Document:

Rand 500,000,000 Facility Agreement, dated September 22, 2008

 Exhibit 4.41 
 EXECUTION COPY 
 FACILITY AGREEMENT 
 made and entered into between 
 ABSA CAPITAL 
 (a division of Absa Bank Limited) 
 and

 GFI MINING SOUTH AFRICA (PROPRIETARY) LIMITED 
  
  
 

 

 TABLE OF CONTENTS 
  

					
	 CLAUSE
	  	 DESCRIPTION
	  	PAGE
	 1.
	  	INTERPRETATION AND PRELIMINARY	  	1
			
	 2.
	  	SUSPENSIVE CONDITIONS	  	15
			
	 3.
	  	FACILITY	  	16
			
	 4.
	  	PURPOSE	  	16
			
	 5.
	  	DRAWDOWNS	  	17
			
	 6.
	  	INTEREST	  	19
			
	 7.
	  	REPAYMENT AND PAYMENTS	  	20
			
	 8.
	  	PREPAYMENT OF THIS FACILITY	  	22
			
	 9.
	  	RENEWAL OF THE FACILITY	  	22
			
	 10.
	  	REPRESENTATIONS AND WARRANTIES	  	24
			
	 11.
	  	UNDERTAKINGS	  	27
			
	 12.
	  	EVENTS OF DEFAULT	  	30
			
	 13.
	  	CONSEQUENCES OF EVENT OF DEFAULT	  	34
			
	 14.
	  	FINANCIAL COVENANTS	  	35
			
	 15.
	  	ACCELERATED REPAYMENT	  	37
			
	 16.
	  	INCREASED COSTS	  	38
			
	 17.
	  	TAXES	  	41
			
	 18.
	  	INDEMNITIES	  	42
			
	 19.
	  	REMEDIES AND WAIVERS	  	43
			
	 20.
	  	CERTIFICATE	  	43
			
	 21.
	  	CESSION AND DELEGATION OF RIGHTS AND OBLIGATIONS	  	43
			
	 22.
	  	NOTICES	  	44

  
  
 

 

					
	 23.
	  	GENERAL	  	45
			
	 24.
	  	GOVERNING LAW AND JURISDICTION	  	47
			
	 25.
	  	DISCLOSURE OF INFORMATION	  	48
			
	 26.
	  	CONFIDENTIALITY	  	48
			
	 27.
	  	COSTS	  	49

 ANNEXURE “A” – SUSPENSIVE CONDITIONS 
 ANNEXURE “B” – DRAWDOWN CONDITIONS 
 ANNEXURE “C” – DRAWDOWN REFUSAL NOTICE 
 ANNEXURE “D” – DRAWDOWN NOTICE 
 ANNEXURE “E” – PREPAYMENT/CANCELLATION NOTICE 
  
  
 

 

	1	INTERPRETATION AND PRELIMINARY 

  

	    	The headings of the clauses in this Agreement are for the purpose of convenience and reference only and shall not be used in the interpretation of nor modify or amplify the terms of
this Agreement or any clause hereof. 

  

	 	1.1	In this Agreement, unless a contrary intention clearly appears, words importing: 

  

	 	1.1.1	any one gender include the other two genders; 

  

	 	1.1.2	the singular include the plural and vice versa; and 

  

	 	1.1.3	natural persons include created entities (incorporated or unincorporated) and the state and vice versa. 

  

	 	1.2	The following terms shall have the meanings assigned to them hereunder and cognate expressions shall have corresponding meanings, namely: 

  

	 	1.2.1	“Account” means the bank account in the name of the Borrower to be held with Absa Bank Limited, the details of which will be provided in writing by the Borrower to
the Lender as soon as possible after the Signature Date; 

  

	 	1.2.2	“Advance” means each amount made available to the Borrower under this Agreement by way of a loan, and “Advances” means the aggregate amount thereof
for the time being outstanding; 

  

	 	1.2.3	“Agreement” means this facility agreement together with all the annexures hereto; 

  

	 	1.2.4	“Applicable Laws” means all applicable South African laws, archives, writs, orders, regulations, judgments and orders of any competent South

  
  
 

 
  

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African court, central bank or governmental agency or authority in South Africa; 

  

	 	1.2.5	“Available Facility” means, in relation to the Facility, on any date an amount calculated as the difference between the Facility Limit and the aggregate amount of
Advances outstanding under the Facility; 

  

	 	1.2.6	“Availability Period” means the period commencing on the Signature Date and terminating on the day 30 (thirty) days thereafter, subject to the provisions of clause
2.1; 

  

	 	1.2.7	“the Borrower” means GFI Mining South Africa (Proprietary) Limited, a limited liability company incorporated and existing under the laws of South Africa with
registration number 2002/031431/07; 

  

	 	1.2.8	“Breakage Costs” means, with respect to any amount prepaid in terms of this Agreement (whether voluntarily or involuntarily), an amount determined by the Lender to
be necessary to compensate the Lender for all (if any) direct expenses and liabilities, and reasonable costs, in each case incurred by, imposed on, levied or asserted against the Lender as a result of such receipt or recovery, or arising out of any
premature termination, unwinding, closing out or modification of any arrangements between the Parties (including any interest rate swap or other derivative transaction) entered into for the purposes of or to facilitate the funding in terms hereof
from time to time; 

  

	 	1.2.9	“Business Day” means any day (other than a Saturday, Sunday or official public holiday in South Africa, within the meaning of the Public Holidays Act, 1994) on
which banks are open for business in South Africa; 

  
  
 

 
  

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	 	1.2.10	“Change in Law” means any implementation, introduction, abolition, withdrawal or variation of any Applicable Laws, regulation, published practice or concession or
official directive, ruling, request, notice, announcement, guideline by any South African government entity (whether or not having the force of law) or any change in any interpretation, or the introduction or making of any new or further
interpretation, or any new or different interpretation by any South African court, governmental, revenue or other competent authority or compliance with any new or different request or direction (in either case whether or not having the force of
law) from any government entity which affects the banking industry generally; 

  

	 	1.2.11	“Commitment” means the commitment of the Lender to make Advances from time to time up to the Facility Limit during the Availability Period;

  

	 	1.2.12	“Default Interest Rate” means the Prime Rate plus 2% (two percent); 

  

	 	1.2.13	“Drawdown Date” means the Business Day specified in a Drawdown Notice upon which any Advance is made or to be made in terms of clause 5 of this Agreement.

