Facial Exercises for Sunken Cheeks and Fat Above Nasolabial Fold?

Based on the photograph you have submitted, a facial volume enhancer such as Sculptra would be most beneficial.  Facial excercises are just about 100% guaranteed to give you no result. 

You would be wasting your time. The use of fillers with or without some form of cheeklift or cheek implants is your best bet to do this.

Hi there-
Unlike the much larger skeletal muscles of the body, there has not been convincing evidence that regular exercise of the facial muscles leads to increase in their volume, or that this would be an aesthetically pleasing improvement.
In fact, the areas in which you (and most people) have lost volume are NOT areas that would be likely to increase in size even if the muscles of your face DID get larger with exercise, as these creases are perpendicular to the muscles themselves...
Your best bet is to pursue fillers for restoration of the lost volume. The result is very pleasing and natural and won't require you to make funny faces in the mirror.

Facial exercises are unlikely to produce sufficent mass to correct your problem. There are very thin muscles in this area and the facial muscles are composed of fibers that are not likely to bulk up like other muscles such as your pectoralis. They are intended to move against little resistance and respond rapidly.

In my opinion, facial exercises will have little if no effect on your sunken cheeks. You need to replace the lost volume with either fat injections, dermal fillers or cheek implants. I hope this is helpful. Good luck.