.5)	(1.8)	(1.0)	(1.4)	(1.6)	(8.0)	—	(21.9)	(21.4)
Sustaining capitalexpenditure3,7	(68.9)	(209.0)	(17.4)	(13.0)	(89.7)	(56.3)	(64.3)	(42.2)	(27.6)	(0.7)	(589.1)	(576.1)
Lease payments7	(0.1)	(24.3)	(11.1)	(6.8)	(7.8)	(17.4)	(17.6)	(10.4)	(1.6)	(2.3)	(99.5)	(92.7)
Exploration, feasibility andevaluation costs	—	(3.0)	—	—	—	—	—	—	—	—	(3.0)	(3.0)
All-in sustaining costs4	(383.2)	(602.7)	(204.1)	(139.1)	(393.3)	(259.4)	(293.1)	(142.5)	3.8	(31.9)	(2,445.6)	(2,306.5)
Realised gains/losses on capitalcost hedges7	—	—	—	—	—	—	—	—	—	32.9	32.9	32.9
Non-cash remuneration(share-based payments)	—	—	—	—	—	—	—	—	—	(0.1)	(0.1)	(0.1)
Cash remuneration (long-termemployee benefits)7	—	—	—	—	—	—	—	—	—	(0.6)	(0.6)	(0.6)
Other	—	—	—	—	—	—	—	—	—	(3.6)	(3.6)	(3.6)
Lease Payments7	—	—	—	—	—	—	—	—	—	(5.2)	(5.2)	(5.2)
Exploration, feasibility andevaluation costs5	—	—	(6.6)	(5.0)	—	—	—	—	(1.6)	(28.1)	(41.3)	(36.3)
Non-sustaining capitalexpenditure3,7	(20.4)	—	(6.0)	(7.5)	(13.6)	(31.9)	(36.1)	(1.5)	(28.1)	(374.9)	(520.1)	(512.6)
All-in costs4	(403.6)	(602.7)	(216.7)	(151.6)	(406.9)	(291.3)	(329.2)	(144.0)	(25.9)	(411.6)	(2,983.6)	(2,832.0)
Gold only ounces sold ('000oz)	292.6	521.7	254.4	97.2	391.1	222.8	283.6	124.4	113.0	—	2,300.8	2,203.6
All-in sustaining costs	(383.2)	(602.7)	(204.1)	(139.1)	(393.3)	(259.4)	(293.1)	(142.5)	3.8	(31.9)	(2,445.6)	(2,306.5)
All-in sustaining costs net ofby-product revenue per ounceof gold sold (US$/oz)	1,310	1,155	802	1,431	1,006	1,164	1,033	1,146	(34)	—	1,063	1,047
All-in costs	(403.6)	(602.7)	(216.7)	(151.6)	(406.9)	(291.3)	(329.2)	(144.0)	(25.9)	(411.6)	(2,983.6)	(2,832.0)
All-in costs net of by-productrevenue per ounce of goldsold (US$)	1,379	1,155	852	1,559	1,040	1,308	1,161	1,158	230	—	1,297	1,285

1 Equity-accounted joint venture.

2 By-product revenue at Cerro Corona relates to copper. For all the other operations, by-product revenue relates to silver.

3 Sustaining capital expenditure represents the majority of capital expenditures at existing operations, including underground mine development costs, ongoing replacement of mine equipment and other capital facilities and other capital expenditures at existing operations and is calculated as total capital expenditure of US$1,088.7 million per note 41 to the consolidated financial statements, less non-sustaining capital expenditures. Non-sustaining capital expenditures (or growth capital) represent capital expenditures for major growth projects as well as enhancement capital for significant infrastructure improvements at existing operations. The corporate and projects non-sustaining capital expenditure of US$374.9 million relates to the Salares Norte capital. 4 This total may not reflect the sum of the line items due to rounding.

5 Includes exploration, feasibility and evaluation and share of equity-accounted losses of Far Southeast Gold Resources Incorporated ("FSE").

6 Other includes offshore structure costs and management fees.

7 Based on information underlying the audited consolidated annual financial statements of Gold Fields Limited for the year ended 31 December 2021.

Management's Discussion and Analysis of the Financial Statements continued

United States Dollar
----------------------	--	--

		AISC and AIC, gross of by-product revenue per ounce of gold
		For the year ended 31 December 2021
Figures in millions unlessotherwise stated	SouthDeep	Tarkwa	Damang	Asanko145%	St Ives	Agnew	GrannySmith	Gruyere50%	CerroCorona	Corporateandprojects	TotalGroupincludingequityaccountedjoint venture	TotalGroupexcludingequityaccountedjoint venture
All-in sustaining costs (per tableabove)	(383.2)	(602.7)	(204.1)	(139.1)	(393.3)	(259.4)	(293.1)	(142.5)	3.8	(31.9)	(2,445.6)	(2,306.5)
Add back by-productrevenue2,4	(0.7)	(1.5)	(0.2)	(0.3)	(1.1)	(0.4)	(0.2)	(0.6)	(232.3)	—	(237.3)	(237.0)
All-in sustaining costs grossof by-product revenue3	(383.9)	(604.2)	(204.3)	(139.4)	(394.4)	(259.9)	(293.3)	(143.1)	(228.5)	(31.9)	(2,682.9)	(2,543.5)
All-in costs (per table above)	(403.6)	(602.7)	(216.7)	(151.6)	(406.9)	(291.3)	(329.2)	(144.0)	(25.9)	(411.6)	(2,983.6)	(2,832.0)
Add back by-productrevenue2,4	(0.7)	(1.5)	(0.2)	(0.3)	(1.1)	(0.4)	(0.2)	(0.6)	(232.3)	—	(237.3)	(237.0)
All-in costs gross of by-productrevenue3	(404.3)	(604.2)	(216.9)	(151.9)	(408.0)	(291.8)	(329.4)	(144.6)	(258.3)	(411.6)	(3,220.9)	(3,069.0)
Gold equivalent ounces sold	292.6	521.7	254.4	97.2	391.1	222.8	283.6	124.4	248.4	—	2,436.3	2,339.1
All-in sustaining costs grossof by-product revenue(US$/equivalent oz)	1,312	1,158	803	1,434	1,009	1,166	1,034	1,151	920	—	1,101	1,087
All-in costs gross of by-productrevenue (US$ equivalent oz)	1,381	1,158	852	1,562	1,043	1,310	1,161	1,163	1,040	—	1,322	1,312

1 Equity-accounted joint venture.

2 By-product revenue at Cerro Corona relates to copper. For all the other operations, by-product revenue relates to silver.

3 This total may not reflect the sum of the line items due to rounding.

4 Based on information underlying the audited consolidated annual financial statements of Gold Fields Limited for the year ended 31 December 2021.

United States Dollar

								AISC and AIC, net of by-product revenue per ounce of gold
								For the year ended 31 December 2020
Figures in millions unlessotherwise stated	SouthDeep	Tarkwa	Damang	Asanko145%	St Ives	Agnew	GrannySmith	Gruyere50%	CerroCorona	Corporateandprojects	TotalGroupincludingequityaccountedjoint venture	TotalGroupexcludingequityaccountedjoint venture
Cost of sales before goldinventory change andamortisation and depreciation	(227.2)	(294.5)	(233.1)	(107.1)	(240.7)	(157.3)	(170.2)	(73.4)	(158.3)	—	(1,661.9)	(1,554.6)
Gold inventory change	(1.8)	(2.4)	61.2	13.0	6.6	(5.4)	3.1	0.3	3.9	—	78.5	65.5
Royalties	(2.0)	(37.1)	(16.0)	(9.4)	(17.1)	(10.1)	(11.5)	(5.5)	(5.6)		(114.4)	(105.0)
Realised gains or losses oncommodity cost hedges	—	(4.7)	(2.1)	—	(1.6)	(1.1)	(0.7)	—	—	—	(10.2)	(10.2)
Community/social responsibilitycosts7	(0.7)	(5.9)	(2.0)	—	—	—	—	—	(3.9)		(12.4)	(12.4)
Non-cashremuneration (share-basedpayments)	0.6	(2.9)	—	—	(0.8)	(0.6)	(0.8)	(0.6)	(1.5)	(7.8)	(14.3)	(14.3)
Cash remuneration (long-termemployee benefits)	(6.1)	(8.8)	(3.9)	—	(6.4)	(4.5)	(5.0)	(1.7)	(5.3)	(7.5)	(49.2)	(49.2)
Other6,7	—	—	(1.0)	—	—	—	—	—	—	—	(1.0)	(1.0)
By-productrevenue2,7	0.6	1.3	0.1	0.4	0.9	0.3	0.2	0.4	144.1	—	148.3	147.9
Rehabilitation, amortisationand interest	(0.1)	(6.2)	(2.1)	(0.2)	(3.6)	(1.7)	(2.1)	(1.6)	(6.7)	—	(24.6)	(24.4)
Sustaining capitalexpenditure3,7	(43.9)	(147.2)	(13.8)	(12.9)	(61.9)	(43.5)	(47.3)	(26.8)	(23.6)	(1.1)	(422.0)	(409.1)
Lease payments	(0.1)	(26.5)	(11.9)	(5.9)	(7.5)	(13.6)	(14.3)	(8.9)	(1.1)	(1.9)	(91.8)	(85.9)
All-in sustaining costs4	(280.7)	(535.0)	(224.7)	(122.2)	(332.1)	(237.4)	(248.7)	(117.9)	(58.1)	(18.2)	(2,175.0)	(2,052.8)
Realised gains/losses on capitalcost hedges	—	—	—	—	—	—	—	—	—	5.2	5.2	5.2
Non-cash remuneration(share-based payments)	—	—	—	—	—	—	—	—	—	(0.2)	(0.2)	(0.2)
Cash remuneration (long-termemployee benefits)	—	—	—	—	—	—	—	—	—	(2.1)	(2.1)	(2.1)
Lease Payments	—	—	—	—	—	—	—	—	—	(0.9)	(0.9)	(0.9)
Exploration, feasibility andevaluation costs5	—	—	—	(3.9)	—	—	—	—	(1.4)	(31.4)	(36.8)	(32.9)
Non-sustaining capitalexpenditure3,7	(5.2)		(6.1)	(18.2)	(11.5)	(8.5)	(19.1)	(1.2)	(26.3)	(96.7)	(192.9)	(174.7)
All-in costs4	(285.9)	(535.0)	(230.8)	(144.4)	(343.6)	(245.9)	(267.9)	(119.1)	(85.9)	(144.3)	(2,402.7)	(2,258.3)
Gold only ounces sold ('000oz)	226.9	526.3	223.0	109.7	393.8	233.5	265.2	128.0	120.2	—	2,226.4	2,116.7
All-in sustaining costs	(280.7)	(535.0)	(224.7)	(122.2)	(332.1)	(237.4)	(248.7)	(117.9)	(58.1)	(18.2)	(2,175.0)	(2,052.8)
All-in sustaining costs net ofby-product revenue per ounceof gold sold (US$/oz)	1,237	1,017	1,008	1,114	843	1,017	938	921	484	—	977	970
All-in costs	(285.9)	(535.0)	(230.8)	(144.4)	(343.6)	(245.9)	(267.9)	(119.1)	(85.9)	(144.3)	(2,402.7)	(2,258.3)
All-in costs net of by-productrevenue per ounce of goldsold (US$)	1,260	1,017	1,035	1,316	873	1,053	1,010	931	715	—	1,079	1,067

1 Equity-accounted joint venture.

2 By-product revenue at Cerro Corona relates to copper. For all the other operations, by-product revenue relates to silver.

3 Sustaining capital expenditure represents the majority of capital expenditures at existing operations, including underground mine development costs, ongoing replacement of mine equipment and other capital facilities and other capital expenditures at existing operations and is calculated as total capital expenditure of US$583.7 million per note 41 to the consolidated financial statements, less non-sustaining capital expenditures. Non-sustaining capital expenditures (or growth capital) represent capital expenditures for major growth projects as well as enhancement capital for significant infrastructure improvements at existing operations.

4 This total may not reflect the sum of the line items due to rounding.

5 Includes exploration, feasibility and evaluation and share of equity-accounted losses of Far Southeast Gold Resources Incorporated ("FSE").

6 Other includes offshore structure costs and management fees.

7 Based on information underlying the audited consolidated annual financial statements of Gold Fields Limited for the year ended 31 December 2020.

Management's Discussion and Analysis of the Financial Statements continued

	United States Dollar
								AISC and AIC, gross of by-product revenue per ounce of gold
	For the year ended 31 December 2020
Figures in millions unlessotherwise stated	SouthDeep	Tarkwa	Damang	Asanko145%	St Ives	Agnew	GrannySmith	Gruyere50%	CerroCorona	Corporateandprojects	TotalGroupincludingequityaccountedjoint venture	TotalGroupexcludingequityaccountedjoint venture
All-in sustaining costs (per tableabove)	(280.7)	(535.0)	(224.7)	(122.2)	(332.1)	(237.4)	(248.7)	(117.9)	(58.1)	(18.2)	(2,175.0)	(2,052.8)
Add back by-productrevenue2,4	(0.6)	(1.3)	(0.1)	(0.4)	(0.9)	(0.3)	(0.2)	(0.4)	(144.1)	—	(148.3)	(147.8)
All-in sustaining costs gross ofby-product revenue3	(281.2)	(536.3)	(224.8)	(122.6)	(333.0)	(237.8)	(248.9)	(118.3)	(202.2)	(18.2)	(2,323.3)	(2,200.7)
All-in costs (per table above)	(285.9)	(535.0)	(230.8)	(144.4)	(343.6)	(245.9)	(267.9)	(119.1)	(85.9)	(144.3)	(2,402.7)	(2,258.3)
Add back by-productrevenue2,4	(0.6)	(1.3)	(0.1)	(0.4)	(0.9)	(0.3)	(0.2)	(0.4)	(144.1)	—	(148.3)	(147.8)
All-in costs gross of by-productrevenue3	(286.5)	(536.3)	(230.8)	(144.8)	(344.5)	(246.2)	(268.0)	(119.5)	(230.0)	(144.3)	(2,551.0)	(2,406.2)
Gold equivalent ounces sold	226.9	526.3	223.0	109.7	393.8	233.5	265.2	128.0	205.5	—	2,311.8	2,202.1
All-in sustaining costs gross ofby-product revenue (US$/equivalent oz)	1,240	1,019	1,008	1,118	846	1,018	938	925	984	—	1,005	999
All-in costs gross of by-productrevenue (US$ equivalent oz)	1,263	1,019	1,035	1,320	875	1,055	1,010	934	1,119	—	1,103	1,093

1 Equity-accounted joint venture.

2 By-product revenue at Cerro Corona relates to copper. For all the other operations, by-product revenue relates to silver.

3 This total may not reflect the sum of the line items due to rounding.

4 Based on information underlying the audited consolidated annual financial statements of Gold Fields Limited for the year ended 31 December 2020.

AISC AND AIC

AISC net of by-product revenues (including Asanko) increased by 9% from US$977 per ounce of gold in 2020 to US$1,063 per ounce of gold in 2021, mainly due to higher sustaining capital expenditure, higher cost of sales before amortisation and depreciation and higher royalties (due to higher gold price realised), partially offset by higher gold sold. AIC net of by-product revenues (including Asanko) increased by 20% from US$1,079 per ounce of gold in 2020 to US$1,297 per ounce of gold in 2021, mainly due to higher cost of sales before amortisation and depreciation, higher sustaining and non-sustaining capital expenditure and higher royalties, partially offset by higher gold sold.

AISC net of by-product revenues (excluding Asanko) increased by 8% from US$970 per ounce of gold in 2020 to US$1,047 per ounce of gold in 2021, mainly due to higher sustaining capital expenditure, higher cost of sales before amortisation and depreciation and higher royalties (due to higher gold price realised), partially offset by higher gold sold. AIC net of by-product revenues (excluding Asanko) increased by 20% from US$1,067 per ounce of gold in 2020 to US$1,285 per ounce of gold in 2021, mainly due to higher cost of sales before amortisation and depreciation, higher sustaining and non-sustaining capital expenditure and higher royalties, partially offset by higher gold sold.

AISC gross of by-product revenues (including Asanko) increased by 10% from US$1,005 per ounce of gold in 2020 to US$1,101 per ounce of gold in 2021, mainly due to higher sustaining capital expenditure, higher cost of sales before amortisation and depreciation and higher royalties (due to higher gold price realised), partially offset by higher gold sold. AIC gross of by-product revenues (including Asanko) increased by 20% from US$1,103 per ounce of gold in 2020 to US$1,322 per ounce of gold in 2021, mainly due to higher cost of sales before amortisation and depreciation, higher sustaining and non-sustaining capital expenditure and higher royalties, partially offset by higher gold sold.

AISC gross of by-product revenues (excluding Asanko) increased by 9% from US$999 per ounce of gold in 2020 to US$1,087 per ounce of gold in 2021, mainly due to higher sustaining capital expenditure, higher cost of sales before amortisation and depreciation and higher royalties (due to higher gold price realised), partially offset by higher gold sold. AIC gross of by-product revenues (excluding Asanko) increased by 20% from US$1,093 per ounce of gold in 2020 to US$1,312 per ounce of gold in 2021, mainly due to higher cost of sales before amortisation and depreciation, higher sustaining and non-sustaining capital expenditure and higher royalties, partially offset by higher gold sold.

Royalties paid increased by US$2 per ounce or 4% from US$51 per ounce in 2020 to US$53 per ounce in 2021.

Covid-19 related costs (such as specialised camp accommodation, testing equipment and facilities, additional labour costs and transport facilities) are estimated at approximately US$10 per ounce for 2021 and are included in the AISC and AIC.

The following tables set out a reconciliation of Gold Fields' cost of sales before gold inventory change and amortisation and depreciation, as calculated in accordance with IFRS (refer to the consolidated financial statements), to its AISC and AIC net of by-product revenues per ounce of gold sold for 2019. The following tables also set out AISC and AIC gross of by-product revenue on a gold equivalent ounce basis for 2019.

United States Dollar

								AISC and AIC, net of by-product revenue per ounce of gold
								For the year ended 31 December 2019
Figures in millions unless otherwisestated	SouthDeep	Tarkwa	Damang	Asanko145%	St Ives	Agnew	GrannySmith	Gruyere50%	CerroCorona	Corporateandprojects	TotalGroupincludingequityaccountedjoint venture	TotalGroupexcludingequityaccountedjoint venture
Cost of sales before goldinventory change andamortisation and depreciation	(245.9)	(329.8)	(150.4)	(87.0)	(231.2)	(164.5)	(156.9)	(19.1)	(168.4)	—	(1,553.4)	(1,466.4)
Gold inventory change	3.7	14.4	8.8	(1.4)	2.5	2.6	(0.3)	5.4	6.0	—	41.6	43.0
Royalties	(1.6)	(25.8)	(10.3)	(7.7)	(12.5)	(7.3)	(9.5)	(1.3)	(5.5)	—	(81.4)	(73.7)
Realised gains or losses oncommodity cost hedges	—	3.9	1.5	—	1.9	0.6	0.5	—	—	—	8.5	8.5
Community/socialresponsibility costs7	(1.7)	(11.7)	(1.2)	(0.1)	—	—	—	—	(3.4)	—	(18.2)	(18.0)
Non-cash remuneration(share-based payments)	0.8	(3.4)	(1.8)	—	(1.7)	(1.2)	(1.3)	(0.1)	(1.1)	(10.7)	(20.5)	(20.5)
Cash remuneration (long-termemployee benefits)	(1.8)	(1.5)	(0.7)	—	(0.9)	(0.6)	(0.7)	(0.1)	(0.4)	(2.4)	(9.1)	(9.1)
Other6,7	—	—	—	—	—	—	—		(2.6)	(0.9)	(3.5)	(3.5)
By-product revenue2,7	0.3	1.6	0.1	0.4	0.6	0.3	0.1	0.1	165.1	—	168.5	168.2
Rehabilitation, amortisation andinterest	(0.2)	(4.2)	(1.4)	(0.4)	(4.0)	(1.8)	(1.6)	(0.6)	(5.8)	(0.3)	(20.3)	(19.9)
Sustaining capitalexpenditure3,7	(33.1)	(125.5)	(5.8)	(19.6)	(45.6)	(35.5)	(25.5)	(5.2)	(43.8)	(1.4)	(341.2)	(321.6)
Lease payments	(0.1)	(15.4)	(7.3)	(8.7)	(6.3)	(4.6)	(11.3)	(2.2)	(1.0)	(8.6)	(65.7)	(57.0)
All-in sustaining costs4	(279.7)	(497.2)	(168.6)	(124.5)	(297.2)	(212.4)	(206.5)	(23.0)	(60.8)	(24.1)	(1,894.3)	(1,769.8)
Exploration, feasibility andevaluation costs5	—	—	—	(4.2)	—	—	—	—	(2.2)	(50.0)	(56.4)	(52.2)
Non-sustaining capitalexpenditure3,7	—	—	(70.5)	(7.2)	(52.8)	(40.5)	(46.7)	(0.1)	(12.4)	(68.1)	(298.2)	(291.0)
All-in costs4	(279.7)	(497.2)	(239.0)	(136.0)	(350.0)	(252.8)	(253.3)	(23.1)	(75.4)	(142.2)	(2,248.9)	(2,112.9)
Gold only ounces sold ('000oz)	222.1	519.1	208.4	112.0	363.3	219.6	274.8	33.7	159.7	—	2,112.6	2,000.6
All-in sustaining costs	(279.7)	(497.2)	(168.6)	(124.5)	(297.2)	(212.4)	(206.5)	(23.0)	(60.8)	(24.1)	(1,894.3)	(1,769.8)
All-in sustaining costs net ofby-product revenue per ounce ofgold sold (US$/oz)	1,259	958	809	1,112	818	967	752	683	381	—	897	885
All-in costs	(279.7)	(497.2)	(239.0)	(136.0)	(350.0)	(252.8)	(253.3)	(23.1)	(75.4)	(142.2)	(2,248.9)	(2,112.9)
All-in costs net of by-productrevenue per ounce of gold sold(US$)	1,259	958	1,147	1,214	963	1,152	922	684	472	—	1,064	1,056

1 Equity-accounted joint venture.

2 By-product revenue at Cerro Corona relates to copper. For all the other operations, by-product revenue relates to silver.

3 Sustaining capital expenditure represents the majority of capital expenditures at existing operations, including underground mine development costs, ongoing replacement of mine equipment and other capital facilities and other capital expenditures at existing operations and is calculated as total capital expenditure of US$612.5 million per note 41 to the consolidated financial statements, less non-sustaining capital expenditures. Non-sustaining capital expenditures (or growth capital) represent capital expenditures for major growth projects as well as enhancement capital for significant infrastructure improvements at existing operations.

4 This total may not reflect the sum of the line items due to rounding.

5 Includes exploration, feasibility and evaluation and share of equity-accounted losses of Far Southeast Gold Resources Incorporated ("FSE").

6 Other includes offshore structure costs and management fees.

7 Based on information underlying the audited consolidated annual financial statements of Gold Fields Limited for the year ended 31 December 2019.

Management's Discussion and Analysis of the Financial Statements continued

United States Dollar
----------------------	--	--	--	--	--

								AISC and AIC, gross of by-product revenue per ounce of gold
		For the year ended 31 December 2019
Figures in millions unlessotherwise stated	SouthDeep	Tarkwa	Damang	Asanko145%	St Ives	Agnew	GrannySmith	Gruyere50%	CerroCorona	Corporateandprojects	TotalGroupincludingequityaccountedjoint venture	TotalGroupexcludingequityaccountedjoint venture
All-in sustaining costs (per tableabove)	(279.7)	(497.2)	(168.6)	(124.5)	(297.2)	(212.4)	(206.5)	(23.0)	(60.8)	(24.1)	(1,894.3)	(1,769.8)
Add back by-product revenue2,4	(0.3)	(1.6)	(0.1)	(0.4)	(0.6)	(0.3)	(0.1)	(0.1)	(165.1)	—	(168.5)	(168.2)
All-in sustaining costs gross ofby-product revenue3	(280.0)	(498.8)	(168.7)	(124.9)	(297.8)	(212.7)	(206.6)	(23.1)	(225.9)	(24.1)	(2,062.8)	(1,937.9)
All-in costs (per table above)	(279.7)	(497.2)	(239.0)	(136.0)	(350.0)	(252.8)	(253.3)	(23.1)	(75.4)	(142.2)	(2,248.9)	(2,112.9)
Add back by-product revenue2,4	(0.3)	(1.6)	(0.1)	(0.4)	(0.6)	(0.3)	(0.1)	(0.1)	(165.1)	—	(168.5)	(168.2)
All-in costs gross of by-productrevenue3	(280.0)	(498.8)	(239.1)	(136.4)	(350.6)	(253.1)	(253.4)	(23.1)	(240.4)	(142.2)	(2,417.4)	(2,281.0)
Gold equivalent ounces sold	222.1	519.1	208.4	112.0	363.3	219.6	274.8	33.7	296.9	—	2,249.8	2,137.8
All-in sustaining costs gross ofby-product revenue (US$/equivalent oz)	1,261	961	810	1,115	820	969	752	685	761	—	917	905
All-in costs gross of by-productrevenue (US$ equivalent oz)	1,261	961	1,148	1,218	965	1,153	922	685	810	—	1,074	1,067

1 Equity-accounted joint venture.

2 By-product revenue at Cerro Corona relates to copper. For all the other operations, by-product revenue relates to silver.

3 This total may not reflect the sum of the line items due to rounding.

4 Based on information underlying the audited consolidated annual financial statements of Gold Fields Limited for the year ended 31 December 2019.

AISC AND AIC

AISC net of by-product revenues (including Asanko) increased by 9% from US$897 per ounce of gold in 2019 to US$977 per ounce of gold in 2020, mainly due to higher sustaining capital expenditure, higher cost of sales before amortisation and depreciation and higher royalties (due to higher gold price realised), partially offset by higher gold sold. AIC net of by-product revenues (including Asanko) increased by 1% from US$1,064 per ounce of gold in 2019 to US$1,079 per ounce of gold in 2020 due to higher cost of sales before amortisation and depreciation, higher sustaining capital expenditure and higher royalties, partially offset by higher gold sold and lower non-sustaining capital expenditure.

AISC net of by-product revenues (excluding Asanko) increased by 10% from US$885 per ounce of gold in 2019 to US$970 per ounce of gold in 2020, mainly due to higher sustaining capital expenditure, higher cost of sales before amortisation and depreciation and higher royalties (due to higher gold price realised), partially offset by higher gold sold. AIC net of by-product revenues (excluding Asanko) increased by 1% from US$1,056 per ounce of gold in 2019 to US$1,067 per ounce of gold in 2020 due to higher cost of sales before amortisation and depreciation, higher sustaining capital expenditure and higher royalties, partially offset by higher gold sold and lower non-sustaining capital expenditure.

AISC gross of by-product revenues (including Asanko) increased by 10% from US$917 per ounce of gold in 2019 to US$1,005 per ounce of gold in 2020, mainly due to higher sustaining capital expenditure, higher cost of sales before amortisation and depreciation and higher royalties (due to higher gold price realised), partially offset by higher gold sold. AIC gross of by-product revenues (including Asanko) increased by 3% from US$1,074 per ounce of gold in 2019 to US$1,103 per ounce of gold in 2020 due to higher cost of sales before amortisation and depreciation, higher sustaining capital expenditure and higher royalties, partially offset by higher gold sold and lower non-sustaining capital expenditure.

AISC gross of by-product revenues (excluding Asanko) increased by 10% from US$905 per ounce of gold in 2019 to US$999 per ounce of gold in 2020, mainly due higher sustaining capital expenditure, higher cost of sales before amortisation and depreciation and higher royalties (due to higher gold price realised), partially offset by higher gold sold. AIC gross of by-product revenues (excluding Asanko) increased by 3% from US$1,067 per ounce of gold in 2019 to US$1,093 per ounce of gold in 2020 due to higher cost of sales before amortisation and depreciation, higher sustaining capital expenditure and higher royalties, partially offset by higher gold sold and lower non-sustaining capital expenditure.

Royalties paid increased by US$12 per ounce or 31% from US$39 per ounce in 2019 to US$51 per ounce in 2020.

Covid-19 related costs (such as specialised camp accommodation, testing equipment and facilities, additional labour costs and transport facilities) are estimated at approximately US$12 per ounce for 2020 and are included in the AISC and AIC.

Adjusted free cash flow ("FCF") for LTIP purposes and adjusted free cash flow ("FCF") margin for LTIP purposes Adjusted free cash flow for LTIP purposes under the existing LTIP scheme is defined as revenue (excluding by-product revenue) less AIC adjusted for non-cash share-based payments, non-cash long-term employee benefits, exploration, feasibility and evaluation costs outside of existing operations, non-sustaining capital expenditure for growth projects only, realised gains or losses on revenue hedges, redemption of Asanko preference shares and taxation paid (excluding royalties).

Adjusted free cash flow margin for LTIP purposes under the existing LTIP scheme is adjusted free cash flow for LTIP purposes divided by revenue adjusted for by-product revenue.

The adjusted FCF margin for LTIP purposes is calculated as follows:

Figures in millions unless otherwise stated	2021	2020	2019
Revenue1	3,962.9	3,748.0	2,798.9
Less: Cash outflow	(2,970.1)	(2,710.8)	(2,208.4)
AIC2	(2,832.0)	(2,258.3)	(2,112.9)
Adjusted for:
Share-based payments3	12.7	14.5	20.5
Long-term employee benefits3	28.5	51.3	9.1
Exploration outside of existing operations2	28.1	31.4	50.0
Non-sustaining capital expenditure4	350.9	102.8	137.4
Revenue hedge5	(77.2)	(411.3)	(140.6)
Redemption of Asanko preference shares	5.0	37.5	10.0
Long-term employee benefits payment	(37.3)	—	—
Tax paid	(448.8)	(278.7)	(181.9)
Adjusted FCF for LTIP purposes	992.8	1,037.2	590.5
Adjusted FCF margin for LTIP purposes	25%	28%	21%

1 Revenue less revenue from by-product revenue per AIC calculation (pages 69 to 74), being US$4,195.2 million less US$232.3 million, US$3,892.1 million less US$144.1 million and US$2,967.1 million less US$168.2 million, for 2021, 2020 and 2019 respectively.

2 Per AIC calculation in management discussion and analysis (per pages 69 to 74).

3 Per note 41 of the consolidated financial statements.

4 Includes non-sustaining capital expenditure for growth projects only at Salares Norte (2020: Damang and Salares Norte and 2019: Damang and Gruyere).

5 Represents realised hedges on revenue only, excludes unrealised revenue hedges as well as cost hedges. 6 Based on information underlying the audited consolidated annual financial statements of Gold Fields Limited for the year ended 31 December 2021.

ROYALTIES

South Africa

The Royalty Act was promulgated on 24 November 2008 and came into operation on 1 March 2010. The Royalty Act imposes a royalty on refined and unrefined minerals payable to the South African government.

The royalty in respect of refined minerals (which include gold and platinum) is calculated by dividing earnings before interest and taxes ("EBIT"), as defined by the Royalty Act, by the product of 12.5 times gross revenue calculated as a percentage, plus an additional 0.5%. EBIT refers to taxable mining income (with certain exceptions such as no deduction for interest payable and foreign exchange losses) before assessed losses but after capital expenditure. A maximum royalty of 5% is levied on refined minerals.

The royalty in respect of unrefined minerals (which include uranium) is calculated by dividing EBIT by the product of nine times gross revenue calculated as a percentage, plus an additional 0.5%. A maximum royalty of 7% is levied on unrefined minerals.

Management's Discussion and Analysis of the Financial Statements continued

Where unrefined mineral resources (such as uranium) constitute less than 10% in value of the total composite mineral resources, the royalty rate in respect of refined mineral resources may be used for all gross sales and a separate calculation of EBIT for each class of mineral resources is not required. For Gold Fields, this means that currently it will pay a royalty based on the refined minerals royalty calculation as applied to its gross revenue. The rate of royalty tax payable for 2021, 2020 and 2019 was 0.5% of revenue.

Ghana

Minerals are owned by the Republic of Ghana and held in trust by the President. Under the terms of the March 2016 Development Agreement ("DA") entered into with the government of Ghana, Tarkwa and Damang have been subject to a sliding scale for royalty rates, linked to the prevailing gold price from 1 January 2021. The royalty sliding scale is as follows:

	Average gold price
Low value	High value
	US$0.00 – US$1,299.99
	US$1,300.00 – US$1,449.99
	US$1,450.00 – US$2,299.99
US$2,300.00 – Unlimited

The average rate of royalty tax payable for 2021, 2020 and 2019 based on the above sliding scale was 4.1%, 4.1% and 3.5% on revenue, respectively. Asanko does not have a DA with the government and was subject to a 5% royalty tax rate for 2021, 2020 and 2019.

Australia

Royalties are payable to the state based on the amount of gold produced from a mining tenement. Royalties are payable quarterly at a fixed rate of 2.5% of the royalty value of gold sold. The royalty value of gold is the amount of gold produced during the month multiplied by the average gold spot price for the month.

Peru

Royalties and Special Mining Tax are both calculated with reference to the operating margin and ranging from 1% (for operating margins less than 10%) to 12% (for operating margins of more than 80%), or 1% of revenue, the highest of both amounts. Cerro Corona's effective royalty and Special Mining Tax rate for 2021, 2020 and 2019 was 4.4%, 3.9% and 3.6% of operating profit, respectively.

Chile

Chile levies a royalty (referred to as the special mining income tax) on all medium to large scale mining operations in Chile. Gold Fields anticipates that its Chilean subsidiary will be treated as a large scale mineral producer. This is because it will produce annual gold equivalent ounces in excess of 50,000 metric tonnes of fine copper. The applicable mining tax percentage is calculated on a sliding scale with reference to the mining operational profit margin. The tax rate is from 5% (for operating margins equal to or less than 35%) to 14% (for operating margins of 85% or more). The mining tax payable is calculated at the applicable tax rate on the net operating income of the Chilean subsidiary. The mining tax is a deductible expense in the calculation of the Chilean corporate tax.

INCOME AND MINING TAXES

Gold Fields tax strategy and policy

The Gold Fields tax strategy is to proactively manage its tax obligations in a transparent, responsible and sustainable manner, acknowledging the differing interests of all stakeholders.

Gold Fields has invested and allocated appropriate resources in the Group tax department to ensure compliance with global tax obligations. The Group does not engage in aggressive tax planning and seeks to maintain professional real-time relationships with the relevant tax authorities. In material or complex matters, the Group would generally seek advance tax rulings, or alternatively obtain external counsel opinion.

Gold Fields has appropriate controls and procedures in place to ensure compliance with relevant tax legislation in all the jurisdictions in which it operates. This includes compliance with transfer pricing ("TP") legislation and associated TP documentation requirements, which is governed by the Group TP policy. The Group TP policy is fully compliant with OECD guidelines and is regularly updated and benchmarked by independent experts. Uncertain tax positions are properly evaluated, and reported in terms of IFRIC 23 Uncertainty over Income Tax Treatments.

The Group is subject to South African Controlled Foreign Companies ("CFC") tax legislation which is aimed at taxing passive income and capital gains realised by its foreign subsidiaries (to the extent that it was not taxed in the foreign jurisdiction). Therefore, tax avoidance on passive income or capital gains cannot be achieved by shifting such passive income to low or tax haven jurisdictions. The active business income from mining is taxed at source in the relevant jurisdiction where the mining operations are located.

The Group does not embark on intra-group gold sales and only sells its gold (or gold-equivalent product) directly to independent third parties at arm's-length prices – generally at the prevailing gold (or gold-equivalent) spot price.

The Group has reported its key financial figures on a country-by-country basis from 2017 as required by the South African Revenue Service ("SARS"), such requirement being aligned with OECD guidelines. The country-by-country reports are filed with SARS, which will exchange the information with all the relevant jurisdictions with which it has concluded or negotiated exchange of information agreements.

South Africa

Generally, South Africa imposes tax on the worldwide income (including capital gains) of all of Gold Fields' South African incorporated and tax resident entities. Certain classes of passive income such as interest and royalties, and certain capital gains, derived by Controlled Foreign Companies ("CFC") could be subject to South African tax on a notional imputation basis. CFCs generally constitute a foreign company in which Gold Fields owns or controls more than 50% of the shareholding.

Gold Fields pays taxes on its taxable income generated by its mining and non-mining tax entities. Under South African law, gold mining companies and non-gold mining companies are taxed at different rates. Companies in the Group not carrying on direct gold mining operations are taxed at a statutory rate of 28%.

Gold Fields Operations Limited ("GFO"), and GFI Joint Venture Holdings Proprietary Limited ("GFIJVH"), jointly own the South Deep mine and constitute gold mining companies for South African taxation purposes. These companies are subject to the gold formula on their mining income.

The applicable formula takes the form Y = 34 – 170/x

Where:

Y = the tax rate to be determined

x = the ratio of taxable income to the total income (expressed as a percentage)

The effective mining tax rate for GFO and GFIJVH, owners of the South Deep mine, has been calculated at 29% (2020: 29% and 2019: 29%).

Ghana

Ghanaian resident entities are subject to tax on a worldwide income basis however, general source based tax principles are applied. Where income has a source in Ghana, it accrues in or is derived from Ghana. Under the terms of the Development Agreement ("DA") entered into with the government of Ghana, Tarkwa and Damang are liable to a 32.5% corporate income tax rate. Asanko does not have a DA with the government and is subject to a 35% corporate income tax rate.

Dividends paid by Tarkwa and Damang are subject to an 8% withholding tax rate, reduced if terms and conditions of an applicable Double Tax Agreement are met.

Tarkwa and Damang are allowed to deduct 20% on a straight-line basis for capital allowances on depreciable assets (i.e. over five years). Any capital allowances which are not utilised in a particular year are added to operating losses (if any), thereby increasing operating losses and then carried forward for five years. Any operating losses carried forward are extinguished if not utilised within five years on a first in, first out basis.

Management's Discussion and Analysis of the Financial Statements continued

The Revenue Administration Act, 2016 (Act 915) became effective on 1 January 2017. Act 915 consolidates the tax administration provisions from the various tax laws (income tax, value added tax, customs) into a single Act and introduces a more stringent tax compliance framework. Act 915 enables taxpayers to offset surpluses and liabilities arising from different tax types. It should be noted that the tax authorities are again expected to release guidance notes to allow taxpayers to fully utilise the offset mechanism.

Eight years after the introduction of TP regulations in Ghana, the Government has repealed and replaced the TP regulations with new TP regulations in 2020. The new TP rules are intended to ease the compliance burden and provide additional clarity. The tax authorities are yet to release guidance notes or updated return templates to aid in implementation and administration.

Australia

Generally, Australia imposes tax on the worldwide income (including capital gains) of all of Gold Fields' Australian incorporated and tax resident entities. The current income tax rate for companies with turnover of A$50 million or more is 30%. Exploration expenditure is deductible in full as incurred. The Australian Uniform Capital Allowance regime allows tax deductions for the decline in value of depreciable assets and certain other capital expenditures over the effective lives of the assets acquired or constructed.

Gold Fields Australia and its eligible related Australian sister companies, together with all wholly owned Australian subsidiaries, have elected to be treated as a tax consolidated group for income taxation purposes. As a tax consolidated group, a single income tax return is lodged for the Group based on the consolidated results of all companies within the Group.

Withholding tax is payable on dividends, interest and royalties paid by Australian residents to non-residents. In the case of dividend payments to non-residents, withholding tax at a rate of 30% will apply. However, where the recipient of the dividend is a resident of a country with which Australia has concluded a double taxation agreement, the rate of withholding tax is generally limited to between 0% and 15%, depending on the applicable agreement and shareholding percentage. Where dividends are paid out of profits that have been subject to Australian corporate tax there is no withholding tax, regardless of whether a double taxation agreement is in place.

Peru

Peruvian taxes for resident individuals and domiciled corporations are based on their worldwide income, and for nonresident individuals and non-domiciled corporations are based on their Peruvian income source. The general income tax rate applicable to domiciled corporations is 29.5% on taxable income and to non-resident corporations is 30%. The income tax applied to interest paid to non-residents is 4.99%. The dividends tax rate (to residents and non-residents) is 5%. Capital gains are also taxed as ordinary income for domiciled corporations.

Chile

Gold Fields anticipates that its Chilean subsidiary will be subject to the 27% corporate tax rate, and that dividends paid by the Chilean subsidiary to the parent company will be subject to a 35% withholding tax rate, but that the 27% corporate tax paid will fully count as a credit against the withholding tax levied, so that the effective dividend withholding tax rate will approximate 8%.

EXCHANGE RATES

Gold Fields' Australian and South African revenues and costs are very sensitive to the Australian Dollar/US Dollar exchange rate and the Rand/US Dollar exchange rate, because revenues are generated using a gold price denominated in US Dollar, while the costs of the Australian and South African operations are incurred principally in Australian Dollar and Rand, respectively. Depreciation of the Australian Dollar and Rand against the US Dollar reduces Gold Fields' average costs when they are translated into US Dollar, thereby increasing the operating margin of the Australian and South African operations. Conversely, appreciation of the Australian Dollar and Rand results in Australian and South African operating costs being translated into US Dollar at a lower Australian Dollar/US Dollar exchange rate and Rand/US Dollar exchange rate, resulting in higher costs in US Dollar terms and in lower operating margins. The impact on profitability of any change in the value of the Australian Dollar and Rand against the US Dollar can be substantial. Furthermore, the exchange rates obtained when converting US Dollar to Australian Dollar and Rand are set by foreign exchange markets, over which Gold Fields has no control. In 2021, the Rand strengthened by 10% against the US Dollar, from an average of R16.38 per US$1.00 in 2020 to R14.79 per US$1.00 in 2021. The Australian Dollar strengthened by 9% at an average of A$1.00 per US$0.69 in 2020 to A$1.00 per US$0.75 in 2021.

With respect to its operations in Ghana and Peru, a substantial portion of Gold Fields' operating costs (including wages) are either directly incurred in US Dollar or are translated to US Dollar. Accordingly, fluctuations in the Ghanaian Cedi and Peruvian Nuevo Soles do not materially impact operating results for the Ghana and Peru operations.

A portion of the Salares Norte project's capital expenditure is denominated in Chilean pesos. Depreciation or appreciation of the Chilean peso against the US dollar will reduce or increase their capital expenditure when translating into US dollars. In 2020, Gold Fields entered into a foreign currency hedge to mitigate the full exchange rate exposure.

Gold Fields entered into the following currency forward contracts:

Australia foreign currency hedge

In May 2018, the Australian operations entered into Australian Dollar/US Dollar average rate forwards for a total notional US$96 million for the period January 2019 to December 2019 at an average strike price of A$/US$ 0.7517. In June 2018, further hedges were taken out for a total notional US$60 million for the same period January 2019 to December 2019 at an average strike price of A$/US$ 0.7330. In September 2018, further hedges were taken out for a total notional US$100 million for the same period January 2019 to December 2019 at an average strike price of A$/US$ 0.7182. In October 2018, further hedges were taken out for the period January 2019 to December 2019 for a notional US$60 million at an average strike price of A$/US$ 0.7075. In December 2018, further hedges were taken out for the period January 2019 to December 2019 for a notional US$50 million at an average strike price of A$/US$ 0.715.

At 31 December 2020, the hedge had matured and the mark-to-market value was A$nil (US$nil).

Salares Norte foreign currency hedge

In March 2020, a total notional amount of US$544.5 million was hedged at a rate of CLP/US$836.45 for the period July 2020 to December 2022.

At 31 December 2021, the mark-to-market value on the hedge was a negative US$7 million (2020: positive US$86 million) with a realised gain of US$33 million (2020: US$5 million) and an unrealised loss of US$93million (2020: gain of US$86 million) for the year ended 31 December 2021.

INFLATION

A period of significant inflation could adversely affect Gold Fields' results and financial condition. Further, over the past several years, production costs, especially wages and electricity costs, have increased considerably. The effect of these increases has adversely affected, and may continue to adversely affect, the profitability of Gold Fields' South Deep operations.

Effective mining inflation for 2021 was as follows:

10.4% in South Africa;
5.8% in Ghana,
3.1% in Peru;
4.6% in Chile; and
6.8% in Australia.

To ensure sustainability and free cash flow generation, reinvesting in and upgrading the Gold Fields portfolio is essential. To achieve this, Gold Fields embarked on a reinvestment programme in 2020 and 2021 with a significant capital spend due to the construction of Salares Norte. Given the high levels of capital expenditure, the Group undertook short-term hedging. For further details, refer to pages 207 to 210.

The Group continued rationalising and prioritising capital expenditure without undermining the sustainability of its operations and continued prioritisation of cash generation over production volumes.

Further, the majority of Gold Fields' costs at the South African operations are in Rand and revenues from gold sales are in US Dollar. Generally, when inflation is high, the Rand potentially devalues thereby increasing Rand revenues and potentially offsetting the increase in costs. However, there can be no guarantee that any cost-saving measures or the effects of any potential devaluation will offset the effects of increased inflation and production costs.

The same applies to the Australian operations with regard to the link between the Australian Dollar and US Dollar. The Peruvian and Ghanaian operations, on the other hand, are affected by inflation without a potential similar effect on revenue proceeds, thereby increasing the impact of inflation on the operating margins.

Management's Discussion and Analysis of the Financial Statements continued

CAPITAL EXPENDITURES

Gold Fields will continue to be required to make capital investments in both new and existing infrastructure and opportunities and, therefore, management will be required to continue to balance the demands for capital expenditure in the business and allocate Gold Fields' resources in a focused manner to achieve its sustainable growth objectives. Gold Fields expects that its use of available capital resources and allocation of its capital expenditures may shift in future periods as it increases investment in certain of its exploration projects.

Group

Capital expenditure for the Group (excluding Asanko) increased by 86% from US$584 million in 2020 (comprising sustaining capital expenditure of US$409 million and growth capital expenditure of US$175 million) to US$1,089 million in 2021 (comprising sustaining capital expenditure of US$576 million and growth capital expenditure of US$513 million).

Set out below are the capital expenditures made by Gold Fields during 2021. Also, refer to "Cash flows from investing activities" section.

			United States Dollar
		2021			2020
Figures in million unless otherwise stated	Sustainingcapital	Growthcapital	Totalcapital	Sustainingcapital	Growthcapital	Totalcapital
South Deep	69	20	89	44	5	49
South African region	69	20	89	44	5	49
Tarkwa	209	—	209	147	—	147
Damang	17	6	23	14	6	20
Ghanaian region	226	6	232	161	6	167
Cerro Corona	28	28	56	24	26	50
South American region	28	28	56	24	26	50
St Ives	90	14	104	62	12	74
Agnew	56	32	88	43	9	52
Granny Smith	64	36	100	47	19	66
Gruyere – 50%	42	2	44	27	1	28
Australian region	252	84	336	179	41	220
Salares Norte	—	375	375	—	97	97
Other	1	—	1	1	—	1
Capital expenditure	576	513	1,089	409	175	584

South African region

Gold Fields spent R1,320 million (US$89 million) on capital expenditure at South Deep in 2021 and has budgeted approximately R1,930 million (US$124 million) for capital expenditure at South Deep in 2022. The capital expenditure of R1,320 million (US$89 million) in 2021 comprised sustaining capital expenditure of R1,019 million (US$69 million) and growth capital expenditure of R301 million (US$20 million). The budgeted capital expenditure of R1,930 million (US$124 million) comprises sustaining capital expenditure of R1,547 million (US$99 million) and growth capital expenditure of R383 million (US$25 million).

Ghanaian region

Gold Fields spent US$209 million on capital expenditure at Tarkwa in 2021 and has budgeted US$198 million for capital expenditure at Tarkwa for 2022. The total spend relates to sustaining capital expenditure.

Gold Fields spent US$23 million on capital expenditure at Damang in 2021 and has budgeted US$52 million of capital expenditure at Damang for 2022. The expenditure of US$23 million in 2021 comprised sustaining capital expenditure of US$17 million and growth capital expenditure of US$6 million. The budgeted capital expenditure of US$52 million comprises sustaining capital expenditure of US$42 million and growth capital expenditure of US$10 million.

The capital expenditure at Asanko (45%) for 2021 was US$21 million. The capital expenditure of US$21 million in 2021 comprised sustaining capital expenditure of US$13 million and growth capital expenditure of US$8 million. Budgeted capital expenditure for Asanko will be updated later in the year when a new and approved business plan is provided by Galiano Gold Inc. to the Group.

South American region

Gold Fields spent US$56 million on capital expenditure at Cerro Corona in 2021 and has budgeted US$46 million for capital expenditure at Cerro Corona for 2022. The capital expenditure of US$56 million in 2021 comprised US$28 million sustaining capital expenditure and US$28 million growth capital. The budgeted capital expenditure of US$46 million comprises sustaining capital expenditure of US$33 million and growth capital expenditure of US$13 million.

Australian region

Gold Fields spent A$138 million (US$103 million) on capital expenditure at St Ives in 2021 and has budgeted A$148 million (US$113 million) for capital expenditure at St Ives in 2022. The capital expenditure of A$138 million (US$103 million) in 2021 comprised A$120 million (US$90 million) sustaining capital expenditure and A$18 million (US$14 million) growth capital. The budgeted capital expenditure of A$148 million (US$113 million) comprises sustaining capital expenditure of A$127 million (US$97 million) and growth capital expenditure of A$21 million (US$16 million).

Gold Fields spent A$117 million (US$88 million) on capital expenditure at Agnew in 2021 and has budgeted A$127 million (US$97 million) for capital expenditure at Agnew for 2022. The capital expenditure of A$117 million (US$88 million) in 2021 comprised A$75 million (US$56 million) sustaining capital expenditure and A$42 million (US$32 million) growth capital. The budgeted capital expenditure of A$127 million (US$97 million) comprises sustaining capital expenditure of A$85 million (US$65 million) and growth capital expenditure of A$42 million (US$32 million).

Gold Fields spent A$134 million (US$100 million) on capital expenditure at Granny Smith in 2021 and has budgeted A$130 million (US$98 million) for capital expenditure at Granny Smith for 2022. The capital expenditure of A$134 million (US$100 million) in 2021 comprised A$86 million (US$64 million) sustaining capital expenditure and A$48 million (US$36 million) growth capital. The budgeted capital expenditure of A$130 million (US$98 million) comprises sustaining capital expenditure of A$94 million (US$71 million) and growth capital expenditure of A$36 million (US$27 million).

Gold Fields spent A$58 million (US$44 million) on capital expenditure at Gruyere in 2021 and has budgeted A$45 million (US$34 million) for capital expenditure for 2022. The capital expenditure of A$58 million (US$44 million) in 2021 comprised A$56 million (US$42 million) sustaining capital and A$2 million (US$2 million) growth capital. The budgeted capital expenditure of A$45 million (US$34 million) comprises sustaining capital expenditure of A$42 million (US$32 million) and growth capital of A$3 million (US$2 million).

Salares Norte

Gold Fields spent US$375 million on growth capital expenditure at Salares Norte in 2021 and has budgeted US$347 million for capital expenditure at Salares Norte for 2022. Total spend in 2021 relates to growth capital. The budgeted capital expenditure of US$347 million comprises sustaining capital expenditure of US$17 million and growth capital expenditure of US$330 million.

The actual capital expenditure for the future periods noted above may be different from the amounts set out above and the amount of actual capital expenditure will depend on a number of factors, such as production volumes, the price of gold, copper and other minerals mined by Gold Fields and general economic conditions. Some of the factors are outside of the control of Gold Fields.

SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES

Gold Fields' significant accounting policies are more fully described in the accounting policies to its consolidated financial statements included in this Annual Financial Report. Some of Gold Fields' accounting policies require the application of significant judgements and estimates by management that can affect the amounts reported in the consolidated financial statements. By their nature, these judgements are subject to a degree of uncertainty and are based on Gold Fields' historical experience, terms of existing contracts, management's view on trends in the gold mining industry, information from outside sources and other assumptions that Gold Fields considers to be reasonable under the circumstances. Actual results could differ from these estimates under different assumptions or conditions. Refer to the accounting policies, pages 140 to 162, to the consolidated financial statements included elsewhere in this Annual Financial Report for the more significant areas requiring the use of management judgements and estimates.

Management's Discussion and Analysis of the Financial Statements continued

RESULTS FOR THE PERIOD – YEARS ENDED 31 DECEMBER 2021 AND 31 DECEMBER 2020

Profit attributable to owners of the parent for the Group increased by 9% from US$723 million (or US$0.82 per share) in 2020 to US$789 million (or US$0.89 per share) in 2021.

The reasons for this increase are discussed on the following pages.

Revenue

Revenue increased by 8% from US$3,892 million in 2020 to US$4,195 million in 2021. The increase in revenue of US$303 million was due to higher gold sold and the higher gold price received.

The average US Dollar gold price achieved by the Group (excluding Asanko) increased by 1% from US$1,768 per equivalent ounce in 2020 to US$1,794 per equivalent ounce in 2021. The average Rand gold price decreased by 8% from R928,707 per kilogram in 2020 to R851,102 per kilogram in 2021. The average Australian Dollar gold price decreased by 6% from A$2,551 per ounce in 2020 to A$2,400 per ounce in 2021. The average US Dollar gold price for the Ghanaian operations (including Asanko) increased by 2% from US$1,766 per ounce in 2020 to US$1,794 per ounce in 2021 and the average US Dollar gold price for the Ghanaian operations (excluding Asanko) increased by 1% from US$1,773 per ounce in 2020 to US$1,797 per ounce in 2021. The average equivalent US Dollar gold price, net of treatment and refining charges, for Cerro Corona decreased by 3% from US$1,795 per equivalent ounce in 2020 to US$1,750 per equivalent ounce in 2021. The average US Dollar/Rand exchange rate strengthened by 10% from R16.38 in 2020 to R14.79 in 2021. The average Australian/US Dollar exchange rate strengthened by 9% from A$1.00 = US$0.69 in 2019 to A$1.00 = US$0.75 in 2020.

Gold sales from operations (excluding Asanko) increased by 6% from 2,202,100 equivalent ounces in 2020 to 2,339,100 equivalent ounces in 2021. Gold sales at the South African operation increased by 29% from 7,056 kilograms (226,900 ounces) in 2020 to 9,102 kilograms (292,600 ounces) in 2021. Gold sales at the Ghanaian operations (excluding Asanko) increased by 4% from 749,300 ounces in 2020 to 776,100 ounces in 2021. Gold equivalent sales at the Peruvian operation (Cerro Corona) increased by 21% from 205,500 equivalent ounces in 2020 to 248,400 equivalent ounces in 2021. At the Australian operations, gold sales increased marginally from 1,020,500 ounces in 2020 to 1,021,900 ounces in 2021. As a general rule, Gold Fields sells all the gold it produces.

		2021			2020
	RevenueUS$ million	Gold sold'000oz	Goldproduced'000oz	RevenueUS$ million	Gold sold'000oz	Goldproduced'000oz
South Deep	523.8	292.6	292.6	400.1	226.9	226.9
Tarkwa	936.9	521.7	521.7	927.7	526.3	526.3
Damang	457.5	254.4	254.4	400.8	223.0	223.0
Asanko1	172.1	97.2	94.6	188.2	109.7	112.5
Cerro Corona	434.8	248.4	248.3	368.8	205.5	207.1
St Ives	705.5	391.1	393.0	691.4	393.8	384.9
Agnew	402.0	222.8	223.0	411.5	233.5	233.3
Granny Smith	510.4	283.6	279.2	466.4	265.2	269.6
Gruyere – 50%	224.4	124.4	123.3	225.4	128.0	129.1
Total Group(including Asanko)	4,367.3	2,436.3	2,430.1	4,080.2	2,311.8	2,312.4
Total Group(excluding Asanko)	4,195.2	2,339.1	2,335.5	3,892.1	2,202.1	2,200.0

1 Equity-accounted joint venture. Included above for information only, not included in revenue for the Group.

At South Deep in South Africa, gold sales increased by 29% from 7,056 kilograms (226,900 ounces) in 2020 to 9,102 kilograms (292,600 ounces) in 2021 due to the productivity improvement programmes introduced in 2019 which are sustainably delivering results. It is estimated that South Deep lost approximately 300 kilograms (9,300 ounces) due to Covid-19 related stoppages in 2021 compared to 1,000 kilograms (32,000 ounces) in 2020.

At the Ghanaian operations, gold sales at Tarkwa decreased by 1% from 526,300 ounces in 2020 to 521,700 ounces in 2021 mainly due to lower tonnes processed. Damang's gold sales increased by 14% from 223,000 ounces in 2020 to 254,400 ounces in 2021 mainly due to increased production as mining progressed into the main ore body at the Damang Pit Cutback and a full year of commercial levels of production in 2021 as opposed to half a year in 2020 after completing the project stage. Gold sales at Asanko decreased by 11% from 109,700 ounces in 2020 to 97,200 ounces in 2021 mainly due to lower yield.

At Cerro Corona in Peru, copper sales increased by 7% from 24,114 tonnes in 2020 to 25,795 tonnes in 2021 due to higher grade processed, while gold sales decreased by 6% from 120,176 ounces in 2020 to 112,957 ounces in 2021 due to lower grade processed. Gold equivalent sales increased by 21% from 205,500 ounces in 2020 to 248,400 ounces in 2021 mainly due to the higher price factor. The price factor was 5.17 in 2021 compared to 3.5 in 2020. It is estimated that Cerro Corona lost approximately 20,000 ounces gold production due to Covid-19 related stoppages in 2021 compared to 46,000 ounces in 2020.

At the Australian operations, gold sales at St Ives decreased by 1% from 393,800 ounces in 2020 to 391,100 ounces in 2021. Agnew, gold sales decreased by 5% from 233,500 ounces in 2020 to 222,800 ounces in 2021 due to decreased ore tonnes processed, partially offset by an increase in yield. At Granny Smith, gold sales increased by 7% from 265,200 ounces in 2020 to 283,600 ounces in 2021 due to an increase in yield, partially offset by decreased ore tonnes processed. At Gruyere, gold sales decreased by 3% from 128,000 ounces in 2020 to 124,400 ounces in 2021 due to a decrease in grade of ore processed.

Cost of sales

Cost of sales, which comprises cost of sales before gold inventory change and amortisation and depreciation, gold inventory change and amortisation and depreciation, increased by 10% from US$2,150 million in 2020 to US$2,375 million in 2021. The reasons for this increase are described below.

Cost of sales before gold inventory change and amortisation and depreciation

Cost of sales before gold inventory change and amortisation and depreciation increased by 15% from US$1,555 million in 2020 to US$1,785 million in 2021 due to inflationary increases as well as a US$89 million effect of the strengthening of the South African Rand and the Australian Dollar.

At South Deep in South Africa, cost of sales before gold inventory change and amortisation and depreciation increased by 24% from R3,722 million (US$227 million) in 2020 to R4,618 million (US$312 million) in 2021. This increase of R896 million was mainly due to increased volumes mined as total tonnes mined increased by 42% and processed as well as inflationary increases.

At the Ghanaian operations (excluding Asanko), cost of sales before gold inventory change and amortisation and depreciation increased by 6% from US$528 million in 2020 to US$562 million in 2021. At Tarkwa, cost of sales before gold inventory change and amortisation and depreciation increased by 15% from US$295 million in 2020 to US$340 million in 2021 mainly driven by an increase in the contractor mining rate of 15% as well as inflationary increases. At Damang, cost of sales before gold inventory change and amortisation and depreciation decreased by 5% from US$233 million in 2020 to US$222 million in 2021 mainly due to a 8Mt decrease in operational waste tonnes mined due to physical space constraints as mining moved deeper into the pit.

Asanko is accounted for as an equity accounted investees and Gold Fields share of its cost of sales before gold inventory change and amortisation and depreciation is not included the Group cost of sales before gold inventory change and amortisation and depreciation. At Asanko, cost of sales before gold inventory change and amortisation and depreciation increased by 7% from US$107 million in 2020 to US$115 million in 2021 mainly due to an increase in ore mined and operational waste tonnes mined.

Management's Discussion and Analysis of the Financial Statements continued

At Cerro Corona in Peru, cost of sales before gold inventory change and amortisation and depreciation increased by 20% from US$158 million in 2020 to US$190 million in 2021 mainly due to a 8Mt increase in operational waste tonnes mined. This is in line with the low-grade ore stockpiling strategy and the waste recovery plan implemented at the end of 2020, through the deployment of additional mining fleet and equipment. 3Mt of the 8Mt increase in operational waste tonnes related to the waste recovery plan.

At the Australian operations, cost of sales before gold inventory change and amortisation and depreciation increased by 3% from A$931 million (US$642 million) in 2020 to A$959 million (US$721 million) in 2021 mainly due to inflationary increases and additional processing cost associated with reliability projects at Gruyere. At St Ives, cost of sales before gold inventory change and amortisation and depreciation increased by 2% from A$349 million (US$241 million) in 2020 to A$357 million (US$268 million) in 2021 mainly due to increased volume mined at the underground mines, partially offset by decreased volume mined at the open pit as the transition to underground mining continued, as well as inflationary increases. At Agnew, cost of sales before gold inventory change and amortisation and depreciation decreased by 2% from A$228 million (US$157 million) in 2020 to A$224 million (US$168 million) in 2021 mainly due to reduced volumes mined and processed, partially offset by inflationary increases. At Granny Smith, cost of sales before gold inventory change and amortisation and depreciation increased by 3% from A$247 million (US$170 million) in 2020 to A$255 million (US$191 million) in 2021 mainly due to inflationary increases and increased mining cost at depth. At Gruyere, cost of sales before gold inventory change and amortisation and depreciation increased by 15% from A$107 million (US$73 million) in 2020 to A$123 million (US$93 million) in 2021 due to an 27% increase in ore tonnes mined, an increase in processing costs associated with plant reliability projects and inflationary increases.

Gold inventory change

The gold inventory credit to costs increased by 86% from US$66 million in 2020 to US$123 million in 2021.

The increase comprises the following:

At South Deep, the gold inventory charge to costs of R29 million (US$2 million) in 2020 compared with a credit to costs of R108 million (US$7 million) in 2021, due to a drawdown of gold-in-circuit in 2020 compared with a buildup of gold-in- circuit at the end of 2021.

At Tarkwa, the gold inventory charge to costs of US$2 million in 2020 compared with a credit to costs of US$30 million in 2021. In 2020 and 2021, Tarkwa supplemented ore feed to the plant with lower grade stockpile material. The credit relates to an increase in the cost base used in the calculation of inventory movements.

At Damang, the gold inventory credit to costs increased by 18% from US$61 million in 2020 to US$72 million in 2021, due to more lower grade ore tonnes added to the stockpile in 2021 compared to 2020.

