edward nathan sonnenbergs
 johannesburg cape town durban stellenbosch
 1 north wharf square
 loop street foreshore cape town 8001
 p o box 2293 cape town south africa 8000
 docex 14 cape town
 tel +2721 410 2500 fax +2721 410 2555
 info@problemsolved.co.za  www.problemsolved.co.za
  
     PROGRAMME AGREEMENT
   DRDGOLD LIMITED
 ZAR2 000 000 000 DOMESTIC MEDIUM TERM AND HIGH YIELD NOTE PROGRAMME
  Unconditionally and irrevocably guaranteed, jointly and severally by, Crown Gold Recoveries
 Proprietary Limited, East Rand Proprietary Mines Limited, Ergo Mining Operations Proprietary
 Limited and Ergo Mining Operations Proprietary Limited
    DRDGOLD LIMITED
     CROWN GOLD RECOVERIES PROPRIETARY LIMITED
   EAST RAND PROPRIETARY MINES LIMITED
    ERGO MINING OPERATIONS PROPRIETARY LIMITED


2
  
 ERGO MINING PROPRIETARY LIMITED
     ABSA CAPITAL LIMITED, ACTING THROUGH THE INVESTMENT BANKING DIVISION OF ABSA BANK
 LIMITED, AFFILIATED WITH BARCLAYS BANK PLC


TABLE OF CONTENTS
 Clause number and description
 Page
  PARTIES
  .............................................................................................................................................................................. 1
  INTRODUCTION.................................................................................................................................................................. 1
  INTERPRETATION.............................................................................................................................................................. 1
  AGREEMENTS TO ISSUE AND SUBSCRIBE
  ................................................................................................................. 5
  CONDITIONS OF ISSUE
  .................................................................................................................................................... 6
  REPRESENTATIONS AND WARRANTIES
  ..................................................................................................................... 9
  UNDERTAKINGS
  .............................................................................................................................................................. 16
  INDEMNITY........................................................................................................................................................................ 20
  AUTHORITY TO DISTRIBUTE DOCUMENTS
  .............................................................................................................. 22
 DEALERS’ UNDERTAKINGS AND INDEMNITY
  ........................................................................................................... 22
 FEES AND
  EXPENSES.................................................................................................................................................... 23
 TERMINATION AND APPOINTMENT OF DEALERS
  .................................................................................................. 24
 APPOINTMENT OF NEW DEALERS
  ............................................................................................................................ 25
 INCREASE IN THE AGGREGATE NOMINAL AMOUNT OF THE PROGRAMME
  ..................................................... 25
 STATUS OF THE DEALERS AND THE
  ARRANGER................................................................................................... 26
 BENEFIT OF AGREEMENT
  ............................................................................................................................................ 27
 CALCULATION
  AGENT................................................................................................................................................... 27
 NOTICES AND
  DOMICILIA............................................................................................................................................. 27
 CONFIDENTIALITY
  ......................................................................................................................................................... 29
 GOVERNING LAW
  ......................................................................................................................................................... 30
 JURISDICTION
  ............................................................................................................................................................... 30
 SEVERABILITY
  .............................................................................................................................................................. 30
 GENERAL
  ....................................................................................................................................................................... 31
 COUNTERPARTS
  ......................................................................................................................................................... 31
 SCHEDULE 1
  ......................................................................................................................................................................... 34
 SCHEDULE 2
  ......................................................................................................................................................................... 38
 SCHEDULE 3
  ......................................................................................................................................................................... 39


2
  
 SCHEDULE 3
  .............................................................................................................................................................................. 41
 SCHEDULE 3
  .............................................................................................................................................................................. 42
 SCHEDULE 3
  .............................................................................................................................................................................. 44
 SCHEDULE 4
  .............................................................................................................................................................................. 45
 SCHEDULE 5
  .............................................................................................................................................................................. 46
 ANNEX
  A...................................................................................................................................................................................... 61


1
  
  PROGRAMME AGREEMENT
  PARTIES
    DRDGOLD Issuer
     Guarantors
    Absa Capital Arranger and Dealer
    INTRODUCTION
     inter alia
      pro forma
   INTERPRETATION


2
  
 Agency Agreement
   Agreement
  Agreement Date
      Confirmation Letter
          Dealers
  Relevant Dealer
   Dealer Accession Letter


3
  
 Financial Exchange
  relevant Financial Exchange(s)
    Initial Dealer
 Initial Documentation List
  Issuer
   JSE
   Lead Manager(s)
   New Dealer
   Notes
  Participant
    Programme
   Programme Memorandum


4
  
      Relevant Agreement
     Securities Act
 Securities Services Act
  Settlement Date
     Sponsoring Member
   Subscription Agreement
    Terms and Conditions
     U.S.


