Document:

Agency Agreement in respect of the Domestic Medium Term Note Programme

 Exhibit 4.19 
 Gold Fields_Agency Agreement 
 AGENCY AGREEMENT 
 in respect of the 
 ZAR10,000,000,000 
 GOLD FIELDS LIMITED DOMESTIC MEDIUM TERM NOTE PROGRAMME 
 Dated 6 October 2009 
 entered between 
 GOLD FIELDS LIMITED 
 (as Issuer) 
 and 
 ABSA CAPITAL (a division of Absa Bank Limited) 
 (as Paying Agent) 
 and 
 ABSA CAPITAL (a division of Absa Bank Limited) 
 (as Transfer Agent) 
  
  
 

 

 TABLE OF CONTENTS 
  

					
	1	  	 INTERPRETATION
	  	4
			
	2	  	 INTRODUCTION
	  	16
			
	3	  	 APPOINTMENT AS TRANSFER AGENT
	  	17
			
	4	  	 APPOINTMENT AS CALCULATION AGENT
	  	18
			
	5	  	 APPOINTMENT OF PAYING AGENT
	  	19
			
	6	  	 REGISTER
	  	19
			
	7	  	 sub-register
	  	21
			
	8	  	 TRANSFER OF NOTES
	  	23
			
	9	  	 ISSUE OF GLOBAL CERTIFICATES
	  	24
			
	10	  	 ISSUE OF INDIVIDUAL CERTIFICATES
	  	26
			
	11	  	 TERMS OF ISSUE OF CERTIFICATES
	  	28
			
	12	  	 PAYMENTS
	  	30
			
	13	  	 EXCHANGEABLE NOTES
	  	35
			
	14	  	 DETERMINATIONS AND NOTIFICATIONS IN RESPECT OF NOTES
	  	35
			
	15	  	 INTEREST DETERMINATION INCLUDING FALLBACK PROVISIONS
	  	37
			
	16	  	 NOTICE OF WITHHOLDING OR DEDUCTION
	  	41
			
	17	  	 DUTIES OF THE TRANSFER AGENT IN CONNECTION WITH EARLY REDEMPTION
	  	41
			
	18	  	 RECEIPT AND PUBLICATION OF NOTICES
	  	44
			
	19	  	 CANCELLATION OF NOTES
	  	44
			
	20	  	 EXCHANGE OR REPLACEMENT OF CERTIFICATES
	  	46
			
	21	  	 COPIES OF DOCUMENTS AVAILABLE FOR INSPECTION
	  	48
			
	22	  	 MEETINGS OF NOTEHOLDERS
	  	49
			
	23	  	 COMMISSIONS AND EXPENSES
	  	49
			
	24	  	 INDEMNITY
	  	50
			
	25	  	 TERMS AND CONDITIONS OF APPOINTMENT
	  	51
			
	26	  	 CHANGES IN AGENTS
	  	54
			
	27	  	 MERGER AND CONSOLIDATION
	  	59
			
	28	  	 CHANGE OF SPECIFIED OFFICE
	  	60
			
	29	  	 NOTICES
	  	60
			
	30	  	 TAXES AND STAMP DUTIES
	  	61
			
	31	  	 OTHER COSTS
	  	61

  

 

 
  

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	32	  	 AMENDMENTS
	  	62
			
	33	  	 GOVERNING LAW AND SUBMISSION TO JURISDICTION
	  	62
			
	34	  	 DISPUTE RESOLUTION
	  	63
			
	35	  	 COUNTERPARTS
	  	63

 ANNEXES 
  

			
	 SCHEDULE 1:
	  	 TERMS AND CONDITIONS OF THE NOTES

		
	 SCHEDULE 2:
	  	 FORM OF NOTES

		
	 SCHEDULE 3:
	  	 PRICING SUPPLEMENT

		
	 SCHEDULE 4:
	  	 PROVISIONS FOR MEETINGS OF NOTEHOLDERS

		
	 SCHEDULE 5:
	  	 FORM OF PUT NOTICE

		
	 SCHEDULE 6
	  	 BANKING DETAILS

		
	 APPENDIX A:
	  	 ACCESSION LETTER (TRANSFER AGENT)

		
	 APPENDIX B:
	  	 FORM OF CALCULATION AGENCY AGREEMENT

		
	 APPENDIX C:
	  	 ACCESSION LETTER (PAYING AGENT)

  

 

 
  

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	1	INTERPRETATION 

  

	1.1	Terms and expressions defined in the Programme Agreement not otherwise defined in this Agreement shall have the same meanings in this Agreement, except where the
context otherwise requires or otherwise defined in this Agreement. 

  

	1.2	Without prejudice to the foregoing and unless the context otherwise requires, terms used in this Agreement and in the Schedules and Appendices hereto shall have the
meanings given to them as follows: 

  

	1.2.1	“Absa Capital” means Absa Capital, a division of Absa Bank Limited, Registration Number 1986/004794/06, a registered bank and public company with
limited liability incorporated in South Africa; 

  

	1.2.2	“Agreement” means this amended and restated agreement and appendices and schedules hereto; 

  

	1.2.3	“Applicable Pricing Supplement” means the Pricing Supplement relating to each Tranche of Notes; 

  

	1.2.4	“Applicable Procedures” means the rules and operating procedures for the time being of the Central Securities Depository, Settlement Agents, the bond
market of the JSE and or any such other relevant financial exchange, as the case may be; 

  

	1.2.5	“Beneficial Interest” means the undivided share of a co-owner of the Notes represented by a Global Certificate or held in uncertificated form, as
provided in section 41 of the Securities Services Act, 2004; 

  

 

 

	1.2.6	“Business Day” means a day (other than a Saturday or Sunday or public holiday within the meaning of the Public Holidays Act, 1994) which is a day on
which commercial banks settle ZAR payments in Johannesburg or any Additional Business Centre specified in the Applicable Pricing Supplement save that if the Applicable Pricing Supplement so provides, “Business Day” shall include a
Saturday; 

  

	1.2.7	“Calculation Agent” means such entity appointed by the Issuer as Calculation Agent either in respect of the Programme or a Tranche or Series of Notes
issued under the Programme pursuant to the execution of a Calculation Agency Agreement in the form of Appendix B to this Agreement; 

  

	1.2.8	“Central Securities Depository” means Strate Limited (registration number 1998/022242/06), operating as a central securities depository duly licensed
as such in terms of the Securities Services Act, 2004, or any successor thereto; 

  

	1.2.9	“Certificates” means Global Certificates or Individual Certificates; 

  

	1.2.10	“Dealers” means Absa Capital, Nedbank Capital and/or any other additional Dealer appointed under the Programme Agreement from time to time, which
appointment may be for a specific issue of Notes or on an ongoing basis; 

  

	1.2.11	“Designated Maturity” has the meaning given to that expression in the ISDA Definitions specified in the Applicable Pricing Supplement;

  

	1.2.12	“Financial Exchange” means the bond market of the JSE or its successor and any other or future exchange or exchanges duly licensed to operate as such
in terms of the Securities Services Act, 2004, on which any Notes 

  
 

 
  

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are listed, and references in this Agreement to the “Relevant Financial Exchange” shall, in relation to any Notes, be references to the exchange, stock exchange or exchanges or
stock exchanges on which such Notes are from time to time, or are intended to be, listed; 

  

	1.2.13	“FirstRand” means FirstRand Bank Limited, (Registration Number 1929/001225/06) (acting through its Rand Merchant Bank Division) a limited liability
public company incorporated in South Africa and registered as a bank in terms of the Banks Act, 1990; 

  

	1.2.14	“Fixed Rate Notes” means Notes on which interest is calculated at a fixed rate payable in arrears on a fixed date or dates in each year and on
redemption or on such other dates as may be specified in the Applicable Pricing Supplement; 

  

	1.2.15	“Floating Rate Notes” means Notes on which interest is calculated at a floating rate payable, one, two, three, six or twelve monthly or in respect of
such other period or on such date(s) as may be specified in the Applicable Pricing Supplement; 

  

	1.2.16	“Global Certificate” means the single certificate, without interest coupons, registered in the name of the Central Securities Depository and
representing those Registered Notes issued in terms of the Terms and Conditions which are lodged and immobilised in the Central Securities Depository, other than those Notes represented by Individual Certificates, such certificate being in the form
or substantially in the form set out in Part I of Schedule 2 with such modifications (if any) as may be agreed in writing between the Issuer, the Transfer Agent and the Relevant Dealer and having the Terms and Conditions incorporated therein by
reference and having the Applicable Pricing Supplement (or the relevant provisions thereof) attached thereto; 

  
 

 
  

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	1.2.17	“Guarantee” means the unconditional and irrevocable guarantee given by each Guarantor, jointly and severally, to all Noteholders;

  

	1.2.18	“Guarantors” means each of GFI Mining South Africa (Proprietary) Limited, incorporated in the Republic of South Africa, Registration Number
2002/031431/07, Gold Fields Operations Limited, incorporated in the Republic of South Africa, Registration Number 1959/003209/06, Gold Fields Orogen Holding (BVI) Limited, incorporated in the British Virgin Islands, Registration Number 184982 and
Gold Fields Holdings Company (BVI) Limited, incorporated in the British Virgin Islands, Registration Number 651406; 

  

	1.2.19	“Indexed Interest Notes” means Notes in respect of which the Interest Amount is calculated by reference to such index and/or formula as may be
specified in the Applicable Pricing Supplement; 

  

	1.2.20	“Indexed Note” means an Indexed Interest Note and/or an Indexed Redemption Amount Note, as applicable; 

  

	1.2.21	“Indexed Redemption Amount Notes” means Notes in respect of which the Final Redemption Amount is calculated by reference to an index and/or a formula
as may be specified in the Applicable Pricing Supplement; 

  

	1.2.22	“Individual Certificate” means in respect of Registered Notes, evidenced by the definitive registered form of a single Certificate each such
Certificate being in the form or substantially in the form set out in 

  
 

 
  

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Part I (in respect of Registered Notes), of Schedule 2 with such modifications (if any) as may be determined by the Issuer, the Transfer Agent and the Relevant Dealer and having the Terms and
Conditions incorporated therein by reference (unless otherwise determined by the Issuer) and having the Applicable Pricing Supplement (or the relevant provisions thereof) attached thereto; 

  

	1.2.23	“Instalment Amount” means the amount expressed as a percentage of the Principal Amount of an Instalment Note, being an instalment of principal (other
than the final instalment) on an Instalment Note; 

  

	1.2.24	“Instalment Notes” means Notes redeemable in Instalment Amounts by the Issuer on an amortised basis on different Instalment Dates as specified in the
Applicable Pricing Supplement; 

  

	1.2.25	“Interest Payment Date(s)” means the Interest Payment Date(s) specified in the Applicable Pricing Supplement or if no express Interest Payment Date(s)
is/are specified in the Applicable Pricing Supplement, each date which occurs after a certain period after the preceding Interest Payment Date (being such period as is specified in the Applicable Pricing Supplement) or, in the case of the first
Interest Payment Date, after the Interest Commencement Date; 

  

	1.2.26	“Interest Rate” means the rate or rates of interest applicable to Notes other than Zero Coupon Notes; 

  

	1.2.27	“Issue Date” means the date of issue of a Note, in each case pursuant to and in accordance with the Programme Agreement or any other agreement between
the Issuer and the Relevant Dealer and as set out in the Applicable Pricing Supplement; 

  
 

 
  

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	1.2.28	“Issue Price” means the total subscription price payable in respect of a Note and as set out in the Applicable Pricing Supplement;

  

	1.2.29	“Issuer” means Gold Fields Limited (registration number 1968/04880/06); 

  

	1.2.30	“Last Day to Register” means with respect to a particular Series of Notes (as specified in the Applicable Pricing Supplement), the last day immediately
preceding an Interest Payment Day on which the Agent will accept Transfer Forms and record the transfer of Notes in the Register for that particular Series of Notes and whereafter the Register is closed for further transfers or entries until the
Payment Day; 

  

	1.2.31	“JSE” means the JSE Limited (Registration Number 2005/022939/06), a licensed financial exchange in terms of the Securities Services Act or any exchange
which operates as a successor exchange to the JSE, or, where the context so requires, such other or further exchange or exchanges on which the Notes are listed; 

  

	1.2.32	“Maturity Date” means in relation to a Note, the date on which it is expressed to be redeemable as specified in the Applicable Pricing Supplement;

  

	1.2.33	“Nedbank Capital” means Nedbank Capital, a division of Nedbank Limited, Registration Number 1951/000009/06, a registered bank and public company with
limited liability incorporated in South Africa; 

  

	1.2.34	“Noteholders” means the holders of the Registered Notes (as recorded in the Register kept by the Transfer Agent under this Agreement and in terms of
the Terms and Conditions); 

  
 

 
  

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	1.2.35	“Notes” means the notes issued or to be issued by the Issuer under the Programme and represented by a Certificate as well as Uncertificated Notes;

  

	1.2.36	“Outstanding” means in relation to the Notes, all the Notes issued other than - 

  

	1.2.36.1	those which have been redeemed in full in accordance with the Terms and Conditions; 

  

	1.2.36.2	those in respect of which the date for redemption in accordance with the Terms and Conditions has occurred and the redemption moneys wherefor (including all interest
(if any) accrued thereon up to the date for such redemption and any interest (if any) payable under the Terms and Conditions after such date) have been duly paid to the Paying Agent as provided herein (and, where appropriate, notice has been given
to the Noteholders of the relevant Series in accordance with Condition 17 of the Terms and Conditions) and remain available for payment to the Relevant Noteholders against presentation of Certificates; 

  

	1.2.36.3	those which have been purchased and cancelled as provided in Condition 9 of the Terms and Conditions; 

  

	1.2.36.4	those which have become prescribed under Condition 14 of the Terms and Conditions; 

  
 

 
  

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	1.2.36.5	Notes represented by mutilated or defaced Certificates which have been surrendered in exchange for replacement Certificates pursuant to Condition 11 of the Terms
and Conditions; 

  

	1.2.36.6	(for the purpose only of determining how many Notes are outstanding and without prejudice to their status for any other purpose) those Notes represented by Certificates
alleged to have been lost, stolen or destroyed and in respect of which replacement Certificates have been issued pursuant to Condition 11 of the Terms and Conditions, 

 provided that for each of the following purposes, namely - 
  

	1.2.36.6.1	the right to attend and vote at any meeting of the Noteholders; and 

  

	1.2.36.6.2	the determination of how many and which Notes are for the time being Outstanding for the purposes of Conditions 18 and 19 of the Terms and Conditions,

 all Notes (if any) which are for the time being held by the Issuer (subject to any applicable law) or by any
person for the benefit of the Issuer and not cancelled (unless and until ceasing to be so held); 
 shall be deemed not to be
Outstanding; 
  

	1.2.37	“Paying Agent” means Absa Capital and/or such other entity appointed by the Issuer as Paying Agent either in respect of the Programme or a Tranche or
Series of Notes issued under the Programme pursuant to the execution of an accession letter substantially in the form of Appendix C to this Agreement; 

  

	1.2.38	“Put Notice” means a notice in the form set out in Schedule 5; 

  

 

 
  

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	1.2.39	“Reference Banks” means FirstRand, Standard Bank, Absa Capital and Nedbank; 

  

	1.2.40	“Registered Note” means a note issued in registered form and transferable in accordance with Condition 13.1 of the Terms and Conditions;

  

	1.2.41	“Relevant Dealer” shall, in relation to any Note, be a reference to the Dealer or Dealers with whom the Issuer has agreed the issue of that Note;

  

	1.2.42	“Representative” means a person duly authorised to act on behalf of a Noteholder, who may be regarded by the Issuer, the Transfer Agent and the Paying
Agent (all acting in good faith) as being duly authorised based upon the tacit or express representation thereof by such representative, in the absence of express written notice to the contrary from such Noteholder; 

  

	1.2.43	“Screen Rate Determination” means the method, as specified in the Applicable Pricing Supplement, in terms of which the Interest Rate specified in the
Applicable Pricing Supplement for a particular Tranche of Notes is to be determined; 

  

	1.2.44	“Series” means a Tranche of the Notes together with any further Tranche or Tranches of the Notes which are (i) expressed to be consolidated and
form a single series and (ii) identical in all respects (including as to listing) except for their respective Issue Dates, Interest Commencement Dates and/or Issue Prices; 

  

	1.2.45	“Settlement Agent” means a Participant, approved by the JSE or any other Relevant Financial Exchange to perform electronic net settlement of both funds
and scrip on behalf of market participants; 

  
 

 
  

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	1.2.46	“Standard Bank” means The Standard Bank of South Africa Limited, Registration Number 1962/000738/06 (acting through its Corporate and Investment
Banking Division), a limited liability public company incorporated in South Africa and registered as a bank in terms of the Banks Act, 1990; 

  

	1.2.47	“Sub-register” means a subregister as contemplated in section 91A of the Companies Act, 1973; 

  

	1.2.48	“Terms and Conditions” means in relation to the Notes, the terms and conditions in accordance with which the Notes will be issued, and which may be
endorsed on or incorporated by reference in the Certificate representing the Note or Notes, such Terms and Conditions being in or substantially in the form set out in Schedule 1 or in such other form, as may be agreed between the Issuer and the
Relevant Dealer, as modified and supplemented by the Applicable Pricing Supplement relating to the Notes of the relevant Series; 

  

	1.2.49	“Tranche” means all Notes which are identical in all respects (including as to listing) and are issued in a single issue; 

  

	1.2.50	“Transfer Agent” means Absa Capital or such other entity appointed by the Issuer as Transfer Agent either in respect of the Programme or
a Tranche or Series of Notes issued under the Programme pursuant to the execution of an accession letter substantially in the form of Appendix A to this Agreement; 

  

	1.2.51	“Uncertificated Note” means a note which is not represented by any certificate or written instrument as contemplated in the Security
Services Act, 2004; 

  
 

 
  

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	1.2.52	“ZAR-JIBAR-SAFEX” means the mid-market rate for deposits in South African Rand (ZAR) for a period of the Designated Maturity which appears on the
Reuters Screen SAFEY Page as at 12h00 (Johannesburg time) on the relevant date or any successor rate; 

  

	1.2.53	“Zero Coupon Note” means Notes which will be offered and sold at a discount to their Principal Amount or at par and will not bear interest other than
in the case of late payment. 

  

	1.3	When any number of days is prescribed in this Agreement, same shall be reckoned inclusively of the first and exclusively of the last day unless the last day falls on a
day which is not a Business Day, in which case the last day shall be the immediately following Business Day. 

  

	1.4	In the event that the day for payment of any amount due in terms of this Agreement should fall on a day which is not a Business Day, then the relevant date for payment
shall be the following Business Day. 

  

	1.5	Where figures are referred to in numerals and in words, if there is any conflict between the two, the words shall prevail. 

  

	1.6	Where any term is defined within the context of any particular clause in this Agreement, the term so defined, unless it is clear from the clause in question that the
term so defined has limited application to the relevant clause, shall bear the same meaning as ascribed to it for all purposes in terms of this Agreement, notwithstanding that that term has not been defined in this interpretation clause.

  
 

 
  

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	1.7	The use of the word “including” followed by a specific example or examples shall not be construed as limiting the meaning of the general wording
preceding it and the eiusdem generis rule shall not be applied in the interpretation of such general wording or such specific example or examples. 

  

	1.8	Any reference to a statute in this Agreement is to that statute as at the date of signature of this Agreement and as amended or re-enacted from time to time and shall
include any succeeding statute. 

  

	1.9	The rule of construction that, in the event of ambiguity, the contract shall be interpreted against the party responsible for the drafting or preparation of the
Agreement, shall not apply. 

  

	1.10	The expiration or termination of this Agreement shall not affect such of the provisions of this Agreement as expressly provide that they will operate after any such
expiration or termination or which of necessity must continue to have effect after such expiration or termination, notwithstanding that the clauses themselves do not expressly provide for this. 

  

	1.11	Words denoting the singular number only shall include the plural number also and vice versa; words denoting one gender only shall include the other genders; and words
denoting persons only shall include firms and corporations and vice versa. 

  

	1.12	All references in this Agreement to costs or charges or expenses shall exclude any Value Added Tax or similar tax charged or chargeable in respect thereof.

  
 

 
  

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	1.13	For the purposes of this Agreement, the Notes of each Series shall form a separate series of Notes and the provisions of this Agreement shall apply mutatis
mutandis separately and independently to the Notes of each Series and in this Agreement the expressions “Notes” and “Noteholders” shall be construed accordingly. 

  

	1.14	All references in this Agreement to an agreement, instrument or other document (including, without limitation, this Agreement, the Programme Agreement, the Programme
Memorandum, the Operations and Procedures Memorandum, the Placement Agreement, the Notes and any terms and conditions appertaining thereto) shall be construed as a reference to that agreement, instrument or document as the same may be amended,
modified, varied, restated, superseded, supplemented, replaced or novated from time to time. 

  

	1.15	Words denoting the singular number only shall include the plural number also and vice versa; words denoting any one gender only shall include the other genders
also; and words denoting persons only shall include firms and corporations and vice versa. 

  

	2	INTRODUCTION 

  

	2.1	On 6 April 2009, the Issuer, the Arranger and Dealers named therein executed the Programme Agreement (the “Previous Programme Agreement”) pursuant
to which the Issuer may issue Notes in an aggregate nominal amount of up to ZAR10,000,000,000 under the Issuer’s Domestic Medium Term Note Programme. On 6 October 2009, the Issuer, the Arranger and Dealers named therein executed a revised
programme agreement, which programme agreement has amended and restated the Previous Programme Agreement (the “Programme Agreement”) and which Programme Agreement may be further supplemented and/or amended and/or restated from time
to time. 

  
 

 
  

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	2.2	On 6 April 2009, the Issuer also executed and issued a Programme Memorandum (the “Previous Programme Memorandum”) pursuant to the Previous
Programme Agreement. On 6 October 2009, the Issuer executed and issued a revised programme memorandum pursuant to the Programme Agreement, which programme memorandum supersedes the Previous Programme Memorandum (the “Programme
Memorandum”) and which Programme Memorandum may be further amended and/or supplemented from time to time. 

  

	2.3	In addition to the matters recorded in the Programme Agreement, the Issuer wishes to record in this Agreement certain matters relating to the Notes, the Transfer Agent,
the Calculation Agent and the Paying Agent. 

  

	3	APPOINTMENT AS TRANSFER AGENT 

 The Issuer hereby appoints the Transfer Agent to act as Transfer Agent of the Issuer upon the terms and conditions set out below, for the purposes of, inter alia: 
  

	3.1	preparing, printing, completing, authenticating and delivering Global Certificates and preparing, printing, completing, authenticating and delivering Individual
Certificates and in the case of Uncertificated Notes, providing the relevant central securities depository with such information and documentation as it may require to electronically record ownership thereof; 

  
 

 
  

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	3.2	delivering Individual Certificates upon the exchange of Beneficial Interests in Notes represented by Global Certificates (in whole or in part) for Individual
Certificates in accordance with the Terms and Conditions; 

  

	3.3	arranging on behalf of the Issuer for notices to be communicated to the Noteholders; 

  

	3.4	calculating and affixing the stamp duty, if any or such other duty as may be payable by the Issuer on the issue of Notes under the Programme; 

 

	3.5	subject to the Operations and Procedures Memorandum, submitting to the JSE or any other Relevant Financial Exchange such number of copies of each Pricing Supplement
which relates to Notes which are to be listed as may reasonably be required; 

  

	3.6	maintaining the Register of Noteholders on behalf of the Issuer; 

  

	3.7	safekeeping (to the order of the Issuer) of any unissued, unexecuted blank Certificates which the Issuer may from time to time deliver to the Transfer Agent;

  

	3.8	performing all other obligations and duties imposed upon it by the Terms and Conditions, the Notes, the Operations and Procedures Memorandum and this Agreement; and

  

	3.9	procuring that the relevant Participants maintain a Sub-register in respect of Uncertificated Notes. 

  

	4	APPOINTMENT AS CALCULATION AGENT 

 The Issuer shall appoint the Calculation Agent to act as Calculation Agent of the Issuer upon the terms and conditions set out below, for the purposes of, inter alia: 
  

	4.1	acting as Calculation Agent in respect of Notes where named as such in the Applicable Pricing Supplement; and 

  
 

 
  

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	4.2	performing all other obligations and duties imposed upon it by the Terms and Conditions, the Notes, the Operations and Procedures Memorandum and this Agreement.

  

	5	APPOINTMENT OF PAYING AGENT 

 The Issuer hereby appoints the Paying Agent to act as Paying Agent of the Issuer upon the terms and conditions set out below, for the purposes of, inter alia: 
  

	5.1	acting as Paying Agent in respect of Notes where named as such in the Applicable Pricing Supplement; and 

  

	5.2	performing all other obligations and duties imposed upon it by the Terms and Conditions, the Notes, the Operations and Procedures Memorandum and this Agreement.

  

	6	REGISTER 

  

	6.1	The Transfer Agent shall as long as any Note is Outstanding - 

  

	6.1.1	maintain at its offices (specified in the Applicable Pricing Supplement), the Register. The Register shall reflect the number of Registered Notes issued and
Outstanding. The Register shall contain the name, address and bank account details of the Noteholders holding Registered Notes. The Register shall set out the Principal Amount of the Notes issued to 

  
 

 
  

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each such Noteholder and shall show the date of such issue and the date upon which each such Noteholder became registered as such. The Register shall show the serial numbers of Certificates
issued. The Register shall be open for inspection during normal business hours of the Transfer Agent to the Issuer, any Noteholder or any person authorised in writing by the Issuer or any Noteholder. The Transfer Agent shall not be bound to enter
any trust in the Register or to take notice of any or to accede to any trust executed, whether expressly or impliedly to which any Note may be subject; 

  

	6.1.2	alter the Register in respect of any change of name, address or bank account number or other change in respect of any of the Noteholders of Registered Notes of which it
is notified in accordance with the Terms and Conditions; 

  

	6.1.3	register within the prescribed statutory or other regulatory period all transfers of Registered Notes; 

  

	6.1.4	receive and keep in safe custody any document in relation to or affecting the title to any of the Notes including all Transfer Forms, forms of exchange, letters of
administration and powers of attorney; 

  

	6.1.5	accept Certificates delivered to it for transfer, with the Transfer Form relating thereto duly executed or accompanied by a written instrument of transfer in a form
satisfactory to the Transfer Agent, the relevant Settlement Agent and the Issuer, as well as complying with any legislative requirements for such Transfer Form, and duly executed by, the transferor and the transferee thereof (or their attorneys duly
authorised in writing) for the transfer of all or part of the Notes represented by any such Certificate in accordance with the Terms and Conditions. 

  
 

 
  

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	6.2	Any person becoming entitled to Notes in consequence of the death, sequestration or liquidation of the holder of such Notes may upon producing such evidence that he
holds the position in respect of which he proposes to act under this clause or of his title as the Issuer shall require, be registered himself as the holder of such Notes or, subject to the requirements of Conditions 12 and 13 of the Terms and
Conditions, may transfer such Notes. The Issuer and the Paying Agent shall be entitled to retain any amount payable upon the Notes to which any person is so entitled until such person shall be registered as aforesaid or shall duly transfer the
Notes. 

  

	6.3	The Register will be closed from the Last Day to Register preceding any Interest Payment Date in respect of the Notes until that Interest Payment Date and the Transfer
Agent shall not be required, during the period in which the Register is closed, unless directed by the Issuer, to register any transfer, or exchange of any Registered Notes. 

  

	7	SUB-REGISTER 

  

	7.1	For as long as any Beneficial Interest is outstanding, the Transfer Agent shall procure that the relevant Participant maintains the Sub-register which complies with all
applicable legal rules and the requirements of the Security Services Act and the following provisions: 

  

	7.1.1	without limiting the provisions of clause 7.1 above, the Sub-register will contain the name, address and bank account details of Noteholders in respect of Beneficial
Interest; 

  
 

 
  

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	7.1.2	the Sub-register will set out the Principal Amount of Beneficial Interest issued to a Noteholder and registered in the Sub-register, the date of issue and the date on
which the relevant entry was made in it; 

  

	7.1.3	the Sub-register will be open for inspection during normal business hours of the relevant Participant to the Issuer, persons authorised by the Issuer thereto and any
person entered as a Noteholder in it or any person authorised by such Noteholder in writing; 

  

	7.1.4	the relevant Participant shall not be obliged to enter into any trust in the Sub-register or to take notice of any or accede to any trust executed, expressly or
impliedly, to which any Beneficial Interest may be subject; 

  

	7.1.5	the Sub-register shall be altered in respect of any change of name, address or bank account number or other change in respect of any holder of Beneficial Interest which
is notified in accordance with the Terms and Conditions; 

  

	7.1.6	the relevant Participant shall register within the prescribed statutory or other regulatory period, all transfers of Beneficial Interest; 

  

	7.1.7	the relevant Participant shall receive and keep in safe custody, any document in relation to or affecting the title to any relevant Beneficial Interest;

  

	7.1.8	the relevant Participant shall accept any instrument delivered to it in respect of the transfer of Beneficial Interest and ensure compliance of such instrument with
applicable legislation and in accordance with the Terms and Conditions; and 

  
 

 
  

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	7.1.9	the Transfer Agent shall procure that the relevant Participant complies with the provisions of this clause 7. 

  

	7.2	Any person becoming entitled to Beneficial Interest in consequence of the death, sequestration or liquidation of the holder of such Beneficial Interest may upon
producing such evidence that he holds the position in respect of which he proposes to act under this clause or of his title as the Issuer or the relevant Participant shall require, be registered in the Sub-register as the holder of such Beneficial
Interest or, subject to the requirements of Conditions 12 and 13 of the Terms and Conditions, may transfer such Beneficial Interest . The Issuer and the Paying Agent shall be entitled to retain any amount payable upon the Beneficial Interest to
which any person is so entitled until such person shall be registered as aforesaid or shall duly transfer the Beneficial Interest. 

  

	7.3	The Sub-register will be closed from the Last Day to Register preceding any Interest Payment Date in respect of the Beneficial Interest until that Interest Payment Date
and the Transfer Agent or the Participant shall not be required, during the period in which the Sub-register is closed, unless directed by the Issuer, to register any transfer, or exchange of any Beneficial Interest. 

  

	8	TRANSFER OF NOTES 

  

	8.1	Registered Notes are transferable by registration only in accordance with the provisions of Condition 13.1 of the Terms and Conditions. Ownership in Uncertificated
Notes is transferable only upon debiting and crediting, respectively, of the account in the Sub-register from which the transfer is effected and the account in the Sub-register to which transfer is to be made, in accordance with the rules of the
Central Securities Depository. 

  
 

 
  

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	8.2	Where a holder of Notes has transferred part only of his holding of Notes represented by a single Certificate, there shall be delivered to him without charge by the
Issuer a Certificate in respect of the balance of such holding, subject to the provisions of Condition 13.1 of the Terms and Conditions in relation to Registered Notes. 

  

	9	ISSUE OF GLOBAL CERTIFICATES 

  

	9.1	Subject to clause 9.3, in connection with the issue of any Registered Notes, following receipt of a signed copy of the Applicable Pricing Supplement (signed by the
Issuer’s authorised representative named in the list referred to in clause 25.8), the Issuer hereby authorises the Transfer Agent and the Transfer Agent hereby agrees, to take the steps required of the Transfer Agent in the Operations and
Procedures Memorandum. For this purpose the Transfer Agent will, inter alia on behalf of the Issuer - 

  

	9.1.1	prepare a Global Certificate, incorporating the Terms and Conditions, to which is attached a copy of the Applicable Pricing Supplement; 

  

	9.1.2	authenticate such Global Certificate in accordance with the provisions of clause 11.3 of this Agreement; 

  

	9.1.3	in respect of Notes listed on the bond market of the JSE or, if unlisted, still held in the Central Securities Depository and evidenced by a Global Certificate, deliver
by hand such Global Certificate to the Central Securities Depository (via the Issuer’s Settlement Agent) as depository and registered holder of the Notes represented by the Global Certificate, against receipt from the Central Securities
Depository of confirmation 

  
 

 
  

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that it is holding the Global Certificate in safe custody for the account of the Issuer’s Settlement Agent and instruct the Issuer’s Settlement Agent, unless otherwise agreed in writing
between the Transfer Agent and the Issuer, to credit the Notes represented by such Global Certificate to the Relevant Dealer’s (or investor’s) securities accounts with their Settlement Agents against the receipt of payment, less any
permitted deductions, by the Issuer’s Settlement Agent on the Issue Date of such Notes; 

  

	9.1.4	in respect of Notes listed on a Relevant Financial Exchange other than the bond market of the JSE, deliver to the relevant central securities depository such
Certificates or other documents as may be required for the dematerialisation, immobilisation or registration of the Notes; 

  

	9.1.5	ensure that the Notes of each Tranche are assigned a stock code and International Securities Identification Number (“ISIN”) (if applicable) by the JSE
or any other Relevant Financial Exchange; 

  

	9.1.6	enter the name of the Central Securities Depository (or its nominee) or any other relevant central securities depository as registered holder of the Notes represented
by the Global Certificates in the Register. 

  

	9.2	Global Certificates shall be dated - 

  

	9.2.1	in the case of a Global Certificate issued on the Issue Date, the Issue Date; or 

  

	9.2.2	in the case of a Global Certificate issued to the transferor upon transfer in part of the Notes represented by the original Global Certificate, with the same date as
the date of the Note transferred; or 

  
 

 
  

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	9.2.3	in the case of a Global Certificate issued pursuant to Condition 11 of the Terms and Conditions, with the same date as the date of the lost, stolen, mutilated, defaced
or destroyed Global Certificate in replacement of which it is issued. 

  

	9.3	The Transfer Agent shall only be required to perform its obligations under clause 9.1 if it holds a duly executed written authorisation (being the Applicable Pricing
Supplement and the confirmation referred to in the Operations and Procedures Memorandum) from the Issuer’s authorised representative as well as the required signatures to affix to the Global Certificate. The Transfer Agent will provide the
Central Securities Depository or any other relevant central securities depository and the Participants with the notifications, instructions or other information required to be given by the Transfer Agent to the Central Securities Depository and the
Participants in accordance with the Applicable Procedures. 

  

	10	ISSUE OF INDIVIDUAL CERTIFICATES 

  

	10.1	Upon the issue of unlisted Registered Notes which are not intended to be held in the Central Securities Depository or upon notice from a Participant pursuant to the
Terms and Conditions requesting the exchange or partial exchange of a Beneficial Interest in Notes for an Individual Certificate, the Transfer Agent shall deliver the relevant Certificate(s) in accordance with the Terms and Conditions. For this
purpose the Transfer Agent is hereby authorised on behalf of the Issuer - 

  

	10.1.1	to prepare the requested form of Certificate(s) incorporating the Terms and Conditions (unless otherwise determined by the Issuer) and to attach the Applicable Pricing
Supplement thereto; 

  
 

 
  

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	10.1.2	to authenticate such Certificate(s) in accordance with clause 11.3 of this Agreement; 

  

	10.1.3	to deliver to the Relevant Dealer or the investors procured by the Relevant Dealer, such Certificate(s); and 

  

	10.1.4	in respect of Registered Notes, to deliver in accordance with the Applicable Procedures by hand or by registered mail such Individual Certificate(s) to the Participant
(at the risk of the Noteholder) requesting such Certificate(s) in exchange or partial exchange for a Beneficial Interest in Registered Notes. In the case of a partial exchange, the Transfer Agent shall enter details of any partial exchange in the
Register and cancel the Global Certificate, if any, representing the Notes prior to the issue of Individual Certificate(s), and then issue and authenticate a new Global Certificate, if any, representing the balance of the relevant Notes (excluding
the amount of Notes represented by the newly-issued Individual Certificate(s)). 

  

	10.2	The Transfer Agent shall notify the Issuer forthwith upon receipt of a request for issue of Individual Certificate(s) in accordance with the Terms and Conditions (and
the aggregate nominal amount of such Notes to be exchanged in connection therewith). 

  

	10.3	Certificates shall be dated - 

  

	10.3.1	in the case of an Individual Certificate issued on the Issue Date, the Issue Date; or 

  

	10.3.2	in the case of an Individual Certificate issued in exchange for a Beneficial Interest in Notes, or upon transfer of Notes represented by an Individual Certificate, the
date of registration in the Register of the exchange or transfer; or 

  
 

 
  

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	10.3.3	in the case of an Individual Certificate issued to the transferor upon transfer in part of Notes represented by an Individual Certificate, the same date as the original
Certificate; or 

  

	10.3.4	in the case of an Individual Certificate issued pursuant to Condition 11 of the Terms and Conditions, the same date as the date of the lost, stolen, mutilated, defaced
or destroyed document in replacement of which it is issued. 

  

	10.4	The Transfer Agent shall, to the extent that the Terms and Conditions permit this, charge to the recipient holder of an Individual Certificate pursuant to an issue,
exchange or transfer (i) the costs or expenses (if any) in delivering Certificates issued pursuant to such issue, exchange or transfer other than by regular mail and (ii) a sum sufficient to cover any stamp duty, tax or other governmental
charge that may be imposed in relation to the exchange or transfer. 

  

	11	TERMS OF ISSUE OF CERTIFICATES 

  

	11.1	The Transfer Agent shall cause all Certificates prepared by or delivered to it and held by it under this Agreement to be maintained in safe custody and shall ensure
that such Certificates are issued and delivered only in accordance with the provisions of this Agreement and the Terms and Conditions. 

  

	11.2	Subject to the procedures set out in the Operations and Procedures Memorandum, for the purposes of clause 9.1 and 10, the Transfer Agent is 

  
 

 
  

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entitled to treat a facsimile or other written means of communication from a person purporting to be (and who the Transfer Agent believes in good faith to be) an authorised representative of the
Issuer named in the list referred to in, or notified pursuant to, clause 25.8 as sufficient instructions and authority of the Issuer for the Transfer Agent to act. 

  

	11.3	Certificates shall be signed physically by, or by affixing electronic signatures thereto of, two directors of the Issuer, as required in terms of the Commercial Paper
Regulations published in Government Notice 2172 (Government Gazette 16167 of 14 December 1994). The identities of such duly authorised signatories shall be notified to the Transfer Agent. The Issuer shall promptly notify the Transfer Agent of
any change in identity of the authorised signatories and if necessary provide new certificates to the Transfer Agent reflecting such change. 

  

	11.4	In the event that a person who has signed on behalf of the Issuer any Certificate, not yet issued but held by the Transfer Agent in accordance with clause 11.1, ceases
to be authorised as described in clause 25.8, the Transfer Agent shall (unless the Issuer gives notice to the Transfer Agent that Certificates signed by that person do not represent valid and binding obligations of the Issuer or otherwise until
replacements have been provided to the Transfer Agent) continue to have authority to issue any such Certificates, and the Issuer hereby warrants to the Transfer Agent that such Certificates shall, unless notified as aforesaid, be valid and binding
obligations of the Issuer. Promptly upon the Transfer Agent being notified that such person has ceased to be authorised, the Transfer Agent shall prepare replacement Certificates, the Transfer Agent shall cancel and destroy the Certificates held by
it which are signed by such person and shall provide to the Issuer a confirmation of destruction in respect thereof specifying the certificates so cancelled and destroyed. 

  
 

 
  

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	11.5	Unless otherwise requested by the relevant Noteholder, the holder of Notes of any Series shall be entitled to receive one Certificate in respect of his entire holding
of such Series. 

  

	11.6	The joint holders of Registered Notes in any Series shall be entitled to one Certificate only in respect of their joint holding of such Notes which shall, except where
they otherwise direct, be delivered to the joint holder whose name appears first in the Register in respect of such joint holding. 

  

	12	PAYMENTS 

  

	12.1	Save as otherwise agreed, the Calculation Agent will notify the Issuer, not less than 10 Business Days prior to each due date for payment in respect of each Series of
Notes for the time being Outstanding of the aggregate amount payable in respect of such Series on such due date. 

