GOLD FIELDS LIMITED

Incorporated in the Republic of South Africa

Registration number 1968/004880/06 ISIN: ZAE000018123

Share Code: GFI Issuer Code: GOGOF

QUARTER AND YEAR END RESULTS TO 30 JUNE 2003

REVIEWED PRELIMINARY RESULTS

ANOTHER RECORD PRODUCTION YEAR

YEAR ENDED 30 JUNE 2003

* Attributable gold production year on year increases

5 per cent to an all-time high of 4.33 million ounces.

* Net earnings of R2.95 billion (US$326 million) achieved.

* Capital expenditure increased 46 per cent to R2.3 billion (US$251 million).

* Exploration spend up 129 per cent to R212 million (US$23 million).

* Final dividend of SA 100 cents declared.

* Offshore debt reduced from US$182 million at the beginning of the year to

US$42 million at the end of the year.

QUARTER ENDED 30 JUNE 2003 * Attributable gold production of 1,041,000 ounces.

* Strong Rand reduced operating profit 36 per cent to R717 million

(US$100 million).

* Profit on the sale of investments R302 million (US$34 million).

* Foreign debt of US$95 million repaid during the quarter.

* Net earnings of R789 million.

* US Dollar earnings increase 5 per cent to US$98 million

STOCK DATA

Number of shares in issue

-                at 30 June 2003             472,364,872                       
                                                                               
-                average for the quarter     472,219,228                       
                                                                               
                 Free Float                  100%                              
                                                                               
                 ADR Ratio                   1:1                               
                                                                               
                 Bloomberg / Reuters         GFISJ / GFLJ.J                    

JSE SECURITIES EXCHANGE SOUTH AFRICA - (GFI)

                 Range - Quarter             ZAR71.40 ZAR100.70                
                                                                               
Average Volume   - Quarter                   1,524,000 shares / day            

NYSE - (GFI)

                 Range - Quarter             US$9.70 US$13.00                  
                                                                               
Average Volume   - Quarter                   1,520,000 shares / day            

INVESTOR RELATIONS

Europe & South Africa

Willie Jacobsz

Tel: +27 11 644-2460

Fax: +27 11 484-0639

E-mail: investors@goldfields.co.za

North America

Cheryl A. Martin

Tel: +1 303 796-8683

Fax: +1 303 796-8293

E-mail: camartin@gfexpl.com

www.goldfields.co.za www.gold-fields.com

SALIENT FEATURES

SA RAND

                        Year ended                      Quarter                
                                                                               
                        June       June       June      March       June       
                                                                               
                        2002       2003       2002      2003        2003       
                                                                               
kg Gold produced* oz    127,812    134,813    36,046    33,340      32,380     
(000)                                                                          
                                                                               
R/kg Total cash costs $ 56,662     61,766     57,935    60,709      63,369     
/oz                                                                            
                                                                               
000 Tons milled 000     36,953     42,988     11,014    10,792      10,925     
                                                                               
R/kg Revenue $/oz       95,730     97,060     105,024   95,068      86,751     
                                                                               
R/ton Operating costs $ 213        213        207       201         204        
/ton                                                                           
                                                                               
Rm Operating profit $m  4,785      4,741      1,610     1,126       717        
                                                                               
Rm Net earnings $m      3,073      2,953      1,180     805         789        
                                                                               
SA c.p.s*US c.p.s.      662        626        251       171         167        
                                                                               
Net earnings excluding  2,590      2,011      845       476         226        
gains and losses on                                                            
financial instruments                                                          
and foreign debt net                                                           
                                                                               
of cash and exceptional                                                        
Rm items $m                                                                    
                                                                               
SA c.p.s. US c.p.s.     558        426        180       101         48         

SALIENT FEATURES

US DOLLARS

                        Year ended                      Quarter                
                                                                               
                        June       June       June      March       June       
                                                                               
                        2002       2003       2002      2003        2003       
                                                                               
kg Gold produced* oz    1,041      1,072      1,159     4,334       4,109      
(000)                                                                          
                                                                               
R/kg Total cash costs $ 255        225        171       212         173        
/oz                                                                            
                                                                               
000 Tons milled 000     10,925     10,792     11,014    42,988      36,953     
                                                                               
R/kg Revenue $/oz       349        353        311       333         292        
                                                                               
R/ton Operating costs $ 26         24         20        23          21         
/ton                                                                           
                                                                               
Rm Operating profit $m  100        135        157       523         470        
                                                                               
Rm Net earnings $m      98         93         112       326         301        
                                                                               
SA c.p.s*US c.p.s.      21         20         24        69          65         
                                                                               
Net earnings excluding  34         58         80        222         254        
gains and losses on                                                            
financial instruments                                                          
and foreign debt net                                                           
                                                                               
of cash and exceptional                                                        
Rm items $m                                                                    
                                                                               
SA c.p.s. US c.p.s.     8          12         17        47          55         

*Attributable All companies wholly owned except for Ghana (71.1%).

DEAR SHAREHOLDERS

The Company has again been able to produce a solid set of results for

the financial year and quarter, both of which ended on 30 June 2003.

Despite the challenges posed by the strengthening Rand, an excessive

number of public holidays during the quarter and grade fluctuations

at Kloof, we have produced a consistent and credible set of results

for both periods.

Particularly pleasing has been the safety performance the Group

during the past year, with Gold Fields recording the best safety

achievements since its inception in 1998. This is the result of a

relentless focus on the full compliance safety campaign by each one

of our people, and reflects the growing seriousness with which

management and employees alike approach safety on our mines.

For the year gold production increased by 5 per cent to 4.33 million

ounces, largely as a result of the inclusion for a full year of the

St Ives, Agnew and Damang Mines, acquired in financial 2002.

Production for the June quarter was marginally down, mainly because

of lower grades experienced at Kloof Mine. This is evidence of the

continuing decline in grades experienced across the South African

gold mining industry. Since the quarter end grades have improved at

the Kloof mine. Year on year Gold Fields saw a decline of 9 per cent

in underground grades at its South African operations, from 8.2 grams

per ton to 7.5 grams per ton.

In the current strong Rand environment, cost control has become an

even higher priority, especially at our South

African operations. This is borne out by our operating teams'

ability to limit increases in total costs to only two per cent during

the June quarter, with Rand per ton costs virtually in line with the

previous quarter. Year on year we saw a 3 per cent increase in

underground mining costs from R496 per ton to R509 per ton,

significantly below inflation.

As in the March quarter, the strong Rand has again had a significant

impact on the Rand gold price received, resulting in a 36 per cent

decline in operating profit quarter on quarter, from R1,126 million

to R717 million. However, we have been able to maintain net earnings

at R789 million, assisted largely by the opportunistic realisation of

non-core holdings in other mining companies, as well as further gains

on financial instruments and foreign debt related to our Australian

operations.

The June quarter also saw a further significant reduction in debt

from US$136 million to US$42 million. The proceeds from the sale of

the non-core holdings referred to above were utilised for this

purpose along with some accelerated close outs of our Australian

Dollar currency instruments and other offshore cash. This is in line

with management's policy of maintaining a strong and unencumbered

balance sheet, as a prerequisite for a company that does not hedge

gold, and in order to maintain Gold Fields' competitive position on

the corporate front.

A highlight of the past quarter has been the announcement of the

Black Economic Empowerment transaction through which an empowerment

consortium led by Mvelaphanda

Resources Limited aims to acquire a 15 per cent stake in the South

African assets of Gold Fields, on commercial terms. This

transaction, coupled with a wide range of other social and

sustainable development initiatives, positions your company at the

forefront of the transformation of the South African mining industry

and will ensure that Gold Fields meets the requirements of the Mining

Charter well within the required timeframes.

The past year also saw a significant increase in capital and

exploration expenditure which, together with our strong balance

sheet, positions Gold Fields well for the future.

In conclusion, while the operational outlook for the coming year

remains generally positive, Gold Fields, like the rest of the South

African gold mining industry, will be challenged by the impact of the

volatile and strong Rand as well as increased cost pressures brought

about by the recent wage increases negotiated with the National Union

of Mineworkers. It is our intention to manage these challenges

decisively and in a manner that will safeguard the track record of consistent

results that we have developed over the past five years.

Yours Sincerely

ID COCKERILL

CHIEF EXECUTIVE OFFISER

1 August 2003

In order to provide you with the best and most transparent

information, within the framework of accounting and JSE requirements,

it would be appreciated if you could give us feedback (to Willie or

Cheryl listed above) on the information provided in this booklet and

any additional information you deem relevant. Thanking you in

advance for your participation.

COMMENTARY

HEALTH AND SAFETY

The safety performance of the Group has once again shown improvement

quarter on quarter, with the fatal injury frequency rate improving by

28 per cent from 0.32 to 0.23, the serious injury frequency rate

improving from 7.1 to 6.5 or 9 per cent and the lost day injury

frequency rate improving by 3 per cent from 14.3 to 13.9. During the

quarter Beatrix achieved 2,000,000 fatal free shifts and Driefontein

1,000,000.

A comparison of the year on year performance indicates a significant

improvement, with the best ever safety performance for the Group

since establishment in 1998. The fatal injury frequency rate

improved year on year by 26 per cent from 0.31 to 0.23. The serious

injury frequency rate improved from 8.0 to 6.5 or 19 per cent and the

lost day injury frequency rate improved 50 per cent from 28.0 to

13.9. The days lost frequency rate improved from 455 to 421 or

8 per cent.

FINANCIAL

Quarter ended 30 June 2003

NET EARNINGS

Net earnings for the quarter amounted to R789 million (US$98

million), compared to R805 million (US$93 million) earned in the

previous quarter. Included in this quarter's earnings are

exceptional items of R272 million (US$31 million), which includes a

profit on sale of investments of R302 million (US$34 million) and

exceptional health care costs of R27 million (US$3 million). The

profit on the sale of investments results from the sale of the

remaining 19.8 million shares in Eldorado Gold Corporation yielding a

profit of R222 million (US$25 million), the sale of 870,000 shares in

Glamis Gold Limited (leaving a holding of 88,000 shares), which

yielded a profit of R64 million (US$7 million), the sale of 73,000

shares in Chesapeake (7 per cent of our holding), which yielded a

profit of R1.4 million (US$0.2 million) and the sale of 400,000

ARMgold shares (18 per cent of our holding), which yielded a profit

of R14 million (US$1,5 million). The above is included in

exceptional items and compares with the R178 million (US$19 million)

profit on the sale of investments included last quarter.

Earnings, excluding exceptional items after taxation as well as the

net gains on financial instruments and foreign debt, amounted to

R226 million (US$34 million) as compared to R476 million (US$58

million) achieved last quarter.

REVENUE

Revenue is significantly lower than the previous quarter due to an 8

per cent strengthening of the average Rand/US Dollar exchange rate

from 8.38 in the March 2003 quarter to 7.74 this quarter. This was

exacerbated by the lower US Dollar gold price at US$349 per ounce,

compared to US$353 per ounce last quarter. The resultant Rand gold

price of R86,751 per kilogram is thus 9 per cent lower than the

R95,068 per kilogram achieved last quarter. This, together with the

lower gold sales at 34,244 kilograms (1,101,000 ounces) as compared

to 35,257 kilograms (1,134,000 ounces) last quarter, resulted in

revenue of R2,971 million (US$383 million) compared to R3,352 million

(US$397 million) last quarter. The lower gold sales are mainly as a

result of lower underground grades at Kloof.

OPERATING COSTS

Operating costs at R2,224 million (US$281 million) for the quarter

were 2 per cent higher than the previous quarter's costs of R2,172

million (US$256 million) mainly as a result of the impact of the

higher production at St Ives in Australia. South African operational

costs increased 1 per cent compared to the previous quarter. On a

Group basis, total cash costs increased from R60,709 per kilogram

last quarter to R63,369 per kilogram this quarter. In US Dollar

terms total cash costs increased from US$225 per ounce to US$255 per

ounce mainly due to the stronger Rand quarter on quarter.

The net effect of the decreased revenue and marginally higher costs,

together with a gold in process charge due to a net release of

inventory at the international operations, was a decrease in

operating profit from R1,126 million (US$135 million) in the March

quarter to R717 million (US$100 million) this quarter.

Amortisation was 10 per cent lower than the previous quarter at R306

million (US$39 million), mainly due to a re-assessment of the

allocation of the at acquisition carrying values of the assets of the

individual operations (St Ives and Agnew), which affected

amortisation tenement rates. Amortisation calculations now provide a

better matching of costs and revenues over the life of these

operations.

FINANCIAL INSTRUMENTS AND DEBT

The Australian Dollar once again strengthened against the US Dollar,

from 59.4 cents at the end of the March quarter to 66.2 cents at the

end of the current quarter. US$84 million of the foreign debt used

to finance the acquisition of the Australian operations was repaid

during the quarter. The stronger Australian Dollar, resulted in a

gain on foreign debt of R66 million (US$7 million) as compared to a

gain of R55 million (US$6 million) achieved in the March 2003

quarter. Outstanding debt at the Australian operations thus reduced

significantly from US$113 million at the end of the March quarter to

US$29 million by the end of June.