5
  
           vice
 versa
 vice versa
       AGREEMENTS TO ISSUE AND SUBSCRIBE


6
  
                     CONDITIONS OF ISSUE
  First Issue
           Each Issue


7


8


9
  
  Waiver
       Updating of legal opinions and further legal opinions
           REPRESENTATIONS AND WARRANTIES


10


11
  
    relevant date
                             Taxation


12
  
                   Status of Senior
 Notes
 Status of Subordinated Notes


13


14


15


16
  
        UNDERTAKINGS
  Notification of material developments
                   Updating of Programme Memorandum


17
  
                                 Listing


18
  
                      The Agreements
         Lawful Compliance


19
  
  Agency
        Authorised representatives
       Auditors’ comfort letters
                No other issues/Clear issuance


20
  
  Information on Noteholders’ meetings
       Rating
        INDEMNITY
     Indemnified Person


21


22
  
                   AUTHORITY TO DISTRIBUTE DOCUMENTS
            DEALERS’ UNDERTAKINGS AND INDEMNITY
       Indemnified Party


23
  
                      FEES AND EXPENSES


24
  
                          Taxes
     TERMINATION AND APPOINTMENT OF DEALERS


25
  
  APPOINTMENT OF NEW DEALERS
                           INCREASE IN THE AGGREGATE NOMINAL AMOUNT OF THE PROGRAMME


26
  
               STATUS OF THE DEALERS AND THE ARRANGER


27
  
  BENEFIT OF AGREEMENT
                CALCULATION AGENT
         NOTICES AND DOMICILIA
        st
  Quadrum Office Park 50 Constantia Boulevard Constantia Kloof Ext 28 Roodepoort South Africa Attention


28
  
    st
  Quadrum Office Park 50 Constantia Boulevard Constantia Kloof Ext 28 Roodepoort South Africa Attention
   st
  Quadrum Office Park 50 Constantia Boulevard Constantia Kloof Ext 28 Roodepoort South Africa Attention
    st
  Quadrum Office Park 50 Constantia Boulevard Constantia Kloof Ext 28 Roodepoort South Africa Attention
    st
  Quadrum Office Park 50 Constantia Boulevard Constantia Kloof Ext 28 Roodepoort South Africa Attention
 
   15 Alice Lane Sandown Sandton 2196 South Africa Attention


29
  
                         Domicilia
   domicilium citandi et executandi
   domicilium
 poste restante
     CONFIDENTIALITY


30
  
                             GOVERNING LAW
    JURISDICTION
     SEVERABILITY


31
  
       GENERAL
                               COUNTERPARTS


32


33
 
 
   For and on behalf of DRDGOLD LIMITED
 /s/ C C Barnes Name: C C Barnes Capacity: Director Who warrants that his /her authority hereto/s/ D J Pretorius Name: D J Pretorius Capacity: Director Who warrants that his /her authority hereto
 
 For and on behalf of CROWN GOLD RECOVERIES PROPRIETARY LIMITED/s/ T J Gwebu Name: T J Gwebu Capacity: Director Who warrants that his /her authority hereto  /s/ CM Symons Name: CM Symons Capacity: Director Who warrants that his /her authority hereto
 
 For and on behalf of EAST RAND PROPRIETARY MINES LIMITED
 /s/ C C Barnes Name: C C Barnes Capacity: Director Who warrants that his /her authority hereto  /s/ CM Symons Name: CM Symons Capacity: Director Who warrants that his /her authority hereto
 
 For and on behalf of ERGO MINING OPERATIONS PROPRIETARY LIMITED
 /s/ C C Barnes Name: C C Barnes Capacity: Director Who warrants that his /her authority hereto  /s/ D J Pretorius Name: D J Pretorius Capacity: Director Who warrants that his /her authority hereto


