**Exhibit4.31**
| 376/PVB/GF/AGREEMENT   |
|------------------------|
| DJ/dk/4d/0e/2006-11-16 |
| GOLD2488.170           |

 

**AGREEMENT**

entered into between

**GOLD FIELDS LIMITED**

(Registration No. 1968/004880/06)

and

**JCI LIMITED**

(Registration No. 1894/000854/06)

and

**JCI INVESTMENT FINANCE (PROPRIETARY) LIMITED**

(Registration No. 2005/021440/07)

and

**JCI GOLD LIMITED**

(Registration No. 1998/005215/06)

----

**WHEREBY IT IS AGREED AS FOLLOWS:**

**PART I**

1.                     **INTERPRETATION AND PRELIMINARY**

The headings of the clauses inthe Agreements are for the purpose of convenience and reference only and shallnot be used in the interpretation of nor modify nor amplify the terms of theAgreements nor any clause hereof.  Unlessa contrary intention clearly appears –

1.1.                                           words importing –

1.1.1.                                             any one gender include the other two genders;

1.1.2.                                             the singular include the plural and *vice versa*;  and

1.1.3.                                             natural persons include created entities(corporate or unincorporate) and the state and *viceversa*;

1.2.                                           the following terms shall have the meaningsassigned to them hereunder and cognate expressions shall have correspondingmeanings, namely –

1.2.1.                                             “**Act**” means the CompaniesAct, No. 61 of 1973 as amended;

1.2.2.                                             “**Acting In Concert**” bears the meaningascribed to it in section 440 of the Act;

1.2.3.                                             “**Additional Entity**” has the meaning ascribedto it in clause 10 (*Purchaser’s Undertaking*);

2

----

1.2.4.                                             “**Additional Entity’s Ratio**” means the numberof issued shares in Gold Fields Limited’s share capital which it issues to anAdditional Entity in accordance with clause 10 (*Purchaser’sUndertaking*) divided by the number of Western Areas Shares which thePurchaser or Gold Fields Limited, as the case may be, acquires from theAdditional Entity in accordance with clause 10 (*Purchaser’sUndertaking*);

1.2.5.                                             “**Affected Transaction**” bears the meaningascribed to it in section 440 of the Act as read with the SRP Code;

1.2.6.                                             the “**Agreements**” means collectively TransactionNo. 1, Transaction No. 2 and the General Agreement;

1.2.7.                                             “**BusinessDay**”means each day other than aSaturday, Sunday or proclaimed public holiday in the Republic of South Africa;

1.2.8.                                             “**Company**” means Western AreasLimited (Registration No. 1959/003209/06);

1.2.9.                                             “**Competition Act**” means the Competition Act,89 of 1998, as amended;

1.2.10.                                       “**CSDP**” means a Central Securities DepositoryParticipant, accepted as a participant in terms of the Custody andAdministration of Securities Act, 1992, as amended;

1.2.11.                                       “**Entity**” means anyassociation, business, close corporation, company, concern, enterprise, firm,partnership, person, trust, undertaking, voluntary association or other similarentity whether corporate or unincorporated;

1.2.12.                                       “**General Agreement**” means the generalprovisions as contained in Part IV of this document;

3

----

1.2.13.                                       “**Gold Fields Limited**” means Gold FieldsLimited (Registration No. 1968/004880/06);

1.2.14.                                       “**Gold Fields Limited Shares**” means9 450 000 (nine million four hundred and fifty thousand) ordinaryshares with a par value of R0,50 (fifty cents) each in Gold Fields Limited’sshare capital.;

1.2.15.                                       “**Investec**” means Investec Bank Limited(Registration No. 1969/004763/06);

1.2.16.                                       “**JCI**” means JCI Limited (RegistrationNo. 1894/000854/06);

1.2.17.                                       “**JCI Gold**” means JCI Gold Limited(Registration No. 1998/005215/06);

1.2.18.                                       “**JCI GoldRatio**” shall be the same ratio as the Sale Ratio;

1.2.19.                                       “**JCI GoldShares**” means 3 651 442 (three million six hundred andfifty one thousand and four hundred and forty two) Western Areas Shares whichJCI Gold holds in the Company’s issued share capital as at the Date ofSignature Hereof.  The JCI GoldShares constitute approximately 3,4% (three comma four per cent) of theCompany’s issued share capital on the Date of Signature Hereof.  For purposes of clarity, the JCI Gold Sharesconstitute all of the Western Areas’ Shares which JCI Gold holds in the Company’sissued share capital on the Date of Signature Hereof and includes JCI Gold’sportion of the Restricted Seller Shares;

1.2.20.                                       “**JSE**” means the JSE Limited (RegistrationNo. 2005/022939/06), a public company incorporated in South Africa,licensed as an exchange under the Securities Services Act, No. 36 of 2004,as amended;

4

----

1.2.21.                                       “**Parties**” means JCI, JCI Gold, Gold FieldsLimited and the Seller;

1.2.22.                                       “**Purchaser**” means:-

1.2.22.1.                                                Gold FieldsLimited;  or

1.2.22.2.                                                a Subsidiary of GoldFields Limited nominated by Gold Fields Limited in terms of clause 22 (*Purchaser’s Right to Nominate*) (if applicable);  or

1.2.22.3.                                                Gold Fields Limitedand a Subsidiary of Gold Fields Limited nominated by Gold Fields Limited interms of clause 22 (*Purchaser’s Right toNominate*) (if applicable);

asthe case may be;

1.2.23.                                       “**Randgold**” means Randgold & ExplorationCompany Limited (Registration No. 1992/005642/06);

1.2.24.                                       “**Remaining****Seller’s****Shares**” means33 306 402 (thirty three million three hundred and six thousand fourhundred and two) Western Areas Shares which the Seller holds in the Company’sissued share capital as at the Date of Signature Hereof less the SoldShares.  The Remaining Seller’s Shares include a portion of the Restricted Seller’s Shares;

1.2.25.                                       “**Restricted****Seller’s****Shares**”means 4 598 214 (four million five hundred and ninety eight thousandtwo hundred and fourteen) Western Areas Shares which the Seller and JCI Goldhold in the Company’s issued share capital as at the Date of SignatureHereof.  The Restricted Seller’s Shares are subject to the Seller’s Claim;

5

----

1.2.26.                                       “**Sale Ratio**” equals 35 (thirty five) sharesin the ordinary issued share capital of Gold Fields Limited with a par value of50 (fifty) cents each per 100 (one hundred) Western Areas Shares;

1.2.27.                                       “**Seller**” means JCIInvestment Finance (Proprietary) Limited (Registration No. 2005/021440/07);

1.2.28.                                       “**Seller’sRatio**” shall be the same ratio as the Sale Ratio;

1.2.29.                                       “**SoldShares**”means 27 000 000 (twenty seven million) ordinary shares with a parvalue of R1,00 (one rand) each in the Company’s issued share capital which areheld by the Seller as at the Date of Signature Hereof;

1.2.30.                                       the “**Seller’s Claim**” means the claim by TrinityHoldings (Proprietary) Limited (“**Trinity**”)against JCI in relation to the Restricted Seller’s Shares which Trinity claimshas been exchanged by JCI for shares in Randgold and claims delivery of suchshares;

1.2.31.                                       “**SRP Code**” means the Securities RegulationCode on Take Overs and Mergers;

1.2.32.                                       “**Subsidiary**” has the meaning ascribed to itin the Act;

1.2.33.                                       “**Three Month Period**” means the periodcommencing on the Transaction No. 1 Implementation Date and terminating3 (three) months thereafter;

1.2.34.                                       “**Transactions**” means Transaction No. 1and Transaction No. 2;

6

----

1.2.35.                                       “**Transaction No. 1**” means thetransaction referred to in Part II read with Part IV in terms of which, *inter alia*, the Seller is selling the Sold Shares to thePurchaser;

1.2.36.                                       “**Transaction No. 2**” means thetransaction referred to in Part III read with Part IV in terms of which, *inter alia*:-

1.2.36.1.                                                the Seller isgranting to the Purchaser an option to acquire the Remaining Seller’s Shares on the terms contained in Part III readwith Part IV;

1.2.36.2.                                                JCI Gold is grantingto the Purchaser an option to acquire the JCI Gold Shares on the termscontained in Part III read with Part IV; and

1.2.36.3.                                                the Purchaser isgranting to:-

(a)                    the Seller an optionto put all of the Remaining Seller’s Shares to thePurchaser; and

(b)                   JCI Gold an option toput all of the JCI Gold Shares to the Purchaser;

on the terms contained in Part III read withPart IV;

1.2.37.                                       “**Transaction No. 1 Conditions Precedent**”means the conditions precedent set out in clause 2.1 of TransactionNo. 1;

1.2.38.                                       “**Transaction No. 2 Conditions Precedent**”means the conditions precedent set out in clause 12.1 of TransactionNo. 2;

7

----

1.2.39.                                       “**Transaction No. 1****ImplementationDate**”means the date on which Transaction No. 1 becomes unconditional inaccordance with its terms;

1.2.40.                                       “**Transaction No. 2 Implementation Date**”means the date on which Transaction No. 2 becomes unconditional inaccordance with its terms;

1.2.41.                                       “**Western Areas Shares**” means ordinary shareswith a par value of R1,00 (one rand) each in the Company’s share capital.

1.3.                                           any reference in any of the Agreements to “**Date of Signature Hereof**” shall be read as meaning a reference to thedate of the last signature of this document as recorded on page 42;

1.4.                                           any reference to an enactment is to that enactmentas at the Date of Signature Hereof and as amended or re-enacted from time totime;

1.5.                                           if any provision in a definition is asubstantive provision conferring rights or imposing obligations on any Party,notwithstanding that it is only in the definition clause, effect shall be givento it as if it were a substantive provision in the body of the relevantAgreement/s;

1.6.                                           when any number of days is prescribed in any ofthe Agreement/s, same shall be reckoned exclusively of the first andinclusively of the last day unless the last day falls on a Saturday, Sunday orpublic holiday, in which case the last day shall be the next succeeding daywhich is not a Saturday, Sunday or public holiday;

1.7.                                           where figures are referred to in numerals andin words, if there is any conflict between the two, the words shall prevail;

8

----

1.8.                                           where any term is defined within the context ofany particular clause in any of the Agreement/s, the term so defined, unless itis clear from the clause in question that the term so defined has limitedapplication to the relevant clause, shall bear the meaning ascribed to it forall purposes in terms of the Agreement/s, notwithstanding that that term hasnot been defined in this interpretation clause;

1.9.                                           the expiration or termination of any of theAgreement/s shall not affect such of the provisions of the Agreement/s asexpressly provide that they will operate after any such expiration ortermination or which of necessity must continue to have effect after suchexpiration or termination, notwithstanding that the clauses themselves do notexpressly provide for this;

1.10.                                     the rule of construction that a contract shallbe interpreted against the party responsible for the drafting or preparation ofthe contract, shall not apply;

1.11.                                     any reference in the Agreement/s to a Partyshall include a reference to that Party’s assigns, expressly permitted underthe Agreement/s and, if such Party is liquidated or sequestrated, be applicablealso to and binding upon that Party’s liquidator or trustee, as the case maybe;

1.12.                                     the words “include”, “including” and “inparticular” shall be construed as being by way of example or emphasis only andshall not be construed as, nor shall they take effect as, limiting thegenerality of any preceding word/s;

1.13.                                     the words “other” and “otherwise” shall not beconstrued *eiusdem generis* withany preceding words where a wider construction is possible.

**PART II –TRANSACTION NO. 1**

2.                     **TRANSACTION NO. 1 CONDITIONS PRECEDENT**

2.1.                                           Transaction No. 1, save for the provisionsof this clause 2 (*Transaction No. 1Conditions Precedent*) and clauses 1 (*Interpretationand Preliminary*), 12 (*Transaction No. 2Condition*

9

----

*Precedent*), 7 (*JCI’s Warranties andUndertakings*), 8 (*Warranties andRepresentations*), 11 (*Transaction No. 1Breach*), 15 (*The Seller’s Warranties*),16 (*JCI Gold’s Undertakings)*, 18 (*Undertakings*),  19 (*Transaction No. 2 Breach*), 21 (*Confidentiality*),22 (*Purchaser’s Right to Nominate*),23 (*Suretyship by Gold Fields Limited*), 24 (*Suretyship by JCI*), 26 (*Specific Performance*),27 (*Whole Agreement, No Amendment*), 28 (*Domicilium Citandi et Executandi*), 29 (*No Cessionor Assignment*), 31 (*Counterparts*)and 32 (*Legal Costs*) which shall be of immediateforce and effect, is subject to the following conditions precedent that:-

2.1.1.                                             JCI delivers to the Purchaser by15 November 2006, a copy of a resolution passed in general meeting by theshareholders of JCI approving the sale of the Sold Shares;

2.1.2.                                             the Seller delivers to the Purchaser by15 November 2006, a copy of a resolution passed in general meeting by theshareholders of the Seller in terms of section 228 of the Act, approvingthe sale of the Sold Shares;

2.1.3.                                             JCI delivers to the Purchaser by15 November 2006, a copy of all resolution/s passed in general meeting bythe shareholders of JCI, approving Transaction No. 2;

2.1.4.                                             the Seller delivers to the Purchaser by15 November 2006, a copy of a resolution passed in general meeting by theshareholders of the Seller approving Transaction No. 2;

2.1.5.                                             JCI Gold delivers to the Purchaser by15 November 2006, a copy of a resolution passed in general meeting by theshareholders of JCI Gold approving Transaction No. 2;

2.1.6.                                             by no later than the last signature of thisdocument, Investec:-

10

----

2.1.6.1.                                                      signs a document in the form annexed hereto as **Annexure A** (the “**Investec Irrevocable Undertaking**”);  and

2.1.6.2.                                                      delivers the Investec Irrevocable Undertakingto Gold Fields Limited.