As previously reported, the Australian operations established

currency financial instruments to protect the cash flows against a

possible strengthening of the Australian Dollar against the United

States Dollar. At the quarter end, US$300 million was outstanding

under these instruments. The reduction from US$400 million in the

previous quarter is due to an acceleration of close outs of our

put/call collar structure in addition to the standard quarterly

maturities of US$25 million. This has generated US$24 million in

cash, which has been used to prepay offshore debt. Gains on these

financial instruments amounted to R320 million (US$36 million) in the

current quarter compared to R185 million (US$19 million) in the

previous quarter. At the end of the June quarter, the marked to

market value of these US Dollar/Australian Dollar financial

instruments was a positive R536 million (US$69 million).

The gain on financial instruments was partially offset by an

unrealised loss on SA Rand/US Dollar forward cover of US$36 million.

This was purchased during the quarter to hedge the Group's commitment

in respect of the Tarkwa mill and owner mining projects approved last

quarter for US$159 million, since this project is to be funded from

South African sources. The weighted average forward rate in respect

of the forward cover established was R8.73 maturing on 3 June 2004.

The marked to market value of this forward purchase at the end of the

quarter was a negative R9 million (US$1.1 million).

Details of the financial instruments are provided on page 9 of this

report.

Exploration increased, from R31 million (US$4 million) in the March

quarter to R100 million (US$12 million) in the June quarter. For

further commentary on exploration, please refer to page three.

Profit before taxation and exceptional items was R697 million (US$93

million) compared to R1,037 million (US$122 million) posted in the

March 2003 quarter.

Taxation at R151 million is 60 per cent below the previous quarter as

a result of the impact the mining tax formula has on mining tax,

given the reduced operating profit.

Net earnings, after accounting for minority interests were thus R789

million (US$98 million) or 167 cents per share (US21 cents), compared

to R805 million (US$93 million) or 171 cents per share (US20 cents)

in the previous quarter.

CASH FLOW

Operating cash flow for the quarter was R577 million (US$95 million),

which was R637 million lower than operating cash flow in the March

quarter of R1,214 million (US$141 million). The decrease is mainly

due to the lower operating profit.

Capital expenditure was R685 million (US$84 million) as compared to

R505 million (US$60 million) in the March 2003 quarter. The increase

is due to a catch-up of forecast expenditure, mainly on major

projects, which are still forecast to be in line with approved votes.

Of this amount, R423 million (US$77 million) was expended at the

South African operations with the significant portion directed at the

major projects, R119 million at the 1E and 5E shafts and R26 million

on the new mill installation at Driefontein, with further development

at Kloof 4 shaft of R52 million and Beatrix 3 shaft of R60 million.

The Australian operations incurred capital expenditure of R186

million (A$34 million), the majority on development of existing

projects and exploration aimed at increasing the ore reserve base at

those operations. At the Ghanaian operations, capital expenditure

Commentary

amounted to R60 million (US$7 million), the majority at Tarkwa for

the expansion of the leach pads.

The sale of investments, being Eldorado, Glamis, Chesapeake and

ARMgold referred to earlier, resulted in a cash inflow of R359

million (US$51 million). The foreign portion of these proceeds was

applied to the payment of offshore debt.

Net cash outflow for the quarter was R754 million (US$67 million)

after taking account of external loan and minority shareholder loan

repayments of R736 million (US$99 million), the final tax payment for

the year of R124 million and environmental and post-retirement health

care payments of R242 million (US$27 million), which includes payment

for the settlement of post-retirement health care obligations of

R207 million (US$27 million). The cash balance at the end of the

June 2003 quarter was R1,041 million (US$134 million) as compared to

R1,821 million (US$224 million) at the end of the March 2003 quarter.

Debt at the end of June was R324 million (US$42 million) as compared

to R1,110 million (US$136 million) at the end of March 2003.

Cash net of both long-term and short-term debt at the end of the quarter

was a positive R717 million (US$92 million) virtually unchanged

from the R711 million (US$88 million) last quarter.

Quarter ended 30 June 2003 compared to quarter ended 30 June 2002

Attributable gold production decreased from 1,159,000 ounces in the

June 2002 quarter to 1,041,000 ounces this quarter. The decrease in

production was partly due to the sale of St Helena earlier in the

year and due to the lower grades, particularly at Kloof and

Driefontein.

Revenue decreased 22 per cent in Rand terms (increase of 3 per cent

in US Dollar terms) from R3,826 million (US$372 million) to R2,971

million (US$383 million) due to a reduction in the Rand gold price

achieved from R105,024 per kilogram (US$311 per ounce) in the June

2002 quarter to R86,751 per kilogram (US$349 per ounce) in the June

2003 quarter. Operating costs were marginally lower at R2,224

million (US$281 million) compared to R2,261 million (US$219 million)

in the June 2002 quarter. Increases at the South African operations

were offset by the impact of translating costs at the international

operations into South African Rand at a stronger R/US Dollar exchange

rate than the corresponding quarter in the previous year. Earnings

decreased from R1,180 million (US$112 million) in the June 2002

quarter to R789 million (US$98 million) in the current quarter.

Year ended 30 June 2003 compared to the year ended 30 June 2002

Attributable gold production increased 5 per cent from 4,109,000

ounces to 4,334,000 ounces mainly as a result of the acquisition of

the Australian and Damang operations, which are included for the full

year to June 2003, as compared to seven and five months for the

Australian and Damang operations respectively in the year to June

2002. This was partly offset by the sale of St Helena, effective 30

October 2002.

Revenue increased by 11 per cent in Rand terms (25 per cent in US

Dollar terms) from R12,528 million (US$1,230 million) to R13,893

million (US$1,532 million) due to the increase in production and an

increase in the gold price from R95,730 to R97,060 per kilogram for

the year ended 30 June 2003. The acquisitions in Australia and Ghana

referred to earlier, also contributed to the increase in operating

costs from R7,826 million (US$768 million) to R9,142 million

(US$1,008 million). Costs were also impacted by normal inflationary

increases and the increase in mining volumes at the South African

operations required to counter the lower underground grades being

achieved, where yields have reduced 9 per cent year on year from 8.2

grams per ton last year to 7.5 grams per ton this year.

Earnings decreased 4 per cent to R2,953 million from R3,073 million

the previous year but increased in US Dollar terms from US$302

million to US$326 million for the year ended June 2003.

OPERATIONS

Overview

Attributable gold production for the June 2003 quarter decreased to

1,041,000 ounces from 1,072,000 ounces in the March 2003 quarter, of

which 31 per cent was produced from the international operations.

Production from our Australian operations increased 13 per cent.

This was due to an increase in tons throughput at St Ives, as yield

was maintained at 2.9 grams per ton. Ghana showed a decrease in

production of 3 per cent due to a significant release of gold in

process in the previous quarter. Ore milled increased from 10.79

million tons to 10.93 million tons due to an increase in surface

tons, mainly at St Ives. This resulted in a decrease in overall

yield to 3.1 grams per ton, as compared to 3.3 grams per ton achieved

in the March 2003 quarter. Total cash costs in Rand terms increased

to R63,369 per kilogram from R60,709 per kilogram achieved last

quarter as a result of the lower production. In US Dollar terms,

total cash costs increased from US$225 per ounce to US$255 per ounce

mainly due to the stronger South African Rand. Operating costs per

ton at R204 were virtually unchanged from last quarter.

South African Operations

DRIEFONTEIN

Production at Driefontein decreased 4 per cent to 286,000 ounces.

This was due to anticipated lower surface yields compared to the

previous quarter as the high grade surface rock dump has now been

depleted. Underground tonnage increased to 964,000 tons from 958,000

tons, while surface tonnage decreased to 660,000 tons from 750,000

tons due to a settling in period for the newly commissioned mill at

No.2 plant. The decreased proportion of surface to underground ore

treated resulted in the combined yield increasing from 5.4 grams per

ton last quarter to 5.5 grams per ton this quarter. The lower

surface yield (1.6 grams per ton compared to 2.3 grams per ton last

quarter) was offset by the increase in underground yield from 7.8

grams per ton to 8.1 grams per ton this quarter.

Total cash costs increased by 4 per cent in Rand terms to R63,784 per

kilogram from R61,184 per kilogram last quarter. This was due to the

lower surface yields, as total operating costs decreased quarter on

quarter by 2 per cent despite an increase in stoping and development

volumes. In US Dollar terms total cash costs increased from US$227

per ounce to US$256 per ounce quarter on quarter as a result of the

stronger Rand, allied with the lower gold production. Operating

profit declined from R267 million (US$33 million) in the March

quarter to R174 million (US$25 million) in the current quarter also

due to the lower production and lower gold price received. Capital

expenditure was higher at R193 million (US$34 million) for the

quarter compared to R125 million (US$15 million) in the previous

quarter due to the funding of the 5E shaft refrigeration plant and

the No.1 metallurgical plant renewal programme.

KLOOF

As mentioned earlier, gold production at Kloof at 260,000 ounces was

38,000 ounces lower than the previous quarter due to lower grades and

less shifts due to the June quarter public holidays. The decline in

the grade was exacerbated by the short term mining mix variations.

The combined yield decreased quarter on quarter from 7.5 grams per

ton to 6.4 grams per ton, all due to the drop in underground grades.

The mining mix issues have been addressed and grades are improving.

Underground tonnage was flat at 973,000 tons and surface tonnage was

marginally higher at 284,000 tons, at a higher yield of 1.0 gram per

ton. Underground unit costs increased marginally from R580 per ton

to R592 per ton due to the 2 per cent increase in operating costs.

Total cash costs increased by 17 per cent in Rand terms to R70,516

per kilogram and by 26 per cent in US Dollar terms, from US$224 to

US$283 per ounce. The decrease in gold output and the lower gold

price, resulted in operating profit decreasing to R106 million (US$17

million) this quarter from R298 million (US$35 million) last quarter.

Capital expenditure was R114 million (US$22 million) for the quarter

compared to R100 million (US$12 million) in the previous quarter due

to an increase in expenditure at 4 shaft.

BEATRIX

In the Free State, production at Beatrix increased by 2 per cent to

171,000 ounces from 168,000 ounces achieved in the previous quarter.

This increase was due to increased yields at both underground and

surface operations. Underground yields increased from 4.9 grams per

ton to 5.1 grams per ton, while surface yields increased from 0.9

grams per ton to 1.1 grams per ton. Underground ore milled decreased

to 1,002,000 tons this quarter from 1,027,000 tons, while surface

tons increased 4 per cent from 175,000 tons to 182,000 tons this

quarter. Total cash costs increased 3 per cent in Rand terms to

R68,401 per kilogram and increased to US$275 per ounce from US$246

per ounce last quarter due to the stronger Rand. Operating profit

declined from R131 million (US$16 million) to R81 million (US$11

million) quarter on quarter due to the lower gold price and increased

mining costs associated with higher mining volumes, in both stoping

and development. Capital expenditure increased from R77 million

(US$9 million) last quarter to R117 million (US$21 million) this

quarter due to increased expenditure at 3 shaft and the ventilation

shaft at 2 shaft.

Metallurgical Plant Upgrades

Construction of Driefontein's 1 plant mill installation is nearing

completion, with commissioning scheduled for the end of September

2003. The Driefontein 2 plant mill installation is operating at

design capacities and optimisation of the circuit is in progress.

The installation of the carbon-in-pulp pump-cell facility at Kloof 3

plant is slightly behind schedule due to adverse ground conditions

experienced at the proposed site and commissioning has been delayed

to September 2003.

International Operations

Ghana

TARKWA

Gold production decreased by 5 per cent from 136,000 ounces in the

March quarter to 129,000 ounces in the June quarter. The March

quarter production included an 11,000 ounce release of gold inventory

from the leach pads as compared to 7,000 ounces in the June quarter.

Tons crushed reduced marginally from 3,847,000 tons last quarter to

3,723,000 tons this quarter. The yield, at 1.1 grams per ton,

remained constant. For the June quarter total operating costs

increased by 3 per cent to US$26 million (R205 million), due

primarily to increased grade control drilling, which combined with

the 3 per cent decline in throughput resulted in a 6 per cent

increase in unit operating costs from US$6.68 to US$7.06. As a

result, total cash costs increased by a similar quantum to US$213 per

ounce. Tarkwa contributed US$17 million (R131 million) to operating

profit, a decrease of 15 per cent quarter on quarter.

DAMANG

At Damang, production increased marginally to 78,000 ounces because

of an increase in mill throughput, from 1,228,000 tons to 1,309,000

tons. Yield remained constant at 1.9 grams per tons. Total cash

costs decreased from US$248 per ounce to US$223 per ounce quarter on

quarter. This decrease was due to the increased production, allied

with a gold in process credit of US$1.4 million due to the

stockpiling of some high grade ore that could not be treated during

the quarter. Unit operating costs increased to US$14.20 per ton from

US$13.80 per ton in the March quarter. The net result was an

increase in operating profit of 18 per cent to US$10 million (R81

million).

The contribution from the Ghanaian operations to the Group's

operating profit increased to 30 per cent from 22 per cent last

quarter and at R212 million (US$27 million) is 14 per cent lower than

the contribution of R248 million (US$29 million) achieved last

quarter.

