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<SEC-DOCUMENT>0001205613-07-000074.txt : 20071214
<SEC-HEADER>0001205613-07-000074.hdr.sgml : 20071214
<ACCEPTANCE-DATETIME>20070608133003
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001205613-07-000074
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20070608

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GOLD FIELDS LTD
		CENTRAL INDEX KEY:			0001172724
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		24 ST ANDREWS ROAD
		CITY:			PARKTOWN
		STATE:			T3
		ZIP:			00000

	MAIL ADDRESS:	
		STREET 1:		POST NET SUITE 252
		STREET 2:		PRIVATE BAG X30500
		CITY:			HOUGHTON 2041 SOUTH AFRICA
		STATE:			M3
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>

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<TITLE>Page 1</TITLE>




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<FONT style="font-family:arial;font-size:10pt;color:#000000;"><DIV style="position:relative;width:758;height:1073;">
<IMG style="position:absolute;clip:rect(0,758,1073,0)" src="goldfields_response001n.gif" alt="background image">
<DIV style="position:absolute;top:35;left:667"><font style="font-size:13.6pt;"> </font></DIV>
<DIV style="position: absolute; top: 993; left: 76; width: 682; height: 19"><font style="font-size:7.6pt;">Directors:</font></DIV>
<DIV style="position:absolute;top:993 ;left:135"><font style="font-size:8.5pt;"> </font></DIV>
<DIV style="position: absolute; top: 995; left: 121; width: 637; height: 19"><font style="font-size:6.8pt;">A J Wright (Chairman), I D Cockerill</font></DIV>
<DIV style="position:absolute;top:993 ;left:279"><font style="font-size:5.1pt;">&#8224;</font></DIV>
<DIV style="position:absolute;top:995 ;left:283"><font style="font-size:6.8pt;"> (Chief Executive Officer), K Ansah</font></DIV>
<DIV style="position: absolute; top: 993; left: 435; width: 323; height: 19"><font style="font-size:5.1pt;">#</font></DIV>
<DIV style="position: absolute; top: 995; left: 442; width: 316; height: 19"><font style="font-size:6.8pt;">, A Grigorian&deg;, N J Holland</font></DIV>
<DIV style="position: absolute; top: 993; left: 563; width: 195; height: 19"><font style="font-size:5.1pt;">&#8224;</font></DIV>
<DIV style="position: absolute; top: 995; left: 570; width: 188; height: 19"><font style="font-size:6.8pt;"> (Chief Financial Officer), J G </font></DIV>
<DIV style="position: absolute; top: 1005; left: 77; width: 681; height: 20"><font style="font-size:6.8pt;line-height:12px;">Hopwood,  <br>G Marcus, J M McMahon</font></DIV>
<DIV style="position: absolute; top: 1014; left: 179; width: 579; height: 19"><font style="font-size:5.1pt;">&#8224;</font></DIV>
<DIV style="position: absolute; top: 1015; left: 186; width: 572; height: 19"><font style="font-size:6.8pt;">, D M J Ncube, R L Pennant-Rea</font></DIV>
<DIV style="position:absolute;top:1014;left:325"><font style="font-size:5.1pt;">&#8224;</font></DIV>
<DIV style="position:absolute;top:1015;left:328"><font style="font-size:6.8pt;">, P J Ryan, T M G Sexwale, C I von Christierson </font></DIV>
<DIV style="position: absolute; top: 1014; left: 536; width: 222; height: 19"><font style="font-size:5.1pt;">&#8224;</font></DIV>
<DIV style="position: absolute; top: 1015; left: 541; width: 217; height: 19"><font style="font-size:6.8pt;">British, </font></DIV>
<DIV style="position: absolute; top: 1014; left: 575; width: 183; height: 19"><font style="font-size:5.1pt;">#</font></DIV>
<DIV style="position: absolute; top: 1015; left: 583; width: 175; height: 19"><font style="font-size:6.8pt;">Ghanaian, &deg;Russian </font></DIV>
<DIV style="position: absolute; top: 1025; left: 76; width: 682; height: 19"><font style="font-size:7.6pt;">Corporate Secretary:</font></DIV>
<DIV style="position:absolute;top:1025;left:186"><font style="font-size:8.5pt;"> </font></DIV>
<DIV style="position: absolute; top: 1027; left: 168; width: 590; height: 19"><font style="font-size:6.8pt;">C Farrel </font></DIV>
<DIV style="position:absolute;top:197;left:587"><font style="font-size:10.2pt;">Gold Fields Limited</font></DIV>
<DIV style="position:absolute;top:211;left:587"><font style="font-size:8.5pt;line-height:15px;">Reg. 1968/004880/06 <br>24 St Andrews Road <br>Parktown, 2193 <br> <br>Postnet Suite 252 <br>Private Bag X30500 <br>Houghton, 2041 <br>South Africa <br> </font></DIV>
<DIV style="position:absolute;top:332;left:588"><font style="font-size:8.5pt;line-height:15px;">Tel  +27 11 644-2400 <br>Dir  +27 11 644-2502 <br>Fax  +27 11 484-0590 </font></DIV>
<DIV style="position:absolute;top:372;left:587"><font style="font-size:8.5pt;">www.goldfields.co.za </font></DIV>
<DIV style="position: absolute; top: 176; left: 617; width: 141; height: 19"><font style="font-size:11.9pt;">EXECUTIVE</font></DIV>
<DIV style="position:absolute;top:215;left:91 "><font style="line-height:14px;">Karl Hiller <br>Branch Chief <br>United States Securities and Exchange Commission <br>Division of Corporation Finance <br>100 F Street, N.E. <br>Washington, D.C. 20549-7010 <br>United States of America <br> <br>8 June 2007 </font></DIV>
<DIV style="position:absolute;top:368;left:91 "><font style="font-size:13.6pt;"> </font></DIV>
<DIV style="position:absolute;top:385;left:91 "><font style="line-height:14px;"><b>By EDGAR <br> <br></b>Dear Mr. Hiller: </font></DIV>
<DIV style="position:absolute;top:433;left:91 "><font style="font-size:12.8pt;line-height:23px;"><b>Re:  Gold Fields Limited <br> </b></font></DIV>
<DIV style="position:absolute;top:453;left:123"><font style="font-size:12.8pt;"><b>Form 20-F for the year ended June 30, 2006 </b></font></DIV>
<DIV style="position:absolute;top:474;left:91 "><font style="font-size:12.8pt;"><b> </b></font></DIV>
<DIV style="position:absolute;top:474;left:123"><font style="font-size:12.8pt;"><b>Filed on November 24, 2006 </b></font></DIV>
<DIV style="position:absolute;top:493;left:91 "><font style="font-size:12.8pt;"><b> </b></font></DIV>
<DIV style="position:absolute;top:493;left:123"><font style="font-size:12.8pt;"><b>File No. 001-31318 </b></font></DIV>
<DIV style="position:absolute;top:523;left:91 "><font style="line-height:17px;">We refer to the comment letter (the &#8220;<b>Comment Letter</b>&#8221;) dated May 17, 2007 of the staff (&#8220;<b>Staff</b>&#8221;) of the <br>Division of Corporation Finance of the Securities and Exchange Commission (the &#8220;<b>Commission</b>&#8221;) on <br>the above referenced Form 20-F (the &#8220;<b>2006</b> <b>Form 20-F</b>&#8221;) of Gold Fields Limited (&#8220;<b>Gold Fields</b>&#8221; or the <br>&#8220;<b>Company</b>&#8221;). For your convenience, each comment is repeated below, prior to the response. <br>Management has discussed the content of this letter (the &#8220;<b>Response Letter</b>&#8221;) with its auditors. </font></DIV>