2.2.                                           The Transaction No. 1 Conditions Precedentcontained in:-

2.2.1.                                             clauses 2.1.1 and 2.1.3 are for thebenefit of both JCI and the Purchaser, who may, by written agreement on orbefore the date for fulfilment thereof:-

2.2.1.1.                                                      waive 1 (one) or both of the TransactionNo. 1 Conditions Precedent referred to in this clause 2.2.1;  or

2.2.1.2.                                                      postpone on 1 (one) or more occasions the datefor fulfilment of 1 (one) or both of the Transaction No. 1 ConditionsPrecedent referred to in this clause 2.2.1;

2.2.2.                                             clauses 2.1.2 and 2.1.4 are for thebenefit of both the Seller and the Purchaser, who may, by written agreement onor before the date for fulfilment thereof:-

2.2.2.1.                                                      waive 1 (one) or both of the TransactionNo. 1 Conditions Precedent referred to in this clause 2.2.2;  or

2.2.2.2.                                                      postpone on 1 (one) or more occasions the datefor fulfilment of 1 (one) or both of the Transaction No. 1 ConditionsPrecedent referred to in this clause 2.2.2;

11

----

2.2.3.                                             clause 2.1.5 is for the benefit of JCIGold and the Purchaser, who may, by written agreement on or before the date forfulfilment thereof:-

2.2.3.1.                                                      waive same; or

2.2.3.2.                                                      postpone on 1 (one) or more occasions the datefor fulfilment of same;

2.2.4.                                             clause 2.1.6 is for the benefit of thePurchaser, who may in writing on or before the date for fulfilment thereof:-

2.2.4.1.                                                      waive 1 (one), more than one or all of theTransaction No. 1 Conditions Precedent referred to in thisclause 2.2.4;  or

2.2.4.2.                                                      postpone on 1 (one) or more occasions the datefor fulfilment of 1 (one), more than one or all of the Transaction No. 1Conditions Precedent referred to in this clause 2.2.4.

2.3.                                           If Transaction No. 1 does not becomeunconditional in accordance with clauses 2.1.1 and 2.1.2, the provisionsof clauses 1 (*Interpretation andPreliminary*) and this clause 2 (*TransactionNo. 1 Conditions Precedent*), 12 (*TransactionNo. 2 Condition Precedent*), 7 (*JCI’sWarranties and Undertakings*), 8 (*Warranties andRepresentations*), 11 (*Transaction No. 1Breach*), 15 (*The Seller’s Warranties*),16 (*JCI Gold’s Undertakings*)*,*18 (*Undertakings*),19 (*Transaction No. 2**Breach*), 21 (*Confidentiality*),22 (*Purchaser’s Right to Nominate*), 23 (*Suretyship by Gold Fields Limited*), 24 (*Suretyshipby JCI*), 26 (*Specific Performance*),27 (*Whole Agreement, No Amendment*), 28 (*Domicilium Citandi et Executandi*), 29 (*No Cessionor Assignment*), 31 (*Counterparts*)and 32 (*Legal Costs*) shall continue to be offorce or effect, but the remainder of the Agreements shall never becomeeffective.

12

----

2.4.                                           The Parties undertake to use reasonableendeavours to procure that Transaction No. 1 Conditions Precedent arefulfilled as timeously as possible.

**3.****                    SALE OF THESOLD SHARES**

3.1.                                           The Seller sells tothe Purchaser, which purchases the Sold Shares.

3.2.                                           The Sold Shares aresold with effect on and as from the Date of Signature Hereof from which dateall risk in and benefits attaching to them shall be deemed to have passed tothe Purchaser.

**4.****                    EXCHANGECONSIDERATION AND DISCHARGE OBLIGATION**

4.1.                                           Subject toclauses 4.2, 10 (*Purchaser’s Undertaking*)and 5 (*Implementation*), Gold Fields Limitedshall discharge its obligation to the Seller in respect of the Sold Shares byallotting and issuing to the Seller the Gold Fields Limited Shares on theTransaction No. 1 Implementation Date and Gold Fields Limited warrantsthat the Gold Fields Limited Shares will be validly allotted, issued and admittedto the lists of the JSE.

4.2.                                           Subject toclause 10 (*Purchaser’s Undertaking*) the GoldFields Limited Shares will be allotted and issued to the Seller againstcompliance by the Seller with its obligations in terms of clause 5 (*Implementation*).

**5.****                    IMPLEMENTATION**

Onthe Transaction No. 1 Implementation Date:-

5.1.                                           the Seller shallensure that the appropriate entries in the Company’s Sub-Registers ofSecurities Holders is made by the relevant CSDP reflecting that the Purchaseris the registered holder of the Sold Shares; and

13

----

5.2.                                           Gold Fields Limitedshall ensure that the appropriate entries in Gold Fields Limited’sSub-Registers of Securities Holders is made by the relevant CSDP reflectingthat the Seller is the registered holder of the Gold Fields Shares.

6.                     **VOTING IN RESPECT OF THE SOLD SHARES**

If the Company proposes anygeneral meeting prior to the Transaction No. 1 Implementation Date or thedate upon which any of the Transaction No. 1 Conditions Precedent lapse,the Seller shall prepare a written instruction to the relevant CSDP in terms ofwhich it will instruct the CSDP to procure in the name of Gold Fields Limited aletter of representation that will entitle Gold Fields Limited to attend andvote the Sold Shares at such meeting.

7.                     **JCI’S WARRANTIES AND UNDERTAKINGS**

JCI warrants to the Purchaser that:-

7.1.                                           on the Date of Signature Hereof, the date onwhich the Seller’s general meeting as contemplated in clauses 2.1.2and 2.1.4 (“Seller’s**General Meeting**”)takes place, and immediately prior to the Transaction No. 1 ImplementationDate and Transaction No. 2 Implementation Date, JCI is and will be thesole registered and beneficial owner of all of the issued shares in the Seller’sshare capital (“**JCIF Shares**”);

7.2.                                           it shall vote in favour of the resolution/scontemplated in clauses  2.1.2 and 2.1.4 at the Seller’s General Meetingcontemplated in such clauses;

7.3.                                           it shall not dispose of the JCIF Shares or anyvoting rights in respect thereof prior to the:-

7.3.1.                                             Seller’s General Meeting; and

7.3.2.                                             Transaction No. 2 Implementation Date;

14

----

7.4.                                           on the Date of Signature Hereof, the date onwhich the JCI Gold general meeting as contemplated in clause 2.1.5 (“**JCI Gold General Meeting**”) takes place, andimmediately prior to the Transaction No. 1 Implementation Date andTransaction No. 2 Implementation Date, JCI is and will be the soleregistered and beneficial owner of all the issued shares in JCI Gold’s sharecapital (“**JCI Gold Shares**”);

7.5.                                           it shall vote in favour of the resolutioncontemplated in clause 2.1.5 at the JCI Gold General Meeting;

7.6.                                           it shall not dispose of the JCI Gold Shares orany voting rights in respect thereof prior to the:-

7.6.1.                                             JCI Gold General Meeting;  and

7.6.2.                                             Transaction No. 2 Implementation Date;

7.7.                                           it shall act in good faith and take all suchreasonable steps as are required by it to implement Transaction No. 1 andTransaction No. 2;

7.8.                                           on the Date of Signature Hereof and on the dateon which the JCI general meeting as contemplated in clauses 2.1.1 and2.1.3 (“**JCI General Meeting**”)takes place –

7.8.1.                                             104 000 000 (one hundred and fourmillion) shares of JCI’s ordinary issued share capital (constituting 4,67%(four comma six seven per cent) of JCI’s issued share capital) is and will beheld by T-Sec Pledge Account (“**T-Sec PledgeShares**”) and such shares will not be voted at the JCI GeneralMeeting;

7.8.2.                                             58 000 000 (fifty eight million)shares of JCI’s ordinary issued share capital (constituting 2,54% (two commafive four per cent) of JCI’s issued share capital) is and will be held byEquitant Trading (Proprietary) Limited (“**EquidentTrading Shares**”) and such shares will not be voted at the JCIGeneral Meeting;

15

----

7.8.3.                                             32 595 875 (thirty two million fivehundred and ninety five thousand eight hundred and seventy five) shares of JCI’sordinary issued share capital (constituting 1,47% (one comma four seven percent) of JCI’s issued share capital) is and will be held by Aculsha NomineesLimited (“**Aculsha Nominees Shares**”)and such shares will not be voted at the JCI General Meeting;

7.8.4.                                             25 870 589 (twenty five million eighthundred and seventy thousand five hundred and eighty nine) shares of JCI’sordinary issued share capital (constituting 1,16% (one comma one six per cent)of JCI’s issued share capital) is and will be held by Itsuseng StrategicInvestment (Proprietary) Limited (“**ItsusengStrategic Shares**”) and such shares will not be voted at the JCIGeneral Meeting;

7.8.5.                                              210 755 713 (two hundred and tenmillion seven hundred and fifty five thousand seven hundred and thirteen) JCIordinary shares constituting 9,5% (nine coma five per cent) of JCI’s ordinaryissued share capital is and will be held by Matodzi Resources Limited (“**Matodzi Shares**”) and JCI undertakes toprocure that the Matodzi will not dispose of any of the voting rights inrespect of the Matodzi Shares prior to the JCI General Meeting and the MatodziShares will not be voted at the JCI General Meeting; and

7.8.6.                                              76 387 800 (seventy six million three hundredand eighty seven thousand and eight hundred) shares constituting 3,43% (threecomma four three per cent) of JCI’s ordinary share capital will be held in theJCI Share Trust (“**JCI Share Trust Shares**”)and the Share Trust Shares will not be voted at the JCI General Meeting;

7.9.                                           on the Date of Signature Hereof and on the dateof the JCI General Meeting, JCI is and will hold 56% (fifty six per cent) ofMatodzi Resources Limited issued share capital;

16

----

7.10.                                     on the date on which the JCI General Meetingtakes place, the irrevocable undertakings attached hereto as **Annexure C** that Gold Fields Limitedhas received prior to signature of this agreement shall constitute more than46% (forty six per cent) of the shares capable of being voted at the JCIGeneral Meeting;

7.11.                                     it shall not dispose of the T-Sec PledgeShares, the Equident Trading Shares, the Aculsha Nominees Shares, ItusengStrategic Shares, Matodzi Shares and the JCI Share Trust Shares or the votingrights in respect thereof prior to the JCI General Meeting;

7.12.                                     it is not aware of any transaction that theCompany is considering entering into in terms of which, *inter alia*,the Company is proposing to allot and issue shares in its share capital.

**8.****                    WARRANTIESAND REPRESENTATIONS**

8.1.                                           The Seller warrantsto the Purchaser that -

8.1.1.                                             the Seller will be able to comply with itsobligations contained in clause 5 (*Implementation*);

8.1.2.                                             the Seller will be able to give free andunencumbered title of the Sold Shares to the Purchaser;

8.1.3.                                             no person will have any right (including anyoption or right of first refusal) to acquire any of the Sold Shares or anyvoting rights in respect thereof;

8.1.4.                                             prior to the Transaction No. 2Implementation Date, the Seller shall not allot and issue any shares in itsshare capital;

8.1.5.                                             prior to the Transaction No. 2Implementation Date, no person will have any right (including any option orright of first refusal) to purchase, acquire, subscribe for or

17

----

beissued any of the issued or unissued shares or any other securities of theSeller or any voting right in respect thereof;

8.1.6.                                             the Seller is the sole beneficial owner of theSold Shares;  and

8.1.7.                                             Transaction No. 1 and TransactionNo. 2 have been executed legally and are binding on both the Seller andJCI and may be enforced by the Purchaser against them in accordance with itsterms.

8.2.                                           Nothing contained inPart II shall relieve JCI and the Seller from their obligations to make thosedisclosures which JCI and the Seller are in law obliged to make but which arenot recorded herein.

**9****.****                    GOLDFIELDS LIMITED’S WARRANTIES AND REPRESENTATIONS**

9.1.                                           Gold Fields Limitedwarrants to the Seller that -

9.1.1.                                             Gold Fields Limited will be able to comply withits obligations contained in clause 5 (*Implementation*);

9.1.2.                                             no person will have any right (including anyoption or right of first refusal) to acquire any of the Gold Fields Shares; and

9.1.3.                                             Transaction No. 1 has been executedlegally and is binding on the Purchaser and may be enforced by the otherParties against them in accordance with its terms.

9.2.                                           Nothing contained inPart II shall relieve Gold Fields Limited from its obligation to make thosedisclosures which Gold Fields Limited is in law obliged to make but which arenot recorded herein.

18

----

9.3.                                           Gold Fields Limited shall act in good faith andtake all such reasonable steps as are required by it to implement TransactionNo. 1 and Transaction No. 2.

**10.****             PURCHASER’SUNDERTAKING**

10.1.                                     The Purchaser undertakes to the Seller that ifduring the period commencing on the Date of Signature Hereof and terminating 3(three) months after the Transaction No. 2Implementation Date it makes anoffer which results in it acquiring (either during or after the termination ofthe aforementioned period) any Western Areas Shares (“**Additional Western Areas’ Shares**”) from anyEntity other than the Seller or JCI (“**AdditionalEntity**”):-

10.1.1.                                       and utilises as consideration ordinary sharesin its share capital and the Additional Entity’s Ratio is greater than the SaleRatio, then the Sale Ratio shall be increased by the Purchaser ensuring, assoon as is reasonably practicable after it has acquired the Additional WesternAreas Shares, that the appropriate entries in Gold Fields Limited’sSub-Registers of Securities Holders is made by the relevant CDSP, reflectingthat the Seller is the registered holder of such number of ordinary shares inGold Fields Limited’s share capital which will result in the Sale Ratio beingequal or as close to being equal as is possible) to the Additional Entity’sRatio; or

10.1.2.                                       and utilises cash or any other form ofconsideration or a combination of both (the “**Consideration**”)and the Consideration per Western Areas Share (calculated at the date that GoldFields Limited makes the offer for the Additional Western Area Shares) isgreater than R50,75 (fifty rand and seventy five cents) per Western AreasShare, then the Purchaser undertakes to ensure, as soon as is reasonablypracticable after it has acquired the Additional Western Areas Shares, that theappropriate entries in Gold Fields Limited’s Sub-Registers of SecuritiesHolders is made by the relevant CDSP, reflecting that the Seller is theregistered holder of such number of ordinary shares in Gold Fields Limited’sshare capital which is

19

----

equalto (or as close to being equal as is possible) the difference between theConsideration and R50,75 (fifty rand and seventy five cents) per Sold Share.

10.2.                                     If the Sale Ratio is increased in accordancewith clause 10.1.1 and the Purchaser acquires the Remaining Seller’sShares and the JCI Gold Shares, then by no later than 10 (ten) Business Daysafter it has acquired the aforesaid shares the Purchaser shall ensure thatappropriate entries in Gold Fields Limited’s Sub-Registers of SecuritiesHolders is made by the relevant CDSP, reflecting that –

10.2.1.                                       JCI Gold is the registered holder of suchnumber of ordinary shares in Gold Fields Limited’s share capital which willresult in the JCI Gold Ratio being equal (or as close to being equal as ispossible) to the Additional Entity’s Ratio; and

10.2.2.                                       the Seller is the registered holder of suchnumber of ordinary shares in Gold Fields Limited’s share capital which willresult in the Seller’s Ratio being equal (or as close to being equal as ispossible) to the Additional Entity’s Ratio.