  

	12.2	Unless otherwise agreed with the Transfer Agent, the Issuer will ensure that no later than 10h00 (Johannesburg time) on the second Business Day immediately preceding
the date on which any payment is to be made by the Paying Agent under the Terms and Conditions, the amount specified by the Calculation Agent in terms of clause 12.1 is paid, in freely transferable funds, into a separate bank account of the Issuer.
The details of this bank account are set out in Schedule 6 hereto. The Paying Agent shall have the ability to draw the amount specified in clause 12.1 to meet all payment obligations under the Notes and such payment made by the Issuer shall be
sufficient in amount so as to allow the Paying Agent to meet all payment 

  
 

 
  

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obligations under the Notes. So long as any Notes remain Outstanding, the Issuer undertakes not to withdraw such money required by the Paying Agent to meet the payment obligations under the
Notes. 

  

	12.3	All interest in respect of the bank account referred to in clause 12.2 shall accrue for the sole benefit of the Issuer and all bank charges in respect of such account
shall be borne by the Issuer. 

  

	12.4	Immediately after paying such amount into the abovementioned bank account, the Issuer shall ensure that the Paying Agent receives an irrevocable confirmation that
payment has been made, in the form of a SWIFT or telefax message or other form acceptable to the Paying Agent. 

  

	12.5	Whilst any Registered Notes are represented by a Global Certificate, all payments due in respect of such Notes shall be made to, or to the order of, the registered
holder of the Global Certificate(s), subject to and in accordance with the provisions of the Terms and Conditions in respect of those Notes. 

  

	12.6	Whilst any Registered Notes are represented by an Individual Certificate, all payments due in respect of such Notes shall be made to, or to the order of, the person(s)
whose name(s) appear on the Register relating to the Individual Certificates, subject to and in accordance with the Terms and Conditions in respect of those Notes. 

  

	12.7	Holders of Uncertificated Notes are not required to present and/or surrender any documents of title for payment. Payment in respect of Uncertificated Notes will be made
upon presentation of acceptable proof of identity of the prospective payee. 

  
 

 
  

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	12.8	All payments in accordance with this clause 12 shall be made in the manner described in Condition 8 of the Terms and Conditions. 

  

	12.9	On the occasion of any payments by the Paying Agent, upon presentation and surrender of the relevant Certificates, the Paying Agent shall cause such Certificates to be
cancelled. 

  

	12.10	Subject to the receipt by the Paying Agent of the payment confirmation as provided in clause 12.4, on each date on which any payment in respect of a Note becomes due
under the Terms and Conditions, the Paying Agent shall pay such amount by no later than 10h00 (Johannesburg time), on that day. Payment shall be made by the Paying Agent in immediately available and freely transferable funds to the nominated account
of the Noteholder via a SWIFT message, or such other payment system or mechanism as the Paying Agent and the relevant Noteholder may agree. 

  

	12.11	If for any reason the Paying Agent considers that the amounts to be received by the Paying Agent pursuant to clause 12.2 will be, or the amounts actually received
by it pursuant thereto are, insufficient to satisfy all claims in respect of all payments then falling due in respect of the Notes, the Paying Agent shall promptly give written notice to the Issuer indicating the insufficient amount and the Paying
Agent shall not be obliged to pay any claims under the Notes until the Paying Agent has received the full amount of all such payments. 

  

	12.12	 If the Paying Agent pays any amounts to the holders of Notes from its own funds at a time when it has not received payment in full in respect of the
relevant Notes in accordance with clause 12.2 (the excess of the amounts so paid over the amounts so received being the “Shortfall”), the Issuer will, in

  

 

 
  

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addition to paying amounts due under clause 12.2, pay to the Paying Agent, on demand, interest (at a rate determined at that time by the Paying Agent which represents the Paying Agent’s cost
of funding the Shortfall) on the Shortfall (or the unreimbursed portion thereof) until the receipt in full by the Paying Agent of the Shortfall. 

  

	12.13	If the amount of principal and/or interest then due for payment is not paid in full as contemplated in clauses 12.11 and 12.12 (otherwise than by reason of a deduction
required by law to be made therefrom), the Paying Agent shall keep a record of such insufficient amount or Shortfall (as the case may be) and such record shall, in the absence of manifest error, be prima facie evidence that the payment in
question has not been made to the extent of the insufficient amount or Shortfall (as the case may be). 

  

	12.14	If for any reason the Paying Agent, draws funds from the bank account referred to in clause 12.2 but is not required to make certain payments in terms of clause 12, the
Paying Agent shall transfer the funds not utilised back to the Issuer. 

  

	12.15	A certificate by the Paying Agent certifying that, as at the date of such certificate (“Certificate Date”), the Paying Agent has paid all amounts of
the principal and/or interest then due in respect of any Notes issued by the Issuer under the Programme to - 

  

	12.15.1	the Central Securities Depository or such other registered holder of the Global Certificate, in the case of Notes represented by a Global Certificate; and/or

  

	12.15.2	all Noteholders reflected in the Register on the Certificate Date, in the case of Notes represented by Individual Certificates; and/or 

  
 

 
  

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	12.15.3	the Central Securities Depository or such other registered holder of the Uncertificated Note reflected as such on the Certificate Date, in the case of Uncertificated
Notes, 

 and such certificate shall constitute prima facie proof, as between the Issuer on the one hand,
and the Noteholders, Arranger and Dealers or any of them, on the other hand, of the discharge of all obligations of the Issuer to Noteholders under such Notes insofar as payment of the principal and/or interest is concerned. For the avoidance of
doubt, the rights of the Dealers, Arranger and Noteholders in respect of the Programme shall not be affected by the provisions of this clause. 
  

	12.16	If on issue of the Notes the Paying Agent pays an amount (the “Advance”) to the Issuer on the basis that a payment (the “Payment”) has
been, or will be, received from a Dealer or investor and if the Payment is not received by the Paying Agent on the date the Paying Agent pays the Issuer, the Issuer shall repay to the Paying Agent the Advance and shall pay interest on the Advance
(or the unreimbursed portion thereof) from (and including) the date such Advance is made to (but excluding) the earlier of repayment of the Advance and receipt by the Paying Agent of the Payment from the Dealer or investor (at a rate determined at
the time of the Advance by the Paying Agent to represent its cost of funding the Advance provided that the manner of calculating such rate is consented to by the Issuer, whose consent shall not be unreasonably withheld). If the Paying Agent pays an
amount in terms of this clause, then it shall promptly notify the Issuer of the fact that such payment by it was in fact an Advance and that the required payment has not yet been received by the Paying Agent. 

  
 

 
  

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	12.17	Upon the Issuer being discharged from its obligation to make payments in respect of any Notes pursuant to the relevant Terms and Conditions, and provided that there is
no outstanding bona fide and proper claim in respect of any such payments, the Paying Agent shall forthwith refrain from drawing on any sums paid by the Issuer pursuant to clause 12.2. 

  

	13	EXCHANGEABLE NOTES 

 The
Issuer shall from time to time issue instructions to the Transfer Agent in relation to the redemption of Exchangeable Notes, including the manner in which the Exchange Securities will be delivered to Noteholders. 
  

	14	DETERMINATIONS AND NOTIFICATIONS IN RESPECT OF NOTES 

  

	14.1	The Calculation Agent shall, unless otherwise agreed, make all such determinations and calculations (howsoever described) as it is required to do under the Terms and
Conditions, all subject to and in accordance with the Terms and Conditions and the Applicable Pricing Supplement. 

  

	14.2	The Calculation Agent shall not be responsible to the Issuer or to any third party (except in the event of negligence, default or bad faith of the Calculation Agent, as
the case may be) for any losses arising from or as a result of the Calculation Agent having acted on any quotation given by any Reference Bank which subsequently may be found to be incorrect. 

  

	14.3	The Calculation Agent shall promptly notify (and confirm in writing to) the Issuer, the Relevant Financial Exchange (if any), the Transfer Agent and the Paying Agent
of, inter alia, each Interest Rate, Interest Amount and Interest 

  
 

 
  

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Payment Date and all other amounts, rates and dates which it is obliged to determine or calculate under the Terms and Conditions, the Calculation Agency Agreement and the Applicable Pricing
Supplement as soon as practicable after the determination thereof (and in any event not later than 10 Business Days, prior to the relevant Interest Payment Date) and of any subsequent amendment thereto pursuant to the Terms and Conditions.

  

	14.4	The Calculation Agent shall use reasonable endeavours to cause each Interest Rate, Interest Amount and Interest Payment Date and all other amounts, rates and dates
which it is obliged to determine or calculate under the Terms and Conditions, the Calculation Agency Agreement and the Applicable Pricing Supplement to be notified to relevant parties as required in accordance with the Terms and Conditions, the
Calculation Agency Agreement and this Agreement as soon as possible after their determination or calculation. 

  

	14.5	If the Calculation Agent does not for any reason determine and/or calculate and/or publish the Interest Rate, Interest Amount and/or Interest Payment Date in respect of
any Interest Period or any other amount, rate or date as provided in this clause 14, it shall forthwith notify the Issuer, the Transfer Agent and the Paying Agent of that fact. 

  

	14.6	The Calculation Agent shall in relation to each Series of relevant Notes, perform all the functions and duties imposed on the Calculation Agent by the Terms and
Conditions of the relevant Notes. Should the Relevant Dealer, or the Lead Manager, agree with the Issuer to appoint in relation to a particular Tranche or Series of Notes, such Dealer or Lead Manager or another person nominated by such Dealer or
Lead Manager, as Calculation 

  
 

 
  

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Agent, then the appointment of such Dealer, Lead Manager or nominee shall be automatic upon the issue of the relevant Tranche or Series of Notes, and shall, except as separately agreed between
the relevant parties, be on the terms and conditions as set out in the Calculation Agency Agreement in the form attached hereto as Appendix B (the terms of which shall be incorporated herein without the need for separate execution thereof to the
extent that the Dealer, Lead Manager or nominee acts as the Calculation Agent), and the Calculation Schedule to the Calculation Agency Agreement shall be deemed to be duly annotated to include such Tranche or Series of Notes. The name of the Dealer,
Lead Manager or nominee so appointed will be entered in the Applicable Pricing Supplement. 

  

	15	INTEREST DETERMINATION INCLUDING FALLBACK PROVISIONS 

  

	15.1	Screen Rate Determination 

  

	15.1.1	Where Screen Rate Determination is specified in the Applicable Pricing Supplement as the manner in which the Interest Rate is to be determined, the Interest Rate for
each Interest Period will, save as provided below, be either - 

  

	15.1.1.1	the offered quotation (if there is only one quotation on the Relevant Screen Page); or 

  

	15.1.1.2	the arithmetic mean (rounded if necessary to the fifth decimal place, with 0.00005 being rounded upwards) of the offered quotations, 

 for the Reference Rate which appears or appear, as the case may be, on the Relevant Screen Page as at 12h00 (Johannesburg time) on the
Interest 
  
 

 
  

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Determination Date in question, plus or minus (as specified in the Applicable Pricing Supplement) the Margin (if any), all as determined by the Calculation Agent. If five or more such offered
quotations are available on the Relevant Screen Page, the highest (or, if there is more than one such highest quotation, one only of such quotations) and the lowest (or, if there is more than one such lowest quotation, one only of such quotations)
shall be disregarded by the Transfer Agent for the purpose of determining the arithmetic mean (rounded as provided above) of such offered quotations. 
  

	15.1.2	If the Relevant Screen Page is not available or if, in the case of 15.1.1.1, no such offered quotation appears or, in the case of 15.1.1.2, fewer than three such
offered quotations appear, in each case as at the time specified in the preceding paragraph, the Calculation Agent shall request the principal Johannesburg office of each of the Reference Banks to provide the Calculation Agent with its offered
quotation (expressed as a percentage rate per annum) for the Reference Rate at approximately 12h00 (Johannesburg time) on the Interest Determination Date in question. If two or more of the Reference Banks provide the Calculation Agent with such
offered quotations, the Interest Rate for such Interest Period shall be the arithmetic mean (rounded if necessary to the fifth decimal place with 0.00005 being rounded upwards) of such offered quotations plus or minus (as appropriate) the Margin (if
any), all as determined by the Calculation Agent. 

  

	15.1.3	If the Interest Rate cannot be determined by applying the provisions of clauses 15.1.1 and 15.1.2, the Interest Rate for the relevant Interest Period shall be the rate
per annum which the Calculation Agent 

  
 

 
  

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determines as being the arithmetic mean (rounded if necessary to the fifth decimal place, with 0.00005 being rounded upwards) of the rates, as communicated to (and at the request of) the
Calculation Agent by the Reference Banks or any two or more of them, at which such banks offered, at approximately 12h00 (Johannesburg time) on the relevant Interest Determination Date, in respect of deposits in an amount approximately equal to the
nominal amount of the Notes of the relevant Series for a period equal to that which would have been used for the Reference Rate to prime banks in the Johannesburg inter-bank market plus or minus (as appropriate) the Margin (if any). If fewer than
two of the Reference Banks provide the Calculation Agent with such offered rates, the Interest Rate for the relevant Interest Period will be determined by the Calculation Agent as the arithmetic mean (rounded as provided above) of the rates for
deposits in an amount approximately equal to the nominal amount of the Notes of the relevant Series, for a period equal to that which would have been used for the Reference Rate, quoted at approximately 12h00 (Johannesburg time) on the relevant
Interest Determination Date, by four leading banks in Johannesburg (selected by the Calculation Agent and approved by the Issuer) plus or minus (as appropriate) the Margin (if any). If the Interest Rate cannot be determined in accordance with the
foregoing provisions of this clause, the Interest Rate shall be determined as at the last preceding Interest Determination Date (though substituting, where a different Margin is to be applied to the relevant Interest Period from that which applied
to the last preceding Interest Period, the Margin relating to the relevant Interest Period, in place of the Margin relating to that last preceding Interest Period). 

  
 

 
  

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	15.1.4	If the Reference Rate from time to time in respect of Floating Rate Notes is specified in the Applicable Pricing Supplement as being other than ZAR-JIBAR-SAFEX, the
Interest Rate in respect of such Notes will be determined as provided in the Applicable Pricing Supplement. 

  

	15.2	ISDA Determination 

  

	15.2.1	Where ISDA Determination is specified in the Applicable Pricing Supplement as the manner in which the Interest Rate is to be determined, the Interest Rate for each
Interest Period will be the relevant ISDA Rate plus or minus (as indicated in the Applicable Pricing Supplement) the Margin (if any). 

  

	15.2.2	For the purposes of this clause 15.2 - 

  

	15.2.2.1	“ISDA Rate” for an Interest Period means a rate equal to the Floating Rate that would be determined by such agent as is specified in the Applicable
Pricing Supplement under a notional interest rate swap transaction if that agent were acting as Calculation Agent for that swap transaction under the terms of an agreement incorporating the ISDA Definitions and under which -

  

	15.2.2.1.1	the Floating Rate Option is as specified in the Applicable Pricing Supplement; 

  

	15.2.2.1.2	the Designated Maturity is the period specified in the Applicable Pricing Supplement; and 

  

	15.2.2.1.3	the relevant Reset Date is either: (i) if the applicable Floating Rate Option is based on ZAR-JIBAR-SAFEX, on the first day of that Interest Period; or
(ii) in any other case, as specified in the Applicable Pricing Supplement. 

  

 

 
  

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	15.2.2.2	“Floating Rate”, “Floating Rate Option”, “Designated Maturity” and “Reset Date” have the meanings
given to those expressions in the ISDA Definitions. 

  

	15.2.3	The Calculation Agent shall be deemed to have fulfilled its obligations as aforesaid if it has made the required determinations in the manner provided in Condition 10.2
of the Terms and Conditions. 

  

	16	NOTICE OF WITHHOLDING OR DEDUCTION 

 If the Issuer is, in respect of any payment, compelled to withhold or deduct any amount for or on account of taxes, duties, assessments or governmental charges as specifically contemplated under the Terms
and Conditions, the Issuer shall give notice thereof to the Paying Agent as soon as it becomes aware of the requirement to make such withholding or deduction and shall give to the Paying Agent such information as it shall require to enable it to
comply with such requirement. 
  

	17	DUTIES OF THE TRANSFER AGENT IN CONNECTION WITH EARLY REDEMPTION 

  

	17.1	If the Issuer decides to redeem any Notes for the time being Outstanding prior to their Maturity Date in accordance with the Terms and Conditions, the Issuer shall give
notice of such decision to the Transfer Agent and the Paying Agent not less than 7 days before the date on which the Issuer will give notice to the Noteholders in accordance with the Terms and Conditions of such redemption in order to enable the
Transfer Agent and the Paying Agent to undertake their obligations herein and in respect of the Terms and Conditions. 

  
 

 
  

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	17.2	If only some of the Notes are to be redeemed on such date, the Transfer Agent shall make the required drawing in accordance with the Terms and Conditions but shall give
the Issuer reasonable notice of the time and place proposed for such drawing and the Issuer shall be entitled to send representatives to attend such drawing. 

  

	17.3	Not less than 30 days nor more than 60 days (in the case of redemption for tax reasons) and not less than 15 days nor more than 30 days (in the case of redemption at
the option of the Issuer) prior to redemption the Transfer Agent shall publish the notice required in connection with any such redemption and shall at the same time also publish a separate list of the serial numbers of any Certificates previously
drawn and not presented for redemption. Such notice shall specify the date fixed for redemption, the redemption amount, the manner in which redemption will be effected and, in the case of a partial redemption, the serial numbers of the Certificates
representing Notes to be redeemed. Such notice will be published in accordance with the Terms and Conditions. The early redemption of any Notes represented by a Global Certificate or held in uncertificated form shall be effected and publicised in
accordance with the Applicable Procedures, to the extent relevant. 

  

	17.4	The Transfer Agent will keep a stock of notices (each a “Put Notice”) in the form set out in Schedule 5 and will make such notices available on
demand to holders of Notes, the conditions of which provide for redemption at the option of Noteholders. Upon receipt of any Certificate deposited in the 

  

 

 
  

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exercise of such option in accordance with the Terms and Conditions, the Transfer Agent shall hold such Certificate on behalf of the depositing Noteholder (but shall not, save as provided below,
release it) until the due date for redemption of the relevant Notes consequent upon the exercise of such option, when, subject as provided below, it presents such Certificate to the Paying Agent which shall pay such moneys in accordance with the
directions of the Noteholder contained in the Put Notice. Where the Issuer and/or the Noteholders have an option to redeem the Notes, the Applicable Pricing Supplement will state that no splitting will be allowed, and where such option is
applicable, the relevant Certificate shall be attached to the Put Notice. If, prior to such due date for redemption, such Note becomes immediately due and payable, or if upon due presentation, payment of such redemption money is improperly withheld
or refused, the Transfer Agent shall post such Certificate by uninsured post to, and at the risk of, the relevant Noteholder (unless the Noteholder has otherwise requested and paid the costs of such insurance to the Transfer Agent at the time of
depositing the Certificates) to such address as may have been given by the Noteholder in the Put Notice. 

  

	17.5	In respect of the receipt by the Transfer Agent of notice in respect of the redemption of a Beneficial Interest in Notes represented by a Global Certificate or held in
uncertificated form, the Transfer Agent shall notify the Issuer, the relevant Settlement Agent and the Paying Agent to proceed with such redemption in terms of the Applicable Procedures, to the extent relevant. 

  

	17.6	In respect of the receipt by the Transfer Agent of notice in respect of the redemption of an interest in Uncertificated Notes, the Transfer Agent shall

  
 

 
  

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notify the Issuer, the relevant Settlement Agent and the Paying Agent to proceed with such redemption in terms of the Applicable Procedures, to the extent relevant. 

 

	17.7	The Transfer Agent shall receive Certificates surrendered in respect of any early redemption and, at the request of the Paying Agent, deliver such number of new
Certificates, as may be necessary upon the partial redemption of any Notes. 

  

	17.8	At the end of each period for exercise of options, the Transfer Agent shall promptly notify the Issuer of the nominal amount of Notes in respect of which options have
been exercised together with the serial numbers of the Certificates where applicable, representing such Notes and confirm that such Certificates have been cancelled. 

  

	18	RECEIPT AND PUBLICATION OF NOTICES 

  

	18.1	Forthwith upon the receipt by the Transfer Agent of a demand or notice from any Noteholder in accordance with the Terms and Conditions, the Transfer Agent shall forward
a copy thereof to the Issuer. 

  

	18.2	On behalf of and at the request and expense of the Issuer, the Transfer Agent shall cause to be published all notices required to be given by the Issuer to the
Noteholders in accordance with the Terms and Conditions. 

  

	19	CANCELLATION OF NOTES 

  

	19.1	All Certificates representing Notes, which are redeemed, transferred or replaced shall be surrendered to and cancelled by the Transfer Agent. In addition, all those
Certificates representing Notes which are purchased by, or on behalf of the Issuer, and cancelled, shall be surrendered to the Transfer Agent. 

  
 

 
  

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	19.2	A certificate stating - 

  

	19.2.1	the aggregate nominal amount of Notes (and serial numbers of Certificates in respect thereof) which have been redeemed, paid, transferred or replaced and the aggregate
amount paid in respect thereof; 

  

	19.2.2	the aggregate nominal amount of purchased Notes cancelled (and serial numbers in respect thereof); 

  

	19.2.3	the number of Certificates cancelled and the serial numbers thereof; and 

  

	19.2.4	the aggregate amount paid in respect of principal and/or interest on such Notes, 

 shall be given to the Issuer by the Transfer Agent as soon as reasonably practicable and in any event within three months after the date of
such redemption or, as the case may be, cancellation, payment, transfer or replacement. 
  

	19.3	The Transfer Agent shall destroy all cancelled Certificates and, forthwith upon destruction, furnish the Issuer with a certificate of the serial numbers of the
destroyed Certificates. 

  

	19.4	Without prejudice to the obligations of the Transfer Agent pursuant to clause 19.2, the Transfer Agent shall keep a full and complete record of all Notes and of their
redemption, purchase by or on behalf of the Issuer or subscription and cancellation, payment, transfer or exchange (as the case may be) and of all replacement Certificates issued in substitution for 

  
 

 
  

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mutilated, defaced, destroyed, lost or stolen Certificates as well as Beneficial Interests in Notes represented by a Global Certificate which have been exchanged for Individual Certificates. The
Transfer Agent shall at all reasonable times make such record available to the Issuer and any persons authorised by it, for inspection and for the taking of copies thereof or extracts therefrom. 

  

	19.5	All records and certificates made or given pursuant to this clause 19 and clause 20 shall make a distinction between Notes of each Series and between Registered Notes.

  

	19.6	The Transfer Agent acknowledges that all forms of Notes and Certificates delivered to and held by it pursuant to this Agreement are held by it as custodian only and it
shall not be entitled to and shall not claim any lien or other security interest therein. The Transfer Agent shall further only use such forms of Certificates in accordance with this Agreement, take security measures to prevent theft, loss,
destruction and keep an inventory of all such forms and make that inventory available to the Issuer at all times, provided that the Transfer Agent shall have no liability for their theft, loss or destruction, unless caused by the negligence or
wilful default of the Transfer Agent. 

  

	20	EXCHANGE OR REPLACEMENT OF CERTIFICATES 

  

	20.1	In the case of Registered Notes represented by the Global Certificate or uncertificated form, the registered holder shall initially be the Central Securities Depository
or other central securities depository. In the case of Registered Notes issued in the form of an Individual Certificate, the Register shall contain the name of the person that so requested the issue of an Individual Certificate pursuant to Condition
11 of the Terms and 

  
 

 
  

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Conditions, or took transfer of Notes represented by an Individual Certificate pursuant to Condition 13 of the Terms and Conditions. Certificates shall be issued without charge by the Issuer to
such persons requesting the issue of an Individual Certificate or taking transfer of Notes represented by an Individual Certificate. 

  

	20.2	The Issuer will cause a sufficient quantity of additional forms of executed Certificates to be available, upon request, to the Transfer Agent at its specified office
for the purpose of issuing replacement Certificates as provided below, alternatively, the Transfer Agent may, from time to time, store in safekeeping, to the order of the Issuer, a sufficient number of additional forms of Certificates for the
purpose of issuing replacement Certificates as provided below. 

  

	20.3	The Transfer Agent will, subject to and in accordance with the Terms and Conditions and the following provisions of this clause 20, cause to be authenticated and
delivered any replacement Certificates in place of Certificates which have been lost, stolen, mutilated, defaced or destroyed. 

  

	20.4	The Transfer Agent shall not issue any replacement Certificate unless and until the claimant therefor shall have - 

  

	20.4.1	paid such costs and expenses as may be incurred in connection therewith; 

  

	20.4.2	furnished the Transfer Agent with such evidence and indemnity as the Issuer may reasonably require; and 

  

	20.4.3	in the case of any mutilated or defaced Certificate surrendered such Certificate to the Transfer Agent. 

  
 

 
  

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	20.5	The Transfer Agent shall cancel any mutilated or defaced Certificate, in respect of which a replacement Certificate, has been issued pursuant to this clause 20 and,
unless otherwise instructed by the Issuer in writing within 7 Business Days of such notice, thereafter shall destroy such cancelled Certificates, and furnish the Issuer with a destruction certificate containing the information specified in clauses
19.2 and 19.3. 

  

	20.6	The Transfer Agent shall, on issuing any replacement Certificate, forthwith inform the Issuer and the Paying Agent of the serial number of such replacement Certificate,
issued and (if known) of the serial number of the Certificate in place of which such replacement Certificate, has been issued. 

  

	20.7	The Transfer Agent shall keep a full and complete record of all replacement Certificates, issued and shall make such record available at all reasonable times to the
Issuer and any persons authorised by the Issuer for inspection and for the taking of copies thereof or extracts therefrom. 

  

	20.8	Whenever any Certificate, for which a replacement Certificate, has been issued and in respect of which the serial number is known is presented to the Transfer Agent for
payment, the Transfer Agent shall immediately send notice thereof to the Issuer. 

  

	21	COPIES OF DOCUMENTS AVAILABLE FOR INSPECTION 

  

	21.1	The Issuer shall supply sufficient copies of the following documents to the Transfer Agent which shall hold copies available for inspection at its specified office
during normal business hours - 

  

	21.1.1	certified copies of resolutions of the Issuer evidencing that the Issuer is authorised to issue Notes; 

  
 

 
  

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	21.1.2	the published audited annual financial statements, and notes thereto, of the Issuer, for the 3 (three) financial years prior to the Issue Date of each Tranche of Notes;

  

	21.1.3	the Programme Agreement and this Agreement (including the forms of the Global Certificate and the Individual Certificates); 

  

	21.1.4	the Guarantee executed by the Guarantors in favour of the Noteholders; 

  

	21.1.5	the Programme Memorandum; and 

  

	21.1.6	any future programme memoranda and supplements to the Programme Memorandum and any other documents incorporated therein by reference. 

  

	22	MEETINGS OF NOTEHOLDERS 

 The provisions of Schedule 4 hereto shall apply to meetings of the Noteholders and shall have effect in the same manner as if set out in this Agreement. 
  

	23	COMMISSIONS AND EXPENSES 

 The Issuer agrees to pay to the Transfer Agent, the Paying Agent and Calculation Agent such fees and commissions as the Issuer, the Transfer Agent, the Paying Agent and the Calculation Agent shall separately agree in writing in respect of
the services of the Transfer Agent, the Paying Agent and the Calculation Agent hereunder together with any reasonable expenses (including legal, printing, postage, fax, cable and advertising expenses) incurred by the Paying Agent, Calculation Agent
or Transfer Agent in connection with the said services. 
  
 

 
  

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	24	INDEMNITY 

  

	24.1	The Issuer indemnifies each of the Transfer Agent, the Paying Agent and the Calculation Agent against any losses, liabilities, costs, claims, actions, demands or
expenses (including, but not limited to, all reasonably and properly incurred costs, charges and expenses paid or incurred in disputing or defending any of the foregoing but excluding any indirect or consequential loss or damage) which the Transfer
Agent or the Paying Agent or the Calculation Agent (as the case may be) incurs directly as a result of or in connection with their appointment or the exercise of their respective powers and duties hereunder except such as may result from their own
default, negligence or bad faith respectively or that of their officers, directors, employees or agents, respectively or the breach by any of them of the terms of this Agreement. 

  

	24.2	Each of the Transfer Agent, the Paying Agent and the Calculation Agent indemnifies the Issuer against any losses, liabilities, costs, claims, actions, demands or
expenses (including, but not limited to, all reasonably and properly incurred costs, legal fees, charges and expenses paid or incurred in disputing or defending any of the foregoing but excluding any indirect or consequential loss or damage) which
the Issuer incurs directly as a result of or in connection with the breach by the Transfer Agent, the Paying Agent or the Calculation Agent (as the case may be) of the terms of this Agreement or their respective default, negligence or bad faith or
that of their officers, directors or employees or agents. The liability of each of the Transfer Agent, the Paying Agent and the Calculation Agent under this clause 24.2 shall be independent from that of the others and shall be several.

  
 

 
  

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	24.3	Each indemnified person in clauses 24.1 and 24.2, as the case may be, shall certify all losses, liabilities, costs, claims, actions, demands or expenses which it may
incur (including a reasonable description thereof) to the indemnifying person. Each indemnified person shall act in good faith to minimise such losses, liabilities, costs, claims, actions, demands or expenses and to minimise the amounts otherwise
payable by the indemnifying person under this Agreement. 

  

	25	TERMS AND CONDITIONS OF APPOINTMENT 

  

	25.1	The Paying Agent shall be entitled to deal with money paid to it by the Issuer for the purpose of this Agreement in the same manner as other money paid to a banker by
its customers except - 

  

	25.1.1	that it shall not exercise any right of set-off, lien or similar claim in respect thereof; 

  

	25.1.2	that Paying Agent shall not pay interest on monies paid to it by the Issuer in terms of the Terms and Conditions; 

  

	25.1.3	as provided in clause 25.3. 

  

	25.2	The Paying Agent shall not be entitled to utilise the monies kept in the bank account referred to in clause 12.2 for any purposes other than for payments to the
Noteholders in terms of the Terms and Conditions and this Agreement. 

  

	25.3	In acting hereunder and in connection with the Notes, the Transfer Agent, the Paying Agent and the Calculation Agent shall act solely as agents of the Issuer and will
not thereby assume any obligations towards or relationship 

  
 

 
  

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of agency or trust for or with any of the holders of the Notes, and all funds placed at the disposal of the Paying Agent for payment to the holders of Notes, shall be held on behalf of the Issuer
in the bank account referred to in clause 12.2, to be applied as set forth herein. 

  

	25.4	Each of the Transfer Agent, the Paying Agent and the Calculation Agent hereby undertake to the Issuer to perform such obligations and duties, and shall be obliged to
perform only such obligations and duties, as are set out herein, in the Terms and Conditions, the Applicable Pricing Supplement and in the Operations and Procedures Memorandum and no implied duties or obligations shall be read into this Agreement or
the Terms and Conditions, the Applicable Pricing Supplement or the Operations and Procedures Memorandum against the Transfer Agent or Paying Agent or the Calculation Agent, other than the duty to act honestly and in good faith and to exercise the
diligence of a reasonable agent in comparable circumstances. 

  

	25.5	Except where expressly stated herein, the obligations of the Transfer Agent, Paying Agent and Calculation Agent shall be several. 

  

	25.6	The Transfer Agent, the Paying Agent and the Calculation Agent shall be protected and shall incur no liability in respect of any action taken, omitted or suffered in
reliance upon any instruction, request or order from the Issuer or upon any notice, resolution, direction, consent, certificate, affidavit, statement, cable, or other paper or document which it reasonably believes upon proper investigation to be
genuine and to have been delivered, signed or sent by the proper party or parties or upon written instructions from the Issuer. 

  
 

 
  

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	25.7	Any of the Transfer Agent, the Paying Agent and the Calculation Agent and their officers, directors and employees may become the owner of, or acquire any interest in,
any Notes with the same rights that it would have if the Transfer Agent, the Paying Agent or the Calculation Agent, as the case may be, concerned were not appointed hereunder, and may engage or be interested in any financial or other transaction
with the Issuer and may act on, or act as depository, trustee or agent for, any committee or body of holders of Notes or in connection with any other obligations of the Issuer as freely as if the Transfer Agent, Paying Agent and Calculation Agent
were not appointed hereunder. 

  

	25.8	The Issuer shall provide the Transfer Agent, the Paying Agent and the Calculation Agent with a certified copy of the list of persons authorised to execute documents and
take action on its behalf in connection with this Agreement as stated in the Initial Documentation List in the Programme Agreement and shall notify the Transfer Agent, the Paying Agent and the Calculation Agent immediately in writing if any of such
persons ceases to be so authorised or if any additional person becomes so authorised together, in the case of an additional authorised person, with evidence satisfactory to the Transfer Agent, the Paying Agent and the Calculation Agent that such
person has been so authorised. Unless so notified, the Transfer Agent, the Paying Agent and the Calculation Agent shall be entitled to rely on the most recent such list of persons. 

  

	25.9	The Transfer Agent, the Calculation Agent and the Paying Agent agree, subject to the relevant confidentiality undertakings being made and given to the relevant agent,
other than in circumstances where required by law, to allow the internal audit personnel of the Issuer as well as the Issuer’s external auditors to perform regular audits on the records, systems and 

  
 

 
  

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documents in the possession of the Transfer Agent, the Paying Agent and the Calculation Agent, which pertain to this Agency Agreement and the role of the Transfer Agent, the Paying Agent and the
Calculation Agent as agents to the Issuer hereunder upon reasonable notice having been given by the Issuer to the Transfer Agent, Calculation Agent and/or Paying Agent, as the case may be. 

  

	26	CHANGES IN AGENTS 

  

	26.1	Subject to the provisions of clauses 26.11 and 26.12, the Issuer agrees that, for so long as any Note is Outstanding, or until moneys for the payment of all amounts in
respect of all Outstanding Notes have been made available to the Transfer Agent or Paying Agent and so long as any Notes are listed on any Financial Exchange, there will at all times be a Transfer Agent, a Paying Agent and a Calculation Agent with a
specified office in such place as may be required by the rules and regulations of the Relevant Financial Exchange. 

  

	26.2	Any variation, termination, appointment or change of Transfer Agent or Paying Agent or Calculation Agent shall only take effect (other than in the case of insolvency as
provided in clause 26.7 and breach as provided in clause 26.8, when it shall be of immediate effect) after not less than 45 days prior notice thereof shall have been given to the Noteholders in accordance with the Terms and Conditions, provided that
where any Notes are Outstanding, such notice shall not expire less than 10 days before any date upon which any payment is due in respect of any Notes, and in such instance the Notice shall be deemed to be extended until the day following the due
date for payment, unless the Issuer elects to terminate the appointment immediately where it is entitled to do so in terms of this Agreement and in such case the Issuer shall notify the Noteholders of such immediate termination.

  
 

 
  

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	26.3	The Transfer Agent, the Paying Agent as well as the Calculation Agent may (subject as provided in clause 26.5) at any time resign as agent by giving at least
90 days written notice to the Issuer of such intention on its part, specifying the date on which its desired resignation shall become effective. 

  

	26.4	The Transfer Agent, the Paying Agent as well as the Calculation Agent may (subject as provided in clause 26.5) be removed at any time by the Issuer on at least 45 days
notice in writing by the Issuer, specifying such removal and the date when it shall become effective. 

  

	26.5	Any resignation under clause 26.3 or removal under clauses 26.4, 26.7 or 26.8 shall only take effect upon the appointment by the Issuer as hereinafter provided, of
the successor Transfer Agent or Paying Agent or Calculation Agent and (other than in cases of insolvency of the relevant agent or cancellation for breach) on the expiry of the notice to be given under clause 26.3. The Issuer agrees with the Transfer
Agent or the Paying Agent or the Calculation Agent (as the case may be) that if, by the day falling 10 days before the expiry of any notice under clause 26.3, a successor agent has not been appointed, then the Transfer Agent or Paying Agent or
Calculation Agent (as the case may be) shall be entitled, on behalf of the Issuer, to appoint as a successor Transfer Agent or Paying Agent or Calculation Agent in its place a reputable institution of good standing. 

  

	26.6	Any successor Transfer Agent or Paying Agent shall be appointed by way of the execution of an accession letter in the form set out in Appendix A or C, as the case may
be and any successor Calculation Agent shall be appointed by the execution of a Calculation Agency Agreement in the form set out in Appendix B. 

  
 

 
  

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	26.7	If at any time the Transfer Agent or the Paying Agent or the Calculation Agent becomes incapable of acting or is placed into liquidation, curatorship or judicial
management, whether provisionally or finally, or is voluntarily wound up by either the members or creditors of the Transfer Agent or Paying Agent or Calculation Agent (as the case may be), whether provisionally or finally or makes an assignment for
the benefit of its creditors or consents to the appointment of a liquidator, curator or judicial manager of all or a substantial part of its property, or admits in writing its inability to pay or meet its debts as they mature or suspends payment
thereof, or if any order of any court is made confirming any application made by or against it under the provisions of any insolvency law or if a judicial manager, curator or liquidator takes charge or control of it or of its property or affairs for
the purpose of judicial management, liquidation or curatorship a successor Transfer Agent, Paying Agent or Calculation Agent (as the case may be), which shall be a reputable institution of good standing may be appointed by the Issuer on written
notice to the successor Transfer Agent, Paying Agent or Calculation Agent (as the case may be) and subject to such successor Transfer Agent, Paying Agent or Calculation Agent agreeing in writing to be bound by the terms and conditions of this Agency
Agreement. Upon the appointment as aforesaid of a successor Transfer Agent, Paying Agent or Calculation Agent and acceptance by the agent of such appointment the Transfer Agent, Paying Agent or Calculation Agent so superseded shall cease to be the
agent hereunder with immediate effect. 

  
 

 
  

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	26.8	Should the Transfer Agent or the Paying Agent or Calculation Agent commit any breach of any term or condition of this Agreement, and fail to remedy that breach within a
period of 3 (three) Business Days after the receipt of a written notice to that effect by the Issuer, then the Issuer shall without prejudice to its rights be entitled to terminate the Transfer Agent’s or the Paying Agent’s or the
Calculation Agent’s appointment (as the case may be) and remove such agent. A successor agent, which shall be a reputable institution of good standing, may be appointed by the Issuer on written notice to the successor agent. Upon the
appointment as aforesaid of a successor agent and acceptance by the agent of such appointment and upon expiry of the notice to be given under this clause 26.8, the agent so superseded shall cease to be the agent hereunder. 

 

	26.9	Upon its resignation or removal becoming effective, the Transfer Agent or the Paying Agent or the Calculation Agent, as the case may be - 

 

	26.9.1	shall forthwith transfer all monies in its possession and not yet paid out as contemplated in this Agreement, and all records and all forms of Certificates, kept in
terms of this Agreement to the successor Transfer Agent, Paying Agent and Calculation Agent hereunder (as the case may be); and 

  

	26.9.2	shall be entitled to the payment by the Issuer of its commissions, fees and expenses for the services theretofore rendered hereunder in accordance with the terms of
clause 23; and 

  

	26.9.3	shall not have any further duties, obligations, liabilities or responsibilities hereunder. 

  
 

 
  

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	26.10	Upon its appointment becoming effective, a successor Transfer Agent, Paying Agent or Calculation Agent (as the case may be) shall, without further act or formality,
become vested with all the authority, rights, powers, trusts, immunities, duties and obligations of its predecessor with like effect as if originally named as Transfer Agent or Paying Agent or Calculation Agent (as the case may be) hereunder.

  

	26.11	Notwithstanding any provision of this Agreement to the contrary, the parties acknowledge and agree that the Issuer shall at all times be entitled to act as Transfer
Agent and/or Paying Agent and/or Calculation Agent provided that it has assumed any such capacity in terms of this Agreement. 

  

	26.12	Should the Issuer assume the position of Transfer Agent and/or Paying Agent and/or Calculation Agent as contemplated herein, this Agreement will continue to be a
binding legal agreement on the Issuer to the extent that - 

  

	26.12.1	it is incorporated by reference in the Programme Memorandum and shall, to that extent, impose binding rights and obligations upon the Issuer acting as Transfer Agent,
and/or Paying Agent and/or Calculation Agent as a stipulation in favour of the Noteholders (which shall be deemed to have been accepted by them upon subscription for or purchase of the Notes); and 

  

	26.12.2	any third party executes a letter of accession to this Agreement, this Agreement shall, impose binding rights and obligations upon the Issuer and such third party; and

  

	26.12.3	any action, conduct or functions in such role shall be understood to mean that the Issuer shall perform such action, conduct or function itself; and

  
 

 
  

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	26.12.4	requirements for consultation, indemnification by or of, payment by or to, delivery by or to, notice by or to, consent by or to or agreement between the Issuer and such
Transfer Agent, Calculation Agent or Paying Agent (as the case may be) shall be disregarded to the extent that the Issuer performs such role. 