Australia

ST IVES

Gold production at St Ives was 141,000 ounces, an increase of 19 per

cent when compared to the March quarter's production of 119,000

ounces. This was due to an increase in the total ore treated from

1,263,000 tons for the March quarter to 1,495,000 tons in June,

resulting from the inclusion of a tolling campaign during the

quarter, which produced 5,000 ounces from 82,000 tons treated, and

improved mill and heap leach plant throughputs. Yields remained

constant at 2.9 grams per ton. Underground mining operations

contributed one third of total gold production, similar to last

quarter. Operating costs at A$47 million (R240 million, US$30

million) were 20 per cent above the previous quarter due to costs

associated with toll treatment, the increase in ore treated from 1.3

million tons to 1.5 million tons and the inclusion of exploration

drilling of A$1.6 million, written off during the quarter. Total

cash costs were thus A$338 per ounce (US$221 per ounce) for the June

quarter compared to A$326 per ounce (US$193 per ounce) in the March

quarter. Operating costs per ton increased marginally from A$31 to

A$32 quarter on quarter. St Ives contributed A$30 million (R148

million, US$19 million) to operating profit compared to A$33 million

(R163 million, US$20 million) in the previous quarter with the

reduced gold price more than offsetting the increase in gold sales.

Capital expenditure increased from A$18 million (R78 million, US$10

million) in the March quarter to A$27 million (R144 million, US$26

million) this quarter as a result of additional exploration costs of

A$5 million and a A$3 million increase in mine development costs.

AGNEW

Gold production at Agnew was virtually unchanged at 36,000 ounces.

Production from the Crusader/Deliverer underground operations was

similar to last quarter and a low grade stockpile was used to offset

the reduction in ounces previously available from the Waroonga pit,

as operations at this pit were discontinued last quarter. This was

the main reason for the drop in reported yield from 3.8 grams per ton

last quarter to 3.3 grams per ton this quarter. The mine reported a

decrease in total cash costs in Australian Dollars from A$449 per

ounce (US$272 per ounce) last quarter, to this quarter's A$440 per

ounce (US$286 per ounce). This was due to a decline in operating

costs from A$14 million (R68 million, US$9 million) in the March

quarter to A$13 million (R63 million, US$8 million) in the current

quarter with the termination of open pit mining. The contribution to

operating profit from Agnew was negative A$0.5 million (R4 million

negative and US$nil) compared to last quarter's contribution of A$6

million (R20 million, US$3 million) due to the stronger Australian

Dollar and the lower gold price. The gold price achieved in the June

quarter was A$544 per ounce compared to A$600 per ounce in the March

quarter. Capital expenditure was little changed at just below A$7

million (R42 million, US$8 million) as development of the underground

operations at Waroonga continued.

The contribution from the Australian operations to the Group's

operating profit increased to 20 per cent from 16 per cent last

quarter and at R144 million (A$29 million, US$19 million) is 21 per

cent lower than the contribution of R183 million (A$37, US$22

million) achieved last quarter. The increase in the gain on

financial instruments and foreign debt relative to the previous

quarter resulted in an increase in net earnings to A$74 million (R364

million, US$41 million) this quarter from A$39 million (R194 million,

US$21 million) in the March 2003 quarter. Net earnings excluding

gains on financial instruments and foreign debt and exceptional items

increased to R55 million (A$17 million, US$7 million) compared to R29

million (A$6 million, US$3 million) last quarter.

DEVELOPMENT AND EXPLORATION

TARKWA

We reported in the March quarter that the decision to proceed with

the mill project had been taken. During the June quarter, the

execution project team was established, the EPCM contractor

appointed, and final design and specification of the project

completed. Ordering of long lead time items, such as the SAG mill,

have been completed and initial earth moving has commenced on the

mine site.

With an execution decision also taken on the owner mining project in

the March quarter, finalisation of fleet requirements and negotiation

with equipment and service suppliers continued during the quarter.

It is anticipated that procurement will commence in the September

quarter, with a view to the first phase of equipment arriving at

Tarkwa during the final quarter of this financial year.

DAMANG

During the quarter, the exploration program focused on testing the

conglomerate potential across the Damang license area. By quarter

end, the initial phases of exploration drilling at Chida, Chida

South, Tomento and Bonsa had been completed. Evaluation of the

drilling results is underway and it is expected that by the end of

the September quarter initial resource potential in these areas will

be assessed, while indicative economics will be understood. This

will represent a significant milestone in assessing the longer term

potential of Tarkwa style deposits at Damang.

ST IVES

The optimisation and expansion project feasibility study, examining

the viability of installing a new and expanded mill/CIP plant, is

continuing and is due for completion at the end of the first quarter

of the 2004 financial year. As previously reported, it is envisaged

that the capacity of the new plant would be some 4 million ton per

annum (mtpa), compared to the current capacity of 3.1 mpta.

Exploration drilling to support the feasibility study has been

completed.

During the 2003 financial year some 380,000 metres of exploration

drilling was undertaken at St Ives, of which one third was diamond

drilling, at a total cost just short of A$30 million. The

exploration effort at St Ives has exceeded expectations allowing the

mine to replace reserves mined during the year, while also adding a

further year to the mine's ore reserves. The exploration program for

the 2004 financial year will continue to focus on reserve expansion

as well as development of new resources and will be maintained at

current activity levels, with a commitment in excess of A$30 million

for the year.

Exploration

Exploration has more than doubled to R100 million for the June

quarter. This amount includes R43 million (US$5 million) in respect

of a write-off of all expenditure incurred in previous quarters on

exploration "farm-in" projects, in which an ownership interest has

not yet vested. Notwithstanding this, there has been a deliberate

effort to step up our exploration activities. The bulk of the

expenditure has been incurred on a diversified pipeline of early

stage projects in Africa, Australia, Bulgaria, China and South and

Central America. Subject to continued exploration success, and our

ability to finance, expenditure is expected to range between US$30

million and US$40 million per annum.

Arctic Platinum Project

On the 11th of July Outokumpu announced that it had concluded a

transaction with South Atlantic Resources, a Canadian junior mining

company, to dispose of its 49 per cent interest in the Arctic

Platinum Project, for a total consideration of

US$31 million. In terms of the Arctic Platinum Partnership

Agreement, this disposal is subject to pre-emptive rights in favour

of Gold Fields. We are reviewing the opportunity presented under

this arrangement and will make an announcement once a decision has

been made in respect of whether the pre-emptive rights will be

exercised.

BLACK ECONOMIC EMPOWERMENT TRANSACTION

On 10 June 2003 a joint cautionary announcement was issued to

shareholders stating that a R4.1 billion agreement had been reached,

in terms of which a broad based black empowerment consortium, led by

Mvelaphanda Resources Limited (Mvela), will acquire a beneficial

interest of 15 per cent of the South African gold mining assets of

Gold Fields.

This transaction represents a significant milestone towards meeting

the requirements of the Mining Charter.

The value of the assets is based on life of mine valuations and

represents fair market value. Funding will be by way of a

significant equity capital raising by Mvela, up to R300 million will

be financed by Gold Fields on commercial terms and the balance will

be financed by the raising of debt.

Mvela is in the process of undergoing a debt raising exercise. Once

funding commitments are received, a detailed terms announcement will

be made.

LEGAL

Further to our earlier report a law suit was filed by Zalumzi

Singleton Mtwesi ("Mtwesi") against Gold Fields Limited in the

supreme Court of the State of New York County of New York on May 6,

2003. Mtwesi alleges, inter alia, that during the apartheid era, he

was subjected to human rights violations. Mtwesi has filed the suit

on behalf of himself and as representative of all other victims and

all other persons similarly situated ("the plaintiffs class"). In

summary, Mtwesi and the plaintiffs class demand an order certifying

the plaintiffs class and compensatory damages from Gold Fields

Limited. The suit has not been served on Gold Fields Limited. If

and when service of the suit takes place it will be vigorously

contested. Gold Fields Limited will keep shareholders appraised of

any future developments in this matter.

COMMUNITY DEVELOPMENT PROJECTS

On 10 April 2003 a R70 million community development project, set to

produce 25 million rose stems per year for the overseas market, was

launched by Gold Fields. The project, known as Living Gold, is a

joint venture with the Industrial Development Corporation. Located

on the West Rand this project, together with several other proposals

in the pipeline, will assist in the battle against unemployment and

poverty in the area. Sustainable development is a core strategy of

Gold Fields and it is hoped that the benefits of this project will

long outlive mining in that area.

OUTLOOK

Gold production is not expected to be materially different in the

September 2003 quarter. However, should the R/US Dollar exchange

rate continue at current levels, this, together with the higher than

inflation wage increases, is expected to further erode margins. In

addition, the profit generated on sales of investments this quarter

will not be repeated in the September quarter and at the current

Australian Dollar exchange rate gains will not be generated on the

currency forward instruments. As a consequence of the above factors,

earnings are expected to be sharply lower in the September 2003

quarter.

DIVIDEND

A final dividend has been declared payable to all shareholders as

follows:

- Final dividend:                       100 SA cents                           
                                                                               
- Last date to trade "CUM" dividend:    15 August 2003                         
                                                                               
- Sterling & US Dollar conversion date: 18 August 2003                         
                                                                               
- Commence trade "EX" dividend:         18 August 2003                         
                                                                               
- Record date:                          22 August 2003                         
                                                                               
- Payment date:                         25 August 2003                         

Share certificates may not be dematerialised or rematerialised

between Monday, 18 August 2003 and Friday, 22 August 2003, both dates

inclusive.

The dividend results in a payout of 59 per cent for the year based on

net earnings excluding gains and losses on financial instruments and

foreign debt as well as exceptional items. Most of the gains on the

instruments are unrealised and the realised gains, together with the

exceptional gains, being mainly profits on sales of investments, have

been applied to debt reduction.

The dividend was also influenced by the significant capital

expenditure which was R2.3 billion for the year.

BASIS OF ACCOUNTING

The unaudited results for the quarter have been prepared on the

International Financial Reporting Standards (IFRS) basis. The

detailed financial, operational and development results for the year

and the June 2003 quarter are submitted in this report.

These consolidated quarterly statements are prepared in accordance

with IFRS 34, Interim Financial Reporting. The accounting policies

are consistent with those applied at the previous year-end.

AUDIT REVIEW

The year-end results have been reviewed in terms of Rule 3.23 of the

listing requirements of the JSE Securities Exchange SA by the

Company's auditors, PricewaterhouseCoopers Inc. This unqualified

review opinion is available on request from the Company Secretary and

on the web site.

ID Cockerill

CHIEF EXECUTIVE OFFICER

1 August 2003

INCOME STATEMENT

International Financial Reporting Standard Basis

SA RAND

(Figures are in millions unless otherwise stated)

                                       Quarter               Year ended        
                                                                               
                                June     March      June      June         June
                                                                               
                                2003      2003      2002      2003         2002
                                                                               
Revenue                      2,970.7   3,351.8   3,825.7  13,892.8     12,528.4
                                                                               
Operating costs              2,223.8   2,171.6   2,261.2   9,142.3      7,825.9
                                                                               
Gold inventory change           29.7      54.1    (45.3)      10.0       (82.7)
                                                                               
Operating profit               717.2   1,126.1   1,609.8   4,740.5      4,785.2
                                                                               
Amortisation and                                                               
                                                                               
depreciation                   306.4     341.3     274.6   1,340.9        978.9
                                                                               
Net operating profit           410.8     784.8   1,335.2   3,399.6      3,806.3
                                                                               
Finance income                  94.8      97.1     146.9     239.8        177.3
                                                                               
- Net interest received                                                        
                                                                               
and investment income           28.6      41.9      23.0     158.4         38.0
                                                                               
- Gain on foreign debt,                                                        
                                                                               
net of cash                     66.2      55.2     123.9      81.4        139.3
                                                                               
Gain on financial                                                              
                                                                               
instruments                    311.4     185.2     345.4     460.9        513.8
                                                                               
Other income/(cost)           (20.1)       1.3      19.9    (15.8)         72.9
                                                                               
Exploration                  (100.4)    (31.1)    (21.2)   (211.8)       (92.4)
                                                                               
Profit before tax and                                                          
                                                                               
exceptional items              696.5   1,037.3   1,826.2   3,872.7      4,477.9
                                                                               
Exceptional gain/(loss)        271.7     177.1    (44.6)     571.8       (54.5)
                                                                               
Profit before taxation         968.2   1,214.4   1,781.6   4,444.5      4,423.4
                                                                               
Mining and income taxation     151.1     377.6     563.2   1,363.5      1,227.1
                                                                               
- Normal taxation              (8.4)     193.7     212.7     728.6        763.2
                                                                               
- Deferred taxation            159.5     183.9     350.5     634.9        463.9
                                                                               
Profit after taxation          817.1     836.8   1,218.4   3,081.0      3,196.3
                                                                               
Minority interest               27.7      32.2      38.4     128.0        123.8
                                                                               
Net earnings                   789.4     804.6   1,180.0   2,953.0      3,072.5
                                                                               
Exceptional items:                                                             
                                                                               
Profit on disposal                                                             
                                                                               
of St Helena                       -         -         -     121.7            -
                                                                               
Profit on sale of                                                              
                                                                               
investments                    301.8     177.9         -     479.7            -
                                                                               
Retirement of health                                                           
                                                                               
care obligations              (26.7)         -         -    (26.7)            -
                                                                               
Other                          (3.4)     (0.8)    (44.6)     (2.9)       (54.5)
                                                                               
Total exceptional items        271.7     177.1    (44.6)     571.8       (54.5)
                                                                               
Taxation                       (1.7)    (16.8)         -    (37.7)          3.8
                                                                               
Net exceptional items                                                          
                                                                               
after tax and minorities       270.0     160.3    (44.6)     534.1       (50.7)
                                                                               