10.3.                                     If the Purchase Price is increased inaccordance with clause 10.1.2 and the Purchaser acquires the RemainingSeller’s Shares and the JCI Gold Shares, then by no later than 10 (ten)Business Days after it has acquired the aforesaid shares the Purchaser shallensure that appropriate entries in Gold Fields Limited’s Sub-Registers ofSecurities Holders is made by the relevant CDSP, reflecting that –

10.3.1.                                       JCI Gold is the registered holder of suchnumber of ordinary shares in Gold Fields Limited’s share capital which is equalto (or as close to be equal as is possible) the difference the Consideration andR50,75 (fifty rand and seventy five cents) per JCI Gold Share; and

10.3.2.                                       the Seller is the registered holder of suchnumber of ordinary shares in Gold Fields Limited’s share capital which is equalto (or as close to be equal as is

20

----

possible)the difference between the Consideration and R50,75 (fifty rand and seventyfive cents) per Remaining Seller’s Share.

**11.****             TRANSACTIONNO. 1 BREACH**

If any Party (“**Defaulting Party**”) materially breaches anyprovision or term of this Part II (other than those which contain their ownremedies or limit the remedies in the event of a breach thereof) and fails toremedy such breach within 20 (twenty) Business Days of receipt of writtennotice from the any other Party who can demonstrate that he is suffering ormight suffer negative consequences as a result of such breach (“**Non-Defaulting Party**”) requiring it to doso (or if it is not reasonably possible to remedy the breach within20 (twenty) Business Days, within such further period as may be reasonablein the circumstances (the onus of demonstrating such reasonableness being onthe Defaulting Party) provided that the Defaulting Party also furnishesevidence within the period of5 (five) Business Days, reasonably satisfactory to the Non-DefaultingParty, that it has taken whatever steps are available to it, to commenceremedying the breach) then the Non-Defaulting Party shall be entitled withoutnotice, in addition to any other remedy available to it at law or under PartII, including obtaining an interdict, to cancel Transaction No. 1 ascontained in this Part II read with Part IV or to claim specific performance ofany obligation whether or not the due date for performance has arrived, ineither event without prejudice to the Non-Defaulting Party’s right to claimdamages.

**PART III –TRANSACTION NO. 2**

**12.****             TRANSACTIONNO. 2 CONDITION PRECEDENT**

12.1.                                     Transaction No. 2, save for the provisionsof this clause 12 (*Transaction No. 2Condition Precedent*) and clauses 1 (*Interpretationand Preliminary*), clauses 2 (*TransactionNo. 1 Conditions Precedent*), 7 (*JCI’sWarranties and Undertakings*), 8 (*Warranties andRepresentations*), 11 (*Transaction No. 1Breach*), 15 (*The Seller’s Warranties*),*16 (JCI Gold’s Undertakings*), 18 (*Undertakings*), 19 (*Transaction No. 2Breach*), 21 (*Confidentiality*),22 (*Purchaser’s Right to Nominate*), 23 (*Suretyship by Gold Fields Limited*), 24 (*Suretyshipby JCI*), 26 (*Specific Performance*),27 (*Whole Agreement, No Amendment*), 28 (*Domicilium Citandi et Executandi*), 29 (*No Cessionor Assignment*), 31 (*Counterparts*) and32 (*Legal*

21

----

*Costs*) which shall be of immediate force and effect,is subject to the following conditions precedent, namely that by15 November 2006 or such later date to which any of the TransactionNo. 1 Conditions Precedent have been extended in accordance withclause 2 (*Transaction No. 1 Conditions Precedent*),Transaction No. 1 becomes unconditional in accordance with its terms.

12.2.                                     Unless the Transaction No. 2 ConditionPrecedent is fulfilled by 15 November 2006 (or such later date as iscontemplated in clause 12.1,) the provisions of this clause 12 (*Transaction No. 2 Condition Precedent*) andclauses 1 (*Interpretation and Preliminary*),clauses 2 (*Transaction No. 1 Conditions Precedent*),7 (*JCI’s Warranties and Undertakings*), 8 (*Warranties and Representations*), 11 (*TransactionNo. 1**Breach*), 15 (*The Seller’s Warranties*), 16 (*JCI Gold’sUndertakings*), 18 (*Undertakings*),19 (*Transaction No. 2 Breach*), 21 (*Confidentiality*), 22 (*Purchaser’s Right toNominate*), 23 (*Suretyship by Gold FieldsLimited*), 24 (*Suretyship by JCI*),26 (*Specific Performance*), 27 (*Whole Agreement, No Amendment*), 28 (*DomiciliumCitandi et Executandi*), 29 (*No Cession or Assignment*),31 (*Counterparts*) and 32 (*Legal Costs*) shall continue to be of force or effect, butthe remainder of the Agreements shall never become effective.

12.3.                                     The Parties undertake to use their reasonableendeavours to procure that the Transaction No. 2 Condition Precedent isfulfilled as timeously as possible.

**13.****             CALLOPTIONS**

13.1.                                     It is recorded that the Restricted Seller’sShares are subject to the Seller’s Claim and have been set aside to settle theSeller’s Claim.  If, prior to the offersbeing accepted or options being exercised, as the case may be, as contemplatedin this clause 13 (*Call Options*),and clause 14 (*Put Options*)the Seller is obligated to dispose or is prohibited from disposing of any ofthe Restricted Seller’s Shares as a result of the Seller’s Claim, then suchRestricted Seller’s Shares will no longer form part of the Remaining Seller’sShares and will no longer be subject to the abovementioned options andoffers.  For purposes of clauses 13(*Call Options*) and 14 (*Put Options*) any reference to the Seller in regard to theRestricted Seller’s Shares

22

----

shallbe read to include JCI Gold and the Seller jointly and severally.  Furthermore, upon any of the offers beingaccepted or the options being exercised in accordance with clauses 13 (*Call Options*) and 14 (*Put Options*)the Seller shall notify the Purchaser –

13.1.1.                                       if any of the Restricted Seller’s Shares havebeen disposed of as a result of the Seller’s Claim or if the Seller isprohibited from disposing of such shares as a result of the Seller’s Claim;

13.1.2.                                       of how many Restricted Seller’s Shares will beacquired by the Purchaser; and

13.1.3.                                       from whom the Purchaser will acquire theRestricted Seller’s Shares referred to in clause 13.1.2.

13.2.                                     The Purchaser shall at any stage, subject toclause 14.2.1, during the Three Month Period be entitled to notify JCIGold and the Seller in writing (“**Purchaser’sNotification Date**”) that it is considering acquiring from:-

13.2.1.                                       the Seller, the Remaining Seller’s Shares;  and

13.2.2.                                       JCI Gold, the JCI Gold Shares.

13.3.                                     Should the Purchaser deliver the noticereferred to in clause 13.2 , then:-

13.3.1.                                       the Seller shall be deemed to have granted thePurchaser an option to acquire all of the Remaining Seller’s Shares; and

13.3.2.                                       JCI Gold shall be deemed to have granted thePurchaser an option to acquire all of the JCI Gold Shares.

23

----

13.4.                                     The aforesaid options shall be open foracceptance in writing by the Purchaser for a period of 90 (ninety) days(subject to clause 13.7) from the Purchaser’s Notification Date.

13.5.                                     Should the Purchaser accept the aforesaidoptions during the time period contemplated in clause 13.4 read withclause 13.7, then by no later than 10 (ten) Business Days after the dateon which the aforesaid options are accepted the Purchaser shall discharge thepurchase price in respect of the JCI Gold Shares and Remaining Seller’s Sharesby ensuring that the appropriate entries in Gold Fields Limited’s Sub-Registersof Securities Holders is made by the relevant CSDP reflecting that:-

13.5.1.                                       the Seller is the registered holder of 35(thirty five)****ordinary shares inGold Fields Limited’s share capital for every 100 (one hundred) of theRemaining Seller’s Share that the Purchaser has acquired (the “**Seller’s Consideration**”);  and

13.5.2.                                       JCI Gold is the registered holder of 35(thirty five ordinary shares in Gold Fields Limited’s share capital for every 100 (onehundred) of the JCI Gold Share that the Purchaser has acquired (the “**JCI Gold Consideration**”).

13.6.                                     Simultaneously with the Purchaser complyingwith its obligation in:-

13.6.1.                                       clause 13.5.1, the Seller shall ensurethat the appropriate entries in the Company’s Sub-Registers of SecuritiesHolders is made by the relevant CSDP reflecting that the Purchaser is theregistered holder of the Remaining Seller’s Shares;  and

13.6.2.                                       clause 13.5.2, JCI Gold shall ensurethat the appropriate entries in the Company’s Sub-Registers of SecuritiesHolders is made by the relevant CSDP reflecting that the Purchaser is theregistered holder of the JCI Gold Shares.

24

----

 

13.7.                                     Should the acceptance of the optionscontemplated in this clause 13 (*Call Options*)in the reasonable opinion of the Purchaser require any approvals in terms ofthe Competition Act, then the Purchaser shall give written notice to JCI Goldand the Seller of its willingness to accept the offers (“**Acceptance Notice**”) and obtain approval ofthe Competition Authorities :-

13.7.1.                                       in such event, the Purchaser shall be entitledto extend the date referred to in clause 13.4 in writing by 120 (onehundred and twenty) days after the Acceptance Notice (“**Terminal Date**”).  In the event that the Purchaser extends thedate referred to in clause 13.4 in accordance with this clause 13.7.1then the Purchaser undertakes to accept the aforesaid options by no later thanthe Terminal Date.  The Purchaser herebyirrevocably and unconditionally undertakes, that, in the event that it shallnot have obtained the written approval of the Competition Authorities by nolater than the Terminal Date, to dispose of as many Western Areas Shares asshall be necessary  to ensure that thePurchaser shall not own or control, whether directly or indirectly, votingrights attaching to more than 34,9% (thirty four comma nine percent) of theordinary shares in the issued share capital of the Company after the acceptanceof the options.  Without limiting thegenerality of the foregoing, nothing in this clause 13.7.1 shall entitlethe Purchaser to extend the Terminal Date and/or to delay the payment of thefull purchase consideration to JCI Gold and/or the Seller to any date whichshall be later than the Terminal Date; and

13.7.2.                                       the Purchaser shall be responsible for makingthe requisite application in accordance with the Competition Act (and theregulations promulgated thereunder) and for the preparation and lodging of alldocuments in connection therewith and each of JCI, JCI Gold and the Sellershall render to the Purchaser all reasonable assistance in connection with suchapplication.  The costs (including alllegal costs) of and incidental to such application and any filing andadministrative fees payable to the Competition Commission and/or theCompetition Tribunal shall be borne and paid by the Purchaser.

25

----

 

13.8.                                     For purposes of clarity, the Purchaser shallonly be entitled to exercise all of the aforesaid options and not just1 (one) of them.

13.9.                                     Should any of the offers be accepted inaccordance with clauses 13 (*Call Options*)and 14 (*Put Options*) then all risk in andbenefit (apart from any voting rights in respect thereof which shall only vestin the Purchaser upon acquisition of the aforesaid shares) attaching to the JCIGold Shares and the Remaining Seller’s Shares shall be deemed to have passed tothe Purchaser with the effect from the Date of Signature Hereof.

13.10.                               In the event that the Seller and JCI Goldreceive  the written notice referred toin clause 13.2 and the Purchaser does not acquire the Remaining Seller’sShares and the JCI Gold Shares in accordance with this clause 13 (*Call Options*), then:-

13.10.1.                                 the Seller shall be deemed to have offered theRemaining Seller’s Shares to the Purchaser; and

13.10.2.                                 JCI Gold shall be deemed to have offeredthe JCI Gold Shares to the Purchaser.

13.11.                               The Seller and JCI Gold can compel thePurchaser in writing to accept the offers referred to in clause 13.10during the period commencing 91 (ninety one) days after the Purchaser’sNotification Date and terminating 10 (ten) days thereafter.

13.12.                               The consideration for the JCI Gold Shares andthe Remaining Seller’s Shares shall be the identical consideration referred topreviously in this clause 13 (*Call Options*)against the Seller and JCI Gold complying with the identical obligations as arestipulated in clause 13.6. Implementation of the transactions contemplated in thisclause 13.12 shall take place 10 (ten) Business Days after the Purchaserhas accepted the relevant offers.

26

----

 

14.              **PUT OPTIONS**

14.1.                                     The Seller and JCI Gold shall, subject toclause 14.2.2, at any stage during the Three Month Period be entitled tocollectively notify the Purchaser in writing (“**Notification Date**”) that it is considering compelling thePurchaser to purchase from:-

14.1.1.                                       the Seller, the Remaining Seller’s Shares;  and

14.1.2.                                       JCI Gold, the JCI Gold Shares.

14.2.                                     Should -

14.2.1.                                       the Notification Date occur prior to thePurchaser’s Notification Date then the Purchaser shall not be entitled todeliver the notice referred to in clause 13.2; and

14.2.2.                                       the Purchaser’s Notification Date occur priorto the Notification Date then JCI Gold and the Seller shall not be entitled todeliver the notice referred to in clause 14.1.

14.3.                                     Should the Seller and JCI Gold deliver thenotice referred to in clause 14.1 then the Purchaser shall be deemed tohave offered to acquire the:-

14.3.1.                                       Remaining Seller’s Shares from the Seller; and

14.3.2.                                       JCI Gold Shares from JCI Gold.

14.4.                                     The aforesaid offers shall be open foracceptance in writing for a period of 90 (ninety) days (subject toclause 14.7) from the Notification Date. JCI Gold and the Seller undertake not to accept the aforesaid offersduring the first 60 (sixty) days of the abovementioned 90 (ninety)day period.

27

----

 

14.5.                                     Should JCI Gold and the Seller accept theoffers during the time period contemplated in clause 14.4 read with 14.7,then by no later than 10 (ten) Business Days after the date on which theaforesaid offers have been accepted the Purchaser shall discharge the purchaseprice in respect of the JCI Gold Shares and the Remaining Seller’s Shares byensuring that the appropriate entries in Gold Fields Limited’s Sub-Registers ofSecurity Holders is made by the relevant CSDP reflecting that :-

14.5.1.                                       the Seller is the registered holder of theSeller’s Consideration;  and

14.5.2.                                       JCI Gold is the registered holder of theJCI Gold Consideration.

14.6.                                     Simultaneously with the Purchaser complyingwith is obligation in -

14.6.1.                                       clause 14.5.1, the Seller shall ensurethat the appropriate entries in the Company’s Sub-Registers of SecuritiesHolders is made by the relevant CSDP reflecting that the Purchaser is theregistered holder of the Remaining Seller’s Shares;  and

14.6.2.                                       clause 14.5.2, JCI Gold shall ensurethat the appropriate entries in the Company’s Sub-Registers of SecuritiesHolders is made by the relevant CSDP reflecting that the Purchaser is theregistered holder of the JCI Gold Shares.