  

	27	MERGER AND CONSOLIDATION 

  

	27.1	Any corporation into which the Transfer Agent and/or Paying Agent and/or Calculation Agent may be merged or converted, or any corporation with which the Transfer Agent
and/or Paying Agent and/or Calculation Agent may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Transfer Agent and/or Paying Agent and/or Calculation Agent shall be a party, or any corporation
to which the Transfer Agent and/or Paying Agent and/or Calculation Agent shall sell or otherwise transfer all or substantially all the assets and/or business of the Transfer Agent and/or Paying Agent and/or Calculation Agent shall, on the date when
such merger, conversion, consolidation or transfer becomes effective and to the extent permitted by any applicable laws, become the successor Transfer Agent or Paying Agent or Calculation Agent (as the case may be) under this Agreement without the
execution of any written agreement or any further act on the part of the parties hereto, unless otherwise required by the Issuer and after the said effective date all references in this Agreement to the Transfer Agent and/or Paying Agent and/or
Calculation Agent shall be deemed to be references to such corporation. 

  

	27.2	Written notice of any such merger, conversion, consolidation or transfer shall forthwith be given to the Issuer by the Transfer Agent and/or the

  
 

 
  

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Paying Agent and/or the Calculation Agent (as the case may be) as soon as the Transfer Agent and/or the Paying Agent and/or the Calculation Agent (as the case may be) is reasonably able to do so.
On the merger, conversion, consolidation or transfer of the Transfer Agent and/or Paying Agent and/or Calculation Agent it shall give or cause to be given a notice therefor to the Noteholders in accordance with the Terms and Conditions.

  

	28	CHANGE OF SPECIFIED OFFICE 

 If the Transfer Agent and/or Paying Agent and/or Calculation Agent determines to change its specified office it shall (after having, in any such case other than a change of specified office within the same city, obtained the prior written
approval of the Issuer thereto) give to the Issuer written notice of such determination giving the address of the new specified office and stating the date on which such change is to take effect, which shall not be less than 45 days thereafter.
The Transfer Agent and/or Paying Agent and/or Calculation Agent shall within 15 days of having given such notice to the Issuer (unless the appointment of the Transfer Agent and/or Paying Agent and/or Calculation Agent is to terminate pursuant
to clause 26 on or prior to the date of such change) give or cause to be given notice thereof to the Noteholders in accordance with the Terms and Conditions. 
  

	29	NOTICES 

  

	29.1	Any notice or communication given hereunder shall be sufficiently given or served - 

  

	29.1.1	if delivered in person or posted by registered post to the relevant address specified on the signature pages hereof and, if so delivered, shall be deemed to have been
received at time of delivery; or 

  
 

 
  

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	29.1.2	if sent by facsimile to the relevant number specified on the signature pages hereof and, if so sent, shall be deemed to have been delivered when an acknowledgement of
receipt is received. 

  

	29.2	Where a communication is received after business hours it shall be deemed to be received and become effective on the next Business Day. Every communication shall be
irrevocable save in respect of any manifest error therein or with the agreement of the recipient. 

  

	29.3	All notices received by the Transfer Agent from Noteholders shall forthwith be copied by the Transfer Agent to the Issuer. 

  

	30	TAXES AND STAMP DUTIES 

 The Issuer agrees to pay any and all stamp and other documentary taxes and duties which may be payable in the Republic of South Africa in connection with the execution, delivery, performance and enforcement of this Agreement. 
  

	31	OTHER COSTS 

 The Issuer
agrees to pay any and all other costs (in addition to those referred to in clause 30) which may be payable in the Republic of South Africa in connection with the execution, delivery, performance and enforcement of this Agreement (including, but not
limited to, legal fees, advertising fees and postage costs). 
  
 

 
  

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	32	AMENDMENTS 

 This
Agreement may be amended in writing by agreement between the Issuer, the Transfer Agent, the Paying Agent and the Calculation Agent but without the consent of any Noteholder, for the purpose of curing any ambiguity or of curing, correcting or
supplementing any defective provision contained herein or in any manner which the parties may mutually deem necessary or desirable and which shall not be materially prejudicial to the interests of the Noteholders. The Issuer, the Transfer Agent and
the Paying Agent may also agree to any modification pursuant to Condition 18 of the Terms and Conditions. 
  

	33	GOVERNING LAW AND SUBMISSION TO JURISDICTION 

  

	33.1	This Agreement is governed by, and shall be construed in accordance with, the laws of the Republic of South Africa. 

  

	33.2	Each of the parties hereto hereby irrevocably consents to the non-exclusive jurisdiction of the South Gauteng High Court in relation to any disputes which may arise out
of or in connection with this Agreement and that accordingly any suit, action or proceedings (together referred to as “Proceedings”) arising out of or in connection with this Agreement may be brought in such court. Each of the
parties hereto hereby irrevocably waives any objection which it may have now or hereafter to the laying of the venue of any such Proceedings in any such court and any claim that any such Proceedings have been brought in an inconvenient forum and
hereby further irrevocably agrees that a judgement in any such Proceedings brought in the above South African court shall be conclusive and binding upon the parties hereto and may be enforced in the courts of any other jurisdiction. Nothing
contained in this clause shall limit any right to take Proceedings in any other court of competent jurisdiction nor shall the taking of Proceedings in one or more jurisdictions preclude the taking of Proceedings in any other jurisdiction, whether
concurrently or not. 

  
 

 
  

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	34	DISPUTE RESOLUTION 

 In
the event of there being any dispute or difference between the Parties arising out of this Agreement, or in connection with it, or regarding its interpretation, validity, execution, implementation, termination or cancellation, the said dispute or
difference will first, on written demand by any Party to the dispute be submitted to the Head of Treasury of each party, or a manager of similar seniority and status, for resolution. Should the designated representatives fail to resolve the said
dispute with a period of 21 days from written submission, each party shall be entitled to follow its rights in terms of this Agreement. 
  

	35	COUNTERPARTS 

 This
Agreement may be executed by any one or more of the parties hereto in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts shall together constitute one and the same instrument. 
  
 

 
  

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	SIGNED at Sandton on 6 April 2009
		
	 For and on behalf of
 GOLD FIELDS LIMITED (as Issuer)
	 	 For and on behalf of
 GOLD
FIELDS LIMITED (as Issuer)

		
	 /s/ Nicholas John Holland
	 	 /s/ Gayle Margaret Wilson

	Signature:	 	Signature:
		
	 Nicholas John Holland
	 	 Gayle Margaret Wilson

	Name:	 	Name:
		
	 CEO
	 	 Director

	Designation:	 	Designation:
			
	 Address:
 Tel:
 Fax:
 Attention:
	 	 150 Helen Road, Sandown, Sandton
 +2711 562 9700
 +2711 562 9825
 Chief Financial Officer
	 	
	
	SIGNED at Sandton on 6 April 2009
		
	 For and on behalf of
 ABSA CAPITAL (a division of ABSA BANK LIMITED) (as Paying Agent)
	 	 For and on behalf of
 ABSA
CAPITAL (a division of ABSA BANK LIMITED) (as Paying Agent)

		
	 /s/ Jacques Els
	 	  

	Signature:	 	Signature:
		
	 Jacques Els
	 	  

	Name:	 	Name:
		
	 Head: Debt Capital Markets
	 	  

	Designation:	 	Designation:
			
	 Address:
 Tel:
 Fax:
 Attention:
	 	 15 Alice Lane, Sandton, 2196
 +2711 895 7027
 +2711 895 7829
 Head: Debt Capital Markets
	 	

  
 

 
  

 Page 64 

					
	SIGNED at Sandton on 6 April 2009
		
	 For and on behalf of
 ABSA CAPITAL (a division of ABSA BANK LIMITED) (as Transfer Agent)
	 	 For and on behalf of
 ABSA
CAPITAL (a division of ABSA BANK LIMITED) (as Transfer Agent)

		
	 /s/ Jacques Els
	 	  

	Signature:	 	Signature:
		
	 Jacques Els
	 	  

	Name:	 	Name:
		
	 Head: Debt Capital Markets
	 	  

	Designation:	 	Designation:
			
	 Address:
 Tel:
 Fax:
 Attention:
	 	 15 Alice Lane, Sandton, 2196
 +2711 895 7027
 +2711 895 7829
 Head: Debt Capital Markets
	 	

  
 

 
  

 Page 65 

 SCHEDULE 1 
 TERMS AND CONDITIONS OF THE NOTES 
 This section of the Programme
Memorandum headed “Terms and Conditions of the Notes” is incorporated herein by reference 
 SCHEDULE 2 

 FORM OF NOTES 
 Part I: Form of Certificate for Registered Notes 
  
 

 
  

 Page 66 

 PART I 
  

											
	  	 	  	 	 	 	  
 FORM OF REGISTERED NOTES
  
	 	 	 	  
						
	 Instrument Stock
 Code
	 	 Certificate
 Number
	 		 	 Issued under Gold Fields Limited Domestic Medium Term Note Programme
 (the “Programme”)
	 		 	Aggregate Principal Amount

  

									
	References herein to the Terms and Conditions shall be to the Terms and Conditions of the Notes incorporated herein by reference and as found in the section of the
Programme Memorandum headed “Terms and Conditions of the Notes” (the “Programme Memorandum”)”, which expression shall be construed as a reference to that programme memorandum, as amended, supplemented or restated as
of the date hereof) dated [—] and executed by the Issuer as modified and supplemented by the information set out in the Pricing Supplement. In the event of any conflict between the provisions of that
section in the Programme Memorandum and the information set out in the Pricing Supplement, the Pricing Supplement will prevail.	 		 	 	 		 	 
	 	 	 	 		 	 
	 	 	Redeemable	 		 	ISIN Number
	 	 		 		 	

  

											
	Series/	 		 	 	 		 	 GOLD FIELDS LIMITED
 (a public company duly incorporated under the company laws of the Republic of South Africa under registration number [—])

(the “Issuer”)
	 	
	Tranche/	 		 	 	 		 	 	
		 		 		 		 	 	

 The Notes represented by this Certificate have not been, and will not be,
registered under the United States Securities Act of 1933, as amended 
 (“the Securities Act”). 

The Notes may not be offered, sold or delivered within the United States or to or for the account or benefit of United States persons
except in certain transactions exempt from the registration requirements of the Securities Act. 
  

							
	NAME AND PRINCIPAL ADDRESS OF THE ISSUER	 	REGISTERED ADDRESS OF TRANSFER AGENT
	 [—]
	 		 		  	
			
	 Words and expressions defined or set out in the Terms and Conditions and/or the Pricing Supplement shall bear the same
meaning when used herein.
  
 This is to certify that the under-mentioned
Noteholder is, at the date hereof, entered in the Register as the holder of the Principal Amount of Notes, as stated below, of the duly authorised issue of Notes (the “Notes”) described, and having the provisions specified in the
Pricing Supplement attached hereto (the “Pricing Supplement”) and the Terms and Conditions (as defined below).
  
 This Certificate is issued, subject to, and with the benefit of, the Terms and Conditions and the Agency Agreement (as defined below).
	 		 	 Subject to and in accordance with the Terms and Conditions, the registered holder(s) of this Certificate only is/are
entitled to receive:
  

	 	 	(a)	  	 on each Instalment Date (if the Notes are repayable in instalments) and on the Maturity Date and/or on such earlier date(s) as the Notes
may become due and payable in accordance with the Terms and Conditions, the principal amount(s) payable under the Terms and Conditions in respect of the Notes on each such due date; and
  

	 	 	(b)	  	 on each Interest Payment Date (if interest is payable) interest on the Notes calculated and payable as provided in the Terms and
Conditions together with any other sums payable under the Terms and Conditions.
  

	 	 	 The Notes represented by this Certificate are transferable only in accordance with, and subject to, the provisions hereof
(including the legend set out above) and of the Terms and Conditions and, if listed, the rules and operating procedures of Strate Limited and The Bond Exchange of South Africa Limited or any other relevant exchange upon which the Notes are listed.
This Certificate is governed by, and shall be construed in accordance with, South African law. This Certificate shall not be valid unless authenticated by the Transfer Agent.
  
 Stamp Duty (if due upon issue) has been paid.
  
 A copy of the Programme Memorandum dated [—
], as amended or supplemented, executed by the Issuer in respect of the Programme, may be obtained from the Transfer Agent.

  

											
	 Name and Address of Noteholder
  
	  	Reference Number	  	Date of Registration	  	Certificate Number	  	Principal Amount	  	Audited

  

 

 

											
	 	 	 	 	 	 
	 	  	 	  	 	  	 	  	 	  	 

  

									
	 	 	 	 	 	 	Given on behalf of the Issuer
	This certificate must be read in conjunction with the Pricing Supplement dated: [—]	 		 		 	WITHOUT RECOURSE, WARRANTY OR LIABILITY BY
					
	NO TRANSFER OF THIS HOLDING MAY BE	 	  
	 		 	  
	 	
	REGISTERED WITHOUT THE PRODUCTION OF THIS CERTIFICATE	 		 		 	AUTHORISED SIGNATORY	 	AUTHORISED SIGNATORY
	 		 		 	Date:                      	 	Date:                      

  

 

 

 This Certificate is issued, subject to, and with the benefit of, the Terms and Conditions, the Pricing
Supplement and the Agency Agreement (as defined below). 
 References herein to the Terms and Conditions shall be to the Terms and Conditions of
the Notes incorporated herein by reference and as found in the section of the Programme Memorandum headed “Terms and Conditions of the Notes” (the “Programme Memorandum”)”, which expression shall be construed as a
reference to that programme memorandum, as amended, supplemented or restated as of the date hereof) dated 6 October 2009 and executed by the Issuer as modified and supplemented by the information set out in the Pricing Supplement. In the event
of any conflict between the provisions of that section in the Programme Memorandum and the information set out in the Pricing Supplement, the Pricing Supplement will prevail. 
 Words and expressions defined or set out in the Terms and Conditions and/or the Pricing Supplement shall bear the same meaning when used herein. 
 The ultimate borrower under the Programme in respect of the Notes is identified in the Pricing Supplement. The Issuer is a going concern and can in all
circumstances be reasonably expected to meet its commitments under this certificate as and when they fall due. Pricewaterhouse Coopers, the auditors of the Issuer confirm that in their opinion, the issue of the Notes in accordance with the Terms and
Conditions pursuant to the Programme Memorandum complies in all respects with the provisions of the Commercial Paper Regulations. 
 Subject to
and in accordance with the Terms and Conditions, the holder(s) of this Certificate only is/are entitled to receive: 
  

	(a)	on each Instalment Date (if the Notes are repayable in instalments) and on the Maturity Date and/or on such earlier date(s) as the Notes may become due and payable in
accordance with the Terms and Conditions, the principal amount(s) payable under the Terms and Conditions in respect of the Notes on each such due date; and 

  

	(b)	on each Interest Payment Date (if interest is payable) interest on the Notes calculated and payable as provided in the Terms and Conditions together with any other sums
payable under the Terms and Conditions. 

 The Notes represented by this Certificate are transferable only in accordance with, and
subject to, the provisions hereof (including the legend set out above) and of the Terms and Conditions and as contemplated in clauses 6.2 and 6.3 of the Agency Agreement. This Certificate is governed by, and shall be construed in accordance with,
South African law. This Certificate shall not be valid unless authenticated by the Transfer Agent. 
 Stamp Duty (if due upon issue) has been
paid. 
 Each of GFI Mining South Africa (Proprietary) Limited, Gold Fields Operations Limited, Gold Fields Orogen Holding (BVI) Limited and
Gold Fields Holdings Company (BVI) Limited guarantees the payment obligations of the Issuer under the Notes represented by this Certificate. 
 A copy of the Programme Memorandum dated 6 October 2009, as amended or supplemented, executed by the Issuer in respect of the Programme, may be obtained from the Paying Agent. 
  

 

 

 SCHEDULE 3 
 PRICING SUPPLEMENT 
  

 

 

 SCHEDULE 4 
 PROVISIONS FOR MEETINGS OF NOTEHOLDERS 
  

	1.	The Issuer may at any time convene a meeting of all Noteholders or holders of any Series of Notes upon at least 21 days’ prior written notice to such Noteholders
and to the Central Securities Depository. This notice is required to be given in terms of Condition 19. Such notice shall specify the date, place and time of the meeting to be held, which place shall be in the Republic of South Africa.

  

	2.	Every director or duly appointed representative of the Issuer may attend and speak at a meeting of Noteholders, but shall not be entitled to vote, other than as a proxy
or representative of a Noteholder. 

  

	3.	Noteholders holding not less than 10% (ten per cent) in Nominal Amount of the outstanding Notes or Series of Notes shall be able to request the Issuer to convene a
meeting of Noteholders. Should the Issuer fail to requisition such a meeting within 10 days of such a request being received by the Issuer, the Noteholders requesting such a meeting may convene such meeting. 

  

	4.	A Noteholder may by an instrument in writing (a “form of proxy”) signed by the holder or, in the case of a corporation, executed under its common seal or
signed on its behalf by an attorney or a duly authorised officer of the corporation, appoint any person (a “proxy”) to act on his or its behalf in connection with any meeting or proposed meeting of the Noteholders.

  

	5.	Any Noteholder which is a corporation may by resolution of its directors or other governing body authorise any person to act as its representative (a
“representative”) in connection with any meeting or proposed meeting of the Noteholders. 

  

	6.	Any proxy or representative appointed shall, so long as the appointment remains in force, be deemed for all purposes in connection with any meeting or proposed meeting
of the Noteholder specified in the appointment, to be the holder of the Notes to which the appointment relates and the holder of the notes shall be deemed for such purposes not to be the holder. 

  

	7.	The chairman of the meeting shall be appointed by the Issuer. The procedures to be followed at the meeting shall be as determined by the chairman subject to the
remaining provisions of Condition 19. Should the Noteholder requisition a meeting, and the Issuer fail to call such a meeting within 10 days of the requisition, then the chairman of the meeting held at the instance of the Noteholders shall be
selected by a majority of Noteholders present in person, by representative or by proxy. 

  

	8.	 At any such meeting one or more Noteholders present in person, by representative or by proxy, holding in aggregate not less than one third of the
Nominal Amount of

  

 

 

	 	 
Notes or Series of Notes for the time being outstanding shall form a quorum for the transaction of business. On a poll, each Noteholder present in person or by proxy at the meeting shall have the
number of votes equal to the number of Notes, by denomination, held by the Noteholder. 

  

	9.	At any such meeting one or more Noteholders present in person, by representative or by proxy, holding in aggregate not less than one third of the Nominal Amount of
Notes or Series of Notes for the time being outstanding shall form a quorum for the transaction of business. On a poll, each Noteholder present in person or by proxy at the meeting shall have the number of votes equal to the number of Notes, by
denomination, held by the Noteholder. 

  

	10.	If within half an hour (or such longer period as those present may agree) after the time appointed for such meeting, the said quorum is not present, the meeting will
stand adjourned to the same day of the next week (or if that day is not a business day, the following business day) at the same time and place. Written notice of such adjourned meeting (incorporating an agenda) shall be given to all Noteholders or
Noteholders of the relevant Series not less than 72 (seventy two) hours before such adjourned meeting is to be held. 

  

	11.	At such adjourned meeting, provided that one or more Noteholders in person, by representative or by proxy are present, such Noteholders or Noteholders of the relevant
Series shall form the quorum for the transaction of business. 

  

 

 

 SCHEDULE 5 
 FORM OF PUT NOTICE 
 GOLD FIELDS LIMITED 
 ZAR10,000,000,000 DOMESTIC MEDIUM TERM NOTE PROGRAMME 
 TRANCHE [—] SERIES [—] 
 By depositing this duly completed Notice together with the attached Certificate(s) referred to below with the Transfer Agent, the
undersigned holder of the above series of Notes (the “Notes”) irrevocably exercises its option to have [the full/         Principal Amount of]1 such Notes redeemed in accordance with Condition 11 of the Terms and Conditions of the Notes on the
Optional Redemption Date. 
 This Notice relates to Notes in the aggregate Principal Amount of [—
]: 
  

			
	  
	 	

 Certificate(s) bearing the following serial numbers are hereby surrendered: 
  

			
	  
	 	
	  
	 	
	  
	 	

 If the Certificate(s) [or a new Certificate(s) in respect of the balance of the
Notes]1 referred to above are to be returned2 to the undersigned under clause 17.4 of the Agency Agreement, they
should be returned by post to: 
  

			
	  
	 	

  

	1	Delete as applicable. 

	2	The Agency Agreement provides that Certificates so returned will be sent by post, uninsured and at the risk of the Noteholder, unless the Noteholder otherwise requests
and pays the costs of such insurance to the relevant Agent at the time of depositing the Certificate referred to above. 

  

 

 

			
	  
	 	
	  
	 	

 Payment Instructions in relation to Certificate(s) 
 Please make payment in respect of the above-mentioned Notes by [cheque posted to the above address/transfer to the following bank account]2: 
  

					
	Bank:	 	  
	 	
			
	Branch Address:	 	  
	 	
			
	Branch Code:	 	  
	 	
			
	Account Number:	 	  
	 	
			
	Signature of holder:	 	  
	 	
		
	Duly authorised on behalf of [            ]	 	
		
	[To be completed by recipient Transfer Agent]	 	
			
	Received by:	 	  
	 	
		
	[Signature and stamp of Transfer Agent]	 	
			
	At its office at:	 	  
	 	
			
	On:	 	  
	 	

 The Transfer Agent with whom the above-mentioned Certificate(s) is/are deposited will not in any
circumstances be liable to the depositing Noteholder or any other person for any loss or damage arising from any act, default or omission of the Transfer Agent in relation to the said Certificates or any of them unless such loss or damage was caused
by the fraud or gross negligence of such Transfer Agent or its directors, officers or employees. 
  

	2	Delete as applicable 

  
 

 

 This Put Notice is not valid unless all of the clauses requiring completion are duly completed. Once validly
given this Put Notice is irrevocable except in the circumstances set out in clause 17.4 of the Agency Agreement. 
  

 

 

 SCHEDULE 6 
 GOLD FIELDS LIMITED 
 BANKING DETAILS 
 To be provided in writing to the Transfer Agent and Paying Agent from time to time. 
  

 

 

 APPENDIX A 
 ACCESSION LETTER 
  

			
	[Date:]	  	
		
	To:	  	Gold Fields Limited (the “Issuer”)
		  	[—],
	CC:	  	[Existing Transfer Agent, if applicable]

 Dear Sirs 
 ACCESSION LETTER 
 We, [prospective Transfer Agent], refer to the Agency Agreement dated
[—] (which agreement, as amended and/or supplemented and/or restated from time to time, is referred to herein as the “Agency Agreement”). 
 Words and expressions defined in the Agency Agreement shall have the same meanings in this Transfer Agent Accession Letter. 
  

	(1)	We hereby confirm that we are to assume the role and duties of the Transfer Agent with effect from [date] under and in accordance with the terms of the Agency
Agreement. 

  

	(2)	We acknowledge and agree that upon and by reason of our delivering this Transfer Agent Accession Letter to the Issuer we will thereby forthwith become a party to the
Agency Agreement as the Transfer Agent thereunder and shall be entitled to the rights and benefits, and be bound by the obligations, of the Transfer Agent thereunder. 

  

 

 

	(3)	Our facsimile number, telephone number and address for the purpose of notice under the Agency Agreement are as follows: 

 Address: 
 Contact:

 Facsimile No: 
 Telephone: 
 SIGNED at
                                         
    on this the      day              20    . 
  

	
	  
 [Name of prospective Transfer
Agent]

 Name of signatory: 
 Capacity: 
 Who warrants his authority hereto 
  

 

 

 APPENDIX B 
 FORM OF CALCULATION AGENCY AGREEMENT 
 CALCULATION
AGENCY AGREEMENT 
 in respect of Gold Fields Limited 
 ZAR10,000,000 DOMESTIC MEDIUM TERM NOTE PROGRAMME 
 Dated [—] 
 Between 
 Gold Fields Limited 
 as Issuer 
 and 
 [INSERT] 
 as Calculation Agent 
  

 

 

 CALCULATION AGENCY AGREEMENT 
  

	1	PARTIES 

 THIS
AGREEMENT is entered into on [—] between: 
  

	1.1	Gold Fields Limited, (the “Issuer”); and 

  

	1.2	[INSERT] (the “Calculation Agent”). 

  

	2	INTRODUCTION 

  

	2.1	The Issuer entered into a Programme Agreement with the Arranger and Dealers named therein dated [—] (as
such agreement may be amended and/or supplemented and/or restated from time to time) (the “Programme Agreement”), under which the Issuer may issue Notes (the “Notes”) with an aggregate nominal amount of up to
ZAR10,000,000,000. 

  

	2.2	The Notes will be issued subject to and with the benefit of an Agency Agreement (the “Agency Agreement” which expression includes the same as it may be
amended, supplemented or restated from time to time) dated [—] and entered into between the Issuer, Absa Capital and its successor or successors for the time being under the Agency Agreement.

  

	3	INTERPRETATION 

 Terms and
expressions defined in the Programme Agreement, the Issuer’s Programme Memorandum dated [—] as amended or supplemented from time to time and which is issued pursuant to the Programme Agreement
(the “Programme Memorandum”), or the Agency Agreement and the schedules and appendices thereto shall have the same meanings in this Agreement, except where the context requires otherwise or unless otherwise stated. 
  

	4	APPOINTMENT OF THE CALCULATION AGENT 

 The Issuer hereby appoints [Insert] as the Calculation Agent in respect of the particular Tranche or Series of Notes described in the Calculation Schedule hereto (the “Relevant
Notes”) for the purposes set out in clause 5, all upon the provisions hereinafter set out. The agreement of the parties hereto that this Agreement is to apply to each Tranche or Series of Relevant Notes shall be evidenced by the
manuscript annotation and signature in counterpart of the Schedule hereto. 
  

 

 
  

 Page 1 

	5	DUTIES OF THE CALCULATION AGENT 

 The Calculation Agent shall in relation to each Tranche or Series of Relevant Notes perform all the functions and duties imposed on the Calculation Agent by the Terms and Conditions of the Relevant Notes
(the “Conditions”), the Notes, the Programme Memorandum, the Operations and Procedures Memorandum and the Applicable Pricing Supplement, including endorsing the Schedule hereto appropriately in relation to each Tranche or Series of
Relevant Notes. 
  

	6	COMMISSIONS AND EXPENSES 

 The Issuer agrees to pay to the Calculation Agent such fees and commissions, if any, as the Issuer and the Calculation Agent shall separately agree in respect of the services of the Calculation Agent hereunder together with any reasonable
expenses (including legal, printing, postage, fax, cable and advertising expenses) incurred by the Calculation Agent in connection with its said services. 
  

	7	INDEMNITY 

  

	7.1	The Issuer indemnifies the Calculation Agent against any losses, liabilities, costs, claims, actions, demands or expenses (including, but not limited to, all reasonably
and properly incurred costs, charges and expenses paid or incurred in disputing or defending any of the foregoing but excluding any indirect or consequential loss or damages) which it may incur or which may be made against it as a result of or in
connection with its appointment or the exercise of its powers and duties under this Agreement except such as may result from its own default, negligence or bad faith or that of its officers, directors or employees or agents or the breach by it of
the terms of this Agreement. 

  

	7.2	The Calculation Agent indemnifies the Issuer against any losses, liabilities, costs, claims, actions, demands or expenses (including, but not limited to, all reasonably
and properly incurred costs, legal fees, charges and expenses paid or incurred in disputing or defending any of the foregoing but excluding any indirect or consequential loss or damages) which the Issuer may incur or which may be made against the
Issuer as a result of or in connection with the breach by the Calculation Agent of the terms of this Agreement or its default, negligence or bad faith or that of its officers, directors or employees or agents. 

  

	7.3	Each indemnified person in clauses 7.1 and 7.2, as the case may be, shall certify all losses, liabilities, costs, claims, actions, demands or expenses which it may
incur (including a reasonable description thereof) to the indemnifying person. Each indemnified person shall act in good faith to minimise such losses, liabilities, costs, claims, actions, demands or expenses and to minimise the amounts otherwise
payable by the indemnifying person under this Agreement. 

  

	8	TERMS AND CONDITIONS OF APPOINTMENT 

  

	8.1	In acting hereunder and in connection with the Relevant Notes, the Calculation Agent shall act as agent of the Issuer and shall not thereby assume any obligations
towards or relationship of agency or trust for or with any of the owners or holders of the Relevant Notes, Coupons. 

  

 

 
  

 Page 2 

	8.2	In relation to each issue of Relevant Notes, the Calculation Agent shall be obliged to perform such duties and only such duties as are stated herein and in the Terms
and Conditions, the Applicable Pricing Supplement and the Operations and Procedures Memorandum specifically set forth and no implied duties or obligations shall be read into this Agreement or the Terms and Conditions, the Applicable Pricing
Supplement or the Operations and Procedures Memorandum against the Calculation Agent, other than the duty to act honestly and in good faith and to exercise the diligence of a reasonably prudent expert in comparable circumstances.

  

	8.3	The Calculation Agent shall be protected and shall incur no liability for or in respect of any action taken or omitted in reliance upon any instruction, request or
order from the Issuer or upon any notice, resolution, direction, consent, certificate, affidavit, statement, cable, or other paper or document which it reasonably believes upon proper investigation to be genuine and to have been delivered, signed or
sent by the proper party or parties or upon written instructions from the Issuer. 

  

	8.4	The Calculation Agent and any of its officers, directors and employees may become the owner of, or acquire any interest in, any Notes with the same rights that it or he
would have if the Calculation Agent were not appointed hereunder, and may engage or be interested in any financial or other transaction with the Issuer and may act on, or as depository, trustee or agent for, any committee or body of holders of Notes
or in connection with any other obligations of the Issuer as freely as if the Calculation Agent were not appointed hereunder. 

  

	8.5	The Issuer shall provide the Calculation Agent with a certified copy of the list of persons authorised to execute documents and take action on its behalf in connection
with this Agreement as listed in the Initial Documentation List in the Programme Agreement and shall notify the Calculation Agent immediately in writing if any of such persons ceases to be so authorised or if any additional person becomes so
authorised together, in the case of an additional authorised person, with evidence satisfactory to the Calculation Agent that such person has been so authorised. 

  

	8.6	The Calculation Agent agrees to allow the internal audit personnel of the Issuer as well as the Issuer’s external auditors to perform regular audits on the
records, systems and documents in the possession of the Calculation Agent, which pertain to this Agreement and the role of the Calculation Agent as agent to the Issuer hereunder. 

  

	8.7	The Calculation Agent hereby warrants that it carries and will continue to carry, for so long as it is party to this Agreement, sufficient and proper insurance in
relation to any breach by it of its obligations under this Agreement, the Terms and Conditions as well as the Operations and Procedures Memorandum. 

  

 

 
  

 Page 3 

	9	TERMINATION OF APPOINTMENT 

  

	9.1	The Issuer may terminate the appointment of the Calculation Agent at any time by giving to the Calculation Agent at least 45 days prior written notice to that
effect, provided that, so long as any of the Relevant Notes are Outstanding such notice shall not expire less than 10 days before any date upon which any payment is due in respect of any Relevant Notes and the Notice shall be deemed to be
extended accordingly unless the Issuer elects to terminate the appointment immediately where it is entitled to do so in terms of this Agreement. 

  

	9.2	The Calculation Agent may (subject as provided in clause 9.3) at any time resign as Agent by giving at least 90 (ninety) days’ written notice to the Issuer of such
intention on its part, specifying the date on which its desired resignation shall become effective. Following receipt of a notice of resignation from the Calculation Agent, the Issuer shall promptly give notice thereof to the holders of the Relevant
Notes in accordance with the Terms and Conditions. 

  

	9.3	Any resignation under clause 9.2 or removal under clause 9.1 shall only take effect upon the appointment by the Issuer as hereinafter provided, of the successor
Calculation Agent and (other than in cases of insolvency of the relevant Calculation Agent or cancellation for breach) on the expiry of the notice to be given under clause 9.2. The Issuer agrees with the Calculation Agent that if, by the day falling
10 days before the expiry of any notice under clause 9.2, a successor Agent has not been appointed, then the Calculation Agent shall be entitled, on behalf of the Issuer, to appoint as a successor Calculation Agent in its place a reputable
institution of good standing approved by the Issuer (such approval not to be unreasonably withheld or delayed). 

  

	9.4	Notwithstanding the provisions of clause 9.1, if at any time - 

  

	9.4.1	the Calculation Agent becomes incapable of acting, or is placed in liquidation or under judicial management whether provisionally or finally or is voluntarily wound up
by either its members or its creditors whether provisionally or finally or is placed under curatorship or makes an assignment for the benefit of its creditors or consents to the appointment of a liquidator or judicial manager or curator of all or
any substantial part of its property, or it admits in writing its inability to pay or meet its debts as they may mature or suspends payment thereof, or if any order of any court is made approving any application brought by or against it under the
provisions of any applicable insolvency law or if any officer takes charge or control of the Calculation Agent or of its property or affairs for the purpose of judicial management, liquidation or curatorship; or 

  

	9.4.2	 the Calculation Agent fails duly to perform any function or duty imposed upon it by the Terms and Conditions or this Agreement or commits any breach of
this Agreement or the Terms and Conditions which is not remedied within a period of 3 (three) Business Days after the receipt of a written notice to that effect by the Issuer,

  

 

 
  

 Page 4 

	 	 
the Issuer may forthwith without notice terminate the appointment of the Calculation Agent, in which event notice thereof shall be given to the holders of the Relevant Notes in accordance with
the Terms and Conditions as soon as practicable thereafter. 

  

	9.5	The termination of the appointment pursuant to clause 9.1 or 9.2 of the Calculation Agent hereunder shall not entitle the Calculation Agent to any amount by way of
compensation but shall be without prejudice to any amount in respect of fees, commissions and expenses then due. 

  

	9.6	Notwithstanding the provisions of clauses 9.1 and 9.2, so long as any of the Relevant Notes is Outstanding, the termination of the appointment of the Calculation Agent
(whether by the Issuer or by the resignation of the Calculation Agent) shall not be effective unless upon the expiry of the relevant notice (if any) a successor Calculation Agent has been appointed. 

  

	9.7	Upon its appointment becoming effective, a successor Calculation Agent shall without further act, deed or conveyance, become vested with all the authority, rights,
powers, trusts, immunities, duties and obligations under the Terms and Conditions, the Operations and Procedures Memorandum and this Agreement of such predecessor with like effect as if originally named as the Calculation Agent hereunder.

  

	9.8	If the appointment of the Calculation Agent hereunder is terminated (whether by the Issuer or by the resignation of the Calculation Agent), the Calculation Agent shall
on the date on which such termination takes effect deliver to the successor Calculation Agent all monies in its possession and not yet paid out as contemplated in this Agreement and all records kept in terms of this Agreement, and be entitled to the
payment by the Issuer of its commissions, fees and expenses for the services rendered hereunder up to such date. 

  

	9.9	Any corporation into which the Calculation Agent may be merged or converted, or any corporation with which the Calculation Agent may be consolidated, or any corporation
resulting from any merger, conversion or consolidation to which the Calculation Agent shall be a party, or any corporation to which the Calculation Agent shall sell or otherwise transfer all or substantially all of its assets shall, on the date when
such merger, consolidation or transfer becomes effective and to the extent permitted by any applicable laws, become the successor Calculation Agent under this Agreement without the execution of any written agreement or any further act on the part of
any of the parties hereto, unless otherwise required by the Issuer, and after the said effective date all references in this Agreement to the Calculation Agent shall be deemed to be references to such corporation. Written notice of any such merger,
conversion, consolidation or transfer shall forthwith be given to the Issuer and the Transfer Agent as soon as the Calculation Agent is reasonably able to do so. On the merger, conversion, consolidation or transfer of the Calculation Agent, the
Calculation Agent shall give or cause to be given notice thereof to the Noteholders in accordance with the Terms and Conditions. 

  

 

 
  

 Page 5 

	10	DETERMINATIONS AND NOTIFICATIONS IN RESPECT OF NOTES 

  

	10.1	The Calculation Agent shall, unless otherwise agreed, make all such determinations and calculations (howsoever described) as it is required to do under the Terms and
Conditions, all subject to and in accordance with the Terms and Conditions and the Applicable Pricing Supplement. 

  

	10.2	The Calculation Agent shall not be responsible to the Issuer or to any third party (except in the event of negligence, default or bad faith of the Calculation Agent, as
the case may be) as a result of the Calculation Agent having acted on any quotation given by any Reference Bank (as defined in clause 11.1.5) which subsequently may be found to be incorrect. 

  

	10.3	The Calculation Agent shall promptly notify (and confirm in writing to) the Issuer, the Relevant Financial Exchange (if any), the Paying Agent, the Transfer Agent and
Noteholders (where the Transfer Agent is not the Calculation Agent) of, inter alia, each Interest Rate, Interest Amount and Interest Payment Date and all other amounts, rates and dates which it is obliged to determine or calculate under the
Terms and Conditions and the Applicable Pricing Supplement as soon as practicable after the determination thereof (and in any event not later than 10 Business Days, prior to the relevant Interest Payment Date) and of any subsequent amendment thereto
pursuant to the Terms and Conditions. 

  

	10.4	The Calculation Agent shall use reasonable endeavours to cause each Interest Rate, Interest Amount and Interest Payment Date and all other amounts, rates and dates
which it is obliged to determine or calculate under the Terms and Conditions or the Applicable Pricing Supplement to be published as required in accordance with the Terms and Conditions as soon as possible after their determination or calculation.

  

	10.5	If the Calculation Agent does not for any reason determine and/or calculate and/or publish the Interest Rate, Interest Amount and/or Interest Payment Date in respect of
any Interest Period or any other amount, rate or date as provided in this clause 10.1, it shall forthwith notify the Issuer, the Transfer Agent and the Paying Agent. 

  

	10.6	 The Calculation Agent shall in relation to each Series of relevant Notes, perform all the functions and duties imposed on the Calculation Agent by the
Terms and Conditions of the relevant Notes. Should the Relevant Dealer or (in the case of a syndicated issue) the Lead Manager agree with the Issuer to appoint, in relation to a particular Tranche or Series of Notes, such Dealer or Lead Manager or
another person nominated by such Dealer or Lead Manager, as Calculation Agent in the place of the original Calculation Agent, then the appointment of such Dealer or Lead Manager shall be automatic upon the issue of the relevant Tranche or Series of
Notes, and such appointment shall, except as agreed between the relevant parties, be on the terms and conditions as set out in this Agreement in relation to that Tranche or Series of Notes and the Calculation Schedule to this Agreement shall be
deemed to be duly annotated to include such

  

 

 
  

 Page 6 

	 	 
Tranche or Series of Notes. The name of the agent acting as Calculation Agent, or as the case may be, the Dealer or Lead Manager or other entity acting as Calculation Agent shall be entered in
the Applicable Pricing Supplement. 

  

	11	INTEREST DETERMINATION, INCLUDING FALLBACK PROVISIONS 

  

	11.1	Screen Rate Determination 

  

	11.1.1	Where Screen Rate Determination is specified in the Applicable Pricing Supplement as the manner in which the Interest Rate is to be determined, the Interest Rate for
each Interest Period will, save as provided below, be either - 

  

	11.1.1.1	the offered quotation (if there is only one quotation on the Relevant Screen Page); or 

  

	11.1.1.2	the arithmetic mean (rounded if necessary to the fifth decimal place, with 0.00005 being rounded upwards) of the offered quotations, 

 for the Reference Rate which appears or appear, as the case may be, on the Relevant Screen Page as at 12h00 (Johannesburg time) on the
Interest Determination Date in question plus or minus (as indicated in the Applicable Pricing Supplement) the Margin (if any), all as determined by the Calculation Agent. If five or more such offered quotations are available on the Relevant Screen
Page, the highest (or, if there is more than one such highest quotation, one only of such quotations) and the lowest (or, if there is more than one such lowest quotation, one only of such quotations) shall be disregarded by the Calculation Agent for
the purpose of determining the arithmetic mean (rounded as provided above) of such offered quotations. 
  