  

	 	1.2.14	“Drawdown Notice” means a notice as envisaged in clause 5 below, duly and fully completed and signed by the Borrower substantially in the form of Annexure
“D”; 

  

	 	1.2.15	“Drawdown Refusal Notice” means the notice substantially in the form set out in Annexure “C” and issued by the Lender in terms of clause 5.6;

  

	 	1.2.16	“Encumbrance” means: 

  
  
 

 
  

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	 	1.2.16.1	any mortgage, suretyship, charge, pledge, lien, assignment, hypothecation or cession by way of security, right of set-off or other encumbrance securing any obligation of any person
or any other kind of security interest of any kind whatsoever, or any agreement, whether conditional or otherwise, to create any of the same; 

  

	 	1.2.16.2	any arrangement under which money or claims to, or for the benefit of, a bank or other account may be applied, set-off or made subject to a combination of accounts so as to effect
discharge of any sum owed or payable to any person; or 

  

	 	1.2.16.3	any other type of preferential arrangement (including title transfer and retention arrangements), the effect of which is the creation of security; 

  

	 	1.2.17	“Event of Default” means any one of the events specified in clause 13 below; 

  

	 	1.2.18	“Facility” means the 30 (thirty) day revolving facility granted by the Lender to the Borrower under this Agreement up to the Facility Limit;

  

	 	1.2.19	“Facility Limit” means the maximum aggregate amount that can be drawn at any time under the Facility being R 500 000 000.00 (five hundred million Rand);

  

	 	1.2.20	“Fees” means the commitment fee and the utilisation fee, payable in accordance with the provisions of clause 10 below, by the Borrower to the Lender in respect of
the Facility; 

  
  
 

 
  

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	 	1.2.21	“Final Repayment Date” means the last day of the Availability Period provided that if such day is not a Business Day, then the Final Repayment Date shall fall on
the immediately succeeding Business Day; 

  

	 	1.2.22	“Finance Documents” means: 

  

	 	1.2.22.1	this Agreement; 

  

	 	1.2.22.2	the Security Document; 

  

	 	1.2.22.3	any other agreement at any time designated a Finance Document in writing by the Parties; and 

  

	 	1.2.22.4	any amendment or supplemental agreement to the Finance Documents referred to in 1.2.21.1 to 1.2.21.3 above (inclusive), as agreed to by the Parties in writing;

  

	 	1.2.23	“Financing Costs” means in relation to the Facility, the aggregate of: 

  

	 	1.2.23.1	all Interest (whether capitalised or accrued), costs and expenses (including, for the avoidance of doubt, any Breakage Costs) payable by the Borrower to the Lender under the Finance
Documents; 

  

	 	1.2.23.2	the amounts (if any) payable by the Borrower to the Lender under clause 16 (Accelerated Repayment), clause 17 (Increased Costs) and clause 18 (Taxes); and

  

	 	    	any VAT on the amounts referred to in clauses 1.2.23.1 and 1.2.23.2; 

  

	 	1.2.24	“Financial Statements” means the audited consolidated annual financial statements of the Borrower and the Guarantor, from time to time; 

  

	 	1.2.25	“Financial Year” means the financial year of the Borrower as recorded in the memorandum and articles of association of the Borrower which as

  
  
 

 
  

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at the date of signing this Agreement begins on 01 July and ends on 30 June of each year; 

  

	 	1.2.26	“Fixed Interest Rate” means the fixed interest rate, expressed as a percentage, agreed to by the Lender and the Borrower from time to time, plus the Margin and
inclusive of bank costs and stamp duty (if applicable); 

  

	 	1.2.27	“Floating Interest Rate” means a floating interest rate, expressed as a percentage, equal to the 1 (one), 3 (three), or 6 (six) month JIBAR, as specified by the
Borrower from time to time plus the Margin and inclusive of bank costs and stamp duty (if applicable) referred to in clause 6; 

  

	 	1.2.28	“GAAP” means generally accepted accounting practice in South Africa; 

  

	 	1.2.29	“Gold Fields” means Gold Fields Limited, a limited liability company incorporated under the laws of South Africa with registration number 1968/04880/06;

  

	 	1.2.30	“Gold Fields Group of Companies” means Gold Fields and all of its subsidiaries registered in the Republic of South Africa; 

  

	 	1.2.31	“Guarantee” means the limited guarantee by the Guarantors, jointly and severally, in favour of the Lender as security for the obligations of the Borrower under this
Agreement; 

  

	 	1.2.32	“Guarantors” means Gold Fields; 

  

	 	1.2.33	“Increased Costs” means, inter alia, any and all additional costs to or a reduction in the after tax return on capital or regulatory capital achieved by the
Lender which is directly attributable to all or part of the Finance 

  
  
 

 
  

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Documents and/or to the Lender entering into, performing, maintaining or funding its obligations under the Finance Documents and as more fully set out and
provided for under clause 17; 

  

	 	1.2.34	“Indebtedness for Borrowed Money” shall have the meaning given to it in clause 15.2; 

  

	 	1.2.35	“Interest” means the aggregate of all interest payable by the Borrower in respect of the Facility pursuant to this Agreement; 

  

	 	1.2.36	“Interest Cover Ratio” shall have the meaning given to it in clause 15.2; 

  

	 	1.2.37	“Interest Payment Date” means the date falling on the last day of the Availability Period, provided that if any such date does not fall on a Business Day, then the
succeeding Business Day; 

  

	 	1.2.38	“Interest Period” means a period of 30 (thirty) days regardless of whether a Fixed Interest Rate or a Floating Interest Rate applies; 

  

	 	1.2.39	“Interest Rate” means the Fixed Interest Rate or the Floating Interest Rate, as the case may be, expressed as a percentage and converted to nacm rate;

  

	 	1.2.40	“JIBAR” means the rate determined on each Interest Payment Date utilising the 1 (one), the 3 (three) or 6 (six) Month Johannesburg Interbank Agreed Rate, as the
case may be, which is the mid rate as polled and published by SAFEX (or its successor-in-title) and which appears on the Reuters Screen SAFEY page at 11:00 am (Johannesburg time), expressed as a yield rate. If no service is available or this rate is
not quoted, “JIBAR”, in relation to the relevant period, will be the arithmetic mean of the mid rates for deposits in South African Rand for 