<DIV style="position: absolute; top: 618; left: 91; width: 667; height: 22">Form 20-F for the Fiscal Year Ended June 30, 2006 </DIV>
<DIV style="position: absolute; top: 645; left: 91; width: 667; height: 21">General </DIV>
<DIV style="position:absolute;top:674;left:91 ">1. </DIV>
<DIV style="position:absolute;top:674;left:135"><font style="line-height:17px;">Please amend your current Form 20-F to incorporate all of the revisions you have proposed to <br>make in response to prior comments 1, 3, 4 and 5. </font></DIV>
<DIV style="position:absolute;top:719;left:91 "> </DIV>
<DIV style="position: absolute; top: 716; left: 135; width: 623; height: 22"><i><b>Response</b></i> </DIV>
<DIV style="position:absolute;top:745;left:135"><font style="line-height:17px;">The Company acknowledges the Staff&#8217;s comment and, as discussed with the Staff in the <br>conference call on May 29, 2007, the Company intends to amend the 2006 Form 20-F once all <br>the Staff&#8217;s comments necessitating revisions to its current Form 20-F have been resolved. </font></DIV>
<DIV style="position: absolute; top: 804; left: 91; width: 667; height: 22">Results of Operations &#8211; Years Ended June 30, 2006 and 2005, page 145 </DIV>
<DIV style="position: absolute; top: 831; left: 91; width: 667; height: 21">Depreciation and Amortization, page 150 </DIV>
<DIV style="position:absolute;top:860 ;left:91 ">2. </DIV>
<DIV style="position:absolute;top:860 ;left:128"><font style="line-height:17px;">We have read your response to prior comment 2, explaining that you changed your method of <br>calculating amortization to apply an amortization rate that will based on reserve estimates <br>prepared as of the end of the second quarter of the preceding fiscal year (December 31) to <br>production for the first nine months of the current fiscal year, and an amortization rate that will <br>be based on reserve estimates as of the end of the second quarter of the current fiscal year to <br>production for the last quarter of the current fiscal year.  We understand that you previously </font></DIV>
</DIV>
</FONT><FONT style="font-family:arial;font-size:10pt;color:#000000;"><DIV style="position:relative;width:758;height:1073;page-break-before:always;">
<IMG style="position:absolute;top:-1073;clip:rect(1073,758,2146,0)" src="goldfields_response001n.gif" alt="background image">
<DIV style="position:absolute;top:35;left:91 "><font style="font-size:13.6pt;"> </font></DIV>
<DIV style="position:absolute;top:1027;left:91 "><font style="font-size:6.8pt;"> </font></DIV>
<DIV style="position:absolute;top:1027;left:662"><font style="font-size:6.8pt;">2</font></DIV>
<DIV style="position:absolute;top:132;left:128"><font style="line-height:17px;">utilized a single amortization rate of the entire fiscal year, based on your reserve estimates as <br>of the end of the preceding fiscal year (June 30). You describe this change as having been <br>implemented in connection with your decision to no longer report mineral reserve information <br>that is current as of the end of the fiscal year covered by your annual report on Form 20-F.<b>   </b></font></DIV>
<DIV style="position:absolute;top:212;left:128"><i>Amortization Policy </i></DIV>
<DIV style="position:absolute;top:238;left:128"><font style="line-height:17px;">While we understand that you may have established conventions which facilitate the process of <br>calculating periodic units-of-production amortization, under U.S. GAAP you need to update the <br>reserve estimates utilized in your formulas to reflect material information arising during the <br>period, of which you become aware, including significant changes in your reserves, such as <br>those resulting from acquisitions, dispositions or discoveries; and material changes in the <br>assumptions underlying your reserve estimates, such as changes in your mine plan, actual <br>yields that are inconsistent with prior assumptions, or changes in commodity prices or <br>production costs, as indicated in the guidance on estimates in APB 20 and SFAS 154. You <br>would also need to update your reserve information as of your current fiscal year-end to <br>appropriately conduct impairment testing, following the guidance in paragraphs 16 throug
h 21 <br>of SFAS 144. </font></DIV>
<DIV style="position:absolute;top:442;left:128"><font style="line-height:17px;">Please implement procedures for monitoring changes in these and other factors underlying <br>your reserve estimates; assessing the implications of such changes on your reserve estimates, <br>amortization computations and views on recoverability; and adjusting your amortization <br>formulas and property account balances as necessary to take into account all changes having <br>material effects in the period that such changes occur and in which you become aware of the <br>information. Please submit an analysis showing haw the amortization expense you recorded <br>each period would need to change to properly reflect material revisions in reserves and the <br>related assumptions based on new information arising during the period, in advance of your <br>scheduled reserve updates. Similarly, advise us of your views on asset recoverability, after <br>taking into consideration all information that was known about your reserves on the bala
nce <br>sheet dates. Additionally, expand your accounting policy disclosure to discuss the procedures <br>you implement. </font></DIV>
<DIV style="position:absolute;top:663;left:128"><i>Mineral Reserves </i></DIV>
<DIV style="position:absolute;top:691;left:128"><font style="line-height:17px;">With regard to your preference for reporting non-current information about reserves in the Form <br>20-F, we ask that you read the guidance in General Instruction C(b), stating that &#8220;Unless an <br>item directs you to provide information as of a specific date or for a specific period, &#8230;give the <br>information in an annual report as of the latest practicable date.&#8221; In addition, you may find the <br>following guidance within Industry Guide 7, applicable by way of the Instruction to Item 4 of <br>Form 20-F, helpful in understanding the reporting requirement for reserve information: </font></DIV>
<DIV style="position:absolute;top:805;left:171"><font style="line-height:17px;">Paragraph (b)(4)(i) of Industry Guide 7 requires a &#8220;&#8230;description of the present condition <br>of the property, the work completed by the registrant on the property, the registrant&#8217;s <br>proposed program of exploration and development, and the current state of exploration <br>and/or development of the property.&#8221; </font></DIV>