14.7.                                     Should the acceptance of the offerscontemplated in this clause 14 (*Put Options*)require, in the reasonable opinion of the Purchaser, any approvals in terms ofthe Competition Act, then:-

14.7.1.                                       the Purchaser shall be entitled to give writtennotice suspending the acceptance of the offer referred to inclause 14.4  for a period of up to120 (one hundred and twenty) days after the date that the offer has beenaccepted (“**120 Day Date**”).  In

28

----

theevent that the Purchaser extends the date referred to in clause 14.4 inaccordance with this clause 14.7.1 then –

14.7.1.1.                                                JCI Gold and the Seller undertake to accept theaforesaid offer on the 120 Day Date; and

14.7.1.2.                                                the Purchaser undertakes that in the event thatit shall not have obtained the written approval of the Competition Authoritiesby no later than the 120 Day Date, to dispose of as  many Western Areas Shares as shall benecessary to ensure that the Purchaser shall, whether directly or indirectly,not own and/or control more than 34,9% (thirty four comma nine percent) of theshares in the issued share capital of the Company after the acceptance of theoffer as contemplated in 14.7.1.1. Without limiting the generality of the foregoing, nothing in thisclause 14.7.1 shall entitle the Purchaser to extend the 120 Day Dateand/or to delay the payment of the full purchase consideration to JCI Goldand/or the Seller to any date which shall be later than the 120 Day Date; and

14.7.2.                                       the Purchaser shall be responsible for makingthe requisite application in accordance with the Competition Act (and theregulations promulgated thereunder) and for the preparation and lodging of alldocuments in connection therewith and each of JCI, JCI Gold and the Sellershall render to the Purchaser all reasonable assistance in connection with suchapplication.  The costs (including alllegal costs) of and incidental to such application and any filing andadministrative fees payable to the Competition Commission and/or theCompetition Tribunal shall be borne and paid by the Purchaser.

14.8.                                     In order for Seller or JCI Gold to acceptthe offers contemplated in this clause 14 (*Put*Options)each one of them must accept their offer.

29

----

 

14.9.                                     In the event that the Purchaser receives thewritten notice referred to in clause 14.1 and the Purchaser does notacquire the Remaining Seller’s Shares and the JCI Gold Shares inaccordance with this clause 14 (*Put Options*),then:-

14.9.1.                                       the Seller shall be deemed to have offered theRemaining Seller’s Shares to the Purchaser; and

14.9.2.                                       JCI Gold shall be deemed to have offeredthe JCI Gold Shares to the Purchaser.

14.10.                               The offers referred to in clause 14.9shall be open for acceptance during the period commencing 91 (ninety one) days after the Notification Date andterminating 10 (ten) days thereafter.

14.11.                               Should the Purchaser accept the aforesaidoffers during the time period stipulated in clause 14.10, then theconsideration for the JCI Gold Shares and the Remaining Seller’s Shares shallbe the identical consideration referred to previously in clauses 13 (*Call Options) and*14*(Put Options*)against the Seller and JCI Gold complying with the identical obligations as arestipulated in clauses 14.6. Implementation of the transactions contemplated in this clause 14.11shall take place 10 (ten) Business Days after the Purchaser has accepted therelevant offers.

14.12.                               For purposes of clarity, in order for thePurchaser to accept the offers contemplated in clauses 14.9, 14.10 and14.11 it must accept the offers in respect of all of the Remaining Seller’sShares and the JCI Gold Shares.

15.               **THE SELLER’S WARRANTIES **

The Seller hereby warrants to the Purchaser from the Date of SignatureHereof until the Remaining Seller’s Shares have been acquired by the Purchaserin accordance with clauses 13 (*The Purchaser’s CallOptions*) and 14 (*Put Options)*:-

30

----

 

15.1.                                     the Seller is and will remain the solebeneficial owner of the Remaining Seller’s Shares;

15.2.                                     the Remaining Seller’s Shares are and willremain free of any encumbrances and that the Seller will be able to transfer tothe Purchaser beneficial and registered ownership of the Remaining Seller’sShares;

15.3.                                     it shall not transfer to any Entity (other thanthe Purchaser) the Remaining Seller’s Shares or any voting rights in respectthereof; and

15.4.                                     it shall not grant to any person (other thanthe Purchaser) any right (including any option or right of first refusal) toacquire the Remaining Seller’s Shares or any voting rights in respect thereof.

16.               **JCI GOLD’S UNDERTAKINGS**

JCI Gold warrants to the Purchaser that from the Date of SignatureHereof until the JCI Gold Shares  havebeen acquired by the Purchaser in accordance with clauses 13 (*The Purchaser’s Call Options*) and 14 (*Put Options)*:-

16.1.                                     JCI Gold is and will remain the sole beneficialowner of the JCI Gold Shares;

16.2.                                     the JCI Gold Shares are and will remain free ofany encumbrances and that JCI Gold will be able to transfer to the Purchaserbeneficial and registered ownership of the JCI Gold Shares;

16.3.                                     it shall not transfer to any Entity (other thanthe Purchaser) the JCI Gold Shares or any voting rights in respect thereof; and

16.4.                                     it shall not grant to any person (other thanthe Purchaser) any right (including any option or right of first refusal) toacquire the JCI Gold Shares or any voting rights in respect thereof.

17.               **PURCHASER’S WARRANTIES**

ThePurchaser warrants to –

31

----

 

17.1.                                     the Seller from the Date of Signature Hereofuntil the Seller’s Consideration has been acquired by the Seller in accordancewith clauses 13 (*Call Options)*and14 (*Put Options*) –

17.1.1.                                       the Seller’s Consideration is and will remainfree of any encumbrances and that Gold Fields Limited will be able to transferthe Seller’s Consideration and registered ownership of the Seller’sConsideration to the Seller; and

17.1.2.                                       no person will have any right (including anyoption or right of first refusal) to acquire the Seller’s Consideration.

17.2.                                     JCI Gold from the Date of Signature Hereofuntil the JCI Gold Consideration has been acquired by JCI Gold in accordancewith clauses 13 (*Call Options)*and14 (*Put Options*) –

17.2.1.                                       the JCI Gold Consideration is and will remainfree of any encumbrances and that Gold Fields Limited will be able to transferthe JCI Gold Consideration and registered ownership of the JCI GoldConsideration to JCI Gold; and

17.2.2.                                       no person will have any right (including anyoption or right of first refusal) to acquire the JCI Gold Consideration.

18.               **UNDERTAKINGS**

JCI undertakes:-

18.1.                                     to procure that the Seller shall pass all resolutionsand do all that is necessary as soon as is reasonably practicable in regard towhat is contemplated in this Transaction No. 2 including, withoutlimitation, any section 228 resolutions as contemplated in the Act;  and

18.2.                                     to convene any meetings as soon as reasonablypracticable to obtain the necessary shareholder consents and any consentsrequired by the JSE Securities Exchange South Africa Listings Requirements inregard to Transaction No. 2.

32

----

 

19.               **TRANSACTION NO. 2 BREACH**

If any Party (“**Breaching Party**”) breaches any materialprovision or term of this Part III (other than those which contain their ownremedies or limit the remedies in the event of a breach thereof) and fails toremedy such breach within 20 (twenty) Business Days of receipt of writtennotice from the non-breaching Party (the “**Non-BreachingParty**”) requiring it to do so (or if it is not reasonably possibleto remedy the breach within 20 (twenty) Business Days, within such furtherperiod as may be reasonable in the circumstances (the onus ofdemonstrating such reasonableness being on the Breaching Party) provided thatthe Breaching Party also furnishes evidence within the period of 5 (five) Business Days, reasonablysatisfactory to the Non-Breaching Party, that it has taken whatever steps areavailable to it, to commence remedying the breach) then the Non-Breaching Partyshall be entitled without notice, in addition to any other remedy available toit at law or under Part III, including obtaining an interdict, to cancelTransaction No. 2 as contained in this Part III read with Part IV or toclaim specific performance of any obligation whether or not the due date forperformance has arrived, in either event without prejudice to the Non-BreachingParty’s right to claim damages.

**PART IV –GENERAL AGREEMENT**

20.               **MANDATORY OFFER AND SRP INDEMNITY**

20.1.                                     In the event that the Purchaser, Gold FieldsLimited or any Entity Acting In Concert with the Purchaser and/or Gold FieldsLimited concludes a transaction/s that result/s in an Affected Transactionoccurring, Gold Fields Limited undertakes to the Seller that it will make amandatory offer to the shareholders of the Company as contemplated inRule 8 of the SRP Code.

20.2.                                     If, as a result of the acquisition of anyWestern Areas Shares by Gold Fields Limited, the Purchaser and/or any EntityActing In Concert (save for the Seller, JCI and JCI Gold if the Seller, JCI orJCI Gold is deemed for any reason to be Acting In Concert with the Purchaserand/or Gold Fields Limited) with Gold Fields Limited and/or the Purchaser,results in the Seller, JCI and/or JCI Gold being obliged to extend a mandatoryoffer to the shareholders of the Company as contemplated in Rule 8.2 ofthe SRP Code, Gold Fields Limited hereby

33

----

indemnifiesand holds harmless the Seller, JCI and JCI Gold against any costs, losses,claims, damages and/or expenses made against or suffered by any of them andarising from or in connection with the obligation of the Purchaser or GoldFields Limited acting either alone or in concert with any other party, to makea mandatory offer to any party in terms of the SRP code and/or the failure bythe Purchaser or Gold Fields Limited to make such mandatory offer and/or totake all steps required in respect of and/or in connection therewith.

21.               **CONFIDENTIALITY**

21.1.                                     Each Party shall keep confidential and shallnot disclose to any person, without the prior written consent of the otherParties all information (the “**ConfidentialInformation**”) –

21.1.1.                                       contained in the Agreements as well as alldetails of the transactions or agreements contemplated in the Agreements; and

21.1.2.                                       relating to the business/es or the operationsand affairs of the Parties and/or their Subsidiaries,

21.2.                                     The Parties agree to keep all ConfidentialInformation secret and confidential and to disclose it only to their employees,directors, officers, agents, professional advisors and/or contractors who –

21.2.1.                                       have a need to know, and to that extent only;

21.2.2.                                       are aware of the disclosing Party’s undertakingin relation to such Confidential Information in terms of the Agreements; and

21.2.3.                                       have been directed by the disclosing Party tokeep the Confidential Information confidential and have undertaken, in writing,to keep the Confidential Information confidential.

34

----

 

21.3.                                     The obligations of the Parties in relation tothe Confidential Information do not extend to information that –

21.3.1.                                       is known to be in the lawful possession orcontrol of the person to whom it is disclosed and is not subject to anobligation of confidentiality;

21.3.2.                                       is or becomes public knowledge, otherwise thanin terms of a breach of the Agreements; and

21.3.3.                                       is required by the provisions of any law,statute,  regulation, rules of any stockexchange, or during any court proceedings and the Party required to make thedisclosure has taken all reasonable steps to ensure that, where reasonablypossible, the Confidential Information is not further disclosed by the personto whom disclosure is made in terms of this clause 21.3.3.

21.4.                                     Without limiting the remaining provisions ofthe Agreements, each Party to the Agreements agrees to return to the otherParties, copies of all documents, handwritten notes, computer discs and otherformats in which Confidential Information is stored (irrespective of whichParty prepared or produced same), together with a certificate confirming thatno part of the Confidential Information has been retained, unless the otherParty agrees otherwise in writing.

22.               **GOLD FIELDS LIMITED’S RIGHT TO NOMINATE**

Bygiving notice in writing to that effect to the other Parties at any time priorto the Transaction No. 1 Implementation Date, Gold Field Limited shallhave the right to nominate one of its Subsidiaries (“**NominatedParty**”) to replace it under the Agreements and acquire all or partof its rights and obligations under the Agreements (if Gold Fields Limitedelects to cede and delegate only some of its rights and obligations under theAgreements to the Nominated Party then Gold Fields Limited shall notify theother Parties in the aforesaid written notice which rights and obligations itis ceding and delegating to the Nominated Party), on the basis that:-

35

----

 

22.1.                                     such written noticeshall designate the Nominated Party (whose *domicilium* forpurposes of the Agreements shall remain that specified inclause 28.1.1));  and

22.2.                                     the Nominated Partyshall (subject to what is stated above) assume all of the rights andobligations of Gold Fields Limited in terms of the Agreements.

23.               **SURETYSHIP BY GOLD FIELDS LIMITED**

In the event that Gold FieldsLimited elects to cede and delegate all or some of its obligations to theNominated Party in accordance with clause 22 (*Gold FieldsLimited’s Right to Nominate*), then Gold Fields Limited hereby agreesto bind itself to the other Parties as surety for and co-principal debtor *in solidum* with the Nominated Party for all of the NominatedParty’s obligations under the Agreements, subject to the following conditions:-

23.1.                                     Gold Fields Limited renounces the benefits ofexcussion and division;

23.2.                                     no indulgence, latitude or extension of timewhich may be granted or allowed to the Nominated Party shall in any way affectGold Fields Limited’s liabilities hereunder; and

23.3.                                     all acknowledgments of debt, admissions orliability and judgments by or against the Nominated Party shall be binding onGold Fields Limited.

24.               **SURETYSHIP BY JCI**

JCI hereby binds itself to theother Parties as surety for and co-principal debtor *in solidum*with the Seller and JCI Gold for all of the Seller’s and JCI Gold’s obligationsunder the Agreements, subject to the following conditions:-

24.1.                                     JCI renounces the benefits of excussion anddivision;

36

----

 

24.2.                                     no indulgence, latitude or extension of timewhich may be granted or allowed to the Seller or JCI Gold shall in any wayaffect JCI’s liabilities hereunder; and

24.3.                                     all acknowledgments of debt, admissions orliability and judgments by or against the Seller or JCI Gold shall bebinding on JCI.

25.               **LOCK UP**

25.1.                                     It is recordedthat :

25.1.1.                                       the Purchaserintends in writing to announce an offer to acquire the entire issued sharecapital of the Company (the “**Offer**”).  The terms of the Offer are set out in thedraft announcement annexed hereto as **Annexure B**;

25.1.2.                                       the SRP ExecutiveDirector has indicated that if JCI, the Seller or JCI Gold shall be entitled todispose of the Gold Fields Limited’s Shares and/or the Gold Fields Limited’sshares to be received pursuant to the put and call options set out inclause 13 (*Call*Options) and 14 (*Put Options*) (the “**Option Shares**”),or any of such shares before the date on which offerees in terms of the Offershall be entitled to receive Gold Fields Limited’s shares pursuant to theiracceptance of and/or implementation of the Offer, the SRP will regard the issueof the Gold Fields Limited Shares and the Option Shares as a cash offerrequiring a similar cash offer to be made to all minority shareholders of theCompany; and

25.1.3.                                       Gold Fields Limitedis not prepared to make a cash offer to minority shareholders of the Company.