At Asanko, the gold inventory credit to costs decreased by 62% from US$13 million in 2020 to US$5 million in 2021, due to a higher buildup of stockpiles in 2020 as a result of higher stockpiled material and higher gold on hand in 2020 compared to 2021.

At Cerro Corona, the gold inventory credit to costs increased by 250% from US$4 million in 2020 to US$14 million in 2021, both due to a buildup of stockpiles in line with the new life extension plan in which ore will be stockpiled for the first few years until the in-pit tailings process commences.

At St Ives, the credit to costs of A$10 million (US$7 million) in 2020 compared to a charge to costs of A$7 million (US$5 million) in 2021, due to a buildup of stockpiles in 2020 compared to a drawdown of stockpiles in 2021.

At Agnew, the charge to costs decreased by 25% from A$8 million (US$5 million) in 2020 to A$6 million (US$4 million) in 2021, both due to a drawdown of stockpiles.

At Granny Smith, the credit to costs of A$5 million (US$3 million) in 2020 compared to a charge to costs of A$3 million (US$2 million) in 2021, due to a buildup of gold-in-circuit in 2020 compared to a drawdown of gold-in-circuit in 2021.

At Gruyere, the credit to costs increased from A$nil (US$nil) in 2020 to A$15 million (US$11 million) in 2021, due to a placing of approximately 900kt of ore on the stockpiles in 2021.

Amortisation and depreciation

Amortisation and depreciation is calculated on the units-of-production method and is based on current gold production as a percentage of total expected gold production over the lives of the different mines based on proved and probable reserves.

The table on the following page depicts the changes from 31 December 2020 to 31 December 2021 for proved and probable managed gold equivalent reserves and for the life-of-mine for each operation and the resulting impact on the amortisation charge in 2021. The amortisation in 2021 was based on the reserves as at 31 December 2020. The life-ofmine information is based on the operations reserve life of mine models. In basic terms, amortisation is calculated using the life-of-mine for each operation, which is based on: (1) the proved and probable reserves for the operation at the start of the relevant year; and (2) the amount of gold produced/mined by the operation during the year. The ore reserve statement as at 31 December 2021 became effective on 1 January 2022.

			Proved and probablemineral reserves as of		Amortisationfor the year ended
	31 December2021'000oz	31 December2020'000oz	31 December2019'000oz	31 December2021years	31 December2020years	31 December2021US$ million	31 December2020US$ million
South Africa region
South Deep1	32,188	34,800	32,800	80	86	43.0	29.1
West Africa region
Tarkwa2	5,804	6,100	5,900	14	14	172.3	168.2
Damang3	637	1,000	1,300	4	5	92.6	75.6
South Americaregion
Cerro Corona4	2,025	2,586	3,000	9	10	88.3	77.6
Salares Norte	3,821	4,049	4,049	11	12	—	—
Australia region
St Ives	2,412	2,700	2,300	9	8	85.1	113.4
Agnew	1,013	900	800	6	5	64.8	65.6
Granny Smith	2,216	2,200	2,100	11	10	72.2	61.2
Gruyere5	2,226	1,700	1,800	12	9	77.5	58.5
Corporate and other	—	—	—	—	—	17.4	12.0
Total reserves6	52,342	56,035	54,049			713.2	661.3

1 As of 31 December 2019, 31 December 2020 and 31 December 2021, 90.7%, 90.5% and 90.5% of mineral reserves amounting to 29.763 million ounces, 31.538 million ounces and 29,129 million ounces of gold, respectively, were attributable to Gold Fields, with the remainder attributable to future noncontrolling shareholders in the South Deep operation in terms of the South Deep BEE transaction.

2 As of 31 December 2019, 31 December 2020 and 31 December 2021, 90% of mineral reserves amounting to 5.305 million ounces, 5.486 million ounces and 5,224 million ounces of gold, respectively, were attributable to Gold Fields, with the remainder attributable to non-controlling shareholders in the Tarkwa operation.

3 As of 31 December 2019, 31 December 2020 and 31 December 2021, 90% of mineral reserves amounting to 1.214 million ounces, 0.928 million ounces and 0.573 million ounces of gold, respectively, were attributable to Gold Fields, with the remainder attributable to non-controlling shareholders in the Damang operation. Damang has commenced studies on a further Damang pit cutback, which has the potential to extend the life-of-mine beyond 2025 by a further four years.

4 As of 31 December 2019, 31 December 2020 and 31 December 2021, 99.53% of mineral reserves amounting to 2.984 million ounces, 2.574 million ounces and 2,015 million ounces of equivalent gold were attributable to Gold Fields, with the remainder attributable to non-controlling shareholders in the Cerro Corona operation.

5 As of 31 December 2019, 31 December 2020 and 31 December 2021, mineral reserves at Gruyere represent the 50% portion attributable to Gold Fields only.

6 As of 31 December 2019, 31 December 2020 and 31 December 2021, reserves of 52.384 million ounces, 52.061 million ounces and 48,630 million ounces of equivalent gold, respectively, were attributable to Gold Fields, with the remainder attributable to non-controlling shareholders in the Ghanaian, Peruvian and South African operations.

Amortisation and depreciation increased by 8% from US$661 million in 2020 to US$713 million in 2021 mainly due to a US$29 million effect of the strengthening of the South African Rand and the Australian Dollar.

At South Deep in South Africa, amortisation and depreciation increased by 34% from R476 million (US$29 million) in 2020 to R636 million (US$43 million) in 2021 due to 36% higher ounces mined and higher capital expenditure.

At the Ghanaian operations (excluding Asanko), amortisation and depreciation increased by 9% from US$244 million in 2020 to US$265 million in 2021. Tarkwa increased by 2% from US$168 million in 2020 to US$172 million in 2021 mainly due to higher capital expenditure in 2021. Damang increased by 22% from US$76 million in 2020 to US$93 million in 2021 mainly due to the 17% higher ounces mined in the Damang Pit Cutback in 2021 as well a shorter reserve life.

Management's Discussion and Analysis of the Financial Statements continued

At Cerro Corona in Peru, amortisation and depreciation increased by 13% from US$78 million in 2020 to US$88 million mainly due to 10% higher ounces mined as well as a shorter reserve life.

At the Australian operations, amortisation and depreciation decreased by 8% from A$433 million (US$299 million) in 2020 to A$398 million (US$300 million) in 2021. At St Ives, amortisation and depreciation decreased by 32% from A$165 million (US$113 million) in 2020 to A$113 million (US$85 million) in 2021 mainly due to a 21% decrease in open pit ounces mined and an increase in reserve life, partially offset by a 3% increase in underground ounces mined. At Agnew, amortisation and depreciation decreased by 9% from A$95 million (US$66 million) in 2020 to A$86 million (US$65 million) in 2021 mainly due to lower ounces mined at New Holland. At Granny Smith, amortisation and depreciation increased by 8% from A$89 million (US$61 million) in 2020 to A$96 million (US$72 million) in 2021 mainly due to a 4% higher gold mined and an increased cost base with the development of the second decline. At Gruyere, amortisation and depreciation increased by 21% from A$85 million (US$59 million) in 2020 to A$103 million (US$78 million) in 2021 due a 11% higher ounces mined and due to the mining of stage 2 of the pit in 2021 which has a higher unit rate as the mine gets deeper.

All-in sustaining and total all-in costs

The following table sets out for each operation and the Group, total gold sales in ounces, all-in sustaining costs and total all-in costs, net of by-product revenue, in US$/oz for 2021 and 2020:

		2021			2020
Figures in thousands unlessotherwise stated	Gold onlyounces sold	All-insustainingcosts –US$/oz	Totalall-in costs –US$/oz	Gold onlyounces sold	All-insustainingcosts –US$/oz	Totalall-in costs –US$/oz
South Deep	292.6	1,310	1,379	226.9	1,237	1,260
South African operation	292.6	1,310	1,379	226.9	1,237	1,260
Tarkwa	521.7	1,155	1,155	526.3	1,017	1,017
Damang	254.4	802	852	223.0	1,008	1,035
Asanko1	97.2	1,431	1,559	109.7	1,114	1,316
Ghanaian operations	873.3	1,083	1,112	858.9	1,027	1,060
Cerro Corona2	113.0	(34)	230	120.2	484	715
Peruvian operation	113.0	(34)	230	120.2	484	715
St Ives	391.1	1,006	1,040	393.8	843	873
Agnew	222.8	1,164	1,308	233.5	1,017	1,053
Granny Smith	283.6	1,033	1,161	265.2	938	1,010
Gruyere – 50%	124.4	1,146	1,158	128.0	921	931
Australian operations	1,021.9	1,065	1,146	1,020.5	917	957
Total Group(including Asanko)	2,300.8	1,063	1,297	2,226.4	977	1,079
Total Group(excluding Asanko)	2,203.6	1,047	1,285	2,116.7	970	1,067

All-in costs are calculated in accordance with the World Gold Council Industry standard. Refer to pages 69 to 74 for detailed calculations and discussion of AIC.

1 Equity-accounted joint venture.

2 Gold sold at Cerro Corona excludes copper equivalents of 135,443 ounces in 2020 and 85,324 ounces in 2020.

Figures above may not add as they are rounded independently.

AISC and AIC

AISC net of by-product revenues (including Asanko) increased by 9% from US$977 per ounce of gold in 2020 to US$1,063 per ounce of gold in 2021, mainly due to higher sustaining capital expenditure, higher cost of sales before amortisation and depreciation and higher royalties (due to higher gold price realised), partially offset by higher gold sold. AIC net of by-product revenues (including Asanko) increased by 20% from US$1,079 per ounce of gold in 2020 to US$1,297 per ounce of gold in 2021 due to higher cost of sales before amortisation and depreciation, higher sustaining and non-sustaining capital expenditure and higher royalties, partially offset by higher gold sold.

AISC net of by-product revenues (excluding Asanko) increased by 8% from US$970 per ounce of gold in 2020 to US$1,047 per ounce of gold in 2021, mainly due to higher sustaining capital expenditure, higher cost of sales before amortisation and depreciation and higher royalties (due to higher gold price realised), partially offset by higher gold sold. AIC net of by-product revenues (excluding Asanko) increased by 20% from US$1,067 per ounce of gold in 2020 to US$1,285 per ounce of gold in 2021 due to higher cost of sales before amortisation and depreciation, higher sustaining and non-sustaining capital expenditure and higher royalties, partially offset by higher gold sold.

At South Deep in South Africa, all-in sustaining costs decreased by 4% from R651,514 per kilogram (US$1,237 per ounce) in 2020 to R622,726 per kilogram (US$1,310 per ounce) in 2021 due to higher gold sold, partially offset by higher cost of sales before amortisation and depreciation mainly due to inflation and higher sustaining capital expenditure. The total all-in cost decreased by 1% from R663,635 per kilogram (US$1,260 per ounce) in 2020 to R655,826 per kilogram (US$1,379 per ounce) in 2021 due to the same reasons for all-in sustaining costs as well as higher non-sustaining capital expenditure.

At the Ghanaian operations, all-in sustaining costs increased by 5% from US$1,027 per ounce in 2020 to US$1,083 per ounce in 2021 and total all-in cost increased by 5% from US$1,060 per ounce in 2020 to US$1,112 per ounce in 2021. At Tarkwa, all-in sustaining costs and total all-in costs increased by 14% from US$1,017 per ounce in 2020 to US$1,155 per ounce in 2021 due to higher capital expenditure, lower gold sold and higher cost of sales before amortisation and depreciation. Both capital and operating expenditure include a contractor mining rate adjustment in 2021. At Damang, all-in sustaining costs decreased by 20% from US$1,008 per ounce in 2020 to US$802 per ounce in 2021 due to lower cost of sales before amortisation and depreciation and higher gold sold, partially offset by higher sustaining capital expenditure. All-in costs decreased by 18% from US$1,035 per ounce in 2020 to US$852 per ounce in 2021 due to the same reasons for all-in sustaining costs. At Asanko, all-in sustaining costs increased by 28% from US$1,114 in 2020 to US$1,431 per ounce in 2021 due to an increase in cost of sales before amortisation and depreciation and lower gold sold. All-in costs increased by 18% from US$1,316 in 2020 to US$1,559 in 2021 due to the same reasons for all-in sustaining costs, partially offset by lower non-sustaining capital expenditure.

At Cerro Corona in Peru, all-in sustaining costs decreased by 107% from a cost of US$484 per ounce in 2020 to a credit of US$34 per ounce in 2021 mainly as a result of higher by-product credits due to a higher copper price and content sold. All-in cost per ounce decreased by 68% from US$715 per equivalent ounce in 2020 to US$230 per equivalent ounce in 2021 mainly due to the same reasons for all-in sustaining cost. All-in cost per equivalent ounce decreased by 7% from US$1,119 per equivalent ounce in 2020 to US$1,040 per equivalent ounce in 2021 mainly due to higher equivalent ounces sold and higher gold inventory credit as a result of higher build-up of low grade stockpile in 2021, partially offset by higher waste tonnes mined and higher capital expenditure.

At the Australian operations, all-in sustaining costs increased by 7% from A$1,331 per ounce (US$917 per ounce) in 2020 to A$1,418 per ounce (US$1,065 per ounce) in 2021. All-in costs increased by 10% from A$1,388 per ounce (US$957 per ounce) in 2020 to A$1,526 per ounce (US$1,146 per ounce) in 2021. At St Ives, all-in sustaining costs increased by 9% from A$1,223 per ounce (US$843 per ounce) in 2020 to A$1,339 per ounce (US$1,006 per ounce) in 2021 mainly due to higher sustaining capital expenditure and increased underground production costs. All-in costs increased by 9% from A$1,266 per ounce (US$873 per ounce) in 2020 to A$1,385 per ounce (US$1,040 per ounce) in 2021 mainly due to the same reasons for all-in sustaining costs. At Agnew, all-in sustaining costs increased by 5% from A$1,475 per ounce (US$1,017 per ounce) in 2020 to A$1,550 per ounce (US$1,164 per ounce) in 2021 due to lower gold sold and higher sustaining capital expenditure, partially offset by lower production cost driven by reduced ore tonnes mined and processed. All-in costs increased by 14% from A$1,528 per ounce (US$1,053 per ounce) in 2020 to A$1,741 per ounce (US$1,308 per ounce) in 2021 due to the same reasons for all-in sustaining costs and higher non-sustaining capital expenditure. At Granny Smith, all-in sustaining costs increased by 1% from A$1,360 per ounce (US$938 per ounce) in 2020 to A$1,376 per ounce (US$1,033 per ounce) in 2021 due to higher sustaining capital expenditure and higher cost of sales before amortisation and depreciation, partially offset by increased gold sold. All-in costs increased by 5% from A$1,465 per ounce (US$1,010 per ounce) in 2020 to A$1,545 per ounce (US$1,161 per ounce) in 2021 mainly due to the same reasons for all-in sustaining costs and higher non-sustaining capital. At Gruyere, all-in sustaining costs increased by 14% from A$1,337 per ounce (US$921 per ounce) in 2020 to A$1,525 per ounce (US$1,146 per ounce) in 2021 due to lower gold sold and a A$15 million (US$11 million) increase in processing costs associated with plant reliability projects, as well as increased sustaining capital expenditure. All-in costs increased by 14% from A$1,350 per ounce (US$931 per ounce) in 2020 to A$1,541 per ounce (US$1,158 per ounce) in 2021 due to the same reasons as all-in sustaining costs.

Management's Discussion and Analysis of the Financial Statements continued

Investment income

Income from investments decreased by 11% from US$9 million in 2020 to US$8 million in 2021. The increase was mainly due to lower cash balances in 2021.

The investment income in 2021 of US$8 million comprised US$1 million interest on monies invested in the South African rehabilitation trust fund and US$7 million interest on other cash and cash equivalent balances.

The investment income in 2020 of US$9 million comprised US$1 million interest on monies invested in the South African rehabilitation trust fund and US$8 million interest on other cash and cash equivalent balances.

Interest received on the South African rehabilitation trust fund remained flat at US$1 million.

Interest on other cash balances decreased by 13% from US$8 million in 2020 to US$7 million in 2021 mainly due to lower cash balances in 2021.

Finance expense

Finance expense decreased by 20% from US$127 million in 2020 to US$101 million in 2021.

The finance expense of US$101 million in 2021 comprised US$9 million relating to the accretion of the environmental rehabilitation liability, US$1 million relating to the unwinding of the silicosis provision, US$24 million lease interest and US$80 million on various Group borrowings, partially offset by borrowing costs capitalised of US$13 million.

The finance expense of US$127 million in 2020 comprised US$11 million relating to the accretion of the environmental rehabilitation liability, US$2 million relating to the unwinding of the silicosis provision, US$22 million lease interest and US$105 million on various Group borrowings, partially offset by borrowing costs capitalised of US$13 million.

The environmental rehabilitation liability accretion expense decreased by 18% from US$11 million in 2020 to US$9 million in 2021 due to a lower inflation rate used in the 2020 calculation.

The unwinding of the silicosis provision decreased by 50% from US$2 million in 2020 to US$1 million in 2021 due to a change in the expected timing of the cash flows.

The interest expense on lease liability increased by 9% from US$22 million in 2020 to US$24 million in 2021 due to additional leases capitalised in 2021.

Below is an analysis of the components making up the interest on the various Group borrowings, stated on a comparative basis:

		United States Dollar
Figures in millions unless otherwise stated	2021	2020
Interest on borrowings to fund capital expenditure and operating costs at theSouth African operation	2	2
Interest on US$1 billion notes issue	—	24
Interest on US$500 million 5-year notes issue	26	27
Interest on US$500 million 10-year notes issue	31	32
Interest on US$100 million revolving senior secured credit facility	2	2
Interest on US$150 million revolving senior secured credit facility	3	3
Interest on A$500 million syndicated revolving credit facility	7	7
Interest on US$1,200 million term loan and revolving credit facilities	8	8
Other interest charges	1	—
	80	105

Interest on borrowings to fund capital expenditure and operating costs at the South African operation remained flat at US$2 million. The Rand facilities are fully undrawn and the expense relates to commitment fees.

Interest on the US$1 billion notes issue was US$nil in 2021 compared to US$24 million in 2020. The US$1 billion notes were repaid on 7 October 2020, the date of maturity of the notes.

Interest on the US$500 million 5-year notes issue and US$500 million 10-year notes issue decreased by 4% and 3% from US$27 million and US$32 million in 2020 to US$26 million and US$31 million in 2021, respectively.

Interest on the US$100 million term revolving senior secured credit facility remained flat at US$2 million. The facility was repaid in full in 2019 and the expense relates to commitment fees.

Interest on the US$150 million revolving senior secured credit facility remained flat at US$3 million.

Interest on the A$500 million syndicated revolving credit facility remained flat at US$7 million.

Interest on the US$1,200 million term loan and revolving credit facilities remained flat at US$8 million.

Capitalised interest remained flat at US$13 million in 2021. The interest was capitalised in terms of IAS 23 Borrowing Costs. IAS 23 requires capitalisation of borrowing costs whenever general or specific borrowings are used to finance qualifying projects. The qualifying project in 2021 was the Salares Norte project (US$13 million). The qualifying projects in 2020 were the Damang reinvestment project (US$12 million) and the Salares Norte project (US$1 million). The Salares Norte project was approved by the Board and capital expenditure commenced in April 2020. An average interest capitalisation rate of 5.9% (2020: 4.4%) was applied.

Loss on financial instruments

The loss on financial instruments decreased by 58% from US$239 million in 2020 to US$100 million in 2021.

The loss on financial instrument of US$100 million in 2021 comprised:

	United States Dollar
Figures in millions unless otherwise stated	Unrealised(losses)/gainsand prior yearmark-tomarketreversals	Realised(losses)/gains	Total(losses)/gains
Ghana oil hedge	13	—	13
Peru copper hedge	14	(46)	(32)
Australia gold hedge	6	(31)	(25)
Australia oil hedge	7	1	8
Salares Norte foreign currency hedge	(93)	33	(60)
Maverix warrants – loss on fair value	(4)	—	(4)
	(57)	(43)	(100)

Management's Discussion and Analysis of the Financial Statements continued

The loss on financial instrument of US$239 million in 2020 comprised:

		United States Dollar
Figures in millions unless otherwise stated	Unrealised(losses)/gainsand prior yearmark-to-marketreversals	Realised(losses)/gains	Total(losses)/gains
South Deep gold hedge	11	(96)	(85)
Ghana gold hedge	36	(114)	(78)
Ghana oil hedge	(10)	(7)	(17)
Peru copper hedge	(14)	—	(14)
Australia gold hedge	71	(201)	(130)
Australia oil hedge	(6)	(3)	(9)
Salares Norte foreign currency hedge	86	5	91
Maverix warrants – gain on fair value	1	—	1
Other	2	—	2
	177	(416)	(239)

South Deep gold hedge

Between October 2018 and January 2019, South Deep entered into cash-settled average rate forwards for a total of 112,613 ounces for the period June 2019 to December 2019 at an average strike rate of R617,000 per kilogram.

In June 2019, a total of 200,000 ounces of the expected production for 2020 for South Deep was hedged for the period January 2020 to December 2020 using cash-settled zero cost collars (100,000 ounces) and average rate forwards (100,000 ounces). The average strike price is R660,000 per kilogram on the floor and R727,000 per kilogram on the cap. The average strike price is R681,400 per kilogram on the forwards.

At 31 December 2020, the mark-to-market value on the hedge was Rnil (US$nil) as all instruments had matured with a realised loss of R1,563 million (US$96 million), partially offset by an unrealised gain and prior year mark-to-market reversals of R176 million (US$11 million) for the year ended 31 December 2020.

Ghana gold hedge

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

In June 2019, a total of 275,000 ounces of the expected production for 2020 for the Ghanaian region was hedged for the period January 2020 to December 2020 using cash-settled zero-cost collars (175,000 ounces) and average rate forwards (100,000 ounces). The average strike prices are US$1,364 per ounce on the floor and US$1,449 per ounce on the cap. The average strike price on the forwards is US$1,382 per ounce.

Subsequent to 30 June 2019, 100,000 ounces of the expected production for the Ghanaian region was hedged for the period January 2020 to December 2020 using cash-settled zero cost collars. The average strike prices are US$1,400 per ounce on the floor and US$1,557 per ounce on the cap.

At 31 December 2020, the mark-to market value on the hedge was US$nil as all the instruments matured, with a realised loss of US$114, partially offset by an unrealised gain and prior year mark-to-market reversals of US$36 million for the year ended 31 December 2020.

Ghana oil hedge

In May 2017 and June 2017, the Ghanaian operations entered into fixed price ICE Gasoil cash-settled swap transaction for a total of 125.8 million litres of diesel for the period June 2017 to December 2019. The average swap price is US$457.2 per metric tonne (equivalent US$61.4 per barrel). At the time of the transactions, the average Brent swap equivalent over the tenure was US$49.8 per barrel.

In June 2019, fixed price ICE Gasoil cash-settled swap transactions were entered into for a total of 123.2 million litres of diesel for the period January 2020 to December 2022 based on 50% of usage over the specified period. The average swap price is US$575 per metric tonne (equivalent to US$75.8 per barrel). At the time of the transactions, the average Brent swap equivalent over the tenor was US$59.2 per barrel.

At 31 December 2021, the mark-to-market value on the hedge was a positive US$3 million (2020: negative US$10 million) with a realised gain of US$nil (2020: loss of US$7 million) and an unrealised gain of US$13 million (2020: loss of US$10 million).

Peru copper hedge

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

In October and November 2020, a total of 24,000 metric tonnes of copper were hedged using cash-settled zero cost collars. The hedges are for the period January 2021 to December 2021 and represent the total planned production for 2021. The average strike price is US$6,525 per metric tonnes on the floor and US$7,382 per metric tonnes on the cap.

At 31 December 2021, the hedge had matured (2020: the mark-to-market negative valuation of 2020: US$14 million), with a realised loss of US$46 million (2020: US$nil), offset by an unrealised gain of US$14 million (2020: loss of US$14 million).

Australia gold hedge

In February 2018, the Australian operations entered into Asian swaps (Asian swaps are options where the payoff is determined by the average monthly gold price over the option period) for the period June 2018 to December 2018 for a total of 221,000 ounces of gold. The average strike price on the swaps was A$1,714 per ounce. In March 2018, the Australian operations entered into zero-cost collars for the period April 2018 to December 2018 for a total of 452,800 ounces of gold. The average strike prices are A$1,703 per ounce on the floor and US$1,767 per ounce on the cap.

In December 2018, additional Asian swaps were entered into for the period January 2019 to December 2019 for a notional 283,000 ounces of gold at an average strike price of A$1,751 per ounce. In December 2018, additional zero-cost collars were executed for the period January 2019 to December 2019 for a notional 173,000 ounces of gold with a strike price on the floor at A$1,720 per ounce and the strike price on the cap at A$1,789 per ounce.

In January 2019, zero-cost collars were executed for the period January 2019 to December 2019 for a notional 456,000 ounces of gold with a strike price on the floor at A$1,800 per ounce and the strike price on the cap at A$1,869 per ounce.

In June 2019, a total of 480,000 ounces of the expected production for 2020 for the Australian region was hedged for the period January 2020 to December 2020 using cash-settled zero-cost collars (270,000 ounces) and average rate forwards (210,000 ounces). The average strike prices are A$1,933 per ounce on the floor and A$2,014 on the cap. The average strike price on the forwards is A$1,957 per ounce.

In the first six months of 2020, 400,000 ounces of the expected production for 2021 was hedged for the period January 2021 to December 2021 using bought puts. Between July and October 2020, an additional 600,000 ounces of the expected production for 2021 was hedged for the period January 2021 to December 2021 using bought puts. The average strike price of the total 1,000,000 ounces hedged is A$2,190 per ounce.

At 31 December 2021, the hedge had matured (2020: mark-to-market positive valuation of A$36 million US$27 million)) with a realised loss of A$42 million (US$31 million) (2020: A$292 million (US$201 million)), partially offset by an unrealised gain and prior year mark-to-market reversals of AUS$8 million (US$6 million) (2020: A$104 million (US$71 million)) for the year ended 31 December 2021.

Management's Discussion and Analysis of the Financial Statements continued

Australia oil hedge

In May 2017 and June 2017, the Australian operations entered into fixed price Singapore 10ppm Gasoil cash-settled swap transactions for a total of 77.5 million litres of diesel for the period June 2017 to December 2019. The average swap price is US$61.2 per barrel. At the time of the transactions, the average Brent swap equivalent over the tenure was US$49.9 per barrel.

In June 2019, fixed price Singapore 10ppm Gasoil cash-settled swap transactions were entered into for a total of 75.0 million litres of diesel for the period January 2020 to December 2022 based on 50% of usage over the specified period. The average swap price is US$74.0 per barrel. At the time of the transactions, the average Brent swap equivalent over the tenor was US$57.4 per barrel.

At 31 December 2021, the mark-to-market value on the hedge was a positive A$3 million (US$2 million) (2020: negative A$7 million (US$5 million)) with a realised gain of A$1 million (US$1 million) (2020: loss of A$5 million (US$3 million)) and an unrealised gain of A$9 million (US$7 million) (2020: A$8 million (US$6 million)) for the year ended 31 December 2021.

Salares Norte

In March 2020, a total notional amount of US$544.5 million was hedged at a rate of CLP/US$836.45 for the period July 2020 to December 2022.

At 31 December 2021, the mark-to-market value on the hedge was a negative US$7 million (2020: positive US$86 million) with a realised gain of US$33 million (2020: US$5 million) and an unrealised loss of US$93 million (2020: gain of US$86 million) for the year ended 31 December 2020.

Maverix warrants

The loss of US$4 million in 2021 compared to a gain of US$1 million in 2020 and reflected the change in fair value of the warrants.

Foreign exchange (loss)/gain

The foreign exchange loss of US$2 million in 2021 compared with a gain of US$9 million in 2020.

These gains or losses on foreign exchange related to the conversion of offshore cash holdings into their functional currencies. The exchange loss of US$2m in 2021 is mainly due to the strengthening of the Peruvian Soles and Chilean Peso, partially offset by the weakening of the Ghanaian Cedi. The gain of US$9 million in 2020 was mainly due to the weakening of the Ghanaian Cedi.

Other costs, net

Other costs, net increased by 308% from US$12 million in 2020 to US$49 million in 2021 mainly due to higher rehabilitation expense in 2021 and US$24 million income related to the Salares VAT claim in 2020.

The costs in 2021 are mainly made up of:

Social contributions and sponsorships of US$18 million;
Offshore structure costs of US$15 million;
Donations of US$1 million made to various bodies in response to Covid-19; and
Rehabilitation expense of US$11 million as a result of changes in estimates relating to the provision for environmental rehabilitation costs recognised in profit or loss.

The costs in 2020 are mainly made up of:

Social contributions and sponsorships of US$14 million;
Offshore structure costs of US$14 million;
Donations of US$3 million made to various bodies in response to Covid-19;
US$5 million related to the capital raising in February 2020;
Damang contract termination costs of US$1 million; and
Rehabilitation expense of US$2 million as a result of changes in estimates relating to the provision for environmental rehabilitation costs recognised in profit or loss.

The above were partially offset by the following:

• US$24 million income related to a submission of VAT claims for expenses incurred from 2010 to June 2020 at Salares Norte to the Chilean tax authority which become claimable from the commencement of construction in 2020.

Share-based payments

Gold Fields recognises the cost of share options granted (share-based payments) in terms of IFRS 2 Share-based Payment.

The Group grants share options and restricted shares to Executive Committee members (including regional Executive Committee members) under the Gold Fields Limited 2012 share plan amended. Gold Fields has adopted appropriate valuation models (Black-Scholes and Monte Carlo simulation) to fair value share-based payments. The value of the equitysettled instruments is determined at the grant date of the options and depending on the rules of the plan expensed on a straight-line basis over a three-year vesting period, adjusted for forfeitures as appropriate.

Only Executive Committee members (including regional Executive Committee members) receive awards under the Gold Fields Limited 2012 share plan amended, while senior and middle management receive awards under the revised long-term incentive plan ("LTIP").

Share-based payments decreased by 13% from US$15 million in 2020 to US$13 million in 2021 mainly due to lower forecast vesting percentages of the scheme. The corresponding entry for the share-based payment expense was the share-based payment reserve within shareholders' equity.

Long-term incentive plan expense

Gold Fields recognises the long-term incentive plan expense in terms of IAS 19 Employee Benefits.

On 1 March 2014, the Remuneration Committee approved the Gold Fields Limited long-term incentive plan ("LTIP"). The plan provided for Executive Directors, certain officers and employees to receive a cash award, conditional on the achievement of specified performance conditions relating to total shareholder return and free cash flow margin. The conditions were assessed over the performance cycle which runs over three calendar years. The expected timing of the cash outflows in respect of each grant was at the end of three years after the original award was made. The last award under this plan was made in 2015.

Executive Committee members (including regional Executive Committee members) receive awards under the Gold Fields Limited 2012 share plan amended, while senior and middle management receive awards under the revised LTIP. The performance conditions of the revised LTIP are approved annually by the Remuneration Committee. The expected timing of the cash outflows in respect of each grant is at the end of three years after the original award was made.

The LTIP expense decreased by 43% from US$51 million in 2020 to US$29 million in 2021 due to the current mark-tomarket valuation of the plan reflecting forecast performance.

Exploration expense

The exploration expense increased by 22% from US$50 million in 2020 to US$61 million in 2021.

		United States Dollar
Figures in millions unless otherwise stated	2021	2020
Australia	21	17
Salares Norte	27	30
Peru	2	1
Ghana	10	—
Exploration office costs	1	2
Total exploration expense	61	50

In 2021, Australia spent US$59 million on exploration of which US$21 million was expensed in the income statement.

In 2020, Australia spent US$50 million on exploration of which US$17 million was expensed in the income statement.

Management's Discussion and Analysis of the Financial Statements continued

Share of results of equity-accounted investees, net of taxation

The loss of share of results of equity-accounted investees, net of taxation increased by 967% from US$3 million in 2020 to US$32 million in 2020.

	United States Dollar
Figures in millions unless otherwise stated	2021	2020
Far South East Resources Incorporated ("FSE")	(2)	(2)
Asanko Gold Inc ("Asanko")	(29)	(1)
Asanko – profit before impairment	24	49
Asanko – impairment	(53)	(50)
Lunnon Metals Limited ("Lunnon")	(1)	—
Total share of result of equity-accounted investees, net of taxation	(32)	(3)

FSE's share of results of equity-accounted investees, net of taxation remained flat at a loss of US$2 million.

Asanko's share of results of equity-accounted investees, net of taxation was a loss of US$1 million in 2020 compared to a loss of US$29 million in 2021. The decrease in Asanko's profit before impairment is mainly due to the lower production in 2021. The share of results of equity-accounted investees – impairment of Asanko related to an impairment of US$53m of the Asanko gold mine following the identification of an impairment trigger. Due to the re-evaluation of the geological modelling by our JV partner, Galiano, which is still not complete, Gold Fields is still not in a position to provide a reserve and resource estimate for Asanko as at 31 December 2021. Taking this into consideration, management has modelled various scenarios for the Asanko Life of Mine (LoM) in order to determine their best estimates of the future cash flows of the Asanko gold mine. The various LoM scenario runs were undertaken in an attempt to model Asanko's future cash flows in the absence of a revised Resource and Reserve for 31 December 2021. These scenarios are based on the pre-feasibility study completed in 2019, in order to declare a Reserve at 31 December 2019, but were modified where appropriate to reflect prevailing circumstances.

During 2021, Gold Fields acquired 31.65% in Lunnon and recognised a share of loss for the year of US$1 million.

Restructuring costs

Restructuring costs decreased by 50% from US$2 million in 2020 to US$1 million in 2021. The cost in 2021 relates mainly to the separation packages at Tarkwa and the cost in 2020 relates mainly to separation packages at St Ives and Tarkwa.

Silicosis settlement costs

Silicosis settlement costs charge of US$nil in 2020 compared to a credit of US$1 million in 2021.

A consolidated application was brought against several South African mining companies, including Gold Fields, for certification of a class action on behalf of current or former mineworkers (and their dependants) who have allegedly contracted silicosis and/or tuberculosis while working for one or more of the mining companies listed in the application (refer to notes 25.2 and 35 of the consolidated financial statements for further details).

During 2021, reversal of costs of US$1 million, related to a change in the expected timing of the cash flows and an increase in the discount rate.

Impairment, net of reversal of impairment of investments and assets

Impairment, net of reversal of impairment of investments and assets was a net reversal of impairment of US$51 million in 2020 compared to an impairment of US$42 million in 2021.

United States Dollar

Figures in millions unless otherwise stated	2021	2020
Cerro Corona redundant assets	2	1
Capitalised exploration costs at St Ives	10	—
Damang drilling costs	—	10
Impairment/(reversal of impairment) – FSE	31	(62)
	43	(51)

The impairment of US$43 million in 2021 comprised of:

US$2 million impairment of redundant assets at Cerro Corona;
US$10 million impairment of capitalised exploration costs at St Ives based on technical and economic parameters of various studies; and
impairment of FSE of US$31 million based on the fair value less cost of disposal of the investment which was indirectly derived from the market value of Lepanto Consolidated Mining Company.

The net reversal of impairment of US$51 million in 2020 comprised of:

US$1 million impairment of redundant assets at Cerro Corona;
US$10 million impairment of drilling costs at Damang. Based on technical and economic parameters of various studies, all assets related to the Amoanda-Tomento corridor were impaired, offset by:
net reversal of impairment of FSE of US$62 million which is limited to previous impairments recognised. The reversal of impairment of FSE was based on the fair value less cost of disposal of the investment which was indirectly derived from the market value of Lepanto Consolidated Mining Company.

Ghana expected credit loss

Ghana expected credit loss ("ECL") increased by 41% from US$29 million in 2020 to US$41 million in 2021.

The ECL of US$41 million in 2021 was raised against a contractor loan receivable of US$68 million. Due to issues with fleet availability at both Tarkwa and Damang, an agreement was entered into between Gold Fields and Engineers and Planners ("E&P") to provide financial assistance to E&P in order to procure new fleet in 2020.

The ECL of US$29 million in 2020 was raised against a receivable at 31 December 2020. The receivable related to the sale of mining fleet to a contractor at Tarkwa as part of the transition to contractor mining.

Profit/(loss) on disposal of assets

Profit on disposal of assets of US$9 million in 2021 compared to a loss of US$nil million in 2020. The profit in 2021 related mainly to the sale of redundant assets at South Deep and Australia.

Royalties

Royalties increased by 7% from US$105 million in 2020 to US$112 million in 2021 and are made up as follows:

		United States Dollar
Figures in millions unless otherwise stated	2021	2020
South Africa	3	2
Ghana	55	53
Peru	8	6
Australia	46	44
	112	105

Management's Discussion and Analysis of the Financial Statements continued

The royalty in South Africa increased by 50% from US$2 million in 2020 to US$3 million in 2021 in line with the higher revenue. In South African Rand, the royalty increased by 15% from R33 million in 2020 to R38 million in 2021 in line with the increase in revenue.

The royalty in Ghana increased by 4% from US$53 million in 2020 to US$55 million in 2021 due to an increase in revenue in 2021.

The royalty in Peru increased by 33% from US$6 million in 2020 to US$8 million in 2021 due to an increase in operating profit in 2021.

The royalty in Australia increased by 5% from US$44 million in 2020 to US$46 million in 2021 mainly due to the strengthening of the Australian Dollar. In Australian Dollar, the royalty decreased by 5% from A$64 million in 2020 to A$61 million in 2021 in line with the decrease in revenue.

Mining and income tax

The mining and income tax charge decreased by 2% from US$433 million in 2020 to US$425 million in 2021.

The table below indicates Gold Fields' effective tax rate in 2021 and 2020:

	United States Dollar
Figures in millions unless otherwise stated	2021	2020
Income and mining tax credit/(charge) (US$ million)	(425)	(433)
Effective tax rate (%)	33.9	36.8

In 2021, the effective tax rate of 33.9% was lower than the maximum South African mining statutory tax rate of 34% mainly due to the tax effect of the following:

US$46 million adjustment to reflect the actual realised company tax rates in South Africa and offshore;
US$16 million deferred tax on unremitted earnings at Tarkwa and Cerro Corona; and
US$97 million deferred tax assets recognised at Salares Norte.

The above were offset by the following tax effected charges:

US$4 million non-deductible share-based payments;
US$10 million non-deductible exploration expense;
US$11 million not recognised on FSE impairment;
US$22 million non-deductible interest paid;
US$11 million of non-taxable share of results of equity-accounted investees, net of taxation;
US$1 million non-deductible fair value loss on Maverix warrants;
US$30 million dividend withholding tax;
US$27 million of net non-deductible expenditure and non-taxable income;
US$9 million deferred tax movement on Peruvian Nuevo Sol devaluation against US Dollar;
US$8 million of various Peruvian non-deductible expenses;
US$12 million deferred tax assets not recognised at Cerro Corona;
US$7 million deferred tax assets not recognised at Tarkwa and Damang; and
USS$6 million prior year adjustments.

In 2020, the effective tax rate of 36.8% was higher than the maximum South African mining statutory tax rate of 34% mainly due to the tax effect of the following:

US$46 million adjustment to reflect the actual realised company tax rates in South Africa and offshore;
US$21 million recognised on reversal of FSE impairment;
US$1 million deferred tax on unremitted earnings at Tarkwa and Cerro Corona; and
US$13 million deferred tax assets recognised at Salares Norte.

The above were offset by the following tax effected charges:

US$5 million non-deductible share-based payments;
US$31 million non-deductible interest paid;
US$1 million of non-taxable share of results of equity-accounted investees, net of taxation;
US$6 million dividend withholding tax;
US$1 million of net non-deductible expenditure and non-taxable income;
US$8 million deferred tax movement on Peruvian Nuevo Sol devaluation against US Dollar;
US$6 million of various Peruvian non-deductible expenses; and
US$51 million deferred tax assets not recognised at Tarkwa and Damang.

Profit for the year

As a result of the factors discussed above, the profit increased by 11% from US$745 million in 2020 to US$830 million in 2021.

Profit attributable to owners of the parent

Profit attributable to owners of the parent increased by 9% from US$723 million in 2020 to US$789 million in 2021.

Profit attributable to non-controlling interests

Profit attributable to non-controlling interests increased by 82% from US$22 million in 2020 to US$40 million in 2021.

The non-controlling interest consists of Gold Fields Ghana Limited (Tarkwa) and Abosso Goldfields Limited (Damang) at 10% each at the end of 2021 and 2020, Gold Fields La Cima S.A. (Cerro Corona) at 0.47% at the end of 2021 and 2020 and Newshelf 899 (Proprietary) Limited (South Deep) at 3.57% at the end of 2021 and 2020.

On 6 December 2020, per the South Deep BEE transaction an economic interest of 3.57% in the South Deep mine vested to the BEE non-controlling interest holders.

The amount making up the non-controlling interest is shown below:

	2021	2020	2021	2020
	Non-controllinginterestEffective*	Non-controllinginterestEffective*	US$ million	US$ million
Gold Fields Ghana – Tarkwa	10.0%	10.0%	26	17
Abosso Goldfields – Damang	10.0%	10.0%	10	5
Gold Fields La Cima – Cerro Corona	0.47%	0.47%	—	—
Newshelf 899 – South Deep	3.57%	0.78%	4	—
			40	22

* Average for the year.

Basic earnings per share

As a result of the above, Gold Fields earnings increased by 9% from earnings of US$0.82 per share in 2020 to US$0.89 per share in 2021.

Normalised profit attributable to owners of the parent

Normalised profit attributable to owners of the parent 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. Normalised profit is defined as profit excluding gains and losses on foreign exchange, financial instruments and non-recurring items after taxation and non-controlling interest effect.

Normalised profit attributable to owners of the parent increased by 6% from US$879 million or US$1.00 per share in 2020 to US$929 million or US$1.05 per share in 2021.

Management's Discussion and Analysis of the Financial Statements continued

Normalised profit attributable to owners of the parent reconciliation for the Group is calculated as follows:

	United States Dollar
Figures in millions unless otherwise stated	2021	2020
Profit for the year attributable to owners of the parent	789	723
Non-recurring items1	89	(34)
Tax effect of non-recurring items	(4)	(6)
Non-controlling interest effect of non-recurring items	(4)	(4)
Share of results of equity-accounted investees – Asanko impairment	53	50
Loss/(gain) on foreign exchange	2	(9)
Tax effect of gain on foreign exchange	1	2
Non-controlling interest effect of gain on foreign exchange	1	1
Loss on financial instruments	100	239
Tax effect of loss on financial instruments	(12)	(76)
Non-controlling interest effect of loss on financial instruments	1	(7)
Salares Norte deferred tax asset raised	(87)	—
Normalised profit attributable to owners of the parent	929	879

1 Non-recurring items are considered unusual and not expected during regular business operations and comprise the following:

		United States Dollar
Figures in millions unless otherwise stated	2021	2020
Profit on the sale of assets	(9)	—
Impairment of assets (2020: reversal of impairment, net of reversal)	41	(51)
Restructuring costs	1	2
Rehabilitation adjustments	11	2
Ghana expected credit losses	41	29
Salares VAT	—	(24)
Other non-recurring items	4	8
Total non-recurring items	89	(34)

RESULTS FOR THE PERIOD – YEARS ENDED 31 DECEMBER 2020 AND 31 DECEMBER 2019

Profit attributable to owners of the parent for the Group increased by 346% from US$162 million (or US$0.20 per share) in 2019 to US$723 million (or US$0.82 per share) in 2020.

The reasons for this increase are discussed on the following page.

Revenue

Revenue increased by 31% from US$2,967 million in 2019 to US$3,892 million in 2020. The increase in revenue of US$925 million was due to the higher gold price and higher gold sold.

The average US Dollar gold price achieved by the Group increased by 27% from US$1,388 per equivalent ounce in 2019 to US$1,768 per equivalent ounce in 2020. The average Rand gold price increased by 41% from R659,111 per kilogram in 2019 to R928,707 per kilogram in 2020. The average Australian Dollar gold price increased by 27% from A$2,007 per ounce in 2019 to A$2,551 per ounce in 2020. The average US Dollar gold price for the Ghanaian operations (including Asanko) increased by 28% from US$1,384 per ounce in 2019 to US$1,766 per ounce in 2020 and the average US Dollar gold price for the Ghanaian operations (excluding Asanko) increased by 28% from US$1,387 per ounce in 2019 to US$1,773 per ounce in 2020. The average equivalent US Dollar gold price, net of treatment and refining charges, for Cerro Corona increased by 34% from US$1,344 per equivalent ounce in 2019 to US$1,795 per equivalent ounce in 2020. The average US Dollar/Rand exchange rate weakened by 13% from R14.46 in 2019 to R16.38 in 2020. The average Australian/US Dollar exchange rate weakened by 1% from A$1.00 = US$0.70 in 2018 to A$1.00 = US$0.69 in 2019.

Gold sales from operations (excluding Asanko) increased by 3% from 2,137,800 equivalent ounces in 2019 to 2,202,100 equivalent ounces in 2020. Gold sales at the South African operation increased by 2% from 6,907 kilograms (222,100 ounces) in 2019 to 7,056 kilograms (226,900 ounces) in 2020. Gold sales at the Ghanaian operations (excluding Asanko) increased by 3% from 727,400 ounces in 2019 to 749,200 ounces in 2020. Gold equivalent sales at the Peruvian operation (Cerro Corona) decreased by 31% from 296,900 equivalent ounces in 2019 to 205,500 equivalent ounces in 2020. At the Australian operations, gold sales increased by 14% from 891,400 ounces in 2019 to 1,020,500 ounces in 2020. As a general rule, Gold Fields sells all the gold it produces.

	2020			2019
	RevenueUS$ million	Gold sold'000oz	Gold produced'000oz	RevenueUS$ million	Gold sold'000oz	Gold produced'000oz
South Deep	400.1	226.9	226.9	314.8	222.1	222.1
Tarkwa	927.7	526.3	526.3	720.4	519.1	519.1
Damang	400.8	223.0	223.0	288.3	208.4	208.4
Asanko1	188.2	109.7	112.5	153.3	112.0	113.0
Cerro Corona	368.8	205.5	207.1	399.0	296.9	292.7
St Ives	691.4	393.8	384.9	505.0	363.3	370.6
Agnew	411.5	233.5	233.3	304.6	219.6	219.4
Granny Smith	466.4	265.2	269.6	383.8	274.8	274.8
Gruyere – 50%	225.4	128.0	129.1	51.2	33.7	49.5
Total Group (including Asanko)	4,080.2	2 ,311. 8	2,312.4	3,120.4	2,249.8	2,269.5
Total Group (excluding Asanko)	3,892.1	2,202.1	2,200.0	2,967.1	2,137.8	2,156.5

1 Equity-accounted joint venture. Included above for information only, not included in revenue for the Group.

At South Deep in South Africa, gold sales increased by 2% from 6,907 kilograms (222,100 ounces) in 2019 to 7,056 kilograms (226,900 ounces) in 2020 due to the productivity improvement programmes introduced in 2019 starting to bear fruit, despite the operation being negatively impacted by Covid-19 restrictions. It is estimated that South Deep lost approximately 32,000 ounces due to Covid-19 related stoppages in 2020, partially offset by 10 additional production days as a result of the change in the production calendar.

At the Ghanaian operations, gold sales at Tarkwa increased by 1% from 519,100 ounces in 2019 to 526,300 ounces in 2020 mainly due to higher tonnes milled. The higher tonnes milled were mainly due to the 10 additional production days as a result of the change in the production calendar. Damang's gold sales increased by 7% from 208,400 ounces in 2019 to 223,000 ounces in 2020 mainly due to higher yield and mill throughput due to the 10 additional production days as a result of the change in the production calendar. Gold sales at Asanko decreased by 2% from 112,000 ounces in 2019 to 109,700 ounces in 2020 mainly due to lower yield (Asanko is an equity-accounted joint venture and not included in the Group or Ghanaian operation's figures).

At Cerro Corona in Peru, copper sales decreased by 23% from 31,452 tonnes in 2019 to 24,114 tonnes in 2020, while gold sales decreased by 25% from 159,706 ounces in 2019 to 120,176 ounces in 2020 both mainly explained by lower head grades processed as lower grade stockpiles were used to supplement fresh ore mined due to the Covid-19 restrictions. As a consequence, gold equivalent sales decreased by 31% from 296,900 ounces in 2019 to 205,500 ounces in 2020 mainly due to lower gold and copper grades processed, together with a lower price factor. The price factor was 3.5 in 2020 compared to 4.4 in 2019. It is estimated that Cerro Corona lost approximately 46,000 ounces due to Covid-19 related stoppages and 22,000 ounces due to the lower price factor, partially offset by 10 additional production days as a result of the change in the production calendar in 2020.

Management's Discussion and Analysis of the Financial Statements continued

At the Australian operations, gold sales at St Ives increased by 8% from 363,300 ounces in 2019 to 393,800 ounces in 2020 with an 8% increase in tonnes milled, partially offset by a 4% decrease in yield. The higher tonnes milled were mainly due to the 10 additional production days as a result of the change in the production calendar. At Agnew, gold sales increased by 6% from 219,600 ounces in 2019 to 233,500 ounces in 2020 due to increased ore tonnes processed mainly due to the 10 additional production days as a result of the change in the production calendar. At Granny Smith, gold sales decreased by 3% from 274,800 ounces in 2019 to 265,200 ounces in 2020 due to 2% reduction in tonnes milled compared to 2019. At Gruyere, gold sales increased by 280% from 33,700 ounces in 2019 to 128,000 in 2020. Production commenced in July 2019, with commercial levels of production achieved by the end of September 2019.

Cost of sales

Cost of sales, which comprises cost of sales before gold inventory change and amortisation and depreciation, gold inventory change and amortisation and depreciation, increased by 6% from US$2,034 million in 2019 to US$2,150 million in 2020. The reasons for this increase are described below.

Cost of sales before gold inventory change and amortisation and depreciation

Cost of sales before gold inventory change and amortisation and depreciation increased by 6% from US$1,467 million in 2019 to US$1,555 million in 2020.

At South Deep in South Africa, cost of sales before gold inventory change and amortisation and depreciation increased by 5% from R3,556 million (US$246 million) in 2019 to R3,722 million (US$227 million) in 2020. This increase of R166 million was mainly due to increased volumes mined and processed as well as inflationary increases.

At the Ghanaian operations (excluding Asanko), cost of sales before gold inventory change and amortisation and depreciation increased by 10% from US$480 million in 2019 to US$528 million in 2020. At Tarkwa, cost of sales before gold inventory change and amortisation and depreciation decreased by 11% from US$330 million in 2019 to US$295 million in 2019 mainly due to a reduction in ore mined (3Mt) and operational waste tonnes mined (13Mt) as the focus was on capital waste stripping. At Damang, cost of sales before gold inventory change and amortisation and depreciation increased by 55% from US$150 million in 2019 to US$233 million in 2020 mainly due to a 10Mt increase in operational waste tonnes mined (capital waste tonnes decreased by 17Mt) following the intersection of the main orebody. At Asanko, cost of sales before gold inventory change and amortisation and depreciation increased by 20% from US$89 million in 2019 to US$107 million in 2020 mainly due to an increase in ore mined (1Mt) and operational waste tonnes mined (17Mt).

At Cerro Corona in Peru, cost of sales before gold inventory change and amortisation and depreciation decreased by 6% from US$168 million in 2019 to US$158 million in 2020 mainly due to a 4Mt decrease in operational tonnes mined.

At the Australian operations, cost of sales before gold inventory change and amortisation and depreciation increased by 13% from A$822 million (US$572 million) in 2019 to A$931 million (US$642 million) in 2020 mainly due to the inclusion of Gruyere for a full year in 2020 with the mine reaching commercial levels of production at the end of September 2019, increased costs of operating at depth at Granny Smith and increased underground volumes at St Ives. At St Ives, cost of sales before gold inventory change and amortisation and depreciation increased by 5% from A$333 million (US$232 million) in 2019 to A$349 million (US$241 million) in 2020 mainly due to increased volume mined at the underground mines, partially offset by decreased volume mined at the open pit as the transition to underground mining continued.

At Agnew, cost of sales before gold inventory change and amortisation and depreciation decreased by 4% from A$237 million (US$165 million) in 2019 to A$228 million (US$157 million) in 2020 mainly due to reduced underground mining costs at Waroonga as mining activities transitioned to the Kath and Waroonga North ore bodies located higher in the mine. At Granny Smith, cost of sales before gold inventory change and amortisation and depreciation increased by 9% from A$226 million (US$157 million) in 2019 to A$247 million (US$170 million) in 2020. With the mining of deeper ore zones additional cost was incurred for paste fill, support and hauling. Furthermore, additional contractor labour cost and employee flight and accommodation cost were incurred in 2020 due to the Covid-19 pandemic. Cost of sales before gold inventory change and amortisation and depreciation for Gruyere increased by 282% from A$28 million (US$19 million) in 2019 to A$107 million (US$73 million) in 2020. Gold production at Gruyere commenced in July 2019, with commercial production achieved by the end of September 2019. Net costs after gold sales prior to commercial levels of production were capitalised.

Gold inventory change

The gold inventory credit to costs increased by 53% from US$43 million in 2019 to US$66 million in 2020.

At South Deep, the gold inventory credit to costs of R54 million (US$4 million) in 2019 compared with a charge to costs of R29 million (US$2 million) in 2020, due to a buildup of gold in circuit in 2020 compared with a drawdown of gold in circuit at the end of 2019.

At Tarkwa, the gold inventory credit to costs of US$14 million in 2019 compared with a charge to costs of US$2 million in 2020. In 2020, Tarkwa supplemented ore feed to the plant with lower grade stockpile material. In 2019, higher ore volumes were mined and more medium grade ore was stockpiled.

At Damang, the gold inventory credit to costs increased by 578% from US$9 million in 2019 to US$61 million in 2020, due to more lower grade ore added to the stockpile in 2020 compared to 2019.

At Asanko, the gold inventory charge to costs of US$2 million in 2019 compared with a credit to costs of US$13 million in 2020, due to a buildup of stockpiles in 2020 as a result of additional lower grade ore tonnes mined.

At Cerro Corona, the gold inventory credit to costs decreased by 33% from US$6 million in 2019 to US$4 million In 2020, both due to a lower buildup of stockpiles in line with the new life extension plan in which ore will be stockpiled for the first few years until the in-pit tailings process commences.

At St Ives, the credit to costs increased by 150% from A$4 million (US$3 million) in 2019 to A$10 million (US$7 million) in 2020, both due to a buildup of stockpiles.

At Agnew, the credit to costs of A$4 million (US$3 million) in 2019 compared with a charge to costs of A$8 million (US$5 million) in 2020, due to a buildup of stockpiles in 2019 compared to a drawdown of stockpiles in 2020.

At Granny Smith, the charge to costs of A$1 million (US$nil) in 2019 compared to a credit to costs of A$5 million (US$3 million) in 2020, due to a drawdown of stockpiles in 2019 compared to a buildup of stockpiles in 2020.

At Gruyere, the credit to costs decreased by 100% from A$8 million (US$5 million) in 2019 to A$nil (US$nil) in 2020. This was due to ore tonnes mined being in line with tonnes processed in 2020 compared to a buildup of stockpiles in 2019 while construction was completed.

Amortisation and depreciation

The table on the following page depicts the changes from 31 December 2019 to 31 December 2020 for proved and probable managed gold and equivalent reserves and for the life-of-mine for each operation and the resulting impact on the amortisation charge in 2020. The amortisation in 2020 was based on the reserves as at 31 December 2019. The life-ofmine information is based on the operations' strategic plans, adjusted for proved and probable reserve balances. In basic terms, amortisation is calculated using the life-of-mine for each operation, which is based on: (1) the proved and probable reserves for the operation at the start of the relevant year (which are taken to be the same as at the end of the prior fiscal year and using reserves); and (2) the amount of gold produced by the operation during the year. The ore reserve statement as at 31 December 2020 became effective on 1 January 2021.

Management's Discussion and Analysis of the Financial Statements continued

	Proved and probablemineral reserves as of			Life-of-mine		Amortisation for the yearended
	31 December2020'000oz	31 December2019'000oz	31 December2018'000oz	31 December2020years	31 December2019years	31 December2020US$ million	31 December2019US$ million
South Africa region
South Deep1	34,800	32,800	32,800	86	75	29.1	32.9
West Africa region
Tarkwa2	6,100	5,900	5,800	14	14	168.2	181.8
Damang3	1,000	1,300	1,600	5	6	75.6	53.9
South America region
Cerro Corona4	2,586	3,000	3,400	10	13	77.6	92.6
Salares Norte	4,049	4,049	4,049	12	11.5	—	—
Australia region
St Ives	2,700	2,300	1,700	8	9	113.4	105.0
Agnew	900	800	600	5	4	65.6	62.9
Granny Smith	2,200	2,100	2,200	10	13	61.2	55.4
Gruyere5	1,700	1,800	1,900	9	11	58.5	14.5
Corporate and other	—	—	—	—	—	12.0	11.0
Total reserves6	56,035	54,049	54,049			661.3	610.0

1 As of 31 December 2018, 31 December 2019 and 31 December 2020, 90.8%, 90.7% and 90.5% of mineral reserves amounting to 29.772 million ounces, 29.763 million ounces and 31.538 million ounces of gold, respectively, were attributable to Gold Fields, with the remainder attributable to future non-controlling shareholders in the South Deep operation in terms of the South Deep BEE transaction.

2 As of 31 December 2018, 31 December 2019 and 31 December 2020, 90% of mineral reserves amounting to 5.200 million ounces, 5.305 million ounces and 5.486 million ounces of gold, respectively, were attributable to Gold Fields, with the remainder attributable to non-controlling shareholders in the Tarkwa operation.

3 As of 31 December 2018, 31 December 2019 and 31 December 2020, 90% of mineral reserves amounting to 1.454 million ounces, 1.214 million ounces and 0.928 million ounces of gold, respectively, were attributable to Gold Fields, with the remainder attributable to non-controlling shareholders in the Damang operation. Damang has commenced studies on a further Damang pit cutback, which has the potential to extend the life-of-mine beyond 2025 by a further four years.

4 As of 31 December 2018, 31 December 2019 and 31 December 2020, 99.53% of mineral reserves amounting to 3.342 million ounces, 2.984 million ounces and 2.574 million ounces of equivalent gold were attributable to Gold Fields, with the remainder attributable to non-controlling shareholders in the Cerro Corona operation.

5 As of 31 December 2018, 31 December 2019 and 31 December 2020, mineral reserves at Gruyere represent the 50% portion attributable to Gold Fields only.

6 As of 31 December 2018, 31 December 2019 and 31 December 2020, reserves of 50.258 million ounces, 52.384 million ounces and 52.061 million ounces of equivalent gold, respectively, were attributable to Gold Fields, with the remainder attributable to non-controlling shareholders in the Ghanaian and Peruvian operations.

Amortisation and depreciation increased by 8% from US$610 million in 2019 to US$661 million in 2020.

At South Deep in South Africa, amortisation and depreciation remained flat at R476 million (2020: US$29 million and 2019: US$33 million).

At the Ghanaian operations (excluding Asanko), amortisation and depreciation increased by 3% from US$236 million in 2019 to US$244 million in 2020. Tarkwa decreased by 8% from US$182 million in 2019 to US$168 million in 2020 mainly due to lower ounces mined. Damang increased by 41% from US$54 million in 2019 to US$76 million in 2020 mainly due to the higher ounces mined in the Damang Pit Cutback in 2020.

At Cerro Corona in Peru, amortisation and depreciation decreased by 16% from US$93 million in 2019 to US$78 million in 2020. This decrease was mainly due to lower ounces mined.

At the Australian operations, amortisation and depreciation increased by 27% from A$342 million (US$238 million) in 2019 to A$433 million (US$299 million) in 2020. At St Ives, amortisation and depreciation increased by 9% from A$151 million (US$105 million) in 2019 to A$165 million (US$113 million) in 2020 mainly due to increased ounces mined at the Hamlet and Invincible underground mines. At Agnew, amortisation and depreciation increased by 6% from A$90 million (US$63 million) in 2019 to A$95 million (US$66 million) in 2020 mainly due to increased amortisation on the power facility, gas pipeline and camp as a result of a full year depreciation included In 2020. At Granny Smith, amortisation and depreciation increased by 11% from A$80 million (US$55 million) in 2019 to A$89 million (US$61 million) in 2020 mainly due to an increased cost base with a lower reserve base at the Wallaby underground mine. At Gruyere, amortisation and depreciation increased by 305% from A$21 million (US$15 million) in 2019 to A$85 million (US$59 million) in 2020. Gold production commenced in July 2019, with commercial levels of production achieved by the end of September 2019.

All-in sustaining and total all-in costs

The following table sets out for each operation and the Group, total gold sales in ounces, all-in sustaining costs and total all-in costs, net of by-product revenue, in US$/oz for 2020 and 2019:

		2020			2019
Figures in thousands unless otherwise stated	Gold onlyounces sold	All-insustainingcosts –US$/oz	Total all-incosts –US$/oz	Gold onlyounces sold	All-insustainingcosts –US$/oz	Total all-incosts –US$/oz
South Deep	226.9	1,237	1,260	222.1	1,259	1,259
South African operation	226.9	1,237	1,260	222.1	1,259	1,259
Tarkwa	526.3	1,017	1,017	519.1	958	958
Damang	223.0	1,008	1,035	208.4	809	1,147
Asanko1	109.7	1,114	1,316	112.0	1,112	1,214
Ghanaian operations	858.9	1,027	1,060	839.5	942	1,039
Cerro Corona2	120.2	484	715	159.7	381	472
Peruvian operation	120.2	484	715	159.7	381	472
St Ives	393.8	843	873	363.3	818	963
Agnew	233.5	1,017	1,053	219.6	967	1,152
Granny Smith	265.2	938	1,010	274.8	752	922
Gruyere – 50%	128.0	921	931	33.7	683	684
Australian operations	1,020.5	917	957	891.4	829	986
Total Group (including Asanko)	2,226.4	977	1,079	2,112.6	897	1,064
Total Group (excluding Asanko)	2 ,116 .7	970	1,067	2,000.6	885	1,056

All-in costs are calculated in accordance with the World Gold Council Industry standard. Refer to pages 63 to 71 for detailed calculations and discussion of AIC.

1 Equity-accounted joint venture.

2 Gold sold at Cerro Corona excludes copper equivalents of 137,194 ounces in 2019 and 85,324 ounces in 2020. Figures above may not add as they are rounded independently.