<DIV style="position:absolute;top:885 ;left:171"><font style="line-height:17px;">Paragraph (b)(5) of Industry Guide 7 requires a description of the &#8220;&#8230;existing or <br>potential economic significance on the property, including the identity of the principal <br>metallic or other constituents insofar as known,&#8221; also stating that if reserves have been </font></DIV>
</DIV>
</FONT><FONT style="font-family:arial;font-size:10pt;color:#000000;"><DIV style="position:relative;width:758;height:1073;page-break-before:always;">
<IMG style="position:absolute;top:-2146;clip:rect(2146,758,3219,0)" src="goldfields_response001n.gif" alt="background image">
<DIV style="position:absolute;top:35;left:91 "><font style="font-size:13.6pt;"> </font></DIV>
<DIV style="position:absolute;top:1027;left:91 "><font style="font-size:6.8pt;"> </font></DIV>
<DIV style="position:absolute;top:1027;left:662"><font style="font-size:6.8pt;">3</font></DIV>
<DIV style="position:absolute;top:132;left:171"><font style="line-height:17px;">established, disclose &#8220;&#8230;the estimated tonnages and grades (or quality, where <br>appropriate) of such classes of reserves....&#8221; </font></DIV>
<DIV style="position:absolute;top:176;left:128"><font style="line-height:17px;">Please also read Instruction 1(a) to Item 4.D of Form 20-F, requiring disclosure of &#8220;&#8230;material <br>information about production, reserves, locations, developments and the nature of interest. If <br>individual properties are of major significance to you, provide more detailed information about <br>those properties....&#8221; </font></DIV>
<DIV style="position:absolute;top:256;left:128"><font style="line-height:17px;">We do not believe that General Instruction C(b), or the Industry Guide 7 references to &#8220;present&#8221; <br>condition and &#8220;existing&#8221; economic significance accommodate a practice of not disclosing <br>information that is current as of the end of the period covered by your report; and we do not see <br>support for a view that reserves as of the end of the period, and changes in reserves during the <br>period, would not constitute material information requiring disclosure pursuant to Item 4.D. <br>Given the interrelatedness of accounting and mineral reserve measurements necessary to <br>comply with U.S. GAAP, coupled with the specific disclosure requirements cited above, we <br>again ask that you amend your filing to update your reserve information through June 30, 2006, <br>the end of your fiscal year. </font></DIV>
<DIV style="position: absolute; top: 422; left: 128; width: 630; height: 22"><i><b>Response </b></i></DIV>
<DIV style="position:absolute;top:451;left:128"><font style="line-height:17px;">The Company acknowledges the Staff&#8217;s comments and wishes to advise the Staff that, as <br>discussed with the Staff in the conference call on May 29, 2007, it is formulating an approach to <br>address these issues. The Company expects to submit a separate letter outlining that approach <br>and otherwise responding to these comments shortly. </font></DIV>
<DIV style="position: absolute; top: 528; left: 91; width: 667; height: 22">Engineering Comments </DIV>
<DIV style="position: absolute; top: 556; left: 91; width: 667; height: 21">Information on the Company, page 32 </DIV>
<DIV style="position: absolute; top: 582; left: 91; width: 667; height: 21">Reserves of Gold Fields as of December 31, 2005, page 39 </DIV>
<DIV style="position:absolute;top:611;left:91 ">3. </DIV>
<DIV style="position:absolute;top:611;left:128"><font style="line-height:17px;">We have reviewed the reserve reports and feasibility study you supplied as supplemental <br>information in response to prior comment 6. Based on this review and your reserve redefinition <br>experience in the last couple of years, we believe that further disclosure is needed concerning <br>you reserve estimation approaches, including the basis you have for assuming continuity <br>between observation points in establishing probable reserves. Please expand your disclosure <br>of your estimation procedures for the proven, probable above infrastructure, and probable <br>below infrastructure categories of your underground South Africa reserves to address the <br>following points: </font></DIV>
<DIV style="position:absolute;top:761;left:128">&#8226; </DIV>
<DIV style="position:absolute;top:762;left:171"><font style="line-height:17px;">Detail your reserve estimation methodologies for each reserve category, highlighting <br>any significant differences in these methodologies from underground mine to mine, and <br>between reserve categories. </font></DIV>
<DIV style="position:absolute;top:824;left:128">&#8226; </DIV>
<DIV style="position:absolute;top:825;left:171"><font style="line-height:17px;">Compare and contrast the methodologies as to their reliability, citing your reserve <br>reconciliation experience between various categories of reserve estimates and actual <br>material delivered to the mill. </font></DIV>
<DIV style="position:absolute;top:887 ;left:128">&#8226; </DIV>
<DIV style="position:absolute;top:889 ;left:171"><font style="line-height:17px;">Detail primary sources of error in your assumption of continuity for your probable <br>reserves, both above and below infrastructure, with emphasis on the sources of error <br>which have led to significant reductions in reserves. </font></DIV>
</DIV>
</FONT><FONT style="font-family:arial;font-size:10pt;color:#000000;"><DIV style="position:relative;width:758;height:1073;page-break-before:always;">
<IMG style="position:absolute;top:-3219;clip:rect(3219,758,4292,0)" src="goldfields_response001n.gif" alt="background image">
<DIV style="position:absolute;top:35;left:91 "><font style="font-size:13.6pt;"> </font></DIV>
<DIV style="position:absolute;top:1027;left:91 "><font style="font-size:6.8pt;"> </font></DIV>
<DIV style="position:absolute;top:1027;left:662"><font style="font-size:6.8pt;">4</font></DIV>
<DIV style="position:absolute;top:131;left:128">&#8226; </DIV>
<DIV style="position:absolute;top:133;left:171"><font style="line-height:17px;">In a table, list the average spacing between drill pierce points or sample points for each <br>category of reserves, and the maximum distance that data is projected for each mine. </font></DIV>
<DIV style="position:absolute;top:176;left:128">&#8226; </DIV>