Net earnings per                                                               
                                                                               
share (cents)                    167       171       251       626          662
                                                                               
Headline earnings              494.4     643.8   1,180.0   2,393.4      3,072.5
                                                                               
Headline earnings                                                              
                                                                               
per share (cents)                104       136       251       507          662
                                                                               
Diluted earnings                                                               
                                                                               
per share (cents)                166       169       248       621          656
                                                                               
Net earnings excluding                                                         
                                                                               
gains and losses on                                                            
                                                                               
financial instruments                                                          
                                                                               
and foreign debt, net                                                          
                                                                               
of cash and exceptional                                                        
                                                                               
items                          225.9     475.9     844.9   2,010.9      2,590.1
                                                                               
Net earnings per share                                                         
                                                                               
excluding gains and losses                                                     
                                                                               
on financial instruments                                                       
                                                                               
and foreign debt, net of                                                       
                                                                               
cash and exceptional                                                           
                                                                               
items (cents)                     48       101       180       426          558
                                                                               
Gold sold - managed                                                            
                                                                               
less capitalised kg           34,244    35,257    36,427   143,136      130,872
                                                                               
Gold price received R/kg      86,751    95,068   105,024    97,060       95,730
                                                                               
Total cash costs R/kg         63,369    60,709    57,935    61,766       56,662

INCOME STATEMENT

International Financial Reporting Standard Basis

US DOLLARS

(Figures are in millions unless otherwise stated)

                                       Quarter              Year ended         
                                                                               
                                June     March      June      June         June
                                                                               
                                2003      2003      2002      2003         2002
                                                                               
Revenue                        383.2     396.7     372.2   1,531.7      1,229.5
                                                                               
Operating costs                280.5     256.1     218.9   1,008.0        768.0
                                                                               
Gold inventory change            3.2       5.2     (4.0)       1.1        (8.1)
                                                                               
Operating profit                99.5     135.4     157.3     522.6        469.6
                                                                               
Amortisation and                39.0      40.0      28.4     147.8         96.1
depreciation                                                                   
                                                                               
Net operating profit            60.5      95.4     128.9     374.8        373.5
                                                                               
Finance income                  11.3      10.4      14.7      26.5         17.3
                                                                               
- Net interest received                                                        
                                                                               
and investment income            3.9       4.9       2.7      17.5          3.7
                                                                               
- Gain on foreign debt,                                                        
                                                                               
net of cash                      7.4       5.5      12.0       9.0         13.6
                                                                               
Gain on financial                                                              
                                                                               
instruments                     35.1      19.2      34.6      50.8         50.4
                                                                               
Other income/(cost)            (2.3)       0.2     (1.2)     (1.8)          7.2
                                                                               
Exploration                   (11.6)     (3.7)     (2.0)    (23.3)        (9.1)
                                                                               
Profit before tax and                                                          
                                                                               
exceptional items               93.0     121.5     175.0     427.0        439.3
                                                                               
Exceptional gain/(loss)         31.4      19.4     (4.4)      63.0        (5.3)
                                                                               
Profit before taxation         124.4     140.9     170.6     490.0        434.0
                                                                               
Mining and income taxation      22.8      44.6      54.6     150.3        120.4
                                                                               
- Normal taxation                2.8      23.5      20.8      80.3         74.9
                                                                               
- Deferred taxation             20.0      21.1      33.8      70.0         45.5
                                                                               
Profit after taxation          101.6      96.3     116.0     339.7        313.6
                                                                               
Minority interest                3.6       3.7       3.8      14.1         12.1
                                                                               
Net earnings                    98.0      92.6     112.2     325.6        301.5
                                                                               
Exceptional items:                                                             
                                                                               
Profit on disposal of                                                          
                                                                               
St Helena                        0.6       0.7         -      13.4            -
                                                                               
Profit on sale of                                                              
                                                                               
investments                     34.2      18.7         -      52.9            -
                                                                               
Retirement of health                                                           
                                                                               
care obligations               (3.0)         -         -     (3.0)            -
                                                                               
Other                          (0.4)         -     (4.4)     (0.3)        (5.3)
                                                                               
Total exceptional items         31.4      19.4     (4.4)      63.0        (5.3)
                                                                               
Taxation                       (0.4)     (1.9)         -     (4.2)          0.4
                                                                               
Net exceptional items                                                          
after                                                                          
                                                                               
tax and minorities              31.0      17.5     (4.4)      58.8        (4.9)
                                                                               
Net earnings per                                                               
                                                                               
share (cents)                     21        20        24        69           65
                                                                               
Headline earnings               64.2      74.8     112.2     263.9        301.1
                                                                               
Headline earnings                                                              
                                                                               
per share (cents)                 14        16        24        56           65
                                                                               
Diluted earnings                                                               
                                                                               
per share (cents)                 21        19        24        69           64
                                                                               
Net earnings excluding                                                         
                                                                               
gains and losses on                                                            
                                                                               
financial instruments                                                          
                                                                               
and foreign debt, net                                                          
                                                                               
of cash and exceptional                                                        
                                                                               
items                           34.0      57.7      80.4     221.7        254.2
                                                                               
Net earnings per share                                                         
                                                                               
excluding gains and                                                            
                                                                               
losses on financial                                                            
                                                                               
instruments and foreign                                                        
                                                                               
debt, net of cash and                                                          
                                                                               
exceptional items (cents)          8        12        17        47           55
                                                                               
Exchange rate - SA                                                             
                                                                               
Rand/US Dollar                  7.74      8.38     10.51      9.07        10.19
                                                                               
Gold sold - managed                                                            
                                                                               
less capitalised ozs (000)     1,101     1,134     1,171     4,602        4,208
                                                                               
Gold price received $/oz         349       353       311       333          292
                                                                               
Total cash costs $/oz            255       225       171       212          173

BALANCE SHEETS

International Financial Reporting Standard Basis

(Figures are in millions unless otherwise stated)

                                       SA Rand             US Dollars          
                                                                               
                                          June      June      June         June
                                                                               
                                          2003      2002      2003         2002
                                                                               
Mining and mineral assets             15,371.3  15,064.6   1,973.2      1,454.1
                                                                               
Non-current assets                       275.0     252.7      35.3         24.4
                                                                               
Investments                              512.1     797.8      65.7         77.0
                                                                               
Current assets                         3,059.5   4,256.2     392.7        410.9
                                                                               
- Cash and deposits                    1,040.8   2,027.1     133.6        195.7
                                                                               
- Other current assets                 2,018.7   2,229.1     259.1        215.2
                                                                               
Total assets                          19,217.9  20,371.3   2,466.9      1,966.4
                                                                               
Shareholders' equity                  11,295.5  11,095.8   1,450.0      1,071.0
                                                                               
Minority interest                        668.2     567.1      85.8         54.7
                                                                               
Deferred taxation                      4,279.6   3,736.5     549.4        360.7
                                                                               
Long-term loans                          164.2   1,502.2      21.1        145.0
                                                                               
Environmental rehabilitation                                                   
                                                                               
provisions                               715.3     770.2      91.8         74.3
                                                                               
Post-retirement health care                                                    
                                                                               
provisions                                90.7     260.2      11.6         25.1
                                                                               
Current liabilities                    2,004.4   2,439.3     257.2        235.6
                                                                               
- Other current liabilities            1,844.7   2,055.9     236.7        198.6
                                                                               
- Current portion of long-term                                                 
                                                                               
loans                                    159.7     383.4      20.5         37.0
                                                                               
Total equity and liabilities          19,217.9  20,371.3   2,466.9      1,966.4
                                                                               
S.A. Rand/U.S. Dollar conversion                              7.79        10.36
                                                                               
rate                                                                           

Condensed Statements of Changes in Equity

(Figures are in millions)

                                       SA Rand               US Dollars        
                                                                               
                                          June      June      June         June
                                                                               
                                          2003      2002      2003         2002
                                                                               
Balance as at the beginning of                                                 
                                                                               
the financial year                    11,095.8   7,075.6   1,071.0        876.8
                                                                               
Currency translation adjustment                                                
                                                                               
and other                              (750.9)     469.3     265.9      (162.2)
                                                                               
Issue of share capital                     1.0       7.3       0.1          0.7
                                                                               
Increase in share premium                 24.1     602.4       2.7         66.8
                                                                               
Marked to market valuation of                                                  
                                                                               
listed investments                     (281.1)     473.9    (31.0)         47.9
                                                                               
Dividends                            (1,746.4)   (605.2)   (184.3)       (60.5)
                                                                               
Net earnings                           2,953.0   3,072.5     325.6        301.5
                                                                               
Balance as at the end of June         11,295.5  11,095.8   1,450.0      1,071.0

Reconciliation of Headline Earnings with Net Earnings

(Figures are in millions unless otherwise stated)

                                       SA Rand                   US Dollars    
                                                                               
                                          June      June      June         June
                                                                               
                                          2003      2002      2003         2002
                                                                               
Net earnings                           2,953.0   3,072.5     325.6        301.5
                                                                               
Profit on disposal of St Helena        (121.7)         -    (13.4)            -
                                                                               
Taxation effect of profit on                                                   
                                                                               
disposal of St Helena                     27.3         -       3.0            -
                                                                               
Profit on sale of investments          (479.7)         -    (52.9)            -
                                                                               
Taxation effect of profit on                                                   
                                                                               
sale of investments                       19.1         -       2.1            -
                                                                               
Other after tax adjustments              (4.6)         -     (0.5)            -
                                                                               
Headline earnings                      2,393.4   3,072.5     263.9        301.5
                                                                               
Headline earnings                                                              
                                                                               
per share - cents                          507       662        56           65

Based on headline earnings as

given above divided by 471,814,106

(464,146,677) being the weighted

average number of ordinary

shares in issue

CASH FLOW STATEMENT

International Financial Reporting Standard Basis

(Figures are in millions)

SA RAND

                                        Quarter          Year ended            
                                                                               
                                 June     March    June        June        June
                                                                               
                                 2003      2003    2002        2003        2002
                                                                               
Cash flow from operating                                                       
                                                                               
activities                      577.1   1,213.6 1,446.2     4,101.1     4,471.5
                                                                               
Profit before tax and                                                          
                                                                               
exceptional items               696.5   1,037.3 1,826.2     3,872.7     4,477.9
                                                                               
Exceptional items               271.7     177.1  (44.6)       571.8      (54.5)
                                                                               
Amortisation and                                                               
                                                                               
depreciation                    306.4     341.3   274.6     1,340.9       978.9
                                                                               
Change in working capital      (40.9)     251.9    15.7       191.6        91.8
                                                                               
Taxation paid                 (123.7)   (135.1) (178.3)     (786.9)     (308.9)
                                                                               
Other non-cash items          (532.9)   (458.9) (447.4)   (1,089.0)     (713.7)
                                                                               
Dividends paid                 (22.5)   (707.9)  (29.1)   (1,798.0)     (634.3)
                                                                               
Ordinary shareholders               -   (707.9)       -   (1,746.4)     (605.2)
                                                                               
Minority shareholders                                                          
                                                                               
in subsidiaries                (22.5)         -  (29.1)      (51.6)      (29.1)
                                                                               
Cash utilised in investing                                                     
                                                                               
activities                    (579.9)   (323.3) (728.1)   (1,938.3)   (3,999.9)
                                                                               
Capital expenditure - net     (684.9)   (505.3) (542.5)   (2,277.4)   (1,560.5)
                                                                               
Purchase of investments        (11.5)     (4.0) (117.4)      (63.8)     (141.1)
                                                                               
Sale of investments             358.8     203.1     0.8       561.9         0.8
                                                                               
Environmental and                                                              
                                                                               
post-retirement health                                                         
                                                                               
care payments                 (242.3)    (17.1)  (69.0)     (279.0)      (73.9)
                                                                               
Disposal/(acquisition) of                                                      
                                                                               
operations/subsidiaries             -         -       -       120.0   (2,225.2)
                                                                               
Cash flow from financing                                                       
                                                                               
activities                    (728.7)   (209.9) (326.9)   (1,143.6)     1,947.0
                                                                               
Loans raised                        -         -       -           -     2,440.2
                                                                               
Loans repaid                  (704.9)   (195.9) (325.9)   (1,101.3)     (525.8)
                                                                               
Minority shareholder's                                                         
                                                                               
loan repaid                    (31.0)    (16.2)  (20.9)      (82.7)      (20.9)
                                                                               
Shares issued                     7.2       2.2    19.9        40.4        53.5
                                                                               
Net cash inflow/(outflow)     (754.0)    (27.5)   362.1     (778.8)     1,784.3
                                                                               
Translation adjustment         (26.6)    (77.0)  (63.9)     (207.5)        52.8
                                                                               
Cash at beginning of period   1,821.4   1,925.9 1,728.9     2,027.1       190.0
                                                                               
Cash at end of period         1,040.8   1,821.4 2,027.1     1,040.8     2,027.1

US DOLLARS

(Figures are in millions)

                                        Quarter            Year ended          
                                                                               
                                 June     March      June        June      June
                                                                               
                                 2003      2003      2002        2003      2002
                                                                               
Cash flow from operating                                                       
                                                                               
activities                       95.0     141.3     140.1       465.7     440.3
                                                                               
Profit before tax and                                                          
                                                                               
exceptional items                93.0     121.5     175.0       427.0     439.3
                                                                               
Exceptional items                31.4      19.4     (4.4)        63.0     (5.3)
                                                                               