AISC and AIC (new interpretation)

At South Deep in South Africa, all-in sustaining costs increased by 11% from R585,482 per kilogram (US$1,259 per ounce) in 2019 to 651,514 per kilogram (US$1,237 per ounce) in 2020 due to higher cost of sales before amortisation and depreciation and higher sustaining capital expenditure, partially offset by higher gold sold. The total all-in cost increased by 13% from R585,482 per kilogram (US$1,259 per ounce) in 2019 to R663,635 per kilogram (US$1,260 per ounce) in 2020 due to the same reasons as for all-in sustaining costs as well as higher non-sustaining capital expenditure.

Management's Discussion and Analysis of the Financial Statements continued

At the Ghanaian operations, all-in sustaining costs increased by 9% from US$942 per ounce in 2019 to US$1,027 per ounce in 2020 and total all-in cost increased by 2% from US$1,039 per ounce in 2019 to US$1,060 per ounce in 2020. At Tarkwa, all-in sustaining costs and total all-in costs increased by 6% from US$958 per ounce in 2019 to US$1,017 per ounce in 2020 due to higher royalty tax (related to the higher gold price received) and higher capital expenditure, partially offset by higher gold sold and lower cost of sales before amortisation and depreciation. At Damang, all-in sustaining costs increased by 25% from US$809 per ounce in 2019 to US$1,008 per ounce in 2020 due to higher sustaining capital expenditure, higher cost of sales before amortisation and depreciation and higher royalty tax (related to the higher gold price received), partially offset by higher gold sold. All-in costs decreased by 10% from US$1,147 per ounce in 2019 to US$1,035 per ounce in 2020 due to lower non-sustaining capital and higher gold sold partially offset by higher sustaining capital expenditure, higher cost of sales before amortisation and depreciation and higher royalty tax (related to the higher gold price received). At Asanko, all-in sustaining costs increased marginally from US$1,112 in 2019 to US$1,114 in 2020. All-in costs increased by 8% from US$1,214 in 2019 to US$1,316 in 2020 due to an increase in cost of sales before amortisation and depreciation (driven by the 44% higher tonnes mined in 2020) and higher non-sustaining capital.

At Cerro Corona in Peru, all-in sustaining costs increased by 27% from US$381 per ounce in 2019 to US$484 per ounce in 2020 mainly due to lower by-product credits as a result of lower copper sold, lower gold sold and additional Covid-19 related expenditure, partially offset by lower cost of sales before amortisation and depreciation and lower sustaining capital expenditure. All-in cost per ounce increased by 51% from US$472 per equivalent ounce in 2019 to US$715 per equivalent ounce in 2020 mainly due to the same reasons for all-in sustaining cost and higher non-sustaining capital. All-in cost per equivalent ounce increased by 38% from US$810 per equivalent ounce in 2019 to US$1,119 per equivalent ounce in 2020 due to lower equivalent ounces sold, partially offset by lower cost of sales before amortisation and depreciation and lower capital expenditure.

At the Australian operations, all-in sustaining costs increased by 12% from A$1,192 per ounce (US$829 per ounce) in 2019 to A$1,331 per ounce (US$917 per ounce) in 2020. All-in costs decreased by 2% from A$1,418 per ounce (US$986 per ounce) in 2019 to A$1,388 per ounce (US$957 per ounce) in 2020. At St Ives, all-in sustaining costs increased by 4% from A$1,176 per ounce (US$818 per ounce) in 2019 to A$1,223 per ounce (US$843 per ounce) in 2020 mainly due to higher sustaining capital expenditure, higher cost of sales before amortisation and depreciation and higher royalty tax (related to the higher gold price received), partially offset by increased gold sold. All-in costs decreased by 9% from A$1,385 per ounce (US$963 per ounce) in 2019 to A$1,266 per ounce (US$873 per ounce) in 2020 mainly due to lower capital expenditure and increased gold sold, partially offset by higher cost of sales before amortisation and depreciation and higher royalty tax (related to the higher gold price received). At Agnew, all-in sustaining costs increased by 6% from A$1,391 per ounce (US$967 per ounce) in 2019 to A$1,475 per ounce (US$1,017 per ounce) in 2020 due to higher sustaining capital expenditure, higher cost of sales before amortisation and depreciation and higher royalty tax (related to the higher gold price received), partially offset by increased gold sold. All-in costs decreased by 8% from A$1,656 per ounce (US$1,152 per ounce) in 2019 to A$1,528 per ounce (US$1,053 per ounce) in 2020 due to lower capital expenditure and increased gold sold, partially offset by increased cost of sales before amortisation and depreciation and higher royalty tax (related to the higher gold price received). At Granny Smith, all-in sustaining costs increased by 26% from A$1,081 per ounce (US$752 per ounce) in 2019 to A$1,360 per ounce (US$938 per ounce) in 2020. With the mining of deeper ore zones additional cost was incurred for paste fill, support and hauling. Furthermore, additional contractor labour cost and employee flight and accommodation cost were incurred in 2020 due to the Covid-19 pandemic. In addition to the production cost increases, royalty tax was also higher as a result of the higher gold price received. The gold sold was lower and sustaining capital expenditure was higher. All-in costs increased by 11% from A$1,325 per ounce (US$922 per ounce) in 2019 to A$1,465 per ounce (US$1,010 per ounce) in 2020 mainly due to the same reasons for all-in sustaining cost, partially offset by lower non-sustaining capital. At Gruyere, all-in sustaining costs increased by 37% from A$976 per ounce (US$683 per ounce) in 2019 to A$1,337 per ounce (US$921 per ounce) in 2020 due to higher cost of sales before amortisation and depreciation and higher sustaining capital, partially offset by higher gold sold. All-in costs increased by 38% from A$977 per ounce (US$684 per ounce) in 2019 to A$1,350 per ounce (US$931 per ounce) in 2020 due to the same reasons as all-in sustaining costs.

Investment income

Income from investments increased by 29% from US$7 million in 2019 to US$9 million in 2020. The increase was mainly due to higher cash balances in 2020.

The investment income in 2019 of US$7 million comprised US$1 million interest on monies invested in the South African rehabilitation trust fund and US$6 million interest on other cash and cash equivalent balances.

Interest received on the South African rehabilitation trust fund remained flat at US$1 million.

Interest on other cash balances increased by 33% from US$6 million in 2019 to US$8 million in 2020 mainly due to higher cash balances in 2020.

Finance expense

Finance expense increased by 25% from US$102 million in 2019 to US$127 million in 2020.

The finance expense of US$102 million in 2019 comprised US$12 million relating to the accretion of the environmental rehabilitation liability, US$1 million relating to the unwinding of the silicosis provision, US$18 million lease interest and US$114 million on various Group borrowings, partially offset by borrowing costs capitalised of US$43 million.

The environmental rehabilitation liability accretion expense decreased by 8% from US$12 million in 2019 to US$11 million in 2020.

The unwinding of the silicosis provision increased by 50% from US$1 million in 2019 to US$2 million in 2020 due to a change in the expected timing of the cash flows, as well as a decrease in the discount rate.

The interest expense on lease liability increased by 22% from US$18 million in 2019 to US$22 million in 2020 due to additional leases capitalised in 2020.

Below is an analysis of the components making up the interest on the various Group borrowings, stated on a comparative basis:

	United States Dollar
Figures in millions unless otherwise stated	2020	2019
Interest on borrowings to fund capital expenditure and operating costs at the South African operation	2	7
Interest on US$1 billion notes issue	24	36
Interest on US$500 million 5-year notes issue	27	16
Interest on US$500 million 10-year notes issue	32	18
Interest on US$100 million revolving senior secured credit facility	2	3
Interest on US$150 million revolving senior secured credit facility	3	4
Interest on A$500 million syndicated revolving credit facility	7	12
Interest on US$1,290 million term loan and revolving credit facilities	–	15
Interest on US$1,200 million term loan and revolving credit facilities	8	2
Other interest charges	–	1
	105	114

Management's Discussion and Analysis of the Financial Statements continued

Interest on borrowings to fund capital expenditure and operating costs at the South African operation decreased by 71% from US$7 million in 2019 to US$2 million in 2020 due to total repayment of South African borrowings in 2019. The US$2 million in 2020 relates to commitment fees incurred.

Interest on the US$1 billion notes issue decreased by 33% from US$36 million in 2019 to US$24 million in 2020 due to the repayment of the US$1 billion notes on 7 October 2020, the date of maturity of the notes.

On 9 May 2019, Gold Fields successfully concluded the raising of two new bonds, a US$500 million five-year notes issue and a US$500 million 10-year notes issue, raising a total of US$1 billion. Interest on the US$500 million five-year notes issue and US$500 million 10-year notes issue increased by 69% and 78% from US$16 million and US$18 million in 2019 to US$27 million and US$32 million in 2020, respectively. The increase is due to interest paid for 12 months in 2020 compared to eight months in 2019.

Interest on the US$100 million term revolving senior secured credit facility decreased by 50% from US$3 million in 2019 to US$2 million in 2020. The facility was repaid in full in 2019 and the expense in 2020 relates to commitment fees.

Interest on the US$150 million revolving senior secured credit facility decreased by 25% from US$4 million in 2019 to US$3 million in 2020.

Interest on the A$500 million syndicated revolving credit facility decreased by 42% from US$12 million in 2019 to US$7 million in 2020 due to lower borrowings in 2020.

Interest on the US$1,290 million term loan and revolving credit facilities decreased by 100% from US$15 million in 2019 to US$nil in 2020 due to repayment of the facilities in 2019.

Interest on the US$1,200 million term loan and revolving credit facilities increased by 300% from US$2 million in 2019 to US$8 million in 2020 due to drawdowns of the facilities in 2020.

Capitalised interest decreased by 70% from US$43 million in 2019 to US$13 million in 2020 due to capitalisation of borrowing costs ceasing for both the Damang reinvestment project in 2020 and the Gruyere project in 2019, partially offset by capitalised interest on the Salares Norte project in 2020. The Damang reinvestment project reached commercial levels of production in 2020 and the Gruyere project was in production for the full 2020 financial year. The Salares Norte project was approved by the Board and capital expenditure commenced in April 2020, resulting in capitalised interest from that date. The interest was capitalised in terms of IAS 23 Borrowing Costs. IAS 23 requires capitalisation of borrowing costs whenever general or specific borrowings are used to finance qualifying projects. The qualifying projects in 2020 were the Damang reinvestment project (US$12 million) and the Salares Norte project (US$1 million). The qualifying projects in 2019 were the Damang reinvestment project (US$20 million) and the Gruyere project (US$23 million). An average interest capitalisation rate of 4.4% (2019: 6.2%) was applied.

Loss on financial instruments

The loss on financial instruments increased marginally from US$238 million in 2019 to US$239 million in 2020.

The loss on financial instrument of US$239 million in 2020 comprised:

United States Dollar

Figures in millions unless otherwise stated	Unrealised(losses)/gainsandprior year markto-marketreversals	Realised(losses)/gains	Total(losses)/gains
South Deep gold hedge	11	(96)	(85)
Ghana gold hedge	36	(114)	(78)
Ghana oil hedge	(10)	(7)	(17)
Peru copper hedge	(14)	–	(14)
Australia gold hedge	71	(201)	(130)
Australia oil hedge	(6)	(3)	(9)
Salares Norte foreign currency hedge	86	5	91
Maverix warrants – gain on fair value	1	–	1
Other	2	–	2
	177	(416)	(239)

The loss on financial instrument of US$238 million in 2019 comprised:

		United States Dollar
Figures in millions unless otherwise stated	Unrealised(losses)/gainsand prior yearmark-to-marketreversals	Realised(losses)/gains	Total(losses)/gains
South Deep gold hedge	(11)	(15)	(26)
Ghana gold hedge	(39)	2	(37)
Ghana oil hedge	(2)	5	3
Australia gold hedge	(66)	(113)	(179)
Australia oil hedge	(1)	3	2
Australia foreign currency hedge	7	(14)	(7)
Maverix warrants – gain on fair value	4	–	4
Gain on fair value on disposal of Maverix	3	–	3
Other	(1)	–	(1)
	(106)	(132)	(238)

Management's Discussion and Analysis of the Financial Statements continued

South Deep gold hedge

At 31 December 2020, the mark-to-market value on the hedge was Rnil (US$nil) (2019: negative R176 million (US$13 million) as all instruments had matured with a realised loss of R1,563 million (US$96 million) (2019: R220 million (US$15 million), partially offset by an unrealised gain and prior year mark-to-market reversals of R176 million (US$11 million) (2019: unrealised loss of R153 million (US$11 million)) for the year ended 31 December 2020.

Ghana gold hedge

At 31 December 2020, the mark-to market value on the hedge was US$nil (2019: negative US$36 million) as all the instruments matured, with a realised loss of US$114 million (2019: a realised gain of US$2 million), partially offset by an unrealised gain and prior year mark-to-market reversals of US$36 million (2019: a unrealised loss of US$39 million) for the year ended 31 December 2020.

Ghana oil hedge

At 31 December 2020, the mark-to-market value on the hedge was a negative US$10 million (2019: US$nil) with a realised loss of R7 million (2019: a gain of US$5 million) and an unrealised loss of US$10 million (2019: US$2 million).

Peru copper hedge

At 31 December 2020 the mark-to-market valuation of the hedge was a negative US$14 million (2019: US$nil), with a realised gain of US$nil (2019: US$nil million), offset by an unrealised loss of US$14 million (2019: US$nil).

Australia gold hedge

At 31 December 2020, the mark-to-market value on the hedges was positive A$36 million (US$27 million) (2019: negative A$112 million (US$78 million)) with a realised loss of A$292 million (US$201 million) (2019: A$163 million (US$113 million)), partially offset by an unrealised gain and prior year mark-to-market reversals of A$104 million (US$71 million) (2019: unrealised loss of A$93 million (US$66 million)) for the year ended 31 December 2020.

Australia oil hedge

At 31 December 2020, the mark-to-market value on the hedge was a negative A$7 million (US$5 million) (2019: a positive A$1 million (US$1 million)) with a realised loss of A$5 million (US$3 million) (2019: a realised gain of A$5 million (US$3 million)) and an unrealised loss of A$8 million (A$6 million) (2019: A$1 million (US$1 million)) for the year ended 31 December 2020).

Australia foreign currency hedge

At 31 December 2020, the mark-to-market value on the hedges was A$nil (US$nil) (2019: US$nil (US$nil)) with a realised loss of A$nil (US$nil) (2019: A$22 million (US$14 million)), partially offset by an unrealised gain of A$nil (US$nil) (2019: A$12 million (US$7 million) for the year ended 31 December 2020.

Management's Discussion and Analysis of the Financial Statements continued

Salares Norte

In March 2020, a total notional amount of US$544.5 million was hedged at a rate of CLP/US$836.45 for the period July 2020 to December 2022.

At 31 December 2020, the mark-to-market value on the hedge was a positive US$86 million (2019: US$nil) with a realised gain of US$5 million (2019: US$nil) and an unrealised gain of US$86 million (2019: US$nil) for the year ended 31 December 2020.

Foreign exchange gain/(loss)

The foreign exchange gain of US$9 million in 2020 compared with a loss of US$5 million in 2019.

These gains or losses on foreign exchange related to the conversion of offshore cash holdings into their functional currencies. The exchange gain of US$9 million in 2020 was mainly due to the weakening of the Ghanaian Cedi, while the loss of US$5 million in 2019 was mainly due to the release of the foreign exchange reserve on disposal of subsidiary.

Other costs, net

Other costs, net decreased by 82% from US$68 million in 2019 to US$12 million in 2020.

The costs in 2020 are mainly made up of:

Social contributions and sponsorships of US$14 million;
Offshore structure costs of US$14 million;
Donations of US$3 million made to various bodies in response to Covid-19;
US$5 million related to the capital raising in February 2020;
Damang contract termination costs of US$1 million; and
Rehabilitation expense of US$2 million as a result of changes in estimates relating to the provision for environmental rehabilitation costs recognised in profit or loss.

The above were partially offset by the following:

The costs in 2019 are mainly made up of:

Social contributions and sponsorships of US$18 million;
Offshore structure costs of US$17 million;
Loss on buy-back on notes of US$5 million:
Damang contract termination costs of US$13 million; and
Rehabilitation expense of US$13 million as a result of changes in estimates relating to the provision for environmental rehabilitation costs recognised in profit or loss.

Share-based payments

Gold Fields recognises the cost of share options granted (share-based payments) in terms of IFRS 2 Share-based Payment.

From 2018 onwards, only Executive Committee members (including regional Executive Committee members) receive awards under the Gold Fields Limited 2012 share plan amended, while senior and middle management receive awards under the revised long-term incentive plan ("LTIP").

Share-based payments decreased by 29% from US$21 million in 2019 to US$15 million in 2020 mainly due to the awards from 2018 onwards being granted to the Executive Committee members only and the vesting of the 2020 awards in early 2020. The corresponding entry for the share-based payment expense was the share-based payment reserve within shareholders' equity.

Long-term incentive plan expense

Gold Fields recognises the long-term incentive plan expense in terms of IAS 19 Employee Benefits.

From 2018 onwards, Executive Committee members (including regional Executive Committee members) receive awards under the Gold Fields Limited 2012 share plan amended, while senior and middle management receive awards under the revised LTIP. The performance conditions of the revised LTIP are approved annually by the Remuneration Committee. The expected timing of the cash outflows in respect of each grant is at the end of three years after the original award was made.

The LTIP expense increased by 467% from US$9 million in 2019 to US$51 million in 2020 due to the current mark-to-market valuation of the plan reflecting current performance as well as the allocation in 2020.

Exploration expense

The exploration expense decreased by 40% from US$84 million in 2019 to US$50 million in 2020.

		United States Dollar
Figures in millions unless otherwise stated	2020	2019
Australia	17	30
Salares Norte	30	49
Peru	1	4
Exploration office costs	2	1
Total exploration expense	50	84

In 2020, Australia spent US$50 million on exploration of which US$17 million was expensed in the income statement.

In 2019, Australia spent US$59 million on exploration of which US$30 million was expensed in the income statement.

Share of results of equity-accounted investees, net of taxation

Share of results of equity-accounted investees, net of taxation was a profit of US$3 million in 2019 compared to a loss of US$3 million in 2020.

During 2020, Gold Fields equity-accounted for Far South East Resources Incorporated ("FSE") and Asanko Gold Inc ("Asanko") (2019: FSE, Asanko and Maverix Metals Incorporated ("Maverix")).

FSE's share of results of equity-accounted investees, net of taxation increased marginally from a loss of US$1 million in 2019 to a loss of US$2 million in 2020.

Asanko's share of results of equity-accounted investees, net of taxation was a profit of US$4 million in 2019 compared to a loss of US$1 million in 2020. The loss of US$1 million in 2020 comprised Gold Fields' share of Asanko's profits before impairment of US$49 million, offset by impairment of mining assets at the Asanko Gold Mine of US$50 million. The profit of US$4 million in 2019 comprised only Asanko's share of profits. The increase in Asanko's profit before impairment is mainly due to the higher gold price in 2020. The share of results of equity-accounted investees – impairment of Asanko related to an impairment of US$50m of the Asanko gold mine following the identification of an impairment trigger. Due to the reevaluation of the geological modelling by our JV partner, Galiano, Gold Fields is not in a position to provide a reserve and resource estimate for Asanko as at 31 December 2020. Taking this into consideration, management has modelled various scenarios for the Asanko Life of Mine ("LOM") in order to determine their best estimates of the future cash flows of the Asanko gold mine. The various LoM scenario runs were undertaken in an attempt to model Asanko's future cash flows in the absence of a revised Resource and Reserve for 31 December 2020. These scenarios are based on the pre-feasibility study completed in 2019, in order to declare a Reserve at 31 December 2019, but were modified where appropriate to reflect prevailing circumstances.

Management's Discussion and Analysis of the Financial Statements continued

Maverix's share of results of equity-accounted investees, net of taxation decreased from a profit of US$0.4 million in 2019 to US$nil in 2020. The decrease is due to the sale of Maverix during 2019 (refer below for further details).

Profit on disposal of Maverix Metals Incorporated

Profit on disposal of Maverix Metals amounted to US$15 million in 2019.

In line with its key strategic objective of paying down its debt, Gold Fields Limited disposed of its shareholding in Maverix during the year ended 31 December 2019. The sale of the shares, processed through a series of private market transactions, raised US$67 million in cash. After the first transaction, Maverix no longer met the definition of an associate and it was reclassified as a listed investment. A profit on disposal of US$15 million was recognised comprising a profit on disposal of associate of US$34 million, partially offset by a loss on derecognition of the investment in Maverix designated at fair value through profit or loss of US$19 million.

Restructuring costs

Restructuring costs increased by 100% from US$1 million in 2019 to US$2 million in 2020. The cost in 2020 relates mainly to separation packages at St Ives and Tarkwa and the cost in 2019 relates mainly to separation packages at South Deep and Tarkwa.

Silicosis settlement costs

Silicosis settlement costs reversal of US$2 million in 2019 compared to US$nil in 2020.

During 2019, reversal of costs of US$2 million, related to a change in the expected timing of the cash flows and an increase in the discount rate.

Impairment, net of reversal of impairment of investments and assets

Impairment, net of reversal of impairment of investments and assets was an impairment charge of US$10 million in 2019 compared to a net reversal of impairment of US$51 million in 2020.

		United States Dollar
Figures in millions unless otherwise stated	2020	2019
Cerro Corona redundant assets	1	–
Damang drilling costs	10	–
Reversal of impairment – FSE	(62)	10
	(51)	10

The net reversal of impairment of US$51 million in 2020 comprised of:

• net reversal of impairment of FSE of US$62 million which is limited to previous impairments recognised. The reversal of impairment of FSE was based on the fair value less cost of disposal of the investment which was indirectly derived from the market value of Lepanto Consolidated Mining Company; partially offset by:

– US$1 million impairment of redundant assets at Cerro Corona; and

– US$10 million impairment of drilling costs at Damang. Based on technical and economic parameters of various studies, all assets related to the Amoanda-Tomento corridor were impaired.

The impairment charge of US$10 million in 2019 related mainly to the net impairment of FSE. The impairment of FSE was based on the fair value less cost of disposal of the investment which was indirectly derived from the market value of Lepanto Consolidated Mining Company.

Tarkwa expected credit loss

An expected credit loss provision of US$29 million was raised against a receivable at 31 December 2020. The receivable relates to the sale of mining fleet to a contractor at Tarkwa as part of the transition to contractor mining.

Profit on disposal of assets

Loss on disposal of assets of US$nil million in 2020 compared to a profit of US$1 million in 2019. The profit in 2019 related mainly to the sale of redundant assets at South Deep, Ghana and Australia.

Royalties

Royalties increased by 42% from US$74 million in 2019 to US$105 million in 2020 and are made up as follows:

		United States Dollar
Figures in millions unless otherwise stated	2020	2019
South Africa	2	2
Ghana	53	36
Peru	6	5
Australia	44	31
	105	74

The royalty in South Africa remained flat at US$2 million.

The royalty in Ghana increased by 47% from US$36 million in 2019 to US$53 million in 2020 due to an increase in revenue in 2020, as well as a higher royalty rate on the sliding scale as a result of the higher gold price in 2020.

The royalty in Peru increased by 20% from US$5 million in 2019 to US$6 million in 2020 due to an increase in operating profit in 2020.

The royalty in Australia increased by 42% from US$31 million in 2019 to US$44 million in 2020 due to an increase in revenue in 2020.

Mining and income tax

The mining and income tax charge increased by 146% from US$176 million in 2019 to US$433 million in 2020.

The table below indicates Gold Fields' effective tax rate in 2020 and 2019:

United States Dollar

Figures in millions unless otherwise stated	2020	2019
Income and mining tax credit/(charge) (US$ million)	(433)	(176)
Effective tax rate (%)	36.8	50.3

In 2020, the effective tax rate of 36.8% was higher than the maximum South African mining statutory tax rate of 34% mainly due to the tax effect of the following:

US$46 million adjustment to reflect the actual realised company tax rates in South Africa and offshore;
US$21 million recognised on reversal of FSE impairment;
US$1 million deferred tax on unremitted earnings at Tarkwa and Cerro Corona; and

• US$13 million deferred tax assets recognised at Salares Norte.

The above were offset by the following tax effected charges:
US$5 million non-deductible share-based payments;
US$31 million non-deductible interest paid;
US$1 million of non-taxable share of results of equity-accounted investees, net of taxation;
US$6 million dividend withholding tax;
US$1 million of net non-deductible expenditure and non-taxable income;
US$8 million deferred tax movement on Peruvian Nuevo Sol devaluation against US Dollar;
US$6 million of various Peruvian non-deductible expenses; and
US$51 million deferred tax assets not recognised at Tarkwa and Damang.

Management's Discussion and Analysis of the Financial Statements continued

In 2019, the effective tax rate of 50.3% was higher than the maximum South African mining statutory tax rate of 34% mainly due to the tax effect of the following:

US$18 million adjustment to reflect the actual realised company tax rates in South Africa and offshore;
US$1 million of non-taxable share of results of equity-accounted investees, net of taxation;
US$1 million non-taxable fair value gain on Maverix warrants; and
US$5 million non-taxable profit on disposal of Maverix.

The above were offset by the following tax effected charges:

US$24 million non-deductible charges comprising share-based payments (US$7 million) and exploration expense (US$17 million);
US$3 million recognised on impairment of FSE;
US$30 million non-deductible interest paid;
US$3 million dividend withholding tax;
US$11 million of net non-deductible expenditure and non-taxable income;
US$5 million deferred tax on unremitted earnings at Tarkwa and Cerro Corona;
US$7 million of various Peruvian non-deductible expenses; and
US$3 million deferred tax assets not recognised at Cerro Corona.

Profit for the year

As a result of the factors discussed above, the profit increased by 326% from US$175 million in 2019 to US$745 million in 2020.

Profit attributable to owners of the parent

Profit attributable to owners of the parent increased by 346% from US$162 million in 2019 to US$723 million in 2020.

Profit attributable to non-controlling interests

Profit attributable to non-controlling interests increased by 69% from US$13 million in 2019 to US$22 million in 2019.

The non-controlling interest consists of Gold Fields Ghana Limited (Tarkwa) and Abosso Goldfields Limited (Damang) at 10% each at the end of 2020 and 2019, Gold Fields La Cima S.A. (Cerro Corona) at 0.47% at the end of 2020 and 2019 and Newshelf 899 (Proprietary) Limited (South Deep) at 3.57% at the end of 2020.

On 6 December 2020, per the South Deep BEE transaction an economic interest of 3.57% in the South Deep mine vested to the BEE non-controlling interest holders.

The amount making up the non-controlling interest is shown below:

	2020	2019	2020	2019
	NoncontrollinginterestEffective*	NoncontrollinginterestEffective*	US$ million	US$ million
Gold Fields Ghana – Tarkwa	10.0%	10.0%	17	10
Abosso Goldfields – Damang	10.0%	10.0%	5	3
Gold Fields La Cima – Cerro Corona	0.47%	0.47%	–	–
Newshelf 899 – South Deep	0.78%	–	–	–
			22	13

* Average for the year.

Basic earnings per share

As a result of the above, Gold Fields earnings increased by 310% from US$0.20 per share in 2019 to earnings of US$0.82 per share in 2020.

Normalised profit attributable to owners of the parent

Normalised profit attributable to owners of the parent 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. Normalised profit is defined as profit excluding gains and losses on foreign exchange, financial instruments and nonrecurring items after taxation and non-controlling interest effect.

Normalised profit attributable to owners of the parent for the Group of US$879 million or US$1.00 per share in 2020 compared with US$343 million or US$0.42 per share in 2019.

Normalised profit attributable to owners of the parent reconciliation for the Group is calculated as follows:

		United States Dollar
Figures in millions unless otherwise stated	2020	2019
Profit for the year attributable to owners of the parent	723	162
Non-recurring items1	(34)	24
Tax effect of non-recurring items	(6)	(8)
Non-controlling interest effect of non-recurring items	(4)	(1)
Share of results of equity-accounted investees – Asanko impairment	50	–
(Gain)/loss on foreign exchange	(9)	5
Tax effect of gain on foreign exchange	2	–
Non-controlling interest effect of gain on foreign exchange	1	–
Loss on financial instruments	239	238
Tax effect of loss on financial instruments	(76)	(74)
Non-controlling interest effect of loss on financial instruments	(7)	(3)
Normalised profit attributable to owners of the parent	879	343

1 Non-recurring items are considered unusual and not expected during regular business operations such as gains or loss on the sale of assets, impairment costs or reversal of impairments, restructuring costs, inventory write-offs, rehabilitation adjustments and others.

Management's Discussion and Analysis of the Financial Statements continued

LIQUIDITY AND CAPITAL RESOURCES – YEARS ENDED 31 DECEMBER 2021 AND 31 DECEMBER 2020 CASH RESOURCES

Cash flows from operating activities

Cash inflows from operating activities increased by 11% from US$1,111 million in 2020 to US$1,230 million in 2021. The items comprising these are discussed below.

The increase of US$119 million was due to:

Figures in millions unless otherwise stated	United StatesDollar
Increase in cash generated by operations due to higher gold sold, higher gold price and lower realised hedge losses	413
Decrease in interest received	(1)
Decrease in investment in working capital	83
Decrease in interest paid due to lower borrowings	24
Increase in royalties paid due to higher gold sold and higher gold price	(6)
Increase in taxes paid due to higher profitability in 2020 as the final top-up payment for 2020 was made in 2021	(170)
Increase in dividends paid due to higher normalised earnings and higher dividends paid to non-controlling interest	(224)
	119

Dividends paid increased by 153% from US$146 million in 2020 to US$370 million in 2021. The dividends paid of US$370 million in 2021 comprised dividends paid to ordinary shareholders of US$322 million, dividends paid to non-controlling interests in Ghana of US$47 million and South Deep BEE dividend of US$1 million.

The dividends paid of US$146 million in 2020 comprised dividends paid to ordinary shareholders of US$138 million, dividends paid to non-controlling interests in Ghana and Peru of US$7 million and South Deep BEE dividend of US$1 million.

Cash flows from investing activities

Cash outflows from investing activities increased by 76% from US$607 million in 2020 to US$1,071 million in 2021.

The increase of US$464 million was due to:

Figures in millions unless otherwise stated	United StatesDollar
Increase in additions to property, plant and equipment	(505)
Decrease in capital expenditure – working capital	36
Increase in proceeds on disposal of property, plant and equipment	2
Increase in purchase of investments	(27)
Decrease in redemption of Asanko preference shares	(33)
Decrease in proceeds on disposal of investments	(4)
Loan advanced to contractor – 2020	68
Increase in environmental trust funds contributions	(1)
	(464)

Additions to property, plant and equipment

Capital expenditure increased by 86% from US$584 million in 2020 to US$1,089 million in 2021.

			United States Dollar
		2021			2020
Figures in million unless otherwise stated	Sustainingcapital	Growthcapital	Totalcapital	Sustainingcapital	Growthcapital	Totalcapital
South Deep	69	20	89	44	5	49
South African region	69	20	89	44	5	49
Tarkwa	209	—	209	147	—	147
Damang	17	6	23	14	6	20
Asanko1	13	8	21	13	18	31
Ghanaian region(including Asanko)	239	14	253	174	24	198
Ghanaian region(excluding Asanko)	226	6	232	161	6	167
Cerro Corona	28	28	56	24	26	50
South American region	28	28	56	24	26	50
St Ives	90	14	104	62	12	74
Agnew	56	32	88	43	9	52
Granny Smith	64	36	100	47	19	66
Gruyere – 50%	42	2	44	27	1	28
Australian region	252	84	336	179	41	220
Salares Norte	—	375	375	—	97	97
Other	1	—	1	1	—	1
Capital expenditure(including Asanko)	589	520	1,110	422	193	615
Capital expenditure(excluding Asanko)	576	513	1,089	409	175	584

1 Equity-accounted joint venture. Asanko capital expenditure not included in the Group capital expenditure per the cash flow statement.

Capital expenditure at South Deep in South Africa increased by 64% from R804 million (US$49 million) in 2020 to R1.3 billion (US$89 million) in 2021. The capital expenditure of R1.3 billion (US$89 million) in 2021 comprised R1.0 billion (US$69 million) sustaining capital and R301 million (US$20 million) growth capital. The capital expenditure of R804 million (US$49 million) in 2020 comprised R718 million (US$44 million) sustaining capital and R86 million (US$5 million) growth capital. The increase in sustaining capital was mainly due to the construction of the solar plant of R129 million (US$9 million), Doornpoort tailings storage facility extension, on site power generation plant (diesel generators) and the purchase of a mobile raise boring machine. This increase in growth capital was mainly due to the recommencement of capital development in the new mine area and associated infrastructure projects.

Capital expenditure at the Ghanaian region (excluding Asanko) increased by 39% from US$167 million in 2020 to US$232 million in 2021:

Tarkwa increased by 42% from US$147 million in 2020 to US$209 million in 2021 mainly due to increased expenditure on capital waste stripping and tailings storage facility construction. The additional expenditure on tailings storage in 2021 was to address the recommendations and instructions from the Inspectorate Division of the Minerals Commission and the remedial measures proposed by Knight Piesold and SLR Consulting (EoR – Engineer on Record). All capital related to sustaining capital; and
Damang increased by 15% from US$20 million in 2020 to US$23 million in 2021 due to mainly due to the higher capital waste tonnes mined at the Huni pit. The capital expenditure of US$23 million in 2021 comprised US$17 million sustaining capital and US$6 million growth capital. The capital expenditure of US$20 million in 2020 comprised US$14 million sustaining capital and US$6 million growth capital.

Management's Discussion and Analysis of the Financial Statements continued

Asanko is an equity accounted investee and Asanko's capital expenditure is not included in the Gold Fields capital expenditure as per the cash flow statement. Asanko decreased by 32% from US$31 million in 2020 to US$21 million in 2021 mainly due to decreased expenditure on Tetrem relocation project (RAP), exploration at Miridani North and Akwasiso cut 3. The capital expenditure of US$21 million in 2021 comprised US$13 million sustaining capital expenditure and US$8 million growth capital. The capital expenditure of US$31 million in 2020 comprised US$13 million sustaining capital expenditure and US$18 million growth capital.

Capital expenditure at Cerro Corona in Peru increased by 12% from US$50 million in 2020 to US$56 million in 2021. The capital expenditure of US$56 million in 2021 comprised US$28 million sustaining capital expenditure and US$28 million growth capital. The capital expenditure of US$50 million in 2020 comprised US$24 million sustaining capital expenditure and US$26 million growth capital. The increase in sustaining capital was mainly due to the replacement of a crusher in the process plant to face the increase of ore hardness and the acquisition of land near the east wall pit during 2021. This increase in growth capital was mainly due to commencing with the Ana waste storage facility construction during 2021 in line with the life of mine expansion plan.

Capital expenditure at the Australian region increased by 40% from A$319 million (US$220 million) in 2020 to A$447 million (US$336 million) in 2021:

St Ives increased by 29% from A$107 million (US$74 million) in 2020 to A$138 million (US$104 million) in 2021. The capital expenditure of A$138 million (US$104 million) in 2021 comprised A$120 million (US$90 million) sustaining capital expenditure and A$18 million (US$14 million) growth capital. The capital expenditure of A$107 million (US$74 million) in 2020 comprised A$90 million (US$62 million) sustaining capital expenditure and A$17 million (US$12 million) growth capital. The increase in sustaining capital expenditure reflected the increased development at Invincible underground and pre-stripping of Neptune Stage 7 and Delta Island open pit, as well as expenditure on the construction of a paste plant at the Invincible underground mine. The increase in growth capital expenditure was due to increased exploration drilling;
Agnew increased by 56% from A$75 million (US$52 million) in 2020 to A$117 million (US$88 million) in 2021. The capital expenditure of A$117 million (US$88 million) in 2021 comprised A$75 million (US$56 million) sustaining capital expenditure and A$43 million (US$32 million) growth capital. The capital expenditure of A$75 million (US$52 million) in 2020 comprised A$63 million (US$43 million) sustaining capital expenditure and A$12 million (US$9 million) growth capital. The increase in sustaining capital expenditure was due to increased underground development, as well as underground ventilation infrastructure upgrades. The increase in growth capital expenditure was due to development of the Kath orebody at Waroonga and the Sheba ore body at New Holland, the crusher circuit upgrade and increased exploration drilling;
Granny Smith increased by 39% from A$96 million (US$66 million) in 2020 to A$134 million (US$100 million) in 2021. The capital expenditure of A$134 million (US100 million) in 2021 comprised A$86 million (US$64 million) sustaining capital expenditure and A$48 million (US$36 million) growth capital. The capital expenditure of A$96 million (US$66 million) in 2020 comprised A$69 million (US$47 million) sustaining capital expenditure and A$28 million (US$19 million) growth capital. The increase in sustaining capital expenditure was due to increased mine development in the Zone 110/120 areas. The increase in growth capital expenditure was due to increased development in the Z135 area and the second decline. When completed, the second decline will provide a reduction in current congestion in the main decline and will support short interval control measures to maintain the production profile; and
Capital expenditure at Gruyere increased by 43% from A$41 million (US$28 million) in 2020 to A$58 million (US$44 million) in 2021. The capital expenditure of A$58 million (US$44 million) in 2021 comprised A$56 million (US$42 million) sustaining capital and A$2 million (US$2 million) growth capital. The capital expenditure of A$41 million (US$28 million) in 2020 comprised A$39 million (US$27 million) sustaining capital and A$2 million (US$1 million) growth capital. The increase in sustaining capital expenditure reflected the pre-stripping of Stages 2 and 3 of the pit.

At Salares Norte, capital expenditure increased by 287% from US$97 million in 2020 to US$375 million in 2021 due to an increase in construction activities at the project as total project progressed to 62.5% at the end of 2021 compared to 27.0% at the end of 2020.

Proceeds on disposal of property, plant and equipment

Proceeds on the disposal of property, plant and equipment increased by 200% from US$1 million in 2020 to US$3 million in 2021. In both 2021 and 2020, the proceeds related mainly to the disposal of various redundant assets at the mines.

Purchase of investments

Investment purchases increased by 2,600% from US$1 million in 2020 to US$27 million in 2021.

Purchase of investments of US$27 million in 2021 comprised:

Figures in millions unless otherwise stated	United StatesDollar
Conversion of warrants to Maverix shares	10
Chakana Copper Corporation – 6.6 million shares	2
Hamelin Gold Limited – 11 million shares	2
Investment in bonds for insurance captive	13
	27

Purchase of investments of US$1 million in 2020 comprised:

Figures in millions unless otherwise stated	United StatesDollar
Lefroy Exploration Limited – 3.4 million shares	1
	1

Redemption of Asanko preference shares

Redemption of Asanko preference shares amounted to US$38 million in 2020 and US$5 million in 2021.

Proceeds on disposal of investments

Proceeds on the disposal of investments decreased by 17% from US$23 million in 2020 to US$19 million in 2021.

The proceeds on disposal of investment of US$19 million in 2021 related to the disposal of shares in the Toronto-listed gold and royalty streaming company Maverix.

The proceeds on disposal of investments of US$23 million in 2020 related to the disposal of 81 million shares in ASX-listed Cardinal Resources Limited.

Loan advanced – contractors

Loan advanced to contractors in Ghana for fleet replacement in 2020 amounted to US$68 million. These loans are interest bearing and a portion is secured over the fleet purchased by the contractor in 2020.

Management's Discussion and Analysis of the Financial Statements continued

Contributions to environmental trust funds

The contributions to environmental trust fund increased by 11% from US$9 million in 2020 to US$10 million in 2021.

The contributions to environmental trust funds of US$10 million in 2021 comprised:

Figures in millions unless otherwise stated	United StatesDollar
South Deep mine environmental trust fund	1
Tarkwa mine environmental trust fund	7
Damang mine environmental trust fund	2
	10

The contributions to environmental trust funds of US$9 million in 2020 comprised:

Figures in millions unless otherwise stated	United StatesDollar
South Deep mine environmental trust fund	1
Tarkwa mine environmental trust fund	6
Damang mine environmental trust fund	2
	9

Cash flows from financing activities

Cash outflows from financing activities increased by 265% (US$371 million) from US$140 million in 2020 to US$511 million in 2021. The items comprising these numbers are discussed below.

The movement of US$371 million was due to:

Figures in millions unless otherwise stated	United StatesDollar
Decrease in loans raised	(482)
Decrease in loans repaid	370
Increase in payment of lease liability	(10)
Proceeds from the issue of shares – 2020	(249)
	(371)

Loans raised

Loans raised decreased by 70% from US$690 million in 2020 to US$208 million in 2021.

The US$208 million loans raised in 2021 comprised:

Figures in millions unless otherwise stated	United StatesDollar
US$150 million revolving senior credit facility – new1	84
US$1,200 million term loan and revolving credit facilities	124
	208

The US$690 million loans raised in 2020 comprised:

Figures in millions unless otherwise stated	United StatesDollar
A$500 million syndicated revolving credit facility – old2	86
A$500 million syndicated revolving credit facility – new2	191
US$1,200 million term loan and revolving credit facilities	413
	690

Credit facilities financing and refinancing

1 On 15 April 2021, the old US$150 million revolving senior secured credit facility was refinanced with the new US$150 million revolving senior secured credit facility and cancelled

2 On 19 November 2020, Gruyere Holdings Proprietary Limited entered into a new A$500 million syndicated revolving credit facility. On 23 November 2020, the old A$500 million syndicated revolving credit facility was refinanced with the new A$500 million syndicated revolving credit facility and cancelled.

Loans repaid

Loans repaid decreased by 36% from US$1,014 million in 2020 to US$644 million in 2021.

The US$644 million loans repaid in 2021 comprised:

Figures in millions unless otherwise stated	United StatesDollar
US$150 million revolving senior credit facility – old1	84
A$500 million syndicated revolving credit facility	187
US$1,200 million term loan and revolving credit facility	373
	644

The US$1,014 million loans repaid in 2020 comprised:

Figures in millions unless otherwise stated	United StatesDollar
US$1 billion notes issue	602
A$500 million syndicated revolving credit facility – old	249
US$1,200 million term loan and revolving credit facility	163
	1,014

Credit facilities financing and refinancing

1 On 15 April 2021, the old US$150 million revolving senior secured credit facility was refinanced with the new US$150 million revolving senior secured credit facility and cancelled

Payment of lease liabilities

Payment of lease liabilities increased by 16% from US$64 million in 2020 to US$74 million in 2021. The increase related mainly to additional leases entered into during 2021.

Proceeds from the issue of shares

On 12 February 2020 Gold Fields successfully completed the placing of 41,431,635 new ordinary, no par value shares with existing and new institutional investors at a price of ZAR 90.20 per share. The placing issued represented, in aggregate, approximately 5% of the Company's issued ordinary share capital prior to the placing. The placing price represented a discount of 3.8% to the 30 day VWAP prior to 12 February 2020. Gross proceeds of approximately R4 billion (US$249 million) were raised through the placing.

Net cash (utilised)/generated

As a result of the above, net cash generated of US$364 million in 2020 compared to net cash utilised of US$351 million in 2021.

Cash and cash equivalents decreased by 41% from US$887 million at 31 December 2020 to US$525 million at 31 December 2021.

Management's Discussion and Analysis of the Financial Statements continued

Cash flow from operating activities less net capital expenditure, environmental payments, lease payments and redemption of Asanko preference shares ("adjusted free cash flow")

This is a measure that management uses to measure the cash generated by the core business. Adjusted free cash flow is defined as net cash from operations adjusted for South Deep BEE dividend, additions to property, plant and equipment, capital expenditure – working capital, proceeds on disposal of property, plant and equipment, environmental trust funds payments, payment of principal lease liabilities and redemption of Asanko preference shares per the statement of cash flows.

The cash inflow decreased by 27% from US$631 million in 2020 to US$463 million in 2021. The main reasons for the decrease were the increase in additions for property, plant and equipment from US$584 million in 2020 to US$1,089 million in 2021, partially offset by the increase in net cash from operations from US$1,258 million in 2020 to US$1,600 million in 2021.

Below is a table reconciling the adjusted free cash flow to the statement of cash flows.

United States Dollar
Figures in millions unless otherwise stated	2021	2020
Net cash from operations	1,600	1,258
South Deep BEE dividend	(1)	(1)
Additions to property, plant and equipment	(1,089)	(584)
Capital expenditure – working capital	29	(7)
Proceeds on disposal of property, plant and equipment	3	1
Contributions to environmental trust funds	(10)	(9)
Payment of principal lease liabilities	(74)	(65)
Redemption of Asanko preference shares	5	38
Adjusted free cash flow	463	631

Below is a table providing a breakdown of how the cash was generated by the Group.

	United States Dollar
Figures in millions unless otherwise stated	2021	2020
Net cash generated by mines	913	868
Salares Norte1	(327)	(151)
Interest paid by corporate entities2	(65)	(92)
Redemption of Asanko preference shares	5	38
Other corporate costs	(63)	(32)
Adjusted free cash flow	463	631

1 The Salares Norte expenditure of US$327 million (2020: US$151 million) comprises exploration expenditure of US$27 million (2020: US$30 million), capital expenditure of US$375 million (2020: US$97 million), release of working capital of US$66 million (2020: investing into of US$24 million) and other income of US$9 million (2020: US$nil).

2 Does not agree to interest paid per the cash flow of US$103 million (2020: US$127 million) due to interest paid by the mines reflected under net cash generated by mines before growth capital.

LIQUIDITY AND CAPITAL RESOURCES – YEARS ENDED 31 DECEMBER 2020 AND 31 DECEMBER 2019 CASH RESOURCES

Cash flows from operating activities

Cash inflows from operating activities increased by 31% (US$266 million) from US$845 million in 2019 to US$1,111 million in 2020. The items comprising these are discussed below.

The increase of US$266 million was due to:

Figures in millions unless otherwise stated	United StatesDollar
Increase in cash generated from operations due to higher gold sold and higher gold price	631
Increase in interest received	1
Increase in investment in working capital due to an increase in prepayments, buildup of gold-in-process and fifthcreditor cycle payment as a result of the change to a calendar month end	(147)
Decrease in silicosis payment	1
Decrease in interest paid due to lower borrowings	5
Increase in royalties paid due to higher gold sold and higher gold price	(31)
Increase in taxes paid due to higher gold sold and higher gold price	(97)
Increase in dividends paid due to higher normalised earnings and higher dividends paid to non-controlling interest	(97)
	266

Dividends paid increased from US$49 million in 2019 to US$146 million in 2020. The dividends paid of US$146 million in 2020 comprised dividends paid to ordinary shareholders of US$138 million, dividends paid to non-controlling interests in Ghana and Peru of US$7 million and South Deep BEE dividend of US$1 million.

The dividends paid of US$49 million in 2019 comprised dividends paid to ordinary shareholders of US$46 million, dividends paid to non-controlling interests in Ghana and Peru of US$2 million and South Deep BEE dividend of US$1 million.

Cash flows from investing activities

Cash outflows from investing activities increased by 36% (US$160 million) from US$447 million in 2019 to US$607 million in 2020.

The increase of US$160 million was due to:

Figures in millions unless otherwise stated	United StatesDollar
Decrease in additions to property, plant and equipment	29
Increase in capital expenditure – working capital	(7)
Decrease in proceeds on disposal of property, plant and equipment	(3)
Purchase of Asanko Gold – 2019	20
Decrease in purchase of investments	6
Increase in redemption of Asanko preference shares	28
Proceeds on disposal of subsidiary – 2019	(6)
Proceeds on disposal of Maverix – 2019	(67)
Decrease in proceeds on disposal of investments	(90)
Loan advanced to contractor – 2020	(68)
Increase in environmental trust funds and rehabilitation payments	(2)
	160

Management's Discussion and Analysis of the Financial Statements continued

Additions to property, plant and equipment

Capital expenditure decreased by 5% from US$613 million in 2019 to US$584 million in 2020.

Gold Fields adopted the new Interpretation of the World Gold Council prospectively from 1 January 2019. In 2020, capital expenditure for 2020 and 2019 is presented according to the new Interpretation. Only the split between sustaining and non-sustaining capital is amended. Total capital expenditure remains the same under both methods.

			United States Dollar
		2020			2019
Figures in million unless otherwise stated	Sustainingcapital	Growthcapital	Totalcapital	Sustainingcapital	Growthcapital	Totalcapital
South Deep	44	5	49	33	—	33
South African region	44	5	49	33	—	33
Tarkwa	147	—	147	126	—	126
Damang	14	6	20	5	71	76
Asanko1	13	18	31	20	7	27
Ghanaian region (including Asanko)	174	24	198	151	78	229
Ghanaian region (excluding Asanko)	161	6	167	131	71	202
Cerro Corona	24	26	50	44	12	56
South American region	24	26	50	44	12	56
St Ives	62	12	74	46	52	98
Agnew	43	9	52	35	41	76
Granny Smith	47	19	66	26	46	72
Gruyere – 50%	27	1	28	5	67	72
Australian region	179	41	220	112	206	318
Salares Norte	—	97	97	—	—	—
Other	1	—	1	4	—	4
Capital expenditure (including Asanko)	422	193	615	344	296	640
Capital expenditure (excluding Asanko)	409	175	584	324	289	613

1 Equity-accounted joint venture. Asanko capital expenditure not included in the Group capital expenditure per the cash flow statement.

Capital expenditure at South Deep in South Africa increased by 68% from R479 million (US$33 million) in 2019 to R804 million (US$49 million) in 2020. The capital expenditure of R804 million (US$49 million) in 2020 comprised R718 million (US$44 million) sustaining capital and R86 million (US$5 million) growth capital. The capital expenditure of R479 million (US$33 million) in 2019 comprised only sustaining capital expenditure.

This increase in sustaining capital was mainly due to the purchase of new TM3 equipment (R124 million (US$8 million)), the refurbishment of existing fleet (R47 million (US$3 million)), phase 1 of the Newtrax equipment conditioning monitoring and tracking system implementation and IT infrastructure upgrades (R53 million) (US$3 million); and
The growth capital in 2020 was due to the recommencement of the new mine development.

Capital expenditure at the Ghanaian region (excluding Asanko) decreased by 17% from US$202 million in 2019 to US$167 million in 2020:

Tarkwa increased by 17% from US$126 million in 2019 to US$147 million in 2020 mainly due to the higher capital waste mined. All capital related to sustaining capital;
Damang decreased by 74% from US$76 million in 2019 to US$20 million in 2020 due to lower capital waste tonnes mined. The capital expenditure of US$20 million in 2020 comprised US$14 million sustaining capital and US$6 million growth capital. The capital expenditure of US$76 million in 2019 comprised US$5 million sustaining capital and US$71 million growth capital; and

• Asanko increased by 15% from US$27 million in 2019 to US$31 million in 2020. The capital expenditure of US$31 million in 2020 comprised US$13 million sustaining capital expenditure and US$18 million growth capital. The capital expenditure of US$27 million in 2019 comprised US$20 million sustaining capital expenditure and US$7 million growth capital. The increase was due to increased expenditure on the Tetrem relocation project (RAP), exploration at Miridani North and Akwasiso Cut 3. (Asanko is an equity-accounted joint venture and not included in the Group or Ghanaian operation's figures).

Capital expenditure at Cerro Corona in Peru decreased by 11% from US$56 million in 2019 to US$50 million in 2020. The capital expenditure of US$50 million in 2020 comprised US$24 million sustaining capital expenditure and US$26 million growth capital. The capital expenditure of US$56 million in 2019 comprised US$44 million sustaining capital expenditure and US$12 million growth capital. The decrease was due to the quarantine decreed by the government relating to Covid-19, which restricted the construction activities at the tailings dam and Arpon's waste storage facility. Additional camp and dining room facilities were constructed during 2020 at a cost of US$6 million in order to increase capacity at site as a result of the Covid-19 regulations implemented.

Capital expenditure at the Australian region decreased by 30% from A$458 million (US$318 million) in 2019 to A$319 million (US$220 million) in 2020:

St Ives decreased by 25% from A$141 million (US$98 million) in 2019 to A$107 million (US$74 million) in 2020 mainly due to the Invincible South and Hamlet North underground mines which were being developed in 2019. The capital expenditure of A$107 million (US$74 million) in 2020 comprised A$90 million (US$62 million) sustaining capital expenditure and A$17 million (US$12 million) growth capital. The capital expenditure of A$141 million (US$98 million) in 2019 comprised A$66 million (US$46 million) sustaining capital expenditure and A$75 million (US$52 million) growth capital. The increase in sustaining capital expenditure and decrease in non-sustaining capital expenditure was due to the reclassification of development cost at Invincible South and Hamlet North Mines. Invincible South turned cash flow positive in quarter four of 2019 and Hamlet North in quarter 1 of 2020, which resulted in capital costs moving from non-sustaining to sustaining in accordance with World Gold Council guidelines;
Agnew decreased by 31% from A$109 million (US$76 million) in 2019 to A$75 million (US$52 million) in 2020. The capital expenditure of A$75 million (US$52 million) in 2020 comprised A$63 million (US$43 million) sustaining capital expenditure and A$12 million (US$9 million) growth capital. The capital expenditure of A$109 million (US$76 million) in 2019 comprised A$51 million (US$35 million) sustaining capital expenditure and A$58 million (US$41 million) growth capital. The decreased was driven by a decrease in non-sustaining capital expenditure. Additional expenditure was incurred in 2019 to establish the new accommodation village A$32 million (US$22 million) and development of the Waroonga North decline A$5 million (US$3 million). In addition non-sustaining exploration drilling reduced by A$6 million (US$4 million) from 2019. Sustaining capital expenditure increased due to increased mine development at Waroonga;
Granny Smith decreased by 8% from A$104 million (US$72 million) in 2019 to A$96 million (US$66 million) in 2020 due to decreased capitalised drilling cost in 2020. The capital expenditure of A$96 million (US$66 million) in 2020 comprised A$69 million (US$47 million) sustaining capital expenditure and A$28 million (US$19 million) growth capital. The capital expenditure of A$104 million (US$72 million) in 2019 comprised A$37 million (US$26 million) sustaining capital expenditure and A$67 million (US$46 million) growth capital. The increase in sustaining capital expenditure and decrease in nonsustaining capital expenditure was due to the reclassification of the Zone 110/120 areas which turned cash flow positive during the first six months of 2020 which resulted in capital costs moving from non-sustaining to sustaining in accordance with World Gold Council guidelines; and
Capital expenditure at Gruyere decreased by 61% from A$104 million (US$72 million) in 2019 to A$41 million (US$28 million) in 2020. The 2019 capital expenditure was primarily incurred to complete the Gruyere construction project and stripping activities at the Gruyere pit. The capital expenditure of A$41 million (US$28 million) in 2020 comprised A$39 million (US$27 million) sustaining capital and A$2 million (US$1 million) growth capital. The capital expenditure of A$104 million (US$72 million) in 2019 comprised A$8 million (US$5 million) sustaining capital and A$96 million (US$67 million) growth capital.

At Salares Norte, capital expenditure increased by 100% to US$97 million in 2020 from US$nil in 2019 due to the approval of the feasibility study and commencement of capitalisation of the project from 1 April 2020.

Management's Discussion and Analysis of the Financial Statements continued

Proceeds on disposal of property, plant and equipment

Proceeds on the disposal of property, plant and equipment decreased by 75% from US$4 million in 2019 to US$1 million in 2020. In both 2020 and 2019, the proceeds related mainly to the disposal of various redundant assets.

Purchase of Asanko Gold

Purchase of Asanko Gold was US$20 million in 2019 and related to the additional purchase of preference shares in accordance with the JV transaction with Asanko Gold Inc. which was completed on 31 July 2018.

Purchase of investments

Investment purchases decreased by 86% from US$7 million in 2019 to US$1 million in 2020. Purchase of investments of US$1 million in 2020 related to a purchase of 3.4 million shares in Lefroy Exploration Limited. Purchase of investments of US$7 million in 2019 related to Chakana Copper.

Redemption of Asanko preference shares

Redemption of Asanko preference shares amounted to US$10 million in 2019 and US$38 million in 2020.

Proceeds on disposal of subsidiary

Proceeds on disposal of subsidiary amounted to US$6 million in 2019 and related to the sale of Norperuana.

Proceeds on disposal of Maverix

Proceeds on disposal of Maverix amounted to US$67 million in 2019 and related to the sale of the Group's 19.9% holding in the Toronto-listed gold and royalty streaming company Maverix.

Proceeds on disposal of investments

Proceeds on the disposal of investments decreased by 80% from US$113 million in 2019 to US$23 million in 2020.

The proceeds on disposal of investments of US$23 million in 2020 related to the disposal of 81 million shares in ASX-listed Cardinal Resources Limited.

The proceeds on disposal of investments of US$113 million in 2019 comprised:

Figures in millions unless otherwise stated	United StatesDollar
Red 5 Limited	21
Gold Road Resources Limited	85
Hummingbird Resources PLC	6
	113

Loan advanced – contractors

Loan advanced to contractors in Ghana for fleet replacement in 2020 amounted to US$68 million. These loans are interest bearing, secured and are recoupable over three years (2021 to 2024).

Contributions to environmental trust funds

The contributions to environmental trust fund increased by 29% from US$7 million in 2019 to US$9 million in 2020.

The contributions to environmental trust funds of US$9 million in 2020 comprised:

Figures in millions unless otherwise stated	United StatesDollar
South Deep mine environmental trust fund	1
Tarkwa mine environmental trust fund	6
Damang mine environmental trust fund	2
	9

The contributions to environmental trust funds of US$7 million in 2019 comprised:

Figures in millions unless otherwise stated	United StatesDollar
South Deep mine environmental trust fund	1
Tarkwa mine environmental trust fund	6
	7

Cash flows from financing activities

Cash outflows from financing activities increased by 33% (US$35 million) from US$105 million in 2019 to US$140 million in 2020. The items comprising these numbers are discussed below.

The movement of US$35 million was due to:

Figures in millions unless otherwise stated	United StatesDollar
Decrease in loans raised	(848)
Decrease in loans repaid	590
Increase in payment of lease liability	(26)
Proceeds from the issue of shares – 2020	249
	(35)

Loans raised

Loans raised decreased by 55% from US$1,538 million in 2019 to US$690 million in 2020.

The US$690 million loans raised in 2020 comprised:

Figures in millions unless otherwise stated	United StatesDollar
A$500 million syndicated revolving credit facility – old1	86
A$500 million syndicated revolving credit facility – new1	191
US$1,200 million term loan and revolving credit facilities	413
	690

Credit facilities financing and refinancing

1 On 19 November 2020, Gruyere Holdings Proprietary Limited entered into a new A$500 million syndicated revolving credit facility. On 23 November 2020, the old A$500 million syndicated revolving credit facility was refinanced with the new A$500 million syndicated revolving credit facility and cancelled.

The US$1,538 million loans raised in 2019 comprised:

Figures in millions unless otherwise stated	United StatesDollar
US$500 million five-year notes issue1	496
US$500 million 10-year notes issue1	496
US$1,290 million term loan and revolving credit facilities	434
R500 million Standard Bank revolving credit facility	21
Short-term Rand uncommitted credit facilities	91
	1,538

Credit facilities financing and refinancing

1 On 9 May 2019, Gold Fields successfully concluded the raising of two new bonds, a US$500 million five-year notes issue with a coupon of 5.125% and a US$500 million 10-year notes issue with a coupon of 6.125%, raising a total of US$1 billion at an average coupon of 5.625%.

Management's Discussion and Analysis of the Financial Statements continued

Loans repaid

Loans repaid decreased by 37% from US$1,604 million in 2019 to US$1,014 million in 2020.

The US$1,014 million loans repaid in 2020 comprised:

Figures in millions unless otherwise stated	United StatesDollar
US$1 billion notes issue	602
A$500 million syndicated revolving credit facility – old	249
US$1,200 million term loan and revolving credit facility	163
	1,014

The US$1,604 million loans repaid in 2019 comprised:

Figures in millions unless otherwise stated	United StatesDollar
US$1 billion notes issue – buy-back of US$250 million notes1	255
US$100 million revolving credit facility	45
A$500 million syndicated revolving credit facility	144
US$1,290 million term loan and revolving credit facility	906
R500 million Standard Bank revolving credit facility	35
R500 million Absa Bank revolving credit facility	35
Short-term Rand uncommitted credit facilities	184
	1,604

1 On 27 May 2019, Gold Fields announced the successful buy back of US$250 million of the outstanding 2020 notes at 102% of par as compared with a premium of 101.73% of par at the close of business on 24 May 2019. The buy-back of the notes was financed with the proceeds of the raising of two new bonds, the five-year notes and the 10-year notes. The Group recognised a loss of US$5.0 million on the buy-back of the 2020 notes.

Payment of lease liabilities

Payment of lease liabilities increased by 68% from US$38 million in 2019 to US$64 million in 2020. The increase related mainly to additional leases entered into during 2020.

Proceeds from the issue of shares

Net cash generated

As a result of the above, net cash generated increased by 24% from US$294 million in 2019 to US$364 million in 2020.

Cash and cash equivalents increased by 72% from US$515 million at 31 December 2019 to US$887 million at 31 December 2020.

STATEMENT OF FINANCIAL POSITION

Borrowings

Total borrowings (short and long-term borrowings) decreased from US$1,527 million at 31 December 2020 to US$1,078 million at 31 December 2021. Net debt is defined as total borrowing plus lease liabilities less cash and cash equivalents. Net debt decreased from US$1,069 million at 31 December 2020 to US$969 million at 31 December 2021 due to lower borrowings, partially offset by lower cash and cash equivalents. Net debt (excluding lease liabilities) decreased from US$640 million at 31 December 2020 to US$553 million at 31 December 2021 for the same reasons discussed above.

The Group monitors capital using the ratio of net debt to adjusted EBITDA. Adjusted EBITDA is defined as profit or loss for the year adjusted for interest, taxation, amortisation and depreciation and certain other costs. The definition of adjusted EBITDA is as defined in the US$1,200 million term loan and revolving credit facilities agreement. The Group's long-term target is a ratio of net debt to adjusted EBITDA of one times or lower. The bank covenants on external borrowings require a net debt to adjusted EBITDA ratio of 3.5 or below and the ratio is measured based on amounts in United States Dollar. Net debt to adjusted EBITDA at 31 December 2021 was 0.40x (2020: 0.56x). Refer to note 39 of the consolidated financial statements for further details including the reconciliation of profit for the year to adjusted EBITDA.

Provisions

Total provisions increased by 11% from US$403 million in 2020 to US$447 million in 2021 and included the following:

		United States Dollar
Figures in millions unless otherwise stated	2021	2020
Provision for environmental rehabilitation costs	431	382
Silicosis settlement costs	13	18
Other provisions	3	3
Total provisions	447	403
Current portion of provision1	(13)	(24)
Non-current portion of provisions	434	379

1 Current portion of provision comprises US$12 million (2020: US$20 million) of the current portion of the environmental rehabilitation costs and US$1 million (2020: US$4 million) of the current portion of the silicosis settlement costs.