<DIV style="position:absolute;top:178;left:171"><font style="line-height:17px;">Explain how you have changed you practice of assuming continuity between the <br>surrounding observations in response to mining results precipitating and downward <br>revisions in you reserve estimates. </font></DIV>
<DIV style="position:absolute;top:240;left:91 "><b> </b></DIV>
<DIV style="position: absolute; top: 238; left: 135; width: 623; height: 21"><i><b>Response </b></i></DIV>
<DIV style="position:absolute;top:266;left:135"><font style="line-height:17px;">The Company acknowledges the Staff&#8217;s comments and proposes to revise its disclosure by <br>inserting the following language on page 42 of the 2006 20-F, immediately after its gold ore <br>reserve statement. </font></DIV>
<DIV style="position:absolute;top:329;left:91 "><i><b>&#8220;Additional information regarding reserves at the South African underground operations</b></i></DIV>
<DIV style="position:absolute;top:328;left:628"><font style="font-size:11.9pt;"><i><b> </b></i></font></DIV>
<DIV style="position:absolute;top:356;left:91 "><font style="line-height:17px;">The following sets forth the reserve estimation methodologies for the different categories of <br>reserves at the underground operations of each of the South African mines. </font></DIV>
<DIV style="position:absolute;top:400;left:91 "><i>Driefontein </i></DIV>
<DIV style="position:absolute;top:426;left:112"><font style="font-size:7.6pt;"><b>Reserve </b></font></DIV>
<DIV style="position:absolute;top:441;left:98 "><font style="font-size:7.6pt;"><b>Classification </b></font></DIV>
<DIV style="position:absolute;top:426;left:186"><font style="font-size:7.6pt;"><b>Sample Spacing Range Min/Max </b></font></DIV>
<DIV style="position:absolute;top:441;left:242"><font style="font-size:7.6pt;"><b> (meters) </b></font></DIV>
<DIV style="position:absolute;top:426;left:375"><font style="font-size:7.6pt;"><b>Maximum Distance Data is Projected </b></font></DIV>
<DIV style="position:absolute;top:441;left:442"><font style="font-size:7.6pt;"><b> (meters) </b></font></DIV>
<DIV style="position:absolute;top:464;left:115"><font style="font-size:7.6pt;">Proven </font></DIV>
<DIV style="position:absolute;top:464;left:245"><font style="font-size:7.6pt;">3 to 180 </font></DIV>
<DIV style="position:absolute;top:464;left:456"><font style="font-size:7.6pt;">110 </font></DIV>
<DIV style="position:absolute;top:487;left:111"><font style="font-size:7.6pt;">Probable </font></DIV>
<DIV style="position:absolute;top:502;left:119"><font style="font-size:7.6pt;">(AI)</font></DIV>
<DIV style="position:absolute;top:498;left:135"><font style="font-size:6.0pt;">(1)</font></DIV>
<DIV style="position:absolute;top:502;left:144"><font style="font-size:7.6pt;"> </font></DIV>
<DIV style="position:absolute;top:495;left:241"><font style="font-size:7.6pt;">3 to 1,140 </font></DIV>
<DIV style="position:absolute;top:495;left:456"><font style="font-size:7.6pt;">570 </font></DIV>
<DIV style="position:absolute;top:526;left:111"><font style="font-size:7.6pt;">Probable </font></DIV>
<DIV style="position:absolute;top:541;left:119"><font style="font-size:7.6pt;">(BI)</font></DIV>
<DIV style="position:absolute;top:538;left:135"><font style="font-size:6.0pt;">(1)</font></DIV>
<DIV style="position:absolute;top:541;left:144"><font style="font-size:7.6pt;"> </font></DIV>
<DIV style="position:absolute;top:534;left:241"><font style="font-size:7.6pt;">3 to 2,840 </font></DIV>
<DIV style="position:absolute;top:534;left:452"><font style="font-size:7.6pt;">1,420 </font></DIV>
<DIV style="position:absolute;top:565;left:91 "><font style="font-size:7.6pt;line-height:13px;">Note:  <br>(1) </font></DIV>
<DIV style="position:absolute;top:577;left:119"><font style="font-size:7.6pt;">AI is above infrastructure; BI is below infrastructure. </font></DIV>
<DIV style="position:absolute;top:589;left:91 "><font style="line-height:17px;"> <br>For proven reserves, the orebody is opened-up and sampled on a 3 meter spacing for <br>development (such as raises), and a 5 meter grid for stoping, together with underground <br>borehole spacings ranging from tens to hundred of meters. Blocks classified as proven are <br>therefore generally adjacent to close spaced sampling<b> </b> and generally pierced by a relatively <br>dense irregular pattern of boreholes. Estimation is constrained within both geologically <br>homogenous structural and facies zones, and is generally derived from either ordinary or simple <br>kriged small-scale grids, ranging from 10 meter to 20 meter block sizes. </font></DIV>
<DIV style="position:absolute;top:736;left:91 "><font style="line-height:17px;">For above infrastructure probable reserves, the estimates access the vast numbers of opened-<br>up samples on a 3 meter spacing for development, and a 5 meter grid for stoping bordering <br>these areas. In addition underground borehole spacings ranging from tens to hundred of meters <br>are used together with surface drillholes and seismic surveys. Blocks classified as probable <br>(above-infrastructure) are generally adjacent to blocks classified as proven. Estimation is <br>constrained within both homogenous structural and facies zones, and is generally derived from <br>either ordinary or simple kriged medium to macro scale sized grids ranging from 40 meter to <br>420 meter sizes, or through declusted averaging or Sichel &#8216;t&#8217; techniques. For planning purposes <br>these blocks are further evaluated to facilitate the selection of blocks above the cut-off grade. </font></DIV>
<DIV style="position:absolute;top:905 ;left:91 "><font style="line-height:17px;">For below infrastructure probable reserves, the estimates access the vast numbers of opened-<br>up samples on a 3 meter spacing for development, and a 5 meter grid for stoping bordering <br>these areas. In addition underground borehole spacings ranging from tens to hundred of meters </font></DIV>
</DIV>
</FONT><FONT style="font-family:arial;font-size:10pt;color:#000000;"><DIV style="position:relative;width:758;height:1073;page-break-before:always;">
<IMG style="position:absolute;top:-4292;clip:rect(4292,758,5365,0)" src="goldfields_response001n.gif" alt="background image">
<DIV style="position:absolute;top:35;left:91 "><font style="font-size:13.6pt;"> </font></DIV>
<DIV style="position:absolute;top:1027;left:91 "><font style="font-size:6.8pt;"> </font></DIV>
<DIV style="position:absolute;top:1027;left:662"><font style="font-size:6.8pt;">5</font></DIV>