Amortisation and                 39.0      40.0      28.4       147.8      96.1
depreciation                                                                   
                                                                               
Change in working capital       (3.3)      26.3       1.5        21.1       8.9
                                                                               
Taxation paid                   (3.4)    (17.3)    (17.2)      (73.1)    (31.2)
                                                                               
Other non-cash items           (61.7)    (48.6)    (43.2)     (120.1)    (67.5)
                                                                               
Dividends paid                  (2.9)    (87.7)     (2.9)     (190.1)    (63.4)
                                                                               
Ordinary shareholders               -    (87.7)         -     (184.3)    (60.5)
                                                                               
Minority shareholders                                                          
                                                                               
in subsidiaries                 (2.9)         -     (2.9)       (5.8)     (2.9)
                                                                               
Cash utilised in investing                                                     
                                                                               
activities                     (61.2)    (40.9)    (70.4)     (204.9)   (386.7)
                                                                               
Capital expenditure - net      (83.6)    (59.5)    (52.4)     (251.1)   (153.1)
                                                                               
Purchase of investments         (1.4)     (0.8)    (11.4)       (7.0)    (13.6)
                                                                               
Sale of investments              50.7      21.4       0.1        72.1       0.1
                                                                               
Environmental and                                                              
                                                                               
post-retirement health                                                         
                                                                               
care payments                  (26.9)     (2.0)     (6.7)      (30.8)     (7.2)
                                                                               
Disposal/(acquisition)                                                         
                                                                               
of operations/subsidiaries          -         -         -        11.9   (212.9)
                                                                               
Cash flow from financing                                                       
                                                                               
activities                     (98.2)    (21.3)    (31.2)     (145.7)     186.8
                                                                               
Loans raised                        -         -         -           -     235.2
                                                                               
Loans repaid                   (94.5)    (20.4)    (31.0)     (140.4)    (51.6)
                                                                               
Minority shareholder's                                                         
                                                                               
loan repaid                     (4.7)     (1.3)     (2.1)       (9.8)     (2.1)
                                                                               
Shares issued                     1.0       0.4       1.9         4.5       5.3
                                                                               
Net cash inflow/(outflow)      (67.3)     (8.6)      35.6      (75.0)     177.0
                                                                               
Translation adjustment         (22.6)      14.7       8.2        12.9     (4.8)
                                                                               
Cash at beginning of period     223.5     217.4     151.9       195.7      23.5
                                                                               
Cash at end of period           133.6     223.5     195.7       133.6     195.7

HEDGING

POLICY

The Group's policy is to remain unhedged. However, hedges are sometimes
undertaken on a project specific basis as follows:

* to protect cash flows at times of significant expenditure,

* for specific debt servicing requirements, and

* to safeguard the viability of higher cost operations.

Gold Fields may from time to time establish currency financial instruments to
protect underlying cash flows.

Gold Fields has various currency financial instruments - those remaining are
described in the schedule. It has been decided not to account for these
instruments under the hedge accounting rules of IFRS 39 and accordingly the
positions have been marked to market at the quarter and year-end.

CURRENCY FINANCIAL INSTRUMENTS

Year ended 30 June

US DOLLAR / AUSTRALIAN DOLLAR

                            2004      2005      2006      2007        TOTAL    
                                                                               
Forward sales:                                                                 
                                                                               
Amount (US Dollars) -000's  37,500    50,000    50,000    37,500      175,000  
                                                                               
Average rate (USD/AUD)      0.4934    0.4934    0.4934    0.4934      0.4934   
                                                                               
Zero cost collar:                                                              
                                                                               
Amount (US Dollars) -000's  -         37,500    50,000    37,500      125,000  
                                                                               
Average downside                                                               
                                                                               
protection                                                                     
                                                                               
level (USD/AUD)             -         0.5191    0.5191    0.5191      0.5191   
                                                                               
Average upside benefit                                                         
                                                                               
cap (USD/AUD)               -         0.4289    0.4289    0.4289      0.4289   

The marked to market value of all transactions making up the positions as at
the end of June 2003 in the above table, was a positive R535.6 million (US$68.8
million). The value was based on exchange rates of ZAR/USD7.79 and USD/
AUD0.6622 and the prevailing interest rates and volatilities at the time.

Year ended 30 June

US DOLLAR / RAND

                            2004      2005      2006      2007        TOTAL    
                                                                               
Forward purchases:                                                             
                                                                               
Amount (US Dollars) -000's  36,000    -         -         -           36,000   
                                                                               
Average rate (ZAR/USD)      8.73      -         -         -           8.73     

During the quarter, forward cover of US$36 million was purchased to hedge the
Group's commitment in respect of the Tarkwa mill and owner mining projects
approved last quarter at a forward rate of ZAR/USD8.73, which matures on 3 June
2004. The marked to market value of all transactions making up the positions in
the above table was a negative R8.6 million (US$1.1 million negative). The
value was based on an exchange rate of ZAR/USD7.79 and the prevailing interest
rates and volatilities at the time.

TOTAL CASH COSTS

(All figures are in Rand millions unless otherwise stated)

                                                         FREE STATE            
                                                                               
                               Driefontein       Kloof      Beatrix   St Helena
                                                                               
Operating           June 2003        595.8       594.2        380.4           -
costs (1)                                                                      
                                                                               
                   March 2003        605.9       584.0        364.5           -
                                                                               
               Financial year      2,422.0     2,330.3      1,439.6       115.6
                                                                               
Gold in             June 2003            -           -            -           -
process                                                                        
inventory                                                                      
change*                                                                        
                                                                               
                   March 2003            -           -            -           -
                                                                               
               Financial year         34.0         3.6            -           -
                                                                               
Less:               June 2003          2.8         2.3          1.4           -
Rehabilitation                                                                 
costs                                                                          
                                                                               
                   March 2003          2.8         2.3          1.4           -
                                                                               
               Financial year         11.2         9.2          5.4         0.1
                                                                               
Production                                                                     
taxes                                                                          
                                                                               
                    June 2003          4.8         3.6          1.7           -
                                                                               
                   March 2003          5.2         3.4          1.7           -
                                                                               
               Financial year         15.2        14.6          6.8       (0.2)
                                                                               
General and         June 2003         25.9        22.2         14.9           -
admin                                                                          
                                                                               
                   March 2003         36.6        22.7         16.2           -
                                                                               
               Financial year        136.0        95.4         63.4         1.7
                                                                               
Cash operating      June 2003        562.3       566.1        362.4           -
costs                                                                          
                                                                               
                   March 2003        561.3       555.6        345.2           -
                                                                               
               Financial year      2,293.6     2,214.7      1,364.0       114.0
                                                                               
Plus:               June 2003          4.8         3.6          1.7           -
Production                                                                     
taxes                                                                          
                                                                               
                   March 2003          5.2         3.4          1.7           -
                                                                               
               Financial year         15.2        14.6          6.8       (0.2)
                                                                               
Royalties           June 2003            -           -            -           -
                                                                               
                   March 2003            -           -            -           -
                                                                               
               Financial year            -           -            -           -
                                                                               
TOTAL CASH          June 2003        567.1       569.7        364.1           -
COSTS (2)                                                                      
                                                                               
                   March 2003        566.5       559.0        346.9           -
                                                                               
               Financial year      2,308.8     2,229.3      1,370.8       113.8
                                                                               
Plus:               June 2003         58.8        54.4         16.6           -
Amortisation*                                                                  
                                                                               
                   March 2003         54.3        59.7         25.1           -
                                                                               
               Financial year        231.3       222.0         85.7           -
                                                                               
Rehabilitation      June 2003          2.8         2.3          1.4           -
                                                                               
                   March 2003          2.8         2.3          1.4           -
                                                                               
               Financial year         11.2         9.2          5.4         0.1
                                                                               
TOTAL               June 2003        628.7       626.4        382.1           -
PRODUCTION                                                                     
COSTS (3)                                                                      
                                                                               
                   March 2003        623.6       621.0        373.4           -
                                                                               
               Financial year      2,551.3     2,460.5      1,461.9       113.9
                                                                               
Gold sold -         June 2003        285.9       259.7        171.1           -
thousand                                                                       
ounces                                                                         
                                                                               
                   March 2003        297.7       298.0        168.0           -
                                                                               
               Financial year      1,261.5     1,142.1        658.7        43.7
                                                                               
TOTAL CASH          June 2003          256         283          275           -
COSTS - US$/oz                                                                 
                                                                               
                   March 2003          227         224          246           -
                                                                               
               Financial year          202         215          229         259
                                                                               
TOTAL               June 2003          284         312          288           -
PRODUCTION                                                                     
COSTS - US$/oz                                                                 
                                                                               
                   March 2003          250         249          265           -
                                                                               
               Financial year          223         238          245         259

TOTAL CASH COSTS

(All figures are in Rand millions unless otherwise stated)

                                         Ghana          Australia    Total Mine
                                                                               
                               Tarkwa   Damang  St Ives Agnew        Operations
                                                                               
Operating          June 2003    204.7    146.0    239.8        62.9     2,223.8
costs (1)                                                                      
                                                                               
                  March 2003    213.7    141.9    193.3        68.3     2,171.6
                                                                               
                   Financial    938.3    637.1    907.9       351.5     9,142.3
                        year                                                   
                                                                               
Gold in                                                                        
process and                                                                    
                                                                               
inventory          June 2003      8.9   (14.0)      1.1        16.6        12.6
change*                                                                        
                                                                               
                  March 2003     17.1     14.8      0.1        15.1        47.1
                                                                               
                   Financial     16.7     10.1   (28.5)      (18.7)        17.2
                        year                                                   
                                                                               
Less:              June 2003      0.2      0.3      0.1         0.1         7.2
Rehabilitation                                                                 
costs                                                                          
                                                                               
                  March 2003      0.2      0.3      0.1         0.1         7.2
                                                                               
                   Financial      0.9      1.3      1.9         0.7        30.7
                        year                                                   
                                                                               
Production         June 2003        -        -        -           -        10.1
taxes                                                                          
                                                                               
                  March 2003        -        -        -           -        10.3
                                                                               
                   Financial        -        -        -           -        36.4
                        year                                                   
                                                                               
General and        June 2003     10.5      3.1      8.8         3.2        88.6
admin                                                                          
                                                                               
                  March 2003     12.3      3.7      9.8         0.5       101.8
                                                                               
                   Financial     51.0     14.9     42.8        10.6       415.8
                        year                                                   
                                                                               
Cash operating     June 2003    202.9    128.6    232.0        76.2     2,130.5
costs                                                                          
                                                                               
                  March 2003    218.3    152.7    183.5        82.8     2,099.4
                                                                               
                   Financial    903.1    631.0    834.7       321.5     8,676.6
                        year                                                   
                                                                               
Plus:              June 2003        -        -        -           -        10.1
Production                                                                     
taxes                                                                          
                                                                               
                  March 2003        -        -        -           -        10.3
                                                                               
                   Financial        -        -        -           -        36.4
                        year                                                   
                                                                               
Royalties          June 2003     10.4      6.4      9.5         3.1        29.4
                                                                               
                  March 2003     12.2      7.0      9.1         2.4        30.7
                                                                               
                   Financial     49.0     27.2     41.4        10.4       128.0
                        year                                                   
                                                                               
TOTAL CASH         June 2003    213.3    135.0    241.5        79.3     2,170.0
COSTS (2)                                                                      
                                                                               
                  March 2003    230.5    159.7    192.6        85.2     2,140.4
                                                                               
                   Financial    952.1    658.2    876.1       331.9     8,841.0
                        year                                                   
                                                                               
Plus:              June 2003     32.9     13.5    122.1       298.3            
Amortisation*                                                                  
                                                                               
                  March 2003     35.1     15.8    134.3       324.3            
                                                                               
                   Financial    140.8     64.1    498.2     1,242.1            
                        year                                                   
                                                                               
Rehabilitation     June 2003      0.2      0.3      0.2         7.2            
                                                                               
                  March 2003      0.2      0.3      0.2         7.2            
                                                                               
                   Financial      0.9      1.3      2.6        30.7            
                        year                                                   
                                                                               
TOTAL              June 2003    246.4    148.8    443.1     2,475.5            
PRODUCTION                                                                     
COSTS (3)                                                                      
                                                                               
                  March 2003    265.8    175.8    412.3     2,471.9            
                                                                               
                   Financial  1,093.8    723.6  1,708.8    10,113.8            
                        year                                                   
                                                                               
Gold sold -        June 2003    129.1     78.3    141.0        35.8     1,101.0
thousand                                                                       
ounces                                                                         
                                                                               
                  March 2003    136.3     76.9    119.3        37.4     1,133.5
                                                                               
                   Financial    539.9    299.2    513.3       143.6     4,601.9
                        year                                                   
                                                                               
TOTAL CASH         June 2003      213      223      221         286         255
COSTS - US$/oz                                                                 
                                                                               
                  March 2003      202      248      193         272         225
                                                                               
                   Financial      194      243      188         255         212
                        year                                                   
                                                                               
TOTAL              June 2003      247      246      324         291            
PRODUCTION                                                                     
COSTS - US$/oz                                                                 
                                                                               
                  March 2003      233      273      314         260            
                                                                               
                   Financial      223      267      287         242            
                        year                                                   

DEFINITIONS

Total cash costs and Total production costs are calculated in accordance with
the Gold Institute industry standard.