  
  
 

 
  

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the relevant period as supplied to the Lender at its request quoted by the JIBAR Reference Banks at approximately 11:00 am (Johannesburg time), on that date;

  

	 	1.2.41	“JIBAR Reference Banks” means the principal Johannesburg offices of the banks who quote mid rates to the South African Futures Exchange from time to time, it being
recorded that as at the Signature Date, the JIBAR Reference Banks are Absa Bank Limited, Rand Merchant Bank (a division of FirstRand Bank Limited), Nedbank Limited and The Standard Bank of South Africa Limited; 

  

	 	1.2.42	“Lender” means Absa Bank Limited (acting through its division Absa Capital), a company with limited liability incorporated in accordance with the laws of South
Africa with registration number 1986/004794/06, a bank duly registered as such in terms of the Banks Act, 1990; 

  

	 	1.2.43	“Margin” means: 

  

	 	1.2.43.1	in relation to the Fixed Interest Rate, 1.20% nacm; and 

  

	 	1.2.43.2	in relation to the Floating Interest Rate, 1.20% nacm; 

  

	 	1.2.44	“Material Adverse Change” means in relation to the Borrower, or any of the Guarantors or any Material Subsidiary, (as the case may be) an event, circumstance or
matter or combination of events, circumstances or matters which has or will in the reasonable opinion of the Lender to have a material adverse effect on: 

  

	 	1.2.44.1	the ability of the Borrower or any of the Guarantors, as the case may be, to comply with its obligations under the Finance Documents to which it is a party; or

  
  
 

 
  

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	 	1.2.44.2	the business, operations, property, condition (financial or otherwise) or prospects of the Borrower or any Guarantor or any Material Subsidiary, as the case may be, taken as a whole
and includes any substantial restructuring, disposal of material assets or arrangement; or 

  

	 	1.2.44.3	the validity and/or enforceability of the Finance Documents and/or the rights and/or remedies of the Lender thereunder; 

  

	 	    	for the avoidance of doubt, should the Borrower, or any Guarantor or any of its Material Subsidiaries be subject to strike action (whether such strike is legal or illegal) and such
strike has a duration of less than 2 (two) months, the Borrower or such Guarantor or Material Subsidiary shall be deemed to be able to conduct its normal line of business in an ordinary and regular manner and such circumstances shall not constitute
a Material Adverse Change with respect to the relevant Entity. 

  

	 	1.2.45	“Material Subsidiary” means at any time, any member of the Gold Fields Group of Companies which has turnover exceeding 10% (ten percent) of the consolidated
turnover of the Gold Fields Group of Companies; 

  

	 	1.2.46	“Month” means the period from one date in a calendar month to the date immediately preceding the corresponding date in the subsequent calendar month;

  

	 	1.2.47	“nacm” means nominal annual compounded monthly in arrears; 

  
  
 

 
  

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	 	1.2.48	“Outstandings” means, at any time, the aggregate of all Advances outstanding at that time and any Financing Costs which remain unpaid by the Borrower under this
Agreement; 

  

	 	1.2.49	“Parties” means the Lender and the Borrower; 

  

	 	1.2.50	“Permitted Security Encumbrance” means: 

  

	 	    	any Encumbrance created prior to the Signature Date which: 

  

	 	1.2.50.1	is disclosed in the last published Financial Statements and quarterlies; or 

  

	 	1.2.50.2	has been disclosed in writing to the Lender prior to the Signature Date; and 

  

	 	1.2.50.3	in the case of all Encumbrances referred to under clause 1.2.16.1 and clause 1.2.16.2, securing only Indebtedness for Borrowed Money outstanding or a Loan available at the Signature
Date if the principal amount or original Loan thereby secured is not increased after the Signature Date; 

  

	 	1.2.50.4	any title transfer or retention arrangement entered into by any member of the Gold Fields Group of Companies in the normal course of its trading activities and on terms no worse
than the standard terms of the relevant supplier; 

  

	 	1.2.50.5	any netting or set-off arrangement entered into by any member of the Gold Fields Group of Companies in the ordinary course of its banking arrangements (which shall include, for the
avoidance of doubt, those pursuant to hedging arrangements in relation to gold and silver prices, foreign exchange rates and interest rate 

  
  
 

 
  

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where such arrangements are entered into for the purpose 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; 

  

	 	1.2.50.6	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); 

  

	 	1.2.50.7	any Encumbrance over or affecting any asset acquired by a member of the Gold Fields Group of Companies after the Signature Date, which Encumbrance is created to finance the
acquisition thereof if the amount thereby secured is equivalent to, or less than, the acquisition price of the asset so acquired and the finance charges related thereto; 

  

	 	1.2.50.8	any Encumbrance over or affecting any asset acquired by any member of the Gold Fields Group of Companies after the Signature Date where such Encumbrance already existed over such
asset as at the date of acquisition and has not been increased in contemplation of, or since the date of, the acquisition of such asset by such member; 

  

	 	1.2.50.9	any Encumbrance existing as at the Signature Date or any renewal or extension thereof in the case of any company which becomes a member of the Gold Fields Group of Companies after
the Signature Date; 

  

	 	1.2.50.10	any other Encumbrance created or outstanding provided that the aggregate amount secured by all Encumbrances created under this exception must not at any time exceed an amount equal
to 

  
  
 

 
  

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12% (twelve percent) of Tangible Consolidated Net Worth of the Gold Fields Group of Companies; 

  

	 	1.2.50.11	any Encumbrance in favour of a contractor or sub-contractor which is the subject of a bona fide dispute; 

  

	 	1.2.50.12	any Encumbrance of the interest of a member of the Gold Fields Group of Companies in any joint venture, including the revenues and assets derived by such member from such joint
venture or employed by such member in such joint venture, in favour of its co-venturers and/or the manager or operator of the joint venture to secure the due payment of amounts payable under or in respect of such joint venture; or

  

	 	1.2.50.13	any Encumbrance arising in connection with a project financing or any refinancing of a project financing. 