	11.1.2	If the Relevant Screen Page is not available or if, in the case of clause 11.1.1.1 above, no such offered quotation appears or, in the case of 11.1.1.2 above, fewer
than three such offered quotations appear, in each case as at the time specified in the preceding clause the Calculation Agent shall request the principal Johannesburg office of each of the Reference Banks (as defined below) to provide the
Calculation Agent with its offered quotation (expressed as a percentage rate per annum) for the Reference Rate at approximately 12h00 (Johannesburg time) on the Interest Determination Date in question. If two or more of the Reference Banks provide
the Calculation Agent with such offered quotations, the Interest Rate for such Interest Period shall be the arithmetic mean (rounded if necessary to the fifth decimal place with 0.00005 being rounded upwards) of such offered quotations plus or minus
(as appropriate) the Margin (if any), all as determined by the Calculation Agent. 

  

	11.1.3	 If the Interest Rate cannot be determined by applying the provisions of clauses 11.1.1 and 11.1.2 above, the Interest Rate for the relevant Interest
Period shall be the rate per annum which the Calculation Agent determines as being the arithmetic mean (rounded if necessary to the fifth decimal place, with 0.00005 being rounded upwards) of the rates, as communicated to (and

  

 

 
  

 Page 7 

	 	 
at the request of) the Calculation Agent by the Reference Banks or any two or more of them, at which such banks offered, at approximately 12h00 (Johannesburg time) on the relevant Interest
Determination Date, deposits in an amount approximately equal to the nominal amount of the Notes of the relevant Series, for a period equal to that which would have been used for the Reference Rate to prime banks in the Johannesburg inter-bank
market plus or minus (as appropriate) the Margin (if any). If fewer than two of the Reference Banks provide the Calculation Agent with such offered rates, the Interest Rate for the relevant Interest Period will be determined by the Calculation Agent
as the arithmetic mean (rounded as provided above) of the rates for deposits in an amount approximately equal to the nominal amount of the Notes of the relevant Series, for a period equal to that which would have been used for the Reference Rate,
quoted at approximately 12h00 Johannesburg time on the relevant Interest Determination Date, by four leading banks in Johannesburg (selected by the Calculation Agent and approved by the Issuer) plus or minus (as appropriate) the Margin (if any). If
the Interest Rate cannot be determined in accordance with the foregoing provisions of this clause, the Interest Rate shall be determined as at the last preceding Interest Determination Date (though substituting, where a different Margin is to be
applied to the relevant Interest Period from that which applied to the last preceding Interest Period, the Margin relating to the relevant Interest Period, in place of the Margin relating to that last preceding Interest Period).

  

	11.1.4	If the Reference Rate from time to time in respect of Floating Rate Notes is specified in the Applicable Pricing Supplement as being other than ZAR-JIBAR-SAFEX, the
Interest Rate in respect of such Notes will be determined as provided in the Applicable Pricing Supplement. 

  

	11.2	“Reference Banks” means four leading banks in the South African inter-bank market selected by the Calculation Agent. 

  

	11.3	“ZAR – JIBAR SAFEX” means the mid-market rate for deposits in South African Rand (ZAR) for a period of the Designated Maturity which appears on
the Reuters Screen SAFEY Page as at 12h00 (Johannesburg time) on the relevant date. 

  

	11.4	ISDA Determination 

  

	11.4.1	Where ISDA Determination is specified in the Applicable Pricing Supplement as the manner in which the Interest Rate is to be determined, the Interest Rate for each
Interest Period will be the relevant ISDA Rate plus or minus (as indicated in the Applicable Pricing Supplement) the Margin (if any). 

  

	11.4.2	For the purposes of this clause 11.2 - 

  

	11.4.2.1	“ISDA Rate” for an Interest Period means a rate equal to the Floating Rate that would be determined by the agent, specified in the Applicable Pricing
Supplement under a notional interest rate swap transaction, if that agent were acting as Calculation Agent for that swap transaction under the terms of an agreement incorporating the ISDA definitions and under which - 

 

 

 
  

 Page 8 

	11.4.2.2	The Floating Rate Option is as specified in the Applicable Pricing Supplement; 

  

	11.4.2.3	The Designated Maturity is the period specified in the Applicable Pricing Supplement; and 

  

	11.4.2.4	The relevant Reset Date is either: (i) if the applicable Floating Rate Option is based on the mid-market rate for deposits in South African Rand which appears on
the Reuters Screen SAFEY page as at 12h00 (Johannesburg time) (“ZAR-JIBAR-SAFEX”), on the first day of that Interest Period; or (ii) in any other case, as specified in the Applicable Pricing Supplement.

  

	11.4.3	“Floating Rate”, “Floating Rate Option”, “Designated Maturity” and “Reset Date” have the meanings
given to those expressions in the ISDA Definitions. 

  

	11.4.4	The Calculation Agent shall be deemed to have fulfilled its obligations as aforesaid if it has made the required determinations in the manner provided in Condition 11.2
of the Terms and Conditions. 

  

	12	NOTICES 

  

	12.1	Any notice or communication given hereunder shall be sufficiently given or served - 

  

	12.1.1	if delivered in person or by registered post to the relevant address specified on the signature pages hereof and, if so delivered, shall be deemed to have been
delivered at time of receipt or within 7 days of posting; or 

  

	12.1.2	if sent by facsimile to the relevant number specified on the signature pages hereof and, if so sent, shall be deemed to have been delivered when an acknowledgement of
receipt is received. 

  

	12.2	Where a communication is received after business hours it shall be deemed to be received and become effective on the next Business Day. Every communication shall be
irrevocable save in respect of any manifest error therein or with the agreement of the recipient. 

  

	12.3	Notwithstanding the above, if the Calculation Agent determines to change its specified office it shall (after having, in any such case other than a change of specified
office within the same city, obtained the prior written approval of the Issuer thereto) give to the Issuer written notice of such determination giving the address of the new specified office and stating the date on which such change is to take
effect, which shall not be less than 45 days thereafter. The Calculation Agent shall within 15 days of having given such notice to the Issuer (unless the appointment of the Calculation Agent is to terminate on or prior to the date of such
change) give or cause to be given notice thereof to the Noteholders in accordance with the Terms and Conditions. 

  

 

 
  

 Page 9 

	13	DESCRIPTIVE HEADINGS AND COUNTERPARTS 

  

	13.1	The descriptive headings in this Agreement are for convenience of reference only and shall not define or limit the provisions hereof. 

  

	13.2	This Agreement may be executed in any number of counterparts, all of which, taken together, shall constitute one and the same agreement and any party may enter into
this Agreement by executing a counterpart. 

  

	14	GOVERNING LAW AND SUBMISSION TO JURISDICTION 

  

	14.1	This Agreement is governed by, and shall be construed in accordance with, the laws of the Republic of South Africa. 

  

	14.2	Each of the parties hereto hereby irrevocably consents to the non-exclusive jurisdiction the South Gauteng High Court, Johannesburg in relation to any disputes which
may arise out of or in connection with this Agreement and that accordingly any suit, action or proceedings (together referred to as “Proceedings”) arising out of or in connection with this Agreement may be brought in such court.
Each of the parties hereto hereby irrevocably waives any objection which it may have now or hereafter to the laying of the venue of any such Proceedings in any such courts and any claim that any such Proceedings have been brought in an inconvenient
forum and hereby further irrevocably agrees that a judgment in any such Proceedings brought in the above South African court shall be conclusive and binding upon the parties hereto and may be enforced in the courts of any other jurisdiction. Nothing
contained in this clause shall limit any right to take Proceedings in any other court of competent jurisdiction nor shall the taking of Proceedings in one or more jurisdictions preclude the taking of Proceedings in any other jurisdiction, whether
concurrently or not. 

  

 

 
  

 Page 10 

 SIGNED at
                                 on this the      day
            20    . 
  

	
	  

	Name: [—]
	Capacity: [—]

 Who warrants his authority hereto 
 Gold Fields Limited 
  

			
	Address[—]
	Contact:	 	[—]
	Telephone:	 	[—]

 SIGNED at
                             on this the     
day             20    . 
  

	
	  

	Name: [—]
	Capacity: [—]

 Who warrants his authority hereto 
 [INSERT NAME] 
 [Insert address]  
  

			
	Contact:	 	[insert]
	Telephone:	 	[insert]
	Fax:	 	[insert]

  

 

 
  

 Page 11 

 CALCULATION SCHEDULE TO CALCULATION AGENCY AGREEMENT 
  

											
	 Series
 number
	 	 Tranche
 Number
	 	 Issue Date
	 	 Maturity Date
	 	 Title and
 Nominal
 Amount
	 	 Annotation by
Calculation
 Agent/Issuer

  
  

 

 

 APPENDIX C 
  

	To:	Gold Fields Limited (the “Issuer”) 

 [insert address of the Issuer] 
 Dear Sirs 
 ACCESSION LETTER 
 We,
[prospective Paying Agent], refer to the Agency Agreement dated [—] (which agreement, as amended and/or supplemented and/or restated from time to time, is referred to herein as the “Agency
Agreement”). 
 Words and expressions defined in the Agency Agreement shall have the same meanings in this Paying Agent Accession
Letter. 
  

	(1)	We hereby confirm that we are to assume the role and duties of the Paying Agent with effect from [date] under and in accordance with the terms of the Agency Agreement.

  

	(2)	We acknowledge and agree that upon and by reason of our delivering this Paying Agent Accession Letter to the Issuer we will thereby forthwith become a party to the
Agency Agreement as the Paying Agent thereunder and shall be entitled to the rights and benefits, and be bound by the obligations, of the Paying Agent thereunder. 

  

	(3)	Our facsimile number, telephone number and address for the purpose of notice under the Agency Agreement are as follows: 

  

			
	Address:	  	[insert]

  

 

 

			
	Contact:	  	[insert]
		
	Facsimile No:	  	[insert]
		
	Telephone:	  	[insert]

 SIGNED at
                                 on this the      day
             20    . 
  

	
	  

	[Name of prospective Paying Agent]

 Name of signatory: 
 Capacity: 
 Who warrants his authority heretoGold Fields Limited Programme Memorandum

 Exhibit 4.20 
 

 
 GOLD FIELDS LIMITED 
 (Incorporated in the Republic of South Africa, Registration Number 1968/004880/06) 
  
  
 ZAR 10,000,000,000 

Gold Fields Limited Domestic Medium Term Note Programme 
 Jointly and severally, unconditionally and irrevocably, guaranteed by the Guarantors 
  
  
 GFI Mining South Africa (Proprietary) Limited, Gold
Fields Operations Limited, Gold Fields Orogen Holding (BVI) Limited and Gold Fields Holdings Company (BVI) Limited have agreed to jointly and severally, irrevocably and unconditionally, guarantee to Noteholders the due and punctual performance by
Gold Fields Limited of all its payment obligations under the Notes. The Issuer accordingly wishes to amend the provisions of the Programme Memorandum dated 6 April 2009 (the “Previous Programme Memorandum”). With effect from
the date of signature of this revised Programme Memorandum, this revised Programme Memorandum shall supersede the Previous Programme Memorandum. 
 Under this ZAR10,000,000,000 Gold Fields Limited Domestic Medium Term Note Programme (the “Programme”), Gold Fields Limited (the “Issuer”) may from time to time issue notes (the “Notes”),
denominated in any currency agreed by the Issuer and the Relevant Dealer(s) (as defined below), subject to all applicable laws and, in the case of Notes listed on the bond market of the JSE Limited or its successor (the “JSE”), or
such other or further exchange as may be determined by the Issuer and the Relevant Dealer(s), the rules of the JSE or such other or further exchange, that are subject to the terms and conditions (the “Terms and Conditions”)
contained in this Programme Memorandum. Details of the Notes and any other terms and conditions not contained in the Terms and Conditions that are applicable to any Notes, replacing or modifying the Terms and Conditions, will be set forth in a
pricing supplement (the “Applicable Pricing Supplement”). 
 Save as set out herein, the Notes will not be subject to any
minimum or maximum maturity and the maximum aggregate Nominal Amount of all Notes from time to time outstanding will not exceed ZAR10,000,000,000 (or its equivalent in other currencies calculated as described herein). 
 Application has been made for this Programme to be registered on the bond market of the JSE. The Programme provides that Notes may be listed on the JSE, in
accordance with the BESA Listing Disclosure Requirements, or such other or further exchange(s) as may be determined by the Issuer and the Relevant Dealer(s), subject to all applicable laws. Details of the Notes including, the aggregate Nominal
Amount (as defined in the Terms and Conditions) of Notes, interest (if any) payable in respect of Notes, the issue price of Notes and any other terms and conditions not contained herein which are applicable to each Tranche (as defined in the Terms
and Conditions) of Notes will be set forth in the Applicable Pricing Supplement which will be delivered to the JSE and the Central Securities Depository (as defined in the Terms and Conditions), or such other or further exchange(s) as maybe
determined by the Issuer and the Relevant Dealer(s), on or before the date of issue of such Notes and the Notes may then be traded by or through members of the JSE or such other or further exchange, from the date specified in the Applicable Pricing
Supplement. The Issuer may determine that a particular tranche of Notes will not be listed on the JSE or any other exchange. With respect to Notes that are not listed on the JSE, the placement of such unlisted Notes may be reported through the the
JSE reporting system in order for the settlement of trades to take place in accordance with the electronic settlement procedures of the JSE and the Central Depository. In such event, the Applicable Pricing Supplement will be delivered to the JSE and
the Central Depository. With respect to Notes that are not listed on the JSE and not to be settled through the electronic settlement procedures of the JSE and the Central Depository, no Applicable Pricing Supplement will be delivered to the JSE.

 The holders of Notes that are listed on the JSE may claim against the BESA Guarantee Fund (in accordance with the rules of the BESA Guarantee
Fund) only if such Notes are traded by or through members of the JSE in accordance with the rules and operating procedures for the time being of the JSE and the Central Depository. The holders of Notes that are not listed on the JSE will have no
recourse against the BESA Guarantee Fund even if such Notes are settled through the electronic settlement procedures of the JSE and the Central Depository. 
  

 1 

 The Notes may be issued on a continuing basis and be placed by one or more of the Dealers specified under
the section entitled “Summary of the Programme and the Terms and Conditions of the Notes” and any additional Dealer appointed under the Programme from time to time by the Issuer, which appointment may be for a specific issue or on
an ongoing basis (each a “Dealer” and together the “Dealers”). References in this Programme Memorandum to the “Relevant Dealer” shall, in the case of Notes being (or intended to be) placed by more
than one Dealer, be to all Dealers agreeing to place such Notes. 
 GFI Mining South Africa (Proprietary) Limited, Gold Fields Operations
Limited, Gold Fields Orogen Holding (BVI) Limited and Gold Fields Holdings Company (BVI) Limited (each a “Guarantor” and together, the “Guarantors”) have jointly and severally, irrevocably and unconditionally,
guaranteed to Noteholders the due and punctual performance by the Issuer of all its payment obligations under the Notes on the terms and conditions of the Guarantee as set out in the section of Programme Memorandum headed “The
Guarantee”. It is recorded that the Guarantee issued by the Guarantors shall only be in respect of Notes issued on or after the date of this Programme Memorandum. 
 This Programme Memorandum will only apply to Notes issued under the Programme. 
  
  
 Arranger, Sponsor 
 Absa Capital, a division of Absa Bank Limited 
 Dealers 
 Absa Capital, a division of Absa Bank limited 
 Nedbank Capital (a division of Nedbank Limited) 
 Programme Memorandum dated
6 October 2009  
  
  
  

 2 

 The Issuer accepts responsibility for the information contained in this Programme Memorandum, except as
may be otherwise stated. To the best of the knowledge and belief of the Issuer (who has taken all reasonable care to ensure that such is the case) the information contained in this Programme Memorandum does not contain any untrue statement of
material fact, is not misleading in any material respect and does not omit to state any material fact necessary to make the statements, opinions and intentions expressed in this Programme Memorandum, in the context in which they are made, not
misleading in any material respect. The Issuer accepts responsibility accordingly. Should the Issuer become aware of any information that is not true and accurate in all material respects, the Issuer will, for so long as any Notes in a Tranche
remain outstanding and listed on the bond market of the JSE, publish a new Programme Memorandum or a supplement to this Programme Memorandum. 
 This document is to be read and construed with any amendment or supplement thereto (this document, as amended or supplemented, the “Programme Memorandum”) and in conjunction with any other documents which
are deemed to be incorporated herein by reference (see the section entitled “Documents Incorporated by Reference”) and, in relation to any Tranche (as defined herein) of Notes, should be read and construed together with the Applicable
Pricing Supplement. This Programme Memorandum shall be read and construed on the basis that such documents are incorporated into and form part of this Programme Memorandum. 
 The Arranger, the Dealer(s) and any of their respective affiliates, the JSE and other professional advisers named herein have not separately verified the information contained herein.
Accordingly, no representation, warranty or undertaking, express or implied, is made and no responsibility is accepted by the Arranger, Dealer(s) and any of their affiliates, the JSE and other professional advisers named herein as to the
accuracy or completeness of the information contained in this Programme Memorandum or any other information provided by the Issuer. The Arranger, the Dealer(s) and any of their respective affiliates, the JSE and other professional advisers
named herein do not accept any liability in relation to the information contained in this Programme Memorandum or any other information provided by the Issuer in connection with the Notes and the Programme. 
 No person has been authorised by the Issuer to give any information or to make any representation not contained in or not consistent with this Programme
Memorandum or any other document entered into in relation to the Programme or any other information supplied by the Issuer in connection with the issue and sale of the Notes and, if given or made, such information or representation must not be
relied upon as having been authorised by the Issuer, the Guarantors, the Arranger, the Dealer(s) or other professional advisers named herein. 
 Neither this Programme Memorandum nor any other information supplied in connection with the Notes or Programme is intended to provide a basis for any credit or other evaluation, or should be considered as a recommendation by the Issuer,
the Guarantors, the Arranger or the Dealers that any recipient of this Programme Memorandum or any other information supplied in connection with the Notes should subscribe for or purchase any Notes. 
 Each person contemplating the subscription for or purchase of any Notes should determine for itself the relevance of the information contained in this
Programme Memorandum and should make its own independent investigation of the financial condition and affairs, and its own appraisal of the creditworthiness, of the Issuer and its subscription for or purchase of Notes should be based upon any such
investigation as it deems necessary. Neither this Programme Memorandum nor any Applicable Pricing Supplement nor any other information supplied in connection with the Notes constitutes an offer or invitation by or on behalf of the Issuer, the
Guarantors, the Arranger or any of the Dealer(s) to any person to subscribe for or to purchase any Notes. 
 Neither the delivery of this
Programme Memorandum nor any Applicable Pricing Supplement nor the offering, sale or delivery of any Note shall at any time imply that the information contained herein is correct at any time subsequent to the date hereof or that any other financial
statements or other information supplied in connection with the Programme is correct as of any time subsequent to the date indicated in the document containing the same. The Arranger and the Dealer(s) expressly do not undertake to review the
financial condition or affairs of the Issuer during the life of the Programme. Potential investors should review, inter alia, the most recent financial statements of the Issuer when deciding whether or not to subscribe for or purchase any Notes.

  

 3 

 The Notes will be obligations of the Issuer. Each Guarantor has, jointly and severally, irrevocably and
unconditionally, guaranteed to Noteholders the due and punctual performance by the Issuer of all of its payment obligations under the Notes. The Notes will not be obligations of, or the responsibility of, or guaranteed by the Arranger or the
Dealers. No liability whatsoever in respect of any failure by the Issuer or the Guarantors to pay any amount due under the Notes shall be accepted by the Arranger or the Dealers. 
 Neither this Programme Memorandum nor any Applicable Pricing Supplement constitutes an offer to sell or the solicitation of an offer to buy or an invitation to subscribe for or purchase any Notes. The
distribution of this Programme Memorandum and any Applicable Pricing Supplement and the issue, sale or offer of Notes may be restricted by law in certain jurisdictions. Persons into whose possession this Programme Memorandum or any Applicable
Pricing Supplement or any Notes come are required by the Issuer, the Guarantors, the Arranger and the Dealer(s) to inform themselves about, and observe any such restrictions. For a description of certain restrictions on offers, sales and deliveries
of Notes and on the distribution of this Programme Memorandum and any Applicable Pricing Supplement and other offering material relating to the Notes, see the section of this Programme Memorandum entitled “Subscription and Sale”.

 No one of the Issuer, the Guarantors, the Arranger, the Dealer(s) and other professional advisers named herein represents that this
Programme Memorandum may be lawfully distributed, or that any Notes may be lawfully offered, in compliance with any applicable registration or other requirements in any such jurisdiction, or pursuant to an exemption available thereunder, or assumes
any responsibility for facilitating any such distribution or offering. In particular, no action has been taken by the Issuer, the Guarantors, the Arranger, the Dealer(s) or other professional advisers which would permit a public offering of any
Notes or distribution of this document in any jurisdiction where action for that purpose is required. Accordingly, no Notes may be offered or sold, directly or indirectly, and neither this Programme Memorandum nor any advertisement or other offering
material may be distributed or published in any jurisdiction, except under circumstances that will result in compliance with any applicable laws and regulations and the Dealers have represented that all offers and sales by them will be made on the
same terms. 
 The price/yield and amount of the Notes to be issued under this Programme will be determined by the Issuer, the
Guarantors, the Arranger and Relevant Dealer(s) at the time of issue in accordance with the prevailing market conditions. 
 The Notes
have not been and will not be registered under the United States Securities Act of 1933 (as amended) (the “Securities Act”). Notes may not be offered, sold or delivered within the United States or to U.S. persons except in accordance
with Regulation S under the Securities Act. 
 All references in this document to “Rands”,
“ZAR”, “South African Rand”, “R” and “cent” refer to the currency of the Republic of South Africa, to “U.S.$
or $” to the currency of the United States of America and to “Euro” or “€” to the single currency introduced at the start of the third stage of European Economic and
Monetary Union pursuant to the treaty establishing the European Community, as amended. 
 In connection with the issue and distribution
of any Tranche of Notes, the Issuer or a Dealer disclosed as the approved stabilisation manager, if any, (the “Stabilisation Manager”) in the Applicable Pricing Supplement may, to the extent permitted by applicable
laws and regulations, over-allot or effect transactions with a view to supporting the market price of the Notes of which such Tranche forms a part at a level higher than that which might otherwise prevail for a limited period after the Issue Date.
However, there may be no obligation on the Stabilisation Manager to do this. Such stabilising, if commenced, may be discontinued at any time and must be brought to an end after a limited period and the price/yield and amount of Notes to be issued
under this Programme will be determined by the Issuer and each Dealer at the time of issue in accordance with the prevailing market conditions. 
  

 4 

  
 TABLE OF CONTENTS 
  
  
  

			
	Page	  	
		
	 DOCUMENTS INCORPORATED BY REFERENCE
	  	6
		
	 GENERAL DESCRIPTION OF THE PROGRAMME
	  	8
		
	 SUMMARY OF THE PROGRAMME AND THE TERMS AND CONDITIONS OF THE NOTES
	  	10
		
	 FORM OF THE NOTES
	  	14
		
	 PRO FORMA PRICING SUPPLEMENT
	  	15
		
	 TERMS AND CONDITIONS OF THE NOTES
	  	24
		
	 USE OF PROCEEDS
	  	58
		
	 RISK FACTORS
	  	59
		
	 DESCRIPTION OF GOLD FIELDS LIMITED
	  	61
		
	 THE GUARANTEE
	  	65
		
	 SETTLEMENT, CLEARING AND TRANSFER OF NOTES LISTED ON THE JSE
	  	70
		
	 SUBSCRIPTION AND SALE
	  	71
		
	 SOUTH AFRICAN TAXATION
	  	73
		
	 GENERAL INFORMATION
	  	75

  

 5 

  
 DOCUMENTS INCORPORATED BY REFERENCE 
  
  
 The following documents shall be deemed to be incorporated in, and to form part of, this Programme Memorandum: 
  

	(a)	all amendments and supplements to this Programme Memorandum prepared from time to time in accordance with the terms of the Programme Agreement dated 6 October 2009
(the “Programme Agreement”); 

  

	(b)	in respect of any issue of Notes under the Programme the audited annual financial statements, and the notes thereto, of the Issuer for its three financial years prior
to the date of such issue and the most recent quarterly audited financial statements, and the notes thereto, of the Issuer; 

  

	(c)	the annual Mineral Resource and Ore Reserve Statement of the Issuer, prepared as a stand-alone document or as incorporated in the Issuer’s annual report to
shareholders as per the listing requirements of the JSE, as the case may be; 

  

	(d)	Item 3 (which sets out key information in relation to the Issuer) and Item 4 (which sets out general information in relation to the Issuer) of the Form 20-F
filed by the Issuer with the United States Securities and Exchange Commission, pursuant to the United States Securities Exchange Act of 1934, as amended; 

  

	(e)	the Guarantee issued by the Guarantors in favour of the Noteholders; 

  

	(f)	the Programme Agreement, the Agency Agreement and the Operations and Procedures Memorandum, as each such document may be amended from time to time in accordance with
its respective terms; and 

  

	(g)	the Applicable Pricing Supplement relating to any Tranche of Notes issued under the Programme, 

 save that any statement contained in this Programme Memorandum or in any of the documents incorporated by reference in and forming part of this Programme
Memorandum shall be deemed to be modified or superseded for the purpose of this Programme Memorandum to the extent that a statement contained in any document subsequently incorporated by reference modifies or supersedes such earlier statement
(whether expressly, by implication or otherwise). 
 The Issuer will make available for inspection, during normal office hours, at its
registered office, the details of which are set out at the end of this Programme Memorandum, without charge, to each person to whom a copy of this Programme Memorandum has been delivered, upon request of such person, a copy of any or all of the
documents which are incorporated herein by reference, as such documents may be modified or superseded. Requests for such documents should be directed to the Issuer at its registered office as set out at the end of this Programme Memorandum. The
documents listed in (b) to (d) above are also available on the Issuer’s website, www.goldfields.co.za. 
 Any statement contained
in this Programme Memorandum or in any document which is incorporated by reference into this Programme Memorandum will be deemed to be modified or superseded for the purposes of this Programme Memorandum to the extent that a statement contained in
any such subsequent document which is deemed to be incorporated by reference into this Programme Memorandum modifies or supersedes such earlier statement (whether expressly, by implication or otherwise). 
 The Issuer will, for so long as any Notes in a Tranche remain outstanding and listed on the bond market of the JSE, publish a new Programme Memorandum or a
supplement to this Programme Memorandum, as the case may be, if: 
  

	a)	a change in the condition (financial or otherwise) of the Issuer or a Guarantor has occurred which is material in the context of the Notes; or 

 

	b)	an event has occurred which affects any matter contained in this Programme Memorandum, the disclosure of which would reasonably be required by Noteholders and/or
potential investors in the Notes; or 

  

	c)	any of the information contained in this Programme Memorandum becomes outdated in a material respect; or 

  

	d)	this Programme Memorandum no longer contains all the materially correct information required by the Applicable Procedures; 

  

 6 

 provided that, in the circumstances set out in paragraphs (c) and (d) above, no new Programme
Memorandum or supplement to this Programme Memorandum, as the case may be, is required in respect of the Issuer’s or any Guarantor, annual financial statements if such annual financial statements are incorporated by reference into this
Programme Memorandum and such annual financial statements are published, as required by the Companies Act, and submitted to the JSE within six months after the financial year end of the Issuer and such Guarantor. 
 Any such new Programme Memorandum or Programme Memorandum as supplemented, as the case may be, will be deemed to have substituted the previous Programme
Memorandum from the date of issue of the new Programme Memorandum or Programme Memorandum as supplemented, as the case may be. 
  

 7 

  
 GENERAL DESCRIPTION OF THE PROGRAMME 
  
  
 Under the Programme, the Issuer may from time to time issue Notes denominated in the currency specified in the Applicable Pricing Supplement. The applicable
terms of any Notes will be set out in the Terms and Conditions incorporated by reference into the Notes, as modified and supplemented by the Applicable Pricing Supplement relating to the Notes and any supplement to this Programme Memorandum.

 This Programme Memorandum and any supplement will only be valid for listing Notes on the bond market of the JSE and/or any other exchange or
unlisted notes in an aggregate Nominal Amount which, when added to the aggregate Nominal Amount then outstanding of all Notes previously or simultaneously issued under the Programme, does not exceed ZAR 10,000,000,000 or its equivalent in other
currencies. For the purpose of calculating the South African Rand equivalent of the aggregate amount of Notes issued under the Programme from time to time: 
  

	(a)	the South African Rand equivalent of Notes denominated in another Specified Currency (as detailed in the Applicable Pricing Supplement in the Terms and Conditions)
shall be determined as of the date of agreement to issue such Notes (the “Agreement Date”) on the basis of the spot rate for the sale of the South African Rand against the purchase of such Specified Currency in the South African
foreign exchange market quoted by any leading bank selected by the Issuer on the Agreement Date; 

  

	(b)	the South African Rand equivalent of Index-Linked Notes (each as defined in the Terms and Conditions) shall be calculated by reference to the original Nominal Amount of
such Notes; 

  

	(c)	the South African Rand equivalent of Zero Coupon Notes (as defined in the Terms and Conditions) and other Notes issued at a discount or premium shall be calculated by
reference to the net subscription proceeds received by the Issuer for the relevant issue; and 

  

	(d)	the South African Rand equivalent of Partly-Paid Notes (as defined in the Terms and Conditions) shall be calculated by reference to the Nominal Amount regardless of the
amount paid up on such Notes. 

 In the event that the Issuer issues unlisted Notes, or any Notes are listed on any exchange other
than the JSE, the Issuer shall, no later than the last day of the month of such issue, inform the JSE in writing of the aggregate Nominal Amount and Maturity Date in respect of such Notes. 
 From time to time the Issuer may wish to increase the maximum aggregate Nominal Amount of the Notes that may be issued under the Programme. Subject to the
requirements of the JSE and/or any such other financial exchange or exchanges on which Notes may be listed and subject to applicable law, the Issuer may, with the consent of all the Guarantors but without the consent of Noteholders, in accordance
with the terms of the Programme Agreement, increase the maximum aggregate Nominal Amount of the Notes that may be issued under the Programme by delivering a notice thereof to Noteholders and the relevant exchange on which Notes are listed in
accordance with Condition 17 of the Terms and Conditions. Upon such notice being given, all references in this Programme Memorandum or any other agreement, deed or document in relation to the Programme, to the aggregate Nominal Amount of the Notes,
shall be and shall be deemed to be references to the increased maximum aggregate Nominal Amount. 
 To the extent that Notes may be listed on
the JSE, the JSE’s approval of the listing of the Notes is not to be taken in any way as an indication of the merits of the Issuer or any Notes. The JSE has not verified the accuracy and truth of the contents of the Programme and to the extent
permitted by law, the JSE will not be liable for any claim of whatsoever kind. 
 Claims against the BESA Guarantee Fund may only be made in
respect of all trading of Notes on the bond market of the JSE and in accordance with the rules of the BESA Guarantee Fund. 
 For the purposes
of the Programme, the BESA Guarantee Fund means the fund originally set up during 1995 under section 17(1)(n) of the Financial Markets Control Act, No. 55 of 1989 (repealed by Section 117 of the Securities Services Act). 
 Each Guarantor has, in terms of the Guarantee, jointly and severally, irrevocably and unconditionally, guaranteed the performance by the Issuer of its
payment obligations under the Notes to the Noteholders, on the terms and conditions contained in the Guarantee. The obligations of each

  

 8 

 
Guarantor under the Guarantee constitute unconditional, unsubordinated and unsecured principal obligations of each Guarantor and will rank (subject to any obligations mandatorily preferred by law
applying to companies generally in the jurisdiction of its incorporation) at least pari passu with all other unsecured and unsubordinated obligations of such Guarantor. 
  

 9 

 SUMMARY OF THE PROGRAMME AND THE TERMS AND CONDITIONS OF THE NOTES 
 The following summary does not purport to be complete and is taken from, and is qualified in its entirety by, the remainder of this Programme Memorandum
and, in relation to the Terms and Conditions of any particular Tranche of Notes, the Applicable Pricing Supplement. Words and expressions defined in the “Terms and Conditions of the Notes” below shall have the same meanings in this
summary. 
  

			
	Issuer	  	Gold Fields Limited (Registration Number 1968/004880/06);
		
	Guarantors	  	GFI Mining South Africa (Proprietary) Limited (Registration Number 2002/031431/07), Gold Fields Operations Limited (Registration Number 1959/003209/06), Gold Fields Orogen Holding
(BVI) Limited (Registration Number 184982) and Gold Fields Holdings Company (BVI) Limited (Registration Number 651406);
		
	Arranger	  	Absa Capital, a division of Absa Bank Limited (“Absa Capital”);
		
	Dealers	  	Absa Capital, Nedbank Capital and/or such other person specified in the Applicable Pricing Supplement as Dealer;
		
	Paying Agent	  	Absa Capital, or in relation to a particular Tranche or Series of Notes, such other person specified in the Applicable Pricing Supplement as Paying Agent;
		
	Description of Programme	  	ZAR 10,000,000,000 Domestic Medium Term Note Programme;
		
	Initial Programme Amount	  	Up to ZAR 10,000,000,000 (or its equivalent in other currencies calculated on the Agreement Date as described herein) outstanding at any time. The maximum aggregate Nominal Amount
permitted to be outstanding at any time under the Programme may be increased from time to time, in accordance with the terms of the Programme Agreement;
		
	Blocked Rand	  	Blocked Rand may be used to purchase Notes, subject to the Exchange Control Regulations;
		
	Calculation Agent	  	Absa Capital or in relation to any particular Tranche or Series of Notes, such other person specified in the Applicable Pricing Supplement as the Calculation Agent;
		
	Central Depository	  	Strate Limited (Registration Number 1998/022242/06), registered as a central securities depository or its nominee operating in terms of the Securities Services Act, 2004, or such
additional, alternative or successor central securities depository as may be agreed between the Issuer and the Relevant Dealer(s) and the JSE;
		
	Certain Restrictions	  	Each issue of Notes denominated in a currency in respect of which particular laws, guidelines, regulations, restrictions or reporting requirements apply will only be issued in
circumstances which comply with such laws, guidelines, regulations, restrictions or reporting requirements from time to time (see section entitled “Subscription and Sale”);
		
	Clearing and Settlement	  	Listed Notes will be cleared and settled in accordance with the rules of the JSE and the Central Depository provided that in the event that such Notes are listed on other
exchange(s), the rules of such exchange(s) will apply with regards to the clearing and settling of Notes. Listed Notes have been accepted for clearance through the Central Depository, which forms part of the the JSE clearing system that is managed
by the Central Depository and may be accepted for clearance through any additional clearing system as may be agreed between the JSE and the Issuer. The placement of unlisted Notes may be reported through the the JSE reporting system in order for the
settlement of trades to take place in accordance with the electronic settlement procedures of the JSE and the Central Depository. As at the date of this Programme Memorandum, the Settlement Agents are Absa Bank Limited, FirstRand Bank Limited,
Nedbank Limited, The Standard Bank of South Africa Limited and the South African

  

 10 

					
		  	Reserve Bank. Euroclear Bank S.A.N.V. as operator of the Euroclear System (“Euroclear”) and Clearstream Banking, société anonyme
(Clearstream Luxembourg) (“Clearstream”) may hold Notes through their Settlement Agent;
		
	Currency	  	South African Rand (“ZAR”) or as specified in the Applicable Pricing Supplement;
		
	Cross-Default	  	The terms of the Notes will contain a cross-default provision as further described in Condition 15.4;
		
	Denomination	  	Notes will be issued in such denominations as may be agreed by the Issuer and the Relevant Dealer(s), and as indicated in the Applicable Pricing Supplement save that the
minimum denomination of each Note will be such as may be allowed or required from time to time by the relevant central bank or regulator (or equivalent body) or any laws or regulations applicable to the relevant Specified Currency, as defined in the
Applicable Pricing Supplement;
		
	Distribution	  	Notes may be distributed by way of private placement or any other means permitted under South African law, and in each case on a syndicated or non-syndicated basis as
may be determined by the Issuer and the Relevant Dealer(s) and reflected in the Applicable Pricing Supplement;
		
	Form of Notes	  	Notes will be issued in the form of Registered Notes, as described in the section entitled “Form of the Notes”. In the case of Registered Notes which
are listed on the bond market of the JSE or, if not listed but are reported through the electronic settlement procedures of the bond market of the JSE and the Central Depository, each such Tranche of Notes will initially be evidenced by a Global
Certificate, which shall be deposited before its Settlement Date with the Central Depository and registered in the name of the nominee of the Central Depository or may be issued as an Uncertificated Note. Beneficial Interests in Notes evidenced by a
Global Certificate or Uncertificated Note will not be exchangeable for Individual Certificates except in the circumstances described in this Programme Memorandum;
		
	Governing Law	  	The Notes will be governed by and construed in accordance with the laws of the Republic of South Africa in force from time to time;
		
	Interest Period(s)/ Interest Payment Date(s)	  	Such period(s) or date(s) as specified in the Applicable Pricing Supplement;
		
	Issue and Transfer Taxes	  	No stamp duty, uncertificated securities tax or any similar tax is payable in respect of the issue or transfer of interest-bearing Notes under current South African law;

		
	Issue Price	  	Notes may be issued on a fully-paid or a partly-paid basis and at their Nominal Amount or at a discount or premium to their Nominal Amount as specified in the Applicable
Pricing Supplement;
		
	Listing and Trading	  	Application will be made for this Programme to be registered on the JSE (or such other or further exchange(s) as may be determined by the Issuer and the Relevant
Dealer(s) and subject to the applicable ruling laws). Notes issued under the Programme may be listed on the bond market of the JSE, in accordance with the BESA Listing Disclosure Requirements, (or such other or further exchange or exchanges as may
be selected by the Issuer in relation to such issue). Unlisted Notes may also be issued under the Programme. The Applicable Pricing Supplement in respect of a Tranche will specify whether or not such Notes will be listed and, if so, on which
exchange(s);
		
	Maturities of Notes	  	In respect of listed Notes, such maturity(ies) that are acceptable to the JSE (or such other or further exchange or exchanges as may be selected by the Issuer in
relation to such issue) and, for all Notes, such maturities that are specified in the Applicable Pricing Supplement. Save as described above, the Notes are not subject to any minimum or maximum maturity;
		
	Negative Pledge	  	Condition 6 of the Terms and Conditions provides for a negative pledge in favour of the Noteholders;

  

 11 

					
	Guarantee	  	Each Guarantor has jointly and severally, unconditionally and irrevocably, guaranteed to the Noteholders the due and punctual performance by the Issuer of its payment
obligations under the Notes on the terms and conditions as contained in the Guarantee, as described in the section entitled “The Guarantee”. The obligations of each Guarantor under the Guarantee constitute unconditional,
unsubordinated and unsecured principal obligations of the Guarantor and will rank (subject to any obligations mandatorily preferred by law applying to companies generally in the jurisdiction of its incorporation) at least pari passu with all
other unsecured and unsubordinated obligations of such Guarantor.
		