(1). Operating costs - All gold mining related costs before amortisation/
depreciation, changes in gold inventory, taxation and exceptional items.

(2). Total cash costs - Operating costs less off-mine costs, including general
and administration costs, as detailed in the table above.

(3). Total production costs - Total cash costs plus amortisation/depreciation
and rehabilitation provisions, as detailed in the table above.

* Adjusted for amortisation/depreciation (non-cash item) excluded from gold in
process change.

Average exchange rates are US$1 = R7.74 and US$1 = R8.38 for the June 2003 and
March 2003 quarters respectively and an average for the year of US$1 = R9.07.

OPERATING AND FINANCIALRESULTS

INDIVIDUAL MINES

SA RAND

Operating Results

                                                               FREE            
                                                              STATE            
                                                                               
                                   Driefontein      Kloof   Beatrix   St Helena
                                                                               
Ore milled /            June 2003        1,624      1,257     1,184           -
treated (000 tons)                                                             
                                                                               
                       March 2003        1,708      1,237     1,202           -
                                                                               
                   Financial year        6,370      4,838     4,722         217
                                                                               
Yield (grams per        June 2003          5.5        6.4       4.5           -
ton)                                                                           
                                                                               
                       March 2003          5.4        7.5       4.3           -
                                                                               
                   Financial year          6.0        7.3       4.3         6.3
                                                                               
Gold produced           June 2003        8,891      8,079     5,323           -
(kilograms)                                                                    
                                                                               
                       March 2003        9,259      9,268     5,224           -
                                                                               
                   Financial year       38,516     35,464    20,488       1,358
                                                                               
Gold sold               June 2003        8,891      8,079     5,323           -
(kilograms)                                                                    
                                                                               
                       March 2003        9,259      9,268     5,224           -
                                                                               
                   Financial year       39,238     35,523    20,488       1,358
                                                                               
Gold price              June 2003       86,616     86,657    86,605           -
received                                                                       
                                                                               
(Rand per              March 2003       94,276     95,166    94,832           -
kilogram)                                                                      
                                                                               
                   Financial year       97,120     97,044    96,320     106,996
                                                                               
Total cash costs        June 2003       63,784     70,516    68,401           -
                                                                               
(Rand per              March 2003       61,184     60,315    66,405           -
kilogram)                                                                      
                                                                               
                   Financial year       58,841     62,757    66,907      83,800
                                                                               
Total cash costs        June 2003      256 283        275         -         213
                                                                               
(US Dollars per        March 2003          227        224       246           -
ounce)                                                                         
                                                                               
                   Financial year          202        215       229         259
                                                                               
Total production        June 2003       70,712     77,534    71,783           -
costs                                                                          
                                                                               
(Rand per              March 2003       67,351     67,005    71,478           -
kilogram)                                                                      
                                                                               
                   Financial year       65,021     69,265    71,354      83,873
                                                                               
Operating costs         June 2003          367        473       321           -
(Rand per ton)                                                                 
                                                                               
                       March 2003          355        472       303           -
                                                                               
                   Financial year          380        482       305         533
                                                                               
Financial Results       June 2003        770.1      700.1     461.0           -
(Rand million)                                                                 
                                                                               
Revenue                March 2003        872.9      882.0     495.4           -
                                                                               
                   Financial year      3,810.8    3,447.3   1,973.4       145.3
                                                                               
Operating costs         June 2003        595.8      594.2     380.4           -
                                                                               
                       March 2003        605.9      584.0     364.5           -
                                                                               
                   Financial year      2,422.0    2,330.3   1,439.6       115.6
                                                                               
Gold inventory          June 2003            -          -         -           -
change                                                                         
                                                                               
                       March 2003            -          -         -           -
                                                                               
                   Financial year         38.3        4.3         -           -
                                                                               
Operating profit        June 2003        174.3      105.9      80.6           -
                                                                               
                       March 2003        267.0      298.0     130.9           -
                                                                               
                   Financial year      1,350.5    1,112.7     533.8        29.7
                                                                               
Amortisation of         June 2003         58.8       54.4      16.6           -
mining assets                                                                  
                                                                               
                       March 2003         54.3       59.7      25.1           -
                                                                               
                   Financial year        227.0      221.3      85.7           -
                                                                               
Net operating           June 2003        115.5       51.5      64.0           -
profit                                                                         
                                                                               
                       March 2003        212.7      238.3     105.8           -
                                                                               
                   Financial year      1,123.5      891.4     448.1        29.7
                                                                               
Other income/           June 2003        (9.2)        1.1     (5.9)         2.9
(costs)                                                                        
                                                                               
                       March 2003        (4.6)        0.2       0.7           -
                                                                               
                   Financial year       (10.7)        5.3     (3.8)         7.2
                                                                               
Profit before           June 2003        106.3       52.6      58.1         2.9
taxation                                                                       
                                                                               
                       March 2003        208.1      238.5     106.5           -
                                                                               
                   Financial year      1,112.8      896.7     444.3        36.9
                                                                               
Mining and income       June 2003         10.2        8.5      26.3         8.1
taxation                                                                       
                                                                               
                       March 2003         62.8       73.7      44.3           -
                                                                               
                   Financial year        370.3      287.4     185.9        27.3
                                                                               
- Normal taxation       June 2003       (31.2)     (19.2)       1.3         8.1
                                                                               
                       March 2003         52.2       76.6       1.2           -
                                                                               
                   Financial year        273.8      234.5       5.2        27.3
                                                                               
- Deferred              June 2003         41.4       27.7      25.0           -
taxation                                                                       
                                                                               
                       March 2003         10.6      (2.9)      43.1           -
                                                                               
                   Financial year         96.5       52.9     180.7           -
                                                                               
Exceptional items       June 2003       (17.1)      (8.6)     (1.0)         0.7
                                                                               
                       March 2003            -          -         -           -
                                                                               
                   Financial year       (17.1)      (8.6)     (1.0)       123.7
                                                                               
Net earnings            June 2003         79.0       35.5      30.8       (4.5)
                                                                               
                       March 2003        145.3      164.8      62.2           -
                                                                               
                            725.4        600.7      257.4     133.3            
                                                                               
                   Financial year                                              
                                                                               
Capital                 June 2003        193.0      113.6     116.5           -
expenditure (Rand                                                              
million)                                                                       
                                                                               
                       March 2003        124.8       99.8      76.6           -
                                                                               
                   Financial year        572.8      419.7     373.6           -
                                                                               
Planned for next                         178.9      170.5     131.7           -
six months to                                                                  
                                                                               
December 2003                                                                  

OPERATING AND FINANCIALRESULTS

INDIVIDUAL MINES

SA RAND

Operating Results

                                  Ghana           Australia          Total Mine
                                                                               
                                                                     Operations
                                                                               
                                 Tarkwa   Damang    St Ives   Agnew            
                                                                               
Ore milled /        June 2003     3,723    1,309      1,495     333      10,925
treated (000                                                                   
tons)                                                                          
                                                                               
                   March 2003     3,847    1,228      1,263     307      10,792
                                                                               
                    Financial    15,210    4,877      5,486   1,268      42,988
                         year                                                  
                                                                               
Yield (grams per    June 2003       1.1      1.9        2.9     3.3         3.1
ton)                                                                           
                                                                               
                   March 2003       1.1      1.9        2.9     3.8         3.3
                                                                               
                    Financial       1.1      1.9        2.9     3.5         3.3
                         year                                                  
                                                                               
Gold produced       June 2003     4,015    2,435      4,386   1,115      34,244
(kilograms)                                                                    
                                                                               
                   March 2003     4,240    2,393      3,711   1,162      35,257
                                                                               
                    Financial    16,792    9,305     15,966   4,466     142,355
                         year                                                  
                                                                               
Gold sold           June 2003     4,015    2,435      4,386   1,115      34,244
(kilograms)                                                                    
                                                                               
                   March 2003     4,240    2,393      3,711   1,162      35,257
                                                                               
                    Financial    16,792    9,305     15,966   4,466     143,136
                         year                                                  
                                                                               
Gold price          June 2003    86,102   87,556     87,415  87,175      86,751
received                                                                       
                                                                               
(Rand per          March 2003    95,873   96,155     95,715  94,406      95,068
kilogram)                                                                      
                                                                               
                    Financial    96,897   97,002     97,232  97,156      97,060
                         year                                                  
                                                                               
Total cash costs    June 2003    53,126   55,441     55,062  71,121      63,369
                                                                               
(Rand per          March 2003    54,363   66,736     51,900  73,322      60,709
kilogram)                                                                      
                                                                               
                    Financial    56,700   70,736     54,873  74,317      61,766
                         year                                                  
                                                                               
Total cash costs    June 2003       213      223        221     286         255
                                                                               
(US Dollars per    March 2003       202      248        193     272         225
ounce)                                                                         
                                                                               
                    Financial       194      243        188     255         212
                         year                                                  
                                                                               
Total production    June 2003    61,370   61,109     80,549  72,290            
costs                                                                          
                                                                               
(Rand per          March 2003    62,689   73,464     84,609  70,111            
kilogram)                                                                      
                                                                               
                    Financial    65,138   77,765     83,634  70,659            
                         year                                                  
                                                                               
Operating costs     June 2003        55      112        160     189         204
(Rand per ton)                                                                 
                                                                               
                   March 2003        56      116        153     222         201
                                                                               
                    Financial        62      131        165     277         213
                         year                                                  
                                                                               
Financial Results   June 2003     345.7    213.2      383.4    97.2     2,970.7
(Rand million)                                                                 
                                                                               
Revenue            March 2003     406.5    230.1      355.2   109.7     3,351.8
                                                                               
                    Financial   1,627.1    902.6    1,552.4   433.9    13,892.8
                         year                                                  
                                                                               
Operating costs     June 2003     204.7    146.0      239.8    62.9     2,223.8
                                                                               
                   March 2003     213.7    141.9      193.3    68.3     2,171.6
                                                                               
                    Financial     938.3    637.1      907.9   351.5     9,142.3
                         year                                                  
                                                                               
Gold inventory      June 2003      10.0   (14.0)      (4.8)    38.5        29.7
change                                                                         
                                                                               
                   March 2003      18.7     14.8      (0.9)    21.5        54.1
                                                                               
                    Financial      16.3     10.1     (46.0)  (13.0)        10.0
                         year                                                  
                                                                               
Operating profit    June 2003     131.0     81.2      148.4   (4.2)       717.2
                                                                               
                   March 2003     174.1     73.4      162.8    19.9     1,126.1
                                                                               
                    Financial     672.5    255.4      690.5    95.4     4,740.5
                         year                                                  
                                                                               
Amortisation of     June 2003      31.8     13.5      106.1   281.2            
mining assets                                                                  
                                                                               
                   March 2003      33.5     15.8      129.0   317.4            
                                                                               
                    Financial     141.2     64.1      510.0 1,249.3            
                         year                                                  
                                                                               
Net operating       June 2003      99.2     67.7       38.1   436.0            
profit                                                                         
                                                                               
                   March 2003     140.6     57.6       53.7   808.7            
                                                                               
                    Financial     531.3    191.3      275.9 3,491.2            
                         year                                                  
                                                                               
Other income/       June 2003       1.3    (3.5)      377.4   364.1            
(costs)                                                                        
                                                                               
                   March 2003     (0.5)    (3.2)      235.3   227.9            
                                                                               
                    Financial       4.2     36.9      468.4   507.5            
                         year                                                  
                                                                               
Profit before       June 2003     100.5     64.2      415.5   800.1            
taxation                                                                       
                                                                               
                   March 2003     140.1     54.4      289.0 1,036.6            
                                                                               
                    Financial     535.5    228.2      744.3  3998.7            
                         year                                                  
                                                                               
Mining and income   June 2003      44.2     23.5       60.1   180.9            
taxation                                                                       
                                                                               
                   March 2003      57.7     25.4       94.9   358.8            
                                                                               
                    Financial     220.6     99.1      185.1 1,375.7            
                         year                                                  
                                                                               
- Normal taxation   June 2003      15.1      8.5       12.6   (4.8)            
                                                                               
                   March 2003      15.6      8.3       11.5   165.4            
                                                                               
                    Financial      61.2     32.9       51.8   686.7            
                         year                                                  
                                                                               
- Deferred          June 2003      29.1     15.0       47.5   185.7            
taxation                                                                       
                                                                               
                   March 2003      42.1     17.1       83.4   193.4            
                                                                               
                    Financial     159.4     66.2      133.3   689.0            
                         year                                                  
                                                                               
Exceptional items   June 2003     (1.3)        -        8.1  (19.2)            
                                                                               
                   March 2003         -        -          -       -            
                                                                               
                    Financial     (1.3)        -        8.1   103.8            
                         year                                                  
                                                                               
Net earnings        June 2003      55.0     40.7      363.5   600.0            
                                                                               
                   March 2003      82.4     29.0      194.1   677.8            
                                                                               
                    Financial     313.6    129.1      567.3 2,726.8            
                         year                                                  
                                                                               
Capital             June 2003      56.1      3.9      144.0    42.4       669.5
expenditure (Rand                                                              
million)                                                                       
                                                                               
                   March 2003      73.8      3.3       77.7    29.9       485.9
                                                                               
                    Financial     207.4     14.4      464.5   164.9     2,217.3
                         year                                                  
                                                                               
Planned for next                  410.5      8.4      272.3    65.4     1,237.7
six months to                                                                  
December 2003                                                                  

# As a significant portion of the acquisition price was allocated to tenements
of St Ives and Agnew on endowment ounces and also as these two Australian
operations are entitled to transfer and then off-set tax losses from one
company to another, it is not meaningful to split the income statement below
operating profit.