25.2.                                     Accordingly JCI,the Seller and JCI Gold, hereby undertake to the Purchaser:-

25.2.1.                                       that they will holdthe Gold Fields Limited Shares and the Option Shares until the date upon whichshareholders of the Company shall be entitled to receive Gold

37

----

Fields Limited shares pursuant to the implementationof the agreement arising from the Offer;

25.2.2.                                       in the event thatthey, or any of them, shall enter into any form of hedging arrangements, inrespect of the Gold Fields Limited Shares, or any of them, the party whichshall so enter into such hedging arrangements hereby undertakes not to deliverthe Gold Fields Limited Shares or the Option Shares or any of them, to any suchcounter party to such hedging arrangements until the date upon which theofferees in terms of the offer shall be entitled to receive Gold Fields Limited’sshares pursuant to implementation of the Offer

25.3.                                     In the event thatthe Offer does not become unconditional or lapses or Gold Fields Limited makesa cash offer or the SRP provides a written opinion stating that Gold FieldsLimited will not be required to make a cash offer should JCI, JCI Gold and theSeller be released from the undertakings set out in clause 25.2, theundertakings contained in this clause 25 (*Lock Up*)shall cease to be of force and effect and each of the Seller, JCI Gold and JCIshall be entitled at its or their election and at any time to dispose of theGold Fields Limited shares or any of them.

26.               **SPECIFIC PERFORMANCE**

Eachof the Parties acknowledges that it may be difficult or even impossible to measurein money the damages that will arise from the failure of another Party toperform any of its obligations under this Part IV. Cancellation of any ofthe Agreement/s is not a remedy available should any breach take place inrespect of this Part IV, the Parties agree that it shall be competent forany Party to bring an action for specific performance of the provisions of thisPart IV and the Parties waive their rights to claim or raise as a defencethat an alternative adequate remedy exists at law.

38

----

 

27.               **WHOLE AGREEMENT, NO AMENDMENT**

27.1.                                     This document constitutes the whole agreementbetween the Parties relating to the subject matter hereof and supersedes anyother discussions, agreements and/or understandings regarding the subjectmatter hereof.

27.2.                                     No amendment or consensual cancellation of anyof the Agreements or any provision or term hereof or of any agreement, bill ofexchange or other document issued or executed pursuant to or in terms of theAgreement/s and no settlement of any disputes arising under any Agreement/s andno extension of time, waiver or relaxation or suspension of or agreement not toenforce or to suspend or postpone the enforcement of any of the provisions orterms of the Agreement/s or of any agreement, bill of exchange or other documentissued pursuant to or in terms of the Agreement/s shall be binding unlessrecorded in a written document signed by the Parties (or in the case of anextension of time, waiver or relaxation or suspension, signed by the Partygranting such extension, waiver or relaxation). Any such extension, waiver or relaxation or suspension which is so givenor made shall be strictly construed as relating strictly to the matter inrespect whereof it was made or given.

27.3.                                     No oral *pactumde non petendo*shall be of any force or effect.

27.4.                                     No extension of time or waiver or relaxation ofany of the provisions or terms of the Agreement/s or any agreement, bill ofexchange or other document issued or executed pursuant to or in terms of theAgreement/s, shall operate as an estoppel against any Party in respect of itsrights under the Agreement/s, nor shall it operate so as to preclude such Partythereafter from exercising its rights strictly in accordance with theAgreement/s.

27.5.                                     To the extent permissible by law no Party shallbe bound by any express or implied term, representation, warranty, promise orthe like not recorded herein, whether it induced the contract and/or whether itwas negligent or not.

39

----

 

28.               **DOMICILIA CITANDI ET EXECUTANDI**

28.1.                                     The Parties choose as their *domicilia citandi et executandi* for allpurposes under the Agreement/s, whether in respect of court process, notices orother documents or communications of whatsoever nature (including the exerciseof any option), the following addresses :

28.1.1.                                    Gold Fields Limited:

Physical:       24 St Andrews Road Parktown

Telefax:         011 484 4882

28.1.2.                                       JCI Limited:

Physical:      13th Floor,28 Harrison Street, Johannesburg

Telefax:        011 4921070

28.1.3.                                       JCI Investment Finance**** (Proprietary) Limited

Physical:      13th Floor, 28Harrison Street, Johannesburg

Telefax:        011 4921070

28.1.4.                                       JCI Gold Limited

Physical:      13th Floor, 28 Harrison Street,Johannesburg

Telefax:        011 492 1070

28.2.                                     Any notice or communication required orpermitted to be given in terms of the Agreement/s shall be valid and effectiveonly if in writing but it shall be competent to give notice by telefax.

28.3.                                     Any Party may by notice to the other Partieschange the physical address chosen as its *domiciliumcitandi et executandi* to another physical address in South Africa orits telefax number, provided that the change shall become effective on the 10th (tenth) Business Day from the deemedreceipt of the notice by the other Parties.

40

----

 

28.4.                                     Any notice to a Party -

28.4.1.                                       delivered by hand to a responsible personduring ordinary business hours at the physical address chosen as its *domicilium citandi et executandi* shall bedeemed to have been received on the day of delivery; or

28.4.2.                                       sent by telefax to its chosen telefax numberstipulated in clause 28.1, shall be deemed to have been received on thedate of despatch (unless the contrary is proved).

28.5.                                     Notwithstanding anything to the contrary hereincontained a written notice or communication actually received by a Party shallbe an adequate written notice or communication to it notwithstanding that itwas not sent to or delivered at its chosen *domiciliumcitandi et executandi*.

29.               **NO CESSION OR ASSIGNMENT**

Saveas expressly provided in this document no Party shall be entitled to cede theirrights or assign their rights and obligations hereunder to any third partywithout the prior consent of the other Parties.

30.               **COSTS**

30.1.                                     The Purchaser shallpay the stamp duty in respect of the registration of transfer of the SoldShares into the Purchaser’s name.

30.2.                                     The Purchaser shallpay the stamp duty in respect of the transfer of the Remaining Seller’s Shares and the JCI Gold Shares, if it acquiressame.

31.               **COUNTERPARTS**

This document may be executedin counterparts, each of which shall together constitute one and the sameinstrument.

41

----

 

32.               **LEGAL COSTS**

Each party to bear its ownlegal costs in connection with the preparation, negotiating and entering intoof this document (including prior drafts and consultations).

SIGNED by the parties and witnessed on the following dates and at thefollowing places respectively:
| DATE   | ** ** | **PLACE** | ** ** | **WITNESS** | ** ** | **SIGNATURE**               |
|--------|------------|-----------|------------|-------------|------------|-----------------------------|
|   |       |      |       |        |       |                        |
|   |       |      |       |  1.    |       | For: GOLD FIELDS LIMITED    |
|   |       |      |       |        |       |                        |
|   |       |      |       |        |       |                        |
|   |       |      |       |        |       |                        |   |
|   |       |      |       |  2.    |       |                        |   |
|   |       |      |       |        |       |                        |
|   |       |      |       |        |       |                        |
|   |       |      |       |        |       |                        |
|   |       |      |       |  1.    |       |                        |
|   |       |      |       |        |       |                        |
|   |       |      |       |        |       |                        |
|   |       |      |       |        |       |                        |   |
|   |       |      |       |  2.    |       |                        |
|   |       |      |       |        |       |                        |
|   |       |      |       |        |       |                        |
|   |       |      |       |        |       |                        |
|   |       |      |       | 1.          |       | For: JCI LIMITED            |
|   |       |      |       |        |       |                        |
|   |       |      |       |        |       |                        |
|   |       |      |       |        |       |                        |   |
|   |       |      |       | 2.          |       |                        |
|   |       |      |       |        |       |                        |
|   |       |      |       |        |       |                        |
|   |       |      |       |        |       |                        |
|   |       |      |       | 1.          |       | For: JCI INVESTMENT FINANCE |
|   |       |      |       |        |       | (PROPRIETARY) LIMITED       |
|   |       |      |       |        |       |                        |
|   |       |      |       |        |       |                        |   |
|   |       |      |       | 2.          |       |                        |
|   |       |      |       |        |       |                        |
|   |       |      |       |        |       |                        |
|   |       |      |       |        |       |                        |
|   |       |      |       | 1.          |       | For: JCI GOLD LIMITED       |
|   |       |      |       |        |       |                        |
|   |       |      |       |        |       |                        |
|   |       |      |       |        |       |                        |   |
|   |       |      |       | 2.          |       |                        |
|   |       |      |       |        |       |                        |

 

42

----

 

**Annexure A – Investec’sUndertakings**

 
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| INVESTEC BANK  LIMITED’S IRREVOCABLE UNDERTAKING  1.  It is recorded that Gold Fields Limited, (Registration  No. 1968/004880/06) (the “Purchaser”), JCI Limited, (Registration  No. 1894/000854/06) (“JCI”), JCI Investment Finance (Proprietary)  Limited, (Registration No. 2004/005665/07) (“SPV Co”) and JCI Gold Limited  (Registration No. 1998/005215/06) (the “Parties”) are entering into an  agreement on or about the date of signature of this irrevocable undertaking  (the “Date of Signature”) in terms of which, inter alia:  1.1. SPV Co (the “Seller”) is selling 27  000 000 (twenty seven million) ordinary shares with a par value of R1.00 each  (the “Sold Shares”) in Western Areas Limited’s (the “Company”) issued share  capital, which are currently held by SPV Co, to the Purchaser. The Purchaser  is discharging the purchase price for the Sold Shares by issuing to the  Seller 9 450 000 ordinary shares with a par value of R0.50 (fifty cents) each  in its share capital (“Gold Fields Limited Shares”). Furthermore, the  Purchaser undertakes to the Seller that if during the period commencing on  the date upon which Transaction No. 2 (as defined below) becomes  unconditional and terminating three months thereafter it enters into any  transaction to acquire any shares in the Company’s issued share capital  (“Additional Western Areas Shares”) from any entity other than the Seller  (“Additional Entity”) and utilises as consideration ordinary shares in its  share capital and the ratio of the number of issued shares in the Purchaser’s  share capital which it issues to an Additional Entity divided by the number  of Additional Western Areas Shares (“Additional Entity’s Ratio”) is greater  than the Sale Ratio (as defined below), then the Purchaser undertakes to deliver  to the Seller, as soon as is reasonably practicable, such number of ordinary  shares in its share capital which will result in the Sale Ratio being equal  (or as close to being equal as is possible) to the Additional Entity’s Ratio.  If the Purchaser utilises cash or any other form of consideration or a  combination of both and the cash value of the consideration offered per share  in the Company’s share capital (“Western Areas Share”) (calculated at the  date that the offer is made) is greater than R50,75 (fifty rand and seventy  five cents) per Western Areas Share (the “Cash Consideration”), then the  Purchaser undertakes to deliver to the Seller, as soon as is reasonably  practicable, such number of ordinary shares in its share capital which is  equal to (or as close to being equal as is possible) the difference between  the Cash Consideration and R50,75 (fifty rand and seventy five cents) per  Western Areas share. The transaction contemplated in this paragraph 1.1 is  hereinafter referred to as (“Transaction No. 1”). Furthermore, the number of  Gold Fields Limited Shares divided by the number of Sold Shares is  hereinafter referred to as the (“Sale Ratio”);  1.2. the Seller and JCI Gold have granted  the Purchaser an option to acquire all the remaining ordinary shares which  the Seller and JCI Gold hold in the Company’s issued share capital (the  “Remaining Western Area Shares”). For purposes of clarity, the Remaining  Western Area Shares are all of the shares in the Company’s issued share  capital which the Seller and JCI Gold currently hold, other than the Sold  Shares;  1.3. the Purchaser has granted  the Seller and JCI Gold an option to put all of the Remaining Western Area  Shares to the Purchaser (the transactions contemplated in paragraphs 1.2 and  this paragraph 1.3 are hereinafter referred to as “Transaction No. 2”).  2. Should either of the options  contemplated in Transaction No. 2 be exercised then the Purchaser shall  discharge the purchase price for the relevant shares by issuing to JCI such  number of ordinary shares with a par value of R0.50 (fifty cents) each in its  share capital which will result in such discharge equalling the Sale Ratio or  as close to the Sale Ratio as is reasonably practicable.  3. We, Investec Bank Limited (Registration  No. 1969/004763/06) (“Investec”) hereby –   3.1. consent to the sale of the Sold Shares;  3.2. undertake to do anything that may be  required of ourselves in order to give effect to the sale of the Sold Shares  and the Remaining SPV Co Shares (including, without limitation, releasing SPV  Co, JCI Gold and JCI from any security in respect of the Sold Shares and the  Remaining SPV Co Shares); and  3.3.  waive any claims or security of any nature whatsoever which we may have  against or hold over any of the Parties in respect of the sale of the Sold  Shares and the Remaining SPV Co Shares. |

 
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3.4. undertake  not to cede any of our claims of whatsoever nature against the Seller, JCI  Gold and JCI Limited to any third party prior to the date that Transaction No  2 is implemented.  4. Each of the  undertakings given in paragraph 3 above are given to each of the Parties and  shall be capable of being accepted and being enforced by any of the  Parties.  /s/ [ILLEGIBLE] For Investec  Bank Limited (who warrants that he is duly authorised hereto) |

 

**Annexure B – The Draft Announcement**

 
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Gold Fields  Limited (Reg. No. 1968/004880/06) (Incorporated in the Republic of South  Africa) JSE Share Code : GFI  NYSE Share Code: GFI ISIN Code : ZAE000018123 (“Gold Fields” or the  “Company”)  Offer by Gold Fields to acquire  the entire issued share capital of Western Areas Limited (“Western Areas”)  and cautionary announcement   1.   Introduction   Gold Fields shareholders are advised that Gold Fields has undertaken  to the Board of Directors of Western Areas to make an offer to the Western  Areas shareholders to acquire the entire issued share capital of Western  Areas (other than those shares already owned by Gold Fields), subject to the  fulfilment of the conditions precedent reflected in paragraph 4 (the  “Offer”). Gold Fields currently holds 18% of the issued share capital of  Western Areas.  The Offer will be  implemented by way of a general offer in terms of section 440 et seq of the  Companies Act (Act 61 of 1973) as amended (the “Act”) to which there will be  no condition as to a minimum level of acceptances.  Gold Fields may, however, subject to the  approval of the Western Areas Board, implement the Offer by way of a scheme  of arrangement (the “Scheme”) in terms of Section 311 of the Act should Gold  Fields deem it appropriate.  If the  Offer is accepted by all Western Areas shareholders, Gold Fields will own the  entire share capital of Western Areas and it is intended that the listing of  the ordinary shares in Western Areas (the “Western Areas shares”) on the JSE  Limited (the “JSE”) will be terminated.   Western Areas’ largest asset is its 50% interest in the South Deep  Gold Mine (“South Deep”), which is currently owned and operated through the  Barrick Gold Western Areas Joint Venture, an unincorporated entity in which  Barrick Gold South Africa (Proprietary) Limited (“BGSA”) holds the other 50%.  Gold Fields’ shareholders are referred to a separate announcement published  today relating to Gold Fields’ acquisition of BGSA.  2   The Offer  Consideration  In terms of the Offer,  Western Areas shareholders will receive 35 ordinary shares with a par value  of 50 cents each in the capital of Gold Fields (“Gold Fields shares”) for  every 100 Western Areas shares in respect of which the Offer has been  accepted. Based on the closing price of Gold Fields shares on 7 September  2006, namely R150.20 per share, this represents a value of R52.57 per Western  Areas share. The consideration represents a premium of 16.82% to the closing  price of Western Areas on 7 September 2006. This consideration is based on  the |