  

	 	1.2.51	“Potential Event of Default” means any event or circumstance which would or could after expiry of a grace period, the giving of notice, the making of any
determination, the fulfilment or non-fulfillment of any condition (or any combination of the aforegoing) be an Event of Default in terms of clause 13; 

  

	 	1.2.52	“Prepayment Notice” means a notice as envisaged in clause 8 below, duly completed and signed by the Borrower substantially in the form of Annexure
“E”; 

  

	 	1.2.53	“Prime Rate” means the publicly quoted basic rate of interest (expressed as a nacm rate) levied by the Lender from time to time on overdraft , calculated on a 365
(three hundred and sixty five) day year, irrespective as to whether or not the year is a leap year and prima facie proven, in the event of there being a dispute in relation thereto and in the 

  
  
 

 
  

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absence of manifest error, by a certificate of any general manager of the Lender (whose qualification or authority need not be proven);

  

	 	1.2.54	“Security” means the security provided to the Lender by the Guarantors as security for the performance of the Borrower’s obligations to the Lender under this
Agreement in terms of the Security Document, together with any other additional security which the Lender may require from time to time as agreed with the Borrower; 

  

	 	1.2.55	“Security Document” means the Guarantee; 

  

	 	1.2.56	“Signature Date” means the date upon which this Agreement is signed by the Party signing last in time, it being recorded herein that the Borrower shall be obliged
to complete and duly sign the Agreement by the 22 September 2008, or such later date that the Lender, in his sole discretion, may allow; 

  

	 	1.2.57	“South Africa” means the Republic of South Africa as constituted by the Constitution of the Republic of South African Act 108 of 1996; 

  

	 	1.2.58	“subsidiary” has the meaning given to it in the Companies Act, No.61 of 1973 (as amended); 

  

	 	1.2.59	“Tangible Consolidated Net Worth” shall have the meaning given to it in clause 15.2.3; 

  

	 	1.2.60	“Taxes” means all taxes, charges, imposts, levies, deductions, withholdings or fees of any kind whatsoever, or any amount payable on account of or as security for
any of the aforegoing by whomsoever and on whatsoever imposed, levied, collected, withheld or assessed, and “tax” and “taxation” shall be construed accordingly; 

  
  
 

 
  

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	 	1.2.61	Total Net Borrowings” shall have the meaning given to it in clause 15.2.4; 

  

	 	1.2.62	“VAT” means value added tax payable as defined in the Value Added Tax Act, 1991, as amended including any similar tax which may be imposed in place thereof from
time to time. 

  

	 	1.3	Unless inconsistent with the context or save where the contrary is expressly indicated in this Agreement: 

  

	 	1.3.1	any reference to an enactment is to that enactment as at the date of signature hereof and as amended or re-enacted from time to time; 

  

	 	1.3.2	if any provision in a definition is a substantive provision conferring rights or imposing obligations on any party, notwithstanding that it is only in the definition clause, effect
shall be given to it as if it were a substantive provision in the body of the Agreement; 

  

	 	1.3.3	words and expressions defined in a sub-clause shall for the purpose of the clause of which that sub-clause forms part, bear the meaning assigned to such words and expressions in
that sub-clause; 

  

	 	1.3.4	when any number of days is prescribed, same shall be reckoned inclusively of the first and exclusively of the last; 

  

	 	1.3.5	where any act is to be performed on a day which is not a Business Day, such act shall be performed on the Business Day immediately preceding such day; 

  

	 	1.3.6	where figures are referred to in numbers and in words, if there is any conflict between the two, the words shall prevail; 

  
  
 

 
  

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	 	1.3.7	schedules or annexures to this Agreement shall be deemed to be incorporated in and form part of this Agreement; 

  

	 	1.3.8	a reference to a person includes such person’s permitted successors, assigns, transferees or substitutes; 

  

	 	1.3.9	any reference to a document is a reference to that document as amended, novated, ceded or supplemented; 

  

	 	1.3.10	a time of day shall be construed as Johannesburg, South African time; 

  

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

  

	 	1.3.12	as a result of the terms and conditions of the Agreement having been negotiated by the Parties, the contra proferentum rule shall not be applied in the interpretation hereof.

  

	2	SUSPENSIVE CONDITIONS 

  

	 	2.1	The obligations of the Lender to the Borrower in terms of this Agreement (other than those contained in this clause 2 and in clauses 1 and 21 to 29 (both inclusive) which shall
commence on the Signature Date) are subject to the fulfilment or waiver, confirmed in writing by the Lender to the Borrower, of the suspensive conditions set out in Annexure “A” hereto no later than 2 (two) Business Days prior to
the first Drawdown Date, or such other extended date as may be stipulated in writing by the Lender. 

  
  
 

 
  

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	 	2.2	The obligation of the Lender to make any Advance available to the Borrower pursuant to clause 5, is subject to the further suspensive conditions set out in Annexure
“B”. 

  

	 	2.3	If the suspensive conditions set out in Annexure “A” are not fulfilled or waived prior to the date specified in clause 2.1 or, by any extended date for
fulfilment thereof as may be agreed to in writing by the Lender and the Borrower, the provisions of this Agreement shall not come into force and effect (other than those contained in this clause 2 and in clause 1 and 21 to 29 (both inclusive) which
are binding from the Signature Date) and the Lender and the Borrower shall be restored as near as may be reasonably possible, to the position in which they would have been had this Agreement not been entered into. No party shall have any claim
against the other as a result of the failure of the Agreement coming into effect. 

  

	 	2.4	The fulfilment or waiver of the suspensive conditions set out in Annexure “A” or “Annexure “B” shall be evidenced by way of a written
communication by the Lender to the Borrower advising that same are considered fulfilled or the requirement for the fulfilment thereof or part thereof is waived. 

  

	 	2.5	The Parties acknowledge that the suspensive conditions set out in Annexures “A” and “B” referred to above have been incorporated in this Agreement
for the benefit of the Lender and may be waived by the Lender in its sole discretion and subject to such conditions as it may stipulate. 

  

	3	FACILITY 

  

	    	Subject to the terms and conditions of this Agreement, the Lender agrees to make the Facility available to the Borrower during the Availability Period. 

  

	4	PURPOSE 

  
  
 

 
  

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	 	4.1	The Borrower shall apply the proceeds of the Facility in the Gold Fields Group of Companies general corporate purposes. 

  

	 	4.2	The Lender shall be entitled, but is not obliged to, monitor or verify the application of any amount borrowed by the Borrower under this Agreement. 