OPERATING AND FINANCIAL RESULTS

INDIVIDUAL MINES

US DOLLAR CONVERSION

Operating Results

                                                         FREE STATE            
                                                                               
                                  Driefontein     Kloof     Beatrix   St Helena
                                                                               
Ore milled /         June 2003            624     1,257       1,184           -
treated                                                                        
                                                                               
(000 tons)          March 2003          1,708     1,237       1,202           -
                                                                               
                Financial year          6,370     4,838       4,722         217
                                                                               
Yield (ounces                                                                  
per ton)                                                                       
                                                                               
                     June 2003          0.176     0.207       0.145           -
                                                                               
                    March 2003          0.174     0.241       0.140           -
                                                                               
                Financial year          0.194     0.236       0.139       0.201
                                                                               
Gold produced                                                                  
(000 ounces)                                                                   
                                                                               
                     June 2003          285.9     259.7       171.1           -
                                                                               
                    March 2003          297.7     298.0       168.0           -
                                                                               
                Financial year        1,238.3   1,140.2       658.7        43.7
                                                                               
Gold sold (000                                                                 
ounces)                                                                        
                                                                               
                     June 2003          285.9     259.7       171.1           -
                                                                               
                    March 2003          297.7     298.0       168.0           -
                                                                               
                Financial year        1,261.5   1,142.1       658.7        43.7
                                                                               
Gold price           June 2003            348       348         348           -
received                                                                       
                                                                               
(US Dollars         March 2003            350       353         352           -
per ounce)                                                                     
                                                                               
                Financial year            333       333         330         330
                                                                               
Total cash           June 2003            256       283         275           -
costs                                                                          
                                                                               
(US Dollars         March 2003            227       224         246           -
per ounce)                                                                     
                                                                               
                Financial year            202       215         229         259
                                                                               
Total                June 2003            284       312         288           -
production                                                                     
costs                                                                          
                                                                               
(US Dollars         March 2003            250       249         265           -
per ounce)                                                                     
                                                                               
                Financial year            223       238         245         259
                                                                               
Operating            June 2003             47        61          42           -
costs                                                                          
                                                                               
(US Dollars         March 2003             42        56          36           -
per ton)                                                                       
                                                                               
                Financial year             42        53          34          53
                                                                               
Financial            June 2003          100.4      91.3        58.5         0.7
Results (US$                                                                   
million)                                                                       
                                                                               
Revenue             March 2003          104.4     103.6        58.0         0.9
                                                                               
                Financial year          420.2     380.1       217.6        16.0
                                                                               
Operating            June 2003           75.0      74.4        47.4         0.6
costs                                                                          
                                                                               
                    March 2003           70.8      68.2        42.4         0.7
                                                                               
                Financial year          267.0     256.9       158.7        12.7
                                                                               
Gold inventory       June 2003            0.2         -           -           -
change                                                                         
                                                                               
                    March 2003            0.2         -           -           -
                                                                               
                Financial year            4.2       0.5           -           -
                                                                               
Operating            June 2003           25.2      16.9        11.2         0.1
profit                                                                         
                                                                               
                    March 2003           33.4      35.4        15.7         0.2
                                                                               
                Financial year          148.9     122.7        58.9         3.3
                                                                               
Amortisation         June 2003            7.3       6.9         2.2           -
of mining                                                                      
assets                                                                         
                                                                               
                    March 2003            6.4       6.9         2.9           -
                                                                               
                Financial year           25.0      24.4         9.4           -
                                                                               
Net operating                                                                  
profit                                                                         
                                                                               
                     June 2003           17.9      10.0         9.0         0.1
                                                                               
                    March 2003           27.0      28.5        12.8         0.2
                                                                               
                Financial year          123.9      98.3        49.4         3.3
                                                                               
Other income/        June 2003          (1.0)       0.1       (0.6)         0.4
(costs)                                                                        
                                                                               
                    March 2003          (0.4)         -           -           -
                                                                               
                Financial year          (1.2)       0.6       (0.4)         0.8
                                                                               
Profit before        June 2003           16.9      10.2         8.4         0.5
taxation                                                                       
                                                                               
                    March 2003           26.5      28.6        12.8         0.2
                                                                               
                Financial year          122.7      98.9        49.0         4.1
                                                                               
Mining and           June 2003            3.0       2.4         3.7         1.0
income                                                                         
taxation                                                                       
                                                                               
                    March 2003            8.3       8.9         5.3         0.1
                                                                               
                Financial year           40.8      31.7        20.5         3.0
                                                                               
- Normal             June 2003          (1.9)     (0.8)         0.2         1.0
taxation                                                                       
                                                                               
                    March 2003            6.9       9.1         0.1         0.1
                                                                               
                Financial year           30.2      25.9         0.6         3.0
                                                                               
- Deferred           June 2003            4.9       3.2         3.5           -
taxation                                                                       
                                                                               
                    March 2003            1.3     (0.1)         5.2           -
                                                                               
                Financial year           10.6       5.8        19.9           -
                                                                               
Exceptional          June 2003          (1.9)     (0.9)       (0.1)         0.7
items                                                                          
                                                                               
                    March 2003              -         -           -         0.7
                                                                               
                Financial year          (1.9)     (0.9)       (0.1)        13.6
                                                                               
Net earnings         June 2003           12.0       6.8         4.6         0.2
                                                                               
                    March 2003           18.3      19.6         7.5         0.8
                                                                               
                Financial year           80.0      66.2        28.4        14.7
                                                                               
Capital              June 2003           33.6      21.7        20.9           -
expenditure                                                                    
                                                                               
(US$ million)       March 2003           14.6      11.7         9.1           -
                                                                               
                Financial year           73.5      53.9        48.0           -
                                                                               
Planned for                              23.0      21.9        16.9           -
next six                                                                       
months to                                                                      
December 2003                                                                  

INDIVIDUAL MINES

US DOLLAR CONVERSION

Operating Results

                                        Ghana             Australia  Total Mine
                                                                               
                                                                     Operations
                                                                               
                              Tarkwa   Damang   St Ives       Agnew            
                                                                               
Ore milled /     June 2003     3,723    1,309     1,495         333      10,925
treated                                                                        
                                                                               
(000 tons)      March 2003     3,847    1,228     1,263         307      10,792
                                                                               
                 Financial    15,210    4,877     5,486       1,268      42,988
                      year                                                     
                                                                               
Yield (ounces    June 2003     0.035    0.060     0.094       0.108       0.101
per ton)                                                                       
                                                                               
                March 2003     0.035    0.063     0.094       0.122       0.105
                                                                               
                 Financial     0.035    0.061     0.094       0.113       0.106
                      year                                                     
                                                                               
Gold produced    June 2003     129.1     78.3     141.0        35.8     1,101.0
(000 ounces)                                                                   
                                                                               
                March 2003     136.3     76.9     119.3        37.4     1,133.5
                                                                               
                 Financial     539.9    299.2     513.3       143.6     4,576.8
                      year                                                     
                                                                               
Gold sold        June 2003     129.1     78.3     141.0        35.8     1,101.0
(000 ounces)                                                                   
                                                                               
                March 2003     136.3     76.9     119.3        37.4     1,133.5
                                                                               
                 Financial     539.9    299.2     513.3       143.6     4,601.9
                      year                                                     
                                                                               
Gold price       June 2003       346      352       351         350         349
received                                                                       
                                                                               
(US Dollars     March 2003       356      357       355         350         353
per ounce)                                                                     
                                                                               
                 Financial       332      333       333         333         333
                      year                                                     
                                                                               
Total cash       June 2003       213      223       221         286         255
costs                                                                          
                                                                               
(US Dollars     March 2003       202      248       193         272         225
per ounce)                                                                     
                                                                               
                 Financial       194      243       188         255         212
                      year                                                     
                                                                               
Total            June 2003       247      246       324         291            
production                                                                     
costs                                                                          
                                                                               
(US Dollars     March 2003       233      273       314         260            
per ounce)                                                                     
                                                                               
                 Financial       223      267       287         242            
                      year                                                     
                                                                               
Operating        June 2003         7       14        21          24          26
costs                                                                          
                                                                               
(US Dollars     March 2003         7       14        18          27          24
per ton)                                                                       
                                                                               
                 Financial         7       14        18          31          23
                      year                                                     
                                                                               
Financial        June 2003      44.7     27.0      48.1        12.5       383.2
Results (US$                                                                   
million)                                                                       
                                                                               
Revenue         March 2003      47.8     26.9      42.2        12.8       396.7
                                                                               
                 Financial     179.4     99.5     171.2        47.8     1,531.7
                      year                                                     
                                                                               
Operating        June 2003      26.3     18.6      29.9         8.3       280.5
costs                                                                          
                                                                               
                March 2003      25.5     16.9      23.1         8.5       256.1
                                                                               
                 Financial     103.5     70.2     100.1        38.8     1,008.0
                      year                                                     
                                                                               
Gold             June 2003       1.2    (1.4)     (0.8)         4.0         3.2
inventory                                                                      
change                                                                         
                                                                               
                March 2003       1.9      1.6     (0.3)         1.8         5.2
                                                                               
                 Financial       1.8      1.1     (5.1)       (1.4)         1.1
                      year                                                     
                                                                               
Operating        June 2003      17.2      9.8      19.0         0.1        99.5
profit                                                                         
                                                                               
                March 2003      20.4      8.4      19.5         2.5       135.4
                                                                               
                 Financial      74.1     28.2      76.1        10.5       522.6
                      year                                                     
                                                                               
Amortisation     June 2003       4.1      1.8      13.8        36.0            
of mining                                                                      
assets                                                                         
                                                                               
                March 2003       4.0      1.8      15.1        37.1            
                                                                               
                 Financial      15.6      7.1      56.2       137.7            
                      year                                                     
                                                                               
Net operating    June 2003      13.2      8.0       5.4        63.6            
profit                                                                         
                                                                               
                March 2003      16.5      6.5       6.8        98.3            
                                                                               
                 Financial      58.6     21.1      30.4       384.9            
                      year                                                     
                                                                               
Other income/    June 2003       0.1    (0.2)      42.1        40.9            
(costs)                                                                        
                                                                               
                March 2003         -    (0.1)      23.9        23.4            
                                                                               
                 Financial       0.5      4.1      51.6        56.0            
                      year                                                     
                                                                               
Profit before    June 2003      13.3      7.8      47.4       104.5            
taxation                                                                       
                                                                               
                March 2003      16.5      6.5      30.7       121.7            
                                                                               
                 Financial      59.0     25.2      82.1       440.9            
                      year                                                     
                                                                               
Mining and       June 2003       5.8      3.0       7.3        26.2            
income                                                                         
taxation                                                                       
                                                                               
                March 2003       6.7      2.9      10.1        42.4            
                                                                               
                 Financial      24.3     10.9      20.4       151.7            
                      year                                                     
                                                                               
- Normal         June 2003       1.9      1.1       1.6         3.1            
taxation                                                                       
                                                                               
                March 2003       1.8      0.9       1.4        20.4            
                                                                               
                 Financial       6.7      3.6       5.7        75.7            
                      year                                                     
                                                                               
- Deferred       June 2003       3.9      1.9       5.7        23.1            
taxation                                                                       
                                                                               
                March 2003       4.9      2.0       8.8        22.0            
                                                                               
                 Financial      17.6      7.3      14.7        76.0            
                      year                                                     
                                                                               
Exceptional      June 2003     (0.1)        -       0.9       (1.5)            
items                                                                          
                                                                               
                March 2003         -        -         -         0.7            
                                                                               
                 Financial     (0.1)        -       0.9        11.4            
                      year                                                     
                                                                               
Net earnings     June 2003       7.3      4.8      41.0        76.7            
                                                                               
                March 2003       9.8      3.5      20.5        80.0            
                                                                               
                 Financial      34.6     14.2      62.5       300.6            
                      year                                                     
                                                                               
Capital          June 2003      10.7      0.7      25.9         8.3       121.8
expenditure                                                                    
(US$ million)                                                                  
                                                                               
                March 2003       8.2      0.4       9.6         3.7        57.4
                                                                               
                 Financial      26.6      1.8      59.6        21.2       284.6
                      year                                                     
                                                                               
Planned for                     52.7      1.1      35.0         8.4       158.9
next six                                                                       
months to                                                                      
December 2003                                                                  

Average exchange rates are US$1 = R7.74 and US$1 = R8.38 for the June 2003 and
March 2003 quarters respectively. Year to date rate US$1=R9.07

# As a significant portion of the acquisition price was allocated to tenements
of St Ives and Agnew on endowment ounces and also as these two Australian
operations are entitled to transfer and then off-set tax losses from one
company to another, it is not meaningful to split the income statement below
operating profit.

Figures may not add as they are rounded independently.