	Notes	  	Notes may comprise:
			
		  	Fixed Rate Notes	  	Fixed Rate Notes will bear interest at the fixed Rate of Interest specified in the Applicable Pricing Supplement. Interest will be payable in arrear on such date or dates as may be
agreed between the Issuer and the Relevant Dealer(s), as indicated in the Applicable Pricing Supplement and on redemption, and will be calculated on the basis of such Day Count Fraction as may be agreed between the Issuer and the Relevant Dealer(s);

			
		  	Floating Rate Notes	  	Floating Rate Notes will bear interest calculated at a floating Rate of Interest determined: (i) on the same basis as the floating rate under a notional interest rate swap
transaction in the relevant Specified Currency governed by an agreement incorporating the ISDA Definitions; or (ii) on the basis of a reference rate appearing on the agreed screen page of a commercial quoting service; or (iii) on such other basis as
may be agreed between the Issuer and the Relevant Dealer(s);
			
		  		  	The Margin (if any) relating to such floating Rate of Interest will be agreed between the Issuer and the Relevant Dealer(s) for each issue of Floating Rate Notes;
			
		  		  	Floating Rate Notes may also have a maximum interest rate, a minimum interest rate or both;
			
		  		  	The Interest Period for Floating Rate Notes may be one, two, three, six or twelve months or such other period as the Issuer and the Relevant Dealer(s) may agree, as indicated in the
Applicable Pricing Supplement;
			
		  	Zero Coupon Notes	  	Zero Coupon Notes will be issued at their Nominal Amount or at a discount to it and will not bear interest (except in the case of late payment as specified);
			
		  	Index-Linked Notes	  	Payments (whether in respect of interest on Indexed Interest Notes or in respect of principal on Indexed Redemption Amount Notes and whether at maturity or otherwise) will be
calculated by reference to such index and/or formula as the Issuer and the Relevant Dealer(s) may agree, as indicated in the Applicable Pricing Supplement;
			
		  	Mixed Rate Notes	  	Mixed Rate Notes will bear interest over respective periods at the Rate of Interest applicable for any combination of Fixed Rate Notes, Floating Rate Notes, Zero Coupon Notes or
Index-Linked Notes, each as specified in the Applicable Pricing Supplement;
			
		  	Instalment Notes	  	The Applicable Pricing Supplement will set out the dates on which, and the amounts in which, Instalment Notes may be redeemed;

  

 12 

					
		  	Partly-Paid Notes	  	The Issue Price of Partly Paid Notes will be payable in two or more instalments as set out in the Applicable Pricing Supplement;
			
		  	Exchangeable Notes	  	Exchangeable Notes may be redeemed by the Issuer in cash or by the delivery of securities as specified in the Applicable Pricing Supplement;
			
		  	Other Notes	  	Terms applicable to any other type of Notes that are approved by the JSE, or such other or further exchange or exchanges as may be selected by the Issuer in relation to an issue
of listed Notes, or as agreed between the Issuer and the Relevant Dealer(s) in respect of unlisted Notes, will be set out in the Applicable Pricing Supplement;
		
	Noteholders	  	The holders of the Registered Notes (as recorded in the Register);
		
	Redemption	  	The Applicable Pricing Supplement relating to a Tranche of Notes will indicate either that the Notes cannot be redeemed prior to their stated maturity (other than in
specified instalments (see below), if applicable, or for taxation reasons or following an Event of Default) or that such Notes will be redeemable at the option of the Issuer and/or, the Noteholders, upon giving not less than 30 nor more than 60
days’ irrevocable notice (or such other notice period (if any) as is indicated in the Applicable Pricing Supplement) to the Noteholders or the Issuer, as the case may be, on a date or dates specified prior to such stated maturity and at a price
or prices and on such terms as are indicated in the Applicable Pricing Supplement.
		
		  	The Applicable Pricing Supplement may provide that Notes may be repayable in two or more instalments of such amounts and on such dates as indicated in the Applicable
Pricing Supplement;
		
	Relevant Dealers	  	In relation to any Note, Dealers with whom the Issuer has agreed the issue of Notes;
		
	Selling Restrictions	  	There are restrictions on the sale of Notes and the distribution of offering materials in various jurisdictions. See the section entitled “Subscription and
Sale”, and such restrictions as may be imposed in the Applicable Pricing Supplement;
		
	Status of Notes	  	The Notes constitute direct, unconditional, unsubordinated and unsecured obligations of the Issuer ranking pari passu amongst themselves and (save for certain
obligations required to be preferred by law) at least pari passu with all other present and future unsecured and unsubordinated obligations of the Issuer;
		
	Taxation	  	All payments in respect of the Notes will be made without withholding or deduction for or on account of taxes levied in South Africa, subject to certain exceptions as
provided in Condition 10. In the event that withholding tax or such other deduction is required by law, then the Issuer will pay such additional amounts as shall be necessary in order that the net amounts received by the holders of the Notes after
such withholding or deduction shall equal the respective amounts of principal and interest which would otherwise have been receivable in respect of the Notes, as the case may be, in the absence of such withholding or deduction; and
		
	Transfer Agent	  	In relation to any Tranche of Notes, Absa Capital or such other person specified in the Applicable Pricing Supplement as the Transfer Agent will act as transfer agent
and will maintain the Register.

  

 13 

  
 FORM OF THE NOTES 
  
  
 Notes will be issued in registered form, as specified in the Applicable Pricing Supplement. 
 The Notes may be listed on bond market of the JSE, in accordance with the BESA Listing Disclosure Requirements, or such other or further exchange or exchanges as the Issuer may select in relation to an
issue. Each Tranche of Notes listed on the JSE will be issued in accordance with the terms and conditions set out below in this Programme Memorandum (the “Terms and Conditions”) in (i) uncertificated form or (ii) the form
of a single certificate, without interest coupons (the “Global Certificate”), which will be lodged and immobilised in Strate Limited (Registration number 1998/022242/06), or its nominee, operating in terms of the Securities Services
Act, 2004 (or any successor act thereto) (the “Central Depository”), which forms part of the settlement system of the JSE. This will entail that the Notes, represented by the Global Certificate, will be deposited with and registered
in the name of, and for the account of, the Central Depository’s nominee, or (iii) in definitive form (“Individual Certificates”). 
 CERTIFICATED NOTES 
 Listed Registered Notes 
 Beneficial interests in listed Registered Notes which are lodged in the form of the Global Certificate in the Central Depository (“Beneficial
Interests”) may, in terms of existing law and practice, be transferred through the Central Depository by way of book entry in the securities accounts of the participants in the Central Depository (“Participants”). A
certificate or other document issued by a Participant as to the Nominal Amount of such Beneficial Interest in Notes standing to the account of any person shall be prima facie proof of such Beneficial Interest. 
 Beneficial Interests in listed Registered Notes may be exchanged, without charge by the Issuer, for Individual Certificates in accordance with the
provisions of Condition 11 of the Terms and Conditions. The Notes represented by the Global Certificate and Individual Certificates will be registered in the names of the Noteholders in the register of Noteholders maintained by or on behalf of the
Issuer (the “Register”). The Issuer shall regard the Register as the conclusive record of title to the Notes. The Central Depository’s nominee shall be named in the Register as the owner of the Notes represented by the Global
Certificate and the individual Noteholders shall be named in the Register as the owners of the Notes represented by Individual Certificates. 
 Unlisted Registered Notes 
 Transferable and non-transferable unlisted Registered Notes may be issued under the Programme.
Transferable unlisted Registered Notes may be transferable in terms of the Terms and Conditions and the applicable rules and procedures of the Transfer Agent or the Central Depository, as the case may be. 
 UNCERTIFICATED NOTES 
 The Issuer may,
subject to applicable laws, issue Notes in uncertificated form. A Global Certificate may be replaced by the issue of Uncertificated Notes in terms of Section 37 of the Securities Services Act, 2004 (the “Securities Services
Act”). All transactions in uncertificated securities as contemplated in the Securities Services Act will be cleared and settled in accordance with the rules of the Central Depository. 
 All terms and conditions relating to the Beneficial Interests in Notes represented by Global Certificates will also apply to the Beneficial Interests in
Uncertificated Notes. 
  

 14 

  
 PRO FORMA PRICING SUPPLEMENT 
  
  
 Set out below is the form of Applicable Pricing Supplement which will be completed for each Tranche of Notes issued under the Programme: 
 [INSERT LOGO] 
 GOLD FIELDS LIMITED 
 (Incorporated in the Republic of South Africa with
limited liability under Registration Number 1968/004880/06) 
 Issue of [Aggregate Nominal Amount of Tranche] [Title of
Notes] 
 Under its ZAR 10,000,000,000 Gold Fields Limited Domestic Medium Term Note Programme 
 Jointly and severally, unconditionally and irrevocably guaranteed by the Guarantors 
 This document constitutes the Applicable Pricing Supplement relating to the issue of Notes described herein. Terms used herein shall be deemed to be defined
as such for the purposes of the Terms and Conditions set forth in the Programme Memorandum dated 6 October 2009. The Notes described in this Applicable Pricing Supplement are subject to the Terms and Conditions in the Programme Memorandum. This
Applicable Pricing Supplement contains the final terms of the Notes and this Applicable Pricing Supplement must be read in conjunction with such Programme Memorandum. To the extent that there is any conflict or inconsistency between the contents of
this Applicable Pricing Supplement and the Programme Memorandum, the provisions of this Applicable Pricing Supplement shall prevail. 
  

							
	 DESCRIPTION OF THE NOTES

			
	 1.
	  	Issuer	  	Gold Fields Limited
			
	 2.
	  	Guarantors	  	Each of GFI Mining South Africa (Proprietary) Limited, Gold Fields Operations Limited, Gold Fields Orogen Holding (BVI) Limited and Gold Fields Holdings Company (BVI)
Limited
			
	 3.
	  	Status of Notes	  	[Secured/Unsecured]
			
	 4.
	  	Series Number	  	[            ]
			
	 5.
	  	Tranche Number	  	[            ]
			
	 6.
	  	Aggregate Nominal Amount	  	[            ]
			
	 7.
	  	Interest	  	[Interest bearing/Non interest bearing]
			
	 8.
	  	Interest/Payment Basis	  	[Fixed Rate/Floating Rate/Zero Coupon/Index-Linked Notes/Dual Currency Notes/Partly-Paid Notes/Instalment Notes/other]
			
	 9.
	  	Automatic/Optional Conversion from one Interest/Redemption/Payment Basis to another	  	[insert details including date for conversion]
			
	 10.
	  	Form of Notes	  	Registered Notes
			
	 11.
	  	Issue Date	  	[            ]
			
	 12.
	  	Business Centre	  	[            ]
			
	 13.
	  	Additional Business Centre	  	[            ]

  

 15 

							
	14.	  	Specified Denomination	  	[            ]
			
	15.	  	Issue Price	  	[            ]
			
	16.	  	Interest Commencement Date	  	[            ]
			
	17.	  	Maturity Date	  	[            ]
			
	18.	  	Specified Currency	  	[            ]
			
	19.	  	Applicable Business Day Convention	  	[Floating Rate Business Day/Following Business Day/Modified Following Business Day/Modified Following Business Day Adjusted/Preceding Business Day/other convention – insert
details]
			
	20.	  	Final Redemption Amount	  	[            ]
			
	21.	  	Last Day to Register	  	[            ]
			
	22.	  	Books Closed Period(s)	  	The Register will be closed from [...] to [...] and from [...] to [...] (all dates inclusive) in each year until the Maturity Date
	
	 FIXED RATE NOTES

				
	23.	  	(a)	  	Rate of Interest	  	[            ] per cent. Per annum [payable [annually/semi-annually/quarterly] in arrear]
				
		  	(b)	  	Fixed Interest Payment Date(s)	  	[            ] in each year up to and including the Maturity Date/other
				
		  	(c)	  	Initial Broken Amount	  	[            ]
				
		  	(d)	  	Final Broken Amount	  	[            ]
				
		  	(e)	  	Any other terms relating to the particular method of calculating interest	  	[            ]
	
	 FLOATING RATE NOTES

				
	24.	  	(a)	  	Floating Interest Payment Date(s)	  	[            ]
				
		  	(b)	  	Interest Period(s)	  	[            ]
				
		  	(c)	  	Rate of Interest	  	[            ]
				
		  	(c)	  	Definition of Business Day (if different from that set out in Condition 1)	  	[            ]
				
		  	(d)	  	Minimum Rate of Interest	  	[            ] per cent. per annum
				
		  	(e)	  	Maximum Rate of Interest	  	[            ] per cent. per annum
				
		  	(f)	  	Other terms relating to the method of calculating interest (e.g.: Day Count Fraction, rounding up provision)	  	[            ]

  

 16 

							
	25.	  	Manner in which the Rate of Interest is to be determined	  	[ISDA Determination/Screen Rate Determination/other – insert details]
			
	26.	  	Margin	  	[(...) basis points to be added to/subtracted from the relevant (ISDA Rate/Reference Rate)]
			
	27.	  	If ISDA Determination	  	
				
		  	(a)	  	Floating Rate	  	[            ]
				
		  	(b)	  	Floating Rate Option	  	[            ]
				
		  	(c)	  	Designated Maturity	  	[            ]
				
		  	(d)	  	Reset Date(s)	  	[            ]
				
		  	(e)	  	ISDA Definitions to apply	  	[            ]
			
	28.	  	If Screen Determination	  	
				
		  	(a)	  	Reference Rate (including relevant period by reference to which the Rate of Interest is to be calculated)	  	[            ]
				
		  	(b)	  	Interest Determination Date(s)	  	[            ]
				
		  	(c)	  	Relevant Screen Page and Reference Code	  	[            ]
			
	29.	  	If Rate of Interest to be calculated otherwise than by ISDA Determination or Screen Determination, insert basis for determining Rate of Interest/Margin/Fallback
provisions	  	[            ]
	
	 ZERO COUPON NOTES

				
	30.	  	(a)	  	Implied Yield	  	[            ]
				
		  	(b)	  	Reference Price	  	[            ]
				
		  	(c)	  	Any other formula or basis for determining amount(s) payable	  	[            ]
	
	 PARTLY-PAID NOTES

				
	31.	  	(a)	  	Amount of each payment comprising the Issue Price	  	[            ]
				
		  	(b)	  	Date upon which each payment is to be made by Noteholder	  	[            ]
				
		  	(c)	  	Consequences (if any) of failure to make any such payment by Noteholder	  	[            ]

  

 17 

							
		  	(d)	  	Rate of Interest to accrue on the first and subsequent instalments after the due date for payment of such instalments	  	[            ] per cent.
	
	 INSTALMENT NOTES

			
	32.	  	Instalment Dates	  	[            ]
			
	33.	  	Instalment Amounts (expressed as a percentage of the aggregate Nominal Amount of the Notes)	  	[            ]
	
	 MIXED RATE NOTES

			
	34.	  	Period(s) during which the Rate of Interest for the Mixed Rate Notes will be (as applicable) that for:	  	
				
		  	(a)	  	Fixed Rate Notes	  	[            ]
				
		  	(b)	  	Floating Rate Notes	  	[            ]
				
		  	(c)	  	Indexed Notes	  	[            ]
				
		  	(d)	  	Dual Currency Notes	  	[            ]
				
		  	(e)	  	Other Notes	  	[            ]
			
	35.	  	The Rate of Interest and other pertinent details are set out under the headings relating to the applicable forms of Notes	  	
	
	 INDEX-LINKED NOTES

				
	36.	  	(a)	  	Type of Index-Linked Notes	  	[Indexed Interest Notes/Indexed Redemption Amount Notes]
				
		  	(b)	  	Index/Formula by reference to which Rate of Interest/Interest Amount is to be determined	  	[            ]
				
		  	(c)	  	Manner in which the Rate of Interest/Interest Amount is to be determined	  	[            ]
				
		  	(d)	  	Interest Period(s)	  	[            ]
				
		  	(e)	  	Interest Payment Date(s)	  	[            ]
				
		  	(f)	  	Provisions where calculation by reference to Index and/or Formula is impossible or impracticable	  	[            ]
				
		  	(g)	  	Definition of Business Day (if different from that set out in Condition 1)	  	[            ]

  

 18 

							
		  	(h)	  	Minimum Rate of Interest	  	[            ] per cent. per annum
				
		  	(i)	  	Maximum Rate of Interest	  	[            ] per cent. per annum
				
		  	(j)	  	Other terms relating to the method of calculating interest (e.g.: Day Count Fraction, rounding up provision)	  	[            ]
	
	 DUAL CURRENCY NOTES

				
	37.	  	(a)	  	Type of Dual Currency Notes	  	[Dual Currency Interest Notes/Dual Currency Redemption Amount Notes]
				
		  	(b)	  	Rate of Exchange/method of calculating Rate of Exchange	  	[            ]
				
		  	(c)	  	Provisions applicable where calculation by reference to Rate of Exchange if impossible or impracticable	  	[            ]
				
		  	(d)	  	Person at whose option Specified Currency(ies) is/are payable	  	[            ]
	
	 EXCHANGEABLE NOTES

				
	38.	  	(a)	  	Mandatory Exchange applicable?	  	[Yes/No]
				
		  	(b)	  	Noteholders’ Exchange Right applicable?	  	[Yes/No]
				
		  	(c)	  	Exchange Securities	  	[            ]
				
		  	(d)	  	Manner of determining Exchange Price	  	[            ]
				
		  	(e)	  	Exchange Period	  	[            ]
				
		  	(f)	  	Other	  	[            ]
	
	 OTHER NOTES

			
	39.	  	Relevant description and any additional Terms and Conditions relating to such Notes	  	[            ]
	
	 PROVISIONS REGARDING REDEMPTION/MATURITY

			
	40.	  	Issuer’s Optional Redemption: if yes:	  	[Yes/No]
				
		  	(a)	  	Optional Redemption Date(s)	  	[            ]
				
		  	(b)	  	Optional Redemption Amount(s) and method, if any, of calculation of such amount(s)	  	[            ]
				
		  	(c)	  	Minimum period of notice (if different from Condition 9.3)	  	[            ]

  

 19 

							
		  	(d)	  	If redeemable in part:	  	[            ]
				
		  		  	Minimum Redemption Amount(s)	  	[            ]
				
		  		  	Maximum Redemption Amount(s)	  	[            ]
				
		  	(e)	  	Other terms applicable on Redemption	  	
			
	41.	  	Redemption at the Option of the Noteholders: if yes:	  	[Yes/No]
				
		  	(a)	  	Optional Redemption Date(s)	  	[            ]
				
		  	(b)	  	Optional Redemption Amount(s)	  	[            ]
				
		  	(c)	  	Minimum period of notice (if different from Condition 9.4)	  	[            ]
				
		  	(d)	  	If redeemable in part:	  	
				
		  		  	Minimum Redemption Amount(s)	  	[            ]
				
		  		  	Maximum Redemption Amount(s)	  	[            ]
				
		  	(e)	  	Other terms applicable on Redemption	  	[            ]
				
		  	(f)	  	Attach pro forma put notice(s)	  	
			
	42.	  	Early Redemption Amount(s) payable on redemption for taxation reasons, Redemption Event, Change of Control Event or on Event of Default (if required). If
yes:	  	[Yes/No]
			
		  	Amount payable	  	[as per Condition 9.2, 9.5, 9.6 and 15]
	
	 GENERAL

			
	43.	  	Financial Exchange	  	[            ]
			
	44.	  	Calculation Agent	  	[            ]
			
	45.	  	Paying Agent	  	[            ]
			
	46.	  	Specified office of the Paying Agent	  	[            ]
			
	47.	  	Transfer Agent	  	Absa Capital (a division of Absa Bank Limited)
			
	48.	  	Provisions relating to stabilisation	  	[            ]
			
	49.	  	Stabilising manager	  	[            ]
			
	50.	  	Additional selling restrictions	  	[            ]

  

 20 

							
	51.	  	ISIN	  	[            ]
			
	52.	  	Stock Code	  	[            ]
			
	53.	  	Method of distribution	  	[            ]
			
	54.	  	If syndicated, names of Managers	  	[            ]
			
	55.	  	If non-syndicated, name of Dealer	  	[            ]
			
	56.	  	Credit Rating assigned to Notes (if any)	  	[            ]
			
	57.	  	Governing law (if the laws of South Africa are not applicable)	  	[            ]
			
	58.	  	Other Banking Jurisdiction	  	[            ]
			
	59.	  	Other provisions	  	[            ]

  

 21 

 Disclosure Requirements in terms of paragraph 3(5) of the Commercial Paper Regulations 
 Paragraph 3(5)(a) 
 The ultimate borrower is
[—]. 
 Paragraph 3(5)(b) 
 The Issuer is a going concern and can in all circumstances be reasonably expected to meet its commitments under the Notes. 
 Paragraph 3(5)(c) 
 The auditor of the Issuer is PricewaterhouseCoopers Inc 
 Paragraph 3(5)(d) 
 As at the date of this
issue: 
  

	(a)	the Issuer has not issued any commercial paper / has issued commercial paper to the value of ZAR[—]; and

  

	(b)	the Issuer estimates to issue commercial paper with a nominal value of ZAR[—] during its current financial year,
ending [—]. 

 Paragraph 3(5)(e) 
 Prospective investors in the Notes are to consider this Pricing Supplement, the Programme Memorandum and the documentation incorporated therein by reference
in order to ascertain the nature of the financial and commercial risks of an investment in the Notes. In addition, prospective investors in the Notes are to consider the latest audited financial statements of the Issuer which are incorporated into
the Programme Memorandum by reference and which may be requested from the Issuer. 
 Paragraph 3(5)(f) 
 There has been no material adverse change in the Issuer’s financial position since the date of its last audited financial statements. 
 Paragraph 3(5)(g) 
 The Notes issued will be
[listed/unlisted], as stated in the Applicable Pricing Supplement. 
 Paragraph 3(5)(h) 
 The funds to be raised through the issue of the Notes are to be used by the Issuer for [—]. 
 Paragraph 3(5)(i) 
 The payment obligations
of the Issuer in respect of the Notes are guaranteed in terms of the Guarantee by the Guarantors, but are otherwise unsecured. 
 Paragraph
3(5)(j) 
 PricewaterhouseCoopers Inc, the auditors of the Issuer, have confirmed that nothing has come to their attention that causes them
to believe that this issue of Notes issued under the Programme does not comply in all respects with the relevant provisions of the Commercial Paper Regulations. 
 Responsibility: 
 The Issuer accepts responsibility for the information contained in this
Applicable Pricing Supplement. 
 Application [is hereby]/[will not be] made to list this issue of Notes [on [date]]. 

 

 22 

 SIGNED at
                                         this
     day of              2009. 
 For and on behalf of

 GOLD FIELDS LIMITED 
 (AS
ISSUER) 
 SIGNED at
                                         on
                     2009 
  

					
	  
	 		  	  

	Signature:	 		  	Signature:
			
	  
	 		  	  

	Name:	 		  	Name:
			
	  
	 		  	  

	Designation:	 		  	Designation:
	
	 Address: 150 Helen Road, Sandown, Sandton
 Tel:         +2711 562 9700

  

 23 

  
 TERMS AND CONDITIONS OF THE NOTES 
  
  
 The following are the Terms and Conditions of Notes to be issued by the Issuer which will be incorporated by reference into each Note. The Applicable
Pricing Supplement in relation to any Tranche of Notes may specify other terms and conditions which shall to the extent so specified or to the extent inconsistent with the following Terms and Conditions, replace or modify the following Terms and
Conditions for the purpose of such Tranche of Notes. The Applicable Pricing Supplement will be attached to each Note. 
 Before the
Issuer issues any Tranche of listed Notes, the Issuer shall complete, sign and deliver to the JSE and the Central Depository a pricing supplement based on the pro forma Applicable Pricing Supplement (as defined below) included in the Programme
Memorandum setting out details of such Notes. The Issuer may determine that particular Notes will not be listed on the JSE or any other exchange and in that case, no Applicable Pricing Supplement will be delivered to the JSE unless the settlement of
trades in such unlisted Notes takes place in accordance with the electronic settlement procedures of the JSE and the Central Depository. 
 If
there is any conflict or inconsistency between provisions set out in the Applicable Pricing Supplement and the provisions set out in these Terms and Conditions of the Notes, then the provisions in the Applicable Pricing Supplement will prevail.

 Words and expressions used in the Applicable Pricing Supplement shall have the same meanings where used in these Terms and Conditions unless
the context otherwise requires or unless otherwise stated. 
  

	1.	INTERPRETATION 

 In these
Terms and Conditions, unless inconsistent with the context or separately defined in the Applicable Pricing Supplement, the following expressions shall have the following meanings: 
  

			
	“Absa Capital”	 	Absa Capital, a division of Absa Bank Limited, registration number 1986/004794/06, a registered bank and public company with limited liability incorporated in the Republic of South
Africa;
		
	“Acting in Concert”	 	a group of persons who, pursuant to an agreement or understanding (whether formal or informal), actively co-operate, through the acquisition of shares in the Issuer by any of them,
either directly or indirectly, to obtain or consolidate Control of the Issuer;
		
	“Agency Agreement”	 	the amended and restated Agency Agreement to be entered into between the Issuer, the Paying Agent, the Calculation Agent and the Transfer Agent, unless such agents are
appointed in terms of a separate agreement with the Issuer or the Issuer itself acts in any of the aforementioned capacities, as revised, amended, updated or replaced from time to time;
		
	“Applicable Pricing Supplement”	 	the Pricing Supplement relating to each Tranche of Notes;
		
	“Applicable Procedures”	 	the rules and operating procedures for the time being of the Central Depository, Settlement Agents and the JSE, as the case may be;
		
	“Beneficial Interest”	 	the undivided share of a co-owner of the Notes represented by a Global Certificate or held in uncertificated form as provided in section 41 of the Securities Services
Act;

  

 24 

			
	“BESA Listing Disclosure Requirements”	 	the listing disclosure requirements of the bond market of the JSE, previously The Bond Exchange of South Africa Limited;
		
	“Books Closed Period”	 	the period, as specified in the Applicable Pricing Supplement, commencing after the Last Day to Register, during which transfer of the Notes will not be registered, or such shorter
period as the Issuer may decide in order to determine those Noteholders entitled to receive interest;
		
	“Business Day”	 	a day (other than a Saturday or Sunday or public holiday within the meaning of the Public Holidays Act, 1994) which is a day on which commercial banks settle ZAR payments in
Johannesburg or any Additional Business Centre specified in the Applicable Pricing Supplement, save that if the Specified Currency is not ZAR, “Business Day” shall mean a day (other than a Saturday or Sunday) which is a day on which
commercial banks and foreign exchange markets settle payments in the principal financial centre of the Specified Currency and in each (if any) Additional Business Centre;
		
	“Business Day Convention”	 	the business day convention, if any, specified as such and set out in the Applicable Pricing Supplement;
		
	“Calculation Agent”	 	Absa Capital or, in relation to any particular Tranche, or Series of Notes, such other person specified in the Applicable Pricing Supplement as the Calculation
Agent;
		
	“Central Depository”	 	Strate Limited (Registration number 1998/022242/06), or its nominee, operating in terms of the Securities Services Act (or any successor legislation thereto), or any additional or
alternate depository approved by the Issuer, the Relevant Dealer(s) and the JSE;
		
	“Cerro Corona Project”	 	the development of the gold and copper deposits in Peru by the Cerro Corona Subsidiary;
		
	“Cerro Corona Subsidiary”	 	Gold Fields La Cima S.A.;
		
	“Certificate”	 	a Global Certificate or an Individual Certificate, as the case may be;
		
	“Change of Control”	 	shall be deemed to have occurred at each time (whether or not approved by the senior management or board of directors of the Issuer) that any person (“Relevant
Person”) or persons Acting in Concert or any person or persons acting on behalf of any such person(s), at any time directly or indirectly acquires Control of the Issuer, provided that a Change of Control shall not be deemed to have occurred
if the shareholders of the Relevant Person are also, or immediately prior to the event which would otherwise constitute a Change of Control were, all of the shareholders of the Issuer;
		
	“Change of Control Period”	 	in relation to a Change of Control of the Issuer the period ending 60 (sixty) Business Days after the date on which the Change of Control of the Issuer is publicly
announced;

  

 25 

					
	“Change of Control Rating Downgrade”	 	shall, in relation to Notes that are assigned a solicited rating, on a South African national scale, or where the Issuer has been assigned a solicited rating, on a South
African national scale, by the Rating Agency, be deemed to have occurred if within the Change of Control Period the rating previously assigned to such Notes or the Issuer, as the case may be, is (i) withdrawn; or (ii) changed from an Investment
Grade Rating to a Non-Investment Grade Rating;
		
	“Companies Act”	 	the Companies Act, 1973 (as amended);
		
	“Consolidated EBITDA”	 	for any Measurement Period, (having reversed any entries made to reflect fair value gains or losses on financial derivative investments which are undertaken in the
normal course of business) Consolidated Profits Before Interest and Tax before any amount attributable to the amortisation of intangible assets and depreciation of tangible assets and before any extraordinary items;
		
	“Consolidated Profits Before Interest and Tax”	 	in respect of any Measurement Period, the consolidated net income of the Group (less the net income of any Project Finance Subsidiary but including any dividends
received in cash by any member of the Group (other than a Project Finance Subsidiary) from a Project Finance Subsidiary) before:
			
		 	(a)	 	any provision on account of normal taxation; and
			
		 	(b)	 	any interest, commission, discounts or other fees incurred or payable, received or receivable by any member of the Group in respect of Indebtedness;
		
	“Control”	 	(A) the holding beneficially of more than 50% (fifty percent) of the issued share capital of the Issuer (excluding any part of that issued share capital that carries no
right to participate beyond a specified amount in a distribution of either profits or capital), or (B) the power to cast, or control the casting of such number of the shares in the issued share capital of the Issuer carrying more than 50% (fifty
percent) of the total number of votes that may be cast at a general meeting of the members of the Issuer;
		
	“Currency”	 	South African Rand or as specified in the Applicable Pricing Supplement;
		
	“Dealer”	 	any Dealer, as may be appointed under the Programme from time to time, which appointment may be for a specific issue or on an ongoing basis, subject to the Issuer’s
right to terminate the appointment of any Dealer;
		
	“Downgrade”	 	in relation to a solicited rating, on a South African national scale, assigned to the Issuer by a Rating Agency, the withdrawal of such previously assigned rating or the
change of such previously assigned rating from an Investment Grade Rating to a Non-Investment Grade Rating;
		
	“Early Redemption Amount”	 	the amount, as set out in Condition 9.7, at which the Notes will be redeemed by the Issuer pursuant to the provisions of Condition 9.2 and/or Condition
15;

  

 26 

							
	“Encumbrances”	 		 	(a)	 	the sale, transfer or otherwise disposal by any Material Group Company of any of its assets on terms whereby they are or may be leased to or re-acquired by it or by any other
Material Group Company; or
				
		 		 	(b)	 	the sale, transfer or otherwise disposal by any Material Group Company of any of its receivables on recourse terms; or
				
		 		 	(c)	 	any mortgage, pledge, lien, assignment or cession in securitatem debiti conferring security, hypothecation, security interest, preferential right or trust
arrangement creating real rights of security or other encumbrance securing any obligation of any person but excluding statutory preferences and any security interest arising by operation of law; or
				
		 		 	(d)	 	the execution of any other preferential arrangement (whether conditional or not and whether relating to existing or to future assets and including any title, transfer and
retention agreement) by any Material Group Company, having the effect of creating a security interest creating real rights of security to a creditor or any agreement or arrangement to give any form of security creating real rights of security to a
creditor but excluding statutory preferences and any security interest arising by operation of law;
		
	“Event of Default”	 	an event of default by the Issuer as set out in Condition 15;
		
	“Exchangeable Notes”	 	Notes which may be redeemed by the Issuer in the manner indicated in the Applicable Pricing Supplement by the delivery to the Noteholders of cash or of so many of the
Exchange Securities as is determined in accordance with the Applicable Pricing Supplement;
		
	“Exchange Control Regulations”	 	the Exchange Control Regulations, 1961 issued pursuant to the Currency and Exchanges Act, 1933;
		
	“Exchange Period”	 	in respect of Exchangeable Notes to which the Noteholders’ Exchange Right applies (as indicated in the Applicable Pricing Supplement), the period indicated in the
Applicable Pricing Supplement during which such right may be exercised;
		
	“Exchange Price”	 	the amount determined in accordance with the manner described in the Applicable Pricing Supplement, according to which the number of Exchange Securities which may be
delivered in redemption of an Exchangeable Note will be determined;

  

 27 

							
	“Exchange Securities”	 	the securities indicated in the Applicable Pricing Supplement which may be delivered by the Issuer in redemption of Exchangeable Notes to the value of the Exchange
Price;
		
	“Extraordinary Resolution”	 	a resolution passed at a meeting (duly convened) of the Noteholders or Noteholders of the Relevant Series of Notes, by a majority consisting of not less than 66 2/3% (sixty six and two thirds per cent) of the persons
voting at such meeting upon a show of hands or if a poll be duly demanded then by a majority consisting of not less than 66 2/3% (sixty six and two thirds per cent) of the votes given on such poll;
		
	“Final Redemption Amount”	 	the amount of principal specified in the Applicable Pricing Supplement payable in respect of each Note upon the Maturity Date;
		
	“Fitch”	 	Fitch Southern Africa (Proprietary) Limited, registration 1990/002436/07;
		
	“Fixed Interest Period”	 	the period from (and including) an Interest Payment Date to (but excluding) the following Interest Payment Date; provided that the first interest period shall be from
(and including) the Interest Commencement Date to (but excluding) the next Interest Payment Date;
		
	“Fixed Rate Notes”	 	Notes which will bear interest at the fixed Rate of Interest, as indicated in the Applicable Pricing Supplement;
		
	“Floating Rate Notes”	 	Notes which will bear interest at a floating Rate of Interest as indicated in the Applicable Pricing Supplement and more fully described in Condition
7.2;
		
	“Global Certificate”	 	the single Certificate for a Tranche of Notes, without interest coupons, registered in the name of the Central Depository’s nominee and representing those Notes
issued in terms of the Terms and Conditions which are lodged and immobilised in the Central Depository other than those Notes represented by the Individual Certificates. A Global Certificate may be replaced by the issue of Uncertificated Notes in
terms of Section 37 of the Securities Services Act, 2007;
		
	“Gold Fields”	 	Gold Fields Limited (Registration Number 1968/004880/06);
		
	“Group”	 	the Issuer’s group of companies comprising of the Issuer and each Subsidiary of the Issuer from time to time whose financial results are consolidated with the
financial results of the Issuer;
		
	“Guarantee”	 	the unconditional and irrevocable Guarantee to be given by each Guarantor to all Noteholders as contemplated in Condition 23 as revised, amended, updated or replaced
from time to time;

  

 28 

							
	“Guarantor”	 	each of the following Material Subsidiaries of the Issuer: GFI Mining South Africa (Proprietary) Limited, incorporated in the Republic of South Africa, Registration
Number 2002/031431/07, Gold Fields Operations Limited, incorporated in the Republic of South Africa, Registration Number 1959/003209/06, Gold Fields Orogen Holding (BVI) Limited, incorporated in the British Virgin Islands, Registration Number 184982
and Gold Fields Holdings Company (BVI) Limited, incorporated in the British Virgin Islands, Registration Number 651406;
		
	“IFRS”	 	means the International Financial Reporting Standard as amended from time to time;
		
	“Implied Yield”	 	the yield accruing on the Issue Price of Zero Coupon Notes, as specified in the Applicable Pricing Supplement;
		
	“Indebtedness”	 	any indebtedness in respect of monies borrowed (including, but not limited to indebtedness in the form of bonds, notes, debentures) and (without double counting)
guarantees and/or indemnities given, whether present or future, actual or contingent, excluding any intra-group indebtedness due to any Subsidiary of the Issuer;
		
	“Indexed Interest Notes”	 	Notes in respect of which the Interest Amount is calculated by reference to such index and/or formula as indicated in the Applicable Pricing Supplement;
		
	“Index-Linked Notes”	 	an Indexed Interest Note and/or an Indexed Redemption Amount Note, as applicable;
		
	“Indexed Redemption Amount Notes”	 	Notes in respect of which the Final Redemption Amount is calculated by reference to an index and/or a formula as may be indicated in the Applicable Pricing Supplement;

		
	“Individual Certificate”	 	in respect of Registered Notes, a Note evidenced by the definitive registered form of a single Certificate registered in the name of the relevant
Noteholder;
		
	“Instalment Amount”	 	the amount expressed as a percentage of the Nominal Amount of an Instalment Note, being an instalment of principal (other than the final instalment) on an Instalment
Note;
		
	“Instalment Notes”	 	Notes issued at the same date but redeemed in Instalment Amounts by the Issuer on an amortised basis on different Instalment Dates, as indicated in the Applicable
Pricing Supplement;
		
	“Interest Amount”	 	the amount of interest payable in respect of each Nominal Amount of Fixed Rate Notes, Floating Rate Notes and Indexed Notes, as determined in accordance with Condition
7.1 or 7.2, as the case may be;
		
	“Interest Commencement Date”	 	the first date from which interest on the Notes, other than Zero Coupon Notes, will accrue, as specified in the Applicable Pricing Supplement;
		
	“Interest Payment Date”	 	the Interest Payment Date(s) specified in the Applicable Pricing Supplement or if no express Interest Payment Date(s) is/are specified in the Applicable
Pricing

  

 29 

							
		 	Supplement, the last day of the Interest Period commencing on the preceding Interest Payment Date, or, in the case of the first Interest Payment Date, commencing on the
Interest Commencement Date;
		
	“Interest Period”	 	such period(s) as specified in the Applicable Pricing Supplement;
		
	“ISDA”	 	the International Swaps and Derivatives Association Inc.;
		
	“ISDA Definitions”	 	the ISDA Definitions published by ISDA (as amended, supplemented, revised or republished from time to time) as specified in the Applicable Pricing
Supplement;
		
	“Issue Date”	 	in relation to each Tranche of Notes, the date specified as such in the Applicable Pricing Supplement;
		
	“Issue Price”	 	in relation to each Tranche of Notes, the price specified as such in the Applicable Pricing Supplement;
		
	“Issuer”	 	Gold Fields;
		
	“Investment Grade Rating”	 	a national scale local currency rating of “Baa3.za” by Moody’s or “za.BBB-” by S&P or “BBB-.(zaf)” by Fitch;

		
	“JSE”	 	the JSE Limited (Registration Number 2005/022939/06), a licensed financial exchange in terms of the Securities Services Act or any exchange which operates as a successor
exchange to the JSE, or, where the context so requires, such other or further exchange or exchanges on which the Notes are listed;
		
	“Last Day to Register”	 	with respect to a particular Series of Notes (as reflected in the Applicable Pricing Supplement), the last date or dates preceding a Payment Day on which the Transfer
Agent will accept Transfer Forms and record the transfer of Notes in the Register for that particular Series of Notes and whereafter the Register is closed for further transfers or entries until the Payment Day;
		
	“Mandatory Exchange”	 	if indicated in the Applicable Pricing Supplement, the obligation of the Issuer to redeem Exchangeable Notes on the Maturity Date by delivery of Exchange Securities to
the relevant Noteholders of Exchangeable Notes;
		
	“Material Group Company”	 	the Issuer, each Guarantor and any Material Subsidiary of the Issuer whose affairs are required to be consolidated in the audited financial statements of the Issuer;

		
	“Material Subsidiary”	 	at any time, a member of the Group which had EBITDA (calculated in the same way as Consolidated EBITDA) or gross assets in its most recently ended financial year (on a
consolidated basis taking into account it and its subsidiaries only) of more than 5% (five per cent) of EBITDA (calculated in the same way as Consolidated EBITDA) or gross assets of the Group (calculated according to the most recent set of audited
consolidated financial statements of the Group). Compliance with the aforementioned shall be determined by reference to the

  

 30 

							
		 	latest audited financial statements of such member of the Group (consolidated in the case of a member of the Group which itself has subsidiaries), provided
that –
				
		 		 	a)	 	if, in the case of any member of the Group which itself has subsidiaries, no consolidated financial statements are prepared and audited, its EBITDA (calculated in the same way as
Consolidated EBITDA) and gross assets shall be determined on the basis of pro forma consolidated financial statements of the relevant member of the Group and its subsidiaries, prepared for this purpose by the Issuer;
				
		 		 	b)	 	if any intra-Group transfer or re-organisation takes place, the audited financial statements of the relevant member of the Group and all relevant members of the Group shall be
adjusted by the Issuer in order to take into account such intra-Group transfer or re-organisation; and
				
		 		 	c)	 	the audited financial statements of the Group and any relevant member of the Group shall be adjusted to take account of the acquisition or disposal of any member of the Group or
any business of any member of the Group, after the date at which the audited financial statements of the Group are made up.
			
		 		 	A report by the directors of the Issuer which states that, in opinion of the directors, a Subsidiary of the Issuer is or is not or was or was not at any particular time
or through any particular period a Material Subsidiary shall, in the absence of manifest error, be conclusive and binding on all parties. The Issuer may request a report from the auditors of the Issuer, addressed to the directors of the Issuer, as
to the proper extraction of the figures used by the directors of the Issuer in determining the Material Subsidiaries of the Issuer and mathematical accuracy of the calculations and that the adjusted figures are an accurate reflection of the revised
consolidated EBITDA or gross assets.
		