PROVISION FOR ENVIRONMENTAL REHABILITATION COSTS

The amount provided for environmental rehabilitation costs increased by 13% from US$382 million at 31 December 2020 to US$431 million at 31 December 2021. The increase is due to the increase of the gross environmental rehabilitation costs at the Peruvian and Chilean operations in 2021. This provision represents the present value of closure, rehabilitation and other environmental obligations up to 31 December 2020. This provision is updated annually to take account of inflation, the time value of money and any new environmental obligations incurred.

The inflation and range of discount rates applied in 2021 and 2020 for each region are shown in the table below:

	South Africa	Ghana	Australia	Peru	Chile
Inflation rates
2021	4.5%	2.4%	2.4%	2.4%	2.4%
2020	4.8%	2.2%	2.5%	2.2%	2.2%
Discount rates
2021	10.6%	6.6% – 7.2%	2.4%	2.8%	2.4%
2020	10.8%	6.7% – 7.2%	2.5%	2.2%	2.2%

The interest charge decreased by 18% from US$11 million in 2020 to US$9 million in 2021 due to a lower inflation rate used in the 2020 calculation.

Management's Discussion and Analysis of the Financial Statements continued

Adjustments for new disturbances and changes in environmental legislation during 2021 and 2020, after applying the above inflation and discount rates were:

		United States Dollar
Figures in millions unless otherwise stated	2021	2020
South Africa	—	(1)
Ghana	3	(4)
Australia	25	(16)
Peru	22	13
Chile	27	2
Total	77	(5)

The South African and Ghanaian operations contribute to a dedicated environmental trust fund and a dedicated bank account, respectively, to provide financing for final closure and rehabilitation costs. The amount invested in the fund is shown as a non-current asset in the financial statements and increased by 11% from US$79 million at 31 December 2020 to US$88 million at 31 December 2021. The increase is mainly as a result of contributions amounting to US$10 million and interest income of US$1 million. The South African and Ghanaian operations are required to contribute annually to the trust fund over the remaining lives of the mines, to ensure that sufficient funds are available to discharge commitments for future rehabilitation costs.

Silicosis settlement costs provision

The principal health risks associated with Gold Fields' mining operations in South Africa arise from occupational exposure to silica dust, noise, heat and certain hazardous chemicals. The most significant occupational diseases affecting Gold Fields' workforce include lung diseases (such as silicosis, tuberculosis, a combination of the two and chronic obstructive airways disease ("COAD") as well as noise-induced hearing loss ("NIHL")).

The Settlement Agreement in the silicosis and tuberculosis class action litigation became operational on 10 December 2019. A settlement trust, known as the Tshiamiso Trust, has been established to carry out the terms of the Settlement Agreement and is responsible for ensuring that all eligible current and former mineworkers across southern Africa with silicosis or work-related TB (or their dependants where the mineworker has passed away) are compensated. The board of trustees is chaired by Professor May Hermanus as an independent trustee.

Over the course of 2020, the Tshiamiso Trust worked to create the capacity and establish the systems to begin to deliver on its mandate. However, the Covid-19 pandemic has had a significant impact on the work of the Trust. During October 2020, the Trust identified a test group of potential claimants. On 3 December 2020, the Trust made its first payments to six of these claimants. Each recipient received R250 000.

Gold Fields has provided for the estimated cost of the class action settlement based on actuarial assessments and the provisions of the Settlement Agreement. At 31 December 2021, the total provision for Gold Fields' share of the settlement of the class action claims and related costs amounts to US$13 million (R210 million) (2020: US$18 million (R269 million)) of which US$1 million (R10 million) (2020: US$4 million (R58 million)) was classified as current and US$12 million (R200 million) (2020: US$14 million (R211 million)) as non-current. The nominal value of this provision is US$17 million (R270 million) (2020: US$23 million (R339 million)) at 31 December 2021.

The assumptions that were made in the determination of the provision include silicosis prevalence rates, estimated settlement per claimant, benefit take-up rates and disease progression rates. A discount rate of 7.83% (2020: 6.67%) was used, based on government bonds with similar terms to the anticipated settlements.

The ultimate outcome of this matter however remains uncertain, with the number of eligible workers successfully submitting claims and receiving compensation being uncertain. The provision is consequently subject to adjustment in the future. Refer to notes 25.2 and 35 of the consolidated financial statements for further details.

Other long-term provisions

Other long-term provisions remained flat at US$3 million.

Credit facilities

At 31 December 2021, the Group had unutilised committed banking facilities available under the following facilities, details of which are discussed in note 24:

US$1,200 million available under the US$1,200 million revolving credit facilities;
US$67 million available under the US$150 million revolving senior secured credit facility;
US$100 million available under the US$100 million senior secured revolving credit facility;
A$500 million (US$364 million) under the A$500 million syndicated revolving credit facility;
R1,500 million (US$94 million) available under the R1,500 million Nedbank revolving credit facility;
R500 million (US$31 million) available under the R500 million Absa Bank revolving credit facility; and
R500 million (US$31 million) available under the R500 million Rand Merchant Bank revolving credit facility.

Substantial contractual arrangements for uncommitted borrowing facilities are maintained with several banking counterparties to meet the Group's normal contingency funding requirements.

As of the date of this report, the Group was not in default under the terms of any of its outstanding credit facilities.

Contractual obligations, commitments and guarantees at 31 December 2021

United States Dollar

	Payments due by period
Figures in millions unless otherwise stated	Total	Withinone year	Between oneand five years	Afterfive years
Borrowings
US$500 million 5-year notes issue
Capital1	500.0	—	500.0	—
Interest	60.9	25.6	35.3	—
US$500 million 10-year notes issue
Capital1	500.0	—	—	500.0
Interest	225.8	30.6	122.5	72.7
US$150 million revolving senior secured credit facility
Capital	83.5	—	83.5	—
Interest	2.9	1.3	1.6	—
Other obligations
Finance lease liability	547.1	82.0	216.4	248.7
Environmental obligations2	510.5	12.0	41.5	457.0
Trade and other payables	480.5	480.5	—	—
Gold, copper and foreign exchange derivatives	6.8	6.8	—	—
South Deep dividend	5.4	0.8	2.9	1.7
Total contractual obligations	2,923.4	639.6	1,003.7	1,280.1

1 The capital amounts of the US$500 million 5-year notes issue and the US$500 10-year notes issue in the table above represent the principal amounts to be repaid and differ from the carrying values presented in the statement of financial position due to the unwinding of transaction costs capitalised at inception.

2 Gold Fields makes full provision for all environmental obligations based on the net present value of the estimated cost of restoring the environmental disturbance that has occurred up to the reporting date. Management believes that the provisions made for environmental obligations are adequate to cover the expected volume of such obligations.

Management's Discussion and Analysis of the Financial Statements continued

Commitments	United States Dollar
	Amounts of commitments expiring by period
Figures in millions unless otherwise stated	Total	Withinone year	Betweenone andfive years	Afterfive years
Commitments
Capital expenditure – contracted for	251.9	251.9	—	—
Total commitments	251.9	251.9	—	—

Guarantees

Guarantees consist of numerous obligations. Guarantees consisting of US$198.1 million committed to guarantee Gold Fields' environmental and other obligations with respect to its South African, Peruvian, Ghanaian and Australian operations are fully provided for under the provision for environmental rehabilitation and certain lease liabilities and are not included in the amount above.

Working capital

Following its going concern assessment performed, which takes into account the 2021 operational plan, net debt position and unutilised loan facilities, management believes that Gold Fields' working capital resources, by way of internal sources and banking facilities, are sufficient to fund Gold Fields' currently foreseeable future business requirements.

Off-balance sheet items

At 31 December 2021, Gold Fields had no material off-balance sheet items except for as disclosed under guarantees and capital commitments.

INFORMATION COMMUNICATION AND TECHNOLOGY ("ICT")

ICT at Gold Fields is a strategic enablement partner to the Group and is focused on ensuring that the technology adopted is relevant in enabling the business to execute the strategy and the operational plans. ICT further ensures that all the Group information and technology assets are adequately protected. These include the physical infrastructure, the applications in use by the group as well the data and personal information hosted on these systems.

During the course of 2021, ICT was focused on the following key objectives:

Maintaining and enhancing a robust cyber security posture that ensures the mitigation of the increasing risk of cyber attacks;
Maintaining seamless remote working as well as supporting the business with Covid-19 to enable the respective Covid-19 protocols;
Accelerating the adoption of resilient cloud based technology platforms;
Maintaining an improved ICT governance environment and achieving operational targets;
Ensuring key systems and infrastructure availability and performance;
Prioritising and implementing key components of the approved ICT digital strategy, specifically accelerating those initiatives that support the Group's Covid-19 response; and
Maintaining sound financial management and sustaining cost savings.

Gold Fields' vision to be the global leader in sustainable gold mining requires the adoption of digital technologies as well as the adaptability to respond to the rapidly changing technology environment. This is achieved through ensuring that the foundational technology and digital elements of the mine of the future are in place across the various operations.

Following the establishment of the Innovation and Technology vision and the approval of the Gold Fields ICT digital strategy, ICT conducted various strategic programmes across the Group with the following themes:

Digital infrastructure: Laying the foundation of an infrastructure to enable a connected mine and facilitate the successful flow of data. The implementation of advanced digital infrastructure, is ongoing across each operation;
Information technology ("IT") and operational technology ("OT") convergence: Enabling the convergence of information and operational technology under a unified architecture, standards, governance and cybersecurity framework. An assessment of the OT environment was completed and a roadmap with identified areas for Convergence has been initiated;
Data analytics: Creating the platform for the use of data to move from a data driven to an insights driven organisation. Selected data analytics initiatives were concluded with further use case being defined for each of the regions. In addition, the adoption of Robotic Process Automation across certain repetitive business processes has been initiated with significant business process improvement envisaged.
Cybersecurity: Ensuring the protection of information and assets. The Security Event and Incident Management ("SEIM") system as well as associated cybersecurity monitoring has been implemented and embedded across the Group. In addition this SIEM continues to be enhanced to remain relevant to the changing threat landscape. Gold Fields ICT has also adopted the use of a data lake to monitor the full spectrum of our cyber security landscape, allowing the cyber security teams to respond to any potential threat identified.
Digital Value Office ("DVO"): Establishing a suitably governed delivery mechanism for the execution of initiatives that forms part of the digital strategy. The design of the DVO was concluded with all regions having provided their input into the design. The DVO will continue to ramp up as projects and initiatives are enabled through the DVO;
People Management: implementing suitable people related platforms to enhance the future of work: The initial implementation of a baseline people platform facilitated remote working and an enhanced employee experience. Ongoing improvements and the adoption of new functionality progressed since the initial implementation; and
ICT 2.0: Gold Fields' ICT operating and delivery model, which is based on industry best practice, was enhanced to position ICT to effectively deliver on the digital strategy. This operating model enables ICT to focus on business imperatives and business support, while the non-core services are outsourced. The operating model enhancements and delivery against key strategic targets for 2020 mitigated key technology risks and exposed technology opportunities to enable the rapid deployment of digital technologies.

ICT has also focused on prioritising initiatives from the digital strategy, aligned to the Group's response to the Covid-19 pandemic, and executed the required activities based on a three-phase plan, being Respond, Recover and Thrive.

The Covid-19 global pandemic has continued to evolve the way we work, and each of the regions in which we operate have experienced varying levels of virus spread and associated restrictions on business. Some regions have experienced a relaxation of the lockdowns, while others have had increased restrictions based on the resurgence of infections. Our sites have established suitable protocols that include social distancing, tracking and tracing as well as health screening and many of these protocols are enabled by Gold Fields ICT Systems.

Gold Fields ICT established a Covid-19 Emergency Management Committee which consisted of regional ICT leadership as well as critical business partners and service providers. This committee was responsible for:

Continuing to review business and ICT risk, in accordance with the four ICT Risk Themes (Disruption of service, Loss of Data, Compliance and Cyber Security) to ensure that relevant risks were consistently mitigated;
Enabling and continued to support remote working systems and processes;
Ensuring that critical spares are available for emergency deployment in the event of an infrastructure failure; and
Maintaining an enhanced focus on cyber threat detection and response.
Ensuring that remote working and collaboration utilising virtual platforms remains seamless
Facilitating the increased adoption of technology platforms for remote work.

Management's Discussion and Analysis of the Financial Statements continued

Gold Fields ICT has also executed the Recovery Phase which includes:

Accelerating the adoption of more robust business continuity mechanisms;
Reviewing ICT projects and initiatives and accelerating the implementation of high impact business initiatives. These initiatives include the enhancement of the Gold Fields network architecture as well as the migration of critical systems to the cloud;
Reviewing ICT budgets and maintaining alignment to the financial plan;
Assessing the Gold Fields ICT Digital Strategy for relevance to a post Covid-19 world of business;
Redefining the ICT delivery model reflecting the increased digital focus of the Mine of the Future;
Continuing to monitor the changing ICT Risk landscape and implementing necessary mitigating actions; and
Maintaining a level of vigilance and threat readiness to respond to cyberattacks.

The Covid-19 ICT Emergency Management Committee has begun the implementation of the Thrive phase including:

• Redesigning ICT to ICT 2.0 which aligns to the Digital Strategy and the future of work. ICT 2.0 focuses on recalibrating the internal ICT Operations and Processes to thrive in the new normal, ensuring improved efficiency and productivity. The focus of ICT 2.0 will be on making ICT more digitally focused, highly governed, cyber-resilient and enhancing automation across the ICT processes.

INTERNAL CONTROL OVER FINANCIAL REPORTING

Gold Fields' management is responsible for establishing and maintaining adequate internal control over financial reporting. The Securities Exchange Act of 1934 defines internal control over financial reporting in Rule 13a-15(f) and 15d-15(f) as a process designed by, or under the supervision of, the company's principal executive and principal financial officers, and effected by the Company's Board of Directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS, as issued by the IASB, and includes those policies and procedures that:

Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company;
Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with IFRS, as issued by the IASB, and that receipts and expenditures of the Company are being made only in accordance with authorisations of management and Directors of the Company; and
Provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use or disposition of the company's assets that could have a material effect on the consolidated financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Gold Fields' management assessed the effectiveness of its internal control over financial reporting as of 31 December 2021. In making this assessment, Gold Fields' management used the criteria established in Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based upon its assessment, Gold Fields' management concluded that, as of 31 December 2021, its internal control over financial reporting is effective based upon those criteria.

TREND AND OUTLOOK

2022 is going to be another big capital expenditure year for Gold Fields, given the deferral of spending at Salares Norte as well as the elevated level of sustaining capital expenditure across the portfolio, in order to maintain the production base of the Group.

At this point in time, Gold Fields is not in a position to provide 2022 production guidance for Asanko. Consequently, Group guidance excludes our share of the Asanko Joint Venture. We expect Galiano, who are the current operators of the Asanko Mine, to update the market on the outlook for Asanko by the end of Q1 2022.

For 2022, attributable gold equivalent production (excluding Asanko) is expected to be between 2.25 million ounces and 2.29 million ounces. AISC is expected to be between US$1,140 per ounce and US$1,180 per ounce, with AIC expected to be US$1,370 per ounce to US$1,410 per ounce. If we exclude the very significant project capital expenditure at Salares Norte, AIC is expected to be US$1,230 per ounce to US$1,270 per ounce.

Management considered the impact of the high inflationary environment in the business planning process used to determine the 2022 operational plan and guidance. However, further significant increases in oil, gas and other commodity prices in any of the countries in which the Group operates could further increase the prices the Group pays for products and services and could have an adverse effect on the Group's business, operating results (including increased all-in-costs) and financial condition. Conversely, an increase in the gold price could increase the revenue for the Group and could have a positive effect on groups business, operating results and financial condition.

The exchange rates used for our 2022 guidance are: R/US$15.55 and US$/A$0.76.

Total capital expenditure for the Group for the year is expected to be US$1,109 million. Sustaining capital is expected to be US$654 million, with non-sustaining capital expected to be US$455 million. The largest component of the capital expenditure budget for the year is Salares Norte, with US$330 million expected to be spent.

COVID-19 IMPACT ON PRODUCTION

Group production and costs have been flexed for inherent operating risks which relate to all or some of the mines. The risk of stoppages due to Covid-19 has not been factored into any guidance estimates in the Group. The extent to which Covid-19 impacts on either production or costs is indeterminable at this stage.

The above is subject to safety performance which limits the impact of safety-related stoppages and the forward looking statement on page 3 of the Integrated Annual Report.

Paul Schmidt Chief Financial Officer

31 March 2022

Independent auditor's report

To the Shareholders of Gold Fields Limited

REPORT ON THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS

Our opinion

In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of Gold Fields Limited (the Company) and its subsidiaries (together the Group) as at 31 December 2021, and its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with International Financial Reporting Standards and the requirements of the Companies Act of South Africa.

What we have audited

Gold Fields Limited's consolidated financial statements set out on pages 140 to 222 comprise:

the consolidated statement of financial position as at 31 December 2021;
the consolidated income statement for the year then ended;
the consolidated statement of comprehensive income for the year then ended;
the consolidated statement of changes in equity for the year then ended;
the consolidated statement of cash flows for the year then ended; and
the notes to the financial statements, which include a summary of significant accounting policies.

Certain required disclosures have been presented elsewhere in the Gold Fields Annual Financial Report including Governance Report, rather than in the notes to the financial statements. These are cross-referenced from the financial statements and are identified as audited.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the consolidated financial statements section of our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We are independent of the Group in accordance with the Independent Regulatory Board for Auditors' Code of Professional Conduct for Registered Auditors (IRBA Code) and other independence requirements applicable to performing audits of financial statements in South Africa. We have fulfilled our other ethical responsibilities in accordance with the IRBA Code and in accordance with other ethical requirements applicable to performing audits in South Africa. The IRBA Code is consistent with the corresponding sections of the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (including International Independence Standards).

Our audit approach

Overview

Overall group materiality • Overall group materiality: US$ 63.0 million, which represents 5% of consolidated profit before taxation. Group audit scope • Full scope audit procedures were conducted over eleven entities located in Ghana, Australia, South Africa and Peru due to their financial significance to the Group. Specified procedures were performed on a further four entities located in Chile, Ghana and South Africa, based on the audit risk associated with these entities. Key audit matters • Impairment assessment of the South Deep cash-generating unit.

As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the consolidated financial statements. In particular, we considered where the directors made subjective judgements; for example, in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. As in all of our audits, we also addressed the risk of management override of internal controls, including among other matters, consideration of whether there was evidence of bias that represented a risk of material misstatement due to fraud.

Materiality

The scope of our audit was influenced by our application of materiality. An audit is designed to obtain reasonable assurance whether the financial statements are free from material misstatement. Misstatements may arise due to fraud or error. They are considered material if individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the consolidated financial statements.

Based on our professional judgement, we determined certain quantitative thresholds for materiality, including the overall group materiality for the consolidated financial statements as a whole as set out in the table below. These, together with qualitative considerations, helped us to determine the scope of our audit and the nature, timing and extent of our audit procedures and to evaluate the effect of misstatements, both individually and in aggregate on the financial statements as a whole.

Overall group materiality	US$ 63.0 million.
How we determined it	5% of consolidated profit before taxation.
Rationale for the materialitybenchmark applied	We chose consolidated profit before taxation as the most appropriate benchmark,because, in our view, it is the benchmark against which the performance of the Group ismost commonly measured by users and is a generally accepted benchmark. We chose5% which is consistent with quantitative materiality thresholds used for profit-orientedcompanies in this sector.

How we tailored our group audit scope

We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion on the consolidated financial statements as a whole, taking into account the structure of the Group, the accounting processes and controls, and the industry in which the Group operates.

Components that contributed significantly to consolidated revenue, consolidated profit before taxation and consolidated total assets were subject to full scope audits. Full scope audit procedures were conducted over eleven entities located in Ghana, Australia, South Africa and Peru due to their financial significance. Specified procedures were performed on a further four entities located in Chile, Ghana and South Africa, based on the audit risk associated with these entities.

Detailed group audit instructions were communicated to all component auditors from other PwC network firms, in scope for purposes of group reporting. The component auditors reported the results of procedures performed to the group engagement team. We had various interactions with the component auditors, in which we discussed and evaluated recent developments, the scope of procedures, audit risks, materiality and our audit approach. We reviewed selected component working papers. We also discussed with the component auditors, their reports, the findings of their procedures and other matters which could be of relevance for the consolidated financial statements, to be able to conclude whether sufficient appropriate audit evidence has been obtained as a basis for our opinion on the consolidated financial statements as a whole.

Key audit matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Impairment assessment of the South Deep cash-generating unit Refer to note 1 of the accounting policies (Basis of Preparation - Significant accounting judgements and estimates) and note 7 to the consolidated financial statements (Impairment, net of reversal of impairment of investments and assets). The Group reviews and tests the carrying following:

value of long-lived assets for impairment annually or when events or changes in circumstances suggest the carrying amount of each cashgenerating unit ("CGU") may not be recoverable.

Significant impairments were recorded in relation to the South Deep CGU in prior years.

The carrying value of the South Deep CGU amounts to US$1.3 billion at 31 December 2021. No impairment, or reversal of impairment of the South Deep CGU was recorded in 2021.

Key audit matter How our audit addressed the key audit matter

Our procedures performed to assess the appropriateness of no impairment, or reversal of impairment related to the South Deep CGU included the

We assessed the Group's accounting policy for impairment of long-lived assets with reference to the requirements of International Accounting Standard (IAS) 36, Impairment of Assets, and the prior year financial statements. We noted no matters requiring further consideration;
We evaluated the design, implementation and operating effectiveness of the relevant internal controls over management's process to develop their estimate of the recoverable amount of the South Deep CGU, including controls over the preparation, review and approval of the impairment calculation and significant assumptions used in the calculation;
We compared the current year's actual results with the operational plan forecast used in the 2020 impairment assessment to consider the reasonability of management's forecast of cash flows. We evaluated differences noted against relevant documentation and explanations obtained from management;

Independent auditor's report continued

Key audit matter How our audit addressed the key audit matter

The recoverable amount of the South Deep CGU is determined using fair value less cost of disposal ("FVLCOD").

Management's estimates related to future cash flows include significant judgements and assumptions related to:

Rand gold price per kilogram;
Discount rate;
Inflation rate;
Life-of-mine (based on reserves and production estimates);
Long-term foreign exchange rate;
Resource valuation with infrastructure (determined based on comparable market transactions); and
Estimates of costs to produce reserves and future capital expenditure.

Management engaged experts to assess the reserves and resources used to determine the life-of-mine in the impairment calculation for reasonability.

We considered the impairment assessment of the South Deep CGU to be a matter of most significance to the current year audit due the following reasons:

Significant judgement applied by management in relation to the significant assumptions used in determining the recoverable amount of the South Deep CGU;
Management's response to climate change by, inter alia, investing in renewable energy projects to secure a portion of future energy supply and the resultant impact on future energy costs; and
Given the magnitude of the amounts involved, a possible misstatement of a significant assumption could result in a material impairment or reversal of impairment.
Through inspection of Curriculum Vitaes, membership certificates from professional bodies and competent persons reports, we assessed the objectivity, competence and experience of management's experts. We noted no aspects in this regard requiring further consideration; and • We utilised our corporate finance and financial modelling expertise to
- perform the following: – We assessed the valuation model used by management in their impairment assessment, by comparing to industry norms and acceptable valuation methodology. We found that it was consistent with industry norms and acceptable valuation methodology;
- We benchmarked management's significant assumptions related to economic factors such as forecasted Rand gold prices, inflation rates, and long-term foreign exchange rates used in the impairment calculations against independent third-party data. Based on our work performed, we accepted management's assumptions;
- We independently calculated a range of discount rates, including using relevant independent third-party sources and data such as the cost of debt, risk-free rates in the market, market risk premiums, debt/equity ratios, the beta of comparable companies, as well as the impact of economic and industry factors. We found management's discount rate to be within an acceptable range; and
- We obtained an understanding of management's response to climate change and plans for energy transition and challenged the results of the impairment testing to ascertain whether capital expenditures relating to renewable energy projects and the impact on future energy costs had been appropriately considered. Based on our work performed, we accepted management's assumptions.
- In respect of the resource valuation, we performed market research on recent gold mining transactions in South Africa and considered other valuation approaches, including high-level income approach scenarios, to determine a resource value per ounce to be applied in our reasonability assessment of the value of the remaining resource ounces. Based on the work performed we found no inconsistencies in management's resource valuation.

Using the assumptions tested above as well as the production ramp-up risk that is still present at the South Deep CGU, we calculated a range of recoverable amounts for the South Deep CGU and compared the results of our calculation to the recoverable amount determined by management. We found that management's recoverable amount fell within our calculated range.

Other information

The directors are responsible for the other information. The other information comprises the information included in the document titled "Gold Fields Limited Annual Financial Report including Governance Reports 2021", which includes the Directors' Report, the Audit Committee Report and the Company Secretary's Certificate as required by the Companies Act of South Africa, and the documents titled "Gold Fields Integrated Annual Report 2021", "Gold Fields Minerals Resources and Mineral Reserves Supplement to the Integrated Annual Report 2021", "Gold Fields Notice of Annual General Meeting for the year ended 31 December 2021", "Gold Fields Climate Change Report 2021" and "Gold Fields Limited Annual Separate Financial Statements for the year ended 31 December 2021", which we obtained prior to the date of this auditor's report, and the documents titled "Gold Fields GRI Content Index 2021", and "Gold Fields Report to Stakeholders 2021", which are expected to be made available to us after that date. The other information does not include the consolidated or the separate financial statements and our auditor's reports thereon.

Our opinion on the consolidated financial statements does not cover the other information and we do not and will not express an audit opinion or any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

If, based on the work we have performed on the other information that we obtained prior to the date of this auditor's report, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the directors for the consolidated financial statements

The directors are responsible for the preparation and fair presentation of the consolidated financial statements in accordance with International Financial Reporting Standards 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 consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, the directors are responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the consolidated financial statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide the directors with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.

From the matters communicated with the directors, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on other legal and regulatory requirements

In terms of the IRBA Rule published in Government Gazette Number 39475 dated 4 December 2015, we report that PricewaterhouseCoopers Inc. has been the auditor of Gold Fields Limited for three years.

PricewaterhouseCoopers Inc.

Director: PC Hough Registered Auditor

Johannesburg, South Africa

31 March 2022

Accounting policies

The principal accounting policies applied in the preparation of these financial statements (referred to as the "consolidated financial statements" or "financial statements") are set out below. These policies have been consistently applied to all the years presented, except for the adoption of new and revised standards and interpretations.

Gold Fields Limited (the "Company" or "Gold Fields") is a company domiciled in South Africa. The registration number of the Company is 1968/4880/6. The address of the Company is 150 Helen Road, Sandton, Johannesburg. The consolidated financial statements of the Company as at 31 December 2021 and 2020 and for each of the years in the three-year periods ended 31 December 2021, 2020 and 2019 comprise the Company and its subsidiaries (together referred to as the "Group" and individually as "Group entities") as well as the Group's share of the assets, liabilities, income and expenses of its joint operations and the Group's interest in associates and its joint ventures. The Group is primarily involved in gold mining.

1. BASIS OF PREPARATION

The financial statements of the Group have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"), the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee, Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council, the JSE Listings Requirements and the South African Companies Act.

As required by the United States Securities and Exchange Commission, the financial statements include the consolidated statements of financial position as at 31 December 2021 and 2020 and the consolidated income statements and statements of comprehensive income, changes in equity and cash flows for the years ended 31 December 2021, 2020 and 2019 and the related notes.

The consolidated financial statements were authorised for issue by the Board of Directors on 31 March 2022.

Standards, interpretations and amendments to published standards effective for the year ended 31 December 2021 or early adopted by the Group

During the financial year, the following new and revised accounting standards, amendments to standards and new interpretations were adopted by the Group:

Standard(s)Amendment(s)Interpretation(s)	Nature of thechange	Salient features of the changes	Impact onfinancialposition orperformance
Interest RateBenchmarkReform Phase 2 –Amendments toIFRS 9 FinancialInstruments,IAS 39 FinancialInstruments:Recognition andMeasurement,IFRS 7 FinancialInstrumentsDisclosure, IFRS4 InsuranceContracts andIFRS 16 Leases	Amendments	• In August 2020, the IASB made amendments to IFRS 9 FinancialInstruments, IAS 39 Financial Instruments: Recognition andMeasurement, IFRS 7 Financial Instruments Disclosure, IFRS 4Insurance Contracts and IFRS 16 Leases to address the issuesthat arise during the reform of an interest rate benchmark rate,including the replacement of one benchmark with an alternativeone;• The Phase 2 amendments provide the following reliefs:– When changing the basis for determining contractual cashflows for financial assets and liabilities (including leaseliabilities), the reliefs have the effect that the changes, that arenecessary as a direct consequence of IBOR reform and whichare considered economically equivalent, will not result in animmediate gain or loss in the income statement; and– The hedge accounting reliefs will allow most IAS 39 or IFRS 9hedge relationships that are directly affected by IBOR reformto continue. However, additional ineffectiveness might need tobe recorded.• Affected entities need to disclose information about the natureand extent of risks arising from IBOR reform to which the entityis exposed, how the entity manages those risks, and the entity'sprogress in completing the transition to alternative benchmarkrates and how it is managing that transition; and• The Group adopted the amendments on 1 January 2021.	No impact, apartfrom additionaldisclosure onpage 213.

1. BASIS OF PREPARATION continued

Standard(s)Amendment(s)Interpretation(s)	Nature of thechange	Salient features of the changes	Impact onfinancialposition orperformance
IFRS 16 Leases	Amendments	• As a result of the Covid-19 pandemic, rent concessions havebeen granted to lessees. Such concessions might take a varietyof forms, including payment holidays and deferral of leasepayments;• The amendment to IFRS 16 provides lessees with an option totreat qualifying rent concessions in the same way as they wouldif they were not lease modifications. In many cases, this will resultin accounting for the concessions as variable lease payments inthe period in which they are granted;• Entities applying the practical expedients must disclose thisfact, whether the expedient has been applied to all qualifyingrent concessions or, if not, information about the nature of thecontracts to which it has been applied, as well as the amountrecognised in profit or loss arising from the rent concessions;and• The Group adopted the revised Framework on 1 June 2021.	No impact

Standards, interpretations and amendments to published standards that are not yet effective

Certain new standards, amendments and interpretations to existing standards have been published that apply to the Group's accounting periods beginning on 1 January 2022 or later periods but have not been early adopted by the Group.

These standards, amendments and interpretations that are relevant to the Group are:

Standard(s)Amendment(s)Interpretation(s)	Nature of thechange	Salient features of the changes	Effective date
IFRS 17 InsuranceContracts	New Standard	• IFRS 17 supersedes IFRS 4 Insurance Contracts and aims toincrease comparability and transparency about profitability. Thenew standard introduces a new comprehensive model ("generalmodel") for the recognition and measurement of liabilities arisingfrom insurance contracts;• In addition, it includes a simplified approach and modifications tothe general measurement model that can be applied in certaincircumstances and to specific contracts, such as:– Reinsurance contracts held;– Direct participating contracts; and– Investment contracts with discretionary participation features.• Under the new standard, investment components are excludedfrom insurance revenue and service expenses. Entities can alsochoose to present the effect of changes in discount rates andother financial risks in profit or loss or OCI;• The new standard includes various new disclosures and requiresadditional granularity in disclosures to assist users to assess theeffects of insurance contracts on the entity's financial statements;and• The standard is not expected to have a material impact on theGroup.	1 January 2023
IAS 8 AccountingPolicies, Changesin AccountingEstimates andErrors	Amendment	• This amendment to IAS 8 clarifies how companies shoulddistinguish between changes in accounting policies and changesin accounting estimates; and• The amendment is not expected to have a material impact onthe Group.	1 January 2023

Accounting policies continued

1. BASIS OF PREPARATION continued

Standard(s)Amendment(s)Interpretation(s)	Nature of thechange	Salient features of the changes	Effective date
IAS 1 Presentationof FinancialStatements andIFRS PracticeStatement 2	Amendments	• This amendment to IAS 1 requires companies to disclose theirmaterial accounting policy information rather than their significantaccounting policies;• This amendment also provides a definition of material accountingpolicy information;• Further, the amendment clarifies that immaterial accountingpolicy information need not be disclosed;• To support this amendment, the Board also amended IFRSPractice Statement 2 Making Materiality Judgements, toprovide guidance on how to apply the concept of materiality toaccounting policy disclosures; and• The amendment is not expected to have a material impact onthe Group.	1 January 2023
IAS 1 Presentationof FinancialStatements	Amendments	• The amendments to IAS 1 clarify that liabilities are classified aseither current or noncurrent, depending on the rights that existat the end of the reporting period. Classification is unaffected bythe expectations of the entity or events after the reporting date;• The amendments also clarify what IAS 1 means when it refers tothe 'settlement' of a liability; and• The amendments are not expected to have a material impact onthe Group.	1 January2023 (possiblydeferred to1 January 2024)
IAS 16 Property,plant andequipment	Amendment	• The amendment to IAS 16 prohibits an entity from deductingfrom the cost of an item of property, plant and equipment anyproceeds received from selling items produced while the entityis preparing the asset for its intended use;• It also clarifies that an entity is 'testing whether the asset isfunctioning properly' when it assesses the technical and physicalperformance of the asset. The financial performance of the assetis not relevant to this assessment;• The Group is in the process of evaluating whether theamendment to IAS 16 will have an impact on the Group and willprovide more detailed disclosure on the impact in future financialstatements. This may have an impact on the Salares Norte minewhich is planned to reach commercial levels of production in2023; and• Prior year balances will not be impacted because Gruyerereached commercial levels of production before the lastcomparative period presented.	1 January 2022
IFRS 3 BusinessCombinations	Amendment	• The amendments to IFRS 3 Business Combinations updatesthe references to the Conceptual Framework for FinancialReporting and adds an exception for the recognition of liabilitiesand contingent liabilities within the scope of IAS 37 Provisions,Contingent Liabilities and Contingent Assets and Interpretation21 Levies;• The amendments also confirm that contingent assets should notbe recognised at the acquisition date; and• The amendments will not have a material impact on the Group.	1 January 2022

1. BASIS OF PREPARATION continued

Standard(s)Amendment(s)Interpretation(s)	Nature of thechange	Salient features of the changes	Effective date
IAS 37 Provisions,ContingentLiabilities andContingent Assets	Amendment	• The amendment to IAS 37 clarifies that the direct costs offulfilling a contract include both the incremental costs of fulfillingthe contract and an allocation of other costs directly related tofulfilling contracts. Before recognising a separate provision for anonerous contract, the entity recognises any impairment loss thathas occurred on assets used in fulfilling the contract; and• The amendment will not have a material impact on the Group.	1 January 2022
AnnualImprovements	Amendment	The following improvements were finalised:• IFRS 9 Financial Instruments – clarifies which fees should beincluded in the 10% test for derecognition of financial liabilities;• IFRS 16 Leases – amendment of illustrative example 13 to removethe illustration of payments from the lessor relating to leaseholdimprovements, to remove any confusion about the treatment oflease incentives;• IFRS 1 First-time Adoption of International Financial ReportingStandards – allows entities that have measured their assets andliabilities at carrying amounts recorded in their parent's booksto also measure any cumulative translation differences usingthe amounts reported by the parent. This amendment will alsoapply to associates and joint ventures that have taken the sameIFRS 1 exemption; and• The annual improvements will not have a material Impact onthe Group.	1 January 2022
IAS 12 IncomeTaxes	Amendment	• The amendments to IAS 12 Income Taxes require companies torecognise deferred tax on transactions that, on initial recognition,give rise to equal amounts of taxable and deductible temporarydifferences. They will typically apply to transactions such asleases of lessees and decommissioning obligations and willrequire the recognition of additional deferred tax assets andliabilities;• The amendment should be applied to transactions that occuron or after the beginning of the earliest comparative periodpresented. In addition, entities should recognise deferred taxassets (to the extent that it is probable that they can be utilised)and deferred tax liabilities at the beginning of the earliestcomparative period for all deductible and taxable temporarydifferences associated with:– Right-of-use assets and lease liabilities; and– Decommissioning, restoration and similar liabilities, and thecorresponding amounts recognised as part of the cost of therelated assets.• The cumulative effect of recognising these adjustments isrecognised in retained earnings, or another component of equity,as appropriate; and• The amendment will not have a material impact as the Groupalready accounts for deferred taxation in such a manner.	1 January 2023

* Effective date refers to annual period beginning on or after said date.

Accounting policies continued

1. BASIS OF PREPARATION continued

Significant accounting judgements and estimates

Use of estimates: The preparation of the financial statements in accordance with IFRS requires the Group's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. The determination of estimates requires the exercise of judgement based on various assumptions and other factors such as historical experience, current and expected economic conditions, and in some cases actuarial techniques. Actual results could differ from those estimates.

The more significant areas requiring the use of management estimates and assumptions relate to the following:

Mineral reserves and resources estimates (this forms the basis of future cash flow estimates used for impairment assessments and units-of-production depreciation and amortisation calculations);
Carrying value of property, plant and equipment;
Commencement of commercial levels of production;
Estimates of recoverable gold and other materials in heap leach and stockpiles, gold in process and product inventories including write-downs of inventory to net realisable value;
Carrying value of equity-accounted investees;
Provision for environmental rehabilitation costs;
Provision for silicosis settlement costs;
Income taxes;
Share-based payments;
Long-term incentive plan;
The fair value and accounting treatment of financial instruments; and
Contingencies.

Estimates and judgements are continually evaluated and are based on historical experience, discount rates and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Due to the negligible impact that Covid-19 had on the group, no specific Covid-19 adjustments were made to any significant estimates and judgements. The impact of Covid-19 on macro-economic assumptions, such as gold price and exchange rate forecasts, is included in management's forecasts.

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the financial year are discussed below.

Mineral reserves and resources estimates

Mineral reserves are estimates of the amount of product, inclusive of diluting materials and allowances for losses, which can be economically and legally extracted from the Group's properties, as determined by life-of-mine schedules or pre-feasibility studies.

Mineral resources are estimates, based on specific geological evidence and knowledge, including sampling, of the amount of product in situ, for which there is a reasonable prospect for eventual legal and economic extraction.

In order to calculate the reserves and resources, estimates and assumptions are required about a range of geological, technical and economic factors, including but not limited to quantities, grades, production techniques, recovery rates, production costs, capital expenditure, transport costs, commodity demand, commodity prices and exchange rates.

Estimating the quantity and grade of the mineral reserves and resources is based on exploration and sampling information gathered through appropriate techniques (primarily diamond drilling, reverse circulation drilling, air-core and sonic drilling), surface three-dimensional reflection seismics, ore body faces modelling, structural modelling, geological mapping, detailed ore zone wireframes and geostatistical estimation. This process may require complex and difficult geological judgements and calculations to interpret the data.

The Group is required to determine and report on the mineral reserves and resources in accordance with the South African Mineral Resource Committee ("SAMREC") code and the United States Security and Exchange Commission Rule SK 1300 on an annual basis. The Mineral Reserves and Resources were approved by the Competent Person.

1. BASIS OF PREPARATION continued

Estimates of mineral reserves and resources may change from year to year due to the change in economic, regulatory, infrastructural or social assumptions used to estimate ore reserves and resources, and due to additional geological data becoming available.

Changes in reported proved and probable reserves may affect the Group's financial results and position in a number of ways, including the following:

The recoverable amount used in the impairment calculations may be affected due to changes in estimated cash flows or timing thereof (refer to note 7);
Amortisation and depreciation charges to profit or loss may change as these are calculated on the units-ofproduction method, or where the useful economic lives of assets change (refer to note 2);
Provision for environmental rehabilitation costs may change where changes in ore reserves affect expectations about the timing or cost of these activities (refer to note 25.1); and
The carrying value of deferred tax assets may change due to changes in estimates of the likely recovery of the tax benefits (refer to note 23).

Changes in reported measured and indicated resources may affect the Group's financial results and position in a number of ways, including the following:

The recoverable amount used in the impairment calculations may be affected due to changes in estimated market value of resources exclusive of reserves (refer to note 7); and
Amortisation and depreciation charges for the mineral rights asset at the Australian operations may change as a result of the change in the portion of mineral rights asset being transferred from the non-depreciable component to the depreciable component (refer to note 2).

Carrying value of property, plant and equipment

All mining assets are amortised using the units-of-production method where the mine operating plan calls for production from proved and probable mineral reserves.

Mobile and other equipment are depreciated over the shorter of the estimated useful life of the asset or the estimate of mine life based on proved and probable mineral reserves.

The calculation of the units-of-production rate of amortisation could be impacted to the extent that actual production in the future is different from current forecast production based on proved and probable mineral reserves. This would generally result from the extent that there are significant changes in any of the factors or assumptions used in estimating mineral reserves. These factors could include:

Changes in proved and probable mineral reserves;
Unforeseen operational issues at mine sites;
Changes in capital, operating, mining, processing and reclamation costs, discount rates and foreign currency exchange rates; and
Changes in mineral reserves could similarly impact the useful lives of assets depreciated on a straight-line basis, where those lives are limited to the life of the mine.

The Group reviews and tests the carrying value of long-lived assets annually or when events or changes in circumstances suggest that the carrying amount may not be recoverable by comparing the recoverable amounts to these carrying values. Assets are grouped at the lowest level for which identifiable cash flows are largely independent of cash flows of other assets and liabilities. If there are indications that impairment or reversal of impairment may have occurred, estimates are prepared of recoverable amounts of each group of assets. The recoverable amounts of cash-generating units ("CGU") and individual assets have been determined based on the higher of value in use and fair value less cost of disposal ("FVLCOD") calculations. Expected future cash flows used to determine the value in use or FVLCOD of property, plant and equipment and goodwill are inherently uncertain and could materially change over time. They are significantly affected by a number of factors including reserves and production estimates, together with economic factors such as the gold and copper prices, discount rates, foreign currency exchange rates, inflation rates, resource valuations (determined based on comparable market transactions), estimates of costs to produce reserves and future capital expenditure.

The Group generally used FVLCOD to determine the recoverable amount of each CGU.

Accounting policies continued

1. BASIS OF PREPARATION continued

Significant assumptions used in the Group's impairment assessments (FVLCOD calculations) include:

	2021	2020	2019
US$ Gold price per ounce – year 1	US$1,750	US$1,600	US$1,500
US$ Gold price per ounce – year 2	US$1,700	US$1,700	US$1,400
US$ Gold price per ounce – year 3	US$1,600	US$1,600	US$1,400
US$ Gold price per ounce – year 4 onwards	US$1,550	US$1,500	US$1,350
Rand Gold price per kilogram – year 1	US$875,000	US$900,000	US$700,000
Rand Gold price per kilogram – year 2	US$870,000	US$850,000	US$650,000
Rand Gold price per kilogram – year 3	US$810,000	US$800,000	US$650,000
Rand Gold price per kilogram – year 4 onwards	US$780,000	US$750,000	US$630,000
A$ Gold price per ounce – year 1	US$2,400	US$2,190	US$2,150
A$ Gold price per ounce – year 2	US$2,300	US$2,300	US$1,970
A$ Gold price per ounce – year 3	US$2,150	US$2,200	US$1,970
A$ Gold price per ounce – year 4 onwards	US$2,070	US$2,000	US$1,850
US$ Copper price per tonne – year 1	US$8,700	US$5,797	US$5,730
US$ Copper price per tonne – year 2	US$8,000	US$6,612	US$6,612
US$ Copper price per tonne – year 3	US$7,700	US$6,612	US$6,612
US$ Copper price per tonne – year 4 onwards	US$7,500	US$6,612	US$6,612
Resource value per ounce (used to calculate the value beyond provedand probable reserves)
• South Africa (with infrastructure)	—	US$6	US$16
• Ghana (with infrastructure)	US$187	US$76	US$70
• Peru (with infrastructure)	US$10	US$34	US$34
• Australia (with infrastructure)1	—	US$88	US$77
• Chile (without infrastructure)	US$70	US$4	—
Discount rates
• South Africa – nominal	14.3%	14.5%	14.1%
• Ghana – real	8.3%	8.4%	8.5%
• Peru – real	4.8%	4.5%	5.0%
• Australia – real	3.8%	3.5%	3.5%
• Chile – real	5.9%	6.0%	0
Inflation rate – South Africa2	5.4%	5.4%	5.4%
Life-of-mine
• South Deep	80 years	86 years	75 years
• Tarkwa	14 years	14 years	14 years
• Damang	4 years	5 years	6 years
• Cerro Corona	9 years	10 years	13 years
• St Ives	9 years	8 years	9 years
• Agnew	6 years	5 years	4 years
• Granny Smith	11 years	10 years	13 years
• Gruyere	12 years	9 years	11 years
• Salares Norte	11 years	12 years	—
Long-term exchange rates
US$/ZAR – year 1	15.55	17.50	14.50
US$/ZAR – year 2	15.92	15.55	14.50
US$/ZAR – year 3	15.75	15.55	14.50
US$/ZAR – year 4 onwards	15.65	15.55	14.50
A$/US$ – year 1	0.75	0.76	0.70
A$/US$ – year 2	0.74	0.74	0.71
A$/US$ – year 3	0.73	0.73	0.71
A$/US$ – year 4 onwards	0.75	0.75	0.73

1 Resources in Australia are modelled using the income approach and not the market approach.

2 Due to the availability of unredeemed capital for tax purposes over several years into the life of the South Deep mine, nominal cash flows are used for South Africa. In order to determine nominal cash flows in South Africa, costs are inflated by the current South African inflation rate. Cash flows for all other operations are in real terms and as a result are not inflated.

1. BASIS OF PREPARATION continued

The FVLCOD calculations are sensitive to the gold price assumptions and an increase or decrease in the gold price could materially change the FVLCOD.

Should there be a significant decrease in the gold or copper price, the Group would take actions to assess the implications on the life-of-mine plans, including the determination of reserves and resources and the appropriate cost structure for the CGUs.

Refer to notes 2 and 14 for further details.

The carrying amount of property, plant and equipment at 31 December 2021 was US$5,079.1 million (2020: US$4,771.2 million).

Although South Deep is sustainably delivering results, the mine is still in the "ramp-up" phase to steady state production. The first five years of the "ramp-up" phase is the "at risk" period at South Deep, as there is not a long-term track record of achieving these ramp up levels consistently. In addition, there is a risk that further Covid-19 waves could severely impact the production build up profile. These risks were modelled in various life of mine scenarios for the South Deep mine. Certain decarbonisation projects were also modelled in the South Deep life-of-mine model, including the 50MW solar project. The Based on these scenarios, Gold Fields concluded that no impairment or reversal of impairment should be processed at South Deep in 2021, 2020 and 2019.

The carrying value of the South Deep CGU amounts to US$1.3 billion (R21.2 billion) (2020: US$1.4 billion (R21.1 billion) and 2019: US$1.5 billion (R21.1 billion)) at 31 December 2021.

Commencement of commercial levels of production

The Group assesses the stage of each mine construction project to determine when a mine moves into the production stage. The criteria used to assess the start date are determined based on the unique nature of each mine construction project. The Group considers various relevant criteria to assess when the mine is substantially complete, ready for its intended use and moves into the production stage. Some of the criteria would include, but are not limited to the following:

The level of capital expenditure compared to the construction cost estimates;
Ability to produce metal in saleable form (within specifications); and
Ability to sustain commercial levels of production of metal.

When a mine construction project moves into the production stage, the capitalisation of certain mine construction costs ceases and costs are either regarded as inventory or expensed, except for capitalisable costs related to mining asset additions or improvements, underground mine development, deferred stripping activities or ore reserve development.

Salares Norte was still under construction at 31 December 2021 and commercial levels of production are planned to be reached during 2023.

Refer to note 16 for details of the Gruyere Gold project.

Stockpiles, gold in process and product inventories

Costs that are incurred in or benefit the productive process are accumulated as stockpiles, gold in process, ore on leach pads and product inventories. Net realisable value tests are performed on a monthly basis for short-term stockpiles, gold in process and product inventories and at least annually for long-term stockpiles and represent the estimated future sales price of the product based on prevailing spot metals prices at the reporting date, less estimated costs to complete production and bring the product to sale. If any inventories are expected to be realised in the long term, estimated future sales prices are used for valuation purposes.

Stockpiles are measured by estimating the number of tonnes added and removed from the stockpile, the number of contained gold ounces based on assay data, and the estimated recovery percentage based on the expected processing method. Stockpile tonnages are verified by periodic surveys.

Although the quantities of recoverable metal are reconciled by comparing the grades of ore to the quantities of metals actually recovered (metallurgical balancing), the nature of the process inherently limits the ability to precisely monitor the recoverability levels. As a result, the metallurgical balancing process is constantly monitored and engineering estimates are refined based on actual results over time.

Accounting policies continued

1. BASIS OF PREPARATION continued

Variations between actual and estimated quantities resulting from changes in assumptions and estimates that do not result in write downs to net realisable value are accounted for on a prospective basis.

Refer to note 19 for further details.

The carrying amount of total gold in process and stockpiles (non-current and current) at 31 December 2021 was US$565.8 million (2020: US$450.2 million).

Carrying value of equity-accounted investees

The Group reviews and tests the carrying value of equity-accounted investees annually or when events or changes in circumstances suggest that the carrying amount may not be recoverable by comparing the recoverable amounts to these carrying values. If there are indications that impairment may have occurred, estimates are prepared of the recoverable amount of the equity-accounted investee. The recoverable amounts are determined based on the higher of value in use or FVLCOD. The FVLCOD is determined using the following methods:

Using quoted market prices of other investors in the equity-accounted investee with appropriate adjustments in order to derive the fair value; and
A combination of the income and market approach. The income approach is based on the expected future cash flows of the operations and the market approach is used to determine the value beyond proved and probable reserves for the operation, using comparable market transactions.

Expected future cash flows used to determine the FVLCOD of equity-accounted investees are inherently uncertain and could materially change over time. They are significantly impacted by a number of factors including reserves and production estimates, together with economic factors such as gold and copper prices, discount rates, foreign currency exchange rates, resource valuations (determined based on comparable market transactions or other accepted valuation methods), estimates of costs to produce reserves and future capital expenditure. The key assumptions used in the income and market approach are as follows:

	2021	2020
US$ Gold price per ounce – year 1 to 3	US$1,600 – US$1,750	US$1,600 – US$1,800
US$ Gold price per ounce – year 4 onwards	US$1,550	US$1,500
Resource value per ounce (with infrastructure)1	—	US$76
Discount rates – real	9.0%	8.4%
Life-of-mine	6 years	7 years

1 Resource value per ounce for 2021 determined using Kilburn Geoscience Rating Method. The outcome of this valuation was a value of US$40 million (US$18 million on 45% basis).

The FVLCOD calculations are sensitive to the gold price assumption and the quoted market prices, a decrease or increase in these two assumptions could materially change the FVLCOD.

Refer to note 16.1 for further details.

The carrying amount of equity-accounted investees at 31 December 2021 was US$178.8 million (2020: US$233.3 million).

Provision for environmental rehabilitation costs

The Group's mining and exploration activities are subject to various laws and regulations governing the protection of the environment. The Group recognises management's best estimate for the provision of environmental rehabilitation costs in the period in which they are incurred. Actual costs incurred in future periods could differ materially from the estimates. Additionally, future changes to environmental laws and regulations, life-of-mine estimates and discount rates could affect the carrying amount of this provision.

Refer to note 25.1 for details of key assumptions used to estimate the provision.

The carrying amounts of the provision for environmental rehabilitation costs at 31 December 2021 was US$430.9 million (2020: US$381.5 million) of which US$12.0 million (2020: US$19.6 million) was classified as current and US$418.9 million (2020: US$361.9 million) as non-current.

1. BASIS OF PREPARATION continued

Provision for silicosis settlement costs

The Group has an obligation in respect of a settlement of the silicosis class action claims and related costs. The Group recognises management's best estimate for the provision of silicosis settlement costs.

Refer to notes 25.2 and 35 for further details.

The carrying amounts of the provision for silicosis settlement costs at 31 December 2021 was US$13.1 million (2020: US$18.3 million) of which US$0.6 million (2020: US$4.0 million) was classified as current and US$12.5 million (2020: US$14.3 million) as non-current.

Income taxes

The Group is subject to income taxes in numerous jurisdictions. Significant judgement is required in determining the liability for income taxes due to the complexity of legislation. There are many transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. The Group recognises liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact income tax and deferred tax in the period in which such determination is made.

The Group recognises the future tax benefits related to deferred income tax assets to the extent that it is probable that the deductible temporary differences will reverse in the foreseeable future. Assessing the recoverability of deferred income tax assets requires the Group to make significant estimates related to expectations of future taxable income. Estimates of future taxable income are based on forecast cash flows from operations and the application of existing tax laws in each jurisdiction. To the extent that future cash flows and taxable income differ significantly from estimates, the ability of the Group to realise the net deferred tax assets recorded at the reporting date could be impacted.

Additionally, future changes in tax laws in the jurisdictions in which the Group operates could limit the ability of the Group to obtain tax deductions in future periods.

Refer to notes 23 and 31 for further details.

Carrying values at 31 December 2021:

Deferred taxation liability: US$500.9 million (2020: US$499.9 million);
Deferred taxation asset: US$260.6 million (2020: US$240.0 million); and
Taxation payable: US$115.9 million (2020: US$121.3 million).

Refer to note 10 for details of unrecognised deferred tax assets.

Share-based payments

The Group issues equity-settled share-based payments to Executive Directors, certain officers and employees. The fair value of these instruments is measured at grant date, using the Black-Scholes and Monte Carlo simulation valuation models, which require assumptions regarding the estimated term of the option, share price volatility and expected dividend yield. While Gold Fields' management believes that these assumptions are appropriate, the use of different assumptions could have a material impact on the fair value of the option granted and the related recognition of the share-based payments expense in the consolidated income statement. Gold Fields' options have characteristics significantly different from those of traded options and therefore fair values may also differ.

Refer to note 5 for further details.

The income statement charge for the year ended 31 December 2021 was US$12.7 million (2020: US$14.5 million and 2019: US$20.5 million).

Accounting policies continued

1. BASIS OF PREPARATION continued Long-term incentive plan

The Group issues awards relating to its long-term incentive plan to certain employees. These awards are measured on the date the award is made and re-measured at each reporting period. A portion of the award is measured using the Monte Carlo simulation valuation model, which requires assumptions regarding the share price volatility and expected dividend yield. The assumptions, supporting the estimated amount expected to be paid, are reviewed at each reporting date. While Gold Fields' management believes that these assumptions are appropriate, the use of different assumptions could have a material impact on the measurement of the awards and the related recognition of the compensation expense in profit or loss.

Refer to note 26 for further details.

The charge for the year ended 31 December 2021 was US$28.5 million (2020: US$51.3 million and 2019: US$9.1 million) and the balance at 31 December 2021 of the long-term cash incentive provision was US$56.6 million (2020: US$67.2 million) of which US$28.4 million (2020: US$33.8 million) was classified as current and US$28.2 million (2020: US$33.4 million) as non-current.

Financial instruments

Derivative financial instruments

The estimated fair value of financial instruments is determined at discrete points in time, based on the relevant market information. The fair value is calculated with reference to market rates using industry valuation techniques and appropriate models. The carrying values of derivative financial assets at 31 December 2021 was US$5.1 million (2020: US$113.3 million) of which US$5.1 million (2020: US$81.9 million) was classified as current and US$nil (2020: US$31.4 million) as non-current. The carrying values of derivative financial liabilities at 31 December 2021 was US$6.8 million (2020: US$29.1 million) of which US$6.8 million (2020: US$21.8 million) was classified as current and US$nil (2020: U$$7.3 million) as non-current. The income statement charge for the year ended 31 December 2021 was US$96.4 million (2020: US$240.2 million and 2019: US$244.7 million). Refer to notes 20.2, 27.2 and 38 for further details.

Asanko redeemable preference shares

Significant judgement is required in estimating life-of-mine cash flows used in determining the expected timing of the cash flows for the repayment of the redeemable preference shares.

In order to estimate the life-of-mine model used in the valuation, estimates and assumptions are required about a range of geological, technical and economic factors, including but not limited to quantities, grades, production techniques, recovery rates, production costs, capital expenditure, transport costs, commodity demand, commodity prices and exchange rates. Refer to note 17 for key assumptions used.

The life-of-mine cash flows are sensitive to the gold price assumptions and an increase or decrease in the gold price could materially change the valuations.

The fair value of the Asanko redeemable preference shares at 31 December 2021 was US$94.5 million (2020: US$92.6 million).

Contingencies

By their nature, contingencies will only be resolved when one or more future events occur or fail to occur. The assessment of such contingencies inherently involves the exercise of significant judgement and estimates of the outcome of future events. Such contingencies include, but are not limited to, environmental obligations, litigation, regulatory proceedings, tax matters and losses resulting from other events and developments.

When a loss is considered probable and reasonably estimable, a liability is recorded based on the best estimate of the ultimate loss. The likelihood of a loss with respect to a contingency can be difficult to predict and determining a meaningful estimate of the loss or a range of losses may not always be practicable based on the information available at the time and the potential effect of future events and decisions by third parties that will determine the ultimate resolution of the contingency. It is not uncommon for such matters to be resolved over many years, during which time relevant developments and new information is continuously evaluated to determine both the likelihood of any potential loss and whether it is possible to reasonably estimate a range of possible losses. When a loss is probable but a reasonable estimate cannot be made, disclosure is provided.

Refer to note 35 for details on contingent liabilities.

2. CONSOLIDATION

2.1 Business combinations

The acquisition method of accounting is used to account for business combinations by the Group. The consideration transferred for the acquisition of a business is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred, other than those associated with the issue of debt or equity securities. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest in the acquiree either at fair value or at the non-controlling interest's proportionate share of the acquiree's net assets. Subsequently, the carrying amount of non-controlling interest is the amount of the interest at initial recognition plus the non-controlling interest's share of the subsequent changes in equity.

The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary acquired, the difference is recognised directly in profit or loss.

If a transaction does not meet the definition of a business under IFRS, the transaction is recorded as an asset acquisition. Accordingly, the identifiable assets acquired and liabilities assumed are measured at the fair value of the consideration paid, based on their relative fair values at the acquisition date. Acquisition-related costs are included in the consideration paid and capitalised. Any contingent consideration payable that is dependent on the purchaser's future activity is not included in the consideration paid until the activity requiring the payment is performed. Any resulting future amounts payable are recognised in profit or loss when incurred. No goodwill and no deferred tax asset or liability arising from the assets acquired and liabilities assumed are recognised upon the acquisition of assets.

2.2 Subsidiaries

Subsidiaries are all entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the relevant activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group until the date on which control ceases.

Inter-company transactions, balances and unrealised gains and losses on transactions between Group companies are eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.

2.3 Transactions with non-controlling interests

The Group treats transactions with non-controlling interests that do not result in loss of control as transactions with equity owners of the Group. For purchases from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.

2.4 Equity-accounted investees

The Group's interests in equity-accounted investees comprise interests in associates and joint ventures.

Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating policies. Joint ventures are arrangements in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities.

Interests in associates and joint ventures are accounted for using the equity method. They are recognised initially at cost, which includes transaction costs. Subsequent to initial recognition, the consolidated financial statements include the Group's share of the profit or loss and the other comprehensive income of equity-accounted investees, until the date on which significant influence or joint control ceases.

Accounting policies continued

2. CONSOLIDATION continued

Results of associates and joint ventures are equity-accounted using the results of their most recent financial information. Any losses from associates or joint ventures are brought to account in the consolidated financial statements until the interest in such associates or joint ventures is written down to zero. Thereafter, losses are accounted for only insofar as the Group is committed to providing financial support to such associates or joint ventures.

The carrying value of an investment in associate and joint ventures represents the cost of the investment, including goodwill, a share of the post-acquisition retained earnings and losses, any other movements in reserves and any accumulated impairment losses. The Group applies IFRS 9 to long-term interests in an associate or joint venture that form part of the net investment in the associate or joint venture but to which the equity method is not applied. The carrying value is assessed annually for existence of indicators of impairment and if such exist, the carrying amount is compared to the recoverable amount, being the higher of value in use or fair value less cost of disposal. If an impairment in value has occurred, it is recognised in profit or loss in the period in which the impairment arose.

2.5 Joint operations

A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the use of assets and obligations for the liabilities of the arrangement. The Group accounts for activities under joint operations by recognising in relation to the joint operation, the assets it controls and the liabilities it incurs, the expenses it incurs and the revenue from the sale or use of its share of the joint operations' output.

3. FOREIGN CURRENCIES

3.1 Functional and presentation currency

Items included in the financial statements of each of the Group entities are measured using the currency of the primary economic environment in which the entity operates ("the functional currency"). The consolidated financial statements are presented in US Dollar, which is the Group's presentation currency. The functional currency of the parent company is South African Rand.

3.2 Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation of monetary assets and liabilities denominated in foreign currencies, are recognised in profit or loss.

3.3 Foreign operations

The results and financial position of all the Group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows:

Assets and liabilities are translated at the exchange rate ruling at the reporting date (ZAR/US$: 15.94; US$/A$: 0.73 (2020: ZAR/US$: 14.69; US$/A$: 0.77 and 2019: ZAR/US$: 14.00; US$/A$: 0.70)). Equity items are translated at historical rates. The income and expenses are translated at the average exchange rate for the year (ZAR/US$: 14.79; US$/A$: 0.75 (2020: ZAR/US$: 16.38; US$/A$: 0.69 and 2019: ZAR/US$: 14.46; US$/A$: 0.70)), unless this average was not a reasonable approximation of the rates prevailing on the transaction dates, in which case these items were translated at the rate prevailing on the date of the transaction. Exchange differences on translation are accounted for in other comprehensive income. These differences will be recognised in profit or loss upon realisation of the underlying operation.

On consolidation, exchange differences arising from the translation of the net investment in foreign operations (i.e. the reporting entity's interest in the net assets of that operation), and of borrowings and other currency instruments designated as hedges of such investments, are taken to other comprehensive income. When a foreign operation is sold, exchange differences that were recorded in other comprehensive income are recognised in profit or loss as part of the gain or loss on disposal. If the Group disposes of part of its interest in a subsidiary but retains control, then the relevant proportion of the cumulative amount is reattributed to non-controlling interests. When the Group disposes of only part of an associate or joint venture while retaining significant influence or joint control, the relevant proportion of the cumulative amount is reclassified to profit or loss.

Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and are translated at each reporting date at the closing rate.

4. PROPERTY, PLANT AND EQUIPMENT

4.1 Mine development and infrastructure

Mining assets, including mine development and infrastructure costs and mine plant facilities, are recorded at cost less accumulated depreciation and accumulated impairment losses.