UNDERGROUND AND SURFACE

SA RAND AND METRIC UNITS

Operating Results

                                                          FREE STATE           
                                                                               
                                    Driefontein    Kloof     Beatrix  St Helena
                                                                               
Ore milled /                                                                   
treated (000 ton)                                                              
                                                                               
- underground          June 2003            964      973       1,002          -
                                                                               
                      March 2003            958      975       1,027          -
                                                                               
                  Financial year          3,898    3,727       4,053        217
                                                                               
- surface              June 2003            660      284         182          -
                                                                               
                      March 2003            750      262         175          -
                                                                               
                  Financial year          2,472    1,111         669          -
                                                                               
- total                June 2003          1,624    1,257       1,184          -
                                                                               
                      March 2003          1,708    1,237       1,202          -
                                                                               
                  Financial year          6,370    4,838       4,722        217
                                                                               
Yield (grams per                                                               
ton)                                                                           
                                                                               
- underground          June 2003            8.1      8.0         5.1          -
                                                                               
                      March 2003            7.8      9.3         4.9          -
                                                                               
                  Financial year            8.4      9.3         4.9        6.3
                                                                               
- surface              June 2003            1.6      1.0         1.1          -
                                                                               
                      March 2003            2.3      0.7         0.9          -
                                                                               
                  Financial year            2.3      0.7         0.9          -
                                                                               
- combined             June 2003            5.5      6.4         4.5          -
                                                                               
                      March 2003            5.4      7.5         4.3          -
                                                                               
                  Financial year            6.0      7.3         4.3        6.3
                                                                               
Gold produced                                                                  
(kilograms)                                                                    
                                                                               
- underground          June 2003          7,806    7,786       5,123          -
                                                                               
                      March 2003          7,505    9,072       5,066          -
                                                                               
                  Financial year         32,886   34,634      19,909      1,358
                                                                               
- surface              June 2003          1,085      293         200          -
                                                                               
                      March 2003          1,754      196         158          -
                                                                               
                  Financial year          5,630      830         579          -
                                                                               
- total                June 2003          8,891    8,079       5,323          -
                                                                               
                      March 2003          9,259    9,268       5,224          -
                                                                               
                  Financial year         38,516   35,464      20,488      1,358
                                                                               
Gold sold                                                                      
(kilograms)                                                                    
                                                                               
- underground          June 2003          7,806    7,786       5,123          -
                                                                               
                      March 2003          7,505    9,072       5,066          -
                                                                               
                  Financial year         33,608   34,693      19,909      1,358
                                                                               
- surface              June 2003          1,085      293         200          -
                                                                               
                      March 2003          1,754      196         158          -
                                                                               
                  Financial year          5,630      830         579          -
                                                                               
- total                June 2003          8,891    8,079       5,323          -
                                                                               
                      March 2003          9,259    9,268       5,224          -
                                                                               
                  Financial year         39,238   35,523      20,488      1,358
                                                                               
Operating costs                                                                
(Rand per ton)                                                                 
                                                                               
- underground          June 2003            577      592         376          -
                                                                               
                      March 2003            582      580         349          -
                                                                               
                  Financial year            580      606         350        533
                                                                               
- surface              June 2003             59       63          22          -
                                                                               
                      March 2003             65       71          35          -
                                                                               
                  Financial year             64       66          30          -
                                                                               
- total                June 2003            367      473         321          -
                                                                               
                      March 2003            355      472         303          -
                                                                               
                  Financial year            380      482         305        533

UNDERGROUND AND SURFACE

SA RAND AND METRIC UNITS

Operating Results

Ore milled / treated (000 ton)

                                                                     Total Mine
                                                                               
                                          Ghana           Australia  Operations
                                                                               
                                Tarkwa   Damang  St Ives      Agnew            
                                                                               
- underground      June 2003         -        -        -          -       2,939
                                                                               
                  March 2003         -        -        -          -       2,960
                                                                               
                   Financial         -        -        -          -      11,895
                        year                                                   
                                                                               
- surface          June 2003     3,723    1,309    1,495        333       7,986
                                                                               
                  March 2003     3,847    1,228    1,263        307       7,832
                                                                               
                   Financial    15,210    4,877    5,486      1,268      31,093
                        year                                                   
                                                                               
- total            June 2003     3,723    1,309    1,495        333      10,925
                                                                               
                  March 2003     3,847    1,228    1,263        307      10,792
                                                                               
                   Financial    15,210    4.877    5,486      1,268      42,988
                        year                                                   
                                                                               
Yield (grams per                                                               
ton)                                                                           
                                                                               
- underground      June 2003         -        -        -          -         7.0
                                                                               
                  March 2003         -        -        -          -         7.3
                                                                               
                   Financial         -        -        -          -         7.5
                        year                                                   
                                                                               
- surface          June 2003       1.1      1.9      2.9        3.3         1.7
                                                                               
                  March 2003       1.1      1.9      2.9        3.8         1.7
                                                                               
                   Financial       1.1      1.9      2.9        3.5         1.7
                        year                                                   
                                                                               
- combined         June 2003       1.1      1.9      2.9        3.3         3.1
                                                                               
                  March 2003       1.1      1.9      2.9        3.8         3.3
                                                                               
                   Financial       1.1      1.9      2.9        3.5         3.3
                        year                                                   
                                                                               
Gold produced                                                                  
(kilograms)                                                                    
                                                                               
- underground      June 2003         -        -        -          -      20,715
                                                                               
                  March 2003         -        -        -          -      21,643
                                                                               
                   Financial         -        -        -          -      88,787
                        year                                                   
                                                                               
- surface          June 2003     4,015    2,435    4,386      1,115      13,529
                                                                               
                  March 2003     4,240    2,393    3,711      1,162      13,614
                                                                               
                   Financial    16,792    9,305   15,966      4,466      53,568
                        year                                                   
                                                                               
- total            June 2003     4,015    2,435    4,386      1,115      34,244
                                                                               
                  March 2003     4,240    2,393    3,711      1,162      35,257
                                                                               
                   Financial    16,792    9,305   15,966      4,466     142,355
                        year                                                   
                                                                               
Gold sold                                                                      
(kilograms)                                                                    
                                                                               
- underground      June 2003         -        -        -          -      20,715
                                                                               
                  March 2003         -        -        -          -      21,643
                                                                               
                   Financial         -        -        -          -      89,568
                        year                                                   
                                                                               
- surface          June 2003     4,015    2,435    4,386      1,115      13,529
                                                                               
                  March 2003     4,240    2,393    3,711      1,162      13,614
                                                                               
                   Financial    16,792    9,305   15,966      4,466      53,568
                        year                                                   
                                                                               
- total            June 2003     4,015    2,435    4,386      1,115      34,244
                                                                               
                  March 2003     4,240    2,393    3,711      1,162      35,257
                                                                               
                   Financial    16,792    9,305   15,966      4,466     143,136
                        year                                                   
                                                                               
Operating costs                                                                
(Rand per ton)                                                                 
                                                                               
- underground      June 2003         -        -        -          -         514
                                                                               
                  March 2003         -        -        -          -         500
                                                                               
                   Financial         -        -        -          -         509
                        year                                                   
                                                                               
- surface          June 2003        55      112      160        189          89
                                                                               
                  March 2003        56      116      153        222          88
                                                                               
                   Financial        62      131      165        277          99
                        year                                                   
                                                                               
- total            June 2003        55      112      160        189         204
                                                                               
                  March 2003        56      116      153        222         201
                                                                               
                   Financial        62      131      165        277         213
                        year                                                   

# Australia operations are defined as surface and near surface operations.

Development values represent the actual results of sampling and no allowance
has been made for any adjustments which may be necessary when estimating ore
reserves. All figures below exclude shaft sinking metres

Driefontein

                                                      June 2003                
                                                        quarter                
                                                                               
                           Reef   Carbon Leader            Main             VCR
                                                                               
Advanced                    (m)           6,465           1,165           1,678
                                                                               
Advanced on                 (m)           1,044             281             126
reef                                                                           
                                                                               
Sampled                     (m)             975             279              63
                                                                               
Channel width              (cm)             127              85              93
                                                                               
Average value -           (g/t)            14.4             6.9             6.6
                                                                               
                     - (cm.g/t)           1,824             587             611

Driefontein

                                                     March 2003                
                                                        quarter                
                                                                               
                           Reef   Carbon Leader            Main             VCR
                                                                               
Advanced                    (m)           6,641           1,121           1,355
                                                                               
Advanced on                 (m)           1,151             405             132
reef                                                                           
                                                                               
Sampled                     (m)           1,017             378             120
                                                                               
Channel width              (cm)             121              97              55
                                                                               
Average value -           (g/t)            14.6             6.4            25.0
                                                                               
                     - (cm.g/t)           1,775             625           1,382

Driefontein

                                                     Year ended                
                                                                               
                                                   30 June 2003                
                                                                               
                           Reef   Carbon Leader            Main             VCR
                                                                               
Advanced                    (m)          25,076           4,060           6,542
                                                                               
Advanced on                 (m)           3,966           1,007             583
reef                                                                           
                                                                               
Sampled                     (m)           3,648           1,017             468
                                                                               
Channel width              (cm)             115             103              75
                                                                               
Average value -           (g/t)            13.7             6.4            20.0
                                                                               
                     - (cm.g/t)           1,574             657           1,505

Kloof

                                                      June 2003                
                                                        quarter                
                                                                               
                           Reef           Kloof            Main             VCR
                                                                               
Advanced                    (m)             451           2,426           9,488
                                                                               
Advanced on                 (m)             205             635           1,876
reef                                                                           
                                                                               
Sampled                     (m)             177             480           1,416
                                                                               
Channel width              (cm)              83              94             122
                                                                               
Average value -           (g/t)             1.7            12.0            15.7
                                                                               
                     - (cm.g/t)             139           1,128           1,917

Kloof

                                                     March 2003                
                                                        quarter                
                                                                               
                           Reef           Kloof            Main             VCR
                                                                               
Advanced                    (m)              94           2,074           8,718
                                                                               
Advanced on                 (m)              45             510           1,455
reef                                                                           
                                                                               
Sampled                     (m)              18             423           1,215
                                                                               
Channel width              (cm)             175              94              96
                                                                               
Average value -           (g/t)             5.2            11.4            19.6
                                                                               
                     - (cm.g/t)             917           1,069           1,883

Kloof

                                                     Year ended                
                                                                               
                                                   30 June 2003                
                                                                               
                           Reef           Kloof            Main             VCR
                                                                               
Advanced                    (m)             725           6,541          42,513
                                                                               
Advanced on                 (m)             309           1,611           6,939
reef                                                                           
                                                                               
Sampled                     (m)             249           1,266           5,268
                                                                               
Channel width              (cm)              80              86             104
                                                                               
Average value -           (g/t)             4.9            12.0            19.6
                                                                               
                     - (cm.g/t)             396           1,031           2,042

Beatrix

                                    June 2003 quarter                         
                                                                              
                               Reef           Beatrix              Kalkoekrans
                                                                              
Advanced                        (m)             9,088                    2,230
                                                                              
Advanced on reef                (m)             1,811                      582
                                                                              
Sampled                         (m)             1,485                      540
                                                                              
Channel width                  (cm)                87                      103
                                                                              
Average value -               (g/t)              14.2                      9.9
                                                                              
                         - (cm.g/t)             1,236                    1,020

Beatrix

                                           March 2003                         
                                              quarter                         
                                                                              
                               Reef           Beatrix              Kalkoekrans
                                                                              
Advanced                        (m)             8,877                    2,256
                                                                              
Advanced on reef                (m)             1,698                      506
                                                                              
Sampled                         (m)             1,545                      504
                                                                              
Channel width                  (cm)                61                      105
                                                                              
Average value -               (g/t)              14.0                      8.0
                                                                              
                         - (cm.g/t)               853                      798

Beatrix

                                           Year ended                         
                                                                              
                                         30 June 2003                         
                                                                              
                               Reef           Beatrix              Kalkoekrans
                                                                              
Advanced                        (m)            36,663                    9,506
                                                                              
Advanced on reef                (m)             6,292                    1,763
                                                                              
Sampled                         (m)             5,619                    1,716
                                                                              
Channel width                  (cm)                73                      108
                                                                              
Average value -               (g/t)              14.7                      9.4
                                                                              
                         - (cm.g/t)             1,071                    1,016

CORPORATE OFFICE

Gold Fields Limited

24 St Andrews Road

Parktown

Johannesburg

2193

Postnet Suite 252

Private Bag x 30500

Houghton 2041

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London Office

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London SW1A 1 NP

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Fax: +944 207 491-1989

DIRECTORS

C M T Thompson^ - Chairman)

A J Wright - (Deputy Chairman)

I D Cockerill * - (Chief Executive Officer)

G J Gerwel

N J Holland * - (Chief Financial Officer)

J M McMahon *

G R Parker #

R L Pennant-Rea *

P J Ryan

T M G Sexwale

B R van Rooyen

C I von Christierson

^ Canadian

* British

# USA

COMPANY SECRETARY

C Farrel

24 St Andrews Road

Parktown

Johannesburg

2193

Postnet Suite 252

Private Bag x 30500

Houghton 2041

Tel: +27 11 644-2406

Fax: +27 11 484-0626

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Europe & South Africa

Willie Jacobsz

Tel: +27 11 644-2460

Fax: +27 11 484-0639

E-mail: investors@goldfields.co.za

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Cheryl A. Martin

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USA

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END