  

	5	DRAWDOWNS 

  

	 	5.1	Subject to the provisions of this Agreement, the Facility may be drawn down in whole or in part during the Availability Period and an Advance will be made by the Lender to the
Borrower on the Drawdown Date, provided that: 

  

	 	5.1.1	no later than 11h00 (Johannesburg time) on the second Business Day prior to the Drawdown Date, or on such other date and time as the Borrower and Lender may agree in writing, the
Lender has received a Drawdown Notice attaching a letter signed by the Borrower confirming that the Drawdown Conditions (as defined in clause 5.1.4) have been met; 

  

	 	5.1.2	the proposed Drawdown Date is a Business Day within the Availability Period; 

  

	 	5.1.3	the proposed Advance does not exceed the Available Facility; 

  

	 	5.1.4	the Lender is satisfied that the conditions set out in Annexure “B” hereto (“the Drawdown Conditions”) have been fulfilled in form and substance to
its satisfaction; 

  

	 	5.2	The Lender shall be entitled, in its sole discretion and on such terms and conditions as it may stipulate, to: 

  
  
 

 
  

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	 	5.2.1	extend the relevant period for fulfilment of any or all of the Drawdown Conditions, and/or; 

  

	 	5.2.2	waive fulfilment of any or all of the Drawdown Conditions. 

  

	 	5.3	The Lender shall, within 24 hours of receipt of the Drawdown Notice, notify the Borrower, in writing, whether or not it is satisfied that the Drawdown Conditions have been fulfilled
or if they have been waived, as the case may be, in order to provide the Borrower with an opportunity to rectify such non-fulfilment, if it is capable of rectification. The Drawdown Conditions shall only be considered to have been fulfilled or
waived, as the case may be, when such notice is given. 

  

	 	5.4	In the event that the Drawdown Conditions have not been timeously fulfilled or waived, as the case may be, the Lender’s obligations under this Agreement to honour any Drawdown
Notice or make any advance shall be suspended until such time as all of such Drawdown Conditions have been fulfilled or waived, as the case may be, provided that the Lender issued a Drawdown Refusal Notice and furnished a copy thereof to the
Borrower by no later than 15H00 on the Business Day prior to the Drawdown Date. 

  

	 	5.5	The Lender may validly act on all information, instructions and requests contained in the Drawdown Notice, without any liability or responsibility to verify or check the accuracy of
such information, provided that the Drawdown Notice is substantially in the form of Annexure “D”. 

  

	 	5.6	Save for the issuance of a Drawdown Refusal Notice, a Drawdown Notice shall be irrevocable and the Borrower shall draw the Advance on the Drawdown Date and, subject to the
provisions of this clause 5, the Lender shall be obliged to make the relevant Advance on such date. 

  
  
 

 
  

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	 	5.7	All Advances drawn under this Agreement shall, in the absence of an express written agreement between the Borrower and the Lender to the contrary, be paid directly into the Account.

  

	 	5.8	If the full amount of the Facility is not drawn on or before the Business Day immediately preceding the last day of the Availability Period, all undrawn parts of this Facility shall
automatically be cancelled on that Business Day. 

  

	 	5.9	The Parties agree that all Advances repaid by the Borrower in accordance with this Agreement may be re-borrowed or redrawn by the Borrower, provided however that such amounts are
redrawn subject to the terms and conditions set out herein and that such re-borrowing does not exceed the Available Facility. 

  

	6	INTEREST 

  

	 	6.1	The rate of interest on each Advance shall either be the Fixed Interest Rate or Floating Interest Rate, as specified by the Borrower in terms of clause 6.2.

  

	 	6.2	The Borrower shall on each Drawdown Notice to be provided to the Lender in accordance with clause 5, indicate, or if the whole facility has been drawn down, indicate in writing and
not later than 1 (one) Business Day prior to each repaid Interest Payment Date, whether it wishes to pay a Floating Interest Rate or Fixed Interest Rate in respect of the next Interest Period of the advance to be, or which has already been drawn
down, and the Lender shall confirm to the Borrower in the notice referred to in clause 5.3 or on such Interest Payment Date, the Fixed Interest Rate or Floating Rate, as the case may be, for such advance. 

  

	 	6.3	Interest shall from each Drawdown Date accrue on a daily basis on the Advance made at the Interest Rate and shall be calculated on the actual number of days elapsed and on the basis
of a 365 (three hundred and sixty five) day year factor. 

  

	 	6.4	Interest shall be payable in full in arrears on the Interest Payment Date. 

  
  
 

 
  

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	 	6.5	The Lender shall notify the Borrower at least 2 ( two) Business Day before the Interest Payment Date of the amount of Interest payable on the relevant Interest Payment Date,
provided that a failure by the Lender to so notify the Borrower shall not render the Lender liable to the Borrower for any reason or cause of any nature, and shall not relieve the Borrower of any of its liabilities in respect of such Interest.

  

	 	6.6	All Interest shall be paid in full on or before the Final Repayment Date. 

  

	 	6.7	If the Borrower fails to indicate either the Drawdown Notice or does not otherwise indicate in writing, which interest rate it wishes to pay in respect of the next Interest Period,
the Floating Interest Rate shall apply. 

  

	7	REPAYMENT AND PAYMENTS 

  

	 	7.1	All Advances made by the Lender to the Borrower pursuant to this Agreement shall be repaid by the Borrower in full by no later than the Final Repayment Date.

  

	 	7.2	All payments by the Borrower under this Agreement and any other payment of which the Lender may notify the Borrower in writing, shall be made to the Lender on the due date, into the
following account or such other account as the Lender may in writing notify the Borrower: 

  

			
	Account Holder	 	: Absa Project Finance
		
	Bank	 	: Absa Bank Limited
		
	Account Number	 	: 1-903-800-506
		
	Branch	 	: Gandhi Square
		
	Branch Code	 	: 50-30-05

  
  
 

 
  

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	 	7.3	All payments made by the Borrower to the Lender under this Agreement shall be made in full without set-off or counterclaim, in immediately available funds. 

 

	 	7.4	All payments by the Borrower under this Agreement shall be made in full without any deduction or withholding in respect of Tax or otherwise unless the deduction or withholding is
required by law in which event the provisions of clause 18 (Taxes) below shall apply. 

  

	 	7.5	All Outstandings shall have been paid and all the obligations of the Borrower under this Agreement shall have been performed in full by no later than the Final Repayment Date.