Expenditure incurred to evaluate and develop new orebodies, to define mineralisation in existing orebodies and to establish or expand productive capacity, is capitalised until commercial levels of production are achieved, at which times the costs are amortised as set out below.

Development of orebodies includes the development of shaft systems and waste rock removal that allows access to reserves that are economically recoverable in the future. Subsequent to this, costs are capitalised if the criteria for recognition as an asset are met.

4.2 Borrowing costs

Borrowing costs incurred in respect of assets requiring a substantial period of time to prepare for their intended future use are capitalised to the date that the assets are substantially completed.

4.3 Mineral and surface rights

Mineral and surface rights are recorded at cost less accumulated amortisation and accumulated impairment losses. When there is little likelihood of a mineral right being exploited, or the fair value of mineral rights has diminished below cost, an impairment loss is recognised in profit or loss in the year that such determination is made.

4.4 Land

Land is shown at cost and accumulated impairment losses and is not depreciated.

4.5 Other assets

Non-mining assets are recorded at cost less accumulated depreciation and accumulated impairment losses. These assets include the assets of the mining operations not included in mine development and infrastructure, borrowing costs, mineral and surface rights and land and all the assets of the non-mining operations.

4.6 Amortisation and depreciation of mining assets

Amortisation and depreciation is determined to give a fair and systematic charge to profit or loss taking into account the nature of a particular ore body and the method of mining that ore body. To achieve this, the following calculation methods are used:

Mining assets, including mine development and infrastructure costs, mine plant facilities and evaluation costs, are amortised over the life of the mine using the units-of-production method, based on estimated proved and probable ore reserves;
Stripping activity assets are amortised on a units-of-production method, based on the estimated proved and probable ore reserves of the ore body to which the assets relate; and
The mineral rights asset at the Australian operations are divided at the respective operations into a depreciable and a non-depreciable component. The mineral rights asset is initially capitalised to the mineral rights asset as a non-depreciable component.

Subsequently, and on an annual basis, as part of the preparation of the updated reserve and resource statement and preparation of the updated life-of-mine plan, a portion of resources will typically be converted to reserves as a result of ongoing resource definition drilling, resultant geological model updates and subsequent mine planning. Based on this conversion of resources to reserves a portion of the historic cost is allocated from the non-depreciable component of the mineral rights asset to the depreciable component of the mineral rights asset. Therefore, the category of non-depreciable mineral rights asset is expected to reduce and will eventually be fully allocated within the depreciable component of the mineral rights asset.

Accounting policies continued

4. PROPERTY, PLANT AND EQUIPMENT continued

Each operation typically comprises a number of mines and the depreciable component of the mineral rights asset is therefore allocated on a mine-by-mine basis at the operation and is transferred at this point to mine development and infrastructure and is then amortised over the estimated proved and probable ore reserves of the respective mine on the units-of-production method. The remaining non-depreciable component of the mineral rights asset is not amortised but, in combination with the depreciable component of the mineral rights asset and other assets included in the CGU, is evaluated for impairment when events and changes in circumstances indicate that the carrying amount may not be recoverable.

Proved and probable ore reserves reflect estimated quantities of economically recoverable reserves, which can be recovered in future from known mineral deposits.

Certain mining plant and equipment included in mine development and infrastructure is depreciated on a straight-line basis over the lesser of their estimated useful lives or life-of-mine.

4.7 Depreciation of non-mining assets

Non-mining assets are recorded at cost and depreciated on a straight-line basis over their current expected useful lives to their residual values.

The assets' useful lives, depreciation methods and residual values are reassessed at each reporting date and adjusted if appropriate.

4.8 Depreciation of right-of-use assets

The right-of-use assets are depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of the right-of-use asset reflects that the Group will exercise a purchase option. In that case the right-of-use assets are depreciated over the useful life of the underlying asset. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain re-measurements of the lease liability.

4.9 Mining exploration

Expenditure on advances solely for exploration activities is charged against profit or loss until the viability of the mining venture has been proven. Expenditure incurred on exploration "farm-in" projects is written off until an ownership interest has vested. Exploration expenditure to define mineralisation at existing ore bodies is considered mine development costs and is capitalised until commercial levels of production are achieved.

Exploration activities at certain of the Group's non-South African operations are broken down into defined areas within the mining lease boundaries. These areas are generally defined by structural and geological continuity. Exploration costs in these areas are capitalised to the extent that specific exploration programmes have yielded targets and/or results that warrant further exploration in future years.

4.10 Impairment

Recoverability of the carrying values of long-term assets or CGUs of the Group are reviewed annually or whenever events or changes in circumstances indicate that such carrying values may not be recoverable. To determine whether a long-term asset or CGU may be impaired, the higher of "value in use" (defined as: "the present value of future cash flows expected to be derived from an asset or CGU") or "fair value less costs of disposal" (defined as "the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date") is compared to the carrying value of the asset/CGU. Impairment losses are recognised in profit or loss.

A CGU is defined by the Group as the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. Generally for the Group this represents an individual operating mine, including mines which are part of a larger mine complex. The costs attributable to individual shafts/pits of a mine are impaired if the shaft/pit is closed/depleted.

Exploration targets in respect of which costs have been capitalised at certain of the Group's international operations are evaluated on an annual basis to ensure that these targets continue to support capitalisation of the underlying costs. Those that do not are impaired.

When any infrastructure is closed down during the year, any carrying value attributable to that infrastructure is impaired.

4. PROPERTY, PLANT AND EQUIPMENT continued

4.11 Gain or loss on disposal of property, plant and equipment

Any gain or loss on disposal of property, plant and equipment (calculated as the net proceeds from disposal less the carrying amount of the item) is recognised in profit or loss.

4.12 Leases

At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for a consideration.

The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. Subsequent to initial recognition, the right-of-use asset is accounted for in accordance with the accounting policy applicable to that asset.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group's incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate.

The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of the asset leased.

Subsequent to initial recognition, the lease liability is measured at amortised cost using the effective interest rate method. It is re-measured when there is a change in future lease payments:

If there is a change in the Group's estimate of the amount expected to be payable under a residual value guarantee;
If the Group changes its assessment of whether it will exercise a purchase, extension or termination option;
If there is a revised in-substance fixed lease payment; and
If there is a change in future lease payments resulting from a change in an index or a rate used to determine these payments.

When the lease liability is re-measured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The Group has elected not to recognise right-of-use assets and lease liabilities for leases of low-value assets and short-term leases. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term. Low-value assets relate mainly to cellphones, computer equipment and photocopiers.

The Group has elected not to apply the practical expedient to grandfather the assessment of which transactions are leases and applied IFRS 16 to all contracts.

4.13 Deferred stripping

Production stripping costs in a surface mine are capitalised to property, plant and equipment if, and only if, all of the following criteria are met:

It is probable that the future economic benefit associated with the stripping activity will flow to the entity;
The entity can identify the component of the ore body for which access has been improved; and
The costs relating to the stripping activity associated with that component can be measured reliably.

If the above criteria are not met, the stripping costs are recognised directly in profit or loss.

The Group initially measures the stripping activity asset at cost, this being the accumulation of costs directly incurred to perform the stripping activity that improves access to the identified component of ore.

After initial recognition, the stripping activity asset is carried at cost less accumulated amortisation and accumulated impairment losses.

Accounting policies continued

5. TAXATION

Income tax expense comprises current and deferred tax. Current tax and deferred tax are recognised in profit or loss except to the extent that it relates to a business combination, or items recognised directly in equity or in other comprehensive income.

Current tax is measured on taxable income at the applicable statutory rate substantively enacted at the reporting date.

Interest and penalties are accounted for in current tax.

Deferred taxation is provided on temporary differences existing at each reporting date between the tax values of assets and liabilities and their carrying amounts. Substantively enacted tax rates are used to determine future anticipated tax rates which in turn are used in the determination of deferred taxation.

Deferred taxation is not recognised for temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss and taxable temporary differences arising on the initial recognition of goodwill.

The measurement of deferred tax reflects the tax consequences that would follow the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

These temporary differences are expected to result in taxable or deductible amounts in determining taxable profits for future periods when the carrying amount of the asset is recovered or the liability is settled.

Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and equity-accounted investees except where the reversal of the temporary difference can be controlled and it is probable that the difference will not reverse in the foreseeable future.

Deferred tax assets relating to the carry forward of unutilised tax losses and/or deductible temporary differences are recognised to the extent it is probable that future taxable profit will be available against which the unutilised tax losses and/or deductible temporary differences can be recovered. Deferred tax assets are reviewed at each reporting date and are adjusted if recovery is no longer probable.

Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously.

When assessing uncertain tax positions, the Group considers whether it is probable that the relevant authority will accept each tax treatment, or group of tax treatments, that the Group used or plans to use in its income tax filing.

Except for Tarkwa, Damang and Cerro Corona, no provision is made for any potential taxation liability on the distribution of retained earnings by Group companies as it is probable that the related taxable temporary differences will not reverse in the foreseeable future.

6. INVENTORIES

Inventories are valued at the lower of cost and net realisable value. Gold on hand represents production on hand after the smelting process.

Cost is determined on the following basis:

Gold on hand and gold in process is valued using weighted average cost. Cost includes production, amortisation and related administration costs;
Heap leach and stockpile inventories are valued using weighted average cost. Cost includes production, amortisation and direct administration costs. The cost of materials on the heap leach and stockpiles, from which metals are expected to be recovered in a period longer than 12 months is classified as non-current assets; and
Consumable stores are valued at weighted average cost, after appropriate provision for redundant and slowmoving items.

Net realisable value is determined with reference to relevant market prices or the estimated future sales price of the product if it is expected to be realised in the long term.

7. FINANCIAL INSTRUMENTS

7.1 Non-derivative financial instruments

Recognition and initial measurement

Trade receivables are initially recognised when they are originated. All other financial assets and financial liabilities are initially recognised when the Group becomes a party to the contractual provisions of the instrument. A financial asset or financial liability is initially measured at fair value plus, for an item not at fair value through profit or loss ("FVTPL"), transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price.

Classification and subsequent measurement Financial assets – Classification policy

On initial recognition, an equity instrument is either classified as fair value through other comprehensive income ("FVOCI") if an irrevocable election is made or FVTPL.

On initial recognition, a debt instrument is classified as:

Amortised cost;
FVOCI; and
FVTPL.

A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL:

It is held with a business model whose objective is to collect contractual cash flows; and
Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

An investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL:

It is held with a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and
Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets.

Financial assets – Measurement policy

Financial assetcategory	Description
Financial assets atamortised cost	These assets are subsequently measured at amortised cost using the effective interestmethod. The amortised cost is reduced by impairment losses. Interest income, foreignexchange gains and losses and impairment are recognised in profit or loss. Any gain or loss onderecognition is recognised in profit or loss.
Equity investmentsat FVOCI	These assets are subsequently measured at fair value. Dividends are recognised as income inprofit or loss unless the dividend clearly represents a recovery of part of the cost of theinvestment. Other net gains and losses are recognised in OCI and are never reclassified toprofit or loss.
Financial assetsat FVTPL	These assets are subsequently measured at fair value. Net gains and losses, including anyinterest or dividend income, are recognised in profit or loss.

Financial assets – Classification of financial assets

The following information is considered by the Group in determining the classification of financial assets:
The Group's business model for managing financial assets; and
The contractual cash flow characteristics of the financial assets.

Accounting policies continued

7. FINANCIAL INSTRUMENTS continued

The business model assessment of the financial assets is based on the Group's strategy and rationale for holding the financial assets on a portfolio level. When considering the strategy, the following is considered:

Whether the financial assets are held to collect contractual cash flows;
Whether the financial assets are held for sale; and
Whether the financial assets are held for both collecting contractual cash flows and to be sold.

Financial assets – Assessment of contractual cash flows

In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition.

Financial liabilities – Classification, subsequent measurement and gains and losses

Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss.

Impairment

The Group recognises loss allowances for expected credit losses ("ECLs") on financial assets measured at amortised cost. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group's historical experience and informed credit assessment and including forwardlooking information. The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk.

ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive). At each reporting date, the Group assesses whether financial assets carried at amortised cost are credit impaired. A financial asset is "credit impaired" when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.

Derecognition of financial instruments

The Group derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.

The Group derecognises a financial liability when its contractual obligations are discharged or cancelled, or expire. The Group also derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognised at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss.

7. FINANCIAL INSTRUMENTS continued

7.1.1 Investments

Investments comprise listed and unlisted equity instruments which are designated at FVOCI and are accounted for at fair value, with unrealised gains and losses subsequent to initial recognition recognised in other comprehensive income and included in other reserves. Profit or loss realised when investments are sold or impaired are never reclassified to profit or loss.

Purchases and sales of investments are recognised on the trade date, which is the date that the Group commits to purchase or sell the asset. Cost of purchase includes transaction costs. The fair value of listed investments is based on quoted bid prices.

On disposal or impairment of financial assets classified at FVOCI, cumulative unrealised gains and losses previously recognised in other comprehensive income are included in determining the profit or loss on disposal, or the impairment charge relating to, that financial asset, respectively, which is recognised in other comprehensive income.

7.1.2 Cash and cash equivalents

Cash and cash equivalents comprise cash on hand, demand deposits and short-term, highly liquid investments readily convertible to known amounts of cash and subject to insignificant risk of changes in value and are measured at amortised cost which is deemed to be fair value as they have a short-term maturity.

Bank overdrafts are included within current liabilities in the statement of financial position and within cash and cash equivalents in the statement of cash flows.

7.1.3 Trade receivables

Trade receivables are carried at amortised cost less ECLs using the Group's business model for managing its financial assets, except for trade receivables from provisional copper and gold concentrate. The trade receivables from provisional copper and gold concentrate sales are carried at fair value through profit or loss and are markedto-market at the end of each period until final settlement occurs, with changes in fair value classified as provisional price adjustments and included as a component of revenue.

7.1.4 Environmental trust funds

The environmental trust funds comprise mainly term deposits which are recognised at amortised cost less ECLs using the Group's business model for managing its financial assets.

7.1.5 Trade payables

Trade payables are recognised at amortised cost using the effective interest method.

7.1.6 Borrowings

Borrowings are recognised initially at fair value, net of transaction costs incurred, where applicable and subsequently measured at amortised cost using the effective interest method.

Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date.

Interest payable on borrowings is recognised in profit or loss over the term of the borrowings using the effective interest method. Finance expense comprises interest on borrowings and environmental rehabilitation costs offset by interest capitalised on qualifying assets.

Cash flows from interest paid are classified under operating activities in the statement of cash flows.

7.2 Derivative financial instruments

The Group may from time to time establish currency and/or interest rate and/or commodity financial instruments to protect underlying cash flows.

Derivative financial instruments are initially recognised at fair value and subsequently re-measured to their fair value with changes therein recognised in profit or loss.

Accounting policies continued

8. PROVISIONS

Provisions are recognised when the Group has a present legal or constructive obligation resulting from past events and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.

9. PROVISION FOR ENVIRONMENTAL REHABILITATION COSTS

Long-term provisions for environmental rehabilitation costs are based on the Group's environmental management plans, in compliance with applicable environmental and regulatory requirements.

Rehabilitation work can include facility decommissioning and dismantling, removal or treatment of waste materials, site and land rehabilitation, including compliance with and monitoring of environmental regulations, security and other site-related costs required to perform the rehabilitation work and operations of equipment designed to reduce or eliminate environmental effects.

Full provision is made based on the net present value of the estimated cost of restoring the environmental disturbance that has occurred up to the reporting date. The unwinding of the obligation is accounted for in profit or loss.

The estimated costs of rehabilitation are reviewed annually and adjusted as appropriate for changes in legislation, technology or other circumstances. Cost estimates are not reduced by the potential proceeds from the sale of assets or from plant clean up at closure.

Changes in estimates are capitalised or reversed against the relevant asset, except where a reduction in the provision is greater than the remaining net book value of the related asset, in which case the value is reduced to nil and the remaining adjustment is recognised in profit or loss. In the case of closed sites, changes in estimates and assumptions are recognised in profit or loss. Estimates are discounted at the pre-tax risk-free rate in the jurisdiction of the obligation.

Increases due to additional environmental disturbances are capitalised and amortised over the remaining lives of the mines. These increases are accounted for on a net present value basis.

For the South African and Ghanaian operations, annual contributions are made to a dedicated rehabilitation trust fund and dedicated bank account, respectively, to fund the estimated cost of rehabilitation during and at the end of the life-of-mine. The amounts contributed to this trust fund/bank account are included under non-current assets. Interest earned on monies paid to rehabilitation trust fund/bank account is accrued on a time proportion basis and is recorded as interest income.

In respect of the South African, Ghanaian and Peruvian operations, bank and other guarantees are provided for funding of the environmental rehabilitation obligations. Refer to financial instruments accounting policy 7.1.4 Environmental trust fund and note 34 of the consolidated financial statements.

10. EMPLOYEE BENEFITS

10.1 Short-term employee benefits

Short-term employee benefits are expensed as the related service is provided. A liability is recognised for the amount expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.

10.2 Pension and provident funds

The Group operates a defined contribution retirement plan and contributes to a number of industry-based defined contribution retirement plans. The retirement plans are funded by payments from employees and Group companies.

Contributions to defined contribution funds are recognised as an employee benefit expense in profit or loss in the periods during which related services are rendered by employees.

10.3 Share-based payments

The Group operates an equity-settled compensation plan. The fair value of the equity-settled instruments is measured by reference to the fair value of the equity instrument granted which in turn is determined using the Black-Scholes and Monte Carlo simulation models on the date of grant.

10. EMPLOYEE BENEFITS continued

Fair value is based on market prices of the equity-settled instruments granted, if available, taking into account the terms and conditions upon which those equity-settled instruments were granted. Fair value of equity-settled instruments granted is estimated using appropriate valuation models and appropriate assumptions at grant date. Non-market vesting conditions (service period prior to vesting) are not taken into account when estimating the fair value of the equity-settled instruments at grant date. Market conditions are taken into account in determining the fair value at grant date.

The fair value of the equity-settled instruments is recognised as an employee benefit expense over the vesting period based on the Group's estimate of the number of instruments that will eventually vest, with a corresponding increase in equity. Vesting assumptions for non-market conditions are reviewed at each reporting date to ensure they reflect current expectations.

Where the terms of an equity-settled award are modified, the originally determined expense is recognised as if the terms had not been modified. In addition, an expense is recognised for any modification, which increases the total fair value of the share-based payment arrangement, or is otherwise beneficial to the participant as measured at the date of the modification.

10.4 Long-term incentive plan

The Group operates a long-term incentive plan.

The Group's net obligation in respect of the long-term incentive plan is the amount of future benefit that employees have earned in return for their services in the current and prior periods. That benefit is estimated using appropriate assumptions and is discounted to determine its present value at each reporting date. Re-measurements are recognised in profit or loss in the period in which they arise.

10.5 Termination benefits

Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. Termination benefits are expensed at the earlier of the date the Group can no longer withdraw the offer of those benefits or the date the Group recognises costs for a restructuring. Benefits falling due more than 12 months after the reporting date are discounted to present value.

11. STATED CAPITAL

11.1 Ordinary share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects.

11.2 Repurchase and reissue of share capital

When share capital recognised as equity is repurchased, the amount of the consideration paid, which includes directly attributable costs, net of any tax effects, is recognised as a deduction from equity. Repurchased shares are classified as treasury shares and are deducted from equity. When treasury shares are sold or reissued subsequently, the amount received is recognised as an increase in equity, and the resulting surplus or deficit on the transaction is presented in share premium.

12. REVENUE FROM CONTRACTS WITH CUSTOMERS

The Group recognises revenue when control over its gold, copper and silver is transferred to the customer. The price is determined by market forces (gold price and exchange rates). Revenue is measured based on the consideration specified in a contract with the customer.

Customers obtain control of gold, copper and silver on the settlement date and there are no payment terms except for copper and gold concentrate sales in Peru. In Peru, customers obtain control of copper and gold concentrate on the shipment date. Copper and gold concentrate revenue is calculated, net of refining and treatment charges, on a best estimate basis on shipment date, using forward metal prices to the estimated final pricing date, adjusted for the specific terms of the agreements. Variations between the price recorded at the shipment date and the actual final price received are caused by changes in prevailing copper and gold prices. Changes in the fair value as a result of changes in the forward metal prices are classified as provisional price adjustments and included as a component of revenue.

Accounting policies continued

13. INVESTMENT INCOME

Investment income comprises interest income on funds invested and dividend income from listed and unlisted investments.

Investment income is recognised to the extent that it is probable that economic benefits will flow to the Group and the amount of investment income can be reliably measured. Investment income is stated at the fair value of the consideration received or receivable.

13.1 Dividend income

Dividends are recognised in profit or loss when the right to receive payment is established.

13.2 Interest income

Interest income is recognised in profit or loss using the effective interest rate method. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument to the gross carrying amount of the financial asset or amortised cost of the financial liability.

Cash flows from dividends and interest received are classified under operating activities in the statement of cash flows.

14. DIVIDENDS DECLARED

Dividends and the related taxation thereon are recognised only when such dividends are declared.

Dividends withholding tax is a tax on shareholders receiving dividends and is applicable to all dividends paid. The Group withholds dividends tax on behalf of its shareholders at a rate of 20% on dividends paid. Amounts withheld are not recognised as part of the Group's tax charge but rather as part of the dividend paid recognised directly in equity.

Cash flows from dividends paid are classified under operating activities in the statement of cash flows.

15. EARNINGS PER SHARE

The Group presents basic and diluted earnings per share. Basic earnings per share is calculated based on the profit attributable to ordinary shareholders divided by the weighted average number of ordinary shares in issue during the period. Diluted earnings per share is determined by adjusting the profit attributable to ordinary shareholders, if applicable, and the weighted average number of ordinary shares in issue for ordinary shares that may be issued in the future.

16. NON-CURRENT ASSETS HELD FOR SALE

Non-current assets (or disposal groups) comprising assets and liabilities, are classified as held for sale if it is highly probable they will be recovered primarily through sale rather than through continuing use. These assets may be a component of an entity, a disposal group or an individual non-current asset.

Non-current assets held for sale are stated at the lower of carrying amount and fair value less costs to sell. Once classified as held for sale or distribution, property, plant and equipment is no longer amortised or depreciated.

17. SEGMENTAL REPORTING

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker ("CODM") and is based on individual mining operations. The CODM, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Executive Committee that makes strategic decisions.

18. HEADLINE EARNINGS

Headline earnings is an additional earnings number that is permitted by IAS 33 Earnings per Share ("IAS 33") as set out in the SAICA Circular 1/2021 ("Circular"). The starting point is earnings as determined in IAS 33, excluding separately identifiable re-measurements net of related tax (both current and deferred) and related non-controlling interest, other than re-measurements specifically included in headline earnings. A re-measurement is an amount recognised in profit or loss relating to any change (whether realised or unrealised) in the carrying amount of an asset or liability that arose after the initial recognition of such asset or liability. Included re-measurement items are included in section C of the Circular.

Consolidated Income Statement

for the year ended 31 December 2021

		United States Dollar
Figures in millions unless otherwise stated	Notes	2021	2020	2019
Revenue	1	4,195.2	3,892.1	2,967.1
Cost of sales	2	(2,374.9)	(2,150.4)	(2,033.5)
Investment income	3	8.3	8.7	7.3
Finance expense	4	(100.9)	(126.7)	(102.2)
Loss on financial instruments	38	(100.4)	(238.9)	(238.0)
Foreign exchange (loss)/gain		(1.9)	8.6	(5.2)
Other costs, net	8	(49.2)	(11.5)	(67.6)
Share-based payments	5	(12.7)	(14.5)	(20.5)
Long-term incentive plan	26	(28.5)	(51.3)	(9.1)
Exploration expense	6	(60.6)	(49.7)	(84.4)
Share of results of equity accounted investees, net of taxation	15	(32.0)	(2.6)	3.1
Profit on disposal of Maverix Metals Incorporated	15	—	—	14.6
Restructuring costs		(1.3)	(2.0)	(0.6)
Silicosis settlement costs	25.2	0.7	(0.3)	1.6
Impairment, net of reversal of impairment of investments and assets	7	(42.4)	50.6	(9.8)
Ghana expected credit loss	13.1	(41.1)	(29.0)	—
Profit/(loss) on disposal of assets		8.5	(0.2)	1.2
Profit before royalties and taxation	8	1,366.8	1,282.9	424.0
Royalties	9	(112.4)	(105.0)	(73.7)
Profit before taxation		1,254.4	1,177.9	350.3
Mining and income taxation	10	(424.9)	(432.5)	(175.6)
Profit for the year		829.5	745.4	174.7
Profit attributable to:
– Owners of the parent		789.3	723.0	161.6
– Non-controlling interests		40.2	22.4	13.1
		829.5	745.4	174.7
Earnings per share attributable to owners of the parent:
Basic earnings per share – cents	11.1	89	82	20
Diluted earnings per share – cents	11.2	88	81	19

The accompanying notes form an integral part of these financial statements.

Gold Fields Limited presents its income statement using the function method. Under the function method, investment income would have been disclosed under other income, loss on financial instruments and foreign exchange (loss)/gain under other (expenses)/income and share-based payments and long-term incentive plan under other expenses.

Consolidated Statement of Comprehensive Income

for the year ended 31 December 2021

		United States Dollar
Figures in millions unless otherwise stated	2021	2020	2019
Profit for the year	829.5	745.4	174.7
Other comprehensive income, net of tax	(166.4)	58.4	54.3
Items that will not be reclassified to profit or loss	(3.8)	49.6	(14.2)
Equity investments at FVOCI – Net change in fair value	(5.8)	50.8	8.9
Taxation on above item	2.0	(1.2)	(23.1)
Items that may be reclassified subsequently to profit or loss	(162.6)	8.8	68.5
Foreign currency translation adjustments	(162.6)	8.8	68.5
Total comprehensive income for the year	663.1	803.8	229.0
Attributable to:
– Owners of the parent	622.9	781.4	215.9
– Non-controlling interests	40.2	22.4	13.1
	663.1	803.8	229.0

The accompanying notes form an integral part of these financial statements.

Consolidated Statement of Financial Position

at 31 December 2021

		United States Dollar
NotesFigures in millions unless otherwise stated	2021	2020
ASSETS
Non-current assets	5,927.7	5,713.0
Property, plant and equipment14	5,079.1	4,771.2
Inventories19	155.2	141.5
Equity accounted investees15	178.8	233.3
Investments17	138.6	147.9
Environmental trust funds18	88.1	79.3
Loan advanced – contractor13.2	27.3	68.4
Non-current derivative financial assets20.2	—	31.4
Deferred taxation23	260.6	240.0
Current assets	1,421.1	1,730.4
Inventories19	627.6	521.6
Trade and other receivables20.1	263.7	240.1
Derivative financial assets20.2	5.1	81.9
Cash and cash equivalents21	524.7	886.8
Assets held for sale	—	29.4
Total assets	7,348.8	7,472.8
EQUITY AND LIABILITIES
Equity attributable to owners of the parent	3,977.8	3,664.5
Stated capital22	3,871.5	3,871.5
Other reserves	(2,116.3)	(1,962.6)
Retained earnings	2,222.6	1,755.6
Non-controlling interests	152.3	163.7
Total equity	4,130.1	3,828.2
Non-current liabilities	2,396.3	2,728.1
Deferred taxation23	500.9	499.9
Borrowings24	1,078.1	1,443.4
Provisions25	434.0	379.3
Lease liabilities33	355.1	364.8
Long-term incentive plan26	28.2	33.4
Non-current derivative financial liabilities27.2	—	7.3
Current liabilities	822.4	916.5
Trade and other payables27.1	577.7	550.6
Derivative financial liabilities27.2	6.8	21.8
Royalties payable30	20.6	17.7
Taxation payable31	115.9	121.3
Current portion of borrowings24	—	83.5
Current portion of lease liabilities33	60.4	64.2
Current portion of provisions25	12.6	23.6
Current portion of long-term incentive plan26	28.4	33.8
Total liabilities	3,218.7	3,644.6
Total equity and liabilities	7,348.8	7,472.8

The accompanying notes form an integral part of these financial statements.

Consolidated Statement of Changes in Equity

for the year ended 31 December 2021

	United States Dollar
Figures in millions unless otherwise stated	Statedcapital	Accumulatedothercomprehensiveincome¹	Otherreserves²	Retainedearnings	Equityattributableto ownersof theparent	Noncontrollinginterests	Totalequity
Balance at 1 January 2019	3,622.5	(2,330.8)	220.5	1,073.9	2,586.1	120.8	2,706.9
Profit for the year	—	—	—	161.6	161.6	13.1	174.7
Other comprehensive income	—	54.3	—	—	54.3	—	54.3
Total comprehensive incomeTransactions with owners of theCompany	—	54.3	—	161.6	215.9	13.1	229.0
Dividends declared	—	—	—	(45.5)	(45.5)	(2.2)	(47.7)
Share-based payments	—	—	20.5	—	20.5	—	20.5
Balance at 31 December 2019	3,622.5	(2,276.5)	241.0	1,190.0	2,777.0	131.7	2,908.7
Profit for the year	—	—	—	723.0	723.0	22.4	745.4
Other comprehensive income	—	58.4	—	—	58.4	—	58.4
Total comprehensive income	—	58.4	—	723.0	781.4	22.4	803.8
Transactions with owners of theCompany
Dividends declared	—	—	—	(137.7)	(137.7)	(10.1)	(147.8)
Share issue3	249.0	—	—	—	249.0	—	249.0
Transaction with non-controllinginterest holders4	—	—	—	(19.7)	(19.7)	19.7	—
Share-based payments	—	—	14.5	—	14.5	—	14.5
Balance at 31 December 2020	3,871.5	(2,218.1)	255.5	1,755.6	3,664.5	163.7	3,828.2
Profit for the year	—	—	—	789.3	789.3	40.2	829.5
Other comprehensive income	—	(166.4)	—	—	(166.4)	—	(166.4)
Total comprehensive income	—	(166.4)	—	789.3	622.9	40.2	663.1
Transactions with owners of theCompany
Dividends declared	—	—	—	(322.3)	(322.3)	(51.6)	(373.9)
Share-based payments	—	—	12.7	—	12.7	—	12.7
Balance at 31 December 2021	3,871.5	(2,384.5)	268.2	2,222.6	3,977.8	152.3	4,130.1

The accompanying notes form an integral part of these financial statements.

1 Accumulated other comprehensive income mainly comprises foreign currency translation.

2 Other reserves include share-based payments and share of equity-accounted investee's other comprehensive income. The aggregate of accumulated other comprehensive income and other reserves in the consolidated statement of changes in equity is disclosed in the Consolidated statement of financial position as other reserves.

3 On 12 February 2020 Gold Fields successfully completed the placing of 41,431,635 new ordinary, no par value shares with existing and new institutional investors at a price of R90.2 per share. The placing issued represented, in aggregate, approximately 5% of the Company's issued ordinary share capital prior to the placing. Gross proceeds of approximately R3.7 billion (US$249.0 million) were raised through the placing.

4 On 6 December 2020, per the South Deep BEE transaction an economic interest of 3.57% in Newshelf 899 (Proprietary) Limited vested to the BEE non-controlling interest holders. Refer to note 42 for further details.

Consolidated Statement of Cash Flows

for the year ended 31 December 2021

			United States Dollar
Figures in millions unless otherwise stated	Notes	2021	2020	2019
Cash flows from operating activities		1,230.2	1,111.4	845.0
Cash generated by operations	28	2,347.3	1,933.9	1,302.8
Interest received		7.4	7.6	6.6
Change in working capital	29	(89.4)	(171.8)	(24.6)
Cash generated by operating activities		2,265.3	1,769.7	1,284.8
Silicosis payment	25.2	(4.4)	(3.5)	(4.6)
Interest paid		(103.2)	(127.2)	(132.0)
Royalties paid	30	(108.8)	(102.5)	(72.3)
Taxation paid	31	(448.8)	(278.7)	(181.8)
Net cash from operations		1,600.1	1,257.8	894.1
Dividends paid		(369.9)	(146.4)	(49.1)
– Owners of the parent		(322.3)	(137.7)	(45.5)
– Non-controlling interest holders		(46.7)	(7.6)	(2.2)
– South Deep BEE dividend		(0.9)	(1.1)	(1.4)
Cash flows from investing activities		(1,070.5)	(607.4)	(446.8)
Additions to property, plant and equipment		(1,088.7)	(583.7)	(612.5)
Capital expenditure – working capital		28.7	(7.1)	—
Proceeds on disposal of property, plant and equipment		2.8	0.7	3.7
Purchase of Asanko Gold	15	—	—	(20.0)
Purchase of investments		(27.4)	(0.6)	(6.5)
Redemption of Asanko Preference Shares		5.0	37.5	10.0
Proceeds on disposal of subsidiary		—	—	6.2
Proceeds on disposal of Maverix associate		—	—	66.8
Proceeds on disposal of investments		19.2	22.9	112.6
Loan advanced – contractors		—	(68.4)	—
Contributions to environmental trust funds		(10.1)	(8.7)	(7.1)
Cash flows from financing activities		(510.5)	(139.8)	(104.6)
Loans raised		207.5	689.8	1,538.0
Loans repaid		(644.2)	(1,014.2)	(1,604.3)
Payment of principal lease liabilities		(73.8)	(64.4)	(38.3)
Proceeds from the issue of shares		—	249.0	—
Net cash (utilised)/generated		(350.8)	364.2	293.6
Effect of exchange rate fluctuation on cash held		(11.3)	7.6	1.7
Cash and cash equivalents at beginning of the year		886.8	515.0	219.7
Cash and cash equivalents at end of the year	21	524.7	886.8	515.0

The accompanying notes form an integral part of these financial statements.

Notes to the Consolidated Financial Statements

for the year ended 31 December 2021

1. REVENUE

		United States Dollar
Figures in millions unless otherwise stated	2021	2020	2019
Revenue from contracts with customers	4,195.2	3,892.1	2,967.1
– Gold1	3,962.9	3,748.0	2,802.0
– Copper2	232.3	144.1	165.1

1 All regions.

2 Only Peru region (Cerro Corona).

Disclosure of disaggregated revenue from contracts with customers

The Group generates revenue primarily from the sale of gold bullion and copper concentrate to refineries and banks. All revenue from contracts with customers is recognised at a point in time. The Group also produces silver which is an insignificant by-product.

The disaggregation of revenue from contracts with customers by primary geographical market and product is described in the segment note (note 41).

2. COST OF SALES

	United States Dollar
Figures in millions unless otherwise stated	2021	2020	2019
Salaries and wages	(397.8)	(352.5)	(334.8)
Consumable stores	(319.6)	(267.4)	(270.4)
Utilities	(134.1)	(121.3)	(131.5)
Mine contractors	(628.2)	(575.3)	(511.0)
Other	(304.8)	(238.1)	(218.8)
Cost of sales before gold inventory change and amortisation
and depreciation	(1,784.5)	(1,554.6)	(1,466.5)
Gold inventory change	122.8	65.5	43.0
Cost of sales before amortisation and depreciation	(1,661.7)	(1,489.1)	(1,423.5)
Amortisation and depreciation	(713.2)	(661.3)	(610.0)
Total cost of sales	(2,374.9)	(2,150.4)	(2,033.5)

3. INVESTMENT INCOME

		United States Dollar
Figures in millions unless otherwise stated	2021	2020	2019
Dividends received	0.1	0.4	—
Interest received – environmental trust funds	0.8	0.7	0.7
Interest received – cash balances	7.4	7.6	6.6
Total investment income	8.3	8.7	7.3

4. FINANCE EXPENSE

		United States Dollar
Figures in millions unless otherwise stated	2021	2020	2019
Interest expense – environmental rehabilitation	(8.6)	(10.7)	(11.7)
Unwinding of discount rate on silicosis settlement costs	(1.1)	(1.5)	(1.3)
Interest expense – lease liability	(24.1)	(22.4)	(18.6)
Interest expense – borrowings	(79.6)	(105.3)	(114.0)
Borrowing costs capitalised1	12.5	13.2	43.4
Total finance expense	(100.9)	(126.7)	(102.2)

1 Borrowing costs capitalised of US$12.5 million (2020: US$13.2 million and 2019: US$43.4 million) comprise borrowing costs relating to general borrowings of US$12.5 million (2020: US$13.2 million and 2019: US$31.0 million) and specific borrowings of US$nil (2020: US$nil and 2019: US$12.4 million). The specific borrowings of US$12.4 million in 2019 related to the Gruyere project and were included in additions to property, plant and equipment of US$612.5 million (refer note 14).

Gold Fields Annual Financial Report including Governance Report 2021

5. SHARE-BASED PAYMENTS

The Group granted equity-settled instruments comprising share options and restricted shares to Executive Directors, certain officers and employees. During the year ended 31 December 2021, the Gold Fields Limited 2012 share plan as amended in 2016 was in place. Allocations under this plan were made during 2019, 2020 and 2021.

Gold Fields Limited 2012 share plan amended – awards after 1 March 2016

At the Annual General Meeting on 18 May 2016, shareholders approved the adoption of the revised Gold Fields Limited 2012 share plan to replace the long-term incentive scheme ("LTIP"). The plan provides for four types of participation, namely performance shares ("PS"), retention shares ("RS"), restricted shares ("RSS") and matching shares ("MS"). This plan is in place to attract, retain, motivate and reward participating employees on a basis which seeks to align the interests of such employees with those of the Company's shareholders. Currently, the last vesting date is 15 February 2024.

The expense is as follows:

		United States Dollar
Figures in millions unless otherwise stated	2021	2020	2019
Share-based payments	(12.7)	(14.5)	(20.5)
Total included in profit or loss for the year	(12.7)	(14.5)	(20.5)

The following table summarises the movement of share options under the Gold Fields Limited 2012 share plan as amended in 2016 during the years ended 31 December 2021, 2020 and 2019:

	2021	2020	2019
	PerformanceShares (PS)	PerformanceShares (PS)	PerformanceShares (PS)
Outstanding at beginning of the year	6,982,838	14,833,390	18,361,977
Movement during the year:
Granted	1,403,675	1,581,749	4,558,177
Exercised and released	(3,038,661)	(7,825,571)	(6,611,023)
Forfeited	(186,108)	(1,606,730)	(1,475,741)
Outstanding at end of the year	5,161,744	6,982,838	14,833,390

At 31 December 2021, none of the outstanding options above had vested.

The fair value of equity instruments granted during the year ended 31 December 2021, 2020 and 2019 were valued using the Monte Carlo simulation model:

	2021	2020	2019
Monte-Carlo simulation
Performance shares
The inputs to the model for options granted during the year were asfollows:
– weighted average historical volatility (based on a statistical analysis ofthe share price on a weighted moving average basis for the expectedterm of the option)	63.6%	58.4%	44.7%
– expected term (years)	3 years	3 years	3 years
– dividend yield1	n/a	n/a	n/a
– average three-year risk free interest rate (based on US interest rates)	1.2%	0.3%	1.4%
– weighted average fair value (United States dollars)	10.3	6.4	5.7

1 There is no dividend yield applied to the Monte Carlo simulation model as the performance conditions follow a total shareholder return method.

Notes to the Consolidated Financial Statements continued

for the year ended 31 December 2021

5. SHARE-BASED PAYMENTS continued

The weighted average share price for the year ended 31 December 2021 on the Johannesburg Stock Exchange (US$) was US$9.71 (2020: US$9.25 and 2019: US$4.82).

The compensation costs related to awards not yet recognised under the above plans at 31 December 2021, 2020 and 2019 amount to US$14.7 million, US$19.7 million and US$17.5 million, respectively, and are to be recognised over 3 years.

The Directors were authorised to issue and allot all or any of such shares required for the plans, but in aggregate all plans may not exceed 44,385,867 of the total issued ordinary stated capital of the Company. An individual participant may also not be awarded an aggregate of shares from all or any such plans exceeding 4,438,587 of the Company's total issued ordinary stated capital. The unexercised options and shares under all plans represented 0.6% of the total issued stated capital at 31 December 2021.

6. EXPLORATION EXPENSE

		United States Dollar
Figures in millions unless otherwise stated	2021	2020	2019
Australia	(21.3)	(16.9)	(30.0)
Ghana	(9.6)	—	—
Peru	(1.6)	(1.4)	(4.4)
Chile	(27.2)	(30.1)	(49.1)
Other	(0.9)	(1.3)	(0.9)
Total exploration expense	(60.6)	(49.7)	(84.4)

7. IMPAIRMENT, NET OF REVERSAL OF IMPAIRMENT OF INVESTMENTS AND ASSETS

	United States Dollar
Figures in millions unless otherwise stated	2021	2020	2019
Investments	(30.8)	62.3	(9.6)
Equity accounted investees
– Far Southeast Gold Resources Incorporated ("FSE")1	(30.8)	62.3	(9.6)
Property, plant and equipment	(11.6)	(11.7)	(0.2)
Impairment of property, plant and equipment – other2	(11.6)	(11.7)	(0.2)
Impairment, net of reversal of impairment of investments andassets	(42.4)	50.6	(9.8)

1 Following the identification of impairment indicators during 2019, FSE was valued at its recoverable amount which resulted in an impairment of US$9.6 million. During 2020, FSE's recoverable amount was determined to be higher than the carrying value due to an increase in commodity prices that resulted in an increase in Lepanto Consolidated Mining Company's ("Lepanto") share price and a reversal of US$62.3 million was recorded. The net reversal was limited to previous impairments recognised. During 2021, impairment indicators were identified as a result of the reduction in the share price of Lepanto and FSE was further impaired by US$30.8 million to its recoverable amount. The recoverable amount was based on the fair value less cost of disposal ("FVLCOD") of the investment (level 2 in the fair value hierarchy). The FVLCOD was indirectly derived from the market value of Lepanto Consolidated Mining Company, being the 60% shareholder of FSE. The (impairment)/reversal of impairment is included in the "Corporate and other" segment.

2 The US$11.6 million in 2021 comprises $10.0 million (2020: US$nil and 2019: US$nil) impairment of capitalised exploration costs at St Ives based on technical and economic parameters of various studies, US$nil (2020: US$9.8 million and 2019: US$nil) impairment of drilling costs at Damang (based on technical and economic parameters of various studies, all assets related to the Amoanda-Tomento corridor were impaired) and US$1.6 million (2020: US$1.9 million and 2019: US$0.2 million) impairment of redundant assets in Peru.

8. INCLUDED IN PROFIT BEFORE ROYALTIES AND TAXATION ARE THE FOLLOWING:

		United States Dollar
Figures in millions unless otherwise stated	2021	2020	2019
Damang – contract termination1	—	(1.1)	(13.1)
Loss on buy-back of notes1	—	—	(5.0)
Social contributions and sponsorships1	(18.1)	(13.7)	(18.0)
Rehabilitation expense1	(10.8)	(1.5)	(13.4)
Offshore structure costs1	(14.6)	(13.6)	(16.7)
Restructuring costs2	(1.3)	(2.0)	(0.6)
Salares VAT1,3	—	23.9	—

1 Included under "Other costs, net" in the consolidated income statement.

2 The restructuring costs in 2021 comprise mainly separation packages at Tarkwa amounting to US$1.3 million (2020: US$1.2 million and 2019: US$0.3 million), St Ives of US$nil (2020: US$0.8 million and 2019: US$nil) and South Deep amounting to US$nil (2020: US$nil and 2019: US$0.3 million).

3 The US$23.9 million income related to a submission of VAT claims for expenses incurred from 2010 to June 2020 at Salares Norte to the Chilean tax authority which became claimable from the commencement of construction in 2020.

9. ROYALTIES

	United States Dollar
Figures in millions unless otherwise stated	2021	2020	2019
South AfricaForeign	(2.6)(109.8)	(2.0)(103.0)	(1.6)(72.1)
Total royalties	(112.4)	(105.0)	(73.7)
Royalty rates
South Africa (effective rate)1	0.5%	0.5%	0.5%
Australia2	2.5%	2.5%	2.5%
Ghana3	4.1%	4.1%	3.5%
Peru4	4.4%	3.9%	3.6%

1 The Mineral and Petroleum Resource Royalty Act 2008 ("Royalty Act") was promulgated on 24 November 2008 and became effective from 1 March 2010. The Royalty Act imposes a royalty on refined (mineral resources that have undergone a comprehensive level of beneficiation such as smelting and refining as defined in Schedule 1 of the Royalty Act) and unrefined (mineral resources that have undergone limited beneficiation as defined in Schedule 2 of the Royalty Act) minerals payable to the state. The royalty in respect of refined minerals (which include gold refined to 99.5% and above and platinum) is calculated by dividing earnings before interest and taxes ("EBIT") by the product of 12.5 times gross revenue calculated as a percentage, plus an additional 0.5%. EBIT refers to taxable mining income (with certain exceptions such as no deduction for interest payable and foreign exchange losses) before assessed losses but after capital expenditure. A maximum royalty of 5% has been introduced on refined minerals. The effective rate of royalty tax payable for the year ended 31 December 2021 was 0.5% of mining revenue (2020: 0.5% and 2019: 0.5%) equalling the minimum charge per the formula.

2 The Australian operations are subject to a 2.5% (2020: 2.5% and 2019: 2.5%) gold royalty on revenue as the mineral rights are owned by the state. 3 Minerals are owned by the Republic of Ghana and held in trust by the President. During 2016, Gold Fields signed a Development Agreement ("DA") with the Government of Ghana for both the Tarkwa and Damang mines. This agreement stated that the Ghanaian operations will be subject to a sliding scale for royalty rates, linked to the prevailing gold price (effective 1 January 2017). The sliding scale is as follows:

Average gold price
Low valueHigh value	Royalty rate
US$0.00– US$1,299.99	3.0%
US$1,300.00– US$1,449.99	3.5%
US$1,450.00– US$2,299.99	4.1%
US$2,300.00– Unlimited	5.0%

4 The Peruvian operations are subject to a mining royalty calculated on a sliding scale with rates ranging from 1% to 12% of the value of operating profit.

Notes to the Consolidated Financial Statements continued

for the year ended 31 December 2021

10. MINING AND INCOME TAXATION

United States Dollar
Figures in millions unless otherwise stated	2021	2020	2019
The components of mining and income tax are the following:
South African taxation
– company and capital gains taxation	(3.8)	(4.5)	(2.9)
– dividend withholding tax	(24.3)	—	—
– prior year adjustment – current taxation	0.8	(0.5)	0.2
– deferred taxation	(27.4)	(25.8)	(0.3)
– prior year adjustment – deferred taxation	(3.4)	—	—
Foreign taxation
– current taxation	(417.9)	(356.2)	(184.1)
– dividend withholding tax	—	(5.2)	(2.7)
– prior year adjustment – current taxation	(3.5)	(0.1)	(1.1)
– deferred taxation	54.6	(40.2)	15.3
Total mining and income taxation	(424.9)	(432.5)	(175.6)
Major items causing the Group's income taxation to differ from the maximum South
African statutory mining tax rate of 34.0% (2020: 34.0% and 2019: 34.0%) were:
Taxation on profit before taxation at maximum South African statutory mining tax rate	(426.5)	(400.5)	(119.1)
Rate adjustment to reflect the actual realised company tax rates in South Africa andoffshore1	45.9	45.6	17.9
Non-deductible share-based payments	(4.3)	(4.9)	(7.0)
Non-deductible exploration expense	(9.6)	(0.4)	(17.0)
Deferred tax assets not recognised on impairment of investments (2020: reversal of
impairment and 2019: impairment)2	(10.5)	21.2	(3.3)
Non-deductible interest paid	(22.2)	(31.2)	(29.9)
Share of results of equity accounted investees, net of taxation	(10.9)	(0.9)	1.1
Non-taxable fair value (loss)/gain on Maverix warrants	(1.4)	0.4	1.4
Non-taxable profit on disposal of Maverix (2018: dilution of Gold Fields' interest in
Maverix)	—	—	5.0
Dividend withholding tax	(29.5)	(5.9)	(2.9)
Net non-deductible expenditure and non-taxable income	(26.7)	(0.7)	(10.5)
Deferred tax on unremitted earnings at Tarkwa and Cerro Corona	15.7	1.3	(4.5)
Deferred taxation movement on Peruvian Nuevo Sol devaluation against US dollar3	(8.6)	(7.5)	0.1
Various Peruvian non-deductible expenses	(7.9)	(5.8)	(6.6)
Deferred tax assets not recognised at Cerro Corona, net4	(12.2)	(0.1)	(3.3)
Deferred tax assets not recognised at Damang and Tarkwa5	(6.6)	(50.9)	—
Deferred tax assets recognised at Salares Norte6	96.7	12.8	—
Prior year adjustments	(6.4)	(0.2)	(1.0)
Other	0.1	(4.8)	4.0
Total mining and income taxation	(424.9)	(432.5)	(175.6)

1 Due to different tax rates in various jurisdictions, primarily South Africa, Ghana, Australia and Peru.

2 Deferred tax assets not recognised on reversal of impairment of investments relate to the impairment of FSE (2020: reversal of FSE impairment and 2019: impairment of FSE). Refer to note 7 for details of impairments.

3 The functional currency of Cerro Corona is US Dollar, however, the Peruvian tax base is based on values in Peruvian Nuevo Sol.

4 Deferred tax assets amounting to US$0.1 million and US$3.3 million were not recognised during the years ended 31 December 2020 and 2019, respectively, at Cerro Corona to the extent that there is insufficient future taxable income available. Deferred tax assets were not recognised during the year related to deductible temporary differences on additions to fixed assets in the current financial year that would only reverse after the end of the life-of-mine ("LoM") of Cerro Corona. In making this determination, the Group analysed, among others, forecasts of future earnings and the nature and timing of future deductions and benefits represented by deferred tax assets.

During 2021, deferred tax assets of US$12.2 million were not recognised. This comprised deferred tax assets of US$15.6 million not recognised relating to losses on financial instruments of US$45.8 million due to uncertainty in the deductibility of these losses, partially offset by deferred tax assets amounting to $3.4 million that were previously not recognised (as explained above), recognised due to the increase in future taxable income available because of a higher long-term gold price

used in the 2021 assessment. 5 During 2021, deferred tax assets of US$6.6 million (2020: US$50.9 million) were not recognised at the Ghanaian operations. The US$50.9 million in 2020 comprised US$41.0 million deferred tax assets relating to losses on financial instruments of US$120.6 million (these losses are ring-fenced for tax purposes and there are no expected future gains on financial instruments to utilise against these losses) and US$9.9 million relating to the Tarkwa expected credit loss provision of US$29.0 million. The US$6.6 million in 2021 comprised US$14.0 million relating to the Ghana expected credit loss provision of US$41.1 million, partially offset by US$7.4 million deferred tax assets recognised relating to the utilisation of previous losses on financial instruments (as explained above).

6 During 2021, deferred tax assets of US$96.7 million was raised. At 31 December 2021, there has been significant progress with the construction of the Salares Norte project as indicated by total project progress at 62.5%, construction progress at 55% and the early forecast curve being aligned with the scheduled finish of Q1 2023. The project is expected to deliver significant value and all tax credits are expected to be fully utilised before they expire. During 2020, deferred tax assets of US$12.8 million relating to assessed losses were recognised during the year at Salares Norte, to the extent that there was sufficient taxable income available in 2020 to offset against these losses. The taxable income in 2020 related mainly to gains on the Salares Norte foreign currency hedge.

Gold Fields Annual Financial Report including Governance Report 2021

10. MINING AND INCOME TAXATION continued

	United States Dollar
	2021	2020	2019
South Africa – current tax rates
Mining tax1	Y = 34 – 170/X	Y = 34 – 170/X	Y = 34 – 170/X
Non-mining tax2	28.0%	28.0%	28.0%
Company tax rate	28.0%	28.0%	28.0%
International operations – current tax rates
Australia	30.0%	30.0%	30.0%
Ghana	32.5%	32.5%	32.5%
Peru	29.5%	29.5%	29.5%

1 South African mining tax on mining income is determined according to a formula which takes into account the profit and revenue from mining operations. South African mining taxable income is determined after the deduction of all mining capital expenditure, with the proviso that this cannot result in an assessed loss. Capital expenditure amounts not deducted are carried forward as unredeemed capital expenditure to be deducted from future mining income. Accounting depreciation is ignored for the purpose of calculating South African mining taxation. The effective mining tax rate for Gold Fields Operations Limited ("GFO") and GFI Joint Venture Holdings (Proprietary) Limited ("GFIJVH"), owners of the South Deep mine, has been calculated at 29% (2020: 29% and 2019: 29%).

In the formula above, Y is the percentage rate of tax payable and X is the ratio of mining profit, after the deduction of redeemable capital expenditure, to mining revenue expressed as a percentage.

2 Non-mining income of South African mining operations consists primarily of interest income.

Deferred tax is provided at the expected future rate for mining operations arising from temporary differences between the carrying values and tax values of assets and liabilities.

At 31 December 2021, the Group had the following estimated amounts available for set-off against future income (pre-tax):

	2021			2020
	Grossunredeemedcapitalexpenditure	Gross taxlosses	Gross taxlosses notrecognised	Grossunredeemedcapitalexpenditure	Gross taxlosses	Gross taxlosses notrecognised
	Randmillion	Randmillion	Randmillion	Randmillion	Randmillion	Randmillion
South Africa1
Gold Fields Operations Limited	10,492.3	746.4	—	9,927.8	2,213.8	—
GFI Joint Venture Holdings (Proprietary)Limited	13,193.3	746.7	—	14,251.0	768.0	—
Gold Fields Holdings Company Limited	—	143.3	143.3	—	53.0	53.0
	23,685.6	1,636.4	143.3	24,178.8	3,034.8	53.0

South African Rand

1 These deductions are available to be utilised against income generated by the relevant tax entity and do not expire unless the tax entity concerned ceases to operate for a period of longer than one year. Under South African mining tax ring-fencing legislation, each tax entity is treated separately and as such these deductions can only be utilised by the tax entities in which the deductions have been generated. South African tax losses and unredeemed capital expenditure have no expiration date.

Notes to the Consolidated Financial Statements continued

for the year ended 31 December 2021

10. MINING AND INCOME TAXATION continued

	United States Dollar
		2021		2020
	GrossunredeemedcapitalexpenditureUS$ million	Gross taxlossesUS$ million	Gross taxlosses notrecognisedUS$ million	GrossunredeemedcapitalexpenditureUS$ million	Gross taxlossesUS$ million	Gross taxlosses notrecognisedUS$ million
South Africa1
Gold Fields Operations Limited	658.2	46.8	—	675.8	150.7	—
GFI Joint Venture Holdings(Proprietary) Limited	827.7	46.8	—	970.1	52.3	—
Gold Fields Holdings CompanyLimited	—	9.0	9.0	—	3.6	3.6
	1,485.9	102.6	9.0	1,645.9	206.6	3.6
International operations
Exploration entities2	—	227.6	227.6	—	231.2	231.2
Minera Gold Fields Salares Norte3	458.3	87.6	—	—	205.8	205.8
Gold Fields La Cima S.A.4	—	45.8	45.8	—	—	—
Abosso Goldfields Limited5,6	—	31.5	31.5	—	44.5	35.6
Gold Fields Ghana Limited5,7	—	46.9	46.9	—	85.0	85.0
	458.3	439.4	351.8	—	566.5	557.6

2 The total tax losses of US$227.6 million (2020: US$231.2 million) comprise US$3.1 million (2020: US$3.8 million) tax losses that expire between one and two years, US$4.3 million (2020: US$1.9 million) tax losses that expire between two and five years, US$1.2 million (2020: US$2.6 million) tax losses that expire between five and 10 years, US$180.4 million (2020: US$180.4 million) tax losses that expire after 10 years and US$38.6 million (2020: US$42.5 million) tax losses that have no expiry date.

3 These deductions are available to be utilised against income generated by the relevant tax entity and do not expire.

4 At 31 December 2021, deferred tax assets at La Cima of US$45.8 million (2020: US$nil) not recognised relate to losses on financial instruments.

5 Tax losses may be carried forward for five years. These losses expire on a first-in-first-out basis. Tax losses of US$31.5 million (2020: US$8.9 million) expire in three years, tax losses of US$46.9 million (2020: US$35.1 million) expire in four years and tax losses of US$nil (2020: US$85.5 million) expire in five years.

6 At 31 December 2021, tax losses at Damang of US$31.5 million (2020: US$44.5 million) comprise a deferred tax asset recognised for an assessed loss of US$nil (2020: US$8.9 million) and deferred tax assets not recognised relating to financial instruments losses of US$31.5 million (2020: US$35.6 million).

7 At 31 December 2021, deferred tax assets at Tarkwa of US$46.9 million (2020: US$85.0 million) not recognised relating to losses on financial instruments.

11. EARNINGS PER SHARE

			United States Dollar
	Figures in millions unless otherwise stated	2021	2020	2019
11.1	Basic earnings per share – cents	89	82	20
	Basic earnings per share is calculated by dividing the profit attributable toowners of the parent of US$789.3 million (2020: US$723.0 million and2019: US$161.6 million) by the weighted average number of ordinaryshares in issue during the year of 887,306,342 (2020: 878,661,474 and2019: 827,386,603).

United States Dollar
Figures in millions unless otherwise stated	2021	2020	2019
Diluted earnings per share – cents	88	81	19
Diluted earnings per share is calculated by dividing the dilutedprofit attributable to owners of the parent of US$781.9 million(2020: US$719.3 million and 2019: US$161.6 million) by the dilutedweighted average number of ordinary shares in issue during the yearof 893,497,539 (2020: 889,841,717 and 2019: 839,234,102).
Net profit attributable to owners of the parent has been adjusted by thefollowing to arrive at the diluted profit attributable to owners of the parent:
Profit attributable to owners of the parent	789.3	723.0	161.6
South Deep minority interest at 10%	(7.4)	(3.7)	—
Diluted profit attributable to owners of the parent	781.9	719.3	161.6
The weighted average number of shares has been adjusted by thefollowing to arrive at the diluted number of ordinary shares:
Weighted average number of ordinary shares	887,306,342	878,661,474	827,386,603
Potentially dilutive share options in issue	6,191,197	11,180,243	11,847,499
Diluted weighted average number of ordinary shares	893,497,539	889,841,717	839,234,102

Notes to the Consolidated Financial Statements continued

for the year ended 31 December 2021

11. EARNINGS PER SHARE continued

		United States Dollar
Figures in millions unless otherwise stated	2021	2020	2019
Headline earnings per share – cents	100	83	20
Headline earnings per share is calculated by dividing headline earnings ofUS$890.0 million (2020: US$729.3 million and 2019: US$162.7 million) bythe weighted average number of ordinary shares in issue during the yearof 887,306,342 (2020: 878,661,474 and 2019: 827,386,603).
Net profit attributable to owners of the parent is reconciled to headlineearnings as follows:
Long-form headline earnings reconciliation
Profit attributable to owners of the parent	789.3	723.0	161.6
(Profit)/loss on disposal of assets, net	(5.9)	0.1	(0.8)
Gross	(8.5)	0.2	(1.2)
Taxation effect	2.6	(0.1)	0.4
Impairment, reversal of impairment and write-off of investments and assetsand other, net	106.6	6.2	1.9
Impairment, net of reversal of impairment of investments and assets	42.4	(50.6)	9.8
Write-off of exploration and evaluation assets1	21.3	16.9	30.0
Asanko Gold mine impairment	52.8	49.5	—
Profit on disposal of Maverix	—	—	(33.8)
Release of foreign exchange reserve on disposal of subsidiary	—	—	4.6
Loss on disposal of subsidiary	—	—	0.3
Taxation effect	(9.9)	(8.9)	(9.0)
Non-controlling interest effect	—	(0.7)	—
Headline earnings	890.0	729.3	162.7

1 Included under "Exploration expense" in the consolidated income statement. Refer note 6.

United States Dollar

	Figures in millions unless otherwise stated	2021	2020	2019
11.4	Diluted headline earnings per share – cents	99	82	19
	Diluted headline earnings per share is calculated by dividing dilutedheadline earnings of US$882.6 million (2020: US$725.6 million and 2019:US$162.7 million) by the diluted weighted average number of ordinaryshares in issue during the year of 839,497,539 (2020: 889,841,717 and2019: 839,234,102).
	Headline earnings has been adjusted by the following to arriveat dilutive headline earnings:
	Headline earnings	890.0	729.3	162.7
	South Deep minority interest at 10%	(7.4)	(3.7)	—
	Diluted headline earnings	882.6	725.6	162.7

12. DIVIDENDS

United States Dollar
Figures in millions unless otherwise stated	2021	2020	2019
2020 final dividend of 320 SA cents per share (2019: 100 SA cents and2018: 20 SA cents) declared on 17 February 2021.	190.4	84.7	11.5
2021 interim dividend of 210 SA cents was declared during 2021 (2020:160 SA cents and 2019: 60 SA cents).	131.9	53.0	34.0
A final dividend in respect of the financial year ended 31 December 2021of 260 SA cents per share was approved by the Board of Directors on 16February 2022. This dividend payable is not reflected in these financialstatements.
Dividends are subject to Dividend Withholding Tax.
Total dividends	322.3	137.7	45.5
Dividends per share – cents	36	16	5

13.1 GHANA EXPECTED CREDIT LOSS

United States Dollar Figures in millions unless otherwise stated 2021 2020 2019 Ghana expected credit loss – loan advanced to contractor1 (41.1) — — Tarkwa expected credit loss – receivable2 — (29.0) — Total expected credit loss (41.1) (29.0) —

1 The expected credit loss provision of US$41.1 million in 2021 was raised against a contractor loan at 31 December 2021. The contractor loan (refer note 13.2) related to the financial assistance provided to a contractor at Ghana for the procurement of new fleet. See note 38 for further details.

2 The expected credit loss provision of US$29.0 million in 2020 was raised against a receivable of US$29.0 million at 31 December 2020. The receivable related to the sale of mining fleet to a contractor at Tarkwa as part of the transition to contractor mining. During 2021, the receivable was fully written off.

13.2 LOAN ADVANCED – CONTRACTOR

Figures in millions unless otherwise stated	2021	2020
Balance at beginning of the year	68.4	—
Loan advanced	—	68.4
Expected credit loss	(41.1)	—
Total loan advanced to contractor1	27.3	68.4

1 Due to issues with fleet availability at both Tarkwa and Damang, an agreement was entered into between Gold Fields and Engineers and Planners ("E&P") to provide financial assistance to E&P in order to procure new fleet. The loan amounts to US$68.4 million, bears interest at a market related interest rate and a portion is secured over the fleet purchased in 2020. At 31 December 2021, an expected credit loss provision of US$41.1 million was raised against the loan, resulting in a net balance of US$27.3 million.