	“Maturity Date”	 	the date, as specified in the Applicable Pricing Supplement, on which the Notes mature;
		
	“Measurement Period”	 	each period of 12 (twelve) months ending on the last day of the Issuer’s financial year and each period of 12 (twelve) months ending on the last day of the first
half of the Issuer’s financial year;
		
	“Mixed Rate Notes”	 	Notes which will bear interest over respective periods at differing Rates of Interest applicable to any combination of Fixed Rate Notes, Floating Rate Notes or Indexed
Notes, each as indicated in the Applicable Pricing Supplement and as more fully described in Condition 7.3;
		
	“Moody’s”	 	Moody’s Investors Service South Africa (Proprietary) Limited, registration number 2002/014566/07;

  

 31 

							
	“NACA”	 	nominal annual compounded annually;
		
	“NACM”	 	nominal annual compounded monthly;
		
	“NACQ”	 	nominal annual compounded quarterly;
		
	“NACS”	 	nominal annual compounded semi-annually;
		
	“Nedbank Capital”	 	Nedbank Capital, a division of Nedbank Limited, a registered bank and public company with limited liability incorporated in the Republic of South Africa, registration
number 1951/000009/06;
		
	“Nominal Amount”	 	in relation to any Note, the total amount, excluding interest and any adjustments on account of any formula, owing by the Issuer under the Note;
		
	“Non-Investment Grade”	 	a credit rating, on a South African national scale, below an Investment Grade Rating;
		
	“Noteholders”	 	the holders of the Registered Notes (as recorded in the Register);
		
	“Noteholders’ Exchange Right”	 	if indicated as applicable in the Applicable Pricing Supplement, the right of Noteholders of Exchangeable Notes to elect to receive delivery of the Exchange Securities
in lieu of cash from the Issuer upon redemption of such Notes;
		
	“Notes”	 	the notes issued or to be issued by the Issuer under the Programme and represented by a Certificate as well as Uncertificated Notes;
		
	“Operations and Procedures Memorandum”	 	the document which sets out guidelines for the administrative procedures to be followed in relation to the issue of Notes by the Issuer under the
Programme;
		
	“Optional Redemption Amount(s)”	 	has the meaning given to it in the Applicable Pricing Supplement;
		
	“Optional Redemption Date(s)”	 	has the meaning given to it in the Applicable Pricing Supplement;
		
	“Outstanding”	 	in relation to the Notes, all the Notes issued other than:
			
		 	(a)	 	those which have been redeemed in full;
			
		 	(b)	 	those in respect of which the date for redemption in accordance with the Terms and Conditions has occurred and the redemption moneys wherefor (including all interest (if
any) accrued thereon to the date of such redemption and any interest (if any) payable under the Terms and Conditions after such date) remain available for payment against presentation of Certificates;
			
		 	(c)	 	those which have been purchased and cancelled as provided in Condition 9;
			
		 	(d)	 	those which have become prescribed under Condition 14;

  

 32 

							
		 	provided that for each of the following purposes, namely:
			
		 	(i)	 	the right to attend and vote at any meeting of the Noteholders; and
			
		 	(ii)	 	the determination of how many and which Notes are for the time being Outstanding for the purposes of Conditions 18 and 19,
		
		 	all Notes (if any) which are for the time being held by the Issuer (subject to any applicable law) or by any person for the benefit of the Issuer and not cancelled
(unless and until ceasing to be so held) shall be deemed not to be Outstanding;
		
	“Participants”	 	a person accepted by the Central Depository as a participant in terms of section 34 of the Securities Services Act;
		
	“Partly-Paid Notes”	 	Notes which are issued with the Issue Price partly paid and which Issue Price is paid up fully by the Noteholder in instalments (as indicated in the Applicable Pricing
Supplement);
		
	“Paying Agent”	 	Absa Capital, unless the Issuer elects, in relation to a particular Tranche or Series of Notes, to act as Paying Agent itself or to appoint another entity as Paying
Agent, in which event that other entity shall act as Paying Agent in respect of that Tranche or Series of Notes;
		
	“Payment Day”	 	any day which is a Business Day and upon which a payment is due by the Issuer in respect of the Notes;
				
	“Permitted Encumbrances”	 	(a)	 		 	any Encumbrance existing as at the date of the Applicable Pricing Supplement;
				
		 	(b)	 		 	any title transfer or retention arrangement entered into by any Material Group Company in the normal course of its trading activities and on terms no worse for that Material
Group Company than the standard terms of the relevant supplier;
				
		 	(c)	 		 	any netting or set-off arrangement entered into by any Material Group Company in the ordinary course of its banking arrangements (which shall include, for the avoidance of doubt,
those pursuant to hedging arrangement in relation to gold and silver and other commodity prices, foreign exchange rates and interest rates where such arrangements are entered into for the purposes of providing protection against fluctuation in such
rates or prices in the ordinary course of business), for the purpose of netting debit and credit balances;
				
		 	(d)	 		 	any lien arising by operation of law and in the ordinary course of trading and not by reason of any default (whether in payment or otherwise) of any Material Group
Company;

  

 33 

							
		 	(e)	 		 	any Encumbrance over or affecting any asset acquired by a Material Group Company after the date of this Programme Memorandum if:
				
		 		 	(i)	 	the Encumbrance was not created in contemplation of the acquisition of that asset by a Material Group Company; and
				
		 		 	(ii)	 	the Indebtedness secured by such Encumbrance has not been increased;
				
		 	 (f)
	 		 	any Encumbrance over or affecting any asset of any company which becomes a member of the Group after the date of this Programme Memorandum, where the Encumbrance is created prior to
the date on which that company becomes a member of the Group, if:
				
		 		 	 (i)
	 	the Encumbrance was not created in contemplation of the acquisition of that company; and
				
		 		 	(ii)	 	the Indebtedness secured by such Encumbrance has not been increased;
				
		 	(g)	 		 	any Encumbrance granted in respect of Project Finance Borrowings over assets of, or the shares in, a Project Finance Subsidiary, including any Encumbrance granted in respect of the
Project Finance Borrowings in connection with the Cerro Corona Project in Peru;
				
		 	 (h)
	 		 	any Encumbrance to secure inter-company Indebtedness to a Group company, provided that the holder of such Encumbrance may not cede or assign it rights in terms thereof to any other
person (other than a Group company);
				
		 	 (i)
	 		 	any Encumbrance over or with respect to any receivables of any Material Group Company, if such Encumbrance was created pursuant to any securitisation or like arrangement and the
Indebtedness secured by such Encumbrance is limited to the value (on or about the date of creation of such Encumbrance) of such receivables;
				
		 	(j)	 		 	in respect of Encumbrances over or affecting any asset of any Material Group Company, any Encumbrance securing indebtedness the principal amount of which (when aggregated with the
principal amount of any other indebtedness which has the benefit of Encumbrances other than any permitted under (a) to (i) above and (k) below) does not at any time exceed 12% (twelve percent) of EBITDA (calculated in the

  

 34 

							
		 		 		 	same way as Consolidated EBITDA) (but adjusted to include the net value of new assets acquired since the last date of the latest set of consolidated annual financial statements of
the Group); and
				
		 	(k)	 		 	any other Encumbrance created with the prior approval of an Extraordinary Resolution of the Noteholders;
		
	“Programme”	 	the ZAR10,000,000,000 Gold Fields Limited Domestic Medium Term Note Programme under which the Issuer may from time to time issue Notes;
		
	“Programme Agreement”	 	the amended and restated Programme Agreement entered into or to be entered into between the Issuer, the Guarantors, the Arranger and the Dealer(s) relating to the
procuring of subscriptions for the Notes, as revised, amended, updated or replaced from time to time;
		
	“Programme Amount”	 	the maximum aggregate Nominal Amount of all of the Notes that may be issued under the Programme at any one point in time, being ZAR10,000,000,000 or such increased
amount as is determined by the Issuer from time to time with the consent of all the Guarantors but without the consent of the Noteholders and subject to and in accordance with all applicable laws, the Programme Agreement, the requirements of the JSE
and/or any such other exchange(s) on which the Notes may be listed;
		
	“Programme Memorandum”	 	the Programme Memorandum dated 6 October 2009 relating to the Notes prepared in connection with the Programme, as revised, supplemented, amended, updated or replaced
from time to time by the Issuer;
		
	“Project Finance Borrowings”	 	any indebtedness to finance (or refinance) a project comprised of the ownership, development, construction, refurbishment, commissioning and/or operation of assets which
is incurred by a Project Finance Subsidiary in connection with such project and in respect of which the recourse of the person(s) making any such finance (or re-finance) available to that Project Finance Subsidiary for the payment, repayment and
prepayment of such indebtedness is limited to (i) the Project Finance Subsidiary and its assets and/or the shares in that Project Finance Subsidiary and/or (ii) during the period prior to successful completion of the relevant completion tests
applicable to such project guarantees from any one or more members of the Group;
		
	“Project Finance Subsidiary”	 	a single purpose company whose sole business is a project comprised of the ownership, development, construction, refurbishment, commissioning and/or operation of an
asset which has incurred Project Finance Borrowings;
		
	“Rate of Interest”	 	the rate or rates of interest applicable to Notes, other than Zero Coupon Notes, as indicated in the Applicable Pricing Supplement;

  

 35 

					
	“Rating Agency”	 	each of S&P, Moody’s or Fitch;
		
	“Redemption Date”	 	the date upon which the Notes are redeemed by the Issuer, whether by way of early redemption or at maturity in terms of Condition 9.1, as the case may
be;
		
	“Reference Banks”	 	four leading banks in the South African inter-bank market selected by the Calculation Agent;
		
	“Reference Price”	 	in relation to a Tranche of Zero Coupon Notes, the reference price specified in the Applicable Pricing Supplement;
		
	“Register”	 	the register maintained by the Transfer Agent in terms of Condition 12;
		
	“Registered Note”	 	a Note issued in registered form and transferable in accordance with Condition 13.1;
		
	“Relevant Date”	 	in respect of any payment relating to the Notes, the date on which such payment first becomes due, except that, in relation to monies payable to the Central Depository
in accordance with these Terms and Conditions, it means the first date on which (i) the full amount of such monies have been received by the Central Depository, (ii) such monies are available for payment to the holders of Beneficial Interests and
(iii) notice to that effect has been duly given to such holders in accordance with the Applicable Procedures;
		
	“Representative”	 	a person duly authorised to act on behalf of a Noteholder, the Calculation Agent, the Transfer Agent and the Paying Agent who may be regarded by the Issuer (acting in
good faith) as being duly authorised based upon the tacit or express representation thereof by such Representative, in the absence of express notice to the contrary from such Noteholder, Calculation Agent, Paying Agent or Transfer Agent, as the case
may be;
		
	“Securities Services Act”	 	the Securities Services Act, 2004;
		
	“Series”	 	a Tranche of Notes together with any further Tranche or Tranches of Notes which are:
			
		 	(a)	 	expressed to be consolidated and form a single series; and
			
		 	(b)	 	identical in all respects (including as to listing) except for their respective Issue Dates, Interest Commencement Dates and/or Issue Prices;
		
	“Settlement Agent”	 	a Participant, approved by the JSE in terms of the rules of the JSE to perform electronic settlement of both funds and scrip on behalf of market
participants;
		
	“Solvent Reconstruction”	 	an event where an order is made or an effective resolution is passed for the winding-up of the Material Group Company, other than under or in connection with a scheme of
amalgamation or reconstruction or other arrangement not involving insolvency;

  

 36 

			
	“Specified Currency”	 	has the meaning given in the Applicable Pricing Supplement;
		
	“Specified Denominations”	 	has the meaning given in the Applicable Pricing Supplement;
		
	“S&P”	 	Standard and Poor’s Rating Services, a division of The McGraw-Hill Companies Incorporated and its successors in title;
		
	“Subsidiary”	 	a subsidiary company as defined in Section 1(3) of the Companies Act;
		
	“Terms and Conditions”	 	the terms and conditions incorporated in this section entitled “Terms and Conditions of the Notes” and in accordance with which the Notes will be
issued;
		
	“Tranche”	 	all Notes which are identical in all respects (including as to listing) and are issued in a single issue;
		
	“Transfer Agent”	 	Absa Capital, unless the Issuer elects, in relation to a particular Tranche or Series of Notes, to act as Transfer Agent itself or to appoint another entity as Transfer Agent in
accordance with the terms of the Agency Agreement, in which event that other entity shall act as an Transfer Agent in respect of that Tranche or Series of Notes;
		
	“Transfer Form”	 	the written form for the transfer of a Registered Note, in the form approved by the Transfer Agent, and signed by the transferor and transferee;
		
	“Uncertificated Notes”	 	a Note which is not represented by any certificate or written instrument as contemplated in Section 37 of the Securities Services Act;
		
	“ZAR”	 	the lawful currency of the Republic of South Africa, being South African Rand, or any successor currency;
		
	“ZAR-JIBAR-SAFEX”	 	the mid-market rate for deposits in ZAR for a period of the Designated Maturity (as indicated in the Applicable Pricing Supplement) which appears on the Reuters Screen SAFEY Page
as at 11h00, Johannesburg time on the relevant date; and
		
	“Zero Coupon Notes”	 	Notes which will be offered and sold at a discount to their Nominal Amount or at par and will not bear interest other than in the case of late payment.

  

	2.	ISSUE 

  

	2.1	Notes are issued by the Issuer in Series and each Series may comprise one or more Tranches. Each Tranche will be the subject of an Applicable Pricing Supplement.

  

	2.2	The Noteholders are deemed to have knowledge of, and are entitled to the benefit of, and are subject to, all the provisions of the Applicable Pricing Supplement.

  

	2.3	The Applicable Pricing Supplement for each Tranche of Notes is (to the extent relevant) incorporated herein for the purposes of those Notes and supplements these Terms
and Conditions. The Applicable Pricing Supplement may specify other terms and conditions which shall, to the extent so specified or to the extent inconsistent with these Terms and Conditions, replace or modify these Terms and Conditions for the
purposes of those Notes. Capitalised expressions used in these Terms and Conditions and not herein defined shall bear the meaning assigned to them in the Applicable Pricing Supplement. 

  

 37 

	3.	FORM AND DENOMINATION 

  

	3.1	General 

  

	3.1.1	Payments in relation to the Notes will be made in ZAR or such other currency as specified in the Applicable Pricing Supplement. 

  

	3.1.2	Any Note may be a Partly-Paid Note, an Instalment Note or an Exchangeable Note. 

  

	3.1.3	Each Note may be a Fixed Rate Note, a Floating Rate Note, a Zero Coupon Note, an Indexed Interest Note, an Indexed Redemption Amount Note, a Mixed Rate Note or a
combination of any of the foregoing or such other types of Note as may be determined by the Issuer, as indicated in the Applicable Pricing Supplement. 

  

	3.1.4	Notes will be issued in such denominations as may be determined by the Issuer and as indicated in the Applicable Pricing Supplement. Listed and/or unlisted Notes may be
issued under the Programme. 

  

	3.1.5	Noteholders of Notes listed on an exchange other than the JSE and of unlisted Notes will have no recourse against the Bond Exchange Guarantee Fund, established under
Part D, section 8 of the Market Association Rules of the Bond Traders Association. 

  

	3.2	Registered Notes 

 Each
Tranche of Registered Notes listed on the bond market of the JSE will be issued in the form of a Global Certificate, which will be deposited with and registered in the name of, and for the account of, the Central Depository or its nominee or may be
issued as an Uncertificated Note. An owner of a Beneficial Interest in the Notes represented by the Global Certificate or held in uncertificated form shall be entitled to exchange such Beneficial Interest for an Individual Certificate in accordance
with Condition 13. Registered Notes which are not listed will be evidenced by Individual Certificates or, if cleared and settled through the Central Depository, by a Global Certificate or held in uncertificated form. If unlisted Notes are cleared
and settled through the Central Depository, then the same terms and conditions relating to the clearance and settlement of Registered Notes shall apply thereto. 
  

	4	TITLE 

  

	4.1	Registered Notes 

  

	4.1.1	Subject to the provisions set out below, title to the Registered Notes will pass upon registration of transfer in the Register in accordance with Condition 13.1.

  

	4.1.2	The Issuer may deem and treat the person reflected in the Register as the holder of any Note as the absolute owner of the Note (whether or not overdue and
notwithstanding any notice of ownership or writing thereon or notice of any previous loss or theft thereof) for all purposes but, in the case of any Global Certificate, without prejudice to the provisions set out in the next succeeding paragraph.

  

	4.1.3	Beneficial Interests in Notes held in uncertificated form or in Notes lodged in the Central Securities Depository in the form of the Global Certificate may, in terms of
existing law and practice, be transferred through the Central Securities Depository by way of book entry in the central securities accounts of the Participants. Such transfers will not be recorded in the Register and the Central Securities
Depository’s Nominee will continue to be reflected in the Register as the Noteholder in respect of the Notes held in uncertificated form or represented by the Global Certificate, notwithstanding such transfers. 

  

	5	STATUS OF NOTES 

 The
Notes are direct, unconditional, unsubordinated and unsecured obligations of the Issuer and rank pari passu and rateably without any preference among themselves and (save for certain debts required to be preferred by law) equally with
all other unsecured and unsubordinated obligations of the Issuer from time to time outstanding. 
  

 38 

	6	NEGATIVE PLEDGE 

  

	6.1	After the date of this Programme Memorandum and for so long as any of the Notes remain Outstanding, neither the Issuer nor any Guarantor will (and the Issuer shall
procure that no other Material Group Company will) create or permit to subsist any Encumbrance, other than Permitted Encumbrances over any of its assets, present or future, to secure any present or future Indebtedness of the Issuer, any Guarantor or
other Material Group Company unless, at the same time, or prior thereto, the Issuer’s obligations under the Notes and all the Guarantors’ obligations under the Guarantee, as the case may be, either: 

  

	6.1.1	are secured equally and rateably therewith and any such instrument shall expressly provide therefor; or 

  

	6.1.2	have the benefit of such other security, guarantee, indemnity or other arrangement as shall be approved by an Extraordinary Resolution of the Noteholders.

  

	6.2	The Issuer shall be entitled but not obliged, to form, or procure the formation of, a trust or trusts or appoint, or procure the appointment of, an agent or agents to
hold any such rights of security for the benefit or on behalf of such Noteholders. 

  

	7	INTEREST 

  

	7.1	Interest on Fixed Rate Notes 

  

	7.1.1	Except if otherwise specified in the Applicable Pricing Supplement, interest on Fixed Rate Notes will be paid on a six-monthly basis, on Interest Payment Dates. Each
Fixed Rate Note bears interest on its outstanding Nominal Amount (or, if it is a Partly-Paid Note, the amount paid up) from (and including) the Interest Commencement Date specified in the Applicable Pricing Supplement at the rate(s) per annum equal
to the Rate of Interest so specified payable in arrear on the Fixed Interest Payment Dates in each year up to and including the Maturity Date. 

  

	7.1.2	The first payment of interest will be made on the Fixed Interest Payment Date next following the Interest Commencement Date. 

  

	7.1.3	Except if otherwise specified in the Applicable Pricing Supplement, the amount of interest payable in respect of any six-month period shall be calculated by dividing
the Rate of Interest by two and multiplying the product by the Nominal Amount, provided that: 

  

	7.1.3.1	if an Initial Broken Amount is specified in the Applicable Pricing Supplement, then the first Interest Amount shall equal the Initial Broken Amount specified in the
Applicable Pricing Supplement; and 

  

	7.1.3.2	if a Final Broken Amount is specified in the Applicable Pricing Supplement, then the final Interest Amount shall equal the Final Broken Amount.

  

	7.1.4	If interest is required to be calculated for a period other than a Fixed Interest Period, such interest shall be calculated on the basis of the actual number of days in
such period divided by 365. 

  

	7.2	Interest on Floating Rate Notes and Indexed Interest Notes 

  

	7.2.1	Interest Payment Dates 

 Each Floating Rate Note and Indexed Interest Note bears interest on its outstanding Nominal Amount (or, if it is a Partly-Paid Note, the amount not paid up) from (and including) the Interest Commencement Date specified in the Applicable
Pricing Supplement and such interest will be payable in arrear on the Interest Payment Date(s) in each year specified in the Applicable Pricing Supplement. Such interest will be payable in respect of each Interest Period (which expression shall, in
these Terms and Conditions, mean the period from (and including) an Interest Payment Date (or the Interest Commencement Date) to (but excluding) the next (or first) Interest Payment Date). 
  

 39 

	7.2.2	Rate of Interest 

 The
Rate of Interest payable from time to time in respect of the Floating Rate Notes and Indexed Interest Notes will be determined in the manner specified in the Applicable Pricing Supplement. 
  

	7.2.3	Minimum and/or Maximum Rate of Interest 

 If the Applicable Pricing Supplement specifies a Minimum Rate of Interest for any Interest Period, then, in the event that the Rate of Interest in respect of any such Interest Period determined in
accordance with the above provisions is less than such Minimum Rate of Interest, the Rate of Interest for such Interest Period shall be such Minimum Rate of Interest. If the Applicable Pricing Supplement specifies a Maximum Rate of Interest for any
Interest Period, then, in the event that the Rate of Interest in respect of any such Interest Period determined in accordance with the above provisions is greater than such Maximum Rate of Interest, the Rate of Interest for such Interest Period
shall be such Maximum Rate of Interest. 
  

	7.2.4	Determination of Rate of Interest and Calculation of Interest Amount 

 The Calculation Agent, in the case of Floating Rate Notes and Indexed Interest Notes will, on or as soon as practicable after each time at which the Rate of Interest is to be determined, determine the
Rate of Interest and calculate the Interest Amount payable in respect of each Floating Rate Note and Indexed Interest Note in respect of each Specified Denomination for the relevant Interest Period, and the Calculation Agent shall notify the Issuer
of the Rate of Interest and the Interest Amount for the relevant Interest Period as soon as practicable after determining or calculating the same but in any event no later than the 4 (four) Business Days thereafter. Each Interest Amount shall be
calculated by applying the Rate of Interest to the Specified Denomination, multiplying such product by the applicable Day Count Fraction and rounding the resultant figure to the nearest Sub-unit of the relevant Specified Currency, half a Sub-unit
being rounded upwards or otherwise in accordance with applicable market convention. 
  

	7.2.5	“Day Count Fraction” means, in respect of the calculation of an amount of interest for any Interest Period: 

  

	 	(a)	if “1/1” is specified, 1; 

  

	 	(b)	if “Actual/365”, “Act/365”, “Actual/Actual” or “Act/Act” is specified in the Applicable Pricing
Supplement, the actual number of days in the Interest Period in respect of which payment is being made divided by 365 (or, if any portion of that Interest Period falls in a leap year, the sum of (i) the actual number of days in that portion of
the Interest Period falling in a leap year divided by 366 and (ii) the actual number of days in that portion of the Interest Period falling in a non-leap year divided by 365); or 

  

	 	(c)	if “Actual/365 (Fixed)”, “Act/365 (Fixed)”, “A/365 (Fixed)” or “A/365F” is specified in the
Applicable Pricing Supplement, the actual number of days in the Interest Period in respect of which payment is being made divided by 365; or 

  

	 	(d)	if “Actual/365 Sterling” is specified in the Applicable Pricing Supplement, the actual number of days in the Interest Period divided by 365, in the
case of an Interest Payment Date falling in a leap year, 366; or 

  

	 	(e)	if “Actual/360”, “Act/360” or “A/360” is specified in the Applicable Pricing Supplement, the actual number of days in
the Interest Period in respect of which payment is being made divided by 360; or 

  

	 	(f)	 if “30/360”, “360/360” or “Bond Basis” is specified in the Applicable Pricing Supplement, the number
of days in the Interest Period in respect of which payment is being made divided by 360 (the number of days to be calculated on the basis of a year of 360 days with 12 30-day months (unless (i) the last day of the Interest Period is the 31st
day of a month but the first day of the Interest Period is a day other than the 30th or 31st day of a month, in which case the month that includes that last day shall not be considered to

  

 40 

	 	 
be shortened to a 30-day month or (ii) that last day of the Interest Period is the last day of the month of February, in which case the month of February shall not be considered to be
lengthened to a 30-day month)); or 

  

	 	(g)	if “30E/360” or “Eurobond Basis” is specified in the Applicable Pricing Supplement, the number of days in the Interest Period in
respect of which payment is being made divided by 360 (the number of days to be calculated on the basis of a year of 360 days with 12 30-day months, without regard to the date of the first day or last day of the Interest Period unless, in the case
of the final Interest Period, the Interest Payment Date is the last day of the month of February, in which case the month of February shall not be considered to be lengthened to a 30-day month); or 

  

	 	(h)	such other calculation method as is specified in the Applicable Pricing Supplement. 

  

	7.2.6	Interest Determination, Screen Rate Determination including Fallback Provisions 

 Where ISDA Determination is specified in the Applicable Pricing Supplement as the manner in which the Rate of Interest is to be determined,
the Rate of Interest for each Interest Period will be the relevant ISDA Rate plus or minus (as indicated in the Applicable Pricing Supplement) the Margin (if any). For the purposes of this sub-paragraph, “ISDA Rate” for an Interest
Period means a rate equal to the Floating Rate that would be determined by such agent as is specified in the Applicable Pricing Supplement under an interest rate swap transaction if that agent were acting as Calculation Agent for that swap
transaction under the terms of an agreement incorporating the most recent ISDA Definitions and under which: 
  

	 	(a)	the Floating Rate Option is as specified in the Applicable Pricing Supplement; 

  

	 	(b)	the Designated Maturity is the period specified in the Applicable Pricing Supplement; and 

  

	 	(c)	the relevant Reset Date is either: (i) if the applicable Floating Rate Option is based on ZAR-JIBAR-SAFEX, the first day of that Interest Period; or (ii) in
any other case, as specified in the Applicable Pricing Supplement. 

 For the purposes of the above sub-paragraph
“Floating Rate”, “Floating Rate Option”, “Designated Maturity” and “Reset Date” have the meanings given to those terms in the ISDA Definitions specified in the Applicable Pricing
Supplement. 
 Where Screen Rate Determination is specified in the Applicable Pricing Supplement as the manner in which the Rate
of Interest is to be determined, the Rate of Interest for each Interest Period will, subject as provided below, be either: 
  

	 	(a)	if the Relevant Screen Page is available, 

  

	 	(i)	the offered quotation (if only one quotation appears on the screen page); or 

  

	 	(ii)	the arithmetic mean (rounded if necessary to the fifth decimal place, with 0.000005 being rounded upwards) of the offered quotations, 

 (expressed as a percentage per annum) for the Reference Rate which appears on the Relevant Screen Page as at 11h00 (or as otherwise
specified in the Applicable Pricing Supplement) (Johannesburg time) on the Interest Determination Date in question plus or minus (as indicated in the Applicable Pricing Supplement) the Margin (if any), all as determined by the Calculation Agent. If
five or more such offered quotations are available on the Relevant Screen Page, the highest (or, if there is more than one such highest quotation, one only of such quotations) and the lowest (or, if there is more than one such lowest quotation, one
only of such quotations) shall be disregarded by the Calculation Agent for the purpose of determining the arithmetic mean (rounded as provided above) of such offered quotations; or 
  

 41 

	 	(b)	if the Relevant Screen Page is not available or if, in the case of (i) above, no such offered quotation appears or, in the case of (ii) above, fewer than
three such offered quotations appear, in each case as at the time specified in the preceding paragraph, the Calculation Agent shall request the principal Johannesburg office of each of the Reference Banks (as defined below) to provide the
Calculation Agent with its offered quotation (expressed as a percentage rate per annum) for the Reference Rate at approximately 11h00 (Johannesburg time) on the Interest Determination Date in question. If two or more of the Reference Banks provide
the Calculation Agent with such offered quotations, the Rate of Interest for such Interest Period shall be the arithmetic mean (rounded if necessary to the fifth decimal place with 0.000005 being rounded upwards) of such offered quotations plus or
minus (as appropriate) the Margin (if any), all as determined by the Calculation Agent; or 

  

	 	(c)	if the Rate of Interest cannot be determined by applying the provisions of (a) and (b) above, the Rate of Interest for the relevant Interest Period shall be
the rate per annum which the Calculation Agent determines as being the arithmetic mean (rounded if necessary to the fifth decimal place, with 0.000005 being rounded upwards) of the rates, as communicated to (and at the request of) the Calculation
Agent by the Reference Banks or any two or more of them, at which such banks offered, at approximately 11h00 (Johannesburg time) on the relevant Interest Determination Date, deposits in an amount approximately equal to the Nominal Amount of the
Notes of the relevant Series, for a period equal to that which would have been used for the Reference Rate to prime banks in the Johannesburg inter-bank market plus or minus (as appropriate) the Margin (if any). If fewer than two of the
Reference Banks provide the Calculation Agent with such offered rates, the Rate of Interest for the relevant Interest Period will be determined by the Calculation Agent as the arithmetic mean (rounded as provided above) of the rates for deposits in
an amount approximately equal to the Nominal Amount of the Notes of the relevant Series, for a period equal to that which would have been used for the Reference Rate, quoted at approximately 11h00 (Johannesburg time) on the relevant Interest
Determination Date, by the Reference Banks plus or minus (as appropriate) the Margin (if any). If the Rate of Interest cannot be determined in accordance with the foregoing provisions of this paragraph, the Rate of Interest shall be determined
as at the last preceding Interest Determination Date (though substituting, where a different Margin is to be applied to the relevant Interest Period from that which applied to the last preceding Interest Period, the Margin relating to the relevant
Interest Period, in place of the Margin relating to that last preceding Interest Period). 

 If the Reference Rate
from time to time in respect of Floating Rate Notes is specified in the Applicable Pricing Supplement as being other than ZAR-JIBAR-SAFEX, the Rate of Interest in respect of such Notes will be determined as provided in the Applicable Pricing
Supplement. 
  

	7.2.7	Notification of Rate of Interest and Interest Amount 

 The Issuer will cause the Rate of Interest and each Interest Amount for each Interest Period and the relevant Interest Payment Date to be notified to the JSE and the Central Depository and/or every other
relevant exchange or authority as soon as possible after their determination but in any event no later than the fourth Business Day thereafter. Each Interest Amount and Interest Payment Date so notified may subsequently be amended (or appropriate
alternative arrangements made by way of adjustment) in the event of an extension or shortening of the Interest Period. Any such amendment will be promptly notified to the JSE, the Central Depository and/or every other relevant exchange or authority
and to the Noteholders in accordance with Condition 17. 
  

 42 

	7.2.8	Certificates to be Final 

 All certificates, communications, opinions, determinations, calculations, quotations and decisions given, expressed, made or obtained for the purposes of the provisions of this sub-paragraph 7.2, by the Calculation Agent shall (in the
absence of wilful deceit, bad faith, manifest error or proven error) be binding on the Issuer and all Noteholders and in the absence as aforesaid no liability to the Issuer or the Noteholders shall attach to the Calculation Agent in connection with
the exercise or non-exercise by it of its powers, duties and discretions pursuant to such provisions. 
  

	7.3	Mixed Rate Notes 

 The
Interest Rate payable from time to time on Mixed Rate Notes shall be the Rate of Interest payable on the form of interest bearing Note (be it a Fixed Rate Note, Floating Rate Note, Indexed Note) specified for each respective period, each as
specified in the Applicable Pricing Supplement. During each such applicable period, the Rate of Interest on the Mixed Rate Notes shall be determined and fall due for payment on the basis that such Mixed Rate Notes are Fixed Rate Notes, Floating Rate
Notes, Indexed Notes, as the case may be. 
  

	7.4	Accrual of Interest 

 Each
Note (or in the case of the redemption of part only of a Note, that part only of such Note) will cease to bear interest (if any) from the date of its redemption unless, upon due presentation thereof, payment of principal is improperly withheld or
refused. In such event, interest will continue to accrue at the same Rate of Interest until the date on which all amounts due in respect of such Note have actually been paid, or, in respect of Notes evidenced by a Global Certificate or held in
uncertificated form, the date on which the full amount of the moneys payable has been received by the Central Depository and notice to that effect has been given to Noteholders in accordance with the Applicable Procedures and Condition 17.

  

	7.5	Business Day Convention 

 If any Interest Payment Date (or other date) which is specified in the Applicable Pricing Supplement to be subject to adjustment in accordance with a Business Day Convention would otherwise fall on a day which is not a Business Day, then,
if the Business Day Convention specified is: 
  

	 	(a)	the “Floating Rate Business Day Convention”, such Interest Payment Date (or other date) shall be postponed to the next day which is a Business Day
unless it would thereby fall into the next calendar month, in which event: (i) such Interest Payment Date (or other date) shall be brought forward to the first preceding Business Day and (ii) each subsequent Interest Payment Date (or other
date) shall be the last Business Day in the month which falls the number of months or other period specified as the Interest Period in the Applicable Pricing Supplement after the preceding applicable Interest Payment Date (or other date) has
occurred; or 

  

	 	(b)	the “Following Business Day Convention”, such Interest Payment Date (or other date) shall be postponed to the next day which is a Business Day; or

  

	 	(c)	the “Modified Following Business Day Convention”, such Interest Payment Date (or other date) shall be postponed to the next day which is a Business Day
unless it would thereby fall into the next calendar month, in which event such Interest Payment Date (or other such date) shall be brought forward to the first preceding Business Day; or 

  

	 	(d)	the “Preceding Business Day Convention”, such Interest Payment Date (or other date) shall be brought forward to the first preceding Business Day.

  

	8	PAYMENTS 

  

	8.1	Registered Notes/Uncertificated Notes 

  

	8.1.1	 Payments of interest on an Individual Certificate shall be made to the registered holder of such Note, as set forth in the Register on the close of
business on the Last Day to Register (as specified in the Applicable Pricing Supplement). In addition to

  

 43 

	 	 
the above, in the case of a final redemption payment, the holder of the Individual Certificate shall be required, on or before the Last Day to Register prior to the Maturity Date, to surrender
such Individual Certificate at the offices of the Transfer Agent. 

  

	8.1.2	Payments of interest in respect of a Global Certificate or Uncertificated Notes will be made to the Central Depository, or such other registered holder of the Global
Certificate or Uncertificated Notes, as shown in the Register on the Last Day to Register and the Issuer will be discharged by proper payment to the registered holder of the Global Certificate or Uncertificated Notes in respect of each amount so
paid. Each of the persons shown in the records of the Central Depository and the Participants, as the case may be, shall look solely to the Central Depository or the Participant, as the case may be, for his share of each payment so made by the
Issuer to the registered holder of such Global Certificate(s) or Uncertificated Note(s). 

  

	8.2	Method of Payment 

  

	8.2.1	Payments will be made by credit or transfer, by means of electronic settlement, to the Noteholder. 

  

	8.2.2	If the Issuer is prevented or restricted directly or indirectly from making any payment by electronic funds transfer in accordance with the preceding paragraph (whether
by reason of strike, lockout, fire, explosion, floods, riot, war, accident, act of God, embargo, legislation, shortage of or breakdown in facilities, civil commotion, unrest or disturbances, cessation of labour, Government interference or control or
any other cause or contingency beyond the control of the Issuer), the Issuer shall make such payment by cheque marked “not transferable” (or by such number of cheques as may be required in accordance with applicable banking law and
practice) to make payment of any such amounts. Such payments by cheque shall be sent by post to the address of the Noteholder of Registered Notes as set forth in the Register or, in the case of joint Noteholders of Registered Notes, the address set
forth in the Register of that one of them who is first named in the Register in respect of that Note. 

  

	8.2.3	Each such cheque shall be made payable to the relevant Noteholder or, in the case of joint Noteholders of Registered Notes, the first one of them named in the Register.
Cheques may be posted by ordinary post, provided that neither the Issuer, nor the Paying Agent shall be responsible for any loss in transmission and the postal authorities shall be deemed to be the agent of the Noteholders for the purposes of all
cheques posted in terms of this Condition 8.2. 

  

	8.2.4	In the case of joint Noteholders of Registered Notes payment by electronic funds transfer will be made to the account of the Noteholder first named in the Register.
Payment by electronic transfer to the Noteholder first named in the Register shall discharge the Issuer of its relevant payment obligations under the Notes. 

  

	8.2.5	Payments will be subject in all cases to any fiscal or other laws, directives and regulations applicable thereto in the place of payment, but without prejudice to the
provisions of Condition 10. 

  

	8.2.6	Holders of Uncertificated Notes shall not be required to present and/or surrender any documents of title to the Paying Agent; however; they may be required to present
such other documentation as the Participant or Paying Agent (to the extent that the Participant is not the Paying Agent in terms of the Applicable Pricing Supplement) may prescribe under its then prevailing rules. 

  

	8.3	Payment Day 

  

	8.3.1	If the date for payment of any amount in respect of any Note is not a Business Day, then: 

  

	8.3.1.1	if a Business Day Convention is not specified in the Applicable Pricing Supplement, such date for payment shall be the following Business Day; or

  

	8.3.1.2	if a Business Day Convention is specified in the Applicable Pricing Supplement, such date for payment shall be adjusted according to such Business Day Convention.

  

 44 

	8.3.2	In respect of Floating Rate Notes, interest shall accrue to and be paid on the relevant date of payment. In respect of Fixed Rate Notes, the holder of such Note will
not be entitled to further interest or other payment in respect of any delayed payment. 

  

	8.3.3	If the date for payment of any amount in respect of any Notes is not a Business Day and is not subject to any adjustment in accordance with a Business Day Convention,
the holder thereof shall not be entitled to any further interest or other payment in respect of such delay. 

  

	8.4	Interpretation of Principal and Interest 

  

	8.4.1	Any reference in these Terms and Conditions to principal in respect of the Notes shall be deemed to include, as applicable: 

  

	8.4.1.1	any additional amounts which may be payable with respect to principal under Condition 10; 

  

	8.4.1.2	the Final Redemption Amount of the Notes or the Early Redemption Amount of the Notes, as the case may be; 

  

	8.4.1.3	the Optional Redemption Amount(s) (if any) of the Notes; 

  

	8.4.1.4	in relation to Instalment Notes, the Instalment Amounts; 

  

	8.4.1.5	in relation to Zero Coupon Notes, the Amortised Face Amount (as defined in Condition 9.7.2); and 

  

	8.4.1.6	any premium and any other amounts which may be payable by the Issuer under or in respect of the Notes, but excluding for the avoidance of doubt, interest.

  

	8.4.2	Any reference in these Terms and Conditions to interest in respect of the Notes shall be deemed to include, as applicable, any additional amounts which may be payable
with respect to interest under Condition 10. 

  

	9	REDEMPTION AND PURCHASE 

  

	9.1	At Maturity 

 Unless
previously redeemed or purchased and cancelled as specified below, each Note will be redeemed by the Issuer in the Specified Currency at its Final Redemption Amount specified in, or determined in the manner specified in, the Applicable Pricing
Supplement on the Maturity Date. 
  

	9.2	Redemption for Tax Reasons 

 Notes may be redeemed at the option of the Issuer, at any time (in the case of Notes other than Floating Rate Notes, Indexed Interest Notes or Mixed Rate Notes having an Rate of Interest then determined on a floating or indexed basis) or on
any Interest Payment Date (in the case of Floating Rate Notes, Indexed Interest Notes or Mixed Rate Notes), on giving not less than 30 nor more than 60 days’ notice to the Noteholders prior to such redemption, in accordance with Condition 17
(which notice shall be irrevocable), if the Issuer, immediately prior to the giving of such notice, is of the reasonable opinion that: 
  

	9.2.1	as a result of any change in, or amendment to, the laws or regulations of the Republic of South Africa or any political sub-division of, or any authority in, or of, the
Republic of South Africa having power to tax, or any change or amendment which becomes effective after the relevant Issue Date, the Issuer is or would be required to pay additional amounts as provided or referred to in Condition 10; and

  

	9.2.2	the requirement cannot be avoided by the Issuer taking reasonable measures available to it, provided that no such notice of redemption shall be given earlier than 90
days prior to the earliest date on which the Issuer would be obliged to pay such additional amounts were a payment in respect of the Notes then due; 

  

 45 

 Notes may be redeemed by the Issuer in accordance with this Condition 9.2 in whole or in
part: 
  

	9.2.3	notwithstanding that such partial redemption may not entirely avoid such obligation to pay additional amounts as provided for or referred to in Condition 10; and

  

	9.2.4	mutatis mutandis in the manner described in Condition 9.3, provided that the references to the giving of notice therein and to the Minimum Redemption Amount and
the Maximum Redemption Amount therein shall be disregarded for such purposes. 