<DIV style="position:absolute;top:132;left:91 "><font style="line-height:17px;">are used together with surface drillholes and seismic surveys. Blocks classified as probable <br>(below infrastructure) are therefore generally below blocks classified as proven or probable <br>above infrastructure. Estimation is constrained within both homogenous structural and facies <br>zones, and is generally derived from either ordinary or simple kriged medium to macro scale <br>sized grids ranging from 40 meters to 420 meter sizes, or through declusted averaging or Sichel <br>&#8216;t&#8217; techniques. For planning purposes these blocks are further evaluated to facilitate the <br>selection of blocks above the cut-off grade.<b><i> </i>  </b></font></DIV>
<DIV style="position:absolute;top:265;left:91 "><font style="line-height:17px;">Generally, there are no major differences in estimation techniques between probable reserves <br>classified as above infrastructure and below infrastructure, although above infrastructure <br>probable reserves are adjacent to close spaced mining data while below infrastructure probable <br>reserves are below close spaced mining data. When viewed in isolation, the below <br>infrastructure probable reserves may include different borehole spacings, maximum projection <br>distances and estimation block sizes.  </font></DIV>
<DIV style="position:absolute;top:380;left:91 "><i>Kloof </i></DIV>
<DIV style="position:absolute;top:407;left:91 "><font style="font-size:13.6pt;"> </font></DIV>
<DIV style="position:absolute;top:431;left:102"><font style="font-size:7.6pt;"><b>Reserve Classification</b> </font></DIV>
<DIV style="position:absolute;top:425;left:233"><font style="font-size:7.6pt;"><b>Sample Spacing Range Min/Max </b></font></DIV>
<DIV style="position:absolute;top:438;left:290"><font style="font-size:7.6pt;"><b> (meters)</b> </font></DIV>
<DIV style="position:absolute;top:425;left:452"><font style="font-size:7.6pt;"><b>Maximum Distance Data is Projected </b></font></DIV>
<DIV style="position:absolute;top:438;left:520"><font style="font-size:7.6pt;"><b> (meters)</b> </font></DIV>
<DIV style="position:absolute;top:462;left:140"><font style="font-size:7.6pt;">Proven </font></DIV>
<DIV style="position:absolute;top:462;left:293"><font style="font-size:7.6pt;">3 to 150 </font></DIV>
<DIV style="position:absolute;top:462;left:532"><font style="font-size:7.6pt;">150 </font></DIV>
<DIV style="position:absolute;top:486;left:121"><font style="font-size:7.6pt;">Probable (AI)</font></DIV>
<DIV style="position:absolute;top:482;left:181"><font style="font-size:6.0pt;">(1)</font></DIV>
<DIV style="position:absolute;top:486;left:190"><font style="font-size:7.6pt;"> </font></DIV>
<DIV style="position:absolute;top:485;left:293"><font style="font-size:7.6pt;">3 to 718 </font></DIV>
<DIV style="position:absolute;top:486;left:532"><font style="font-size:7.6pt;">360 </font></DIV>
<DIV style="position:absolute;top:511;left:119"><font style="font-size:7.6pt;">Probable (BI)</font></DIV>
<DIV style="position:absolute;top:507;left:180"><font style="font-size:6.0pt;"> (1)</font></DIV>
<DIV style="position:absolute;top:511;left:192"><font style="font-size:7.6pt;"> </font></DIV>
<DIV style="position:absolute;top:510;left:289"><font style="font-size:7.6pt;">3 to 1,390 </font></DIV>
<DIV style="position:absolute;top:510;left:532"><font style="font-size:7.6pt;">890 </font></DIV>
<DIV style="position:absolute;top:535;left:91 "><font style="font-size:7.6pt;line-height:13px;">Note:  <br>(1) </font></DIV>
<DIV style="position:absolute;top:546;left:125"><font style="font-size:7.6pt;">AI is above infrastructure; BI is below infrastructure. </font></DIV>
<DIV style="position:absolute;top:569;left:91 ">Estimations for proven reserves are made on the same basis as at Driefontein. </DIV>
<DIV style="position:absolute;top:596;left:91 "><font style="line-height:17px;">Estimations for above infrastructure probable reserves are made on the same basis as at Driefontein, <br>but with medium sized kriged grids starting from 40 meters to macro blocks of 400 meters. For <br>planning purposes these blocks are evaluated to facilitate the selection of blocks above the cut-off <br>grade.  </font></DIV>
<DIV style="position:absolute;top:676;left:91 "><font style="line-height:17px;">Estimations for below infrastructure probable reserves are made on the same basis as at <br>Driefontein, but with medium sized kriged grids starting from 40 meters to macro blocks of 400 <br>meters. The distinction between estimation techniques for above infrastructure and below <br>infrastructure probable reserves is the same as at Driefontein. For planning purposes these <br>blocks are evaluated to facilitate the selection of blocks above the cut-off grade.</font></DIV>
<DIV style="position:absolute;top:748;left:539"><font style="font-size:9.4pt;"><i><b> </b></i></font></DIV>
<DIV style="position:absolute;top:774;left:91 "><font style="font-size:9.4pt;"><i>Beatrix</i> </font></DIV>
<DIV style="position:absolute;top:799;left:91 "><font style="font-size:13.6pt;"> </font></DIV>
<DIV style="position:absolute;top:823;left:102"><font style="font-size:7.6pt;"><b>Reserve Classification</b> </font></DIV>
<DIV style="position:absolute;top:816;left:228"><font style="font-size:7.6pt;"><b>Sample Spacing Range Min/Max</b></font></DIV>
<DIV style="position:absolute;top:830;left:284"><font style="font-size:7.6pt;"><b> (meters)</b> </font></DIV>
<DIV style="position:absolute;top:816;left:441"><font style="font-size:7.6pt;"><b>Maximum Distance Data is Projected </b></font></DIV>
<DIV style="position:absolute;top:830;left:508"><font style="font-size:7.6pt;"><b> (meters)</b> </font></DIV>
<DIV style="position:absolute;top:853 ;left:140"><font style="font-size:7.6pt;">Proven </font></DIV>
<DIV style="position:absolute;top:853 ;left:288"><font style="font-size:7.6pt;">3 to 120 </font></DIV>
<DIV style="position:absolute;top:853 ;left:521"><font style="font-size:7.6pt;">120 </font></DIV>
<DIV style="position:absolute;top:878 ;left:121"><font style="font-size:7.6pt;">Probable (AI)</font></DIV>
<DIV style="position:absolute;top:874 ;left:181"><font style="font-size:6.0pt;">(1)</font></DIV>
<DIV style="position:absolute;top:878 ;left:190"><font style="font-size:7.6pt;"> </font></DIV>
<DIV style="position:absolute;top:876 ;left:288"><font style="font-size:7.6pt;">3 to 940 </font></DIV>
<DIV style="position:absolute;top:876 ;left:521"><font style="font-size:7.6pt;">750 </font></DIV>
<DIV style="position:absolute;top:902 ;left:121"><font style="font-size:7.6pt;">Probable (BI)</font></DIV>
<DIV style="position:absolute;top:899 ;left:181"><font style="font-size:6.0pt;">(1)</font></DIV>
<DIV style="position:absolute;top:902 ;left:190"><font style="font-size:7.6pt;"> </font></DIV>