Notes to the Consolidated Financial Statements continued

for the year ended 31 December 2021

14. PROPERTY, PLANT AND EQUIPMENT

United States Dollars
31 December 202031 December 2021
Land, mineralrights andrehabilitationassets	Minedevelopment,infrastructureand otherassets	Right-of-useassets relatingto minedevelopment,infrastructureand otherassets	Total		Total	Right-of-useassets relatingto minedevelopment,infrastructureand otherassets	Minedevelopment,infrastructureand otherassets	Land, mineralrights andrehabilitationassets
				Cost
432.3	10,167.1	373.0	10,972.4	Balance at beginningof the year	11,801.6	526.5	10,850.8	424.3
(12.8)	12.6	(0.1)	(0.3)	Reclassifications	—	(3.1)	10.9	(7.8)
0.4	583.3	—	583.7	Additions	1,088.7	—	1,086.8	1.9
—	1.3	—	1.3	Salares Norte projectcosts capitalisedRight-of-use assets	7.5	—	7.5	—
—	—	127.2	127.2	capitalised during theyear (refer note 33)Remeasurements of	54.4	54.4	—	—
—	—	12.8	12.8	right-of-use assetscapitalised (refer note33)1	19.1	19.1	—	—
—	13.2	—	13.2	General borrowing costscapitalised2	12.5	—	12.5	—
—	(8.7)	—	(8.7)	Disposals	(13.4)	—	(13.4)	—
(0.8)	(88.1)	(12.8)	(101.7)	Scrapping of assets	(449.9)	(22.0)	(427.0)	(0.9)
(6.6)	—	—	(6.6)	Changes in estimatesof rehabilitation assets	66.1	—	—	66.1
11.8	170.1	26.4	208.3	Translation adjustment	(417.6)	(16.8)	(384.1)	(16.7)
424.3	10,850.8	526.5	11,801.6	Balance at end ofthe year	12,169.0	558.1	11,144.0	466.9
				Accumulateddepreciation andimpairmentBalance at beginning
43.6	6,227.7	44.0	6,315.3	of the year	7,030.4	97.9	6,860.1	72.4
(0.2)	(0.1)	—	(0.3)	Reclassifications	—	—	—	—
20.2	581.9	59.2	661.3	Charge for the yearSalares Norte	713.2	69.8	622.8	20.6
—	—	0.6	0.6	depreciation capitalised	7.0	5.2	1.8	—
—	11.7	—	11.7	Impairment	11.6	—	11.6	—
—	16.9	—	16.9	Write-off of explorationand evaluation assets3	21.3	—	21.3	—
—	(7.8)	—	(7.8)	Disposals	(12.2)	—	(12.2)	—
(0.8)	(88.1)	(12.8)	(101.7)	Scrapping of assets	(449.9)	(22.0)	(427.0)	(0.9)
9.6	117.9	6.9	134.4	Translation adjustment	(231.5)	(4.7)	(227.1)	0.3
72.4	6,860.1	97.9	7,030.4	Balance at end ofthe year	7,089.9	146.2	6,851.3	92.4
351.9	3,990.7	428.6	4,771.2	Carrying value at endof the year	5,079.1	411.9	4,292.7	374.5

1 The re-measurements in 2021 relate mainly to leases at the Group's Australian operations that have variable payments linked to the Australian consumer price index ("CPI"), as well as the leases relating to Tarkwa's power purchase agreement that changed due to a change in the life-of mine

(2020: Leases at the Group's Australian operations that have variable payments linked to the Australian consumer price index ("CPI")). 2 General borrowing costs of US12.5 million (2020: US$13.2 million) arising on Group general borrowings were capitalised during the period and comprised US$nil (2020: US$12.1 million) borrowings costs related to the Damang reinvestment project and US$12.5 million (2020: US$1.1 million) related to the Salares Norte project. An average interest capitalisation rate of 5.9% (2020: 4.4%) was applied. During 2019 and 2020, capitalisation of borrowing costs ceased for the Gruyere project and the Damang reinvestment project, respectively, due to both projects reaching commercial levels of production. In February 2020, the Salares Norte project was approved by the Board and capital expenditure commenced in April 2020, resulting in capitalisation of borrowing costs from that date.

3 The write-off of exploration and evaluation assets is due to specific exploration programmes not yielding results to warrant further exploration at the Group's Australian operations and the US$21.3 million (2020: US$16.9 million) is included in the US$60.6 million (2020: US$49.7 million) "Exploration expense" in the consolidated income statement.

15. EQUITY ACCOUNTED INVESTEES

		United States Dollar
Figures in millions unless otherwise stated	2021	2020	2019
Investment in joint ventures	173.1	233.3
(a) Far Southeast Gold Resources Incorporated ("FSE")	113.6	144.4
(b) Asanko Gold	59.5	88.9
Investment in associates	5.7	—
(c) Maverix Metals Incorporated ("Maverix")1	—	—
(d) Other associates	5.7	—
Total equity accounted investees	178.8	233.3
Share of results of equity accounted investees, net of taxation recognisedin the consolidated income statement are made up as follows:
(a) Far Southeast Gold Resources Incorporated ("FSE")	(1.6)	(1.6)	(1.4)
(b) Asanko Gold – earnings	23.4	48.5	4.1
(b) Asanko Gold – impairment	(52.8)	(49.5)	—
(c) Maverix Metals Incorporated ("Maverix")1	—	—	0.4
(d) Other associates	(1.0)	—	—
Total share of results of equity investees, net of taxation	(32.0)	(2.6)	3.1

1 Maverix was derecognised as an associate on 9 May 2019.

(a) FSE

Gold Fields interest in FSE, an unlisted entity incorporated in the Philippines, was 40% (2020: 40% and 2019: 40%) at 31 December 2021. Lepanto Consolidated Mining Company owns the remaining 60% shareholding in FSE.

A remaining 20% option is not currently exercisable until such time as FSE obtains a Foreign Technical Assistance Agreement ("FTAA") which allows for direct majority foreign ownership and control.

FSE has a 31 December year-end and has been equity accounted since 1 April 2012. FSE's equity accounting is based on results to 31 December 2021.

Investment in joint venture consists of:

	United States Dollar
Figures in millions unless otherwise stated	2021	2020
Unlisted shares at cost	230.0	230.0
Equity contribution	96.8	95.2
Cumulative impairment1	(116.4)	(85.6)
Share of accumulated losses brought forward	(95.2)	(93.6)
Share of loss after taxation2	(1.6)	(1.6)
Total investment in joint venture3	113.6	144.4

1 Refer to note 7 for details of impairment.

2 Gold Fields' share of loss after taxation represents exploration and other costs, including work completed on a scoping study, which is fully funded by Gold Fields as part of their equity contribution.

3 FSE has no revenues or significant assets or liabilities. Assets included in FSE represent the rights to explore and eventually mine the FSE project.

Notes to the Consolidated Financial Statements continued

for the year ended 31 December 2021

15. EQUITY ACCOUNTED INVESTEES continued

(b) Asanko Gold

The Asanko Gold joint venture entities comprise the following:
A 45% interest in Asanko Gold Ghana Limited ("AGGL"), incorporated in Ghana, which owns the Asanko Gold Mine. The Government of Ghana continues to retain a 10% free carried interest in AGGL;
A 50% interest in Adansi Gold Company Limited ("Adansi"), incorporated in Ghana; and
A 50% interest in Shika Group Finance Limited ("Shika"), incorporated in the Isle of Man.

Gold Fields and Asanko have joint control and the Asanko operation is structured as a separate vehicle and the Group has a residual interest in the net assets of Asanko. Accordingly, the Group has classified its interest in Asanko as a joint venture.

Asanko has a 31 December year-end and has been equity accounted since 31 July 2018. Asanko's equity accounting is based on results to 31 December 2021.

The following table summarises the financial information and the carrying amount of the Group's interest in Asanko:

Figures in millions unless otherwise stated	2021	2020
Initial investment at cost	86.9	86.9
Share of accumulated profit brought forward	51.5	3.0
Share of profit after taxation before impairment	23.4	48.5
Cumulative impairment3	(102.3)	(49.5)
Carrying value at 31 December	59.5	88.9

United States Dollar

15. EQUITY ACCOUNTED INVESTEES continued

(b) Asanko Gold continued

The Group's interest in the summarised financial statements of Asanko on a combined basis after fair value adjustments as determined at acquisition is as follows:

		United States Dollar
Figures in millions unless otherwise stated	2021	2020
Statement of financial position – Asanko
Non-current assets1	290.5	392.9
Current assets2	170.7	170.6
Non-current liabilities	(81.0)	(71.8)
Current liabilities	(68.5)	(109.7)
Net assets	311.7	382.0
Less: Shika redeemable preference shares	(186.4)	(196.4)
Net assets attributable to ordinary share holders	125.3	185.6
Group's share of net assets	59.5	88.9
Reconciled as follows:
Cash consideration paid	165.0	165.0
Less: Consideration allocated to the redeemable preference shares (note 17)	(129.9)	(129.9)
Consideration paid for equity portion	35.1	35.1
Gain on acquisition	51.8	51.8
Share of accumulated losses brought forward	51.5	3.0
Share of profit after taxation before impairment	23.4	48.5
Impairment3	(102.3)	(49.5)
Carrying amount of interest in joint venture	59.5	88.9
Income statement – Asanko
Revenue	382.4	418.1
Production costs	(247.0)	(222.5)
Depreciation and amortisation	(45.3)	(50.9)
Other expenses	(19.1)	(16.0)
Royalties	(19.1)	(20.9)
Profit for the year before impairment	51.9	107.8
Group's share of profit before impairment	23.4	48.5
Group's share of impairment3	(52.8)	(49.5)
Group's share of total comprehensive income after impairment	(29.4)	(1.0)

1 Includes impact of fair value adjustment, amounting to US$39.6 million, to property, plant and equipment of the Asanko Gold mine as determined at acquisition and impairment as discussed below.

2 Current assets includes cash and cash equivalents amounting of US$49.2 million (2020: US$64.3 million).

3 During 2021, the Asanko gold mine demonstrated negative grade reconciliations against the 2021 plan and as a result management identified an impairment trigger and an impairment of US$52.8 million (2020: US$49.5 million) was recognised. Due to the re-evaluation of the geological modelling by our JV partner, Galiano, which is still not complete, Gold Fields is still not in a position to provide a reserve and resource estimate for Asanko as at 31 December 2021. Taking this into consideration, management has modelled various scenarios for the Asanko Life of Mine ("LoM") in order to determine their best estimates of the future cash flows of the Asanko gold mine. The various LoM scenario runs were undertaken in an attempt to model Asanko's future cash flows in the absence of a revised Resource and Reserve at 31 December 2021. These scenarios are based on the pre-feasibility study completed in 2019, in order to declare a Reserve at 31 December 2019, but were modified where appropriate to reflect prevailing circumstances. Subsequent to year-end, Gold Fields received additional information in respect of the Asanko gold mine. Gold Fields updated the valuation taking this information into consideration and this did not have a material impact on the valuation of either the preference shares or the equity accounted investment.

Notes to the Consolidated Financial Statements continued

for the year ended 31 December 2021

15. EQUITY ACCOUNTED INVESTEES continued

(c) Maverix Metals Incorporated ("Maverix")

Gold Fields' interest in Maverix, listed on the Toronto Stock Exchange, was nil% at 31 December 2021 and 2020.

In line with its key strategic objective of paying down its debt, Gold Fields Limited sold its shareholding in Maverix during the year ended 31 December 2019. The sale of the shares, processed through a series of private market transactions, raised US$66.8 million in cash. After the first transaction, Maverix no longer met the definition of an associate and it was reclassified as a listed investment and a profit on disposal of US$14.6 million was recognised comprising a profit on disposal of associate of US$33.8 million, partially offset by a loss on derecognition of the investment in Maverix designated at fair value through profit or loss of US$19.2 million.

Gold Fields retained 4,125,000 Maverix warrants, equivalent to a 3.68% interest in the company on a partially diluted basis. The warrants were classified as derivative instruments and included in investments. During 2021, Gold Fields paid US$9.9 million to convert the Maverix warrants into shares and disposed of the shares for US$18.8 million (refer note 17).

Figures in millions unless otherwise stated	2021	2020
(d) Other
Investment in associate	5.7	—
Lunnon Metals Limited ("Lunnon")1	5.7	—
Rusoro Mining Limited ("Rusoro")2	—	—

1 During 2021, Gold Fields acquired 31.65% in Lunnon and recognised a share of loss for the year of US$1.0 million. 2 Represents a holding of 25.7% (2020: 25.7%) in Rusoro.

The carrying value of Rusoro was written down to US$nil at 31 December 2010 due to losses incurred by the entity. The fair value, based on the quoted market price of the investment, in Rusoro at 31 December 2021 is US$5.5 million (2020: US$4.4 million).The unrecognised share of loss of Rusoro for the year amounted to US$3.1 million (2020: US$5.0 million). The cumulative unrecognised share of losses of Rusoro at 31 December 2021 amounted to US$210.9 million (2020: US$207.8 million).

On 22 August 2016, the Arbitration Tribunal, operating under the Additional Facility Rules of the World Bank's International Centre for the Settlement of Investment Disputes, awarded Rusoro damages of US$967.8 million plus pre- and post-award interest which currently equates to in excess of US$1.2 billion in the arbitration brought by Rusoro against the Bolivarian Republic of Venezuela ("Venezuela").

Venezuela has not complied with the arbitration award terms, which were issued on 22 August 2016. On 6 December 2017, Rusoro obtained a judgment against Venezuela in the Superior Court of Justice in Ontario, Canada, in excess of US$1.3 billion. The judgment, which was issued on default as a result of Venezuela's failure to appear before the Ontario court, arose out of Rusoro's ongoing dispute with Venezuela over the South American nation's seizure of its gold mining properties in the country. The Canadian judgment, which confirmed an arbitration award issued in Rusoro's favour in the same amount, was issued on 25 April 2017. Venezuela did not appeal or seek to vacate the judgment, and its time to do so expired.

Rusoro further filed a suit in the Supreme Court of the State of New York, seeking recognition of the Canadian judgment. Rusoro brought the New York lawsuit in addition to an action it filed in the U.S. District Court for the District of Columbia, which seeks recognition of and the entry of judgment on the original arbitration award. A favourable ruling from either the New York or D.C. court will entitle Rusoro to use all legal procedures – including broad discovery from both Venezuela and third parties – that U.S. law provides judgment creditors. Any judgment issued in New York will also accrue interest at 9% per annum until the judgment is fully paid. On 19 October 2018, Rusoro announced that it had reached a settlement agreement with Venezuela by which the Venezuela government agreed to pay Rusoro US$1.28 billion to acquire the company's mining data and full release of the judgment issued in favour of the company. In a decision dated 29 January 2019, the Paris Court of Appeals partially annulled the arbitral award issued in favour of the Company in August 2016. This annulment was overturned by the French Supreme Court in March 2021. Rusoro continues to vigorously pursue all available remedies to reinstate such award.

Management have not recognised this amount due to the uncertainty over its recoverability.

United States Dollar

16. INTEREST IN JOINT OPERATION

On 13 December 2016, Gold Fields purchased 50% of the Gruyere Gold Project and entered into a 50:50 unincorporated joint operation with Gold Road Resources Limited ("Gold Road") for the development and operation of the Gruyere Gold Project in Western Australia, which comprises the Gruyere gold deposit as well as additional resources including Central Bore and Attila/Alaric.

The Gruyere project was successfully completed during 2019, with first gold produced in June 2019. Commercial levels of production were achieved at the end of September 2019.

Below is a summary of Gold Fields' share of the joint operation and includes inter-company transactions and balances:

	2021		2020
Figures in millions unless otherwise stated	US$	A$	US$	A$
Statement of financial position
Non-current assets
Property, plant and equipment	587.8	808.0	648.6	843.0
Current assets	45.4	62.4	34.2	44.4
Cash and cash equivalents	7.6	10.4	7.3	9.5
Inventories	36.1	49.6	23.1	30.0
Other receivables	1.7	2.4	3.8	4.9
Total assets	633.2	870.4	682.8	887.4
Total equity
Retained earnings	64.6	88.9	38.5	50.1
Non-current liabilities	161.5	221.9	162.8	211.6
Deferred taxation	63.4	87.2	60.7	78.9
Finance lease liabilities	76.2	104.7	81.7	106.2
Environmental rehabilitation costs	20.2	27.7	18.6	24.2
Long-term incentive plan	1.7	2.3	1.8	2.3
Current liabilities	407.1	559.6	481.5	625.7
Related entity loans payable	377.2	518.5	452.8	588.4
Trade and other payables	22.3	30.7	21.4	27.8
Current portion of finance lease liabilities	7.6	10.4	7.3	9.5
Total equity and liabilities	633.2	870.4	682.8	887.4

Notes to the Consolidated Financial Statements continued

for the year ended 31 December 2021

17. INVESTMENTS

		United States Dollar
Figures in millions unless otherwise stated	2021	2020
Listed
At fair value through OCI1	30.9	42.4
Unlisted
Asanko redeemable preference shares2	94.5	92.6
Derivative instruments
Warrants3	—	12.9
Other	13.2	—
Total investments	138.6	147.9

1 The listed investments comprise mainly investments in Galiano Gold Inc. (formerly Asanko Gold Inc.) of US$15.8 million (2020: US$24.7 million), Magmatic Resources Limited of US$1.4 million (2020: US$2.5 million), Chakana Copper Corp of US$5.3 million (2020: US$7.4 million) and Lefroy Exploration Limited of US$4.9 million (2020: US$3.8 million). Refer note 42 for further details of listed investments.

2 Consists of 132,439,999 (2020: 137,439,999) redeemable preference shares at par value for US$132,439,999 (2020: US$137,439,999).

The following table shows a reconciliation from the fair value at the beginning of the year to the fair value of the redeemable preference shares at the end of the year (level 3 financial instrument):

Asanko redeemable preference shares

	United States Dollar
Asanko redeemable preference shares	2021	2020
Fair value at beginning of the year	92.6	95.5
Redemption of preference shares	(5.0)	(37.5)
Net change in fair value (recognised in OCI)	6.9	34.6
Fair value at end of the year	94.5	92.6

The fair value is based on the expected cash flows of the Asanko Gold Mine and this resulted in an upward fair value adjustment through other comprehensive income of US$6.9 million (2020: upward adjustment of US$34.6 million) in 2021, due to the change in the timing of the expected cash flows.

The key inputs used in the valuation of the fair value are the discount rate of 9.0% (2020: 8.4%) and the timing of the cash flows.

Any reasonable change in the timing of the cash flows or market related discount rate could materially change the fair value of the redeemable preference shares (refer to note 38 for sensitivity analysis performed).

Refer to notes 15 (b) for further details.

3 Consists of nil (2020: 4.125 million) common share purchase warrants of Maverix. Refer to note 15 (c) for further details.

18. ENVIRONMENTAL TRUST FUNDS

		United States Dollar
Figures in millions unless otherwise stated	2021	2020
Balance at beginning of the year	79.3	69.5
Contributions	10.1	8.7
Interest earned	0.8	0.7
Translation adjustment	(2.1)	0.4
Balance at end of the year1	88.1	79.3

1 The trust funds consist of term deposits amounting to US$17.5 million (2020: US$17.6 million) in South Africa, as well as secured cash deposits amounting to US$70.6 million (2020: US$61.7 million) in Ghana.

These funds are intended to fund environmental rehabilitation obligations of the Group's South African and Ghanaian mines and are not available for general purposes of the Group. All income earned in these funds is re-invested or spent to meet these obligations. The funds are invested in money market and fixed deposits. The obligations which these funds are intended to fund are included in environmental rehabilitation costs under non-current provisions (refer to note 25.1). Refer to note 34 for details on environmental obligation guarantees.

19. INVENTORIES

United States Dollar

Figures in millions unless otherwise stated	2021	2020
Gold-in-process and stockpiles	565.8	450.2
Consumable stores	217.0	212.9
Total inventories	782.8	663.1
Heap leach and stockpiles inventories included in non-current assets1	(155.2)	(141.5)
Total current inventories2	627.6	521.6

1 Heap leach and stockpiles inventories will only be processed at the end of life-of-mine.

2 The cost of consumable stores consumed during the year and included in cost of sales amounted to US$319.6 million (2020: US$267.4 million).

20.1 TRADE AND OTHER RECEIVABLES

		United States Dollar
Figures in millions unless otherwise stated	2021	2020
Trade receivables – gold sales and copper concentrate	69.9	40.7
Trade receivables – other	6.7	9.1
Deposits	0.1	0.1
Payroll receivables	9.3	5.3
Prepayments	108.2	106.4
Value Added Tax and import duties	62.9	74.3
Diesel rebate	1.0	0.9
Other	5.6	3.3
Trade and other receivables	263.7	240.1

20.2 DERIVATIVE FINANCIAL ASSETS

United States Dollar Figures in millions unless otherwise stated 2021 2020 Australian gold derivative contracts 2.0 27.3 Salares Norte foreign currency derivative contracts — 86.0 Ghanaian oil derivative contracts 3.1 — Total derivative financial assets 5.1 113.3 Non-current derivative financial assets1 — (31.4) Derivative financial assets 5.1 81.9

1 Relates to the Salares Norte foreign exchange derivative contract which is for the period January 2022 to December 2022.

21. CASH AND CASH EQUIVALENTS

	United States Dollar
Figures in millions unless otherwise stated	2021	2020
Cash at bank and on hand	524.7	886.8
Total cash and cash equivalents	524.7	886.8

Notes to the Consolidated Financial Statements continued

for the year ended 31 December 2021

22. STATED CAPITAL

	United States Dollar
Figures in millions unless otherwise stated	2021	2020
Balance at beginning of the year	3,871.5	3,622.5
Share issue1	—	249.0
Balance at end of the year	3,871.5	3,871.5

Figures in millions unless otherwise stated	Number ofshares in issue	Number ofshares in issue
In issue at 1 January	883,333,518	828,632,707
Placing of ordinary shares1	—	41,431,635
Exercise of employee share options	4,383,830	13,269,176
In issue at 31 December	887,717,348	883,333,518
Authorised	2,000,000,000	2,000,000,000

1 On 12 February 2020 Gold Fields successfully completed the placing of 41,431,635 new ordinary, no par value shares with existing and new institutional investors at a price of ZAR 90.20 per share. The placing issued represented, in aggregate, approximately 5% of the Company's issued ordinary share capital prior to the placing. Gross proceeds of approximately R3.7 billion (US$249.0 million) were raised through the placing.

Authorised and issued

Holders of shares are entitled to dividends as declared from time to time and are entitled to one vote per share at general meetings of the Company.

In terms of the general authority granted by shareholders at the AGM on 6 May 2021, the authorised but unissued ordinary stated capital of the Company representing not more than 5% of the issued stated capital of the Company from time to time at that date, after setting aside so many ordinary shares as may be required to be allotted and issued pursuant to the share incentive schemes, was placed under the control of the Directors. This authority expires at the next Annual General Meeting where shareholders will be asked to place under the control of the Directors the authorised but unissued ordinary stated capital of the Company representing not more than 5% of the issued stated capital of the Company from time to time.

In terms of the JSE Listings Requirements, shareholders may, subject to certain conditions, authorise the Directors to issue the shares held under their control for cash, other than by means of a rights offer, to shareholders. In order that the Directors of the Company may be placed in a position to take advantage of favourable circumstances which may arise for the issue of such shares for cash, without restriction, for the benefit of the Company, shareholders will be asked to consider a special ordinary resolution to this effect at the forthcoming AGM.

Repurchase of shares

The Company has not exercised the general authority granted to buy back shares from its issued ordinary stated capital granted at the AGM held on 6 May 2021. Currently, the number of ordinary shares that may be bought back in any one financial year may not exceed 20% of the issued ordinary share capital as of 6 May 2021. At the next AGM, shareholders will be asked to renew the general authority for the acquisition by the Company, or a subsidiary of the Company, of its own shares.

Beneficial shareholding

The following beneficial shareholders hold 5% or more of the Company's listed ordinary shares at 31 December 2021:

	Number ofshares	% of issuedordinary shares
Government Employees Pension Fund	99,427,697	11.20%

23. DEFERRED TAXATION

The detailed components of the net deferred taxation liability which results from the differences between the carrying amounts of assets and liabilities recognised for financial reporting and taxation purposes in different accounting periods are:

United States Dollar
Figures in millions unless otherwise stated	2021	2020
Liabilities
– Mining assets	899.9	893.2
– Right-of-use assets	124.6	134.0
– Investment in environmental trust funds	4.1	4.0
– Inventories	14.7	16.4
– Unremitted earnings	—	12.6
– Other	5.4	9.0
Liabilities	1,048.7	1,069.2
Assets
– Provisions	(131.2)	(131.9)
– Tax losses1	(49.7)	(61.8)
– Unredeemed capital expenditure1	(499.2)	(477.3)
– Lease liabilities	(128.3)	(130.9)
– Unrealised loss on financial instruments	—	(7.4)
Assets	(808.4)	(809.3)
Net deferred taxation liabilities	240.3	259.9
Included in the statement of financial position as follows:
Deferred taxation assets	(260.6)	(240.0)
Deferred taxation liabilities	500.9	499.9
Net deferred taxation liabilities	240.3	259.9
Balance at beginning of the year	259.9	168.1
Recognised in profit or loss	(27.2)	66.0
Recognised in OCI	(2.0)	1.2
Translation adjustment	9.6	24.6
Balance at end of the year	240.3	259.9

1 Tax losses and unredeemed capital expenditure have been recognised, as disclosed in note 10, to the extent that the tax paying entities will have taxable profits in the foreseeable future (per the life-of-mine models of the respective operations) in order to utilise the unused tax losses and unredeemed capital expenditure before they expire. This was particularly assessed with reference to the South Deep and Damang life-of-mine models.

Notes to the Consolidated Financial Statements continued

for the year ended 31 December 2021

24. BORROWINGS

The terms and conditions of outstanding loans are as follows:

United States

Dollar

FacilityFigures in millions unless otherwise stated	Notes	2021	2020	Borrower	Nominal Interestrate	Commitmentfee	Maturity date
US$1 billion notes issue (the 2020 notes)1	(a)	—	—	Orogen	4.875%	—	7 October 2020
US$500 million 5-year notes issue (the 5-year notes)2	(b)	497.9	497.0	Orogen	5.125%	—	15 May 2024
US$500 million 10-year notes issue (the 10-year notes)2	(c)	496.7	496.4	Orogen	6.125%	—	15 May 2029
US$150 million revolving senior secured creditfacility – old3	(d)	—	83.5	La Cima	LIBOR plus 2.80%	0.50%	19 September2021
US$150 million revolving senior secured creditfacility – new3	(e)	83.5	—	La Cima	LIBOR plus 1.40%	0.50%	15 April 2024
US$100 million revolving credit facility4		—	—	Ghana	LIBOR plus 2.75%	0.90%	13 October 2024
A$500 million syndicated revolving credit facility – old5	(f)	—	—	Gruyere	BBSY plus 2.175%	0.87%	24 May 2021
A$500 million syndicated revolving credit facility – new5	(g)	—	200.0	Gruyere	BBSY plus 2.20%	0.88%	19 November2023
US$1,200 million revolving credit facilities6	(h)	—	250.0
– Facility A (US$600 million 3-year revolving credit facility)		—	250.0	Orogen/Ghana	LIBOR plus 1.45%	0.51%	Refer footnote 6
– Facility B (US$600 million 5-year revolving credit facility)		—	—	Orogen/Ghana	LIBOR plus 1.70%	0.60%	Refer footnote 6
R1,500 million Nedbank revolving credit facility7		—	—	GFIJVH/GFO	JIBAR plus 2.80%	0.90%	8 May 2023
R500 million Rand Merchant Bank revolving credit facility8		—	—	GFIJVH/GFO	JIBAR plus 2.15%	0.71%	15 April 2023
R500 million Absa Bank revolving credit facility9		—	—	GFIJVH/GFO	JIBAR plus 2.20%	0.77%	15 April 2023
Short-term Rand uncommitted credit facilities10		—	—	—	—	—	—
Total borrowings		1,078.1	1,526.9
Current borrowings		—	(83.5)
Non-current borrowings		1,078.1	1,443.4

1 The 2020 notes was unconditionally and irrevocably guaranteed by Gold Fields Limited ("Gold Fields"), Gold Fields Operations Limited ("GFO") and Gold Fields Holdings Company (BVI) Limited ("GF Holdings") (collectively "the Guarantors"), on a joint and several basis.

During 2016, Gold Fields Australasia (BVI) Limited ("GFA") offered and accepted the purchase of an aggregate principal amount of notes equal to US$147.6 million at the purchase price of US$880 per US$1,000 in principal amount of notes. GFA held the notes until their maturity on 7 October 2020. The Group recognised a profit of US$17.7 million in 2016 on the buy-back of the 2020 notes.

On 27 May 2019, Gold Fields announced the successful buy back of $250 million of the outstanding 2020 notes at 102% of par as compared with a premium of 101.73% of par at the close of business on 24 May 2019. The buy-back of the notes was financed with the proceeds of the raising of two new bonds, the 5-year notes and the 10-year notes. The Group recognised a loss of US$5.0 million in 2019 on the buy-back of the 2020 notes.

On 7 October 2020, the 2020 notes matured and the outstanding balance was repaid. 2 On 9 May 2019, Gold Fields successfully concluded the raising of two new bonds, a US$500 million 5-year notes issue with a coupon of 5.125% and a

US$500 million 10-year notes issue with a coupon of 6.125%, raising a total of US$1 billion at an average coupon of 5.625%. The proceeds of the raising were used to repay amounts outstanding under the US$1,290 million term loan and revolving credit facilities and to repurchase of a portion of the 2020 notes. The balances of the five-year notes and the 10-year notes are net of unamortised transaction costs amounting to US$2.1 million (2020: US$3.0 million) and US$3.3 million (2020: US$3.6 million), respectively.

The payments of all amounts due in respect of the 5-year and 10-year notes are unconditionally and irrevocably guaranteed by Gold Fields Limited ("Gold Fields"), Gold Fields Ghana Holdings (BVI) Limited ("GF Ghana") and Gold Fields Holdings Company (BVI) Limited ("GF Holdings") (collectively "the Guarantors"), on a joint and several basis. 3 On 21 July 2020, La Cima and the Facility Agent entered into an Amendment Agreement to extend the termination date of the facility agreement by one year to

19 September 2021. On 15 April 2021, the old US$150 million revolving senior secured credit facility was refinanced with the new US$150 million revolving senior secured credit facility and cancelled.

Borrowings under the revolving senior secured credit facility are secured by first-ranking assignments of all rights, title and interest in all of La Cima's concentrate sale agreements. In addition, the offshore and onshore collection accounts of La Cima are subject to an account control agreement and a first-ranking charge in favour of the lenders. This facility is non-recourse to the rest of the Group.

4 On 27 September 2021, the old US$100 million revolving credit facility was refinanced with the new US$100 million revolving credit facility and cancelled. Borrowings under the facility are guaranteed by Gold Fields Ghana Limited ("GF Ghana Limited") and Abosso Goldfields Limited ("Abosso"). This facility is non-recourse to the

rest of the Group. 5 On 19 November 2020, Gruyere Holdings Proprietary Limited entered into a new A$500.0 million syndicated revolving credit facility. On 23 November 2020, the old A$500.0 million syndicated revolving credit facility was refinanced with the new A$500 million syndicated revolving credit facility and cancelled. Borrowings under the original facility were guaranteed by Gold Fields, GF Holdings, Orogen, GFO, GFIJVH and GF Ghana.

Borrowings under the facility are guaranteed by Gold Fields, GF Holdings, Orogen and GF Ghana.

6 On 25 July 2019, Gold Fields Orogen Holding (BVI) Limited and Gold Fields Ghana Holdings (BVI) Limited entered into a US$1,200 million revolving credit facilities agreement which became effective on the same day, with a syndicate of international banks and financial institutions. The new facilities comprise two tranches, a US$600 million 3 year revolving credit facility (with an option to extend to up to 2 years subject to lender consent) and a US$600.0 million 5 year revolving credit facility (with an option to extend to up to 2 years subject to lender consent). The purpose of the new facilities is to refinance the US$1,290 million term loan and revolving credit facilities, to repay the 2020 notes and to fund general corporate and working capital requirements of the Gold Fields Group.

In July 2020, US$870 million of the US$1,200 million revolving credit facilities were extended by one year. The facilities will run as follows:

• Facility A: US$600 million up to 25 July 2022 then US$435 million from 26 July 2022 to 25 July 2023;

• Facility B: US$600 million up to 25 July 2024 then US$435 million from 26 July 2024 to 25 July 2025.

In July 2021, US$1,055 million of the US$1,200 million revolving credit facilities were extended, US$960 million by one year and US$95 million by two years. The facilities will run as follows:

• Facility A: USUS$600 million up to 25 July 2022 then US$550 million from 26 July 2022 to 25 July 2024;

• Facility B: US$600 million up to 25 July 2024 then US$505 million from 26 July 2024 to 25 July 2026. Borrowings under this facility are guaranteed by Gold Fields, GF Holdings, Orogen, GF Ghana and Gruyere Holdings Proprietary Limited ("Gruyere")

7 Borrowings under this facility are guaranteed by Gold Fields, GFO, GF Holdings, Orogen, GFIJVH, GF Ghana and Gruyere.

8 On 15 April 2020, GFIJVH and GFO entered into a new R500 million Rand Merchant Bank revolving credit facility. The old facility matured on 31 March 2020. Borrowings under the new facility are guaranteed by Gold Fields, GFO, GF Holdings, Orogen, GFIJVH and GF Ghana.

9 On 15 April 2020, GFIJVH and GFO entered into a new R500 million ABSA Bank revolving credit facility. The old facility matured on 31 March 2020. Borrowings under the new facility are guaranteed by Gold Fields, GFO, GF Holdings, Orogen, GFIJVH and GF Ghana.

10 The Group has access to uncommitted loan facilities from some of the major banks. These facilities have no fixed terms, are short-term in nature and interest rates are market related. Borrowings under these facilities are guaranteed by Gold Fields.

24. BORROWINGS continued

	United States Dollar
Figures in millions unless otherwise stated	2021	2020
(a) US$1 billion notes issue
Balance at beginning of the year	—	601.4
Unwinding of transaction costs	—	0.9
Repayment	—	(602.3)
Balance at end of the year	—	—
(b) US$500 million 5-year notes issue
Balance at beginning of the year	497.0	496.3
Loans advanced	—	—
Transaction costs	—	—
Unwinding of transaction costs	0.9	0.7
Balance at end of the year	497.9	497.0
(c) US$500 million 10-year notes issue
Balance at beginning of the year	496.4	496.1
Loans advanced	—	—
Transaction costs	—	—
Unwinding of transaction costs	0.3	0.3
Balance at end of the year	496.7	496.4
(d) US$150 million revolving senior secured credit facility – old
Balance at beginning of the year	83.5	83.5
Repayments	(83.5)	—
Balance at end of the year	—	83.5
(e) US$150 million revolving senior secured credit facility – new
Loans advanced	83.5	—
Balance at end of the year	83.5	—
(f) A$500 million syndicated revolving credit facility – old
Balance at beginning of the year	—	168.5
Loans advanced	—	85.8
Repayments	—	(248.9)
Translation adjustment	—	(5.4)
Balance at end of the year	—	—
(g) A$500 million syndicated revolving credit facility – new
Balance at beginning of the year	200.0	—
Loans advanced	—	191.0
Repayments	(186.7)	—
Translation adjustment	(13.3)	9.0
Balance at end of the year	—	200.0
(h) US$1,200 million revolving credit facilities
Balance at beginning of the year	250.0	—
Loans advanced	124.0	413.0
Repayments	(374.0)	(163.0)
Balance at end of the year	—	250.0
Total borrowings	1,078.1	1,526.9

Notes to the Consolidated Financial Statements continued

for the year ended 31 December 2021

24. BORROWINGS continued

	United States Dollar
Figures in millions unless otherwise stated	2021	2020
The exposure of the Group's borrowings to interest rate changes and the contractual repricingdates at the reporting dates are as follows:
Variable rate with exposure to repricing (six months or less)	83.5	533.5
Fixed rate with no exposure to repricing	994.6	993.4
	1,078.1	1,526.9
The carrying amounts of the Group's borrowings are denominated in the following currencies:
US Dollar	1,078.1	1,326.9
Australian Dollar	—	200.0
Rand	—	—
	1,078.1	1,526.9
The Group has the following undrawn borrowing facilities:
Committed	1,887.1	1,471.3
Uncommitted	85.4	104.5
	1,972.5	1,575.8
All of the above undrawn committed facilities have floating rates. The uncommitted facilitieshave no expiry dates and are open ended. Undrawn committed facilities have the followingexpiry dates:
– within one year	50.0	166.5
– later than one year and not later than two years	565.6	96.2
– later than two years and not later than three years	766.5	608.6
– later than three years and not later than five years	505.0	600.0
	1,887.1	1,471.3

25. PROVISIONS

	United States Dollar
Figures in millions unless otherwise stated	2021	2020
Environmental rehabilitation costs	430.9	381.5
25.2Silicosis settlement costs	13.1	18.3
Other	2.6	3.1
Total provisions	446.6	402.9
Current portion of provisions	(12.6)	(23.6)
Non-current portion of provisions	434.0	379.3
Environmental rehabilitation costs
Balance at beginning of the year	381.5	370.3
Changes in estimates1	76.9	(5.1)
Interest expense	8.6	10.7
Payments	(23.7)	(12.9)
Translation adjustment	(12.4)	18.5
Balance at end of the year2	430.9	381.5
Current portion of environmental rehabilitation costs	(12.0)	(19.6)
Non-current portion of environmental rehabilitation costs	418.9	361.9
The provision is calculated using the following gross closure cost estimates:
South Africa	41.1	43.9
Ghana	98.9	104.4
Australia	214.4	218.8
Peru	126.4	97.4
Chile	29.7	2.1
Total gross closure cost estimates	510.5	466.6

The provision is calculated using the following assumptions:	Inflation rate	Discount rate
2021
South Africa	4.5%	10.6%
Ghana	2.4%	6.6%-7.2%
Australia	2.4%	2.4%
Peru	2.4%	2.8%
Chile	2.4%	2.4%
2020
South Africa	4.8%	10.8%
Ghana	2.2%	6.7%-7.2%
Australia	2.5%	2.5%
Peru	2.2%	2.2%
Chile	2.2%	2.2%

1 Changes in estimates are defined as changes in reserves and corresponding changes in life of mine as well as changes in laws and regulations governing environmental matters, closure cost estimates and discount rates. The increase is due to the increase of the gross environmental rehabilitation costs at the Peruvian and Chilean operations in 2021.

2 South African, Ghanaian, Australian and Peruvian mining companies are required by law to undertake rehabilitation as part of their ongoing operations. These environmental rehabilitation costs are funded as follows:

• Ghana – reclamation bonds underwritten by banks and restricted cash (refer to note 18);

• South Africa – contributions into environmental trust funds (refer to note 18) and guarantees (refer to note 34);

• Australia – mine rehabilitation fund levy; and

Notes to the Consolidated Financial Statements continued

for the year ended 31 December 2021

25. PROVISIONS continued

		United States Dollar
		2021	2020
25.2	Silicosis settlement costs1
	Balance at the beginning of the year	18.3	21.2
	Changes in estimates	(0.7)	0.3
	Unwinding of provision recognised as finance expense	1.1	1.5
Payment		(4.4)	(3.5)
	Translation	(1.2)	(1.2)
	Balance at end of the year	13.1	18.3
	Current portion of silicosis settlement costs	(0.6)	(4.0)
	Non-current portion of silicosis settlement costs	12.5	14.3

1 The principal health risks associated with Gold Fields' mining operations in South Africa arise from occupational exposure to silica dust, noise, heat and certain hazardous chemicals. The most significant occupational diseases affecting Gold Fields' workforce include lung diseases (such as silicosis, tuberculosis, a combination of the two and chronic obstructive airways disease ("COAD") as well as noise induced hearing loss ("NIHL")).

This matter was previously disclosed as a contingent liability as the amount could not be estimated reliably. As a result of the ongoing work of the Gold Working Group (comprising African Rainbow Minerals, Anglo American SA, AngloGold Ashanti, Gold Fields, Harmony and Sibanye-Stillwater) (the "GWG Parties") and engagements with affected stakeholders since 31 December 2016, Gold Fields was able to reliably estimate its share in the estimated cost in relation to the GWG Parties of a possible settlement of the class action claims and related costs during 2018. As a result, Gold Fields provided an amount of US$13.1 million (R209.6 million) (2020: US$18.3 million (R268.6 million)) for this obligation in the statement of financial position at 31 December 2021. The nominal amount of this provision is US$16.9 million (R269.8 million). Gold Fields believes that this remains a reasonable estimate of its share of the settlement of the class action claims and related costs.

Refer to note 35 for further details.

26. LONG-TERM INCENTIVE PLAN

	United States Dollar
	2021	2020
Opening balance	67.2	11.5
Charge to income statement	28.5	51.3
Salares Norte project costs capitalised	0.5	0.6
Payments	(37.3)	—
Translation adjustment	(2.3)	3.8
Balance at end of the year1	56.6	67.2
Current portion of long-term incentive plan	(28.4)	(33.8)
Non-current portion of long-term incentive plan	28.2	33.4

1 Senior and middle management receive awards under the LTIP. The performance conditions of the LTIP are approved annually by the Remuneration Committee. For the 2019 and 2020 allocations, regional performance conditions are based on regional specific targets and performance conditions for corporate employees are based on the same conditions as the payments plan. For the 2021 allocation, performance conditions for both regional and corporate employees are based on the same conditions as the share-based payments plan. The expected timing of the cash outflows in respect of each grant is at the end of three years after the original award was made.

27.1 TRADE AND OTHER PAYABLES

	United States Dollar
	2021	2020
Trade payables	165.0	133.4
Accruals and other payables	297.9	271.6
Payroll payables	42.8	43.0
Leave pay accrual	54.4	55.6
Interest payable on loans	7.4	7.5
Damang – contract termination	10.2	39.5
Trade and other payables	577.7	550.6

27.2 DERIVATIVE FINANCIAL LIABILITIES

United States Dollar

Figures in millions unless otherwise stated	2021	2020
Salares Norte foreign currency derivative contracts	6.8	—
Ghanaian oil derivative contracts	—	10.0
Australian oil derivative contracts	—	5.1
Peruvian copper derivative contracts	—	14.0
Total derivative financial liabilities	6.8	29.1
Non-current derivative financial liabilities1	—	(7.3)
Derivative financial liabilities	6.8	21.8

1 Relates to the Australian (US$2.6 million) and Ghanaian (US$4.7 million) oil derivative contracts which are for the period January 2022 to December 2022.

28. CASH GENERATED BY OPERATIONS

	United States Dollar
Figures in millions unless otherwise stated	2021	2020	2019
Profit for the year	829.5	745.4	174.7
Adjusted for non-cash items:
– Mining and income taxation	424.9	432.5	175.6
– Royalties	112.4	105.0	73.7
– Amortisation and depreciation	713.2	661.3	610.0
– Interest expense – environmental rehabilitation	8.6	10.7	11.7
– Non-cash rehabilitation expense/(income)	10.8	1.5	13.4
– Interest received – environmental trust funds	(0.8)	(0.7)	(0.7)
– Impairment, net of reversal of impairment of investments and assets	42.4	(50.6)	9.8
– Write-off of exploration and evaluation assets	21.3	16.9	30.0
– (Profit)/loss on disposal of assets	(8.5)	0.2	(1.2)
– Unrealised loss/(gain) and prior year mark-to-market reversals onderivative contracts	53.0	(176.4)	112.6
– Fair value gain on Maverix warrants	4.0	(1.3)	(4.2)
– Profit on disposal of Maverix	—	—	(14.6)
– Silicosis settlement costs	(0.7)	0.3	(1.6)
	12.7	14.5	20.5
– Long-term incentive plan expense	28.5	51.3	9.1
– Borrowing costs capitalised	(12.5)	(13.2)	(43.4)
– Share of results of equity-accounted investees, net of taxation	30.4	1.0	(4.5)
– Ghana expected credit loss (2020: Tarkwa ECL)	41.1	29.0	—
– Other non-cash items	1.7	(0.7)	16.6
Adjusted for cash items:
– Interest expense	103.7	127.7	132.6
– Interest received	(7.4)	(7.6)	(6.6)
– Payment of long-term incentive plan	(37.3)	—	—
– Environmental rehabilitation payments	(23.7)	(12.9)	(10.7)
Total cash generated by operations	2,347.3	1,933.9	1,302.8

Notes to the Consolidated Financial Statements continued

for the year ended 31 December 2021

29. CHANGE IN WORKING CAPITAL

		United States Dollar
Figures in millions unless otherwise stated	2021	2020	2019
Inventories	(132.1)	(89.9)	(56.2)
Trade and other receivables	47.7	(88.0)	(5.6)
Trade and other payables	(5.0)	6.1	37.2
Total change in working capital	(89.4)	(171.8)	(24.6)

30. ROYALTIES PAID

		United States Dollar
Figures in millions unless otherwise stated	2021	2020	2019
Amount owing at beginning of the year	(17.7)	(13.9)	(12.5)
Royalties	(112.4)	(105.0)	(73.7)
Amount owing at end of the year	20.6	17.7	13.9
Translation	0.7	(1.3)	—
Total royalties paid	(108.8)	(102.5)	(72.3)

31. TAXATION PAID

		United States Dollar
Figures in millions unless otherwise stated	2021	2020	2019
Amount owing at beginning of the year	(121.3)	(24.8)	(0.9)
SA and foreign current taxation recognised in profit or loss	(424.4)	(366.5)	(190.6)
SA and foreign current taxation recognised in OCI	—	—	(14.7)
Amount owing at end of the year	115.9	121.3	24.8
Translation	(19.0)	(8.7)	(0.4)
Total taxation paid	(448.8)	(278.7)	(181.8)

32. RETIREMENT BENEFITS

		United States Dollar
Figures in millions unless otherwise stated	2021	2020	2019
All employees are members of various defined contribution retirementschemes.
Contributions to the various retirement schemes are fully expensed duringthe period in which they are incurred.
Retirement benefit costs	32.9	28.8	27.0

33. LEASE LIABILITIES

		United States Dollar
Figures in millions unless otherwise stated	2021	2020
Balance at the beginning of the year1	429.0	332.9
Additions during the year2	54.4	127.2
Remeasurements of leases during the year3	19.1	12.8
Interest expense	24.1	22.4
Repayments	(97.9)	(86.8)
Translation adjustment	(13.2)	20.5
Balance at the end of the year	415.5	429.0
Current portion of lease liability	(60.4)	(64.2)
Non-current portion of lease liability	355.1	364.8
Lease liabilities are payable as follows:
Future minimum lease payments
– within one year	82.0	88.4
– later than one and not later than five years	216.4	228.7
– later than five years	248.7	261.2
Total	547.1	578.3
Interest
– within one year	21.6	24.2
– later than one and not later than five years	64.0	71.5
– later than five years	46.0	53.6
Total	131.6	149.3
Present value of minimum lease payments
– within one year	60.4	64.2
– later than one and not later than five years	152.4	157.2
– later than five years	202.7	207.6
Total	415.5	429.0

1 Leases entered into related mainly to power purchase agreements, rental of gas pipelines, ore haulage and site services, mining equipment hire, transportation contracts, property rentals and other equipment rentals.

2 The additions in 2021 relate mainly to additional assets in terms of mining contracts and office buildings at Ghana and Australia (2020: additional assets in terms of the power purchase agreements at Tarkwa, Agnew and Granny Smith).

3 The remeasurements in 2021 relate mainly to leases at the Group's Australian operations that have variable payments linked to the Australian consumer price index ("CPI"), as well as leases relating to Tarkwa's power purchase agreement that changed due to a change in the life-of mine (2020: Leases at the Group's Australian operations that have variable payments linked to the Australian consumer price index ("CPI")).

Notes to the Consolidated Financial Statements continued

for the year ended 31 December 2021

34. COMMITMENTS

	United States Dollar
Figures in millions unless otherwise stated	2021	2020
Capital expenditure
Contracted for1	251.9	514.7

1 Contracted for capital expenditure of US$251.9 million (2020: US$514.7 million) includes US$193.3 million (2020: US$454.0 million) for Salares Norte. Gold Fields has completed a feasibility study on the Salares Norte deposit in Chile and the final notice to proceed ("FNTP") was provided by the Board in February 2020 and construction commenced in April 2020.

Lease contracts

	United States Dollar
Lease contracts	Undiscounted	Non-lease	Fully variable
Figures in millions unless otherwise stated	lease liabilities2	elements3	lease payments4	Total
2021
– within one year	82.0	249.4	397.8	729.2
– later than one and not later than five years	216.4	320.9	870.2	1,407.5
– later than five years	248.7	167.8	—	416.5
	547.1	738.1	1,268.0	2,553.2
2020
– within one year	88.4	126.0	583.0	797.4
– later than one and not later than five years	228.7	296.3	1,506.3	2,031.3
– later than five years	261.2	75.9	—	337.1
	578.3	498.2	2,089.3	3,165.8

1 No leases were entered into during 2020 or 2021 for which the use of the assets has not yet commenced at year-end.

2 The undiscounted lease liabilities relate to the gross cash flows used to determine the lease liabilities in terms of IFRS 16 Leases and will not agree to the leases recognised in note 33.

3 The non-lease elements are the amounts in the lease contracts that are not accounted for as part of the lease liabilities.

4 These are the total commitments per lease contracts where the payments have been determined to be fully variable, as a result no lease liability has been recorded. Included in these amounts are payment for non-lease elements of the arrangement.

Guarantees

The Group provides environmental obligation guarantees and other guarantees with respect to its South African, Peruvian, Ghanaian and Australian operations. These guarantees amounted to US$198.1 million at 31 December 2021 (2020: US$191.8 million) (refer note 25.1).

35. CONTINGENT LIABILITIES Randgold and Exploration summons

On 21 August 2008, Gold Fields Operations Limited, or GFO, formerly known as Western Areas Limited, a subsidiary of Gold Fields, received a summons from Randgold and Exploration Company Limited, or R&E, and African Strategic Investment (Holdings) Limited. The summons claims that during the period that GFO was under the control of Brett Kebble, Roger Kebble and others, GFO assisted in the unlawful disposal of shares owned by R&E in Randgold Resources Limited, or Resources, and Afrikander Lease Limited, now Uranium One.

The claims have been computed in various ways. The highest claims have been computed on the basis of the highest prices of Resources and Uranium One shares between the dates of the alleged thefts and May 2017 (approximately R43.7 billion). The alternative claims are computed based on the value of the shares as at the date of judgment (which is not yet calculable), plus dividend amounts that would have been received and based on the market value of the shares at the time they were allegedly misappropriated, plus dividends that would have been received (cumulatively equating to approximately R26.9 billion).

Simultaneously with delivering its plea, GFO joined certain third parties to the action (namely JCI Limited, JC Lamprecht, RAR Kebble and the deceased and insolvent estate of BK Kebble), in order to enable it to claim compensation against such third parties in the event that the plaintiffs are successful in one or more of their claims. In addition, notices in terms of section 2(2)(b) of the Apportionment of Damages Act, 1956 were served on various parties by GFO, in order to enable it to make a claim for a contribution against such parties in terms of the Apportionment of Damages Act, should the plaintiffs be successful in one or more of its claims.

The matter has been allocated to the commercial court of the Gauteng Local Division, Johannesburg, as a result of which it will be case managed by the Judge assigned to the matter, in order to ensure that it progresses expeditiously to trial.

GFO's assessment is that it has sustainable defences to these claims and, accordingly, GFO's attorneys have been instructed to vigorously defend the claims.

The ultimate outcome of the claims cannot presently be determined and, accordingly, no adjustment for any effects on the Group that may result from these claims, if any, has been made in the consolidated financial statements.

Silicosis

Class action settlement

The Tshiamiso Trust has been established to carry out the terms of the class action settlement agreement reached between six gold mining companies (including Gold Fields) and claimant attorneys in the silicosis and TB class action. The Tshiamiso Trust is responsible for ensuring that all eligible current and former mineworkers across southern Africa with silicosis or work-related TB (or their dependants where the mineworker has passed away) are compensated pursuant to the silicosis and TB class action settlement agreement.

Financial provision

Notes to the Consolidated Financial Statements continued

for the year ended 31 December 2021

35. CONTINGENT LIABILITIES continued Acid mine drainage

Acid mine drainage ("AMD") or acid rock drainage ("ARD"), collectively called acid drainage ("AD") is formed when certain sulphide minerals in rocks are exposed to oxidising conditions (such as the presence of oxygen, combined with water). AD can occur under natural conditions or as a result of the sulphide minerals that are encountered and exposed to oxidation during mining or during storage in waste rock dumps, ore stockpiles or tailings storage facilities. The acidic water that forms usually contains iron and other metals if they are contained in the host rock.

Gold Fields has identified incidences of AD, and the risk of potential short-term and long-term AD issues, specifically at its Cerro Corona, South Deep and St Ives mines.

Gold Fields commissioned additional technical studies during 2015 to 2021 to identify the steps required to prevent or mitigate the potentially material AD impacts at Cerro Corona but none of these studies have allowed Gold Fields to generate a reliable estimate of the total potential impact on the Group. South Deep have concluded technical studies which have indicated that, subject to the implementation of targeted mitigation measures and no regional hydrogeological changes, AD generation will be mitigated and/or contained, thus resulting in no potential residual environmental risk. St Ives has initiated technical investigations into potential AD generation, identified as part of progressive rehabilitation activities, at the Cave Rocks landform and open pit. Gold Fields' mine closure cost estimates for 2021 contain costs for the aspects of AD management which the Group has reliably been able to estimate.

Gold Fields continues to investigate technical solutions at Cerro Corona, to better inform appropriate short- and long-term mitigation strategies for AD management and to work towards a reasonable cost estimate of potential issues. South Deep continues to implement required mitigation measures to prevent AD, which have been included in their 2021 closure cost estimates and/or business plans. Due to the inherent uncertainty on the outcome of the cessation of dewatering of Cooke 4 (Ezulwini) over which South Deep does not have control, together with the application made by Rand Uranium (a subsidiary of Sibanye Stillwater) for the closure of Cooke 3, 2 and 1 shafts, which would result in the rewatering of these shafts, along with other possible hydrogeological influences unrelated to South Deep in the future, the post closure water liability continues to be a contingent liability. Gold Fields is investigating the AD potential and risk at St Ives (Cave Rocks) and water quality monitoring programmes continue at Cerro Corona, South Deep and St Ives.

No adjustment for any effects on the Group that may result from AD, if any, has been made in the consolidated financial statements other than through the Group's normal environmental rehabilitation costs provision (refer note 25.1).

36. EVENTS AFTER THE REPORTING DATE

Final dividend

On 17 February 2022, Gold Fields declared a final dividend of 260 SA cents per share.

Russian invasion of Ukraine

Subsequent to year-end, and at the time of finalising the financial statements, the Russian invasion of Ukraine has had a significant impact on commodity prices, including increased oil, gas, other commodity (ammonia nitrate, copper, steel and other commodities) and gold prices. The oil price is a driver for a number of input costs for the group, including diesel and transport costs, while gas prices have an impact on power costs and other commodity prices drive direct mining and processing costs. The Group has an oil hedge in place for 2022 that will mitigate some of the impact of an increase in the oil price on input costs, refer note 38 for further details.

Management considered the impact of the high inflationary environment in the business planning process used to determine the 2022 operational plan and guidance. However, further significant increases in oil, gas and other commodity prices in any of the countries in which the Group operates could further increase the prices the Group pays for products and services and could have an adverse effect on the Group's business, operating results (including increased all-in-costs) and financial condition. Conversely, an increase in the gold price could increase the revenue for the Group and could have a positive effect on the Groups business, operating results and financial condition.

37. FINANCIAL INSTRUMENTS

Accounting classifications and fair values

The following tables show the carrying amounts and fair values of financial assets and financial liabilities.

	United States Dollar
		Carrying amount			Carryingamount	Fair value
Figures in millions unless otherwise stated	Fair valuethrough profitor loss	Fair valuethrough OCI	Financial assetsmeasured atamortised cost	Otherfinancialliabilitiesmeasured atamortised cost	Total	Total
2021
Financial assets measured at fair value
– Environmental trust funds	2.9	—	—	—	2.9	2.9
– Trade receivables from provisional copper sales	25.8	—	—	—	25.8	25.8
– Investments	—	30.9	—	—	30.9	30.9
– Asanko redeemable preference shares	—	94.5	—	—	94.5	94.5
– Oil derivatives contracts	5.1	—	—	—	5.1	5.1
Total	33.8	125.4	—	—	159.2	159.2
Financial assets not measured at fair value
– Environmental trust funds	—	—	85.2	—	85.2	85.2
– Loan advanced – contractor	—	—	27.3	—	27.3	27.3
– Trade and other receivables	—	—	56.5	—	56.5	56.5
– Cash and cash equivalents	—	—	524.7	—	524.7	524.7
Total	—	—	693.7	—	693.7	693.7
Financial liabilities measured at fair value
– Foreign currency derivative contracts	6.8	—	—	—	6.8	6.8
Total	6.8	—	—	—	6.8	6.8
Financial liabilities not measured at fair value
– Borrowings	—	—	—	1,078.1	1,078.1	1,191.6
– Trade and other payables	—	—	—	480.5	480.5	480.5
– Lease liabilities	—	—	—	415.5	415.5	415.5
Total	—	—	—	1,974.1	1,974.1	2,087.6

United States Dollar

		Carryingamount	Fair value
Figures in millions unless otherwise stated	Fair valuethrough profitor loss	Fair valuethrough OCI	Financial assetsmeasured atamortised cost	Other financialliabilitiesmeasured atamortised cost	Total	Total
2020
Financial assets measured at fair value
– Environmental trust funds	7.4	—	—	—	7.4	7.4
– Trade receivables from provisional copper sales	23.7	—	—	—	23.7	23.7
– Investments	—	42.4	—	—	42.4	42.4
– Asanko redeemable preference shares	—	92.6	—	—	92.6	92.6
– Warrants	12.9	—	—	—	12.9	12.9
– Oil derivatives contracts	113.3	—	—	—	113.3	113.3
Total	157.3	135.0	—	—	292.3	292.3
Financial assets not measured at fair value
– Environmental trust funds	—	—	71.9	—	71.9	71.9
– Loan advanced – contractor	—	—	68.4	—	68.4	68.4
– Trade and other receivables	—	—	29.5	—	29.5	29.5
– Cash and cash equivalents	—	—	886.8	—	886.8	886.8
Total	—	—	1,056.6	—	1,056.6	1,056.6
Financial liabilities measured at fair value
– Gold and foreign exchange derivative contracts	29.1	—	—	—	29.1	29.1
Total	29.1	—	—	—	29.1	29.1
Financial liabilities not measured at fair value
– Borrowings	—	—	—	1,526.9	1,526.9	1,689.8
– Trade and other payables	—	—	—	452.0	452.0	452.0
– Lease liabilities	—	—	—	429.0	429.0	429.0
Total	—	—	—	2,407.9	2,407.9	2,570.8

Notes to the Consolidated Financial Statements continued

for the year ended 31 December 2021

37. FINANCIAL INSTRUMENTS continued

Accounting classifications and fair values continued

The following methods and assumptions were used to estimate the fair value of each class of financial instrument:

Trade and other receivables, trade and other payables and cash and cash equivalents

The carrying amounts approximate fair values due to the short maturity of these instruments.

Loan advanced – contractor

The fair value of the loan advanced to contractor approximates the carrying amount, determined using the discounted cash flow method using market related interest rates.

Investments and redeemable preference shares

The fair value of publicly traded instruments (listed investments) is based on quoted market values. Asanko redeemable preference shares are accounted for at fair value based on the expected cash flows as set out in note 17.

Warrants

Warrants are measured at fair value, using a standard European call option format based on a standard option theory model, with adjustments to the fair value being recognised in profit or loss.

Oil, gold, copper and foreign exchange derivative contracts

The fair values of these contracts are determined by using the applicable valuation models for each instrument type with the key inputs being forward prices, interest rates and volatilities.

Environmental trust funds

The environmental trust funds are measured at fair value through profit or loss and amortised cost which approximates fair value based on the nature of the fund's underlying investments.

Borrowings

The five-year notes and the 10-year notes (2020: the five-year notes and the 10-year notes) are issued at a fixed interest rate. The fair values of these notes are based on listed market prices. The fair value of the remaining borrowings approximates their carrying amount, determined using the discounted cash flow method using market related interest rates.

Fair value hierarchy

The Group has the following hierarchy for measuring the fair value of assets and liabilities at the reporting date:

Level 1

Unadjusted quoted prices in active markets for identical assets or liabilities;

Level 2

Inputs other than quoted prices in level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices); and

Level 3

Inputs for the asset or liability that are not based on observable market data (unobservable inputs).

The Group recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. There were no transfers during the years ended 31 December 2021 and 2020.

37. FINANCIAL INSTRUMENTS continued

Fair value hierarchy continued

The following table sets out the Group's financial assets and financial liabilities by level within the fair value hierarchy at the reporting date:

	United States Dollar
			2021			2020
Figures in millions unless otherwise stated	Total	Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3
Financial assets measured atfair value
Environmental trust funds	2.9	—	2.9	—	7.4	—	7.4	—
Trade receivables from provisionalcopper sales	25.8	—	25.8	—	23.7	—	23.7	—
Investments – listed	30.9	30.9	—	—	42.4	42.4	—	—
Asanko redeemable preference shares	94.5	—	—	94.5	92.6	—	—	92.6
Warrants	—	—	—	—	12.9	—	12.9	—
Gold derivative contracts	—	—	—	—	27.3	—	27.3	—
Foreign currency derivative contracts	—	—	—	—	86.0	—	86.0	—
Oil derivative contracts	5.1	—	5.1	—	—	—	—	—
Financial assets not measuredat fair value
Environmental trust funds	85.2	—	85.2	—	71.9	—	71.9	—
Loan advanced – contractor	27.3	—	—	27.3	68.4		—	68.4
Financial liabilities measuredat fair value
Copper derivative contracts	—	—	—	—	14.0	—	14.0	—
Oil derivative contracts	—	—	—	—	15.1	—	15.1	—
Foreign currency derivative contracts	6.8	—	6.8	—	—	—	—	—
Financial liabilities not measuredat fair value
Borrowings	1,191.6	1,108.1	—	83.5	1,689.8	1,156.3	—	533.5

Environmental trust funds

The environmental trust funds are measured at fair value through profit or loss and amortised cost which approximates fair value based on the nature of the fund's underlying investments.

Trade receivables from provisional copper sales

Valued using quoted market prices based on the forward London Metal Exchange ("LME") and, as such, is classified within level 2 of the fair value hierarchy.

Listed investments

Comprise equity investments in listed entities and are therefore valued using quoted market prices in active markets.

