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Restructuring of Gold Fields board to reflect new strategic direction

Wednesday, 21 August 2013

Johannesburg, 21 August 2013: The Chair of Gold Fields Limited (Gold Fields) (JSE, NYSE, NASDAQ Dubai: GFI), Ms Cheryl Carolus, announces that following a review of the composition of the Board of Directors, in light of the Company's new strategic direction (including the unbundling of Sibanye Gold Limited to shareholders earlier this year) and the challenges presented by the current low gold price and high cost operating environment, the Board has decided to reduce the number of directors from twelve to nine.

Following discussions with the Board and the Nominating and Governance Committee, Messrs Delfin Lazaro, Roberto Dañino and Rupert Pennant-Rea volunteered to resign as non-executive directors and have agreed to step down from the Board with immediate effect.

On behalf of the Board, the Chair would like to express appreciation for the time and effort that each of the departing non-executive directors has put into the Company for the benefit of all its stakeholders.  Messrs Pennant-Rea and Dañino acted as the Chairs of the Remuneration Committee and Social and Ethics Committee respectively.  Mr Lazaro has done an admirable job in representing the Company's interests in the Philippines and he will continue to do so following his resignation.  We greatly appreciate that each of our departing non-executive directors has sought to bring their experience and expertise to a range of matters over the time they have been with the Company.

The Chair announces that non-executive director Mr Donald Ncubewill assume the role of the Chair of the Social and Ethics Committee and non-executive director Mr Alan Hill will assume the role of the Chair of the Remuneration Committee.

The Board believes that its new composition will more appropriately reflect the needs of the Company and is confident that it will continue to be able to perform its duties for the benefit of all stakeholders.


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