34
  
  For and on behalf of ERGO MINING PROPRIETARY LIMITED
 /s/ CM Symons Name: CM Symons Capacity: Director Who warrants that his /her authority hereto
 /s/ M Burrell Name: M Burrell  Capacity: Director Who warrants that his /her authority hereto
 Signed at Sandton on this 21 day of June 2012.
   For and on behalf of ABSA CAPITAL LIMITED, ACTING THROUGH THE INVESTMENT BANKING DIVISION OF ABSA BANK LIMITED, AFFILIATED WITH BARCLAYS BANK PLC
 /s/ N A Balgobind Name: N A Balgobind  Capacity: Principal Who warrants that his /her authority hereto /s/ A Sam Name: A Sam  Capacity: Authorised signatory Who warrants that his /her authority hereto


35
  
 SCHEDULE 1
 PART 1 : INITIAL DOCUMENTATION LIST


36


37
  
 PART 2: SUBSEQUENT DOCUMENTATION LIST


38
  
 SCHEDULE 2
 SELLING RESTRICTIONS
 South Africa
        United States
  Securities Act
  General


39
  
 SCHEDULE 3
 PART I : FORM OF DEALER ACCESSION LETTER – PROGRAMME
  1
 st
  Quadrum Office Park 50 Constantia Boulevard Constantia Kloof Ext 28 Roodepoort] South Africa
  Issuer
    DRDGOLD LIMITED ZAR2 000 000 000 DOMESTIC MEDIUM TERM AND HIGH YIELD NOTE
 PROGRAMME
    Programme Agreement
 Conditions Precedent
          *
 It is important to ensure that each original legal opinion and comfort letter permits it to be delivered to, and relied upon by, New
 Dealers, otherwise a side letter to this effect should be provided.


40
  
  insert name, address, telephone, facsimile, telex (+ answerback) and attention
           For and on behalf of [Name of New Dealer] __________________________ Name: Capacity: Who warrants his authority hereto


SCHEDULE 3
 PART II : FORM OF CONFIRMATION LETTER - PROGRAMME
  Name and address of New Dealer
   Date
   DRDGOLD LIMITED ZAR2 000 000 000 DOMESTIC MEDIUM TERM AND HIGH YIELD NOTE
 PROGRAMME
  Programme Agreement
        For and on behalf of DRDGOLD LIMITED ___________________________________ Name: Capacity: Who warrants his authority hereto


SCHEDULE 3
 PART III : FORM OF DEALER ACCESSION LETTER - NOTE ISSUE
    st
  Quadrum Office Park 50 Constantia Boulevard Constantia Kloof Ext 28 Roodepoort] South Africa
  Issuer
  Date
  DRDGOLD LIMITED ZAR2 000 000 000 DOMESTIC MEDIUM TERM AND HIGH YIELD NOTE
 PROGRAMME
   Programme Agreement
 Conditions Precedent
         *
 It is important to ensure that each original legal opinion and comfort letter permits it to be delivered to, and relied upon by, New
 Dealers, otherwise a side letter to this effect should be provided.


insert name, address, telephone, facsimile, telex (+ answerback) and attention
           [NAME OF NEW DEALER] ___________________________________ Name: Capacity: Who warrants his authority hereto


SCHEDULE 3
 PART IV : FORM OF CONFIRMATION LETTER - NOTE ISSUE
  Name and address of New Dealer
     DRDGOLD LIMITED ZAR2 000 000 000 DOMESTIC MEDIUM TERM AND HIGH YIELD NOTE
 PROGRAMME
  Programme Agreement
          For and on behalf of DRDGOLD LIMITED
 _______________________________________ Name: Capacity: Who warrants his authority hereto __________________________________ Name: Capacity: Who warrants his authority hereto


45
 
 SCHEDULE 4
 FORM OF LETTER INCREASING THE NOMINAL AMOUNT OF THE PROGRAMME
 The Dealers
 Date
  DRDGOLD LIMITED ZAR2 000 000 000 DOMESTIC MEDIUM TERM AND HIGH YIELD NOTE
 PROGRAMME
  Programme Agreement
   Programme
           For and on behalf of DRDGOLD LIMITED________________________________________ Name: Capacity: Who warrants his authority hereto
 Transfer Agent
 Paying Agent


46
 
 SCHEDULE 5
 FORM OF SUBSCRIPTION AGREEMENT
  SUBSCRIPTION AGREEMENT
   DRDGOLD LIMITED
 ZAR2 000 000 000 DOMESTIC MEDIUM TERM AND HIGH YIELD NOTE PROGRAMME
 Unconditionally and irrevocably guaranteed, jointly and severally by Crown Gold Recoveries
 Proprietary Limited, East Rand Proprietary Mines Limited, Ergo Mining Operations Proprietary
 Limited and Ergo Mining Operations Proprietary Limited
   DRDGOLD LIMITED
 (as Issuer)
    CROWN GOLD RECOVERIES PROPRIETARY LIMITED
 (as Guarantor)
  EAST RAND PROPRIETARY MINES LIMITED
   ERGO MINING OPERATIONS PROPRIETARY LIMITED