 
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| amount payable  by Gold Fields for BGSA’s 50% interest in South Deep, adjusted for the  additional assets and liabilities of Western Areas.  3   Rationale  The acquisition by Gold Fields of Western  Areas allows Gold Fields to increase its exposure to South Deep, which is  adjacent to Gold Fields’ Kloof Gold Mine. South Deep will secure Gold Fields’  position as the premier gold producer in South Africa, and one of the leading  producers in the world. South Deep is a natural fit with the Gold Fields’  portfolio of high quality, long life assets, providing Gold Fields with a  solid base from which to pursue its existing commitment to international  growth.  4   Condition  Precedent  The Offer is subject to  certain regulatory approvals, including the granting of the requisite  approvals by the JSE and the Competition Authorities in South Africa.  5.   Cautionary and further  announcement  A further announcement  setting our the salient dates and times and financial effects of the Offer on  the shareholders of Gold Fields will be made in due course. Shareholders are  advised to exercise caution when trading in the Company’s securities until  such time as such further announcement is made.  Parktown 11 September 2006  Sponsor to Gold Fields: JPMorgan  Financial advisers to Gold Fields JPMorgan  Citigroup  Legal advisers to Gold  Fields Edward Nathan Linklaters |

 

**Annexure C – IrrevocableUndertakings**
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10 September  2006  Peter Gray Chief Executive  Officer JCI Limited 3rd Floor 28 Harrison Street Johannesburg 2001  Dear Peter   ALLAN GRAY LIMITED’S IRREVOCABLE UNDERTAKING  1.It is recorded that Gold Fields Limited, (Registration  No.1968/004880/06) (the “Purchaser”), JCI Limited, (Registration  No.1894/000854/06) (“JCI”), JCI Investment Finance (Proprietary) Limited, (Registration  No. 2004/005665/07) (“SPV Co”) and JCI Gold Limited (Registration No.  1998/005215/06) (the “Parties”) are entering into an agreement on or about  the date of signature of this irrevocable undertaking (the “Date of  Signature”) in terms of which, inter alia:   1.1.SPV Co (the “Seller”) is selling 27 000 000 (twenty seven  million) ordinary shares with a par value of R1.00 each (the “Sold Shares”)  in Western Areas Limited’s (the “Company”) issued share capital, which are  currently held by SPV Co, to the Purchaser. The Purchaser is discharging the  purchase price for the Sold Shares by issuing to the Seller 9 450 000  ordinary shares with a par value of R0.50 (fifty cents) each in its share  capital (“Gold Fields Limited Shares”). Furthermore, the Purchaser undertakes  to the Seller that if during the period commencing on the date upon which  Transaction No. 2 (as defined below) becomes unconditional and terminating  three months thereafter it enters into any transaction to acquire any shares  in the Company’s issued share capital (“Additional Western Areas Shares”)  from any entity other than the Seller (“Additional Entity”) and utilises as  consideration ordinary shares in its share capital and the ratio of the  number of issued shares in the Purchaser’s share capital which it issues to  an Additional Entity divided by the number of Additional Western Areas Shares  (“Additional Entity’s Ratio”) is greater than the Sale Ratio (as defined  below), then the Purchaser undertakes to deliver to the Seller, as soon as is  reasonably practicable, such number of ordinary shares in its share capital  which will result in the Sale Ratio being equal (or as close to being equal  as is possible) to the Additional Entity’s Ratio. If the Purchaser utilises  cash or any other form of consideration or a combination of both and the cash  value of the consideration offered per share in the Company’s share capital  (“Western Areas Share”) (calculated at the date that the offer is made) is  greater than R50,75 (fifty rand and seventy five cents) per Western Areas  Share (the “Cash Consideration”), then the Purchaser undertakes to deliver to  the Seller, as soon as is reasonably practicable, such number of ordinary  shares in its share capital which is equal to (or as close to being equal as  is possible) the difference between the Cash Consideration and R50.75 (fifty  rand and seventy five cents) per Western Areas share. The transaction  contemplated in this paragraph 1.1 is hereinafter referred to as  (“Transaction No. 1”). Furthermore, the number of Gold Fields Limited Shares  divided by the number of Sold  Allan Gray Limited is an authorised Financial Services provider.   Allan Gray  Limited Directors: S C Mildenhall B Com (Hons) CA (SA) CFA Registration  Number 1992/006778/06 G W Fury LLB MA CFA W J C Mitchell B Com Granger Bay  Court, Beach Road A W B Gray B Com CA (SA) MBA CFA Hon LLD* S Moodley-Moore  BA (Hons) MA PhD V&A Waterfront, Cape Town 8001 W B Gray B Com MBA CFA (Irish)*  F J van der Merwe LLB MA* P O Box 51318 V&A Waterfront E D Loxton B Com  (Hons) MBA * Non-Executive Cape Town 8002 South Africa J A Lugtenburg M Com  CA (SA) CFA  Docex 16 V&A  Waterfront S C Marais PhD CFA* Company Secretary: Tel 021 415 2300 Fax 021  415 2400 A A McGregor B Sc BA (Hons) C J Hetherington B Com CA (SA) Email  info@allangray.co.za www.alliangray.co.za   |

 

 
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Shares is  hereinafter referred to as the (“Sale Ratio”);  1.2.   the Seller and JCI Gold have granted the Purchaser an option to  acquire all the remaining ordinary shares which the Seller and JCI Gold hold  in the Company’s issued share capital (the “Remaining Western Area Shares”).  For purposes of clarity, the Remaining Western Area Shares are all of the  shares in the Company’s issued share capital which the Seller and JCI Gold  currently hold, other than the Sold Shares;   1.3  the Purchaser has granted  the Seller and JCI Gold an option to put all of the Remaining Western Area  Shares to the Purchaser (the transactions contemplated in paragraphs 1.2 and  this paragraph 1.3 are hereinafter referred to as “Transaction No. 2”).  2.   Should either of the options contemplated in Transaction No. 2 be  exercised then the Purchaser shall discharge the purchase price for the  relevant shares by issuing to JCI such number of ordinary shares with a par  value of R0.50 (fifty cents) each in its share capital which will result in  such discharge equalling the Sale Ratio or as close to the Sale Ratio as is  reasonably practicable.  3.  We confirm that, as at 8 September 2006,  third party clients (“clients”) that have appointed Allan Gray Limited  (“Allan Gray”) as their portfolio manager hold in aggregate 516 283 264  shares in JCI Limited in respect of 226 701 644 of which Allan Gray has an  absolute discretion to vote on behalf of each such client (“Allan gray  shares”); and in respect of 289 581 620 of which the relevant clients retain  the discretion to vote the shares (“Allan Gray client shares”).  3.1   In respect of the Allan Gray Shares, we hereby irrevocably undertake  (subject to 4 and 5 below) to vote in favour of–  3.1.1.   a shareholders resolution at the general meeting of JCI (“JCI General  Meeting”) approving the sale of the Sold Shares;  3.1.2.   all resolutions that are put to the shareholders of JCI at the JCI  General Meeting which are required to approve Transaction No.1 and Transaction  No.2;  3.1.3.  the entering into of appropriate hedging  structures and/or agreements by JCI, from time to time, as determined in the  discretion of the directors, in respect of the Gold Fields Limited Shares, or  any of them, which will be issued to the Seller in terms of respectively  Transaction No. 1 and Transaction No.2, in order to preserve the value to JCI  of the consideration received in respect of the Western Areas Shares sold by  the Seller;  3.2.  In respect of the Allan Gray Client Shares,  we hereby irrevocably undertake (subject to 4 and 5 below) that we will  recommend to our clients to vote in favour of –  3.2.1.   a shareholders resolution at the general meeting of JCI approving the  sale of the Sold Shares;  3.2.2.  all resolutions that are put to the  shareholders of JCI at the JCI General Meeting which are required to approve  Transaction No. 1 and Transaction No.2;   3.2.3.  the entering into of  appropriate hedging structures and/or agreements by JCI, from time to time,  as determined in the discretion of the directors, in respect of the Gold  Fields Limited Shares, or any of them, which will be issued to the Seller in  terms of respectively Transaction No. 1 and Transaction No. 2, in order to  preserve the value to JCI of the consideration received in respect of the  Western Areas Shares sold by the Seller;   3.3.  we will not dispose of the  Allan Gray Shares nor the Allan Gray Client Shares nor any voting rights in  respect thereof prior to – |

 

 
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3.3.1.  the JCI General Meeting; and  3.3.2.   having received written notice from the Purchaser and JCI that  Transaction No. 1 has become unconditional in accordance with its terms;  3.4.   we will not vote in favour of any resolution to dispose of the Sold  Shares to any third party prior to JCI General Meeting;  3.5.   we will act in good faith and take all necessary steps including,  without limitation, the exercise of all voting rights which we are able to  exercise to influence the implementation of Transaction No. 1 and Transaction  No. 2;  3.6.  without derogating from anything contained  herein, to take all such actions as the Purchaser may reasonably require to  give effect to this undertaking including without limitation the granting of  a proxy or letter of representation in favour of the Purchaser to vote at the  JCI General Meeting in respect of the Allan Gray Shares.  4.   This irrevocable undertaking is subject to and conditional upon the  continuing mandate of our clients on the same terms as presently in  effect.  5.  This irrevocable undertaking, including specifically  the undertakings contained in clauses 3.1 to 3.6 above, will be valid until 1  December 2006 whereafter it will expire.   /s/ S.C. Mildenhall S.C. Mildenhall Chief Investment Officer  For Allan Gray Limited (who warrants that  he is duly authorised hereto) |

 

 
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| TOP FLITE ASSET  MANAGEMENT IRREVOCABLE UNDERTAKING   1.  It is recorded that Gold  Fields Limited, (Registration No. 1988/004880/06) or a wholly owned  subsidiary (the “Purchaser”), JCI Limited, (Registration No. 1894/000854/06)  (“JCI”), JCI Investment Finance (Proprietary) Limited, (Registration No.  2004/005665/07) (“SPV Co”) and JCI Gold Limited (Registration No.  1998/005215/06) (the “Parties”) are entering into an agreement on or about  the date of signature of this irrevocable undertaking (the “Date of  Signature”) in terms of which, inter alia:   1.1.  SPV Co (the “Seller”) is  selling 27 000 000 (twenty seven million) ordinary shares with a par value of  R1.00 each (the “Sold Shares”) in Western Areas Limited’s (the “Company”)  issued share capital, which are currently held by SPV Co, to the Purchaser.  The Purchaser is discharging the purchase price for the Sold Shares by  issuing to the Seller 8 450 000 ordinary shares with a par value of R0.50  (fifty cents) each in its share capital (“Gold Fields Limited Shares”).  Furthermore, the Purchaser undertakes to the Seller that if during the period  commencing on the date upon which Transaction No. 2 (as defined below)  becomes unconditional and terminating three months thereafter it enters into  any transaction to acquire any shares in the Company’s issued share capital  (“Additional Western Areas Shares”) from any entity other than the Seller  (“Additional Entity”) and utilises as consideration ordinary shares in its  share capital and the ratio of the number of issued shares in the Purchaser’s  share capital which it issues to an Additional Entity divided by the number  of Additional Western Areas Shares (“Additional Entity’s Ratio”) is greater  then the Sale Ratio (as defined below), then the Purchaser undertakes to  deliver to the Seller, as soon as is reasonably practicable, such number of  ordinary shares in its share capital which will result in the Sale Ratio  being equal (or as close to being equal as is possible) to the Additional  Entity’s Ratio. If the Purchaser utilises cash or any other form of  consideration or a combination of both and the cash value of the  consideration offered per share in the Company's share capital (“Western  Areas Share”) (calculated at the date that the offer is made) is greater than  R50.75 (fifty rand and seventy five cents) per Western Areas Share (the “Cash  Consideration”), then the Purchaser undertakes to deliver to the Seller, as  soon as is reasonably practicable, such number of ordinary shares in its  share capital which is equal to (or as close to being equal as is possible)  the difference between the Cash Consideration and R50.75 (fifty  rand and seventy five cents) per Western  Areas share. The transaction contemplated in this paragraph 1.1 is  hereinafter referred to as (“Transaction No. 1”). Furthermore, the number of  Gold Fields Limited Shares divided by the number of Sold Shares is  hereinafter referred to as the (“Sale Ratio”);  1.2.   the Seller and JCI Gold have granted the Purchaser an option to  acquire all the remaining ordinary shares which the Seller and JCI Gold hold  in the Company’s issued share capital (the “Remaining Western Area Shares”).  For purposes of clarity, the Remaining Western Area Shares are all of the  shares in the Company’s issued share capital which the Seller and JCI Gold  currently hold, other than the Sold Shares;   1.3.  the Purchaser has granted  the Seller and JCI Gold an option to put all of the Remaining Western Areas  Shares to the Purchaser (the transactions contemplated in paragraphs 1.2 and  this paragraph 1.3 are hereinafter referred to as “Transaction No. 2”).  2.   Should either of the options contemplated in Transaction No. 2 be exercised  then the Purchaser shall discharge the purchase price for the relevant shares  by issuing to JCI such number of ordinary shares with a par value of R0.50  (fifty cents) each in its Shares capital which will result in such discharge  equalling the Sale Ratio or as close to the Sale Ratio as is reasonably  practicable.  3.  We, Top Flite Asset Management (“Top  Flite”) confirm that as at 8 September 2006, third party clients that have  appointed Top Flite as there portfolio manager hold in aggregate 5,000,000  ordinary shares in JCI in respect of which Top Flite has an absolute  discretion to vote on behalf of each such client (“Client Shares”). In  addition Top Flite currently is the beneficial owner of 10,000,000 ordinary  shares in JCI’s issued share capital (“Top Flite Shares”).  3.1.   In respect of the Client Shares and the Top Flite Shares we hereby  irrevocably undertake to vote favour of -   3.1.1.  a shareholders  resolution at the general meeting of JCI (“JCI General Meeting”) approving  the sale of the Sold Shares; |

 

