Last updated on April 19, 2014 at 12:41 EDT

Moody’s Changes Gold Fields Baa3 Credit Rating Outlook to Positive

September 8, 2011

JOHANNESBURG, September 8, 2011 /PRNewswire/ –

Moody’s Investor Services (“Moody’s”) today announced a change to Gold
Fields Limited (“Gold Fields”) (JSE, NYSE, NASDAQ Dubai: GFI) Baa3 rating
outlook to positive from stable.

Moody’s said: “The change in outlook was mainly prompted by Gold Fields’
continued progress in terms of further diversifying its production and
EBITDA geographically and becoming less dependent on South Africa combined
with our increased expectation that the company would also be able to
maintain its conservative leverage of Net Debt to EBITDA below 1 time and
positive free cash flow generation, even in a much lower gold price

Since March 2009, Standard & Poor’s Ratings Services (“S&P”) has
maintained an investment grade rating on Gold Fields of BBB- with a stable

Paul Schmidt, Chief Financial Officer of Gold Fields said: “We are
pleased with the change in the rating outlook to positive by Moody’s. The
change acknowledges Gold Fields increasing international diversification,
solid operating margins, low financial gearing and conservative financial
policy as well as our robust cash flow generation. We remain committed to
maintaining our investment grade rating.”

Notes to editors

About Gold Fields

Gold Fields is one of the world’s largest unhedged producers of gold
with attributable annualised production of 3.6 million gold equivalent
ounces from eight operating mines in Australia, Ghana, Peru and South
Africa. Gold Fields also has an extensive and diverse global growth pipeline
with four major projects in resource development and feasibility, with
construction decisions expected in the next 18 to 24 months. Gold Fields has
total attributable gold equivalent Mineral Reserves of 76.7 million ounces
and Mineral Resources of 225.4 million ounces. Gold Fields is listed on the
JSE Limited (primary listing), the New York Stock Exchange (NYSE), NASDAQ
Dubai Limited, Euronext in Brussels (NYX) and the Swiss Exchange (SWX).

Sponsor: J.P. Morgan Equities Limited

        Gold Fields Limited
        Reg. 1968/004880/06
        150 Helen Road,
        Sandown, Sandton,

        Postnet Suite 252
        Private Bag X30500
        Houghton, 2041
        South Africa

        Tel +27-11-562-9700
        Fax +27-11-562-9838



        Investor Enquiries

        Zakira Amra
        Tel +27-11-562-9775
        Mobile +27(0)79-694-0267
        Email  Zakira.Amra@goldfields.co.za

        Nikki Catrakilis-Wagner
        Tel +27-11-562-9706
        Mobile +27(0)83-309-6720
        Email  Nikki.Catrakilis-Wagner@goldfields.co.za

        Willie Jacobsz
        Tel +1-508-839-1188
        Mobile +1-857-241-7127
        Email  Willie.Jacobsz@gfexpl.com
        Media Enquiries

        Sven Lunsche
        Tel +27-11-562-9763
        Mobile +27(0)83-260-9279
        Email  Sven.Lunsche@goldfields.co.za

SOURCE Gold Fields Limited, South Africa

Source: PR Newswire