Asanko redeemable preference shares

The fair value is based on the expected cash flows of the Asanko Gold Mine based on the life-of-mine model. Refer to note 17 for key inputs.

Warrants

Warrants are measured at fair value through profit or loss. The fair value is determined using a standard European call option format based on a standard option theory model.

Notes to the Consolidated Financial Statements continued

for the year ended 31 December 2021

37. FINANCIAL INSTRUMENTS continued

Fair value hierarchy continued

Oil, gold, copper and foreign exchange derivative contracts

The fair values of these contracts are determined by using the applicable valuation models for each instrument type with the key inputs being forward prices, interest rates, volatilities and exchange rates.

Borrowings

The 5-year notes and the 10-year notes (2020: the 5-year notes and the 10-year notes) are issued at a fixed interest rate. The fair values of these notes are based on listed market prices and are classified within level 1 of the fair value hierarchy. The fair value of the remaining borrowings approximates their carrying amount, determined using the discounted cash flow method and market related interest rates and are classified within level 3 of the fair value hierarchy.

Loan advanced – contractor

The fair value of the contractor loan approximates its carrying amount, determined using the discounted cash flow method and market related interest rates and is classified within level 3 of the fair value hierarchy.

38. RISK MANAGEMENT ACTIVITIES

In the normal course of its operations, the Group is exposed to commodity price, currency, interest rate, liquidity, equity price and credit risk. In order to manage these risks, the Group has developed a comprehensive risk management process to facilitate control and monitoring of these risks.

Controlling and managing risk in the Group

Gold Fields has policies in areas such as counterparty exposure, hedging practices and prudential limits which have been approved by Gold Fields' Board of Directors. Management of financial risk is centralised at Gold Fields' treasury department ("Treasury"), which acts as the interface between Gold Fields' operations and counterparty banks. Treasury manages financial risk in accordance with the policies and procedures established by the Gold Fields' Board of Directors and Executive Committee.

Gold Fields' Board of Directors has approved dealing limits for money market, foreign exchange and commodity transactions, which Gold Fields' Treasury is required to adhere to. Among other restrictions, these limits describe which instruments may be traded and demarcate open position limits for each category as well as indicating counterparty credit related limits. The dealing exposure and limits are checked and controlled each day and reported to the Chief Financial Officer.

The objective of Treasury is to manage all financial risks arising from the Group's business activities in order to protect profit and cash flows. Treasury activities of Gold Fields Limited and its subsidiaries are guided by the Treasury Framework and the Treasury Process Control Manual, as well as domestic and international financial market regulations. Treasury activities are currently performed within the Treasury Framework with appropriate resolutions from the Board of Gold Fields Limited, which are reviewed and approved annually by the Audit Committee.

38. RISK MANAGEMENT ACTIVITIES continued

The financial risk management objectives of the Group are defined as follows:

Risk management objectives	Description
Credit risk
Counterparty exposure	The objective is to only deal with approved counterparts that are of a soundfinancial standing. The Group is limited to a maximum investment of 2.5% of thefinancial institutions' equity, which is dependent on the institutions' national creditrating. The credit rating used is Fitch Ratings' short-term credit rating for financialinstitutions.
Investment risk management	The objective is to achieve optimal returns on surplus funds.
Liquidity risk
Liquidity risk management	The objective is to ensure that the Group is able to meet its short-term commitmentsthrough the effective and efficient usage of credit facilities and cash resources.
Funding risk management	The objective is to meet funding requirements timeously and at competitive rates byadopting reliable liquidity management procedures.
Market risk
Currency risk management	The objective is to manage the adverse effect of the currency fluctuations on theGroup's results.
Interest rate risk management	The objective is to identify opportunities to prudently manage interest rateexposures.
Commodity price risk management	The Group's policy is to remain unhedged to the gold price. However, hedges aresometimes 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.
Other risks
Operational risk management	The objective is to implement controls to adequately mitigate the risk of error and/or fraud to an acceptable level.
Banking relations management	The objective is to maintain relationships with credible financial institutions andensure that all contracts and agreements related to risk management activities arecoordinated and consistent throughout the Group and that they comply wherenecessary with all relevant regulatory and statutory requirements.

Credit risk

Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Group's receivables from customers, cash and cash equivalents as well as environmental trust funds.

The Group has reduced its credit exposure by dealing with a number of counterparties. The Group approves these counterparties according to its risk management policy and ensures that they are of good credit quality.

The combined maximum credit risk exposure of the Group is as follows:

	United States Dollar
Figures in millions unless otherwise stated	2021	2020
Environmental trust funds	88.1	79.3
Trade and other receivables1	82.3	53.2
Loan advanced – contractor	27.3	68.4
Derivative financial assets	5.1	113.3
Cash and cash equivalents	524.7	886.8

1 Trade and other receivables above exclude VAT, import duties, prepayments, payroll receivables and diesel rebates amounting to US$181.4 million (2020: US$186.9 million).

203

AFR

Notes to the Consolidated Financial Statements continued

for the year ended 31 December 2021

38. RISK MANAGEMENT ACTIVITIES continued

Expected credit loss assessment for customers

The Group determines each exposure to credit risk based on data that is determined to be predictive of the risk of loss and past experienced credit judgement.

Trade and other receivables

The Group's exposure to credit risk is influenced mainly by the individual characteristics of each customer. The Group also considers other factors that might impact on the credit risk of its customer base including default risk and the country in which the customer operates.

Impairment of trade receivables, carried at amortised cost, has been determined using the simplified expected credit loss ("ECL") approach and reflects the short term maturities of the exposures. Gold revenue is recognised at the same time as receipt of the cash, except in Ghana where the cash is received one day after revenue recognition. In Peru, for the sale of copper concentrate, 90% of the cash is received when the revenue is recognised and the remaining 10% cash is received at the end of the quotational period.

Receivables due from the sale of the Tarkwa mining fleet were assessed using the simplified approach using the lifetime ECL . The ECL was based on the Group's understanding of the financial position of the counterparty, including the consideration of their credit risk grade. Refer note 13.1 for further details.

Concentration risk

At 31 December 2021, the exposure to credit risk for trade receivables by geographic region was as follows:

		United States Dollar
Figures in millions unless otherwise stated	2021	2020
Ghana	15.4	14.3
Australia	28.7	2.7
Peru	25.8	23.7
Total trade receivables	69.9	40.7

Loan advanced – contractor

The loan advanced to contractor of US$68.4 million was assessed at stage 2 in 2020 using the lifetime ECL approach as a result of an increase in credit risk since initial recognition. The ECL was based on the Group's understanding of the financial position of the counterparty, including the consideration of their credit risk grade. The credit risk is managed through Gold Fields' offsetting rights of invoices against the loan advanced to the contractor. During 2021, management was unable to offset invoices against the loan as per the agreement, resulting in an increased credit risk and a recognised ECL of US$41.1 million at 31 December 2021. Refer note 13.1 and 13.2 for further details.

Derivative financial assets

The derivative financial assets are held with reputable banks and financial institutions. The Group considers that its derivate financial assets have low credit risk based on the external credit ratings of the counterparties.

Cash and cash equivalents

The Group held cash and cash equivalents of US$524.7 million (2020: US$886.8 million).

The cash and cash equivalents are held with reputable banks and financial institutions. The loss allowance for cash and cash equivalents is measured at an amount equal to the 12-month ECL. The Group considers that its cash and cash equivalents have low credit risk based on the external credit ratings of the counterparties.

Environmental trust funds

The Group held environmental trust funds of US$88.1 million (2020: US$79.3 million).

The environmental trust funds are held with reputable banks and financial institutions. The loss allowance for environmental trust funds is measured at an amount equal to the 12-month ECL. The Group considers that its environmental trust funds have low credit risk based on the external credit ratings of the counterparties with which the funds are deposited.

Concentration of credit risk on cash and cash equivalents and environmental trust funds is considered minimal due to the Group's investment risk management and counterparty exposure risk management policies.

38. RISK MANAGEMENT ACTIVITIES continued Liquidity risk

In the ordinary course of business, the Group receives cash proceeds from its operations and is required to fund working capital and capital expenditure requirements. The cash is managed to ensure surplus funds are invested to maximise returns while ensuring that capital is safeguarded to the maximum extent possible by investing only with top financial institutions.

Uncommitted borrowing facilities are maintained with several banking counterparties to meet the Group's normal and contingency funding requirements.

The following are the contractually due undiscounted cash flows resulting from maturities of all financial liabilities, including interest payments:

	United States Dollar
Figures in millions unless otherwise stated	Within oneyear	Between oneand five years	After fiveyears	Total
2021
Trade and other payables	480.5	—	—	480.5
Foreign exchange derivative contracts	6.8	—	—	6.8
Borrowings1
– US$ borrowings2
– Capital3	—	583.5	500.0	1,083.5
– Interest	57.5	159.4	72.7	289.6
Environmental rehabilitation costs5	12.0	41.5	457.0	510.5
Lease liabilities	82.0	216.4	248.7	547.1
South Deep dividend	0.8	2.9	1.7	5.4
Total	639.6	1,003.7	1,280.1	2,923.4
2020
Trade and other payables	452.0	—	—	452.0
Gold and foreign exchange derivative contracts	21.8	7.3	—	29.1
Borrowings1
– US$ borrowings2
– Capital3	83.5	750.0	500.0	1,333.5
– Interest	62.0	188.6	103.4	354.0
– A$ borrowings4
– Capital	—	200.0	—	200.0
– Interest	4.5	8.6	—	13.1
Environmental rehabilitation costs5	19.6	34.3	412.7	466.6
Lease liabilities	88.4	228.7	261.2	578.3
South Deep dividend	0.9	3.6	2.3	6.8
Total	732.7	1,421.1	1,279.6	3,433.4

1 Spot Rate: R15.94 = US$1.00 (2020: R14.69 = US$1.00).

2 US$ borrowings – Spot LIBOR (one month fix) rate adjusted by specific facility agreement: 0.10125% (2020: 0.1439% (one month fix)). 3 The capital amounts of the US$500 million five-year notes issue and the US$500 million 10-year notes issue (2020: US$500 million five-year notes issue and the US$500 million 10-year notes issue) in the table above represent the principal amounts to be repaid and differ from the carrying values presented in the statement of financial position due to the unwinding of transaction costs capitalised at inception.

4 AU$ borrowings Spot Bank Bill Swap Bid Rate (BBSY) (one month fix) rate adjusted by specific facility agreement for 2020 was 0.06%.

5 Although environmental rehabilitation costs do not meet the definition of a financial liability, the Group included the gross closure cost estimate in the undiscounted cash flows as it represents a future cash outflow (refer to note 25.1). In South Africa and Ghana, US$88.1 million (2020: US$79.3 million) of the environmental rehabilitation costs are funded through the environmental trust funds.

Notes to the Consolidated Financial Statements continued

for the year ended 31 December 2021

38. RISK MANAGEMENT ACTIVITIES continued

Market risk

Gold Fields is exposed to market risks, including foreign currency, commodity price, equity securities price and interest rate risk associated with underlying assets, liabilities and anticipated transactions. Following periodic evaluation of these exposures, Gold Fields may enter into derivative financial instruments to manage some of these exposures.

The following table summarises the (loss)/gain on financial instruments recognised in profit or loss for the derivative financial instruments entered into by Gold Fields:

	United States Dollar
Figures in millions unless otherwise stated	2021	2020	2019
South Deep gold hedge	—	(84.7)	(25.8)
Ghana gold hedge	—	(78.1)	(36.6)
Ghana oil hedge	13.4	(16.9)	2.5
Peru copper hedge	(31.8)	(14.0)	—
Australia gold hedge	(25.6)	(129.6)	(178.8)
Australia oil hedge	7.6	(8.9)	2.3
Australia foreign currency hedge	—	(0.3)	(7.2)
Salares Norte foreign currency hedge	(60.0)	91.2	—
Maverix warrants – gain on fair value	(4.0)	1.3	4.2
Gain on fair value on disposal of Maverix	—	—	2.5
Other	—	1.1	(1.1)
Loss on financial instruments	(100.4)	(238.9)	(238.0)
Comprised of:
Unrealised (loss)/gain and prior year mark-to-market reversals on derivative
contracts	(53.0)	176.4	(112.6)
Realised loss on derivative contracts	(43.4)	(416.6)	(132.1)
Maverix warrants – (loss)/gain on fair value	(4.0)	1.3	4.2
Gain on fair value on disposal of Maverix	—	—	2.5
Loss on financial instruments	(100.4)	(238.9)	(238.0)

Outstanding hedges

At 31 December 2021, the following hedges are outstanding:
Australia oil hedge a total of 26.6 million litres of diesel at an average swap price is US$74.0 per barrel using fixed price Singapore 10ppm Gasoil cash settled swap transactions for the period January 2022 to December 2022 with a positive marked-to-market value of A$2.7 million (US$2.0 million).
Ghana oil hedge a total of 41.9 million litres of diesel at an average swap price is US$75.8 per barrel using fixed price ICE Gasoil cash settled swap transactions for the period January 2022 to December 2022 with a positive marked-to-market value of US$3.1 million.
Salares Norte foreign currency hedge a total notional amount of US$179.0 million at a rate of CLP/US$836.45 for the period January 2022 to December 2022 with a negative marked-to-market value of US$6.8 million.

Foreign currency sensitivity General and policy

In the ordinary course of business, Gold Fields enters into transactions, such as gold sales, denominated in foreign currencies, primarily US Dollars. In addition, Gold Fields has investments and indebtedness in US Dollars, South African Rands and Australian Dollars.

Gold Fields may from time to time establish currency financial instruments to protect underlying cash flows.

38. RISK MANAGEMENT ACTIVITIES continued Foreign currency sensitivity continued

Gold Fields' revenues and costs are very sensitive to the Australian Dollar/US Dollar and South African Rand/US Dollar exchange rates because revenues are generated using a gold price denominated in US Dollars, while costs of the Australian and South African operations are incurred principally in Australian Dollar and South African Rand, respectively. Depreciation of the Australian Dollar and/or South African Rand against the US Dollar reduces Gold Fields' average costs when they are translated into US Dollars, thereby increasing the operating margin of the Australian and/or South African operations. Conversely, appreciation of the Australian Dollar and/or South African Rand results in Australian and/or South African operating costs increasing when translated into US Dollars, resulting in lower operating margins. The impact on profitability of changes in the value of the Australian Dollar and South African Rand against the US Dollar could be substantial.

A portion of the Salares Norte project's capital expenditure is denominated in Chilean pesos. Depreciation or appreciation of the Chilean peso against the US dollar will decrease or increase their capital expenditure when translating into US Dollars. In 2020, Gold Fields entered into a foreign currency hedge to mitigate the full exchange rate exposure.

Although this exposes Gold Fields to transaction and translation exposure from fluctuations in foreign currency exchange rates, Gold Fields does not generally hedge its foreign currency exposure, although it may do so in specific circumstances, such as financing projects or acquisitions. Also, Gold Fields on occasion undertakes currency hedging to take advantage of favourable short-term fluctuations in exchange rates when management believes exchange rates are at unsustainable levels.

Currency risk only exists on account of financial instruments being denominated in a currency that is not the functional currency and being of a monetary nature. The Group had no significant exposure to currency risk relating to financial instruments at 31 December 2021. Differences resulting from the translation of financial statements into the Group's presentation currency are not taken into account.

Foreign currency hedging experience Salares Norte

In March 2020, a total notional amount of US$544.50 million was hedged at a rate of CLP/US$836.45 for the period July 2020 to December 2022.

At 31 December 2021, the mark-to-market value on the hedge was a negative US$6.8 million (2020: positive US$86.0 million) with a realised gain of US$32.9 million (2020: US$5.2 million) and an unrealised loss and prior year mark-to-market reversals of US$92.9 million (2020: gain of US$86.0 million) for the year ended 31 December 2021.

Australia

In May 2018, the Australian operations entered into Australian Dollar/US Dollar average rate forwards for a total notional US$96.0 million for the period January 2019 to December 2019 at an average strike price of A$/US$0.7517.

In June 2018, further hedges were taken out for a total notional US$60.0 million for the same period January 2019 to December 2019 at an average strike price of A$/US$0.7330.

In September 2018, further hedges were taken out for a total notional US$100.0 million for the same period January 2019 to December 2019 at an average strike price of A$/US$0.7182.

In October 2018, further hedges were taken out for the period January 2019 to December 2019 for a notional US$60.0 million at an average strike price of A$/US$0.7075.

In December 2018, further hedges were taken out for the period January 2019 to December 2019 for a notional US$50.0 million at an average strike price of A$/US$0.7150.

At 31 December 2020, the mark-to-market value on the hedges was A$nil (US$nil) with a realised loss of A$0.4 million (US$0.3 million) for the year ended 31 December 2020.

Notes to the Consolidated Financial Statements continued

for the year ended 31 December 2021

38. RISK MANAGEMENT ACTIVITIES continued

Commodity price hedging policy

Gold and copper

The market prices of gold and to a lesser extent copper have a significant effect on the results of operations of Gold Fields, the ability of Gold Fields to pay dividends and undertake capital expenditures, and the market price of Gold Fields' ordinary shares. Gold and copper prices have historically fluctuated widely and are affected by numerous industry factors over which Gold Fields does not have any control. The aggregate effect of these factors on the gold and copper price, all of which are beyond the control of Gold Fields, is impossible for Gold Fields to predict.

Oil

The market price of oil has a significant effect on the results of the offshore operations of Gold Fields. The offshore operations consume large quantities of diesel in the running of their mining fleets. Oil prices have historically fluctuated widely and are affected by numerous factors over which Gold Fields does not have any control.

Commodity price hedging experience

The Group's policy is to remain unhedged to the gold and copper 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.

To the extent that it enters into commodity hedging arrangements, Gold Fields seeks to use different counterparty banks consisting of local and international banks to spread risk. None of the counterparties is affiliated with, or related parties of, Gold Fields.

Gold and copper

Australia

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

In December 2018, additional Asian swaps were entered into for the period January 2019 to December 2019 for a notional 283,000 ounces of gold at an average strike price of A$1,751 per ounce.

In December 2018, additional zero cost collars were executed for the period January 2019 to December 2019 for a notional 173,000 ounces of gold with a strike price on the floor at A$1,720 per ounce and the strike price on the cap at A$1,789 per ounce.

In January 2019, zero cost collars were executed for the period January 2019 to December 2019 for a notional 456,000 ounces of gold with a strike price on the floor at A$1,800 per ounce and the strike price on the cap at A$1,869 per ounce.

In June 2019, a total of 480,000 ounces of the expected production for 2020 for the Australian region was hedged for the period January 2020 to December 2020 using cash-settled zero cost collars (270,000 ounce) and average rate forwards (210,000 ounce). The average strike prices are A$1,933 per ounce on the floor and A$2,014 on the cap. The average strike price on the forwards is A$1,957 per ounce.

38. RISK MANAGEMENT ACTIVITIES continued

Gold and copper continued

Australia continued

At 31 December 2021, the hedge had matured (2020: mark-to-market positive valuation of A$35.5 million US$27.3 million)) with a realised loss of A$41.8 million (US$31.4 million) (2020: A$292.2 million (US$201.4 million)), partially offset by an unrealised gain and prior year mark-to-market reversals of AUS$7.7 million (US$5.8 million) (2020: A$104.0 million US$71.8 million)) for the year ended 31 December 2021.

Peru

At 31 December 2021, the hedge had matured (2020: the mark-to-market negative valuation of 2020: US$14.0 million), with a realised loss of US$45.8 million (2020: US$nil), offset by an unrealised gain and prior year mark-to-market reversals of US$14.0 million (2020: loss of US$14.0 million).

South Africa

Between October 2018 and January 2019, South Deep entered into cash-settled average rate forwards for a total of $112,613 ounces for the period June 2019 to December 2019 at an average strike rate of R617,000 per kilogram.

In June 2019, a total of 200,000 ounces of the expected production for 2020 for South Deep was hedged for the period January 2020 to December 2020 using cash-settled zero cost collars (100,000) ounce and average rate forwards (100,000) ounce. The average strike price is R660,000 per kilogram on the floor and R727,000 per kilogram on the cap. The average strike price is R681,400 per kilogram on the forwards.

At 31 December 2020, the mark-to-market value on the hedge was Rnil (US$nil) as all instruments had matured with a realised loss of R1,562.6 million (US$95.4 million), partially offset by an unrealised gain and prior year mark-to-market reversals of R176.0 million (US$10.7 million) for the year ended 31 December 2020.

Ghana

In June 2019, a total of 275,000 ounces of the expected production for 2020 for the Ghanaian region was hedged for the period January 2020 to December 2020 using cash-settled zero-cost collars (175,000 ounces) and average rate forwards (100,000) ounces). The average strike prices are US$1,364 per ounce on the floor and US$1,449 per ounce on the cap. The average strike price on the forwards is US$1,382 per ounce.

At 31 December 2020, the mark-to market value on the hedge was US$nil as all the instruments matured, with a realised loss of US$114.5, partially offset by an unrealised gain and prior year mark-to-market reversals of US$36.4 million for the year ended 31 December 2020.

Notes to the Consolidated Financial Statements continued

for the year ended 31 December 2021

38. RISK MANAGEMENT ACTIVITIES continued

Oil

Australia

In May 2017 and June 2017, the Australian operations entered into fixed price Singapore 10ppm Gasoil cashsettled swap transactions for a total of 77.5 million litres of diesel for the period June 2017 to December 2019. The average swap price is US$61.2 per barrel. At the time of the transactions, the average Brent swap equivalent over the tenor was US$49.9 per barrel.

In June 2019 fixed price Singapore 10ppm Gasoil cash-settled swap transactions were entered into for a total of 75.0 million litres of diesel for the period January 2020 to December 2022 based on 50 per cent of usage over the specified period. The average swap price is US$74.0 per barrel. At the time of the transactions, the average Brent swap equivalent over the tenor was 57.4 per barrel.

At 31 December 2021, the mark-to-market value on the hedge was a positive A$2.7 million (US$2.0 million) (2020: negative A$6.6 million (US$5.1 million)) with a realised gain of A$0.8 million (US$0.6 million) (2020: loss of A$4.9 million (US$3.4 million)) and an unrealised gain and prior year mark-to-market reversals of A$9.3 million (US$7.0 million) (2020: A$8.0 million (US$5.5 million)) for the year ended 31 December 2021.

Ghana

In May 2017 and June 2017, the Ghanaian operations entered into fixed price ICE Gasoil cash-settled swap transactions for a total of 125.8 million litres of diesel for the period June 2017 to December 2019. The average swap price is US$457.2 per metric tonne (equivalent 61.4 per barrel). At the time of the transactions, the average Brent swap equivalent over the tenor was 49.8 per barrel.

In June 2019 fixed price ICE Gasoil cash-settled swap transactions were entered into for a total of 123.2 million litres of diesel for the period January 2020 to December 2022 based on 50 per cent of usage over the specified period. The average swap price is US$575 per metric tonne (equivalent to US$75.8 per barrel). At the time of the transactions, the average Brent swap equivalent over the tenor was US$59.2 per barrel.

At 31 December 2021, the mark-to-market value on the hedge was a positive US$3.1 million (2020: negative US$10.0 million) with a realised gain of US$0.3 million (2020: loss of US$6.8 million) and an unrealised gain and prior year mark-to-market reversals of US$13.1 million (2020: loss of US$10.1 million).

Hedge accounting

The gains and losses on the all above hedges were recognised in profit or loss and are included in the gain on financial instruments line item. The Group has not designated the instruments for hedge accounting.

IFRS 7 sensitivity analysis

IFRS 7 requires sensitivity analysis that shows the effects of reasonably possible changes of relevant risk variables on profit or loss or shareholders' equity. The Group is exposed to commodity price, currency, interest rate and equity price risks. The effects are determined by relating the reasonably possible change in the risk variable to the balance of financial instruments at reporting date.

The amounts generated from the sensitivity analysis on the next page are forward-looking estimates of market risks assuming certain adverse or favourable market conditions occur. Actual results in the future may differ materially from those projected results and therefore should not be considered a projection of likely future events and gains/losses.

38. RISK MANAGEMENT ACTIVITIES continued Commodity price hedging sensitivity

The tables below summarise the effect of a change in the loss on financial instruments on the Group's profit or loss for the year ended 31 December 2020 in case of changes in the key inputs used to value the gold derivative contracts. The effect is not material for the year ended 31 December 2021 and has not been disclosed. The first analysis is based on the assumption that the gold forward prices have increased/decreased with all other variables held constant. The second analysis is based on the assumption that the interest rates increased/decreased with all other variables held constant.

	United States Dollar
Sensitivity to gold forward prices	(Decrease)/increase in gold forward prices
Figures in millions unless otherwise stated	(US$150)	(US$100)	(US$50)	US$50	US$100	US$150
2020
(Increase)/decrease in loss on financialinstruments	35.4	20.1	8.6	(6.5)	(11.4)	(15.0)

	United States Dollar
Sensitivity to interest rates1	(Decrease)/increase in interest rates
Figures in millions unless otherwise stated	(1.5%)	(1.0%)	(0.5%)	0.5%	1.0%	1.5%
2020
(Increase)/decrease in loss on financialinstruments	(5.2)	(2.9)	(0.8)	3.0	4.8	6.4

1 In determining the interest rate sensitivity of the AUD XAU Puts only the impact of the specified interest rate change on the risk-free interest rate as used in the Black-Scholes Option pricing was considered.

Foreign currency hedging sensitivity

The tables below summarise the effect of a change in the loss on financial instruments on the Group's profit or loss in case of changes in the key inputs used to value the Salares Norte foreign currency contracts. The first analysis is based on the assumption that the Chilean Peso exchange rates have increased/decreased with all other variables held constant. The second analysis is based on the assumption that the interest rates increased/decreased with all other variables held constant.

			United States Dollar
Sensitivity to exchange rate			(Decrease)/increase in Chilean peso exchange rates
Figures in millions unless otherwise stated	(15.0%)	(10.0%)	(5.0%)	5.0%	10.0%	15.0%
2021
(Increase)/decrease in loss on financialinstruments	22.5	11.3	1.3	(15.8)	(23.2)	(30.0)
2020
(Increase)/decrease in loss on financialinstruments	74.2	49.5	24.7	(24.7)	(49.5)	(74.2)

			United States Dollar
Sensitivity to interest rates			(Decrease)/increase in interest rates
Figures in millions unless otherwise stated	(1.5%)	(1.0%)	(0.5%)	5.0%	1.0%	1.5%
2021
(Increase)/decrease in loss on financialinstruments	(0.5)	(0.4)	(0.2)	0.2	0.4	0.5
2020
(Increase)/decrease in loss on financialinstruments	(7.3)	(4.8)	(2.4)	2.4	4.8	7.1

Notes to the Consolidated Financial Statements continued

for the year ended 31 December 2021

38. RISK MANAGEMENT ACTIVITIES continued

Equity securities price risk

The Group is exposed to equity securities price risk because of investments held by the Group which are designated at fair value through OCI. To manage its price risk arising from investments in equity securities, the Group diversifies its portfolio. Diversification of the portfolio is done in accordance with limits set by the Group.

The Group's equity investments are publicly traded and are listed on one of the following exchanges:

JSE Limited;
Toronto Stock Exchange; and
Australian Stock Exchange.

The table below summarises the impact of increases/decreases of the equity prices of listed investments at fair value through OCI on the Group's shareholders' equity. The analysis is based on the assumption that the share prices quoted on the exchange have increased/decreased with all other variables held constant and the Group's investments moved according to the historical correlation with the index.

United States Dollar

Sensitivity to equity security price		(Decrease)/increase in equity price
Figures in millions unless otherwise stated	(10.0%)	(5.0%)	5.0%	10.0%
2021
(Decrease)/increase in OCI1	(3.1)	(1.5)	1.5	3.1
2020
(Decrease)/increase in OCI1	(4.2)	(2.1)	2.1	4.2

1 Spot rate: R15.94 = US$1.00 (2020: R14.69 = US$1.00)

Preference shares price risk

The Group is exposed to preference shares price risk because of the Asanko preference shares which are designated at fair value through OCI. The fair value of the redeemable preference shares is based on the expected cash flows of the Asanko Gold Mine based on the life-of-mine model. Refer to note 17 for further details.

The tables below summarise the impact of increases/decreases on the Group's shareholders' equity in case of changes in the key inputs used to value the preference shares. The first analysis is based on the assumption that the market related discount rate have increased/decreased with all other variables held constant. The second analysis is based on the assumption that the timing of the cash flows used in the life-of-mine model increased/ decreased with all other variables held constant.

		United States Dollar
Sensitivity to preference share price risk		(Decrease)/increase in discount rate
Figures in millions unless otherwise stated	(1.0%)	(2.0%)	2.0%	1.0%
2021
Increase/(decrease) in OCI	3.5	7.1	(6.5)	(3.3)
2020
Increase/(decrease) in OCI	4.1	8.4	(7.4)	(3.8)

	(Decrease)/increase intiming of cash flows
Sensitivity to preference share price riskFigures in millions unless otherwise stated	1 year earlier	1 yearlater
2021
Increase/(decrease) in OCI	8.5	(7.8)
2020
Increase/(decrease) in OCI	6.4	(7.2)

38. RISK MANAGEMENT ACTIVITIES continued

Interest rate sensitivity

General

As Gold Fields has no significant interest-bearing assets, the Group's income and operating cash flows are substantially independent of changes in market interest rates. Gold Fields' interest rate risk arises from borrowings.

As of 31 December 2021, Gold Fields' borrowings amounted to US$1,078.1 million (2020: US$1,526.9 million). Gold Fields generally does not undertake any specific action to cover its exposure to interest rate risk, although it may do so in specific circumstances.

LIBOR developments

Developments in respect of the proposed reform/cessation of US dollar LIBOR and the impact thereof on our LIBOR linked borrowing facilities are actively monitored. Changes to the interest rate benchmark will be considered in conjunction with the surrounding facts and circumstances at the time and appropriate changes and resetting/ replacement of rates with counterparties will be negotiated and agreed. Gold Fields has negotiated a fall back provision for the US$150 million revolving senior secured credit facility that state the rate will revert to a rate equal to LIBOR. Gold Fields does not believe that LIBOR reform will have a material impact on the Group's finance cost.

Interest rate sensitivity analysis

The portion of Gold Fields' interest-bearing borrowings at year-end that is exposed to interest rate fluctuations is US$83.5 million (2020: US$533.5 million). These borrowings are normally rolled for periods between one and three months and are therefore exposed to the rate changes in this period. The remainder of the borrowings bear interest at a fixed rate.

US$83.5 million (2020: US$333.5 million) of the total borrowings at reporting date is exposed to changes in the LIBOR rate and US$nil (2020: US$200.0 million) is exposed to the BBSY rate. The relevant interest rates for each facility are described in note 24.

Interest rate sensitivity analysis

The table below summarises the effect of a change in finance expense on the Group's profit or loss had LIBOR, JIBAR, Prime and BBSY differed as indicated. The analysis is based on the assumption that the applicable interest rate increased/decreased with all other variables held constant and is calculated on the weighted average borrowings for the year. All financial instruments with fixed interest rates that are carried at amortised cost are not subject to the interest rate sensitivity analysis.

(1.5%)	(1.0%)	(0.5%)	0.5%	1.0%	1.5%

(2.2)	(1.5)	(0.7)	0.7	1.5	2.2
(2.7)	(1.8)	(0.9)	0.9	1.8	2.7
(4.9)	(3.3)	(1.6)	1.6	3.3	4.9

(1.5)	(1.0)	(0.5)	0.5	1.0	1.5
(2.1)	(1.4)	(0.7)	0.7	1.4	2.1
(3.6)	(2.4)	(1.2)	1.2	2.4	3.6
					Change in interest expense for a nominal change in interest rates

United States Dollar

1 Average rate: A$0.75= US$1.00 (2020: A$$0.69 = US$1.00).

Notes to the Consolidated Financial Statements continued

for the year ended 31 December 2021

39. CAPITAL MANAGEMENT

The primary objective of managing the Group's capital is to ensure that there is sufficient capital available to support the funding requirements of the Group, including capital expenditure, in a way that:

optimises the cost of capital
maximises shareholders' returns, and
ensures that the Group remains in a sound financial position.

There were no changes to the Group's overall capital management approach during the current year.

The Group manages and makes adjustments to the capital structure as and when borrowings mature or as and when funding is required. This may take the form of raising equity, market or bank debt or hybrids thereof. Opportunities in the market are also monitored closely to ensure that the most efficient funding solutions are implemented.

The Group monitors capital using the ratio of net debt to adjusted EBITDA. Adjusted EBITDA is defined as profit or loss for the year adjusted for interest, taxation, amortisation and depreciation and certain other costs. For external borrowings, the definition of adjusted EBITDA is as defined in the US$1,200 million term loan and revolving credit facilities agreement. Net debt is defined as total borrowing plus lease liabilities less cash and cash equivalents. The Group's long-term target is a ratio of net debt to adjusted EBITDA of one times or lower. The bank covenants on external borrowings entered into after 1 January 2019 require a net debt to adjusted EBITDA ratio of 3.5 or below and EBITDA to net finance charges of 4.0 or above and the ratios are measured based on amounts in United States Dollar. At the date of this report, the Group was not in default under the terms of any of its outstanding credit facilities.

		United States Dollar
Figures in millions unless otherwise stated	Notes	2021	2020
Total borrowings	24	1,078.1	1,526.9
Add: Lease liability		415.5	429.0
Less: Cash and cash equivalents	21	524.7	886.8
Net debt		968.9	1,069.1
Adjusted EBITDA		2,393.6	1,910.2
Net debt to adjusted EBITDA ratio		0.40	0.56
Reconciliation of profit for the year to adjusted EBITDA:
Profit for the year		829.5	745.4
Mining and income taxation		424.9	432.5
Royalties		112.4	105.0
Finance expense		100.9	126.7
Investment income		(8.3)	(8.7)
Loss on financial instruments		100.4	238.9
Foreign exchange loss/(gain)		1.9	(8.6)
Amortisation and depreciation	2	713.2	661.3
Share-based payments		12.7	14.5
Long-term incentive plan		28.5	51.3
Restructuring costs		1.3	2.0
Silicosis settlement costs		(0.7)	0.3
Impairment, net of reversal of impairment of investments and assets		42.4	(50.6)
(Profit)/loss on disposal of assets		(8.5)	0.2
Share of results of equity accounted investees, net of taxation		32.0	2.6
Rehabilitation expense	8	10.8	1.5
Realised loss on derivative contracts		(43.4)	(416.6)
Ghana expected credit loss		41.1	29.0
Salares VAT		—	(23.9)
Other		2.5	7.4
Adjusted EBITDA		2,393.6	1,910.2

40. RELATED PARTIES

(a) Subsidiaries, associates and joint ventures

The subsidiaries, associates and joint ventures of the Company are disclosed in note 42.

All transactions and balances with these related parties have been eliminated in accordance with and to the extent required by IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IAS 28 Investments in Associates and Joint Ventures.

(b) Key management remuneration

Key management personnel include Executive Directors and prescribed officers ("Executive Committee"). The total key management remuneration amounted to US$27.9 million (2020: US$23.6 million) for 2021.

The details of key management personnel, including remuneration and participation in the Gold Fields Limited share scheme and LTIP are disclosed in note 40 (c).

(c) Directors' and prescribed officers' remuneration

None of the Directors and officers of Gold Fields or, to the knowledge of Gold Fields, their families, had any interest, direct or indirect, in any transaction during the last three fiscal periods or in any proposed transaction which has affected or will materially affect Gold Fields or its investment interests or subsidiaries, other than as stated below.

None of the Directors or officers of Gold Fields or any associate of such Director or officer is currently or has been at any time during the past three fiscal periods indebted to Gold Fields.

At 31 December 2021, the Executive Committee and Non-executive Directors' beneficial interest in the issued and listed stated capital of the Company was 0.1% (2020: 0.3% and 2019: 0.1%). No one Director's interest individually exceeds 1% of the issued stated capital or voting control of the Company.

Non-executive Directors ("NEDs")

NEDs' fees reflect their services as Directors and services on various subcommittees on which they serve.

NEDs do not participate in any of the short- or long-term incentive plans and there are no arrangements in place for compensation to be awarded in the case of loss of office.

The Remuneration Committee seeks to align NEDs' fees to the median of an appropriate peer group and reviews fee structures for NEDs on an annual basis. Approval is sought from shareholders after recommendation by the Board at the Annual General Meeting.

Notes to the Consolidated Financial Statements continued

for the year ended 31 December 2021

40. RELATED PARTIES continued

Non-executive Directors ("NEDs") continued

The following table summarises the remuneration for NEDs for the years ended 31 December 2021 and 2020:

	DirectorsFeesUS$'000	Board feesCommitteeFeesUS$'000	TotalUS$'000
C Carolus	223.7	—	223.7
R Menell1	27.9	—	27.9
Y Suleman	73.4	75.6	149.0
P Bacchus	83.1	90.2	173.3
S Reid2	104.5	47.7	152.2
T Goodlace3	73.4	56.9	130.3
A Andani4	83.1	50.2	133.3
C Letton5	34.4	28.3	62.7
P Mahanyele6	12.0	5.1	17.1
P Sibiya7	61.4	43.2	104.6
J McGill8	9.2	—	9.2
Total – 2021	786.1	397.2	1,183.3
C Carolus	194.9	—	194.9
R Menell	126.9	—	126.9
Y Suleman	63.4	64.3	127.7
P Bacchus	80.4	84.2	164.6
S Reid2	80.4	56.4	136.8
T Goodlace	63.4	44.1	107.5
A Andani4	80.4	42.0	122.4
C Letton	80.4	68.0	148.4
P Mahanyele	63.4	27.7	91.1
Total – 2020	833.6	386.7	1,220.3

1 R Menell resigned from the Board on 10 March 2021.

2 S Reid is a director of Gold Fields Netherlands Services BV and Gold Fields Orogen Holdings (BVI) Limited. He received US$36,825 (2020: US$34,960) for duties performed on behalf of these entities. He was appointed as lead independent director on 1 September 2021 with an all-inclusive ZAR-based fee.

3 T Goodlace was appointed to the Nominating Committee effective 23 November 2021. He was paid pro-rate fees for November 2021 plus the full monthly fee for December 2021, in February 2022.

4 A Andani is a director of GF Ghana Limited and Abosso Goldfields Limited. He received US$74,025 (2020: US$69,682) for duties performed on

behalf of these entities. He was appointed Chair of the Capital Projects Committee on 1 June 2021.

5 C Letton resigned from the Board on 31 May 2021.

6 P Mahanyele resigned from the Board on 28 February 2021. 7 P Sibiya was appointed to the Board on 1 March 2021.

8 J McGill was appointed to the Board on 22 November 2021 and only received Directors fees for this period. Committee appointments are expected by February 2022.

40. RELATED PARTIES continued

Executive Committee

The following table summarises the remuneration for Executive Directors and prescribed officers for the years ended 31 December 2021 and 2020:

		Pension fund	Cash		Share-basedpayment
	Salary1US$'000	contributionUS$'000	incentive2US$'000	Other3US$'000	expense4US$'000	TotalUS$'000
Executive directors
C Griffith5	719.5	17.7	748.2	—	302.7	1,788.1
N Holland6	318.5	6.1	741.1	757.3	2,103.5	3,926.5
P Schmidt7	641.9	48.9	470.3	4.9	1,400.3	2,566.3
	1,679.9	72.7	1,959.6	762.2	3,806.5	8,280.9
Prescribed officers
L Rivera8	812.8	335.7	—	451.0	1,019.7	2,619.2
A Baku9	874.1	201.1	530.4	3,533.4	1,217.7	6,356.7
R Butcher	429.3	36.9	261.2	—	443.5	1,170.9
N Chohan	368.0	32.0	263.7	1.2	648.6	1,313.5
B Mattison10	466.2	25.5	306.8	1.7	826.9	1,627.1
T Leishman11	375.9	26.6	251.3	1.5	652.1	1,307.4
A Nagaser	266.1	27.6	183.4	11.1	396.0	884.2
S Mathews12	564.7	40.2	337.0	27.3	793.3	1,762.5
M Preece13	545.6	26.7	333.1	1.0	614.4	1,520.8
R Bardien14	323.6	27.4	219.2	1.8	512.2	1,084.2
	5,026.3	779.7	2,686.1	4,030.0	7,124.4	19,646.5
Total – 2021	6,706.2	852.4	4,645.7	4,792.2	10,930.9	27,927.4
Executive directors
N Holland	1,174.2	21.7	904.3	3.1	1,976.1	4,079.4
P Schmidt	574.3	42.6	446.6	1.7	1,690.2	2,755.4
	1,748.5	64.3	1,350.9	4.8	3,666.3	6,834.8
Prescribed officers
L Rivera8	708.6	130.4	—	389.4	1,147.1	2,375.5
A Baku9	859.3	197.7	564.1	184.3	1,635.9	3,441.3
R Butcher	382.8	38.3	235.4	—	559.4	1,215.9
N Chohan	318.7	27.0	227.4	1.8	823.0	1,397.9
B Mattison	416.8	22.2	281.1	0.1	1,150.0	1,870.2
T Leishman11	327.5	23.1	224.7	53.0	856.6	1,484.9
A Nagaser	229.5	23.8	158.1	0.4	526.2	938.0
S Mathews12	493.6	56.9	333.6	25.1	906.1	1,815.3
M Preece13	475.4	23.2	302.6	2.9	508.4	1,312.5
R Bardien14	279.0	23.6	117.6	—	539.8	960.0
	4,491.2	566.2	2,444.6	657.0	8,652.5	16,811.5
Total – 2020	6,239.7	630.5	3,795.5	661.8	12,318.8	23,646.3

1 The total US$ amounts paid for 2021 and included in salary were as follows: C Griffith US$244,500 (2020: US$nil), NJ Holland US$106,950 (2020: US$424,550), P Schmidt US$131,500 (2020: US$129,600) and B Mattison US$93,500 (2020: US$92,100).

2 The annual bonuses for the year ended 31 December 2020 and 31 December 2021 were paid in February/March 2020 and February/March 2021, respectively. 3 Other payments include business related reimbursements and incidental payments unless otherwise stated.

4 The share-based payment expense is calculated in terms of IFRS and is not the cash amounts paid. For details of the share options, refer to the remuneration report pages 54 to 59.

5 C Griffith was appointed CEO on 1 April 2021.

6 NJ Holland retired effective 31 March 2021. Other payments for 2021 include a termination payment in line with his retirement agreement of which US$215,881 was in US$.

7 Other payments for 2021 include a long-service award payment of US$2,500 for 25 years' service.

8 Other payments for 2020 and 2021 include advance payment of portion of estimated Utilidades and a recognition award for 2021. Benefits included use of a company-owned vehicle.

9 A Baku resigned on 31 December 2021. Other payments for 2020 relate to leave encashment and leave travel allowance and for 2021 termination payment and leave encashment. Benefits include use of a company-owned vehicle.

10 Other payments for 2021 relate to forced leave encashment in accordance with the Company policy.

11 Other payments for 2021 relate to forced leave encashment in accordance with the Company policy and 2020 relate to an approved bonus for handover to the newly appointed Company Secretary, for her role as acting Company Secretary.

12 Other payments for 2020 and 2021 relate to bonus payment for most improved and best operation bonus scheme. May avail of company-provided local transportation at operations, on non-exclusive basis.

13 M Preece may avail of company-provided local transportation at operations, on a non-exclusive basis.

14 Elected prior to the determination of the annual performance bonus for 2020, in line with the rules of the MSR policy, to defer 40% of her 2020 cash bonus (US$78,398) into Restricted Shares. Prior to such election her full calculated annual performance bonus for 2020 was US$195,995.

41. SEGMENT REPORT

Financial summary

Financial summary
	SouthAfrica		Ghana			Peru	Chile		Australia
Figures in millions unless otherwise stated	Deep1South	Tarkwa	Damang	Asanko2	TotalGhana	CerroCorona	Norte8Salares	St Ives	Agnew	GrannySmith	Gruyere	TotalAustralia	and other3Corporate	Group includingAsankoproportionatelyconsolidated	GroupexcludingAsankoequityaccounted
INCOME STATEMENT
for the year ended 31 December 2021
Revenue	523.8	936.9	457.5	172.1	1,566.5	434.8	—	705.5	402.0	510.4	224.4	1,842.3	—	4,367.3	4,195.2
Cost of sales	(347.9)	(482.4)	(242.7)	(132.7)	(857.9)	(263.9)	—	(358.6)	(237.3)	(265.6)	(158.7)	(1,020.4)	(17.4)	(2,507.5)	(2,374.9)
Cost of sales before gold inventory changeand amortisation and depreciation	(312.2)	(339.7)	(222.0)	(115.0)	(676.7)	(190.0)	—	(268.4)	(168.2)	(191.3)	(92.5)	(720.5)	—	(1,899.4)	(1,784.5)
Gold inventory change	7.3	29.6	71.9	4.6	106.0	14.4	—	(5.1)	(4.3)	(2.1)	11.3	(0.3)	—	127.4	122.8
Amortisation and depreciation	(43.0)	(172.3)	(92.6)	(22.3)	(287.2)	(88.3)	—	(85.1)	(64.8)	(72.2)	(77.5)	(299.6)	(17.4)	(735.5)	(713.2)
Other costs	(6.0)	(0.7)	(2.0)	(3.7)	(6.4)	(10.5)	(9.1)	(11.6)	0.7	0.2	(0.3)	(11.0)	(43.7)	(86.8)	(83.1)
Investment income	2.6	6.0	0.8	—	6.8	—	—	—	—	—	—	—	(1.1)	8.3	8.3
Finance expense	(1.9)	(15.5)	(8.0)	—	(23.5)	(5.6)	—	(1.0)	(5.2)	(2.1)	(10.4)	(18.7)	(51.2)	(100.9)	(100.9)
Loss on financial instruments	—	11.6	1.8	—	13.4	(31.8)	(60.0)	(11.0)	(7.4)	(8.0)	(4.3)	(30.7)	8.7	(100.4)	(100.4)
Share-based payments	(0.3)	(2.1)	(0.1)	—	(2.2)	(1.5)	(0.2)	(0.6)	(0.5)	(0.5)	(0.2)	(1.8)	(6.7)	(12.7)	(12.7)
Long-term incentive plan	(1.6)	(5.5)	(1.7)	—	(7.2)	(1.0)	(0.6)	(2.9)	(1.9)	(2.8)	(1.4)	(9.0)	(9.1)	(28.5)	(28.5)
Exploration expense	—	(3.0)	(6.6)	—	(9.6)	(1.6)	(27.2)	(9.7)	(4.5)	(5.6)	(1.5)	(21.3)	(0.9)	(60.6)	(60.6)
Restructuring costs	—	(1.3)	—	—	(1.3)	—	—	—	—	—	—	—	—	(1.3)	(1.3)
Ghana ECL	—	(23.4)	(17.7)	—	(41.1)	—	—	—	—	—	—	—	—	(41.1)	(41.1)
Silicosis settlement costs	—	—	—	—	—	—	—	—	—	—	—	—	0.7	0.7	0.7
Impairment and reversal of impairment ofinvestments and assets, net	—	—	—	—	—	(1.6)	—	(9.4)	(0.6)	—	—	(10.0)	(30.8)	(42.4)	(42.4)
Profit/(loss) on disposal of assets	0.2	—	—	—	—	—	—	7.4	1.5	(0.2)	(0.4)	8.3	—	8.5	8.5
Royalties	(2.6)	(37.5)	(18.3)	(8.6)	(64.4)	(8.0)	—	—	—	—	—	(46.0)	—	(121.0)	(112.4)
Mining and income tax	(51.8)	(123.3)	(64.3)	—	(187.6)	(54.5)	84.8	—	—	—	—	(206.0)	(9.8)	(424.9)	(424.9)
Current taxation	—	(110.3)	(81.1)	—	(191.4)	(61.2)	(1.9)	—	—	—	—	(166.1)	(28.0)	(448.6)	(448.6)
Deferred taxation	(51.8)	(13.0)	16.8	—	3.8	6.7	86.7	—	—	—	—	(39.9)	18.2	23.7	23.7
Profit for the year	114.5	259.8	98.7	27.0	385.4	54.8	(12.3)	—	—	—	—	475.8	(161.3)	856.5	829.5
Profit attributable to:
– Owners of the parent	110.4	233.8	88.9	27.0	349.6	54.5	(12.3)	—	—	—	—	475.8	—	816.3	789.3
– Non-controlling interest holders	4.1	26.0	9.8	—	35.8	0.3	—	—	—	—	—	—	—	40.2	40.2
STATEMENT OF FINANCIAL POSITION
at 31 December 2021
Total assets (excluding deferred taxation)	898.3	1,786.3	372.7	—	2,159.0	797.2	589.5	849.3	815.7	431.8	255.8	2,352.6	291.6	7,088.2	7,088.2
Total liabilities (excluding deferred taxation)	1,117.9	359.1	137.3	—	496.4	294.1	662.4	160.9	162.4	132.7	127.8	583.8	(436.8)	2,717.8	2,717.8
Net deferred taxation (assets)/liabilities	(114.2)	261.8	22.0	—	283.8	50.3	(86.7)	—	—	—	—	148.7	(41.6)	240.3	240.3
Capital expenditure6	89.3	209.0	23.4	20.5	252.9	55.7	374.9	103.3	88.2	100.4	43.7	335.6	0.8	1,109.2	1,088.7

Notes to the Consolidated Financial Statements continued

for the year ended 31 December 2021

The above is a geographical analysis presented by location of assets.

The Group's operations are primarily involved in gold mining, exploration and related activities. Activities are conducted and investments held both inside and outside South Africa. The segment results have been prepared and presented based on management's reporting format. Gold mining operations are managed and internally reported based on the following geographical areas: in South Africa, South Deep mine, in Ghana, Tarkwa, Damang and Asanko mines, in Australia, St Ives, Agnew, Granny Smith and Gruyere, in Peru, the Cerro Corona mine and in Chile, the Salares Norte Project. The Group also has exploration interests which are included in the "Corporate and other" segment. Refer to accounting policies on segment reporting on page 162.

Figures may not add as they are rounded independently.

The income statement and statement of financial position of South Deep is that of the operating mine and does not include any of the adjustments made in respect of the purchase price allocation relating to the acquisition of

South Deep. South Deep Gold mine, being an unincorporated joint venture, is not liable for taxation. Taxation included in South Deep is indicative, as tax is provided in the holding companies at a rate of 29%.

For the purpose of the review of the segment by the CODM, Asanko's income statement is proportionately consolidated in the Ghana segment. Equity Accounted Joint Venture carried at US$59.5 million. 3 "Corporate and other" represents the items to reconcile segment data to consolidated financial statement totals, including the elimination of intercompany transactions and balances as well as the Group's exploration interests.

This does not represent a separate segment as it does not generate revenue. Included in "Corporate and other" is the adjustment made in respect of the purchase price allocation of South Deep.

Other costs "Corporate and other" comprise share of losses of equity-accounted investees, net of taxation of US$32.0 million, (which include the impairment of mining assets at Asanko Gold Mine of US$52.8 million) and the

balance of US$11.7 million expenses which consists mainly of corporate related costs.

The Australian operations are entitled to transfer and off-set profits and losses from one company to another, therefore it is not meaningful to split the royalties, income or deferred taxation. 6 Capital expenditure for the year ended 31 December 2021. 7 Includes revenue from the sale of copper amounting to US$232.3 million. 8 In 2021 Salares Norte became a reportable segment, as the CODM has started monitoring the capital expenditure and progress towards completion. The comparative figures have been disclosed.

41. SEGMENT REPORT continued

Financial summary

South

	Africa		Ghana			Peru	Chile		Australia
	South				Total	Cerro	Salares			Granny		Total	Corporate	Groupincluding	Groupexcluding
Figures in millions unless otherwise stated	Deep1	Tarkwa	Damang	Asanko2	Ghana	Corona	Norte8	St Ives	Agnew	Smith	Gruyere	Australia	and other3	Asanko	Asanko
INCOME STATEMENT
for the year ended 31 December 2020
Revenue	400.1	927.7	400.8	188.2	1,516.7	368.8	—	691.4	411.5	466.4	225.4	1,794.7	—	4,080.3	3,892.1
Cost of sales	(258.1)	(465.1)	(247.5)	(117.0)	(829.6)	(232.0)	—	(347.5)	(228.3)	(228.3)	(131.6)	(935.9)	(11.9)	(2,267.4)	(2,150.4)
Cost of sales before gold inventory changeand amortisation and depreciation	(227.2)	(294.5)	(233.1)	(107.1)	(634.7)	(158.3)	—	(240.7)	(157.3)	(170.2)	(73.4)	(641.6)	0.1	(1,661.7)	(1,554.6)
Gold inventory change	(1.8)	(2.4)	61.2	13.0	71.8	3.9	—	6.6	(5.4)	3.1	0.3	4.5	—	78.5	65.5
Amortisation and depreciation	(29.1)	(168.2)	(75.6)	(22.9)	(266.7)	(77.6)	—	(113.4)	(65.6)	(61.2)	(58.5)	(298.8)	(12.0)	(684.2)	(661.3)
Other costs	(1.5)	(1.7)	(2.7)	(2.3)	(6.7)	(4.8)	21.6	(3.3)	(1.7)	(2.6)	(0.1)	(7.8)	(8.6)	(67.2)	(5.5)
Investment income	1.7	9.6	0.8	—	10.4	—	—	0.2	0.1	0.1	—	0.4	(3.8)	8.7	8.7
Finance expense	(2.0)	(14.7)	(11.7)	—	(26.4)	(5.6)	—	(1.7)	(5.1)	(2.4)	(10.0)	(19.2)	(73.5)	(126.7)	(126.7)
Loss on financial instruments	(84.7)	(67.2)	(26.7)	—	(93.9)	(14.0)	91.2	(80.1)	(48.0)	(51.6)	(25.4)	(205.1)	67.6	(238.9)	(238.9)
Share-based payments	0.6	(2.9)	—	—	(2.9)	(1.5)	—	(0.8)	(0.6)	(0.8)	(0.6)	(2.8)	(7.9)	(14.5)	(14.5)
Long-term incentive plan	(5.0)	(8.1)	(3.1)	—	(11.2)	(5.3)	—	(6.0)	(4.1)	(4.6)	(1.5)	(16.2)	(13.6)	(51.3)	(51.3)
Exploration expense	—	—	—	—	—	(1.4)	(30.1)	(7.5)	(2.0)	(6.2)	(1.2)	(16.9)	(1.3)	(49.7)	(49.7)
Profit on disposal of Maverix Metals
Incorporated	—	(1.2)	—	—	(1.2)	—	—	(0.8)	—	—	—	(0.8)	—	(2.0)	(2.0)
Tarkwa expected credit loss	—	(29.0)	—	—	(29.0)	—	—	—	—	—	—	—	—	(29.0)	(29.0)
Silicosis settlement costs	—	—	—	—	—	—	—	—	—	—	—	—	(0.3)	(0.3)	(0.3)
Impairment and reversal of impairment of
investments and assets, net	—	—	(9.8)	—	(9.8)	(1.9)	—	—	—	—	—	—	62.3	50.6	50.6
Profit/(loss) on disposal of assets	0.1	—	—	—	—	—	—	—	0.2	(0.5)	—	(0.3)	—	(0.2)	(0.2)
Royalties	(2.0)	(37.1)	(16.0)	(9.4)	(62.5)	(5.6)	—	—	—	—	—	(44.3)	—	(114.4)	(105.0)
Mining and income tax	(13.9)	(136.8)	(38.9)	—	(175.7)	(42.8)	(7.4)	—	—	—	—	(164.7)	(28.0)	(432.5)	(432.5)
Current taxation	—	(129.6)	—	—	(129.6)	(52.2)	(7.4)	—	—	—	—	(166.0)	(11.3)	(366.5)	(366.5)
Deferred taxation	(13.9)	(7.2)	(38.9)	—	(46.1)	9.4	—	—	—	—	—	1.3	(16.7)	(66.0)	(66.0)
Profit/(loss) for the year	35.3	173.5	45.2	59.4	278.1	53.9	75.3	—	—	—	—	381.2	(19.0)	804.9	745.4
Profit/(loss) attributable to :															—
– Owners of the parent	35.0	156.2	40.7	59.4	256.3	53.6	75.3	—	—	—	—	381.2	(19.0)	782.5	723.0
– Non-controlling interest holders	0.3	17.3	4.5	—	21.8	0.3	—	—	—	—	—	—	—	22.4	22.4

STATEMENT OF FINANCIAL POSITION

at 31 December 2020
Total assets (excluding deferred taxation)	881.2	2,035.1	534.0	—	2,569.1	771.8	288.8	802.5	755.4	367.6	682.7	2,608.2	113.7	7,232.8	7,232.8
Total liabilities (excluding deferred taxation)	1,287.2	359.7	375.6	—	735.3	318.1	362.7	171.9	173.4	222.4	583.5	1,151.2	(709.8)	3,144.7	3,144.7
Net deferred taxation (assets)/liabilities	(176.0)	248.9	38.8	—	287.7	57.0	—	—	—	—	—	124.1	(32.8)	259.9	259.9
Capital expenditure6	49.1	147.2	19.9	31.2	198.3	49.9	96.8	73.5	51.9	66.4	28.0	219.8	1.0	614.9	583.7

The above is a geographical analysis presented by location of assets.

The Group's operations are primarily involved in gold mining, exploration and related activities. Activities are conducted and investments held both inside and outside South Africa. The segment results have been prepared and presented based on management's reporting format. Gold mining operations are managed and internally reported based on the following geographical areas: in South Africa, South Deep mine, in Ghana, Tarkwa, Damang and Asanko mines, in Australia, St Ives, Agnew, Granny Smith and Gruyere and in Peru, the Cerro Corona mine. The Group also has exploration interests which are included in the "Corporate and other" segment. Refer to accounting policies on segment reporting on page 162.

Figures may not add as they are rounded independently.

For the purpose of the review of the segment by the CODM, Asanko's income statement is proportionately consolidated in the Ghana segment. Equity Accounted Joint Venture carried at US$88.9 million.

"Corporate and other" represents the items to reconcile segment data to consolidated financial statement totals, including the elimination of intercompany transactions and balances as well as the Group's exploration interests.

This does not represent a separate segment as it does not generate revenue. Included in "Corporate and other" is the adjustment made in respect of the purchase price allocation of South Deep.

Other costs "Corporate and other" comprise share of losses of equity-accounted investees, net of taxation of US$2.6 million and the balance of US$6.0 million consists mainly of corporate related costs.

The Australian operations are entitled to transfer and off-set profits and losses from one company to another, therefore it is not meaningful to split the royalties, income or deferred taxation.

Capital expenditure for the year ended 31 December 2020.

Includes revenue from the sale of copper amounting to US$144.1 million.

In 2021 Salares Norte became a reportable segment, as the CODM has started monitoring the capital expenditure and progress towards completion. The comparative figures have been disclosed.

Notes to the Consolidated Financial Statements continued

for the year ended 31 December 2021

Financial summary
	SouthAfrica		Ghana			Peru		Australia
Figures in millions unless otherwise stated	SouthDeep1	Tarkwa	Damang	Asanko2	TotalGhana	CerroCorona	St Ives	Agnew/Lawlers	GrannySmith	Gruyere	TotalAustralia	Corporateand other3	GroupincludingAsanko	GroupexcludingAsanko
INCOME STATEMENT
for the year ended 31 December 2019
Cost of salesRevenue	(275.1)314.8	(497.2)720.4	(195.5)288.3	(133.4)153.3	(826.1)1,162.0	(255.0)399.0	(333.8)505.0	(224.9)304.6	(212.7)383.8	(28.2)51.2	(799.7)1,244.6	(10.9)—	(2,166.9)3,120.4	(2,033.5)2,967.1
Cost of sales before gold inventory change and amortisation
Gold inventory changeand depreciation	(245.9)3.7	(329.8)14.4	(150.4)8.8	(88.7)(1.7)	(568.9)21.5	(168.4)6.0	(231.3)2.5	(164.6)2.6	(157.0)(0.3)	(19.1)5.4	(572.1)10.2	—0.1	(1,555.2)41.3	(1,466.5)43.0
Amortisation and depreciation	(32.9)	(181.8)	(53.9)	(43.0)	(278.7)	(92.6)	(105.0)	(62.9)	(55.4)	(14.5)	(237.8)	(11.0)	(653.0)	(610.0)
Other income/(costs)	(3.0)	(12.8)	(14.3)	(8.0)	(35.1)	(4.7)	(5.4)	(0.4)	(7.9)	(0.4)	(14.1)	(20.8)	(77.7)	(69.7)
Investment income	1.0	10.1	—	—	10.1	—	0.4	0.3	0.3	—	1.0	(4.8)	7.3	7.3
Finance expense	(6.6)	(12.9)	(14.3)	—	(27.2)	(7.0)	(2.7)	(2.1)	(2.7)	(3.2)	(10.7)	(50.7)	(102.2)	(102.2)
Loss on financial instruments	(25.8)	(23.8)	(11.3)	—	(35.1)	—	(49.3)	(28.7)	(39.3)	(8.5)	(125.8)	(51.3)	(238.0)	(238.0)
Long-term incentive planShare-based payments	(1.0)0.8	(3.4)(0.7)	(1.8)(0.3)	——	(5.2)(1.0)	(1.1)(0.4)	(1.7)(0.5)	(1.2)(0.4)	(1.3)(0.4)	(0.3)(0.1)	(4.5)(1.4)	(10.5)(5.3)	(20.5)(9.1)	(20.5)(9.1)
Exploration expense	—	—	—	—	—	(4.4)	(10.0)	(2.8)	(17.0)	(0.2)	(30.0)	(50.0)	(84.4)	(84.4)
Profit on disposal of Maverix Metals Incorporated	—	—	—	—	—	—	—	—	—	—	—	14.6	14.6	14.6
Restructuring costs	(0.3)	(0.3)	—	—	(0.3)	—	—	—	—	—	—	—	(0.6)	(0.6)
Silicosis settlement costs	—	—	—	—	—	—	—	—	—	—	—	1.6	1.6	1.6
Impairment, net of reversal of impairment of investments andassets
Profit on disposal of assets	—0.7	—0.2	—0.1	——	—0.3	(0.2)—	(0.4)—	—0.3	—0.3	——	—0.2	(9.6)—	(9.8)1.2	(9.8)1.2
Royalties	(1.6)	(25.8)	(10.3)	(7.7)	(43.8)	(5.5)	—	—	—	—	(30.5)	—	(81.4)	(73.7)
Mining and income tax	3.4	(52.4)	(15.1)	0.2	(67.3)	(37.6)	—	—	—	—	(69.9)	(4.0)	(175.4)	(175.6)
Current taxation	—	(72.5)	—	—	(72.5)	(56.3)	—	—	—	—	(55.7)	(6.1)	(190.6)	(190.6)
Deferred taxation	3.4	20.1	(15.1)	0.2	5.2	18.7	—	—	—	—	(14.2)	2.1	15.2	15.0
Profit/(loss) for the year	7.2	101.3	25.5	4.3	131.1	83.1	—	—	—	—	159.3	(201.7)	179.1	174.7
Profit/(loss) attributable to :– Owners of the parent	7.2	91.2	22.9	4.3	118.4	82.7	—	—	—	—	159.3	(201.7)	166.0	161.6
– Non-controlling interest holders	—	10.1	2.6	—	12.7	0.4	—	—	—	—	—	—	13.1	13.1
STATEMENT OF FINANCIAL POSITION
Total assets (excluding deferred taxation)at 31 December 2019	875.0	1,773.8	440.5	—	2,214.3	744.4	792.7	567.0	419.2	650.4	2,429.3	32.8	6,295.8	6,295.8
Total liabilities (excluding deferred taxation)	1,357.9	276.9	361.6	—	638.5	232.1	160.1	114.9	122.0	600.8	997.8	(7.3)	3,219.0	3,219.0
Net deferred taxation (assets)/liabilities	(201.0)	241.6	(0.1)	—	241.5	66.4	—	—	—	—	114.7	(53.4)	168.1	168.1
Capital expenditure6	33.1	125.5	76.3	26.8	228.6	56.1	98.3	76.1	72.2	72.1	318.7	2.8	639.3	612.5
is expected to become a significant contributor to the Group's performance in future years as the project is being developed. The Group also has exploration interests which are included in the "Corporate and other" segment. Refer toThe Group's continuing operations are primarily involved in gold mining, exploration and related activities. Activities are conducted and investments held both inside and outside South Africa. The segment results have been preparedmines, in Australia, St Ives, Agnew/ Lawlers, Granny Smith and Gruyere Gold project and in Peru, the Cerro Corona mine. Whilst the Gruyere Gold project does not meet the quantitative criteria for disclosure as a separate segment, itand presented based on management's reporting format. Gold mining operations are managed and internally reported based on the following geographical areas: in South Africa, South Deep mine, in Ghana, Tarkwa and DamangThe above is a geographical analysis presented by location of assets.
Figures may not add as they are rounded independently.accounting policies on segment reporting on page 162.
3 "Corporate and other" represents the items to reconcile segment data to consolidated financial statement totals, including the elimination of intercompany transactions and balances as well as the Group's exploration interests.The income statement and statement of financial position of South Deep is that of the operating mine and does not include any of the adjustments made in respect of the purchase price allocation relating to the acquisition ofSouth Deep. South Deep Gold mine, being an unincorporated joint venture, is not liable for taxation. Taxation included in South Deep is indicative, as tax is provided in the holding companies at a rate of 29%.For the purpose of the review of the segment by the CODM, Asanko's income statement is proportionately consolidated in the Ghana segment. Equity accounted joint venture carried at US$89.9 million.21
Other costs "Corporate and other" comprise share of profit of equity-accounted investees, net of taxation of US$3.1 million, loss on buy-back of the US$1 billion notes of US$5.0 million and the balance of US$18.9 million consistsThis does not represent a separate segment as it does not generate revenue. Included in "Corporate and other" is the adjustment made in respect of the purchase price allocation of South Deep.4
The Australian operations are entitled to transfer and off-set profits and losses from one company to another, therefore it is not meaningful to split the royalties, income or deferred taxation.mainly of corporate-related costs.5
7 Includes revenue from the sale of copper amounting to US$165.1 million6 Capital expenditure for the year ended 31 December 2019.