<DIV style="position:absolute;top:901 ;left:282"><font style="font-size:7.6pt;">540 to 610 </font></DIV>
<DIV style="position:absolute;top:901 ;left:521"><font style="font-size:7.6pt;">740 </font></DIV>
<DIV style="position:absolute;top:926 ;left:91 "><font style="font-size:7.6pt;line-height:13px;">Note:  <br>(1) </font></DIV>
<DIV style="position:absolute;top:938 ;left:137"><font style="font-size:7.6pt;">AI is above infrastructure; BI is below infrastructure. </font></DIV>
</DIV>
</FONT><FONT style="font-family:arial;font-size:10pt;color:#000000;"><DIV style="position:relative;width:758;height:1073;page-break-before:always;">
<IMG style="position:absolute;top:-5365;clip:rect(5365,758,6438,0)" src="goldfields_response001n.gif" alt="background image">
<DIV style="position:absolute;top:35;left:91 "><font style="font-size:13.6pt;"> </font></DIV>
<DIV style="position:absolute;top:1027;left:91 "><font style="font-size:6.8pt;"> </font></DIV>
<DIV style="position:absolute;top:1027;left:662"><font style="font-size:6.8pt;">6</font></DIV>
<DIV style="position:absolute;top:132;left:91 "><font style="line-height:17px;">Estimations for proven reserves are made on the same basis as at Driefontein but with kriging <br>blocks ranging from 16 meters to 32 meters. </font></DIV>
<DIV style="position:absolute;top:176;left:91 "><font style="line-height:17px;">Estimations for above infrastructure probable reserves are made on the same basis as at <br>Driefontein but with medium-sized kriged blocks of 32 meters, and macro geological zone <br>estimates being made through declusted averaging or Sichel &#8216;t&#8217; techniques. For planning <br>purposes these blocks are evaluated to facilitate the selection of blocks above the cut-off grade. </font></DIV>
<DIV style="position:absolute;top:256;left:91 "><font style="line-height:17px;">Estimations for below infrastructure probable reserves are made on the same basis as at <br>Driefontein but with medium-sized kriged blocks being 32 meters, to macro geological zone <br>estimates through declusted averaging or Sichel &#8216;t&#8217; techniques. The distinction between <br>estimation techniques for above infrastructure and below infrastructure probable reserves is the <br>same as at Driefontein. For planning purposes these blocks are further evaluated to facilitate <br>the selection of blocks above the cut-off grade.<b><i> </b></i> </font></DIV>
<DIV style="position:absolute;top:371;left:91 "><font style="line-height:17px;">Grade control and reconciliation practices at the South African operations follow similar <br>procedures to those applied elsewhere in Witwatersrand deep level gold operations.  The reefs <br>and hangingwall and footwall lithologies are visually identifiable and channel sampling ensures <br>that the face grade is monitored accordingly.  An exercise is undertaken to reconcile reserve <br>estimates with actual mined tonnages and grades.  As part of the reconciliation exercises, <br>physical factors including channel width, stope width, dilution, mine call factor and block factor <br>are monitored and recorded on a monthly basis. </font></DIV>
<DIV style="position:absolute;top:504;left:91 "><font style="line-height:17px;">An annual measure of the estimation efficiency is made by means of the block factor.  The block <br>factor is the ratio, expressed as a percentage, which the total specific mineral content of the ore <br>broken from blocks (as indicated by the follow-up results based on close spaced 3 meter and 5 <br>meter development and mining sampling inside these blocks) bears to the content of this ore as <br>reflected in the corresponding planned kriged estimates for ore reserves.  </font></DIV>
<DIV style="position:absolute;top:602;left:91 "><font style="line-height:17px;">The following table sets forth the actual versus estimated block factors at the South African <br>operations for the last three reserve declarations: </font></DIV>
<DIV style="position:absolute;top:649;left:128"><b>Block Factor (Actual)</b> </DIV>
<DIV style="position:absolute;top:649;left:436"><b>Block Factor (Estimated)</b> </DIV>
<DIV style="position:absolute;top:694;left:128"> </DIV>
<DIV style="position:absolute;top:672;left:180"><b>June 30,</b></DIV>
<DIV style="position:absolute;top:686;left:192"><b>2004 </b></DIV>
<DIV style="position:absolute;top:672;left:250"><b>June 30, </b></DIV>
<DIV style="position:absolute;top:686;left:261"><b>2005 </b></DIV>
<DIV style="position:absolute;top:664;left:323"><b>December </b></DIV>
<DIV style="position:absolute;top:680;left:351"><b>31, </b></DIV>
<DIV style="position:absolute;top:694;left:346"><b>2005 </b></DIV>
<DIV style="position:absolute;top:694;left:408"> </DIV>
<DIV style="position:absolute;top:680;left:507"><b>June 30, </b></DIV>
<DIV style="position:absolute;top:694;left:518"><b>2004 </b></DIV>
<DIV style="position:absolute;top:680;left:587"><b>June 30, </b></DIV>
<DIV style="position:absolute;top:694;left:599"><b>2005 </b></DIV>
<DIV style="position:absolute;top:664;left:657"><b>December </b></DIV>
<DIV style="position:absolute;top:680;left:686"><b>31,  </b></DIV>
<DIV style="position:absolute;top:694;left:685"><b>2005 </b></DIV>
<DIV style="position:absolute;top:712;left:101"><b>Driefontein </b></DIV>
<DIV style="position:absolute;top:711;left:198">98&nbsp;<FONT style="font-family:arial;font-size:10pt;color:#000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </FONT>100 </DIV>
<DIV style="position:absolute;top:711;left:353">98 </DIV>
<DIV style="position:absolute;top:712;left:408"><b>Driefontein </b></DIV>
<DIV style="position:absolute;top:711;left:521">100<FONT style="font-family:arial;font-size:10pt;color:#000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
  99&nbsp;<FONT style="font-family:arial;font-size:10pt;color:#000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </FONT>99 </DIV>
<DIV style="position:absolute;top:729;left:101"><b>Kloof </b></DIV>
<DIV style="position:absolute;top:729;left:195">106&nbsp;<FONT style="font-family:arial;font-size:10pt;color:#000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </FONT>100 </DIV>
<DIV style="position:absolute;top:729;left:353">96 </DIV>
<DIV style="position:absolute;top:729;left:408"><b>Kloof </b></DIV>
<DIV style="position:absolute;top:729;left:525">94&nbsp;<FONT style="font-family:arial;font-size:10pt;color:#000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </FONT>100&nbsp;<FONT style="font-family:arial;font-size:10pt;color:#000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </FONT>99 </DIV>
<DIV style="position:absolute;top:747;left:101"><b>Beatrix </b></DIV>