 
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3.1.2. all  resolutions that are put to the shareholders of JCI at the JCI General Meeting  which are required to approve Transaction No. 1 and Transaction No 2;  3.1.3. the entering into of appropriate  hedging structures and/or agreements by JCI, from time to time, as determined  in the discretion of the directors, in respect of the Gold Fields Limited  Shares, or any of them, which will be issued to the Seller in terms of  respectively Transaction No. 1 and Transaction No. 2, in order to  preserve the value to JCI of the consideration received in respect of the  Western Areas Shares sold by the Seller;   3.2. We will not prior to 1 December 2006 dispose of the Top Flite  Shares or any voting rights in respect thereof.  3.3. We will not vote in favour of any  resolution to dispose of the Sold Shares to any third party prior to JCI  General Meeting;  3.4. We will act in  good faith and take all necessary steps including, without limitation, the  exercise of all voting rights which we are able to exercise to influence the  implementation of Transaction No. 1 and Transaction No. 2;  3.5. without derogating from anything  contained herein, to take all such actions as the Purchaser may reasonable  require to give effect to this undertaking including without limitation the  granting of a proxy or letter representation in favour of the Purchaser to  vote at the JCI General Meeting.  /s/  RT Ririe For Top Flite Asst Management (who warrants that he is duly  authorised hereto)  /s/ RT Ririe RT  Ririe 10/9/2006 |

 

 
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| TOP-GOLD AG  MVK’S IRREVOCABLE UNDERTAKING  1.  It is recorded that Gold Fields Limited, (Registration No. 1968/004880/06) or  a wholly owned subsidiary (the “Purchaser”), JCI Limited, (Registration No.  1894/000854/06) (“JCI”), JCI Investment Finance (Proprietary) Limited,  (Registration No. 2004/005665/07) (“SPV Co”) and JCI Gold Limited  (Registration No. 1998/005215/06) (the “Parties”) are entering into an  agreement on or about the date of signature of this irrevocable undertaking  (the “Date of Signature”) in terms of which, inter alia:  1.1. SPV Co (the “Seller”) is selling 27  000 000 (twenty seven million) ordinary shares with a par value of R1.00 each  (the “Sold Shares”) in Western Areas Limited’s (the ”Company”) issued  share capital, which are currently held by SPV Co, to the Purchaser. The  Purchaser is discharging the purchase price for the Sold Shares by issuing to  the Seller 9 450 000 ordinary shares with a par value of R0.50 (fifty cents)  each in its share capital (“Gold Fields Limited Shares”). Furthermore, the  Purchaser undertakes to the Seller that if during the period commencing on  the date upon which Transaction No. 2 (as defined below) becomes  unconditional and terminating three months thereafter it enters into any  transaction to acquire any shares in the Company’s issued share capital  (“Additional Western Areas Shares”) from any entity other than the Seller  (“Additional Entity”) and utilises as consideration ordinary shares in its  share capital and the ratio of the number of issued shares in the Purchaser’s  share capital which it issues to an Additional Entity divided by the number  of Additional Western Areas Shares (“Additional Entity’s Ratio”) is greater  than the Sale Ratio (as defined below), then the Purchaser undertakes to  deliver to the Seller, as soon as is reasonably practicable, such number of  ordinary shares in its share capital which will result in the Sale Ratio  being equal (or as close to being equal as is possible) to the  Additional Entity’s Ratio. If the Purchaser utilises cash or any other form  of consideration or a combination of both and the cash value of the  consideration offered per share in the Company’s share capital (“Western  Areas Share”) (calculated at the date that the offer is made) is greater than  R50.75 (fifty rand) per Western Areas Share (the “Cash Consideration”), then  the Purchaser undertakes to deliver to the Seller, as soon as is reasonably  practicable, such number of ordinary shares in its share capital which is  equal to (or as close to being equal as is possible) the difference between  the Cash Consideration and R50,00 (fifty rand) per Western Areas share. The  transaction contemplated in this paragraph 1.1 is hereinafter referred to as  (“Transaction No. 1”). Furthermore, the number of Gold Fields Limited Shares  divided by the number of Sold Shares is hereinafter referred to as the (“Sale  Ratio”);  1.2. the Seller and JCI Gold  have granted the Purchaser an option to acquire all the remaining ordinary  shares which the Seller and JCI Gold hold in the Company’s issued share  capital (the “Remaining Western Area Shares”). For purposes of clarity, the  Remaining Western Area Shares are all of the shares in the Company’s issued  share capital which the Seller and JCI Gold currently hold, other than the  Sold Shares;  1.3. the Purchaser has  granted the Seller and JCI Gold an option to put all of the Remaining Western  Area Shares to the Purchaser (the transactions contemplated in paragraphs 1.2  and this paragraph 1.3 are hereinafter referred to as “Transaction No.  2”).  2. Should either of the options  contemplated in Transaction No. 2 be exercised then the Purchaser shall  discharge the purchase price for the relevant shares by issuing to JCI such  number of ordinary shares with a par value of R0.50 (fifty cents) each in its  share capital which will result in such discharge equalling the Sale Ratio or  as close to the Sale Ratio as is to the reasonably practicable.  3. We, Top-Gold AG MVK (“Top-Gold”) hereby  irrevocably undertake in favour of the Parties that –  3.1. we currently hold 20 000 000 (twenty  million) ordinary shares in JCI’s issued share capital (the “Top-Gold  Shares”);  3.2. we will vote in favour  of –  3.2.1. a shareholders resolution  at the general meeting of JCI (“JCI General Meeting”) approving the sale of  the Sold Shares;  3.2.2. all  resolutions that are put to the shareholders of JCI at the JCI General  Meeting which are required to approve Transaction No. 1 and Transaction  No. 2; |

 

 
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3.2.3. the  entering into of appropriate hedging structures and/or agreements by JCI,  from time to time, as determined in the discretion of the directors, in  respect of the Gold Fields Limited Shares, or any of them, which will be  issued to the Seller in terms of respectively Transaction No. 1 and  Transaction No. 2, in order to preserve the value to JCI of the consideration  received in respect of the Western Areas Shares sold by the Seller;  3.3. we will not dispose of the Top-Gold  Shares or any voting rights in respect thereof prior to –  3.3.1. the JCI General Meeting; and  3.3.2. having received written notice from  the Purchaser and JCI that Transaction No. 1 has become unconditional in  accordance with its terms;  3.4. we  will not vote in favour of any resolution to dispose of the Sold Shares to  any third party prior to JCI General Meeting;   3.5. we will act in good faith and take all necessary steps including,  without limitation, the exercise of all voting rights which we are able to  exercise to influence the implementation of Transaction No. 1 and Transaction  No. 2;  3.6. on the Date of Signature,  the date on which the JCI General Meeting will be held and the date on which  we receive the written notice referred to in paragraph 3.3.2, we are and will  be the sole registered and beneficial owner of the Top-Gold Shares and will  be reflected in the register of members of JCI as the sole owner thereof  and  3.7. without derogating from  anything contained herein, to take all such actions as the Purchaser may  reasonably require to give effect to this undertaking including without  limitation the granting of a proxy or letter representation in favour of the  Purchaser to vote at the JCI General Meeting.   /s/ [ILLEGIBLE] CEO For Top-Gold AG MVK  (who warrants that she is duly authorised hereto) |

 

 
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| LETSENG  DIAMONDS LIMITED’S IRREVOCABLE UNDERTAKING   1. It is recorded that Gold Fields Limited, (Registration No.  1968/004880/06) (the “Purchaser”), JCI Limited, (Registration No.  1894/000854/06) (“JCI”), JCI Investment Finance (Proprietary) Limited,  (Registration No. 2004/005665/07) (“SPV Co”) and JCI Gold Limited  (Registration No. 1998/005215/06) (the “Parties”) are entering into an  agreement on or about the date of signature of this irrevocable undertaking  (the “Date of Signature”) in terms of which, inter alia:  1.1. SPV Co (the “Seller”) is selling 27  000 000 ordinary shares with a par value of R1.00 each (the “Sold Shares”) in  Western Areas Limited’s (the “Company”) issued share capital, which are  currently held by SPV Co, to the Purchaser. The Purchaser is discharging the  purchase price for the Sold Shares by issuing to the  Seller 9 450 000 ordinary shares with a par value of R0.50  (fifty cents) each in its share capital (“Gold Fields Limited Shares”).  Furthermore, the Purchaser undertakes to the Seller that if during the period  commencing on the date upon which Transaction No. 2 (as defined below)  becomes unconditional and terminating three months thereafter it enters into  any transaction to acquire any shares in the Company’s issued share  capital (“Additional Western Areas Shares”) from any entity other than  the Seller (“Additional Entity”) and utilises as consideration ordinary  shares in its share capital and the ratio of the number of issued shares in  the Purchaser’s share capital which it issues to an Additional Entity divided  by the number of Additional Western Areas Shares (“Additional Entity’s  Ratio”) is greater than the Sale Ratio (as defined below), then the Purchaser  undertakes to deliver to the Seller, as soon as is reasonably practicable,  such number of ordinary shares in its share capital which will result in the  Sale Ratio being equal (or as close to being equal as is possible) to the  Additional Entity’s Ratio. If the Purchaser utilises cash or any other form  of consideration or a combination of both and the cash value of the  consideration offered per share in the Company’s share capital (“Western  Areas Share”) (calculated at the date that the offer is made) is greater than  R50,75 (fifty rand and seventy five cents) per Western Areas Share (the “Cash  Consideration”), then the Purchaser undertakes to deliver to the Seller, as  soon as is reasonably practicable, such number of ordinary shares in its share  capital which is equal to (or as close to being equal as is possible) the  difference between the Cash Consideration and R50,75 (fifty rand and seventy  five cents) per Western Areas share. The transaction contemplated in this  paragraph 1.1 is hereinafter referred to as (“Transaction No. 1”).  Furthermore, the number of Gold Fields Limited Shares divided by the number  of Sold Shares is hereinafter referred to as the (“Sale Ratio”);  1.2. the Seller and JCI Gold have granted  the Purchaser an option to acquire all the remaining ordinary shares which  the Seller and JCI Gold hold in the Company’s issued share capital (the  “Remaining Western Area Shares”). For purposes of clarity, the Remaining  Western Area Shares are all of the shares in the Company’s issued share  capital which the Seller and JCI Gold currently hold, other than the Sold  Shares;  1.3. the Purchaser has granted  the Seller and JCI Gold an option to put all of the Remaining Western Area  Shares to the Purchaser (the transactions contemplated in paragraphs 1.2 and  this paragraph 1.3 are hereinafter referred to as “Transaction No. 2”).  2. Should either of the options  contemplated in Transaction No. 2 be exercised then the Purchaser shall  discharge the purchase price for the relevant shares by issuing to JCI such  number of ordinary shares with a par value of R0.50 (fifty cents) each in its  share capital which will result in such discharge equalling the Sale Ratio or  as close to the Sale Ratio as is reasonably practicable.  3. We Letseng Diamonds Limited  (Registration No. 31750) (“Letseng”) hereby irrevocably undertake in favour  of the Parties that –  3.1. we are  currently the registered holders of 177 455 884 (hundred and seventy seven  million four hundred and fifty five thousand and eight hundred and eighty  four) ordinary shares in JCI’s issued share capital (the “Letseng  Shares”);  3.2. we will vote in favour  of –  3.2.1. a shareholders resolution  at the general meeting of JCI (“JCI General Meeting”) approving the sale of  the Sold Shares and the shares in Transaction No. 2; |

 
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3.2.2. the  entering into of appropriate hedging structures and/or agreements by JCI,  from time to time, as determined in the discretion of the directors, in  respect of the Gold Fields Limited Shares, or any of them, which will be  issued to the Seller in terms of respectively Transaction No. 1 and  Transaction No. 2, in order to preserve the value to JCI of the consideration  received in respect of the Western Areas Shares sold by the Seller;  3.3. we will not for a period of 3 (three)  months from date hereof dispose of or agree to dispose of the Letseng Shares  or any voting rights in respect thereof prior to –  3.3.1. the JCI General Meeting; and  3.3.2. having received written notice from  the Purchaser and JCI that Transaction No. 1 has become unconditional in  accordance with its terms;  without  binding all subsequent registered holders to this irrevocable undertaking who  shall forthwith on acquiring the shares provide the Parties hereto with an  undertaking on the same terms as this undertaking;  3.4. we will act in good faith;  3.5. should we not be in a position to  attend any JCI General Meeting relating to the sale of the shares referred to  in clause 3.2 we will appoint a proxy to vote in accordance with this  undertaking;  4. I, Montague  Koppel,  4.1. hereby irrevocably  undertake in favour of the Parties that all of the undertakings set out in  paragraph 3 above –  4.1.1. are  correct; and  4.1.1 capable of being  fulfilled.  /s/ Monty Koppel for  Letseng Diamonds Limited (who warrants that he is duly authorised  hereto)   /s/ Monty Koppel Monty Koppel |