 Notes redeemed for tax reasons
pursuant to this Condition 9.2 will be redeemed at their Early Redemption Amount referred to in Condition 9.7, together (if appropriate) with interest accrued from (and including) the immediately preceding Interest Payment Date to (but excluding)
the date of redemption or as specified in the Applicable Pricing Supplement. 
  

	9.3	Redemption at the Option of the Issuer 

  

	9.3.1	If the Issuer is specified in the Applicable Pricing Supplement as having an option to redeem, the Issuer may, having given not less than 30 nor more than 60 days’
irrevocable notice to the Noteholders in accordance with Condition 17, redeem all or some of the Notes (to which such applicable Pricing Supplement relates) then Outstanding on the Optional Redemption Date(s) and at the Optional Redemption Amount(s)
specified in, or determined in the manner specified in, the Applicable Pricing Supplement together, if appropriate, with interest accrued to (but excluding) the Optional Redemption Date(s). 

  

	9.3.2	If redeemable in part, any such redemption must be of a Nominal Amount equal to the Minimum Redemption Amount or the Maximum Redemption Amount, both as indicated in the
Applicable Pricing Supplement. 

  

	9.3.3	In the case of a partial redemption of Notes, the Notes to be redeemed (“Redeemed Notes”) will be selected individually by lot, in the case of Redeemed
Notes represented by Individual Certificates, and in accordance with the rules of Central Depository, the Settlement Agents and the JSE, in the case of Redeemed Notes represented by a Global Certificate or held in uncertificated form, and in each
case not more than 60 days prior to the date fixed for redemption (such date of selection being hereinafter called the “Selection Date”). 

  

	9.3.4	In the case of Redeemed Notes represented by Individual Certificates, a list of the serial numbers of such Redeemed Notes will be published in accordance with Condition
17 not less than 30 days prior to the date fixed for redemption. The aggregate Nominal Amount of Redeemed Notes represented by Individual Certificates shall bear the same proportion to the aggregate Nominal Amount of all Redeemed Notes as the
aggregate Nominal Amount of Notes outstanding represented by Individual Certificates bears to the aggregate Nominal Amount of all the Notes outstanding, in each case on the Selection Date, provided that such first mentioned Nominal Amount shall, if
necessary, be rounded downwards to the nearest integral multiple of the Specified Denomination and the aggregate Nominal Amount of Redeemed Notes represented by a Global Certificate or held in uncertificated form shall be equal to the balance of the
Redeemed Notes. No exchange of the relevant Global Certificate or Uncertificated Notes will be permitted during the period from and including the Selection Date to and including the date fixed for redemption pursuant to this sub-paragraph and notice
to that effect shall be given by the Issuer to the Noteholders in accordance with Condition 17 at least 10 days prior to the Selection Date. 

  

	9.3.5	Holders of Redeemed Notes shall surrender the Individual Certificates, representing the Notes in accordance with the provisions of the notice given to them by the
Issuer as contemplated above. Where only a portion of the Notes represented by such Individual Certificates are redeemed, the Transfer Agent shall deliver new Individual Certificates to such Noteholders in respect of the balance of the Notes.

  

 46 

	9.4	Redemption at the Option of the Noteholders 

  

	9.4.1	If Noteholders are specified in the Applicable Pricing Supplement as having an option to request the redemption of Notes, such Noteholders may exercise such option in
respect of such Notes represented by Individual Certificates by delivering to the Transfer Agent, in accordance with Condition 17, a duly executed notice (“Put Notice”), at least 30 days but not more than 60 days, prior to the
Optional Redemption Date. 

  

	9.4.2	For redemption in part, the redemption amount specified in such Put Notice in respect of any such Note must be of a Nominal Amount equal to or greater than the Minimum
Redemption Amount or equal to or less than the Maximum Redemption Amount, each as indicated in the Applicable Pricing Supplement. 

  

	9.4.3	The redemption of Notes represented by a Global Certificate or where the Notes were issued in uncertificated form, shall take place in accordance with the Applicable
Procedures. 

  

	9.4.4	The Issuer shall proceed to redeem the Notes in respect of which such option has been exercised in accordance with the terms of the Applicable Pricing Supplement, at
the Optional Redemption Amount and on the Optional Redemption Date, together, if appropriate, with interest accrued to (but excluding) the Optional Redemption Date(s). 

  

	9.4.5	In the event that the redeeming Noteholder is the holder of an Individual Certificate, then such Noteholder shall (attached to the Put Notice) deliver the Individual
Certificate to the Transfer Agent for cancellation. A holder of an Individual Certificate shall in that holder’s Put Notice specify a bank account into which the redemption payment amount is to be paid. 

  

	9.4.6	The delivery of Put Notices shall be required to take place during normal office hours of the Issuer and Transfer Agent. Put Notices shall be available from the
specified offices of the Transfer Agent. 

  

	9.4.7	Any Put Notice given by a holder of any Note pursuant to this paragraph shall be irrevocable except where after giving the notice but prior to the due date of
redemption an Event of Default shall have occurred and be continuing in which event such Noteholder, at its option, may elect by notice to the Issuer to withdraw the notice given pursuant to this paragraph and instead to declare such Note forthwith
due and payable pursuant to Condition 15. 

  

	9.4.8	The Issuer shall have no liability to remedy any defects in any Put Notice or bring any such defects to the attention of any Noteholder. 

  

	9.5	Redemption at the Option of the Noteholders following a Redemption Event 

  

	9.5.1	A “Redemption Event” shall occur if – 

  

	9.5.1.1	any Material Group Company ceases to carry on the whole or a substantial part of its business (other than pursuant to a Solvent Reconstruction of such Material Group
Company) and such cessation causes a Downgrade to occur within 60 Business Days of such cessation; or 

  

	9.5.1.2	any Material Group Company disposes of the whole or substantial part of its business or assets (other than pursuant to a Solvent Reconstruction of such Material Group
Company) and such disposal causes a Downgrade to occur within 60 Business Days of such disposal; or 

  

	9.5.1.3	any governmental consent, license, approval or authorisation now or in future necessary to enable a Material Group Company to conduct the whole or a substantial part of
its business is not obtained and such failure causes a Downgrade to occur within 60 Business Days of such failure; or 

  

	9.5.1.4	any governmental consent, license, approval or authorisation now or in future necessary to enable a Material Group Company to conduct the whole or a substantial part of
its business is revoked, modified, withdrawn or withheld or ceases to be in full force and effect, and such revocation, modification, withdrawal, withholding or cessation causes a Downgrade to occur with in 60 Business Days of such revocation,
modification, withdrawal, withholding or cessation. 

  

 47 

	9.5.2	If a Redemption Event occurs, then the Issuer will be obliged to convene a separate meeting of the Noteholders of each Series of Notes, in accordance with Condition 19,
within 40 Business Days of the occurrence of the Redemption Event, to consider the possible early redemption of the Notes 

  

	9.5.3	If at any such meeting, the holders of any Series of Notes pass an Extraordinary Resolution for the early redemption of the Notes of that Series, then the Issuer shall
redeem each Note in that Series of Notes within 20 Business Days of the passing of such Extraordinary Resolution at its Early Redemption Amount, together with accrued interest (if any) to the date of redemption. 

  

	9.6	Redemption at the Option of the Noteholders following a Change of Control Event 

  

	9.6.1	A “Change of Control Event” shall occur if - 

  

	9.6.1.1	a Change of Control occurs; and 

  

	9.6.1.2	within the Change of Control Period, in relation to any solicited rating, on a South African national scale, assigned to the Notes that are rated by a Rating Agency or
in relation to any solicited rating, on a South African national scale, assigned to the Issuer by a Rating Agency, a Change of Control Rating Downgrade in relation to such Notes or the Issuer, as the case may be, occurs in respect of that Change of
Control. 

  

	9.6.2	Promptly upon the Issuer becoming aware that a Change of Control Event has occurred, the Issuer shall be obliged to convene a separate meeting of the Noteholders of
each Series of Notes, in accordance with Condition 19, within 40 Business Days of the occurrence of the Change of Control Event, to consider the possible early redemption of the Notes. 

  

	9.6.3	If at any such meeting, the holders of any Series of Notes pass an Extraordinary Resolution for the early redemption of the Notes of that Series, then the Issuer shall
redeem each Note in that Series of Notes within 20 Business Days of the passing of such Extraordinary Resolution at its Early Redemption Amount, together with accrued interest (if any) to the date of redemption. 

  

	9.7	Early Redemption Amounts 

 For the purpose of the Condition 9.2, 9.5, 9.6 and Condition 15, the Notes will be redeemed at the Early Redemption Amount calculated as follows: 
  

	9.7.1	in the case of Notes with a Final Redemption Amount equal to the Issue Price, at the Final Redemption Amount thereof; or 

  

	9.7.2	in the case of Notes (other than Zero Coupon Notes) with a Final Redemption Amount which is or may be less or greater than the Issue Price or which is payable in a
Specified Currency other than that in which the Notes are denominated, at the amount specified in, or determined in the manner specified in, the Applicable Pricing Supplement or, if no such amount or manner is so specified in the Pricing Supplement,
at their Nominal Amount; or 

  

	9.7.3	in the case of Zero Coupon Notes, at an amount (the “Amortised Face Amount”) equal to the sum of: (i) the Reference Price; and (ii) the
product of the Implied Yield (compounded annually) being applied to the Reference Price from (and including) the Issue Date to (but excluding) the date fixed for redemption or (as the case may be) the date upon which such Note becomes due and
repayable, or such other amount as is provided in the Applicable Pricing Supplement. 

 Where such calculation is
to be made for a period which is not a whole number of years, it shall be calculated on the basis of actual days elapsed divided by 365 or such other calculation basis as may be specified in the Applicable Pricing Supplement. 
  

	9.8	Instalment Notes 

 Instalment Notes will be redeemed at the Instalment Amounts and on the Instalment Dates. In the case of early redemption in accordance with Conditions 9.2 or 15, the Early Redemption Amount will be determined pursuant to Condition 9.7.

  

 48 

	9.9	Partly-Paid Notes 

 If the
Notes are Partly-Paid Notes, they will be redeemed, whether at maturity, early redemption or otherwise, in accordance with the provisions of this Condition 9 and the Applicable Pricing Supplement. In the case of early redemption in accordance with
Conditions 9.2 or 15, the Early Redemption Amount will be determined pursuant to Condition 9.7. 
  

	9.10	Exchangeable Notes 

 If the Notes are Exchangeable Notes, they will be redeemed, whether at maturity, early redemption or otherwise in the manner indicated in the Applicable Pricing Supplement. Exchangeable Notes in respect of which Mandatory Exchange is
indicated in the Applicable Pricing Supplement as applying, or upon the exercise by the Noteholder of the Noteholder’s Exchange Right (if applicable), will be redeemed by the Issuer delivering to each Noteholder so many of the Exchange
Securities as are required in accordance with the Exchange Price. The delivery by the Issuer of the Exchange Securities in the manner set out in the Applicable Pricing Supplement shall constitute the in specie redemption in full of such Notes.

  

	9.11	Purchases 

 The Issuer or
any of its Subsidiaries may at any time purchase Notes at any price in the open market or otherwise. Such Notes may, subject to applicable law, be held, resold, or, at the option of the Issuer surrendered to the Transfer Agent for cancellation.

  

	9.12	Cancellation 

 All Notes
which have been redeemed will forthwith be cancelled. All Notes so cancelled shall be forwarded to the Issuer and cannot be re-issued or resold. Where only a portion of Notes represented by a Certificate are cancelled, the Transfer Agent shall
deliver a Certificate to such Noteholder in respect of the balance of the Notes. 
  

	9.13	Late Payment on Zero Coupon Notes 

 If the amount payable in respect of any Zero Coupon Note upon redemption of such Zero Coupon Note pursuant to Condition 9 or upon its becoming due and repayable as provided in Condition 15 is improperly withheld or refused, the amount due
and repayable in respect of such Zero Coupon Note shall be the amount calculated as provided in Condition 9.6.2 as though the references therein to the date fixed for the redemption or the date upon which such Zero Coupon Note becomes due and
payable were replaced by references to the date which is the earlier of: (i) the date on which all amounts due in respect of such Zero Coupon Note have been paid; and (ii) 5 days after the date on which the full amount of the moneys
payable has been received by the Central Depository, and notice to that effect has been given to the Noteholder in accordance with Condition 17. 
  

	10	TAXATION 

 As at the date
of issue of this Programme Memorandum, all payments of principal or interest in respect of the Notes will be made without withholding or deduction for or on account of any present or future taxes, duties, assessments or governmental charges
(“taxes”) of whatever nature imposed or levied by or in or on behalf of the Republic of South Africa or any political subdivision or any authority thereof or therein having power to tax, unless such withholding or deduction is required by
law. 
 In the event of any withholding or deduction in respect of taxes being levied or imposed in the Republic of South Africa
on interest or principal payments on Debt Instruments (as defined below), the Issuer will pay such additional amounts as shall be necessary in order that the net amounts received by the Noteholders after such withholding or deduction shall equal the
respective amounts of principal and interest which would otherwise have been receivable in respect of the Notes, as the case may be, in the absence of such withholding or deduction except that no such additional amounts shall be payable with respect
to any Note: 
  

	10.1	held by or on behalf of a Noteholder, who is liable for such taxes in respect of such Note by reason of it having some connection with the Republic of South Africa
other than the mere holding of such Note or the receipt of principal or interest in respect thereof; or 

  

	10.2	held by or on behalf of a Noteholder which would not be liable or subject to the withholding or deduction by complying with any statutory requirement or by making a
declaration of non-residence or other similar claim for exemption to the relevant tax authority; or 

  

 49 

	10.3	where such withholding or deduction is in respect of taxes levied or imposed on interest or principal payments only by virtue of the inclusion of such payments in the
Taxable Income or Taxable Gains (each as defined below) of any Noteholder; or 

  

	10.4	where (in the case of any payment of principal or interest which is conditional on surrender of the relevant Certificate in accordance with these Terms and Conditions)
the relevant Certificate is surrendered for payment more than 30 days after the Relevant Date except to the extent that the relevant Noteholder would have been entitled to an additional amount on presenting the Certificate for payment on such
thirtieth day; or 

  

	10.5	if such withholding or deduction arises through the exercise by revenue authorities of special powers in respect of tax defaulters; or 

  

	10.6	where the Noteholder is entitled to claim a tax reduction, credit or similar benefit in respect of such withholding or deduction in terms of the Noteholder’s
domestic tax laws or applicable double tax treaty. 

 For the purposes of this Condition 10: 
 “Debt Instrument” means any “instrument” as defined in section 24J(1) of the Income Tax Act; 
 “Taxable Income” means any “taxable income” as defined in section 1 of the Income Tax Act; 
 “Taxable Gain” means any “taxable capital gain” as defined in paragraph 1 of Schedule 8 to the Income Tax Act; and

 “Income Tax Act” means the Income Tax Act, 1962. 
  

	11	CERTIFICATES 

  

	11.1	Listed Registered Notes will initially be evidenced by a single Global Certificate which will be lodged with the Central Depository or may be issued in the form of an
Uncertificated Note. The Central Depository’s nominee will be reflected in the Register as the holder of the Global Certificate or Uncertificated Note. The issue of a Global Certificate may be replaced by the issue of Uncertificated Notes in
terms of Section 37 of the Securities Services Act. 

  

	11.2	A Beneficial Interest in Notes will be exchangeable for an Individual Certificate if (i) a written request for Notes in definitive form is submitted by the holder
of the Beneficial Interest to the relevant Participant not later than 14 days prior to the requested date of such exchange, (ii) the Applicable Procedures for obtaining such a Certificate from the Transfer Agent are followed, and (iii) an
equivalent number of Notes are transferred in accordance with the provisions of Condition 13 from the Central Depository or its nominee to the holder of such Beneficial Interest. If only part of the Notes represented by a Global Certificate are
exchanged, a new Global Certificate for the balance will be issued and the cancelled Global Certificate will be retained by the Transfer Agent. 

  

	11.3	A Noteholder shall be entitled to receive a Certificate evidencing the Notes transferred to that Noteholder within 7 days after registration of that transfer in
accordance with Condition 13 (and which will apply mutatis mutandis to such Certificate), provided that joint Noteholders will be entitled to receive only one Certificate in respect of that joint holding, and the delivery to one of those Noteholders
shall be delivery to all of them. 

  

	11.4	A Noteholder shall be entitled to receive a Certificate in respect of a Registered Note which is not listed within 7 days of becoming entitled thereto, provided that
joint Noteholders will be entitled to receive only one Certificate in respect of that joint holding, and the delivery to one of those Noteholders shall be delivery to all of them. 

  

	11.5	If a Certificate is worn out or defaced then, within 14 days of its presentation to the Transfer Agent, the Transfer Agent shall cancel that Certificate and issue a new
Certificate in its place. 

  

 50 

	11.6	If a Certificate is lost or destroyed then upon proof thereof to the satisfaction of the Transfer Agent, a new Certificate in lieu thereof may be issued to the person
entitled to that lost or destroyed Certificate provided that the Noteholder shall provide the Transfer Agent and the Issuer with an indemnity and pay any out-of-pocket expenses incurred in connection with the indemnity. The person providing the
indemnity and the form of the indemnity shall be to the satisfaction of the Issuer. The new Certificate shall be issued within 14 days from the date that the conditions for issuing such Certificate have been fulfilled. 

  

	11.7	An entry as to the issue of a new Certificate and indemnity (if any) shall be made in the Register (in respect of Registered Notes) upon the date of issue of the new
Certificate. 

  

	11.8	Certificates to be provided by the Issuer to Noteholders shall be collected by the Noteholders from the Transfer Agent. 

  

	11.9	Certificates shall be provided where relevant by the Issuer without charge, save as otherwise provided in these Terms and Conditions. Separate costs and expenses
relating to the provision of Certificates and/or the transfer of Notes may be levied by other persons, such as a Settlement Agent, under the Applicable Procedures and such costs and expenses shall not be borne by the Issuer. The costs and expenses
of delivery of Certificates otherwise than by ordinary post (if any) and, if the Issuer shall so require, taxes or governmental charges or insurance charges that may be imposed in relation to such mode of delivery shall be borne by the Noteholder.

  

	12	REGISTER 

  

	12.1	The Register of Noteholders: 

  

	12.1.1	shall be kept at the office of the Transfer Agent or such other person as may be appointed for the time being by the Issuer to maintain the Register;

  

	12.1.2	shall contain the names, addresses and bank account numbers of the registered Noteholders; 

  

	12.1.3	shall show the total Nominal Amount of the Notes held by Noteholders; 

  

	12.1.4	shall show the dates upon which each of the Noteholders was registered as such; 

  

	12.1.5	shall show the serial numbers of the Certificates and the dates of issue thereof; 

  

	12.1.6	shall be open for inspection at all reasonable times during business hours on Business Days by any Noteholder or any person authorised in writing by a Noteholder;

  

	12.1.7	shall be closed during the Books Closed Period. 

  

	12.2	The Transfer Agent shall alter the Register in respect of any change of name, address or account number of any of the Noteholders of which it is notified.

  

	12.3	Except as provided for in these Terms and Conditions or as required by law, in respect of Registered Notes, the Issuer will only recognise a Noteholder as the owner of
the Notes registered in that Noteholder’s name as per the Register. 

  

	12.4	Except as provided for in these Terms and Conditions or as required by law, the Issuer shall not be bound to enter any trust in the Register or to take notice of or to
accede to the execution of any trust (express, implied or constructive) to which any Certificate may be subject. 

  

	13	TRANSFER OF NOTES 

  

	13.1	Registered Notes 

 Beneficial Interests in Notes registered in the name of the Central Depository or its nominee may be transferred in accordance with the Applicable Procedures. Such transfers will not be recorded in the Register. In order for any transfer of
Registered Notes to be effected through the Register and for the transfer to be recognised by the Issuer, each transfer of a Registered Note: 
  

	13.1.1	must be in writing and in the usual form or in such other form approved by the Transfer Agent; 

  

	13.1.2	must be signed by the relevant Noteholder and the transferee, or any authorised representatives of that registered Noteholder or transferee; 

 

 51 

	13.1.3	shall only be in respect of the Specified Denomination of the Note or integral multiples thereof, and consequently the Issuer will not recognise any fraction of the
Specified Denomination; 

  

	13.1.4	must be delivered to the Transfer Agent together with the Certificate in question for cancellation (if only part of the Notes represented by a Certificate is
transferred, a new Certificate for the balance will be issued to the transferor and the cancelled Certificate will be retained by the Transfer Agent). 

 The transferor of any Notes represented by a Certificate will be deemed to remain the owner thereof until the transferee is registered in the Register as the holder thereof. 
 Before any transfer is registered all relevant transfer taxes (if any) must have been paid and such evidence must be furnished as the
Transfer Agent reasonably requires as to the identity and title of the transferor and the transferee. 
 No transfer will be
registered whilst the Register is closed. 
 If a transfer is registered then the transfer form and cancelled Certificate will be
retained by the Transfer Agent. 
 In the event of a partial redemption of Notes under Condition 9.3, the Transfer Agent shall
not be required, in terms of Condition 9.3, to register the transfer of any Notes during the period beginning on the tenth day before the date of the partial redemption and ending on the date of the partial redemption (both inclusive). 

 

	14	PRESCRIPTION 

 The Notes
will become void unless presented for payment of principal within a period of three years after the Relevant Date, save that claims against the Issuer under any Certificate constituting a “bill of exchange or other negotiable
instrument” in accordance with section 11 of the Prescription Act, 1969 will prescribe within a period of six years after the Relevant Date. 
  

	15	EVENTS OF DEFAULT 

 An
Event of Default shall occur if: 
  

	15.1	Non Payment 

 The Issuer
fails to pay the Nominal Amount or any interest due in respect of the Notes on its due date for payment and such failure continues for a period of 5 (five) Business Days after receiving written notice from any Noteholder demanding such payment; or

  

	15.2	Other Obligations 

 The
Issuer or any Guarantor fails to perform or observe any of its other obligations under any of the Terms and Conditions or the Guarantee, as the case may be, and such failure continues for a period of 30 (thirty) calendar days after receipt by the
Issuer or any Guarantor of a notice from any Noteholder in respect of such failure (and for these purposes, a failure to perform or observe an obligation shall be deemed to be remediable notwithstanding that the failure results from not doing an act
or thing by a particular time); or 
  

	15.3	Negative Pledge 

 Any
Material Group Company fails to remedy a breach of Condition 6 by any of them and such failure continues for a period of 7 (seven) Business Days after receipt by the Issuer (in respect of a breach by itself or by any other Material Group
Company) or by a Guarantor (in respect of a breach by such Guarantor) of written notice from any Noteholder requiring same to be remedied; or 
  

	15.4	Cross Default 

  

	 	a)	Any Indebtedness of any Material Group Company is not paid when due and payable, or where there is an applicable grace period, on the expiry of such grace period; or

  

	 	b)	Any Indebtedness of any Material Group Company is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of an event of default
(however described); or 

  

 52 

	 	c)	Any commitment for any Indebtedness of any Material Group Company is cancelled or suspended by a creditor of any Material Group Company as a result of an event of
default (however described); or 

  

	 	d)	Enforcement of any Encumbrance over any assets of any Material Group Company, 

 provided that in each case no event shall constitute an Event of Default unless the aggregate amount of Indebtedness or commitment for
Indebtedness falling within paragraphs (a) to (d) above, exceeds $20,000,000 (twenty million United States dollars) (or its equivalent in any other currency); or 
  

	15.5	Insolvency 

  

	 	a)	Any Material Group Company is unable or admits inability to pay its debts as they fall due, suspends making payments on any of its debts or, by reason of actual or
anticipated financial difficulties, commences negotiations with one or more of its classes of creditors with a view to rescheduling any of its Indebtedness which, in the case of a Material Group Company, could reasonably be expected to have a
material adverse effect on the ability of the Issuer and its subsidiaries taken as a whole, to meet its payment obligations under the Notes; or 

  

	 	b)	The value of the assets of any Material Group Company is less than its liabilities (taking into account contingent and prospective liabilities) which in the case of a
Material Group Company could reasonably be expected to have a material adverse effect on the ability of the Issuer and its subsidiaries taken as a whole, to meet its payment obligations under the Notes; or 

  

	 	c)	A moratorium is declared in respect of any Indebtedness of any Material Group Company; or 

  

	15.6	Insolvency Proceedings 

 Any corporate action, legal proceedings or other similar procedure or step is taken in relation to: 
  

	 	a)	the suspension of payments, winding-up, dissolution, administration or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of any
Material Group Company; or 

  

	 	b)	a composition, compromise, assignment or arrangement with any creditor or class of creditors of any Material Group Company; or 

  

	 	c)	the appointment of a liquidator, receiver, administrator, administrative receiver, judicial manager, compulsory manager or other similar officer in respect of any
Material Group Company or any of its assets, 

 any analogous procedure or step is taken in any jurisdiction (in
each case otherwise than in respect of a Solvent Reconstruction or for purposes of a reorganisation approved by a Extraordinary Resolution of the Noteholders) and any such procedure or proceedings are not contested in good faith nor discharged
within 30 (thirty) days (or such shorter period provided for contesting such procedure or proceedings under the laws of the relevant jurisdiction); or 
  

	15.7	Governmental Intervention 

 By or under the authority of any government: 
  

	 	a)	the management of any Material Group Company is wholly or partially displaced or the authority of any Material Group Company in the conduct of its business is wholly or
partially taken over; or 

  

	 	b)	all or a majority of the issued shares of any Material Group Company or material part of its revenues or assets is seized, nationalised, expropriated or compulsorily
acquired; or 

  

 53 

	15.8	Unlawfulness 

 It is or
becomes unlawful for the Issuer or a Guarantor to perform any of its obligations under the Programme Memorandum or the Guarantee, as the case may be, or such obligations cease to be legal, valid, binding or enforceable obligations; or 
  

	15.9	Failure to comply with final judgment 

 Any Material Group Company fails within 5 (five) Business Days of the due date to comply with or pay any sum due from it under any material final judgement or any final order made or given by any court of
competent jurisdiction. For the purposes of this Condition 15.9, a “material final judgement” shall be any judgement for the payment of a sum of money in excess of $20,000,000 (twenty million United States dollars). 

If the Issuer becomes aware of the occurrence of any Event of Default, the Issuer shall forthwith notify all Noteholders, all Guarantors
and the JSE in writing. 
 If any one or more of the Events of Default shall have occurred and be continuing, then any Noteholder
may, by written notice to the Issuer at the registered office of the Issuer, effective upon the date of receipt thereof by the Issuer, declare the Note held by the holder to be forthwith due and payable whereupon the same shall become forthwith due
and payable at the Early Redemption Amount (as described in Condition 9.7), together with accrued interest (if any) to the date of repayment, or as specified in the Applicable Pricing Supplement, provided that no such action may be taken by a holder
of Notes if the Issuer, or any Guarantor, as the case may be, withholds or refuses to make any such payment in order to comply with any law or regulation of the Republic of South Africa or to comply with any order of a court of competent
jurisdiction. For the purpose of this Condition 15, any indebtedness which is in a currency other than South African Rand shall be translated into South African Rand at the spot rate for the sale of South African Rand against the purchase of the
relevant currency quoted by the Calculation Agent on the date of such Event of Default. 
  

	16	CALCULATION AGENT AND OTHER AGENTS 

 Any third party appointed by the Issuer as Calculation Agent, Transfer Agent or otherwise shall act solely as the agents of the Issuer and does not assume any obligation towards or relationship of agency
or trust for or with any Noteholders. The Issuer is entitled to vary or terminate the appointment of such agents and/or appoint additional or other agents and/or approve any additional or other agents. 
  

	17	NOTICES 

  

	17.1	Notices to holders of Registered Notes shall be valid if mailed to their registered addresses appearing in the Register. Any such notice shall be deemed to have been
given on the seventh day after the day on which it is mailed. 

  

	17.2	In the event of there being any Individual Certificates in issue, such notices shall be published, not earlier than four days after the date of posting of such notice
in terms of this clause (i) in an English language daily newspaper of general circulation in the Republic of South Africa and (ii) and for so long as the Notes are listed on the bond market of the JSE or such other Financial Exchange upon
which the Notes are listed, a daily newspaper of general circulation in the city in which the JSE or such other Financial Exchange is situated, and any such notices shall be deemed to have been given on the date of first publication.

  

	17.3	If any notice is given to holders of Notes represented by a Global Certificate, a copy thereof shall be delivered to the JSE, the Central Depository and the Settlement
Agents. 

  

	17.4	Any notice to the Issuer shall be deemed to have been received by the Issuer, if delivered to the registered office of the Issuer, on the date of delivery, and if sent
by registered mail, on the seventh day after the day on which it is sent, together with a certified copy of the relevant Certificate. The Issuer may change its registered office upon prior written notice to Noteholders specifying such new registered
office. 

  

	17.5	For so long as any of the Notes are represented by a Global Certificate, notice may be given by any holder of a Beneficial Interest in Notes represented by a Global
Certificate to the Issuer via the relevant Settlement Agent in accordance with the Applicable Procedures, in such manner as the Issuer and the relevant Settlement Agent may approve for this purpose. 

  

 54 

	18	AMENDMENT OF THESE TERMS AND CONDITIONS 

  

	18.1	These Terms and Conditions set out all the rights and obligations relating to the Notes and, subject to the further provisions of this Condition 18, no addition,
variation or consensual cancellation of these Terms and Conditions shall be of any force or effect unless reduced to writing and signed by or on behalf of the Issuer and the Noteholders. 

  

	18.2	No modification of these Terms and Conditions may be effected without the written agreement of the Issuer. The Issuer may effect, without the consent of the relevant
Noteholders, any modification of the Terms and Conditions which is of a formal, minor or technical nature or is made to correct a manifest error or to comply with mandatory provisions of the law of the jurisdiction in which the Issuer is
incorporated, provided that the consent of the JSE shall be required where such Notes are listed. Any such modification shall be binding on the relevant Noteholders and any such modification shall be notified to the relevant Noteholders in
accordance with Condition 17 as soon as practicable thereafter. 

  

	18.3	 The Issuer may, with the prior sanction of an Extraordinary Resolution of Noteholders or with the prior written consent of Noteholders holding not less
than 66 2/3% (sixty six and two thirds per cent.) in
Nominal Amount of the Notes outstanding from time to time, amend these Terms and Conditions, provided that no such amendment shall be of any force or effect unless notice of the intention to make such amendment shall have been given to all
Noteholders in terms of Condition 17. 

  

	19	MEETINGS OF NOTEHOLDERS 

  

	19.1	The Issuer may at any time convene a meeting of all Noteholders or holders of any Series of Notes upon at least 21 days’ prior written notice to such Noteholders.
This notice is required to be given in terms of Condition 17. Such notice shall specify the date, place and time of the meeting to be held, which place shall be in the Republic of South Africa. 

  

	19.2	Every director or duly appointed representative of the Issuer may attend and speak at a meeting of Noteholders, but shall not be entitled to vote, other than as a proxy
or representative of a Noteholder. 

  

	19.3	Noteholders holding not less than 10% (ten per cent) in Nominal Amount of the outstanding Notes or Series of Notes, as the case may be, shall be able to request the
Issuer to convene a meeting of Noteholders. Should the Issuer fail to requisition such a meeting within 10 days of such a request being received by the Issuer, the Noteholders requesting such a meeting may convene such meeting.

  

	19.4	A Noteholder may by an instrument in writing (a “form of proxy”) signed by the holder or, in the case of a corporation, executed under its common seal
or signed on its behalf by an attorney or a duly authorised officer of the corporation, appoint any person (a “proxy”) to act on his or its behalf in connection with any meeting or proposed meeting of the Noteholders.

  

	19.5	Any Noteholder which is a corporation may by resolution of its directors or other governing body authorise any person to act as its representative (a
“representative”) in connection with any meeting or proposed meeting of the Noteholders. 

  

	19.6	Any proxy or representative appointed shall, so long as the appointment remains in force, be deemed for all purposes in connection with any meeting or proposed meeting
of the Noteholder specified in the appointment, to be the holder of the Notes to which the appointment relates and the holder of the notes shall be deemed for such purposes not to be the holder. 

  

	19.7	The chairman of the meeting shall be appointed by the Issuer. The procedures to be followed at the meeting shall be as determined by the chairman subject to the
remaining provisions of this Condition 19. Should the Noteholder requisition a meeting, and the Issuer fail to call such a meeting within 10 days of the requisition, then the chairman of the meeting held at the instance of the Noteholders shall be
selected by a majority of Noteholders present in person, by representative or by proxy. 

  

 55 

	19.8	At any such meeting one or more Noteholders present in person, by representative or by proxy, holding in aggregate not less than one third of the Nominal Amount of
Notes for the time being outstanding shall form a quorum for the transaction of business. On a poll, each Noteholder present in person or by proxy at the meeting shall have the number of votes equal to the number of Notes, by denomination, held by
the Noteholder. 

  

	19.9	If within half an hour (or such longer period as those present may agree) after the time appointed for such meeting, the said quorum as referred to in 19.7 above is not
present, the meeting will stand adjourned to the same day of the next week (or if that day is not a business day, the following business day) at the same time and place. Written notice of such adjourned meeting (incorporating an agenda) shall be
given to all Noteholders not less than 72 (seventy two) hours before such adjourned meeting is to be held. 

  

	19.10	At such adjourned meeting, provided that one or more Noteholders in person, by representative or by proxy are present, such Noteholders shall form the quorum for the
transaction of business. 

  

	20	FURTHER ISSUES 

 The
Issuer shall be at liberty from time to time without the consent of the Noteholders to create and issue further Notes having terms and conditions the same as any of the other Notes issued under the Programme or the same in all respects save for the
amount and date of the first payment of interest thereon, the Issue Price and the Issue Date, so that the further Notes shall be consolidated to form a single Series with the Outstanding Notes. 
  

	21	GOVERNING LAW 

 The Notes
and all rights and obligations to the Notes are governed by, and shall be construed in accordance with, the laws of the Republic of South Africa in force from time to time. 
  

	22	INTERPRETATION 

 In these
Terms and Conditions, unless inconsistent with the context, any reference to: 
  

	22.1	one gender includes a reference to the others; 

  

	22.2	the singular includes the plural and vice versa; 

  

	22.3	natural persons include juristic persons and vice versa; 

  

	22.4	any agreement or instrument is a reference to that agreement or instrument as amended, supplemented, varied, novated, restated or replaced from time to time, and
amended or amendment will be construed accordingly; 

  

	22.5	a provision of law is a reference to that provision as amended or re-enacted, and includes any subordinate legislation; 

  

	22.6	any person includes that person’s permitted successor, transferee, assignee, cessionary and/or delegate. 

  

	23	GUARANTEE 

  

	23.1	The Issuer has procured that the payment obligations of the Issuer under the Notes are jointly and severally, unconditionally and irrevocably, guaranteed by each
Guarantor on the terms and conditions as contained in the Guarantee, as described in the section of the Programme Memorandum headed “The Guarantee”. 

  

	23.2	A Guarantor that ceases to be a Material Subsidiary of the Issuer shall cease to be a Guarantor, provided that no amount is then due under the Guarantee .The Issuer
shall notify the Noteholders in writing of such cessation in accordance with Condition 17. 

  

 56 

 SIGNED at Sandton this 6th day of April 2009. 
 For and on behalf of 
 GOLD FIELDS LIMITED 

 (AS ISSUER) 
  

					
	 /s/ Nicholas John Holland
	 		 	 /s/ Gayle Margaret Wilson

	Signature:	 		 	Signature:
			
	 Nicholas John Holland
	 		 	 Gayle Margaret Wilson

	Name:	 		 	Name:
			
	 Director
	 		 	 Director

	Designation:	 		 	Designation:
			
	 Address: 150 Helen Road, Sandown, Sandton
 Tel:         +2711 562 9700
	 		 	

  

 57 

  
 USE OF PROCEEDS 
  
  
 The proceeds from each issue of Notes will be applied by the Issuer as specified in the Applicable Pricing Supplement. 
  

 58 

  
 RISK FACTORS 
  
  
 In addition to the other information included in this Programme Memorandum, the considerations listed below could have a material adverse effect on Gold
Fields’ business, financial condition or results of operations The risks set forth below comprise all material risks currently known to Gold Fields. However, there may be additional risks that Gold Fields does not currently know of or that Gold
Fields currently deems immaterial based on the information available to it. These factors should be considered carefully, together with the information and financial data set forth in this document and the Document Incorporated by Reference. 

 The Risk Factors and other information and financial data may change from time to time. It is recommended that this Programme Memorandum
should be read in conjunction with the Documents Incorporated by Reference especially those issued by Gold Fields subsequent to the issue of this Programme Memorandum. 
  

	 	•	 	 Changes in the market price for gold, and to a lesser extent copper, which in the past have fluctuated widely, affect the profitability of Gold
Fields’ operations and the cash flows generated by those operations. 

  

	 	•	 	 Because Gold Fields does not use commodity or derivative instruments to protect against low gold prices with respect to its production, Gold Fields is
exposed to the impact of any significant decline in the gold price. Gold Fields’ reserves are estimates based on a number of assumptions, any changes to which may require Gold Fields to lower its estimated reserves.

  

	 	•	 	 To the extent that Gold Fields seeks to expand through acquisitions, it may experience problems in executing acquisitions or managing and integrating
the acquisitions with its existing operations. 

  

	 	•	 	 To the extent that Gold Fields seeks to expand through its exploration programme, it may experience problems associated with mineral exploration or
developing mining projects. 

  

	 	•	 	 Due to the nature of mining and the type of gold mines it operates, Gold Fields faces a material risk of liability, delays and increased production
costs from environmental and industrial accidents and pollution. 

  

	 	•	 	 If Gold Fields experiences further losses of senior management or is unable to hire and retain sufficient technically skilled employees, its business
may be materially and adversely affected. 

  

	 	•	 	 Because gold is generally sold in U.S. dollars, while most of Gold Fields’ production costs are in Rand and other non-U.S. dollar currencies, Gold
Fields’ operating results or financial condition could be materially harmed by an appreciation in the value of these other currencies. 

  

	 	•	 	 Economic or political instability in the countries or regions where Gold Fields’ operates may have an adverse effect on Gold Fields’
operations and profits. 

  

	 	•	 	 Some of Gold Fields’ power suppliers have forced it to halt or curtail activities at its mines, due to severe power disruptions. Power stoppages,
fluctuations and power cost increases may adversely affect Gold Fields’ results of operations and its financial condition. 

  

	 	•	 	 Actual and potential shortages of production inputs may have an adverse effect on Gold Fields’ operations and profits.

  

	 	•	 	 The transportation of concentrate produced at Cerro Corona by truck and ship can be interrupted, or result in environmental damage.

  

	 	•	 	 Gold Fields’ insurance coverage may prove inadequate to satisfy potential claims. 

  

	 	•	 	 Gold Fields’ financial flexibility could be materially constrained by South African exchange control regulations. 

  

	 	•	 	 Gold Fields’ operations and financial condition may be adversely affected by labor disputes or changes in labor laws.

  

	 	•	 	 Gold Fields may suffer adverse consequences as a result of its reliance on outside contractors to conduct some of its operations.

  

 59 

	 	•	 	 Gold Fields’ South African operations may be adversely affected by increased labor costs or industrial action at its mining operations in South
Africa. 

  

	 	•	 	 HIV/AIDS poses risks to Gold Fields in terms of lost productivity and increased costs. 

  

	 	•	 	 Gold Fields’ operations in South Africa are subject to environmental and health and safety regulations which could impose significant costs and
burdens. 

  

	 	•	 	 Gold Fields’ mineral rights in South Africa have become subject to new legislation which could impose significant costs and burdens.

  

	 	•	 	 Gold Fields’ land and mineral rights in South Africa could be subject to land restitution claims which could impose significant costs and burdens.

  

	 	•	 	 Illegal mining occurs on Gold Fields’ properties in Ghana, is difficult to control, can disrupt Gold Fields’ business and can expose Gold
Fields to liability. Gold Fields’ operations in Ghana are subject to environmental and health and safety laws and regulations which could impose significant costs and burdens. Gold Fields’ mineral rights in Ghana are currently subject to
regulations, and may become subject to new regulations, which could impose significant costs and burdens. 