<DIV style="position:absolute;top:747;left:195">101&nbsp;<FONT style="font-family:arial;font-size:10pt;color:#000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </FONT>101 </DIV>
<DIV style="position:absolute;top:747;left:350">101 </DIV>
<DIV style="position:absolute;top:747;left:408"><b>Beatrix </b></DIV>
<DIV style="position:absolute;top:747;left:521">100&nbsp;<FONT style="font-family:arial;font-size:10pt;color:#000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </FONT>100&nbsp;<FONT style="font-family:arial;font-size:10pt;color:#000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </FONT>100 </DIV>
<DIV style="position:absolute;top:761;left:91 "><font style="font-size:11.9pt;"> </font></DIV>
<DIV style="position:absolute;top:790;left:91 "><font style="line-height:17px;">The mine call factor is the ratio, expressed as a percentage, which the amount of gold <br>accounted for in the mill (recovery plus residue) bears to the corresponding amount of gold <br>called for by the mine&#8217;s measuring and evaluation methods. Sources of deviation are, among <br>other things, gold losses incurred in blasting, cleaning (preparing broken ore for transportation), <br>transportation and inefficient mining. </font></DIV>
<DIV style="position:absolute;top:887 ;left:91 "><font style="line-height:17px;">The following table sets for the actual versus estimated mine call factors at the South African <br>operations for the last three reserve declarations: </font></DIV>
</DIV>
</FONT><FONT style="font-family:arial;font-size:10pt;color:#000000;"><DIV style="position:relative;width:758;height:1073;page-break-before:always;">
<IMG style="position:absolute;top:-6438;clip:rect(6438,758,7511,0)" src="goldfields_response001n.gif" alt="background image">
<DIV style="position:absolute;top:35;left:91 "><font style="font-size:13.6pt;"> </font></DIV>
<DIV style="position:absolute;top:1027;left:91 "><font style="font-size:6.8pt;"> </font></DIV>
<DIV style="position:absolute;top:1027;left:662"><font style="font-size:6.8pt;">7</font></DIV>
<DIV style="position:absolute;top:132;left:91 "><font style="font-size:13.6pt;"> </font></DIV>
<DIV style="position:absolute;top:153;left:128"><b>Mine Call Factor (Actual)</b> </DIV>
<DIV style="position:absolute;top:153;left:450"><b>Mine Call Factor (Estimated)</b> </DIV>
<DIV style="position:absolute;top:182;left:155"> </DIV>
<DIV style="position:absolute;top:168;left:207"><b>June </b></DIV>
<DIV style="position:absolute;top:182;left:213"><b>30, </b></DIV>
<DIV style="position:absolute;top:198;left:208"><b>2004 </b></DIV>
<DIV style="position:absolute;top:175;left:266"><b>June 30, </b></DIV>
<DIV style="position:absolute;top:190;left:277"><b>2005 </b></DIV>
<DIV style="position:absolute;top:168;left:335"><b>December </b></DIV>
<DIV style="position:absolute;top:182;left:367"><b>31, </b></DIV>
<DIV style="position:absolute;top:198;left:360"><b>2005 </b></DIV>
<DIV style="position:absolute;top:182;left:453"> </DIV>
<DIV style="position:absolute;top:175;left:516"><b>June 30, </b></DIV>
<DIV style="position:absolute;top:190;left:527"><b>2004 </b></DIV>
<DIV style="position:absolute;top:175;left:598"><b>June 30, </b></DIV>
<DIV style="position:absolute;top:190;left:610"><b>2005 </b></DIV>
<DIV style="position:absolute;top:168;left:667"><b>December </b></DIV>
<DIV style="position:absolute;top:182;left:697"><b>31, </b></DIV>
<DIV style="position:absolute;top:198;left:690"><b>2005 </b></DIV>
<DIV style="position:absolute;top:214;left:101"><b>Driefontein </b></DIV>
<DIV style="position:absolute;top:214;left:215">89<FONT style="font-family:arial;font-size:10pt;color:#000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </FONT>89&nbsp;<FONT style="font-family:arial;font-size:10pt;color:#000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </FONT>92 </DIV>
<DIV style="position:absolute;top:214;left:420"><b>Driefontein </b></DIV>
<DIV style="position:absolute;top:214;left:534">90&nbsp;<FONT style="font-family:arial;font-size:10pt;color:#000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </FONT>90<FONT style="font-family:arial;font-size:10pt;color:#000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
  89 </DIV>
<DIV style="position:absolute;top:232;left:101"><b>Kloof </b></DIV>
<DIV style="position:absolute;top:232;left:215">85&nbsp;<FONT style="font-family:arial;font-size:10pt;color:#000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </FONT>83&nbsp;<FONT style="font-family:arial;font-size:10pt;color:#000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </FONT>84 </DIV>
<DIV style="position:absolute;top:232;left:420"><b>Kloof </b></DIV>
<DIV style="position:absolute;top:232;left:534">87&nbsp;<FONT style="font-family:arial;font-size:10pt;color:#000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </FONT>86<FONT style="font-family:arial;font-size:10pt;color:#000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
  87 </DIV>
<DIV style="position:absolute;top:249;left:101"><b>Beatrix </b></DIV>
<DIV style="position:absolute;top:249;left:215">81&nbsp;<FONT style="font-family:arial;font-size:10pt;color:#000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </FONT>82&nbsp;<FONT style="font-family:arial;font-size:10pt;color:#000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </FONT>97 </DIV>
<DIV style="position:absolute;top:249;left:420"><b>Beatrix </b></DIV>
<DIV style="position:absolute;top:249;left:534">89<FONT style="font-family:arial;font-size:10pt;color:#000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
  86&nbsp;<FONT style="font-family:arial;font-size:10pt;color:#000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </FONT>87 </DIV>
<DIV style="position:absolute;top:265;left:91 "><font style="font-size:11.9pt;"> </font></DIV>
<DIV style="position:absolute;top:293;left:91 "><font style="line-height:17px;">The primary assumptions of continuity of the geologically homogenous zones are driven by the <br>geological model, which is updated only if new information arises. Any changes to the model <br>are subject to peer, internal technical corporate consultant  and independent consultant review. <br>Historically, mining at South African deep level gold mines has shown significant geological <br>continuity, so that new mines were started based on limited surface borehole information. <br>Customarily, geological facies are primarily based on the definition of different facies within each <br>conglomerate horizon. These facies are extrapolated into new, undeveloped areas taking into <br>account any surface borehole data in those areas. Normally these facies are continuous, <br>supported by extensive historical sample databases, and can be incorporated in the macro <br>kriging of large blocks. However, deviations regarding geological facies