41. SEGMENT REPORT continued

42. MAJOR GROUP INVESTMENTS – DIRECT AND INDIRECT

			Shares held		Group beneficial interest
	Notes	2021	2020	2021	2020
Subsidiaries
Unlisted
Abosso Goldfields Ltd6
– Class "A" shares	1	49,734,000	49,734,000	90.0%	90.0%
– Class "B" shares	1	4,266,000	4,266,000	90.0%	90.0%
Agnew Gold Mining Company Pty Ltd	2	54,924,757	54,924,757	100.0%	100.0%
Darlot Mining Company Pty Ltd	2	1	1	100.0%	100.0%
GFI Joint Venture Holdings (Pty) Ltd	3	311,668,564	311,668,564	100.0%	100.0%
GFL Mining Services Ltd	3	235,676,387	235,676,387	100.0%	100.0%
Gold Fields Ghana Ltd7	1	900	900	90.0%	90.0%
Gold Fields Group Services (Pty) Ltd	3	1	1	100.0%	100.0%
Gold Fields Holdings Company Ltd	5	4,084	4,084	100.0%	100.0%
Gold Fields La Cima S.A.8	4	1,426,050,205	1,426,050,205	99.5%	99.5%
Gold Fields Operations Ltd	3	156,279,947	156,279,947	100.0%	100.0%
Gold Fields Orogen Holding (BVI) Ltd	5	1,224	356	100.0%	100.0%
Gruyere Mining Company Pty Ltd	2	1	1	100.0%	100.0%
GSM Mining Company Pty Ltd	2	1	1	100.0%	100.0%
Newshelf 899 (Pty) Ltd	3
– Class "A" shares9		90,000,000	90,000,000	100.0%	100.0%
– Class "B" shares10		10,000,000	10,000,000	—%	—%
St Ives Gold Mining Company Pty Ltd	2	281,051,329	281,051,329	100.0%	100.0%

1 Incorporated in Ghana.

2 Incorporated in Australia. 3 Incorporated in the Republic of South Africa.

4 Incorporated in Peru.

5 Incorporated in the British Virgin Islands.

6 Abosso Goldfields Ltd ("Abosso") owns the Damang operation in Ghana. The accumulated non-controlling interest of Abosso at 31 December 2021 amounts to US$21.3 million (2020: US$12.0 million). A dividend of US$4.9 million was declared to non-controlling interest during 2021 (2020: US$$4.5 million). Refer to the segment reporting, note 41, for summarised financial information of Damang.

7 Gold Fields Ghana Ltd ("GFG") owns the Tarkwa operation in Ghana. The accumulated non-controlling interest of GFG at 31 December 2021 amounts to US$116.5 million (2020: US$142.7 million). A dividend of US$45.9 million was advanced to non-controlling interest during 2021 (2020: US$5.1 million). Refer to the segment reporting, note 41, for summarised financial information of Tarkwa.

8 Gold Fields La Cima S.A. ("La Cima") owns the Cerro Corona operation in Peru. The accumulated non-controlling interest of La Cima at 31 December 2021 amounts to US$2.1 million (2020: US$1.9 million). A dividend of US$nil was paid to non-controlling interest during 2021 (2020: US$0.5 million). Refer to the segment reporting, note 41, financial information of Cerro Corona.

9 The South Deep Joint Venture ("SDJV") owns and operates the South Deep Gold Mine. The SDJV is an unincorporated joint venture between Gold Fields Operations Limited ("GFO") and GFI Joint Venture Holdings Proprietary Limited ("GFIJVH"). GFO and GFIJVH are wholly owned subsidiaries of Newshelf 899 Proprietary Limited ("Newshelf"). The share capital of Newshelf comprises of:

• 90,000,000 "A" shares, representing 90% of Newshelf's equity. Gold Fields Limited is the holder of the "A" shares; and

• 10,000,000 "B" shares, representing 10% of Newshelf's equity. South Deep's BEE shareholders are the holders of the "B" shares. 10 The "B" shares entitle the BEE shareholders to a cumulative preferential dividend of R20.0 million per annum for the first 10 years (expired in December 2020), R13.3 million per annum for the next five years and R6.7 million for the five years thereafter. After 20 years, this preferential dividend will cease. The "B" shares' rights to participate in the profits of Newshelf over and above the cumulative preferred dividend were initially suspended. The suspension will be lifted over a 20 years period on a phased-in basis as follows:

• after 10 years, in respect of one-third of the "B" shares;

• after 15 years, in respect of another one-third of the "B" shares; and

• after 20 years, in respect of the remaining one-third of the "B" shares.

After 20 years, all of the "B" shares will substantially have the same rights as the "A" shares. The BEE shareholders must retain ownership of the "B" shares for 30 years.

Notes to the Consolidated Financial Statements continued

for the year ended 31 December 2021

42. MAJOR GROUP INVESTMENTS – DIRECT AND INDIRECT continued

	Shares held		Group beneficial interest
	2021	2020	2021	2020
Other1
Listed associates
Rusoro Mining Limited	140,000,001	140,000,001	25.7%	25.7%
Lunnon Metals Limited	44,711,062	—	31.7%	—%
Joint ventures
Far Southeast Gold Resources Incorporated	1,737,699	1,737,699	40.0%	40.0%
Asanko Gold Ghana Limited	450,000,000	450,000,000	45.0%	45.0%
Adansi Gold Company Limited	100,000	100,000	50.0%	50.0%
Shika Group Finance Limited	10,000	10,000	50.0%	50.0%
Listed equity investments
Galiano Gold Inc. (formerly Asanko Gold Inc.)	21,971,657	21,971,657	9.8%	9.8%
Bezant Resources PLC	—	17,945,922	—%	0.6%
Hamelin Gold Limited	11,000,000	—	10.0%	—%
RareX Limited	710,592	710,592	0.2%	0.2%
Consolidated Woodjam Copper Corporation2	16,115,740	16,115,740	13.3%	16.3%
Lefroy Exploration Limited2	21,613,910	21,613,910	15.0%	18.0%
Magmatic Resources Limited	19,200,000	19,200,000	7.5%	10.9%
Orsu Metals Corp	2,613,491	2,613,491	6.0%	6.1%
Chakana Copper Corp2	22,270,791	15,686,275	19.9%	16.8%
Amarc Resources Limited	5,000,000	5,000,000	2.8%	2.8%

1 Only major investments are listed individually.

2 An assessment has been performed and the Group does not have significant influence.

Operating and Financial Information by Mine (unaudited)

for the year ended 31 December 2021

SOUTH AFRICAN REGION

				South Deep – total managed
			Gold produced			Net earnings (beforeminorities)
	TonnesMilled	Yield*g/tonne	Kilograms	'000ounces	All-incosts**US$/oz	SA Randmillion	US$million
Year to 30 June
2007#	1,104,000	4.6	5,076	163	595	(46.8)	(6.5)
2008	1,367,000	5.3	7,220	232	727	(143.1)	(19.7)
2009	1,241,000	4.4	5,434	175	717	(10.9)	(1.2)
2010	1,681,000	4.9	8,236	265	811	(81.0)	(10.7)
Six months to December 2010	1,101,000	4.1	4,547	146	939	(96.5)	(13.5)
Year to 31 December
2011	2,440,000	3.5	8,491	273	1,073	146.4	20.3
2012	2,106,000	4.0	8,411	270	1,105	122.1	14.9
2013	2,347,000	4.0	9,397	302	1,045	(206.9)	(21.6)
2014	1,323,000	4.7	6,236	200	1,732	(897.7)	(83.0)
2015	1,496,000	4.1	6,160	198	1,559	(700.5)	(55.2)
2016	2,248,000	4.0	9,032	290	1,234	191.1	13.0
2017	2,081,000	4.2	8,748	281	1,400	(337.6)	(25.3)
2018	1,320,000	3.7	4,885	157	2,012	(3,009.2)	(224.7)
2019	1,666,000	4.1	6,907	222	1,259	104.4	7.2
2020	2,258,000	3.1	7,056	227	1,260	578.6	35.3
2021	2,922,000	3.1	9,101	293	1,379	1,693.4	114.5
Total	28,701,000	4.0	114,937	3,694

# For the seven months ended 30 June 2007, since acquisition control.

* Combined surface and underground yield

**All-in costs: as from 2014 per the new World Gold Council Standard issued on 27 June 2013. Up to 2014, cash cost was the key metric.

Operating and Financial Information by Mine

(unaudited) continued

for the year ended 31 December 2021

WEST AFRICAN REGION

			Tarkwa mine – total managed
			Gold produced			Netearnings(beforeminorities)
	Tonnestreated	Yieldg/tonne	Kilograms	'000ounces	All-incosts**US$/oz	US$million
Year to 30 June
1994 – 2005	91,612,600	1.2	108,546	3,490	n/a	210.9
2006	21,487,000	1.0	22,060	709	292	97.8
2007	22,639,000	1.0	21,684	697	333	116.9
2008	22,035,000	0.9	20,095	646	430	147.8
2009	21,273,000	0.9	19,048	612	521	100.0
2010	22,716,000	1.0	22,415	721	536	187.9
Six months to December 2010	11,496,000	1.0	11,261	362	562	135.6
Year to 31 December
2011	23,138,000	1.0	22,312	717	556	401.4
2012	22,910,000	1.0	22,358	719	673	263.7
2013	19,275,000	1.0	19,664	632	816	(16.2)
2014	13,553,000	1.3	17,363	558	1,068	83.7
2015	13,520,000	1.3	18,229	586	970	87.5
2016	13,608,000	1.3	17,669	568	959	116.9
2017	13,527,000	1.3	17,617	566	940	85.4
2018	13,791,000	1.2	16,330	525	951	40.1
2019	13,749,000	1.2	16,146	519	958	101.3
2020	14,234,000	1.1	16,370	526	1,017	173.5
2021	13,877,000	1.2	16,227	522	1,155	259.8
Total	388,440,600	1.1	425,394	13,675

Surface operation from F1999.

** All-in costs: as from 2014 per the new World Gold Council Standard issued on 27 June 2013. Up to 2014, cash cost was the key metric.

			Damang mine – total managed
			Gold produced			Netearnings(beforeminorities)
	Tonnestreated	Yieldg/tonne	Kilograms	'000ounces	All-incosts**US$/oz	US$million
Year to 30 June
2002# – 2005	17,279,000	1.8	30,994	996	n/a	76.1
2006	5,328,000	1.4	7,312	235	341	27.2
2007	5,269,000	1.1	5,843	188	473	16.0
2008	4,516,000	1.3	6,041	194	551	25.9
2009	4,991,000	1.2	6,233	200	660	9.0
2010	5,028,000	1.3	6,451	207	660	45.9
Six months to December 2010	2,491,000	1.5	3,637	117	636	39.4
Year to 31 December
2011	4,942,000	1.4	6,772	218	701	100.5
2012	4,416,000	1.2	5,174	166	918	36.3
2013	3,837,000	1.2	4,760	153	1,060	(118.3)
2014	4,044,000	1.4	5,527	178	1,175	3.4
2015	4,295,000	1.2	5,220	168	1,326	(89.3)
2016	4,268,000	1.1	4,594	148	1,254	(4.5)
2017	4,590,000	1.0	4,467	144	1,827	20.4
2018	4,205,000	1.3	5,630	181	1,506	(8.3)
2019	4,645,000	1.4	6,482	208	1,147	25.5
2020	4,798,000	1.4	6,936	223	1,035	45.2
2021	4,720,000	1.7	7,913	254	852	98.7
Total	93,662,000	1.4	129,986	4,178

# F2002 – For the five months ended 30 June, since acquisition.

**All-in costs: as from 2014 per the new World Gold Council Standard issued on 27 June 2013. Up to 2014, cash cost was the key metric.

Operating and Financial Information by Mine

(unaudited) continued

for the year ended 31 December 2021

			Asanko mine# – 45%
			Gold produced			Netearnings(beforeminorities)
	Tonnestreated	Yieldg/tonne	Kilograms	'000ounces	All-incosts**US$/oz	US$million
Year to 31 December
2018*	944,000	1.5	1,400	45	1,175	(1.1)
2019*	2,474,000	1.4	3,513	113	1,214	4.3
2020*	2,674,000	1.3	3,499	113	1,316	59.4
2021*	2,670,000	1.1	2,942	95	1,559	27.0
Total	8,762,000	1.3	11,354	366

# Equity accounted joint venture. For the purpose of the review of the Group results by the Chief Operating Decision Maker ("CODM"), in terms of IFRS 8 Operating Segments, Asanko is proportionately consolidated. As a result, the operating and financial information by mine includes analysis of Asanko's results.

* Asanko has been equity accounted since 31 July 2018.

**All-in costs: as from 2014 per the new World Gold Council Standard issued on 27 June 2013. Up to 2014, cash cost was the key metric.

AUSTRALIAN REGION

			St Ives mine
			Gold produced
	Tonnestreated	Yieldg/tonne	Kilograms	'000ounces	All-incosts**US$/oz	All-incosts**A$/oz
Year to 30 June
2002# – 2005	21,960,000	2.7	59,838	1,924	254	379
2006	6,690,000	2.3	15,440	496	339	453
2007	6,759,000	2.2	15,146	487	424	540
2008	7,233,000	1.8	12,992	418	582	649
2009	7,262,000	1.8	13,322	428	596	805
2010	6,819,000	1.9	13,097	421	710	806
Six months to December 2010	3,284,000	2.3	7,557	243	710	757
Year to 31 December
2011	6,745,000	2.1	14,449	465	901	873
2012	7,038,000	2.0	13,992	450	931	899
2013	4,763,000	2.6	12,525	403	833	861
2014	4,553,000	2.5	11,246	362	1,164	1,289
2015	3,867,000	3.0	11,566	372	969	1,287
2016	4,046,000	2.8	11,290	363	949	1,273
2017	4,198,000	2.7	11,319	364	916	1,198
2018	4,251,000	2.7	11,415	367	902	1,207
2019	4,466,000	2.6	11,527	371	963	1,385
2020	4,817,000	2.5	11,972	385	873	1,266
2021	4,088,000	3.0	12,224	393	1,040	1,385
Total	112,839,000	2.4	270,917	8,712

# F2002 – For the seven months ended 30 June, since acquisition.

**All-in costs: as from 2014 per the new World Gold Council Standard issued on 27 June 2013. Up to 2014, cash cost was the key metric.

			Agnew mine
			Gold produced
	Tonnestreated	Yieldg/tonne	Kilograms	'000ounces	All-incosts**US$/oz	All-incosts**A$/oz
Year to 30 June
2002# – 2005	4,299,000	4.6	19,911	640	236	357
2006	1,323,000	5.2	6,916	222	266	355
2007	1,323,000	5.0	6,605	212	295	377
2008	1,315,000	4.8	6,336	204	445	496
2009	1,066,000	5.6	5,974	192	401	541
2010	883,000	5.8	5,140	165	539	611
Six months to December 2010	417,000	5.9	2,477	80	621	662
Year to 31 December
2011	935,000	6.5	6,035	194	696	675
2012	943,000	5.8	5,494	177	827	799
2013	974,000	6.9	6,705	216	625	646
2014	1,246,000	6.8	8,419	271	990	1,096
2015	1,218,000	6.0	7,360	237	959	1,276
2016	1,176,000	6.1	7,134	229	971	1,301
2017	1,235,000	6.1	7,502	241	977	1,276
2018	1,178,000	6.3	7,434	239	1,026	1,374
2019	1,231,000	5.5	6,824	219	1,152	1,656
2020	1,357,000	5.3	7,257	233	1,053	1,528
2021	1,254,000	5.5	6,936	223	1,308	1,741
Total	23,373,000	5.6	130,459	4,194

# For the seven months ended 30 June, since acquisition.

**All-in costs: as from 2014 per the new World Gold Council Standard issued on 27 June 2013. Up to 2014, cash cost was the key metric.

			Granny Smith mine
			Gold produced
	Tonnestreated	Yieldg/tonne	Kilograms	'000ounces	All-incosts**US$/oz	All-incosts**A$/oz
Year to 31 December
2013 from October	330,000	5.9	1,935	62	786	812
2014	1,472,000	6.7	9,804	315	809	896
2015	1,451,000	6.5	9,365	301	764	1,017
2016	1,446,000	6.1	8,827	284	834	1,119
2017	1,726,000	5.2	9,030	290	896	1,171
2018	1,778,000	4.9	8,709	280	925	1,239
2019	1,753,000	4.9	8,547	275	922	1,325
2020	1,719,000	4.9	8,386	270	1,010	1,465
2021	1,662,000	5.2	8,684	279	1,161	1,545
Total	13,337,000	5.5	73,287	2,356

** All-in costs: as from 2014 per the new World Gold Council Standard issued on 27 June 2013. Up to 2014, cash cost was the key metric.

Operating and Financial Information by Mine

(unaudited) continued

for the year ended 31 December 2021

			Gruyere mine# – 50%
			Gold produced
	Tonnestreated	Yieldg/tonne	Kilograms	'000ounces	All-incosts**US$/oz	All-incosts**A$/oz
Year to 31 December
2019	1,639,000	0.9	1,541	50	2,900	4,170
2020	4,054,000	1.0	4,016	129	931	1,350
2021	4,219,000	0.9	3,835	123	1,158	1,541
Total	9,912,000	0.9	9,392	302

# The Gruyere project was successfully completed during 2019, with first gold produced in June 2019. Commercial levels of production were achieved at the end of September 2019.

**All-in costs: as from 2014 per the new World Gold Council Standard issued on 27 June 2013. Up to 2014, cash cost was the key metric.

	Australia region
	Net earnings
	US$ million	AS$ million
Year to 30 June
2002# – 2005	181.2	296.2
2006	39.3	52.6
2007	41.5	52.8
2008	36.8	41.2
2009	69.8	94.3
2010	81.0	89.9
Six months to December 2010	60.9	64.9
Year to 31 December
2011	189.6	183.8
2012	88.9	85.8
2013	(138.9)	(143.6)
2014	94.5	104.7
2015	175.5	233.3
2016	219.5	294.4
2017	204.3	266.8
2018	190.2	254.5
2019	159.3	229.0
2020	381.2	553.4
2021	475.8	633.2
Total	2,550.4	3,387.2

# F2002 – For the seven months ended 30 June 2002, since acquisition.

SOUTH AMERICAN REGION

		Cerro Corona mine – total managed
		Gold produced*
	Tonnestreated	Yieldg/tonne	Kilograms	'000ounces	All-incosts**US$/eq oz	Netearnings(beforeminorities)US$ million
Year to 30 June
2009#	4,547,000	1.5	6,822	219	369	25.4
2010	6,141,000	2.0	12,243	394	348	90.8
Six months to December 2010	3,102,000	2.0	6,206	200	395	93.3
Year to 31 December
2011	6,593,000	1.8	11,915	383	437	208.5
2012	6,513,000	1.6	10,641	342	492	217.6
2013	6,571,000	1.5	9,851	317	491	80.5
2014	6,797,000	1.5	10,156	327	702	66.5
2015	6,710,000	1.4	9,196	296	777	(93.4)
2016	6,977,000	1.2	8,405	270	762	(73.1)
2017	6,796,000	1.4	9,540	307	673	97.4
2018	6,644,000	1.5	9,767	314	699	42.6
2019	6,718,000	1.4	9,104	293	810	83.1
2020	6,796,000	0.9	6,442	207	1,119	53.9
2021	6,817,000	1.1	7,723	248	1,040	54.8
Total	87,722,000	1.5	128,011	4,117

# Transition from project to operation from September 2008.

* Cerro Corona is a gold and copper mine. As such, gold produced and all-in costs are based on gold equivalent ounces.

**All-in costs: as from 2014 per the new World Gold Council Standard issued on 27 June 2013. Up to 2014, cash cost was the key metric.

Shareholders' Information

Register date: 31 December 2021

Issued Share Capital: 887,717,348 shares

	No. ofshareholders	%	No. ofshares	%
SHAREHOLDER SPREAD
1 – 1000 shares	14,676	83.31%	1,709,156	0.19%
1001 – 10 000 shares	1,490	8.46%	5,033,465	0.57%
10 001 – 100 000 shares	979	5.56%	36,630,172	4.13%
100 001 – 1 000 000 shares	384	2.18%	111,379,793	12.55%
Over 1 000 000 shares	88	0.50%	732,964,762	82.57%
Total	17,617	100.00%	887,717,348	100.00%
DISTRIBUTION OF SHAREHOLDERS
American Depositary Receipts	1	0.01%	264,244,554	39.91
Banks	220	1.25%	165,627,184	21.61
Brokers	89	0.51%	60,431,966	5.90
Close Corporations	79	0.45%	70,801	0.01
Control Account	1	0.01%	882,122	0.10
Endowment Funds	59	0.33%	1,871,872	0.08
Individuals	15,069	85.54%	11,456,057	0.86
Insurance Companies	34	0.19%	12,710,944	1.50
Investment Companies	11	0.06%	8,363,085	0.97
Medical Aid Schemes	35	0.20%	918,424	0.03
Mutual Funds	852	4.84%	182,606,172	11.79
Nominees and Trusts	374	2.12%	30,136,380	3.04
Other Corporations	37	0.21%	899,871	0.05
Own Holdings	2	0.01%	116,515	0.32
Pension Funds	567	3.22%	131,541,654	12.21
Private Companies	179	1.02%	2,264,513	0.09
Public Companies	7	0.04%	49,840	0.01
Share Trust	1	0.01%	13,525,394	1.53
Total	17,617	100.00%	887,717,348	100.00
PUBLIC/NON-PUBLIC SHAREHOLDERS
Non – Public Shareholders	5	0.03%	13,857,469	1.55%
Directors of the company1	2	0.01%	215,560	0.02%
Share Trust	1	0.01%	13,525,394	1.52%
Own Holdings	2	0.01%	116,515	0.01%
Public Shareholders	17,612	99.97%	873,859,879	98.45%
Total	17,617	100.00%	887,717,348	100.00%

1 A breakdown of the directors' and prescribed officers' shareholding is provided on p21 of this report.

Beneficial shareholders holding of 3% or more	Number ofshares	%
Public Investment Corporation (Government Employees Pension Fund)	99,427,697	11.20%
VanEck Vectors Gold Miners ETF	39,247,481	4.42%
Total	138,675,178	15.62%

Fund managers holding of 3% or more	Number ofshares	%
BlackRock Inc	84,041,317	9.47%
Public Investment Corporation	79,866,406	9.00%
VanEck Global	44,474,235	5.01%
Coronation Fund Managers	34,041,225	3.83%
The Vanguard Group, Inc	32,677,242	3.68%
Schroders	29,459,801	3.32%
Total	304,560,226	34.31%

Foreign custodian holding of 3% or more	Number ofshares	%
State Street Bank And Trust	90,279,804	10.17%
JPMorgan Chase Bank, National Association	65,953,578	7.43%
Citibank NA London	52,399,355	5.90%
The Bank of New York Mellon	43,047,015	4.85%
Total	251,679,752	28.35%

Glossary of Terms

ABET	Adult Basic Education and Training
AISC	All-in sustaining costs. AISC comprises on-site mining costs (on a sales basis); on-site general andadministrative costs; royalties and production taxes; realised gains/losses on hedges due tooperating costs; community costs related to current operations; permitting costs related to currentoperations; third-party smelting, refining and transport costs; non-cash remuneration (site-based);stock-piles/product inventory write-down; operational stripping costs; by-product credits; corporategeneral and administrative costs (including share-based remuneration); reclamation andremediation – accretion and amortisation (operating sites); exploration and study costs (sustaining);and capital exploration (sustaining)
AIC	All-in costs. AIC is AISC plus community costs not related to current operations; community costsnot related to current operations; reclamation and remediation costs not related to currentoperations; exploration and study costs (non-sustaining); capital exploration (non-sustaining);capitalised stripping & underground mine development (non-sustaining); and capital expenditure(non-sustaining)
AS/NZ 4801	Australian occupational health and safety management standards
Backfill	Material generally sourced from processing plant mine residues and utilised for the filling of minedvoids, to ensure long-term stability of excavations and minimise the effects of seismic activity
BEE	Black Economic Empowerment. BEE seeks to ensure that black persons within South Africa gaina significant degree of control in the economy through the possession of equity stakes and theholding of management positions within an institution
Blasthole	The hole into which a blasting charge is inserted in order to blast loose a quantity of rock
Borehole or drillhole	Hole bored or drilled in rock, usually to obtain representative samples (see diamond drill)
Box-hole	A cross raise, normally from the access cross-cut to the reef horizon, for the purpose of drawingbroken rock and ore from the reef horizon into a conveyance in the cross-cut
Bulk mining	Any large-scale, mechanised method of mining involving many thousands of tonnes of ore beingblasted or caved and transported to a processing plant
BVQI	Bureau Veritas Quality International is a leading global and independent certification body thataudits and certifies whether company systems meet the requirements of ISO standards
Carbon-in-leach("CIL")	The recovery process in which gold is leached from gold-bearing ore pulp by cyanide andsimultaneously adsorbed onto activated carbon granules in the same tanks. The loaded carbonis then separated from the pulp for subsequent gold removal by elution.
Capitalexpenditure (orcapex)	Specific project or ongoing expenditure for replacement or additional equipment, materials orinfrastructure
Carbon-in-pulp("CIP")	The recovery process in which gold is first leached to close to maximum extent from gold-bearingore pulp by cyanide and then adsorbed onto activated carbon granules in separate andsubsequent tanks. The loaded carbon is then separated from the pulp for subsequent gold removalby elution
Channel	Historic water course into which sediments consisting of gravel and sand are/have been

CollectiveBargainingAgreement	Collective Bargaining Agreement means a written agreement concerning terms and conditions ofemployment or any other matter of mutual interest concluded by a trade union(s) and the Company
Comminution	The term used to describe the process by which ore is reduced in size in order to liberate thedesired mineral from the gangue material in preparation for further processing
Co-morbidity	Medical term for diseases that commonly co-exist, which increase the risk of morbidity
Concentrate	A metal-rich product resulting from a mineral enrichment process such as gravity concentrationor flotation, in which most of the desired mineral has been separated from the waste material inthe ore
Conglomerate	Sedimentary rocks comprising eroded subangular to rounded pebbles within a finer-grained
Cross-cut	A horizontal underground drive developed perpendicular to the strike direction of the stratigraphyand reef
Cut-off grade	The lowest grade of mineralised ore, which determines whether or not it is economic to mine andsend to the processing plant
Decline	An excavation from surface or subsurface, in the form of a tunnel, which is developed
Depletion	The decrease in quantity of ore, in a deposit or property resulting from extraction or mining
Development	Is any tunnelling operation that is developed for either exploration, exploitation or both
Diamond drill	A rotary type of rock drill that cuts a core of rock by diamond bits and is recovered in longcylindrical sections
Dilution	Waste or material below the cut-off grade that contaminates the ore during the course of miningoperations and thereby reduces the average grade mined
Dip	Angle of inclination (of a geological feature/rock) from the horizontal
Dyke	Tabular, vertical or near vertical body of igneous rock formed by the intrusion of magma generallyinto planar structural zones of weakness
Elution	The chemical process of desorbing gold from activated carbon
Facies	The characteristics of a rock unit defined by its composition, lithology, physical properties andgeochemical parameters, usually reflecting the conditions of its origin
Fatality rate	Number of deaths normally expressed as a ratio per million man-hours worked
Fault	The surface or plane of a fracture along which movement has occurred
Feasibility study	A comprehensive design and costing study of the selected option for the development of a mineralproject in which appropriate assessments have been made of realistically assumed geological,mining, metallurgical, economic, marketing, legal, environmental, social, governmental, engineering,operational and all other modifying factors, which are considered in sufficient detail to demonstrateat the time of reporting that extraction is reasonably justified (economically mineable) and thefactors reasonably serve as the basis for a final decision by a proponent or financial institution toproceed with, or finance, the development of the project. The overall confidence of the studyshould be stated

Glossary of terms continued

Filtration	Process of separating usually valuable solid material from a liquid
Flotation	The process by which the surface chemistry of the desired mineral particles is chemically modifiedsuch that they preferentially attach themselves to bubbles and float to the surface of the pulp inspecially designed aerated and agitated vessels. The gangue or waste minerals may be chemicallydepressed to not float, thus allowing the valuable minerals to be concentrated and separated fromthe undesired material
Footwall	The underlying side of an ore body or stope
Free cash flowmargin	The free cash flow ("FCF") margin is revenue less cash outflow divided by revenue expressed asa percentage
Gold equivalent	A quantity of metal (such as copper) converted to an amount of gold in ounces, based on acceptedgold and other metal prices, i.e. the accepted total value of the metal based on its weight and valuethereof divided by the accepted value of one troy ounce of gold
Grade	The quantity of gold or other metal contained within a unit weight of one metric tonne, generallyexpressed in grams per metric tonne ("g/t") or percent metal per metric tonne (%)
Hanging wall	The overlying side of an ore body or slope
Haulage	A horizontal underground excavation which is used to transport mined ore
Head grade	The grade of the material delivered to the processing facility (such as heap leach pad, mill, etc.)The Mineral Reserve declaration is for material as delivered to the processing facility
Hedging	Taking a buy or sell position in futures market opposite to a position held in the cash/spot marketto minimise the risk of financial loss from an adverse price change
Hydrothermal	Process of injection of hot, aqueous, generally mineral-rich solutions into existing rocks orgeological features
ICVCT	Informed Consented Voluntary Counselling and Testing
Indicated MineralResources	That part of a Mineral Resource for which tonnage, densities, shape, physical characteristics,grade and mineral content can be estimated with a reasonable level of confidence. It is basedon exploration, sampling and testing information gathered through appropriate techniques fromlocations such as outcrops, trenches, pits, workings and drill holes. The locations are too widelyor inappropriately spaced to confirm geological and/or grade continuity but are spaced closelyenough for continuity to be assumed
Inferred MineralResource	That part of a Mineral Resource for which tonnage, grade and mineral content can be estimatedwith a low level of confidence. It is inferred from geological evidence and assumed but not verifiedgeological and/or grade continuity. It is based on information gathered through appropriatetechniques from locations such as outcrops, trenches, pits, workings and drill-holes which maybe limited or of uncertain quality and reliability
ISO 14000	International standards for organisations to implement sound environmental management
Lock-up gold	Gold trapped as a temporary inventory within a processing plant, or sections thereof, typicallymilling circuits
LTIFR	Lost-Time Injury Frequency Rate, expressed in million man-hours worked

Measured MineralResource	That part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, gradeand mineral content can be estimated with a high level of confidence. It is based on detailed andreliable exploration, sampling and testing information gathered through appropriate techniquesfrom locations such as outcrops, trenches, pits, workings and drill holes. The locations are spacedclosely enough to confirm geological and grade continuity
Milling	A general term used to describe the material size reduction process in which crushed ore is groundin a rotating grinding mill, using some form of grinding media (e.g. steel balls) prior to beingsubjected to physical or chemical treatment to extract the valuable metals to a concentrate orfinished product
Mine Health andSafety Act("MHSA")	The South African Mine Health and Safety Act, No 29 of 1996
Mineralised	Rock in which minerals have been naturally introduced
Mineral Reserve	A ''Mineral Reserve'' is the economically mineable material derived from a Measured or IndicatedMineral Resource or both. It includes diluting and contaminating materials and allows for lossesthat are expected to occur when the material is mined. Appropriate assessments to a minimumof a pre-feasibility study for a project and a life-of-mine plan for an operation must have beencompleted, including consideration of, and modification by, realistically assumed mining,metallurgical, economic, marketing, legal, environmental, social and governmental factors (themodifying factors). Such modifying factors must be disclosed
Mineral Resource	A 'Mineral Resource' is a concentration or occurrence of material of economic interest in or on theearth's crust in such form, quality and quantity that there are reasonable and realistic prospectsfor eventual economic extraction. The location, quantity, grade, continuity and other geologicalcharacteristics of a Mineral Resource are known, or estimated from specific geological evidence,sampling and knowledge interpreted from an appropriately constrained and portrayed geologicalmodel. Mineral Resources are subdivided, and must be so reported, in order of increasingconfidence in respect of geoscientific evidence, into Inferred, Indicated or Measured categories
Mining Face	The end of a development end, drift, cross-cut or stope at which work is taking place
Net cash flow	Cash flow from operating activities less net capital expenditure and environmental payments
Normal fault	Fault in which the hanging wall moves downward relative to the footwall, under extensional tectonicconditions
Nugget effect	A measure of the randomness of the grade distribution within a mineralised zone
NUM	National Union of Mine Workers
OHSAS	Management system standards, developed in order to facilitate the integration of quality andoccupational health and safety management systems by organisations
Payshoot	Linear to sublinear zone within a reef for which gold grades or accumulations are predominantlyabove the cut-off grade
Pillar	Rock left behind to help support the excavations in an underground mine

Glossary of terms continued

Pre-FeasibilityStudy	A preliminary design and costing study of the short-listed preferred mining and processing option(s)for the development of a mineral project in which appropriate assessments have been made ofrealistically assumed geological, mining, metallurgical, economic, marketing, legal, environmental,social, governmental, engineering, operational and all other modifying factors, which areconsidered in sufficient detail to demonstrate at the time of reporting that extraction is reasonablyjustified (economically mineable) and the determined assumptions and parameters reasonablyserve as the basis for potential declaration of Mineral Reserves
Probable MineralReserve	The economically mineable material derived from a Measured and/or Indicated Mineral Resource.It is estimated with a lower level of confidence than a Proved Mineral Reserve. It is inclusive ofdiluting materials and allows for losses that may occur when the material is mined. Appropriateassessments, to a minimum of a Pre-feasibility Study (PFS) for a project, have typically been carriedout, including consideration of and modification by realistically assumed mining, metallurgical,economic, marketing, legal, environmental, social and governmental factors. These assessmentsdemonstrate at the time of reporting that extraction is reasonably justified
Project capital	Capital expenditure that is associated with specific projects
Proved MineralReserve	The economically mineable material derived from a Measured Mineral Resource. It is estimated witha high level of confidence. It is inclusive of diluting materials and allows for losses that may occurwhen the material is mined. Appropriate assessments, to a minimum of a Pre-Feasibility Study (PFS)for a project, have been typically carried out, including consideration of and modification byrealistically assumed mining, metallurgical, economic, marketing, legal, environmental, social andgovernmental factors. These assessments demonstrate at the time of reporting that extraction isreasonably justified
Reef	A general term for metalliferous mineral deposit (gold) within a geological zone or unit
RemunerationReport	The term Executive Directors refers to the CEO and the CFO, who are members of the Board ofGold Fields LimitedThe term Executive Committee or Executives refers to the Gold Fields Limited Executive Committee,which for purposes of King IV™ is the executive management of the Company. The ExecutiveCommittee is made up of the CEO, CFO, the Corporate Executive Vice Presidents ("EVPs") and theRegional EVPsCorporate EVPs refers to those members of the Executive Committee who are based at theCorporate Office of the Company based in Sandton, Johannesburg, South AfricaRegional EVPs are those members of the Executive Committee who are heads of their respectiveregions, namely South Africa, West Africa, Americas and AustraliaLTIP – Long-Term Incentive Plan LTI – Long-Term IncentiveMSR – Minimum Shareholding Requirements STI – Short Term Incentive PlanRemCo – Remuneration Committee BSC – Balance ScorecardGRP – Gross Remuneration Package BRP – Base Rate of PayMSR – Minimum Shareholding Requirement RexCo – Regional Executive Committee EVP –Executive Vice PresidentROE – Rate of exchange CEO – Chief Executive Officer CFO – Chief Financial OfficerTSR – Absolute and Relative Total Shareholder Return FCFM – Free Cash-Flow MarginExCo – Executive Committee NED – Non-Executive Director
SADC	Southern African Development Community
SAMREC Code	The South African code for the Reporting of Exploration results, Mineral Resources and MineralReserves (the SAMREC Code) 2016 Edition

Seismic	Earthquake or earth vibration including from sources occurring naturally and artificially induced bymining operations
Shaft	An opening cut downwards from the surface for transporting personnel, equipment, supplies, oreand waste
Shear	A deformation resulting from stresses that cause contiguous parts of a body of rock to slide relativeto each other in a direction parallel to their plane of contact
Stope	The working area from which ore is extracted in an underground mine
Stripping	The process of removing overburden or waste rock to expose ore
Stripping ratio	The ratio of waste tonnes to ore tonnes mined, calculated as total tonnes mined less ore tonnesmined, divided by ore tonnes mined
Stratigraphy	The science of rock strata, including arrangement according to geographical location lithologicalcomposition, geophysical and geochemical and chronological order of sequence
Strike	Direction or trend of geological structures such as bedding or fault planes defined by theintersection with the horizontal plane and is always perpendicular to the dip direction
Subvertical shaft	An opening cut below the surface downwards from an established surface shaft
Surface sources	Ore sources, usually dumps, tailings dams and stockpiles, located at the surface
TEBA	The Employment Bureau of Africa
Tertiary shaft	An opening cut below the surface downwards from an established subvertical shaft
Trade union	An association of employees whose principal purpose is to regulate relations between employeesand the Company, which has been registered; whose officials have been elected to represent theinterests of employees within the workplace; and which is recognised for collective bargaining bythe Company
Abbreviationsand units
ABET	Adult Basic Education and Training
ADS	American Depository Shares
AIDS	Acquired Immune Deficiency Syndrome
ARC	Assessment and Rehabilitation Centres
ART	Antiretroviral therapy
A$	Australian Dollar
CBO	Community-based organisation
CIL	Carbon-in-leach
CIP	Carbon-in-pulp

Glossary of terms continued

CIS	Carbon-in-solution
CN	Cyanide
DCF	Discounted cash flow
ETF	Exchange-traded fund
GFHS	Gold Fields Health Service
GFLC	Gold Fields La Cima
GRI	Global Reporting Initiative
HBC	Home-based care
HDSA	Historically disadvantaged South African
HIV	Human immunodeficiency virus
LoM plan	Life-of-mine plan
LTIFR	Lost-Time Injury Frequency Rate, quoted in million man-hours
MCF	Mine Call Factor
NGO	Non-governmental organisation
NUM	National Union of Mineworkers
NYSE	New York Stock Exchange
OHC	Occupational Health Centre
OT	Occupational therapy
PFS	Pre-Feasibility Study
PHC	Primary health clinic
PPI	Producer price index
SABC	SAG Milling (with pebble crushing) followed by Ball Milling (with hydrocyclones)
SAG	Semi-Autogenous Grinding
SAMREC	South African code for Reporting of Exploration Results, Mineral Resources and Mineral
SEC	United States Securities Exchange Commission
STI	Sexually transmitted infection
TB	Tuberculosis

TEC	Total employees costed
UASA	United Association of South Africa (a labour organisation)
VCT	Voluntary counselling and testing (for HIV)
WAD CN	Weak acid dissociable cyanide
cm	centimetre
cm.g/t	gold accumulation
g	gram
g/t	grams per metric tonne – gold or silver grade
ha	hectare
kg	kilogram
km	kilometre
koz	thousand ounces
kt	thousand metric tonnes
ktpa	thousand metric tonnes per annum
ktpm	thousand metric tonnes per month
m2	square metre
Moz	million ounces
oz	fine troy ounce equalling 31.10348 grams
R	South African Rand
R/kg	South African Rand per kilogram
Rm	million South African Rand
R/t	South African Rand per metric tonne
t	metric tonne
US$	United States Dollar
US$m	million United States Dollar
US$/oz	United States Dollar per ounce

Glossary of Terms – Sustainable Development

SUSTAINABLE DEVELOPMENT

United Nations Global Compact is a United Nations initiative to encourage businesses worldwide to adopt sustainable and socially responsible policies, and to report on their implementation. The Global Compact is a principle-based framework for businesses, stating 10 principles in the areas of human rights, labour, the environment and anti-corruption. www.unglobalcompact.org
Global Reporting Initiative ("GRI") produces one of the world's most prevalent standards for sustainability reporting. www.globalreporting.org
International Council on Mining and Metals ("ICMM") CEO-led organisation of mining companies that seeks to continually entrench best practice with regard to sustainable development and to provide a platform for member companies to share experiences. www.icmm.com
Dow Jones Sustainability Indices ("DJSI") are a family of benchmarks for investors who have recognised that sustainable business practices are critical to generating long-term shareholder value and who wish to reflect their sustainability convictions in their investment portfolios. www.robecosam.com/csa/indices/djsi-index-family.html
Johannesburg Stock Exchange ("JSE") was formed in 1887. It offers five financial markets: Equities, Bonds, Financial, Commodity and Interest Rate Derivatives. web.jse.co.za

HEALTH, SAFETY AND WELLBEING

Total Recordable Injury Frequency Rate ("TRIFR") TRIFR = (Fatalities + Lost Time Injuries + Restricted Work Injuries + Medically Treated Injuries) x 1,000,000/number of hours worked.
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 of his/her duties.
A Restricted Work Injury ("RWI") is a work-related injury sustained by an employee or contractor which requires medical treatment and 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/her duties.
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 or re-treatment.
A Serious Injury is an injury that incurs 14 or more days lost and results in:
- A fracture of any bone (excluding hairline fractures and fractures of fingers, toes or nose);
- Internal haemorrhage;
- Head trauma (including concussion, loss of consciousness) requiring hospitalisation;
- Loss of all or part of a limb (excluding bone dressing to facilitate medical treatment of injured fingers and toes);
- Permanent loss of function and/or permanent disability such as hearing loss or damage to lung function;
- Permanent disfigurement where the injury has resulted in the appearance of a person being deeply and persistently harmed medically and that is likely to lead to psychosocial problems
A Serious Potential Incident ("SPI") is any workplace related incident that has the potential for the maximum credible outcome to result in:
- a Fatality, or
- is Reportable to the Regulator, or
- is a Serious Injury, or
- a Chronic Illness.
Duration Rate is the average days lost per LTI. Duration Rate = Days Lost / Number of Lost Time Injuries.
Severity Rate is a measure of the severity of LTIs. Severity Rate = (Days lost to LTIs) * 1,000,000/hours worked
Safety Engagement Rate ("SER") is the number of safety engagements per 1,000 hours worked. Safety engagements are defined by each region and include defined safety conversations between a leader and a worker or a group of workers in the workplace and observation and testing in the field of a system or process designed to prevent fatalities.
OHSAS 18001 is an international voluntary standard for occupational health and safety management systems. As with other standards, it is based on the identification and control of risks and monitoring of business performance against these.
ISO 45001 is an international standard for occupational health and safety management systems. It is replacing OHSAS 18001 over the period 2018-2021.
Noise-Induced Hearing Loss ("NIHL") is a disorder that results from exposure to high-intensity sound, especially over a long period of time.
Diesel particulate matter ("DPM") is a complex mixture of solids and liquids. The particles in diesel exhaust are of special concern because, due to their respirable size, they can penetrate deep into human lungs. The composition of DPM includes many species that are known for their adverse health effects, including several carcinogens. There is no global consensus on diesel particulate exposure regulations.
Silicosis is a form of occupational lung disease caused by inhalation of crystalline silica dust, and is marked by inflammation and scarring in the form of nodular lesions in the upper lobes of the lungs.
Chronic Obstructive Airway Disease ("COAD") refers to chronic bronchitis and emphysema, a pair of commonly co-existing diseases of the lungs in which the airways become narrowed.
Highly active antiretroviral therapy ("HAART") Treatment of people infected with HIV, to suppress the growth of HIV, the retrovirus responsible for AIDS. The standard treatment consists of a combination of at least three drugs.

ENVIRONMENT

ISO 14001 is an international voluntary standard for environmental management systems. This is one standard in the ISO 14000 series of international standards on environmental management.
ISO 50001 is an international standard for energy management systems.
Environmental incidents these are incidents that are classified in accordance with a system designed by Gold Fields (based on the GRI definition) that classifies the incident based on its severity. Incidents are classified as follows:
- Not classified Incidents below the level 1 classification threshold and with no environmental impact: No classification or administrative action required, but it can be logged.
- Level 1 environmental incident Incident that involves minor non-conformance that results in minimal or no environmental impact.
- Level 2 environmental incident Incident that involves minor non-conformance that results in short-term, limited and non-ongoing adverse environmental impacts.
- Level 3 environmental incident Incident that results in limited non-conformance or non-compliance. The noncompliance results in ongoing (as per the timeframes defined in Gold Fields Guidelines), but limited environmental impact.
- Level 4 environmental incident Incident resulting in significant non-conformance or non-compliance with significant short-term or medium-term environmental impact. Such events are likely to be operation-threatening in isolation and cumulatively (i.e. if the incidents are repeated) is very likely to threaten a licence to operate or social licence to operate. In addition, such incidents also have the potential to cause reputational damage.
- Level 5 environmental incident Incident that results in major non-conformance or non-compliance. The noncompliance or non-conformance results in either catastrophic short-term impact or medium to long-term environmental impact. Company or operation threatening implications and potential major damage to the Company's reputation are almost inevitable.

WATER MANAGEMENT

Water withdrawal: The sum of all water drawn into Gold Fields' operations from all sources for any use/impact.
Recycled water: Processing used water/waste water through the same or another cycle at the same facility. The water/ waste water is treated before being recycled and reused.
Reused water: Water/waste water that is reused without treatment at the same facility or at another of Gold Fields' operations.
Percentage of water recycled or reused: Water recycled/reused/total water used in process 5 x 100.
Total water used in process: Water withdrawal + water recycled/reused.
Acid mine drainage ("AMD") or acid rock drainage ("ARD"), collectively called acid drainage ("AD") is formed when certain sulphide minerals in rocks are exposed to oxidising conditions, such as the presence of oxygen, combined with water. AD can occur under natural conditions or as a result of the sulphide minerals that are exposed to oxidation during mining or during storage in waste rock dumps, ore stockpiles or tailings dams. The acidic water that forms usually contains iron and other metals if they are contained in the host rock.

Glossary of Terms – Sustainable Development continued

SUPPLY CHAIN MANAGEMENT AND MATERIAL STEWARDSHIP

International Cyanide Management Code ("ICMC") – is a voluntary industry programme for the manufacture, transport and use of cyanide in gold production. It focuses on the safe management of cyanide and cyanidation mill tailings and leach solutions. Companies that adopt the Code must have their mining operations that use cyanide to recover gold audited by an independent third party to determine the status of Code implementation, and must use certified manufacturers and transporters.

SOCIAL RESPONSIBILITIES

Socio-economic development spend ("SED") – Payments made to communities and community investments that are not inherent to the functioning of the operation. This may include payments related to infrastructure, health and well-being, education and training, local environment, scholarships and donations. This definition is aligned to the World Gold Council ("WGC") definition.

Host communities – are identified by each operation for the purpose of securing our mining licences – both legal and social. These communities are directly affected by and have an expectation regarding our activities.

Local Economic Development ("LED") – refers to initiatives and monies disbursed to uplift socio-economic conditions in the communities in which we operate, in particular job creation and enterprise development.

OUR PEOPLE

HDSA – Historically disadvantaged South Africans.

ENERGY AND CARBON MANAGEMENT

Greenhouse gas emission ("GHG emission") – Gas which absorbs outgoing terrestrial radiation, such as methane, CFCs and carbon dioxide.

Scope 1 carbon dioxide equivalent ("CO2e") emissions – are those directly occurring from sources that are owned or controlled by the institution, including: on-site stationary combustion of fossil fuels; mobile combustion of fossil fuels by company-owned/controlled vehicles; and fugitive emissions. Fugitive emissions result from intentional or unintentional releases of GHGs.

Scope 2 CO2e emissions – are indirect emissions generated in the production of electricity purchased by the company.

Scope 3 CO2e emissions – are all the other indirect emissions that are a consequence of the activities of the institution, but occur from sources not owned or controlled by the institution such as commuting, air travel, waste disposal; embodied emissions from extraction, production and transportation of purchased goods; outsourced activities; contractor-owned vehicles; and line loss from electricity transmission and distribution.

Equivalent carbon dioxide ("CO2e") – measures for describing how much global warming a given type and amount of greenhouse gas may cause, using the functionally equivalent amount or concentration of carbon dioxide ("CO2") as the reference.

Independent reporting accountant's assurance report on the compilation of pro forma financial information

To the Directors of Gold Fields Limited

REPORT ON THE ASSURANCE ENGAGEMENT ON THE COMPILATION OF PRO FORMA FINANCIAL INFORMATION INCLUDED IN THE GOLD FIELDS LIMITED ANNUAL FINANCIAL REPORT INCLUDING GOVERNANCE REPORTS 2021

We have completed our assurance engagement to report on the compilation and presentation of certain non-IFRS financial measures of Gold Fields Limited (the "Company") by the directors, which information constitutes pro forma financial information in terms of the JSE Limited ("JSE") Listings Requirements. The pro forma financial information, as set out in the Gold Fields Limited Annual Financial Report including Governance Reports 2021 (the "Annual Report"), consist of normalised profit attributable to owners of the parent, normalised profit per share attributable to owners of the parent as at set out on page 97, adjusted EBITDA as set out on page 214, adjusted free cash flow margin for LTIP purposes as set out on page 75, adjusted free cash flow for LTIP purposes as set out on page 75, all-in sustaining costs as set out on page 68, total all-incosts as set out on page 68, sustaining and non-sustaining capital expenditure as set out on page 69, net debt (including and excluding lease liabilities) as set out on page 214, net debt to adjusted EBITDA as set out on pages 129 and 214 and adjusted free cash flow and adjusted free cash flow from operations as set out on page 122 (the "Pro Forma Financial Information").

The applicable criteria on the basis of which the directors have compiled the Pro Forma Financial Information are specified in the JSE Listings Requirements and described in the Annual Report.

The pro forma financial information has been compiled and is presented by the directors for the following purpose:

normalised profit attributable to owners of the parent and normalised profit per share attributable to owners of the parent is considered an important measure by the Company of the profit realised in the ordinary course of business. In addition, it forms the basis of the dividend pay-out policy;
adjusted EBITDA and net debt to adjusted EBITDA are required to be determined in terms of loan and revolving credit facilities agreements to evaluate compliance with debt covenants;
adjusted free cash flow margin for LTIP purposes and adjusted free cash flow for LTIP purposes are used as key metrics in the determination of the long-term incentive plan;
adjusted free cash flow from operations is calculated as cash flow from operating activities less net capital expenditure, environmental payments and lease payments from the eight mining operations and is used to monitor cash flow from the operations;
all-in sustaining costs and total all-in-costs are presented to provide transparency into the costs associated with producing and selling an ounce of gold and is a common measure presented within the mining industry;
sustaining capital expenditure represents the majority of capital expenditures at existing operations, including mine development costs, ongoing replacement of mine equipment and other capital facilities and other capital expenditures at existing operations;
non-sustaining capital expenditure represents capital expenditures for major growth projects as well as enhancement capital for significant infrastructure improvements at existing operations;
net debt (including and excluding lease liabilities) is used in the ratio to monitor the capital of the group; and
adjusted free cash flow is defined as cash flow from operating activities less net capital expenditure, environmental payments, lease payments and redemption of Asanko preference shares is considered a relevant measure by the Company.

As part of this process, information about the Company's financial position and financial performance has been extracted by the directors from the Company's financial statements for the year ended 31 December 2021, on which an audit report has been published.

Directors' responsibility

The directors of the Company are responsible for compiling the Pro Forma Financial Information on the basis of the applicable criteria specified in the JSE Listings Requirements and described in the Annual Report.

Our independence and quality control

We have complied with the independence and other ethical requirements of the Code of Professional Conduct for Registered Auditors, issued by the Independent Regulatory Board for Auditors' (IRBA Code), which is founded on fundamental principles of integrity, objectivity, professional competence and due care, confidentiality and professional behaviour. The IRBA Code is consistent with the corresponding sections of the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (including International Independence Standards). The firm applies International Standard on Quality Control 1 and, accordingly, maintains a comprehensive system of quality control including documented policies and procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.

Independent reporting accountant's assurance report on the compilation of pro forma financial information continued

Reporting accountant's responsibility

Our responsibility is to express an opinion about whether the Pro Forma Financial Information has been compiled, in all material respects, by the directors on the basis of the applicable criteria specified in the JSE Listings Requirements and described in the Annual Report based on our procedures performed.

We conducted our engagement in accordance with the International Standard on Assurance Engagements (ISAE) 3420, Assurance Engagements to Report on the Compilation of Pro Forma Financial Information Included in a Prospectus issued by the International Auditing and Assurance Standards Board. This standard requires that we plan and perform our procedures to obtain reasonable assurance about whether the Pro Forma Financial Information has been compiled, in all material respects, on the basis specified in the JSE Listings Requirements.

For purposes of this engagement, we are not responsible for updating or reissuing any reports or opinions on any historical financial information used in compiling the Pro Forma Financial Information, nor have we, in the course of this engagement, performed an audit or review of the financial information used in compiling the Pro Forma Financial Information.

The purpose of Pro Forma Financial Information is solely to illustrate the impact of a significant event or transaction on unadjusted financial information of the company as if the event had occurred or the transaction had been undertaken at an earlier date selected for purposes of the illustration. Accordingly, we do not provide any assurance that the actual outcome of the event or transaction would have been as presented.

A reasonable assurance engagement to report on whether the Pro Forma Financial Information has been compiled, in all material respects, on the basis of the applicable criteria involves performing procedures to assess whether the applicable criteria used by the directors in the compilation of the Pro Forma Financial Information provide a reasonable basis for presenting the significant effects directly attributable to the event or transaction, and to obtain sufficient appropriate evidence about whether:

The related pro forma adjustments give appropriate effect to those criteria; and
The Pro Forma Financial Information reflects the proper application of those adjustments to the unadjusted financial information.

The procedures selected depend on our judgment, having regard to our understanding of the nature of the Company, the event or transaction in respect of which the Pro Forma Financial Information has been compiled, and other relevant engagement circumstances.

Our engagement also involves evaluating the overall presentation of the Pro Forma Financial Information.

We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Opinion

In our opinion, the Pro Forma Financial Information has been compiled, in all material respects, on the basis of the applicable criteria specified by the JSE Listings Requirements and described in the Annual Report.

PricewaterhouseCoopers Inc.

Director: PC Hough Registered Auditor Johannesburg

31 March 2022

Administration and corporate information

CORPORATE SECRETARY

Anré Weststrate Tel: +27 11 562 9719 Fax: +086 720 2704 email: anré[email protected]

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 (0) 20 7796 8644 email: [email protected]

AMERICAN DEPOSITORY RECEIPTS TRANSFER AGENT

Shareholder correspondence should be mailed to: BNY Mellon PO Box 505000 Louisville, KY 40233 – 5000

OVERNIGHT CORRESPONDENCE SHOULD BE SENT TO:

BNY Mellon 462 South 4th Street, Suite 1600 Louisville, KY40202 email: [email protected] Phone numbers Tel: 888 269 2377 Domestic Tel: 201 680 6825 Foreign

SPONSOR

J.P. Morgan Equities South Africa Proprietary Limited

1 Fricker Road Illovo, Johannesburg 2196 South Africa

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 email: [email protected]

Thomas Mengel

Tel: +27 11 562 9849 Mobile: +27 72 493 5170 email: [email protected]

MEDIA ENQUIRIES

Sven Lunsche Tel: +27 11 562 9763 Mobile: +27 83 260 9279 email: [email protected]

TRANSFER SECRETARIES

South Africa Computershare Investor Services (Proprietary) Limited Rosebank Towers 15 Biermann Avenue Rosebank Johannesburg 2196 Private Bag X9000 Saxonwold 2132 Tel: +27 11 370 5000 Fax: +27 11 688 5248

United Kingdom

Link Asset Services The Registry 34 Beckenham Road Beckenham Kent BR3 4TU England Tel: 0871 664 0300

If you are outside the United Kingdom please call

(0) 371 664 0300.

Calls are charged at the standard geographic rate and will vary by provider. Calls outside the United Kingdom will be charged at the applicable international rate. Business is open between 09:00 – 17:30, Monday to Friday excluding public holidays in England and Wales. email: [email protected]

Listings

JSE/NYSE/GFI Directors: CA Carolus (Chair), CI Griffith** (Chief Executive Officer), PA Schmidt** (Chief Financial Officer), A Andani#, PJ Bacchus*, TP Goodlace, JE McGill^ , SP Reid^ , PG Sibiya, YGH Suleman. ˆ Australian * British # Ghanaian ** Executive Director

www.goldfields.com

245 AFR

AI assistant

GOLD FIELDS LIMITED — Annual Report 2021

48726_rns_2022-03-31_15fdb5d5-86ad-4bae-acb1-9a49a9f11c2d.pdf

Creating enduring value beyond mining

Delivering value in partnerships with our stakeholders

NOTES

SEND US YOUR FEEDBACK

Statement of Responsibility by the Board of Directors

APPROVAL OF CONSOLIDATED ANNUAL FINANCIAL STATEMENTS

Company Secretary's Certificate

CEO and CFO Responsibility Statement

Corporate Governance Report

OVERVIEW

STANDARDS, PRINCIPLES AND SYSTEMS

Corporate Governance Report continued

BOARD OF DIRECTORS

Board overview

Chief Financial Officer

Board appointments, rotation and retirement

Term limit of non-executive directors

Directors' dealings in shares of Gold Fields

Board remuneration

Board of Directors' Charter

A summary of how Gold Fields applied the principles of King IV is detailed on p16 – 17.

Company Secretary

Corporate Governance Report continued

Application of King IV within Gold Fields

A full register of the King IV principles, and the extent of the Company's compliance therewith, is available on p16 – 17, and will also be placed on the website at www.goldfields.com/standards-and-principles.php

Board attendance

Number of Board meetings, Board Committee meetings and directors' attendance during the year

BOARD COMMITTEES

Board

Key focus areas during 2021

Corporate Governance Report continued

Nominating and Governance Committee

Key focus areas during 2021

Audit Committee

Key focus areas during 2021

Disclosures

Remuneration Committee

Key focus areas during 2021

Safety, Health and Sustainable Development Committee

Corporate Governance Report continued

Key focus areas during 2021

Capital Projects, Control and Review Committee

Key focus areas during 2021

Social, Ethics and Transformation Committee

Key focus areas during 2021

Risk Committee

Key focus areas during 2021

Ad hoc Investment Committee

Executive Committee

Corporate Governance Report continued

DIRECTORS

Independent non-executive directors

Cheryl A Carolus (63)

Yunus GH Suleman (63)

Steven P Reid (66)

Alhassan Andani (61)

Appointed to the Board: 2016

Peter J Bacchus (53) Chairperson of the Risk Committee

Appointed to the Board: 2016

Terence Goodlace (62)

Appointed to the Board: 2016

Jacqueline E McGill (53)

Appointed to the Board: 2021

Philisiwe Sibiya (45)

Executive directors

Paul Schmidt (54)

Corporate Governance Report continued

APPLICATION OF KING IV WITHIN GOLD FIELDS

Corporate Governance Report continued

Application of section 3.84 of the JSE Listings Requirements on Board governance processes

Directors' report

PROFILE

REVIEW OF OPERATIONS

FINANCIAL RESULTS

COMPLIANCE WITH FINANCIAL REPORTING STANDARDS

LISTINGS

DIRECTORATE

GOLD FIELDS LIMITED Annual Report 2021