  

	 	7.6	If the Borrower fails to pay on the due date any amount falling due or payable to the Lender under or arising from this Agreement then, without prejudice to such other rights as may
accrue to the Lender consequent upon such failure, each such overdue amount shall bear interest at the Default Interest Rate from the due date to date of payment of such amount in full. 

  

	 	7.7	All payments in respect of all amounts due and payable by the Borrower to the Lender in terms of this Agreement shall only discharge the Borrower’s obligations in respect
thereof when the Lender has been able to establish to its satisfaction that it has received such amounts from the Borrower. It is specifically recorded and agreed that once the Lender has been able to establish to its satisfaction that it has
received such amount from the Borrower, the Borrower’s obligation in terms of this clause 7 shall be deemed to be discharged with effect from the date on which payment was made by the Borrower. A certificate signed by any general manager
of the Borrower to which a copy of any documentation evidencing such payment has been attached, shall be prima facie proof of any such payment. 

  
  
 

 
  

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	8	PREPAYMENT OF THIS FACILITY 

  

	    	Voluntary prepayment 

  

	 	8.1	The Borrower may prepay the drawn part of the Facility, in whole or in part, at any time, provided that: 

  

	 	8.1.1	the Borrower shall make payment of Breakage Costs (if any) and accrued Interest then due and payable by the Borrower in respect of the amount to be prepaid under this Agreement;

  

	 	8.1.2	if such payment does not fall on an Interest Payment Date in respect of an Advance which carries a Floating Interest Rate; or 

  

	 	8.1.3	if such payment is made at any time prior to the scheduled repayment date of an Advance which carries a Fixed Interest Rate; 

  

	 	8.1.4	the amount to be prepaid shall be a minimum of R10 000 000.00 (ten million Rand) with increments of R5 000 000.00 (five million Rand); and 

  

	 	8.1.5	the Borrower has given the Lender not less than 5 ( five) Business Days’ notice, substantially in the form of the Prepayment Notice set out in Annexure “E”
stating the principal amount of the Facility to be prepaid. 

  

	 	8.2	During the 5 ( five) Business Day period referred to in clause 8.1.3, the Borrower may not serve a Drawdown Notice purporting to draw all or any part of the amount which is the
subject of such Prepayment Notice. 

  

	9	RENEWAL OF THE FACILITY 

  

	    	The Borrower shall not be entitled to renew the Facility and the Facility shall terminate on expiry of the Availability Period. 

  
  
 

 
  

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	10	FEES 

  

	 	10.1	The Borrower shall on the last day of the Availability Period, pay to the Lender a commitment fee calculated as follows: 

  

	 	    	A = B × (C/D) 

  

	 	    	Where – 

  

			
	A =	 	the commitment fee;
		
	B =	 	the amount derived by (1) determining the amount of the un-drawn and un-cancelled portion of the Facility Limit as at 17h00 on each day during the Interest Period (“the Daily
Unutilised Portion”), and (2) totalling the Daily Unutilised Portions, and (3) dividing the aforesaid total by the number of days in the Interest Period;
		
	C =	 	0.35%; and
		
	D =	 	number of days in the Interest Period divided by 365 (three hundred and sixty five).

  

	 	10.2	The Borrower shall on the last day of the Availability Period, pay to the Lender a utilisation fee calculated as follows: 

  

	 	    	A = B × (C/D) 

  

			
		
	A =	 	the utilisation fee;
		
	B =	 	the amount derived by (1) determining the amount of the drawn portion of the Facility as at 17h00 on each day during the interest period (“the Daily Utilised Portion”) and
(2) totalling the Daily Utilised Portions, and (3) dividing the aforesaid total by the number of days in the Interest Period;
		
	C =	 	0.10% to the extent that the Daily Utilised Portions exceed 33% of the Facility Limit and an additional 0.05% to the extent that the Daily Utilised Portions exceed 66% of the Facility Limit;

		
	D =	 	number of days in the Interest Period divided by 365 (three hundred and sixty five).

  
  
 

 
  

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	 	10.3	The commitment fee and utilisation fee exclude VAT and the Borrower shall, in addition to the abovementioned fees pay VAT thereon to the Lender. 

  

	11	REPRESENTATIONS AND WARRANTIES 

  

	 	11.1	The Borrower represents and warrants to the Lender for the duration of the Agreement that: 

  

	 	11.1.1	it is a proprietary limited liability company, duly incorporated and validly existing under the laws of South Africa; 

  

	 	11.1.2	it has full power to enter into and perform all the terms of this Agreement and has taken all necessary statutory and other actions to authorise the borrowings and the performance
of its obligations hereunder; 

  

	 	11.1.3	this Agreement constitutes legal, valid, binding and enforceable obligations of the Borrower, ranking at least pari passu with all other unsecured and unsubordinated
creditors of the Borrower save where other obligations are mandatory preferred by law applying generally to companies in South Africa, and is enforceable against the Borrower in accordance with their terms; 

  

	 	11.1.4	the execution of this Agreement and the exercise of its rights and performance of its obligations hereunder do not and will not contravene or constitute a default under:

  

	 	11.1.4.1	any material agreement, mortgage, bond or other instrument to which it is a party or which is binding upon it or any of its assets or revenues; or 

  

	 	11.1.4.2	its constitutive documents; 

  
  
 

 
  

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	 	11.1.5	its Financial Statements are prepared in accordance with International Financial Reporting Standards (“IFRS”) and (in conjunction with the notes thereof) fairly present
its financial condition and the result of its operations at the end of the applicable Financial Year; 

  

	 	11.1.6	all authorisations and approvals required in connection with the entry into, performance, validity and enforceability of, and the transactions contemplated by this Agreement, have
been obtained or effected and are in full force and effect; 

  

	 	11.1.7	it is not in breach of any of the material provisions of any law relating to the conduct of its business and activities, including, but not limited to, any Tax law or regulations
and no claims in excess of R100 000 000 (one hundred million Rand) by any relevant governmental authority or body is pending or threatened against it, except to the extent that (i) Payment is being contested in good faith; (ii) it has
maintained adequate reserves for these Taxes; and (iii) payment can be lawfully withheld; 

  

	 	11.1.8	to the best of the Borrower’s knowledge, information and belief and having made due and careful enquiry, no event has occurred which constitutes, or which (with the giving of
notice and/or the lapse of time and/or the fulfilment of any applicable requirement) would constitute, a contravention of, or breach of, or event of default under, any agreement to which the Borrower is a party or which is binding on it or any of
its assets, which contravention, breach or event of default could reasonably be expected to have a Material Adverse Change with respect to the Borrower; 

  

	 	11.1.9	no Event of Default or potential Event of Default has occurred or will occur by virtue of the Borrower performing its obligations under this 

  
  
 

 
  

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Agreement except to the extent that a Potential Event of Default has been disclosed in writing to the Lender. 