 continuity patterns <br>began to be observed in the down-dip area at Kloof Eastern Boundary Area, or EBA, prior to the <br>year ended June 30, 2005. Additional information accumulated over time from mining, seismic <br>surveys and drilling resulted in the modification of the prevailing geological model, particularly <br>below infrastructure, for the  gold ore reserve statement as of June 30, 2005. <b><i> </b></i></font></DIV>
<DIV style="position:absolute;top:550;left:91 "><font style="line-height:17px;">An external geological consultant review undertaken in 2005 endorsed the revised model and <br>highlighted areas for further refinement.  The model used before the year ended June 30, 2005 <br>had geological facies trends honoring the old geozones in the below infrastructure areas, that <br>is, along a west to east palaeocurrent (sediment input) direction.  The external review confirmed <br>that in the below infrastructure area, younger sandy facies were introduced from a northern <br>source, with sediment transported along a north to south palaeocurrent direction, thus resulting <br>in a change in the geological interpretation for the Ventersdorp Contact Reef, or VCR, orebody, <br>particularly impacting the below infrastructure areas.  The current EBA model encompasses the <br>findings of the review, with geozones for the sandy facies honoring this north-south <br>palaeocurrent direction and as a result, the maximum extrapolatio
n distance of estimates from <br>data has been reduced. <b><i> </b></i></font></DIV>
<DIV style="position:absolute;top:753;left:91 "><font style="line-height:17px;">These differences affected not only the entirety of the below infrastructure project at the EBA <br>but also, to a lesser degree, affected the below infrastructure project at the Kloof Extension <br>Area, or KEA, therefore also resulting in the revision of the KEA footprint, and thus reserves, <br>downwards.&#8221;</font></DIV>
<DIV style="position:absolute;top:806;left:164"><font style="font-size:11.9pt;"> </font></DIV>
<DIV style="position:absolute;top:833;left:135"><font style="line-height:17px;">In addition, the Company wishes to advise the Staff that it has supplied certain supplemental <br>information regarding these issues to Ken Schuler, Mining Engineer, under separate cover. </font></DIV>
<DIV style="position:absolute;top:878 ;left:91 ">4. </DIV>
<DIV style="position:absolute;top:878 ;left:135"><font style="line-height:17px;">As supplemental information, please provide example mine maps for each of your South <br>African mines that illustrate the area of influence of your sample points and the category <br>assigned to those areas. Also provide a copy of any corporate reserve estimation manuals or <br>guidelines. </font></DIV>
</DIV>
</FONT><FONT style="font-family:arial;font-size:10pt;color:#000000;"><DIV style="position:relative;width:758;height:1073;page-break-before:always;">
<IMG style="position:absolute;top:-7511;clip:rect(7511,758,8584,0)" src="goldfields_response001n.gif" alt="background image">
<DIV style="position:absolute;top:35;left:91 "><font style="font-size:13.6pt;"> </font></DIV>
<DIV style="position:absolute;top:1027;left:91 "><font style="font-size:6.8pt;"> </font></DIV>
<DIV style="position:absolute;top:1027;left:662"><font style="font-size:6.8pt;">8</font></DIV>
<DIV style="position:absolute;top:132;left:91 "> </DIV>
<DIV style="position: absolute; top: 131; left: 135; width: 623; height: 20"><i><b>Response</b></i> </DIV>
<DIV style="position:absolute;top:158;left:91 "> </DIV>
<DIV style="position:absolute;top:158;left:135"><font style="line-height:17px;">The Company acknowledges the Staff&#8217;s comment and wishes to advise the Staff that it will <br>supply the requested supplemental information to Ken Schuler, Mining Engineer, under <br>separate cover. If Mr. Schuler or other members of the Staff have any questions regarding this <br>information or the supplemental information provided in response to Comment 3, they should <br>feel free to contact Tim Rowland at +27 11 644 2476.  </font></DIV>
<DIV style="position: absolute; top: 254; left: 91; width: 667; height: 21">Supplemental information </DIV>
<DIV style="position:absolute;top:283;left:91 "><font style="line-height:17px;">Pursuant to a request from the Staff, Gold Fields hereby acknowledges (i) it is responsible for the <br>adequacy and accuracy of the disclosures in the filing, (ii) Staff comments or changes to disclosure in <br>response to Staff comments do not foreclose the Commission from taking any action with respect to <br>the filing and (iii) it may not assert Staff comments as a defense in any proceeding initiated by the <br>Commission or any person under the federal securities laws of the United States. </font></DIV>
<DIV style="position:absolute;top:380;left:331"><b>*     *     *     *     *</b> </DIV>
<DIV style="position:absolute;top:407;left:91 "><font style="line-height:17px;">Should you or the Staff have any questions or require any additional information, please contact the <br>undersigned
  at +27 11 644 2502 or via e-mail at nholland@goldfields.co.za.  </font></DIV>
<DIV style="position:absolute;top:451;left:91 "><font style="line-height:17px;"> <br>Yours sincerely, </font></DIV>
<DIV style="position:absolute;top:487;left:91 "><font style="font-size:13.6pt;line-height:20px;"> <br> <br> </font></DIV>
<DIV style="position: absolute; top: 537; left: 91; width: 667; height: 66"><font style="line-height:14px;">/s/ Nicholas Holland <br> <br>Nicholas J. Holland <br>Chief Financial Officer </font></DIV>
<DIV style="position:absolute;top:583;left:367"> </DIV>
<DIV style="position:absolute;top:598;left:91 "><font style="line-height:14px;">Gold Fields Limited <br> </font></DIV>
<DIV style="position:absolute;top:612;left:367"> </DIV>
<DIV style="position:absolute;top:628;left:91 ">cc: </DIV>
<DIV style="position:absolute;top:628;left:137">Lily Dang, Securities and Exchange Commission </DIV>
<DIV style="position:absolute;top:642;left:135"><font style="line-height:14px;">Jenifer Gallagher, Securities and Exchange Commission <br>Ken Schuler, Securities and Exchange Commission <br>Michael Fleischer, Gold Fields Limited <br>Paul Schmidt, Gold Fields Limited <br>Jennifer Schneck, Linklaters </font></DIV>
<DIV style="position:absolute;top:715;left:91 "><font style="font-size:13.6pt;"> </font></DIV>
<DIV style="position:absolute;top:733;left:91 "> </DIV>
</DIV>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