 
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| HAWKHURST  INVESTMENT LIMITED’S IRREVOCABLE UNDERTAKING   1.  It is recorded that Gold  Fields Limited, (Registration No. 1968/004880/06) (the “Purchaser”), JCI  Limited, (Registration No. 1894/000854/06) (“JCI”), JCI Investment  Finance (Proprietary) Limited, (Registration No. 2004/005665/07) (“SPV  Co”) and JCI Gold Limited (Registration No. 1998/005215/06) (the  “Parties”) are entering into an agreement on or about the date of signature of  this irrevocable undertaking (the “Date of Signature”) in terms of which,  inter alia:  1.1.  SPV Co (the “Seller”) is selling 27 000 000  ordinary shares with a par value of R1.00 each (the “Sold Shares”) in Western  Areas Limited’s (the “Company”) issued share capital, which are currently  held by SPV Co, to the Purchaser.  The  Purchaser is discharging the purchase price for the Sold Shares by issuing to  the Seller 9 450,000 ordinary shares with a par value of R0.50 (fifty cents)  each in its share capital (“Gold Fields Limited Shares”). Furthermore, the  Purchaser undertakes to the Seller that if during the period commencing on  the date upon which Transaction No. 2 (as defined below) becomes  unconditional and terminating three months thereafter it enters into any  transaction to acquire any shares in the Company’s issued share capital  (“Additional Western Areas Shares”) from any entity other than the Seller  (“Additional Entity”) and utilises as consideration ordinary shares in its  share capital and the ratio of the number of issued shares in the Purchaser’s  share capital which it issues to an Additional Entity divided by the number  of Additional Western Areas Shares (“Additional Entity’s Ratio”) is greater  than the Sale Ratio (as defined below), then the Purchaser undertakes to  deliver to the Seller, as soon as is reasonably practicable, such number of  ordinary shares in its share capital which will result in the Sale Ratio  being equal (or as close to being equal as is possible) to the Additional  Entity’s Ratio. If the Purchaser utilises cash or any other form of  consideration or a combination of both and the cash value of the  consideration offered per share in the Company’s share capital (“Western  Areas Share”) (calculated at the date that the offer is made) is greater than  R50,75 (fifty rand and seventy five cents) per Western Areas Share (the “Cash  Consideration”), then the Purchaser undertakes to deliver to the Seller, as  soon as is reasonably practicable, such number of ordinary shares in its  share capital which is equal to (or as close to being equal as is possible)  the difference between the Cash Consideration and R50,75 (fifty rand and  seventy five cents) per Western Areas share. The transaction contemplated in  this paragraph 1.1 is hereinafter referred to as (“Transaction No.1”).  Furthermore, the number of Gold Fields Limited Shares divided by the number  of Sold Shares is hereinafter referred to as the (“Sale Ratio”);  1.2.   the Seller and JCI Gold have granted the Purchaser an option to  acquire all the remaining ordinary shares which the Seller and JCI Gold hold  in the Company’s issued share capital (the “Remaining Western Area Shares”).  For purposes of clarity, the Remaining Western Area Shares are all of the  shares in the Company’s issued share capital which the Seller and JCI Gold  currently hold, other than the Sold Shares;   1.3.  the Purchaser has granted  the Seller and JCI Gold an option to put all of the Remaining Western Area  Shares to the Purchaser (the transactions contemplated in paragraphs 1.2 and  this paragraph 1.3 are hereinafter referred to as “Transaction  No. 2”).  2.  Should either of the options contemplated  in Transaction No. 2 be exercised then the Purchaser shall discharge the  purchase price for the relevant shares by issuing to JCI such number of  ordinary shares with a par value of R0.50 (fifty cents) each in its share  capital which will result in such discharge equalling the Sale Ratio or as  close to the Sale Ratio as is reasonably practicable.  3.   We Hawkhurst Investments Limited, (Registration  No. 1959/003209/06) (“Hawkhurst”) hereby irrevocably undertake in favour  of the Parties that –  3.1.  we are currently the registered holders of  212 165 628 (two hundred and twelve million one hundred and sixty five  thousand six hundred and twenty eight) ordinary shares in JCI’s issued share  capital (the “Hawkhurst Shares”);   3.2.  we will vote in favour of  –  3.2.1.  a shareholders resolution at the general  meeting of JCI (“JCI General Meeting”) approving the sale of the Sold Shares  and the shares in Transaction No 2, |

 

 
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3.2.2.  the entering into of appropriate hedging  structures and/or agreements by JCI, from time to time, as determined in the  discretion of the directors, in respect of the Gold Fields Limited Shares, or  any of them, which will be issued to the Seller in terms of respectively  Transaction No. 1 and Transaction No. 2, in order to preserve the  value to JCI of the consideration received in respect of the Western Areas  Shares sold by the Seller;  3.3.  we will not for a period of 3 (three)  months from date hereof dispose of or agree to dispose of the Hawkhurst  Shares or any voting rights in respect thereof prior to –  3.3.1.   the JCI General Meeting; and   3.3.2.  having received written  notice from the Purchaser and JCI that Transaction No. 1 has become  unconditional in accordance with its terms;   without binding all subsequent registered holders to this irrevocable  undertaking who shall forthwith on acquiring the shares provide the Parties  hereto with an undertaking on the same terms as this undertaking,  3.4.   we will act in good faith;   3.5.  should we not be in a  position to attend any JCI General Meeting relating to the sale of the shares  referred to in clause 3.2 we will appoint a proxy to vote in accordance with  this undertaking.  4.  I, Montague Koppel,  4.1.   hereby irrevocably undertake in favour of the Parties that all of the  undertakings set out in paragraph 3 above –   4.1.1.  are correct; and  4.1.2.  capable of being  fulfilled.  /s/ Montague Koppel for  Hawkhurst Investments Limited (who warrants that he is duly authorised  hereto)   /s/ Montague Koppel Montague  Koppel |

 
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| RANDGOLD &  EXPLORATION COMPANY LIMITED’S IRREVOCABLE UNDERTAKING  1.   It is recorded that Gold Fields Limited, (Registration  No. 1968/004880/06) or a wholly owned subsidiary (the “Purchaser”), JCI  Limited, (Registration No. 1894/000854/06) (“JCI”), JCI Investment  Finance (Proprietary) Limited, (Registration No. 2004/005665/07) (“SPV  Co”) and JCI Gold Limited (Registration No. 1998/005215/06) (the  “Parties”) are entering into an agreement on or about the date of signature  of this irrevocable undertaking (the “Date of Signature”) in terms of which,  inter alia:  1.1  SPV Co (the “Seller”) is selling 27 000 000  (twenty seven million) ordinary shares with a par value of R1.00 each (the  “Sold Shares”) in Western Areas Limited’s (the “Company”) issued share  capital, which are currently held by SPV Co, to the Purchaser.  The Purchaser is discharging the purchase  price for the Sold Shares by issuing to the Seller 9 450 000 ordinary shares  with a par value of R0.50 (fifty cents) each in its share capital (“Gold  Fields Limited Shares”). Furthermore, the Purchaser undertakes to the Seller  that if during the period commencing on the date upon which Transaction No. 2  (as defined below) becomes unconditional and terminating three months  thereafter it enters into any transaction to acquire any shares in the  Company’s issued share capital (“Additional Western Areas Shares”) from any  entity other than the Seller (“Additional Entity”) and utilises as  consideration ordinary shares in its share capital and the ratio of the  number of issued shares in the Purchaser’s share capital which it issues to  an Additional Entity divided by the number of Additional Western Areas Shares  (“Additional Entity’s Ratio”) is greater than the Sale Ratio (as defined  below), then the Purchaser undertakes to deliver to the Seller, as soon as is  reasonably practicable, such number of ordinary shares in its share capital  which will result in the Sale Ratio being equal (or as close to being equal  as is possible) to the Additional Entity’s Ratio. If the Purchaser utilises  cash or any other form of consideration or a combination of both and the cash  value of the consideration offered per share in the Company’s share capital  (“Western Areas Share”) (calculated at the date that the offer is made) is  greater than R50,75 (fifty rand and seventy five cents) per Western Areas  Share (the “Cash Consideration”), then the Purchaser undertakes to deliver to  the Seller, as soon as is reasonably practicable, such number of ordinary  shares in its share capital which is equal to (or as close to being equal as  is possible) the difference between the Cash Consideration and R50,75 (fifty  rand and seventy five cents) per Western Areas share. The transaction  contemplated in this paragraph 1.1 is hereinafter referred to as  (“Transaction No.1”). Furthermore, the number of Gold Fields Limited Shares  divided by the number of Sold Shares is hereinafter referred to as the (“Sale  Ratio”);  1.2  the Seller and JCI Gold have granted the  Purchaser an option to acquire all the remaining ordinary shares which the  Seller and JCI Gold hold in the Company’s issued share capital (the  “Remaining Western Area Shares”). For purposes of clarity, the Remaining  Western Area Shares are all of the shares in the Company’s issued share  capital which the Seller and JCI Gold currently hold, other than the Sold  Shares;  1.3  the Purchaser has granted the Seller and  JCI Gold an option to put all of the Remaining Western Area Shares to the  Purchaser (the transactions contemplated in paragraphs 1.2 and this paragraph  1.3 are hereinafter referred to as “Transaction No. 2”).  2.   Should either of the options contemplated in Transaction No. 2 be  exercised then the Purchaser shall discharge the purchase price for the  relevant shares by issuing to JCI such number of ordinary shares with a par  value of R0.50 (fifty cents) each in its share capital which will result in  such discharge equalling the Sale Ratio or as close to the Sale Ratio as is  reasonably practicable.  3.  We, Randgold & Exploration Company  Limited (Registration No. 1992/005642/06) (“Randgold”) hereby  irrevocably undertake in favour of the Parties that –  3.1.   we currently hold 89 526 009 (eighty nine million five hundred and  twenty six thousand and nine) ordinary shares in JCI’s issued share capital  (the “Randgold Shares”);  3.2.  we will vote in favour of –  3.2.1.   a shareholders resolution at the general meeting of JCI (“JCI General  Meeting”) approving the sale of the Sold Shares; |

 

 
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3.2.2.  all resolutions that are put to the  shareholders of JCI at the JCI General Meeting which are required to approve  Transaction No. 1 and Transaction No. 2;  3.2.3.   the entering into of appropriate hedging structures and/or agreements  by JCI, from time to time, as determined in the discretion of the directors,  in respect of the Gold Fields Limited Shares, or any of them, which will be  issued to the Seller in terms of respectively Transaction No. 1 and  Transaction No. 2, in order to preserve the value to JCI of the  consideration received in respect of the Western Areas Shares sold by the  Seller;  3.3.  we will not dispose of the Randgold Shares  or any voting rights in respect thereof prior to –  3.3.1.   the JCI General Meeting; and   3.3.2.  having received written  notice from the Purchaser and JCI that Transaction No. 1 has become  unconditional in accordance with its terms;   3.4.  we will not vote in favour  of any resolution to dispose of the Sold Shares to any third party prior to  JCI General Meeting;  3.5.  we will act in good faith and take all  necessary steps including, without limitation, the exercise of all voting  rights which we are able to exercise to influence the implementation of  Transaction No. 1 and Transaction No. 2;  3.6   on the Date of Signature, the date on which the JCI General Meeting  will be held and the date on which we receive the written notice referred to  in paragraph 3.3.2, we are and will be the sole registered and beneficial  owner of the Randgold Shares and will be reflected in the register of members  of JCI as the sole owner thereof’ and   3.7  without derogating from  anything contained herein, to take all such actions as the Purchaser may  reasonable require to give effect to this undertaking including without  limitation the granting of a proxy or letter representation in favour of the  Purchaser to vote at the JCI General Meeting   /s/ [ILLEGIBLE] For Randgold & Exploration Company Limited  (who warrants that she is duly authorised hereto) |

 

**TABLE OFCONTENTS**
| CLAUSE NUMBER AND  DESCRIPTION        | ** **                                                | **PAGE** |
|---------------------------------------|-----------------------------------------------------------|----------|
|                                  |                                                      |     |
| PART I                                |                                                      | 2        |
|                                  |                                                      |     |
| 1.                                    | INTERPRETATION AND PRELIMINARY                            |     | 2 |
|                                  |                                                      |     |   |
| PART II – TRANSACTION NO. 1 |                                                      | 9        |
|                                  |                                                      |     |
| 2.                                    | TRANSACTION NO. 1 CONDITIONS PRECEDENT               |     | 9 |
|                                  |                                                      |     |   |
| 3.                                    | SALE OF THE SOLD SHARES                                   |     | 13 |
|                                  |                                                      |     |   |
| 4.                                    | EXCHANGE CONSIDERATION AND DISCHARGE OBLIGATION           |     | 13 |
|                                  |                                                      |     |   |
| 5.                                    | IMPLEMENTATION                                            |     | 13 |
|                                  |                                                      |     |   |
| 6.                                    | VOTING IN RESPECT OF THE SOLD SHARES                      |     | 14 |
|                                  |                                                      |     |   |
| 7.                                    | JCI’S WARRANTIES AND UNDERTAKINGS                    |     | 14 |
|                                  |                                                      |     |   |
| 8.                                    | WARRANTIES AND REPRESENTATIONS                            |     | 17 |
|                                  |                                                      |     |   |
| 9.                                    | GOLD FIELDS LIMITED’S WARRANTIES AND REPRESENTATIONS |     | 18 |
|                                  |                                                      |     |   |
| 10.                                   | PURCHASER’S UNDERTAKING                              |     | 19 |
|                                  |                                                      |     |   |
| 11.                                   | TRANSACTION NO. 1 BREACH                             |     | 21 |
|                                  |                                                      |     |   |
| PART III – TRANSACTION NO. 2     |                                                      | 21       |
|                                  |                                                      |     |
| 12.                                   | TRANSACTION NO. 2 CONDITION PRECEDENT                |     | 21 |
|                                  |                                                      |     |   |
| 13.                                   | CALL OPTIONS                                              |     | 22 |
|                                  |                                                      |     |   |
| 14.                                   | PUT OPTIONS                                               |     | 27 |
|                                  |                                                      |     |   |
| 15.                                   | THE SELLER’S WARRANTIES                              |     | 30 |
|                                  |                                                      |     |   |
| 16.                                   | JCI GOLD’S UNDERTAKINGS                              |     | 31 |
|                                  |                                                      |     |   |
| 17.                                   | PURCHASER’S WARRANTIES                               |     | 31 |
|                                  |                                                      |     |   |
| 18.                                   | UNDERTAKINGS                                              |     | 32 |
|                                  |                                                      |     |   |
| 19.                                   | TRANSACTION NO. 2 BREACH                             |     | 33 |
|                                  |                                                      |     |   |
| PART IV – GENERAL AGREEMENT      |                                                      | 33       |
|                                  |                                                      |     |
| 20.                                   | MANDATORY OFFER AND SRP INDEMNITY                         |     | 33 |
|                                  |                                                      |     |   |
| 21.                                   | CONFIDENTIALITY                                           |     | 34 |

 

----

 
| 22.                                                 | GOLD FIELDS LIMITED’S RIGHT TO NOMINATE |   | 35     |
|-----------------------------------------------------|----------------------------------------------|--------|--------|
|                                                |                                         |   |   |
| 23.                                                 | SURETYSHIP BY GOLD FIELDS LIMITED            |   | 36     |
|                                                |                                         |   |   |
| 24.                                                 | SURETYSHIP BY JCI                            |   | 36     |
|                                                |                                         |   |   |
| 25.                                                 | LOCK UP                                      |   | 37     |
|                                                |                                         |   |   |
| 26.                                                 | SPECIFIC PERFORMANCE                         |   | 38     |
|                                                |                                         |   |   |
| 27.                                                 | WHOLE AGREEMENT, NO AMENDMENT                |   | 39     |
|                                                |                                         |   |   |
| 28.                                                 | DOMICILIA CITANDI ET EXECUTANDI              |   | 40     |
|                                                |                                         |   |   |
| 29.                                                 | NO CESSION OR ASSIGNMENT                     |   | 41     |
|                                                |                                         |   |   |
| 30.                                                 | COSTS                                        |   | 41     |
|                                                |                                         |   |   |
| 31.                                                 | COUNTERPARTS                                 |   | 41     |
|                                                |                                         |   |   |
| 32.                                                 | LEGAL COSTS                                  |   | 42     |
|                                                |                                         |   |   |
| ANNEXURE A – INVESTEC’S UNDERTAKINGS |                                         | 1      |
|                                                |                                         |   |
| ANNEXURE B – THE DRAFT ANNOUNCEMENT       |                                         | 1      |
|                                                |                                         |   |
| ANNEXURE C – IRREVOCABLE UNDERTAKINGS          |                                         | 1      |

 

----