  

	 	11.1.10	it has good title to all of its assets and revenues and has not sold or otherwise disposed of or Encumbered in any way such assets or revenues save for any Permitted Security
Encumbrance; 

  

	 	11.1.11	to the best of its knowledge and belief, having made all due and careful enquiry, it is not presently involved in any suit or legal proceeding, before any court, tribunal,
governmental body, agency or official or any arbitrator which, if adversely determined against it, is likely to have a Material Adverse Change on the Borrower, nor is any such suit or legal proceeding pending or threatened against it;

  

	 	11.1.12	all of the information supplied by it in connection with this Agreement is true, complete and accurate in all material respects and it is not aware of any material facts or
circumstances that have not been disclosed to the Lender; 

  

	 	11.1.13	it has not taken any corporate action nor have any other steps been taken or legal proceedings been instituted or threatened against it for its winding-up, dissolution, liquidation,
administration or for the appointment of a liquidator, trustee or similar officer of it or of any or all of its assets or revenues; 

  

	 	11.1.14	since publication of its last Financial Statements no Material Adverse Change has occurred with respect to the Borrower; 

  

	 	11.1.15	the assets of the Borrower are insured against all risks and to the extent that is usual for companies in the jurisdiction in which it conducts its business and carrying on a
substantially similar business in such jurisdiction as the Borrower, and the relevant insurance policies are in full force and effect. 

  
  
 

 
  

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	 	11.2	Each warranty set out in clause 11.1 above is: 

  

	 	11.2.1	a separate warranty; 

  

	 	11.2.2	in no way limited or restricted by reference to or inference from the terms of any other warranty; and 

  

	 	11.2.3	for the sole benefit of the Lender. 

  

	12	UNDERTAKINGS 

  

	 	12.1	Information Undertakings 

  

	 	12.1.1	The Borrower undertakes in favour of the Lender that it shall: 

  

	 	12.1.1.1	deliver to the Lender, as soon as the same become available, but in any event within 180 (one hundred and eighty) calendar days after the end of each Financial Year, its Financial
Statements for that Financial Year, prepared in accordance with IFRS, without any material qualifications; 

  

	 	12.1.1.2	procure that each of the Guarantors delivers to the Lender, as soon as same become available, but in any event within 180 (one hundred and eighty) calendar days after the end of
each Financial Year, its Financial Statements for that Financial Year; 

  

	 	12.1.2	deliver to the Lender its unaudited consolidated six-monthly management accounts as soon as same become available, but in any event within 60 (sixty) days after such accounts have
been compiled and prepared; 

  
  
 

 
  

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	 	12.1.3	procure that each of the Guarantors delivers to the Lender its unaudited consolidated six-monthly management accounts as soon as same become available, but in any event within 60
(sixty) days after such accounts have been compiled and prepared; 

  

	 	12.1.4	the Borrower shall, promptly upon becoming aware thereof, inform the Lender of the occurrence of any Event of Default or Potential Event of Default (and the steps, if any, being
taken to remedy it) and, upon receipt of a written request to that effect from the Lender, confirm that, except as previously notified or as notified in such confirmation, so far as it is aware, no Event of Default or Potential Event of Default has
occurred; 

  

	 	12.1.5	the Borrower shall forthwith notify the Lender in writing of any event which it, acting reasonably, would expect would have a Material Adverse Change with respect to the Borrower
(in this regard the Borrower shall not be expected to speculate on whether or not such event in the opinion of the Lender will have such an effect); 

  

	 	12.1.6	The Borrower shall, upon reasonable notice provide the Lender with such other information concerning the business or financial conditions of the Borrower as the Lender may
reasonably request. 

  

	 	12.2	Positive Undertakings 

  

	 	    	The Borrower undertakes in favour of the Lender, that it shall: 

  

	 	12.2.1	maintain in full force and effect all material authorizations, approvals, licenses and consents required under any Applicable Law to enable it to perform its obligations under this
Agreement; 

  
  
 

 
  

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	 	12.2.2	ensure that its Financial Statements are prepared in accordance with International Financial Reporting Standards (“IFRS”), be audited by an internationally recognized firm
of independent auditors licensed to practice in South Africa, and fairly represent the financial condition of the Borrower and make full provision for all material liabilities of the Borrower; 

  

	 	12.2.3	maintain in full force and effect all licenses, consents, approvals and authorisations necessary for the conduct of its business at the time that such approvals and authorisations
are required; 

  

	 	12.2.4	procure that its obligations under this Agreement do and will rank at least pari passu with all its other present and future unsecured and unsubordinated obligations, except
those which are mandatorily preferred by law in respect of companies generally. 

  

	 	12.3	Negative Undertakings 

  

	 	  	The Borrower undertakes in favour of the Lender, without the prior written consent of the Lender, that it shall not: 

  

	 	12.3.1	transfer, cede, license, loan, sell, donate or dispose of in any way, and shall not procure or permit the transfer, cession, licensing, loan, or disposal in any way, of the whole or
any substantial part of its business, undertakings, assets, properties or revenues, other than any disposal: 

  

	 	12.3.1.1	on arm’s length for fair market value; 

  

	 	12.3.1.2	to any Material Subsidiary; 

  

	 	12.3.1.3	of obsolete or redundant assets which are no longer required; 

  
  
 

 
  

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	 	12.3.1.4	in the ordinary course of the Borrower’s business and for full value; or 

  

	 	12.3.1.5	where the higher of the market value or consideration receivable when aggregated with other disposals by the members of the Gold Fields Group of Companies (other than disposals in
terms of clause 12.3.1.1 through 12.3.1.4) does not exceed 10% (ten percent) of the Tangible Consolidated Net Worth of the Gold Fields Group of Companies. 

  

	 	12.3.2	Each of the undertakings by the Borrower in this clause 12 above: shall remain in full force for the duration of this Agreement; and 

  

	 	12.3.3	shall be a separate undertaking and shall in no way be limited or restricted by reference to or inference from the terms of any other undertaking. 