47
 
 ERGO MINING PROPRIETARY LIMITED
   ABSA CAPITAL LIMITED, ACTING THROUGH THE INVESTMENT BANKING DIVISION OF ABSA
 BANK LIMITED, AFFILIATED WITH BARCLAYS BANK PLC
 Lead Manager
  ABSA CAPITAL LIMITED, ACTING THROUGH THE INVESTMENT BANKING DIVISION OF ABSA
 BANK LIMITED, AFFILIATED WITH BARCLAYS BANK PLC
 (as Manager)


SUBSCRIPTION AGREEMENT
  PARTIES
    Issuer
     Guarantors
    Lead Manager and Manager
    INTRODUCTION
   Notes
  Programme Memorandum
 Pricing Supplement
        Programme Agreement


APPOINTMENT
  New Dealer
                                ISSUE OF NOTES


Purchase Price
     Procurement Purchase Price
  Procurement Commission
                 Issue Date
   EXPENSES


CONDITIONS PRECEDENT


TERMINATION


13.
 NOTICES AND DOMICILIA
      Issuer
   st
  Quadrum Office Park 50 Constantia Boulevard Constantia Kloof Ext 28 Roodepoort South Africa Attention
   st
  Quadrum Office Park 50 Constantia Boulevard Constantia Kloof Ext 28 Roodepoort South Africa Attention
    st
  Quadrum Office Park 50 Constantia Boulevard Constantia Kloof Ext 28 Roodepoort South Africa Attention


st
  Quadrum Office Park 50 Constantia Boulevard Constantia Kloof Ext 28 Roodepoort South Africa Attention
    st
  Quadrum Office Park 50 Constantia Boulevard Constantia Kloof Ext 28 Roodepoort South Africa Attention
 Lead Manager
   15 Alice Lane Sandton , 2196 South Africa Telefax No
 Manager:
   15 Alice Lane Sandton , 2196 South Africa Telefax No


Domicilia
   domicilium citandi et executandi
    domicilium
 poste restante
     CONFIDENTIALITY


GOVERNING LAW
    JURISDICTION
     SEVERABILITY


GENERAL
                          COUNTERPARTS


SIGNED
 For and on behalf of DRDGOLD LIMITED (as Issuer) ____________________________________ Name: Capacity: Who warrants his authority hereto ____________________________________ Name: Capacity: Who warrants his authority hereto
  SIGNED
 For and on behalf of CROWN GOLD RECOVERIES PROPRIETARY LIMITED (as Guarantor)   ____________________________________ Name: Capacity: Who warrants his authority hereto ____________________________________ Name: Capacity: Who warrants his authority hereto
 SIGNED
 For and on behalf of EAST RAND PROPRIETARY MINES LIMITED (as Guarantor)   ____________________________________ Name: Capacity: Who warrants his authority hereto ____________________________________ Name: Capacity: Who warrants his authority hereto


SIGNED
 For and on behalf of ERGO MINING OPERATIONS PROPRIETARY LIMITED (as Guarantor)   ____________________________________ Name: Capacity: Who warrants his authority hereto ____________________________________ Name: Capacity: Who warrants his authority hereto
 SIGNED
 For and on behalf of ERGO MINING PROPRIETARY LIMITED
  ____________________________________ Name: Capacity: Who warrants his authority hereto ____________________________________ Name: Capacity: Who warrants his authority hereto
 SIGNED
 For and on behalf of ABSA CAPITAL LIMITED, ACTING THROUGH THE INVESTMENT BANKING DIVISION OF ABSA BANK LIMITED, AFFILIATED WITH BARCLAYS BANK PLC (as Lead Manager)
 ____________________________________ Name: Capacity: Who warrants his authority hereto
 SIGNED
 For and on behalf of ABSA CAPITAL LIMITED, ACTING THROUGH THE INVESTMENT BANKING DIVISION OF ABSA BANK LIMITED, AFFILIATED WITH BARCLAYS BANK PLC (as Manager) ____________________________________ Name:


Capacity: Who warrants his authority hereto


ANNEX A
 APPLICABLE PRICING SUPPLEMENT