  

	 	•	 	 Gold Fields’ operations in Australia are subject to environmental and health and safety laws and regulations which could impose significant costs
and burdens. Gold Fields’ tenements in Australia are subject to native title claims and include Aboriginal heritage sites which could impose significant costs and burdens. 

  

	 	•	 	 Gold Fields mineral rights in Peru are currently subject to regulations, and may become subject to new regulations, which could impose significant
costs and burdens. Gold Fields’ operations in Peru are subject to environmental and health and safety laws and regulations which could impose significant costs and burdens. 

  

	 	•	 	 The acquisition of Western Areas, BGSA and South Deep may expose Gold Fields to unknown liabilities and risks. 

  

	 	•	 	 Gold Fields has not independently confirmed the reliability of the South Deep, BGSA or Western Areas information for the period prior to their
respective acquisitions by Gold Fields included in its annual report publications to date. 

  

 60 

  
 DESCRIPTION OF GOLD FIELDS LIMITED 
  
  
 Introduction 
 Gold Fields is a significant
producer of gold and major holder of gold reserves in South Africa, Ghana, Australia and Peru. Gold Fields is primarily involved in underground and surface gold mining and related activities, including exploration, extraction, processing and
smelting. Gold Fields also has an interest in a platinum group metal exploration project. Gold Fields is one of the largest gold producers in the world, based on annual production. 
 The majority of Gold Fields’ operations, based on gold production, are located in South Africa. In addition, Gold Fields has gold and other precious metal exploration activities and interests in
Africa, Eurasia, Australasia, and the Americas. 
 As of 30 June 2009, Gold Fields had attributable gold Resources (excluding platinum and
copper equivalents) of approximately 255.4 million (30 June 2008: 234.5 million) ounces and Proven and Probable Reserves of approximately 78.9 million (30 June 2008: 80.5 million) ounces, net of 4.1 and 3.8 million ounces depletion
from the Resource and Reserve respectively. 
 In the year ended 30 June 2009, Gold Fields processed 52.9 million tons of ore and
produced 3.691 million ounces of gold, of which 3.414 million ounces were attributable to Gold Fields. 
 Organizational Structure 
 Gold Fields is a holding company with its significant ownership interests organized
as set forth below. 
  

 61 

 Group Structure(1) 
 

 
  

	(1)	Unless otherwise stated, all subsidiaries are, directly or indirectly, wholly-owned by Gold Fields Limited. 

 Constitution of the Board 
 The Articles of
Association of Gold Fields provide that the Board must consist of no less than four and no more than 15 directors at any time. The Board currently consists of 1 executive director and 12 non-executive directors, the majority of whom are independent.

  

 62 

 Executive Directors 
 Nicholas J. Holland BComm, BAcc, Witwatersrand; CA (SA). Executive Director and Chief Executive Officer. Mr. Holland has been an Executive Director of Gold Fields since April 14, 1998 and
became Chief Executive Officer on May 1, 2008. He served as Executive Director of Finance from April 1998. On April 15, 2002, his title changed to Chief Financial Officer. Mr. Holland has 28 years’ experience in financial
management. Prior to joining Gold Fields he was Financial Director and Senior Manager of Corporate Finance of Gencor Limited. 
 Non-executive Directors 
  

	•	 	 Alan J. Wright CA (SA). Chairman of the Board of Directors. 

  

	•	 	 Kofi Ansah 

  

	•	 	 Cheryl A. Carolus 

  

	•	 	 Roberto Dañino 

  

	•	 	 Alan R. Hill 

  

	•	 	 John G. Hopwood 

  

	•	 	 Richard P. Menell 

  

	•	 	 David N. Murray 

  

	•	 	 Donald M.J. Ncube 

  

	•	 	 Rupert L. Pennant-Rea 

  

	•	 	 Chris I. von Christierson 

  

	•	 	 Gayle M. Wilson 

 Executive Officers 
  

	•	 	 Nicholas J. Holland (Chairman) 

  

	•	 	 Glenn R. Baldwin 

  

	•	 	 Italia Boninelli 

  

	•	 	 James W. D. Dowsley 

  

	•	 	 Michael D. Fleischer 

  

	•	 	 Jan W. Jacobsz 

  

	•	 	 Juan L. Kruger 

  

	•	 	 Tommy D. McKeith 

  

	•	 	 Vishnu P. Pillay 

  

	•	 	 Paul A. Schmidt 

  

	•	 	 Peter L. Turner 

  

	•	 	 Ben Zikmundovsky 

  

	•	 	 Cain Farrel (Company Secretary) 

 Board of Directors’ Committees 
 In order to ensure good corporate governance, the Board has formed an Audit Committee, a
Remuneration Committee, a Nominating and Governance Committee and a Safety, Health and Sustainable Development Committee. All the committees are comprised exclusively of non-executive Directors. All committees are chaired by an independent
non-executive director. 
 Membership of the Audit Committee is as follows: 
  

	•	 	 John G. Hopwood (chairman) 

  

	•	 	 Richard P. Menell 

  

 63 

	•	 	 Donald M.J. Ncube 

  

	•	 	 Rupert L. Pennant-Rea 

  

	•	 	 Gayle M. Wilson 

 Membership of the Remuneration Committee is as follows: 
  

	•	 	 Chris I. von Christierson (chairman) 

  

	•	 	 John G. Hopwood 

  

	•	 	 Donald M. J. Ncube 

  

	•	 	 Gayle M. Wilson 

  

	•	 	 Alan J. Wright 

 Membership
of the Safety, Health and Sustainable Development Committee is as follows: 
  

	•	 	 David N. Murray (chairman) 

  

	•	 	 Kofi Ansah 

  

	•	 	 Cheryl A. Carolus 

  

	•	 	 Richard P. Menell 

  

	•	 	 Alan J. Wright 

 Membership
of the Nominating and Governance Committee is as follows: 
  

	•	 	 Alan J. Wright (chairman) 

  

	•	 	 Kofi Ansah 

  

	•	 	 Roberto Dañino 

  

	•	 	 Rupert L. Pennant-Rea 

  

	•	 	 Chris von Christierson 

 Membership of the Capital Projects Control and Review Committee is as follows: 
  

	•	 	 Richard P. Menell (Chairman) 

  

	•	 	 Alan R. Hill 

  

	•	 	 David N. Murray 

  

	•	 	 Chris I. von Christierson 

  

	•	 	 Gayle M. Wilson 

 Company Secretary 
 Cain Farrel (58), FCIS, MBA, Southern Cross University, Australia. Mr. Farrel was appointed
Company Secretary on May 1, 2003. Mr. Farrel is past President and a Director of the Southern African Institute of Chartered Secretaries and Administrators. Previously, Mr. Farrel served as Senior Divisional Secretary of AngloAmerican
Corporation of South Africa. 
  

 64 

  
 THE GUARANTEE 
  
  
 GUARANTEE 
 BY 
 THE GUARANTORS 
 IN FAVOUR OF

 THE NOTEHOLDERS IN TERMS OF THE ZAR10,000,000,000 GOLD FIELDS LIMITED DOMESTIC MEDIUM TERM NOTE PROGRAMME 
  

	1.	Interpretation 

 The terms
defined in the pro forma terms and conditions of the Notes to be issued by Gold Fields Limited, in terms of the ZAR10,000,000,000 Gold Fields Limited Domestic Medium Term Note Programme, as set out in the Programme Memorandum of Gold Fields Limited
dated 6 October 2009 (as revised, supplemented, amended, updated or replaced from time to time) shall, except where the context otherwise requires and save where otherwise defined or provided for in this Guarantee, have the same meanings in
this Guarantee and shall form part of this Guarantee. 
  

	2.	Stipulation 

  

	2.1	With effect from the date of signature of this Guarantee, this Guarantee constitutes a stipulation in favour of each of the Noteholders and shall be deemed to have been
accepted by each of them and to constitute a binding agreement with each of them (notwithstanding that the Noteholders shall not have executed this document) upon the issue or transfer of the Notes to such Noteholders, as the case may be.

  

	2.2	On the date of signature of this Guarantee, the Guarantors shall deliver the original signed Guarantee to Absa Capital, a division of Absa Bank Limited, which has, in
accordance with the undertaking annexed to this Guarantee as Schedule 1, undertaken to hold such original Guarantee on behalf of the Noteholders and to make certified copies of this Guarantee available to the Noteholders upon written request
by the Noteholders, in accordance with such undertaking. 

  

	3.	Guarantee 

  

	3.1	Each Guarantor, jointly and severally, irrevocably and unconditionally: 

  

	3.1.1	guarantees to each Noteholder the punctual performance by the Issuer of all its payment obligations under the Notes in accordance with the Terms and Conditions; and

  

	3.1.2	undertakes with each Noteholder that, whenever the Issuer does not pay any amount when due under or in connection with any Note in accordance with the Terms and
Conditions, that Guarantor shall immediately on demand by the relevant Noteholder pay that amount as if it were the principal obligor in respect of that amount. 

  

	3.2	Each Guarantor’s obligations in respect of the Notes constitute direct, unconditional, unsecured and unsubordinated obligations of that Guarantor and will rank
pari passu among themselves and (subject to any obligations mandatorily preferred by law applying to companies generally in the jurisdiction of its incorporation) at least equally with all other unsecured, unsubordinated obligations of that
Guarantor, if any, from time to time outstanding. 

  

	4.	Continuing guarantee 

 This Guarantee is a continuing guarantee and will extend to the ultimate balance of all sums payable by the Issuer under the Notes in accordance with the Terms and Conditions, regardless of any intermediate payment or discharge in whole or
in part. 
  

 65 

	5.	Reinstatement 

 If any
payment by the Issuer or any discharge given by the Noteholders (whether in respect of the obligations of the Issuer or any security for those obligations or otherwise) is avoided or reduced as a result of insolvency or any similar event:

  

	5.1	the liability of each Guarantor under this Guarantee will continue as if that payment discharge, avoidance or reduction had not occurred; and 

 

	5.2	the Noteholders will be entitled to recover the value or amount of that security or payment from each Guarantor as if that payment, discharge, avoidance or reduction
had not occurred, 

  

	6.	Waiver of defences 

 The
obligations of each Guarantor under this Guarantee will not be affected by an act, omission, matter or thing which, but for this provision, would reduce, release or prejudice any of its obligations under this Guarantee (whether or not known to it or
any Noteholder), including: 
  

	6.1	any time, waiver or consent granted to, or composition with, the Issuer or other person; 

  

	6.2	the release of any person under the terms of any composition or arrangement with any creditor of the Group; 

  

	6.3	the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets
of, any person; 

  

	6.4	any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security;

  

	6.5	any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of the Issuer or other person;

  

	6.6	any amendment (however fundamental and whether or not more onerous) of the Terms and Conditions or any other document or security; 

  

	6.7	any unenforceability, illegality or invalidity of any obligation of any person under the Notes or any other document or security; and/or 

  

	6.8	any insolvency or similar proceedings. 

  

	7.	Immediate recourse 

 Each
Guarantor waives any right it may have of first requiring any Noteholder (or any trustee or agent on its behalf) to proceed against or enforce any other right or security or claim payment from any person before claiming from that Guarantor under
this Guarantee. This waiver applies irrespective of any law or any provision of the Terms and Conditions to the contrary. 
  

	8.	Appropriations 

 Until all
amounts which may be or become payable by the Issuer under or in connection with the Notes have been irrevocably paid in full, each Noteholder (or any trustee or agent on its behalf) may : 
  

	8.1	refrain from applying or enforcing any other moneys, security or rights held or received by that Noteholder (or any trustee or agent on its behalf) in respect of those
amounts; or 

  

	8.2	apply and enforce any of those moneys, security or rights in such manner and order as it sees fit (whether against amounts payable under the Notes or otherwise); and

  

	8.3	hold in an interest-bearing suspense account any moneys received from any Guarantor or on account of that Guarantor’s liability under this Guarantee.

  

	9.	Deferral of rights 

 Unless all amounts which may be or become payable by the Issuer under or in connection with the Notes have been irrevocably paid in full, or the relevant Noteholder otherwise directs, no Guarantor will exercise any rights which it may have
by reason of performance by it of its obligations under this Guarantee: 
  

	9.1	to be indemnified by the Issuer; 

  

 66 

	9.2	to be subrogated to any rights, security or moneys held, received or receivable by any Noteholder (or any trustee or agent on its behalf); or 

 

	9.3	to claim any contribution from any other Guarantor. 

  

	10.	Additional rights 

 This
Guarantee is in addition to and is not in any way prejudiced by any other guarantee or security now or subsequently held by any Noteholder. 
  

	11.	Negative Pledge 

 After
the date of the Programme Memorandum and for so long as any of the Notes remain Outstanding, no Guarantor will create or permit to subsist any Encumbrance, other than Permitted Encumbrances over any of its assets, present or future, to secure any
present or future Indebtedness of the Issuer, the Guarantor or other Material Group Company unless, at the same time, or prior thereto, all the Guarantors’ obligations under this Guarantee, either: 
  

	11.1	are secured equally and rateably therewith and any such instrument shall expressly provide therefor; or 

  

	11.2	have the benefit of such other security, guarantee, indemnity or other arrangement as shall be approved by an Extraordinary Resolution of the Noteholders.

  

	12.	Amendment 

 No amendment
to this Guarantee may be effected unless in writing and signed by or on behalf of all the Guarantors and approved by an Extraordinary Resolution of the Noteholders. 
  

	13.	Addresses and notices 

  

	13.1	For the purposes of this Guarantee all notices to Noteholders shall be given in the manner contemplated in Condition 17 of the Terms and Conditions and the provisions
of Condition 17 shall apply mutatis mutandis to the giving of such notice. 

  

	13.2	Each Guarantor chooses the address to which notices may be given and at which documents in legal proceedings may be served (their domicilia citandi et
executandi) in connection with this Guarantee, that identified with its name in the execution pages to this Guarantee. 

  

	13.3	Any Guarantor may change its address chosen for the purposes of this clause to another address in the Republic of South Africa by giving 5 Business Days’ notice to
the Noteholders. 

  

	13.4	Any notice given to a Guarantor in connection with this Guarantee must be: 

  

	13.4.1	delivered in person; or 

  

	13.4.2	sent by prepaid registered post or by fax; 

  

	13.4.3	to the address chosen by that Guarantor. 

  

	13.5	This clause will not operate so as to invalidate the giving or receipt of any notice which is actually received by the addressee other than by a method referred to
above. 

  

	14.	Governing Law 

 This
Guarantee is governed by the laws of the Republic of South Africa. 
  

	15.	Cessation of a Guarantor 

 With effect from the date that a Guarantor ceases to be a Material Subsidiary of the Issuer, such Guarantor shall automatically cease to be a Guarantor under this Guarantee, provided that no amount is then due under the Guarantee. Such
termination shall not affect any accrued rights and/or obligations of the Guarantor at the date of such termination. 
  

	16.	Jurisdiction 

 The parties
consent to the non-exclusive jurisdiction of the South Gauteng High Court, Johannesburg, to settle any dispute in connection with this Guarantee. 
  

 67 

 SIGNATURE PAGE 
 For and on behalf of: 
  

					
	GFI MINING SOUTH AFRICA (PROPRIETARY) LIMITED
			
	  
	 		 	  

	Name:	 		 	Name:
	Date:	 		 	Date:
	Address:	 		 	Address:
	Fax:	 		 	Fax:
	Contact person:	 		 	Contact person:
			
	For and on behalf of:	 		 	
			
	GOLD FIELDS OPERATIONS LIMITED	 		 	
			
	  
	 		 	  

	Name:	 		 	Name:
	Date:	 		 	Date:
	Address:	 		 	Address:
	Fax:	 		 	Fax:
	Contact person:	 		 	Contact person:
			
	For and on behalf of:	 		 	
		
	GOLD FIELDS OROGEN HOLDING (BVI) LIMITED	 	
			
	  
	 		 	  

	Name:	 		 	Name:
	Date:	 		 	Date:
	Address:	 		 	Address:
	Fax:	 		 	Fax:
	Contact person:	 		 	Contact person:
			
	For and on behalf of:	 		 	
		
	GOLD FIELDS HOLDINGS COMPANY (BVI) LIMITED	 	
			
	  
	 		 	  

	Name:	 		 	Name:
	Date:	 		 	Date:
	Address:	 		 	Address:
	Fax:	 		 	Fax:
	Contact person:	 		 	Contact person:

  

 68 

 SCHEDULE 1 TO THE GUARANTEE 
 The Noteholders in terms of the ZAR10,000,000,000 
 Gold Fields Limited Domestic Medium Term Note Programme 
 c/o [insert] 
 Dear Sirs 
 Guarantee issued by the Guarantors
in terms of the ZAR10 000 000 000 Gold Fields Limited Domestic Medium Term Note Programme (the “Programme”), in favour of the Noteholders in terms of such Programme (the “Guarantee”) 
 We refer to the Guarantee. Capitalised terms not specifically defined in this undertaking shall have the meaning assigned to such terms in the Guarantee.

 We hereby undertake in favour of each of the Noteholders to receive and hold in custody the original signed Guarantee to be delivered to us
by the Guarantors on the date of signature of the Guarantee. This undertaking shall not imply any relationship of trust, duty of care or fiduciary obligation on our part to take any action in relation to the Guarantee. 
 We undertake, upon the written request by any Noteholder and at the cost of such Noteholder, to make available to the Noteholder, a certified copy of the
Guarantee within 5 Business Days of receipt of such written request. 
 Upon the termination of the Guarantee in accordance with its terms and
conditions, we shall deliver the original Guarantee to Gold Fields Limited. 
 This undertaking constitutes an irrevocable stipulation in favour
of the Noteholders and shall be deemed to have been accepted by them, mutatis mutandis, in the manner envisaged in clause 3 of the Guarantee. 
 Yours faithfully 
 For Absa Capital, a division of Absa Bank Limited 
 in its capacity as the Arranger in terms of the Programme 
 For Absa Capital, a division of
Absa Bank Limited 
 in its capacity as the Arranger in terms of the Programme 
  

 69 

  
 SETTLEMENT, CLEARING AND TRANSFER OF NOTES LISTED ON THE JSE 
  
  
 Words used in this section headed “Settlement,
Clearing and Transfers” shall bear the same meanings as used in the Terms and Conditions, except to the extent that they are separately defined in this section or this is clearly inappropriate from the context. 
 Global Certificates 
 Each Tranch of Notes
issued in registered form (“Registered Notes”) and listed on the JSE Limited, a licensed financial exchange in terms of the Securities Services Act, 2004 (the “JSE”) will initially be issued in the form of a single
Global Certificate (the “Global Certificate”) which will be lodged and immobilised in Strate Limited, a company registered as a central securities depository in terms of the Securities Services Act, 2004 (“Securities
Services Act”), or its nominee (the “Central Depository”), which forms part of the settlement system of the JSE. The Central Depository’s nominee will be the sole Noteholder in respect of each Tranche of Notes
evidenced by a Global Certificate. The Notes may also be issued as Uncertificated Notes in terms of Section 37 of the Securities Services Act. 
 The Central Depository holds Notes subject to the Securities Services Act and the Rules of the Central Depository. The Rules of the Central Depository as at the date of this Programme Memorandum are as published by the Registrar of
Financial Markets in Government Gazette No. 27758 of 8 July 2005. 
 While the Notes are held in the Central Depository under the
Global Certificate, or as Uncertificated Notes, the Central Depository’s nominee will be reflected as the Noteholder in the register maintained by the Transfer Agent (the “Register”). Accordingly, in terms of the Terms and
Conditions of the Notes, all amounts to be paid and all rights to be exercised in respect of the Notes held in the Central Depository, will be paid to and may be exercised only by the Central Depository, for the holders of beneficial interests in
the Notes held by the Central Depository (“Beneficial Interests”). 
 The Central Depository maintains accounts only for the
members of the Central Depository (“Participants”). As at the date of this Programme Memorandum, the Participants which are approved by the JSE as settlement agents to perform electronic settlement of funds and scrip are ABSA Bank
Limited, FirstRand Bank Limited, Nedbank Limited, The Standard Bank of South Africa Limited and the South African Reserve Bank (“Settlement Agents”). The Participants are in turn required to maintain securities accounts for
their clients. The clients of the Participants may include the holders of Beneficial Interests in the Notes or their custodians. The clients of Participants, as the holders of the Beneficial Interests in the Notes or as custodians for such holders,
may exercise their rights in respect of the Notes held by them in the Central Depository only through the Participants. Euroclear Bank S.A./N.V. as operator of the Euroclear System (“Euroclear”) and Clearstream Banking,
société anonyme, (Clearstream Luxembourg) (“Clearstream”) may hold Notes through the Settlement Agents. 
 Transfers of Beneficial Interests in Notes in the Central Depository to and from clients of Participants, who are also Settlement Agents, occur by electronic book entry in the securities accounts of the clients with the Settlement Agents.
Transfers among Participants of Notes held in the Central Depository occur through electronic book entry in the Participant’s central security accounts with the Central Depository. 
 Beneficial Interests in Notes may be exchanged for Notes in definitive registered form. 
 Payments
of interest or principal in respect of Notes represented by a Global Certificate or Uncertificated Notes will be made in accordance with Condition 8 of the Terms and Conditions to the Central Depository’s nominee as shown in the Register and
the relevant Issuer will be discharged by proper payment to, or to the order of, the registered holder of the Global Certificate or Uncertificated Note in respect of each amount so paid. Each of the persons shown in the records of the Central
Depository and the Participants as the holders of Beneficial Interests, as the case may be, shall look solely to the Central Depository or the relevant Participant, as the case may be, for such person’s share of such payment so made by the
relevant Issuer to, or to the order of, the registered holder of such Global Certificate or Uncertificated Notes. 
 The Issuer will not have
any responsibility or liability for any aspect of the records relating to, or payments made on account of, Beneficial Interests, or for maintaining, supervising or reviewing any records relating to such Beneficial Interests. 
  

 70 

  
 SUBSCRIPTION AND SALE 
  
  
 Words used in this section headed “Subscription and Sale” shall bear the same meanings as defined in the Terms and Conditions, unless they are
defined in this section or this is clearly inappropriate from the context. 
 The Notes will be distributed by one or more of the Dealer(s)
and/or any person appointed as dealer by the Issuer in terms of the Programme Agreement dated 6 October 2009 relating to the Programme and as may be supplemented and/or amended and/or restated from time to time (the “Programme
Agreement”). Such persons are referred to in this section titled “Subscription and Sale” as “Dealers”. 
  

	1	REPUBLIC OF SOUTH AFRICA 

 The Issuer, each Guarantor and each Dealer have represented and agreed that they will not solicit any offers for subscription for the Notes in contravention of any applicable law and/or any regulation of the Republic of South Africa.

  

	2	UNITED STATES OF AMERICA 

 The Notes have not been and will not be registered under the U.S. Securities Act of 1933 (the “Securities Act”) and the Notes may not be offered or sold within the United States except pursuant to an exemption from, or a
transaction not subject to, the registration requirements of the Securities Act. Each Dealer represents that it has not offered or sold, and agrees that it will not offer or sell, any Notes constituting part of its allotment in the United States
except in accordance with Rule 903 of Regulation S under the Securities Act (“Regulation S”). Accordingly, neither the Issuer, each Dealer, their affiliates nor any persons acting on its or their behalf have engaged or will engage
in any directed selling efforts with respect to the Notes. Terms used in this paragraph have the meaning given to them by Regulation S. 
  

	3	UNITED KINGDOM 

 In
relation to the Notes, each Dealer subscribing for or purchasing such Notes has represented, warranted and agreed that: 
  

	 	(a)	Notes with maturities of less than one year: in relation to any Notes which have a maturity of less than one year, (a) it is a person whose ordinary
activities involve it in acquiring, holding, managing or disposing of investments (as principal or agent) for the purposes of its business and (b) it has not offered or sold and will not offer or sell any Notes other than to persons whose
ordinary activities involve them in acquiring, holding, managing or disposing of investments (as principal or agent) for the purposes of their businesses or who it is reasonable to expect will acquire, hold, manage or dispose of investments (as
principal or agent) for the purposes of their businesses where the issue of the Notes would otherwise constitute a contravention of section 19 of the Financial Services and Markets Act 2000 (the “FSMA”) by the Issuer;

  

	 	(b)	Financial promotion: it has only communicated or caused to be communicated and will only communicate or cause to be communicated any invitation or inducement to engage
in investment activity (within the meaning of section 21 of the FSMA) received by it in connection with the issue or sale of any Notes in circumstances in which section 21(1) of the FSMA does not apply to the Issuer; and 

  

	 	(c)	General compliance: it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to any Notes in, from or
otherwise involving the United Kingdom. 

  

	4	EUROPEAN ECONOMIC AREA 

 In relation to each Member State of the European Economic Area which has implemented the Prospectus Directive (each, a “Relevant Member State”), each Dealer has represented,

  

 71 

 
warranted and agreed, and each further Dealer appointed under the Programme will be required to represent, warrant and agree, that with effect from and including the date on which the Prospectus
Directive is implemented in that Member State (the “Relevant Implementation Date”) it has not made and will not make an offer of Notes which are the subject of the offering contemplated by this Programme Memorandum as completed by
the Applicable Pricing Supplement in relation thereto to the public in that Relevant Member State, except that it may, with effect from and including that Relevant Implementation Date, make an offer of Notes to the public in that Relevant Member
State: 
  

	 	(a)	at any time to legal entities which are authorised or regulated to operate in the financial markets or, if not so authorised or regulated, whose corporate purpose is
solely to invest in securities; 

  

	 	(b)	at any time to any legal entity which has two or more of (i) an average of at least 250 employees during the last financial year; (ii) a total balance sheet
of more than EUR43,000,000; and (iii) an annual turnover of more than EUR50,000,000, all as shown in its last annual or consolidated accounts; 

  

	 	(c)	at any time to fewer than 100 natural or legal persons (other than qualified investors as defined in the Prospectus Directive) subject to obtaining the prior consent of
the Relevant Dealer or Dealers nominated by the relevant Issuer for any such offer; or 

  

	 	(d)	at any time in any other circumstances falling within Article 3(2) of the Prospectus Directive, 

 provided that no such offer of Notes referred to in (a) to (d) above shall require the Issuer or any Dealer to publish a prospectus
pursuant to Article 3 of the Prospectus Directive or supplement a prospectus pursuant to Article 16 of the Prospectus Directive. 
 For the purposes of this provision, the expression “offer of Notes to the public” in relation to any Notes in any Relevant Member State means the communication in any form and by any means of sufficient information on the
terms of the offer and the Notes to be offered so as to enable an investor to decide to purchase or subscribe the Notes, as the same may be varied in that Member State by any measure implementing the Prospectus Directive in that Member State and the
expression “Prospectus Directive” means Directive 2003/71/EC and includes any relevant implementing measure in each Relevant Member State. 
  

	5	GENERAL 

 Each Dealer has
agreed and each further Dealer appointed under the Programme will be required to agree that it will not, directly or indirectly, purchase, offer, sell or deliver any Notes or distribute or publish any offering circular, information memorandum,
prospectus, form of application, advertisement or other document or information in any country or jurisdiction except under circumstances that will, to the best of its knowledge and belief, result in compliance with any applicable laws and
regulations and all purchases, offers, sales and deliveries of Notes by it will be made on the same terms. 
 Without prejudice
to the generality of the above paragraph, each Dealer has agreed and each further Dealer appointed under the Programme will be required to agree that it will obtain any consent, approval or permission which is, to the best of its knowledge and
belief, required for the offer, purchase, sale or delivery by it of Notes under the laws and regulations in force in any jurisdiction to which it is subject or in which it makes such offers, purchases, sales or deliveries and it will, to the best of
its knowledge and belief, comply with all such laws and regulations. 
 With regard to each Tranche, the relevant Dealer(s) will
be required to comply with such other additional restrictions as shall be set out in the Applicable Pricing Supplement. 
  

 72 

  
 SOUTH AFRICAN TAXATION 
  
  
 The comments below are intended as a general guide to the current position under the laws of the Republic of South Africa (“South
Africa”). The contents of this section headed “South African Taxation” do not constitute tax advice and persons who are in any doubt as to their tax position should consult their professional advisers. 
 Words used in this section shall have the same meanings as defined in the Terms and Conditions, unless they are defined in this section or this is
clearly inappropriate from the context. 
 For purposes of this section, a “Resident” means a person who
or which is a “resident” as defined in section 1 of the Income Tax Act, 1962, as amended (the “Income Tax Act”) and “Taxes” means any present or future taxes, duties,
assessments or governmental charges of whatever nature imposed, levied, collected, withheld or assessed by, or on behalf of South Africa, whether in terms of the Income Tax Act or in terms of any other legislation. 
 STAMP DUTY ON CREATION AND TRANSFER OF NOTES 
 In terms of the Securities Transfer Tax Act, 2007, no securities transfer tax is payable on the issue or on the transfer of the Notes on the basis that the Notes will not comprise a “security” as defined in section 1 of the
Securities Transfer Tax Act, 2007. 
 INCOME TAX 
 In South Africa, tax is imposed on Residents in respect of their worldwide income, irrespective of where the income is earned. Non-Residents are taxed in South Africa on income from a South African source
and on capital gains from the disposal of immovable property in South Africa or assets attributable to permanent establishments in South Africa. 
 The amount of interest to be included in income, the position of non-residents and the capital gains tax consequences are considered below. 
 Interest 
 Any interest in respect of the Notes will be liable to South African income tax if such interest is received by or
accrues to any person who is a Resident. 
 In the case of a natural person, South African tax residence is determined by being ordinarily
resident in South Africa or meeting the physical presence test. A natural person who was not at any time during the year of assessment in question ordinarily resident in South Africa (in other words, did not regard South Africa as his/her permanent
home or fixed place of residence) may nonetheless, in the absence of a double taxation agreement between South Africa and the foreign jurisdiction in question, be a Resident for tax purposes if his/her physical presence in South Africa meets the
physical presence test. If such person was physically present in South Africa for more than 91 days in the current tax year and in each of the preceding 5 tax years, and for a period exceeding 915 days in aggregate during the 5 preceding tax years,
he/she is deemed to be a resident, from the first day of the tax year in which all the requirements are met. 
 A person (other than a natural
person) is a Resident if it is incorporated, established or formed in South Africa or has its place of effective management in South Africa. 
 A person who is deemed to be exclusively a resident of another country for purposes of the application of any double tax agreement between South Africa and that country will not be treated as a South African Resident. 
 With respect to a Controlled Foreign Company (as defined in section 1 of the Income Tax Act), a proportionate amount of the net income of the Controlled
Foreign Company will also be included in the income of such Resident subject to certain exclusions. A company is a Controlled Foreign Company if it is a foreign company (i.e. non resident) and more than 50% (fifty per cent) of the total
participation rights in the foreign company are held, or more than 50% (fifty per cent) of the voting rights in that foreign company are directly or indirectly exercisable, by one or more Residents, subject to certain provisions. 
  

 73 

 Treatment of discount or premium on original issue of Notes 
 Any discount or premium to the nominal value at which a Note is issued or acquired is treated as part of the interest on the Note for tax purposes. The
Noteholder will be deemed to have accrued such interest, on a day-to-day basis until the Noteholder disposes of the Note or until maturity of the Note, whichever occurs first. The day-to-day basis is determined by calculating the yield to maturity
and applying it to the capital balance involved for the relevant tax period, unless an election has been made to treat the Note on another basis. 
 Gains and losses on redemption or transfer of the Notes 
 If the Note is transferred or redeemed prior to the Note reaching
its maturity date, any adjusted gain or loss arising on transfer or redemption will be included in, or deducted from, the income of a Noteholder who holds the Note for trading purposes. However, a Noteholder who holds the Note as a fixed
or capital investment will not have the adjusted gain or loss included in his or her income for tax purposes, but will rather be taxed in terms of the capital gains tax rules (see below). 
 Exemption for certain non-Residents 
 Any
person who is not a Resident will generally be exempt from any taxes on any interest income received or accrued in respect of the Notes unless that person: 
  

	(a)	has during the relevant year of assessment carried on business in South Africa through a permanent establishment; or 

  

	(b)	is a natural person who was physically present in South Africa for a period or periods exceeding 183 days in aggregate during the year of assessment in question.

 Should the non-resident be subject to tax on interest in South Africa and the South African government has entered into a
double tax treaty with that non-resident’s country of residence, the resultant tax liability would be determined with reference to the provisions of the double tax agreement. 
 CAPITAL GAINS TAX 
 The disposal of a capital asset is defined in the Eighth Schedule to the
Income Tax Act and includes the sale, transfer of ownership, redemption, cancellation, or surrender of the Note. Capital gains and losses of residents on the disposal of Notes (held as a capital asset) are subject to Capital Gains Tax. 

Any discount or premium on acquisition of the Note that has already been treated as interest will have been taxed, or allowed for as a deduction, for
income tax purposes. It will therefore not be taken into account when determining any capital gain or loss arising on disposal of the Note. 
 Capital Gains Tax does not apply to assets such as Notes disposed of by a person that is not a Resident, unless the Note disposed of constitutes the asset of a permanent establishment of that person, through which a trade is carried on in
South Africa during the relevant year of assessment. 
  

 74 

  
 GENERAL INFORMATION 
  
  
 Authorisation 
 All consents, approvals,
authorisations or other orders of all regulatory authorities required by the Issuer and the Guarantors under the laws of the Republic of South Africa have been given for (A) the establishment of the Programme, the issue of Notes and for the
Issuer to undertake and perform its obligations under the Programme Agreement and the Notes and (B) for the issue of the Guarantee by the Guarantors. 
 Listing 
 The Programme has been approved by the JSE. Notes to be issued under the Programme
will be listed on the bond market of the JSE or its successor or such other or further exchange(s) as may be agreed between the Issuer and the Relevant Dealer(s). Unlisted Notes may be issued under the Programme. 
 Documents Available 
 So long as Notes are
capable of being issued under the Programme, copies of the following documents will, when published, be available for inspection during normal office hours at the registered office of the Issuer as set out at the end of this Programme Memorandum:

  

	(a)	all amendments and supplements to this Programme Memorandum prepared by the Issuer from time to time in accordance with the terms of the Programme Agreement;

  

	(b)	in respect of any issue of Notes under the Programme, the audited annual financial statements, and the notes thereto, of the Issuer for its three financial years prior
to the date of such issue and the most recent quarterly audited financial statements, and the notes thereto, of the Issuer; 

  

	(c)	the annual Mineral Resource and Ore Reserve Statement of the Issuer, prepared as a stand alone document or as incorporated in the Issuer’s annual report to
shareholders as per the listing requirements of the JSE, as the case may be; 

  

	(d)	Item 3 (which sets out key information in relation to the Issuer) and Item 4 (which sets out general information in relation to the Issuer) of the Form 20-F
filed by the Issuer with the United States Securities and Exchange Commission, pursuant to the United States Securities Exchange Act of 1934, as amended; 

  

	(e)	the Guarantee issued by the Guarantors in favour of the Noteholders; 

  

	(f)	the Programme Agreement, the Agency Agreement and the Operations and Procedures Memorandum, as each such document may be amended from time to time in accordance with
its respective terms; and 

  

	(g)	the Applicable Pricing Supplement relating to any Tranche of Notes issued under the Programme. 

 Clearing Systems 
 The Notes have been
accepted for clearance through the Central Depository, which forms part of the the JSE clearing system that is managed by Strate Limited and may be accepted for clearance through any additional clearing system as may be agreed between the JSE, the
Issuer and the Relevant Dealer(s). 
 Settlement Agents 
 As at the date of this Programme Memorandum, the the JSE -recognised Settlement Agents are Absa Bank Limited, FirstRand Bank Limited, Nedbank Limited, The Standard Bank of South Africa Limited and the
South African Reserve Bank. 
 Settlement, Transfer and Clearing 
 Notes will be issued, cleared and transferred in accordance with the procedures and rules set out by the JSE and the Central Depository. Notes will be settled through the JSE -recognised Settlement Agents
who will comply with the electronic settlement procedures. The Central Depository’s nominee will be the registered holder of a Global Certificate and will maintain securities accounts for the Participants who, in turn, will maintain securities
accounts for investors in the Notes. 
  

 75 

 The Participants will be responsible for the settlement of scrip and payment transfers through the Central
Depository and the South African Reserve Bank. Individual Certificates will only be issued to Noteholders in terms of the procedures set out in Condition 11. Transfer of Notes shall be undertaken in accordance with the rules of the Central
Depository as well as the Terms and Conditions, save for the transfer of Individual Certificates which shall take place in accordance with the procedures set out in Condition 13. The Central Depository, its nominee, and any individual Noteholder of
Individual Certificate(s) shall be the registered holders of Notes. 
 The Participants and the Transfer Agent shall not be required to
recognise any notice of any trust nor recognise the right of any other person other than the beneficial holder of Notes. 
 No transfer of Notes
will be made in the Register unless the prescribed transfer form and the Individual Certificate (if any) has been properly lodged with the Transfer Agent. 
 Litigation 
 Save as disclosed herein, none of the Material Group Companies are or have been
involved in any legal or arbitration proceedings (including any such proceedings which are pending or threatened of which the Issuer is aware) which may have or have had a material adverse effect on the financial position of the Issuer. 

Non-South African Resident Noteholders and Emigrants from the Common Monetary Area 
 The information below is not intended as advice and it does not purport to describe all of the considerations that may be relevant to a prospective purchaser of Notes. Prospective purchasers of Notes that
are non-South African residents or emigrants from the Common Monetary Area are urged to seek further professional advice in regard to the purchase of Notes under the Programme, and, to the extent necessary, obtain Exchange Control Approval for the
subscription or purchase of Notes. 
 Blocked Rand may be used for the purchase of Notes. Any amounts payable by the Issuer in respect of the
Notes purchased with Blocked Rand may not, in terms of the Exchange Control Regulations, be remitted out of South Africa or paid into any non-South African bank account. For the purposes of this clause, Blocked Rand is defined as funds which may not
be remitted out of South Africa or paid into a non-South African resident’s bank account. 
 Emigrants from the Common Monetary Area

 Any Individual Certificates issued to emigrant Noteholders, or where the emigrant holds Notes through the Central Depository, the
securities accounts maintained for such emigrants by the Settlement Agents, will be restrictively endorsed and shall be deposited with an authorised foreign exchange dealer controlling such emigrant’s blocked assets. 
 Any payments of interest or principal due to an emigrant Noteholder will be deposited into such emigrant’s Blocked Rand account, as maintained by an
authorised foreign exchange dealer. 
 Non-residents of the Common Monetary Area 
 Any Individual Certificates issued to Noteholders who are not resident in the Common Monetary Area will be endorsed “non-resident”. In the
event that Notes are held by a non-resident of the Common Monetary Area through the Central Depository and its relevant Settlement Agents, the securities account of such Noteholder will be designated as a “non-resident” account.

 For the purposes of these paragraphs, the Common Monetary Area includes the Republic of South Africa, the Republic of Namibia and the
Kingdoms of Lesotho and Swaziland. 
  

 76 

 ISSUER 
 Gold Fields Limited 
 150 Helen Road 
 Sandown 
 Sandton,

 2196. 
 Contact: Mr Nick Holland 
 ARRANGER, DEALER AND SPONSOR 
 Absa Capital, a division of Absa Bank Limited 
 15 Alice
Lane 
 Sandton 
 2196 
 Contact: Mr J Els 
  

					
	 LEGAL ADVISERS TO THE
 ARRANGER AND DEALERS
	 	 LEGAL ADVISERS TO THE
 ISSUER AND THE
 GUARANTORS
	 	
			
	 Cliffe Dekker Inc.
 1 Protea Place
 Sandown, 2196
 South Africa
 Contact: Mr J Coetzer
	 	 Webber Wentzel
 10 Fricker Road
 Illovo Boulevard
 Johannesburg, 2196
 Contact: Ms K Couzyn
	 	

 AUDITORS TO THE ISSUER 
 PricewaterhouseCoopers Inc 
 2 Eglin Road 
 Sunninghill, 2157 
 South Africa 
 Contact Mr PC Hough 
 TRANSFER AGENT/PAYING AGENT/CALCULATION AGENT 
 Absa Capital, a division
of Absa Bank Limited 
 15 Alice Lane 
 Sandton 
 2196 
 Contact: Mr W Green 
  

 77

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