  

	13	EVENTS OF DEFAULT 

  

	 	13.1	An Event of Default shall occur if any of the following events, each of which shall be severable and distinct, occurs (caused by any reason whatsoever, whether or not outside the
control of the Borrower or any other person): 

  

	 	13.1.1	the Borrower or any other member of the Gold Fields Group of Companies fails to pay any amount due under the Finance Documents to which it is a party on the due date, and such
failure is not remedied by payment of the amount due within 5 (five) Business Days of receipt of written notice from the Lender to the Borrower calling upon the Borrower to effect payment; or 

  

	 	13.1.2	the Borrower or any of the Guarantors breaches any other provision or defaults in the performance of any obligation or undertaking (other than those referred to in 13.1) of any
Finance Document to which it is a party 

  
  
 

 
  

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and such breach or default, if capable of remedy, is not remedied within a period of 20 (twenty) Business Days, after such failure; or

  

	 	13.1.3	any representation, warranty or statement made or repeated or given by the Borrower or any party other than the Lender to the Finance Documents or certificate delivered by it
pursuant thereto or in connection therewith is or proves in the reasonable opinion of the Lender to have been materially incorrect or significantly misleading when made or deemed to be made or repeated or given; or 

  

	 	13.1.4	any Indebtedness for Borrowed Money in excess of R150 000 000 (one hundred and fifty million Rand) of the Borrower or any of the Guarantors or any Material Subsidiary becomes
due and payable prior to its specified maturity date by reason of a breach by the Borrower or any Guarantor or any Material Subsidiary, as the case may be, or is not repaid when due (taking into account any applicable grace period); or

  

	 	13.1.5	any judgment in respect of a claim of more than R100 000 000 (one hundred million Rand) or its equivalent in any other currency, is given against the Borrower or any
Guarantor or any Material Subsidiary or any such person’s assets or revenues and is not discharged or contested within 20 ( twenty) Business Days of it being granted; or 

  

	 	13.1.6	the Borrower or any Guarantor or any Material Subsidiary is deemed for the purposes of any Applicable Law to be insolvent or unable to pay its debts as they fall due, or admits
inability to pay its debts as they fall due, or commences negotiations with any of its creditors for the general readjustment, or rescheduling of its Indebtedness for Borrowed Money; or 

  

	 	13.1.7	any third person takes any bona fide action, steps or proceedings against the Borrower or any Guarantor or any Material Subsidiary: 

  
  
 

 
  

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	 	13.1.7.1	for compulsory, provisional or final winding-up, liquidation, compromise, administration order, curatorship, judicial management, dissolution, or administration of the Borrower; or

  

	 	13.1.7.2	for the appointment of an administrator, trustee, liquidator, judicial manager or similar officer over any or all of the Borrower’s, assets or revenues; or

  

	 	13.1.7.3	the Borrower or any Guarantor or any Material Subsidiary itself takes any action, steps or proceedings: 

  

	 	13.1.7.3.1	for voluntary or compulsory (provisional or final), winding-up, liquidation, compromise, administration order, curatorship, judicial management, dissolution, or administration in
relation to itself or its assets; or 

  

	 	13.1.7.3.2	for the appointment of a trustee, liquidator, judicial manager or similar officer over any or all of its own assets or revenues; or 

  

	 	13.1.7.4	the Borrower or any Guarantor or any Material Subsidiary, compromises or attempts to compromise with creditors generally (or any significant class of creditors) or a meeting of
creditors is convened by the Borrower or any guarantor or any Material Subsidiary, as the case may be, to consider a proposal for an arrangement or compromise with its creditors generally (or any significant class of creditors); or

  

	 	13.1.7.5	the Borrower or any Guarantor repudiates its obligations under or any Finance Document to which it is a party; or 

  
  
 

 
  

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	 	13.1.7.6	any attachment, sequestration or execution for an amount in excess of R100 000 000 (one hundred million Rand) is levied against, or an Encumbrance is taken over the whole or a
substantial part of, the property, undertaking or assets of the Borrower or any Guarantor or any Material Subsidiary and such attachment, sequestration, execution or taking possession of, is not set aside within 20 (twenty) Business Days after it
came to the attention of the Borrower or such Guarantor or Material Subsidiary, as the case may be; or 

  

	 	13.1.7.7	subject to clause 12.3.1.5, a sale of a Material Subsidiary occurs without the prior written consent of the Lender; or 

  

	 	13.1.7.8	any other event or series of events occurs which has a Material Adverse Change on the Borrower or any Guarantor or any Material Subsidiary and if, in the opinion of the Lender, such
event or series of events can be remedied or rectified to its satisfaction within a period which the Lender is of the opinion will not prejudice the Lender, it is not so remedied or rectified; 

  

	 	13.1.7.9	any of the financial covenants in clause 15 are breached; or 

  

	 	13.1.7.10	any Permitted Encumbrance created over a material asset being a single income producing asset which contributes not less than 10% (ten percent) towards gross turnover of the Gold
Fields Group of Companies, given by the Borrower or any member of the Gold Fields Group of Companies is enforced unless such enforcement is discharged within 30 (thirty) days of the enforcement action or is subject to a bona fide dispute.

  
  
 

 
  

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	14	CONSEQUENCES OF EVENT OF DEFAULT 

  

	 	14.1	The occurrence of an Event of Default shall constitute a material breach of this Agreement. 

  

	 	14.2	Upon the occurrence of any Event of Default the Lender may, without prejudice to such other rights or remedies which the Lender may have in terms of the Finance Documents or at law,
without notice to the Borrower: 

  

	 	14.2.1	decline to pay out any amounts then undrawn under this Agreement; and/or 

  

	 	14.2.2	cancel this Agreement in whole or in part; and/or 

  

	 	14.2.3	claim immediate payment of all amounts (including, without limitation, all Outstandings and Breakage Costs (if any) owing (whether due and payable or not) by the Borrower to the
Lender, all of which shall be and become forthwith due and payable; and /or 

  

	 	14.2.4	claim payment of such damages including, costs and other amounts, in consequence of such Event of Default from the Borrower in terms of this Agreement; and/or

  

	 	14.2.5	take all steps which the Lender considers desirable to enforce the Security. 

  

	 	14.3	Upon the occurrence of an Event of Default, Interest shall be calculated and paid on any amount which remains due but unpaid as a result of the occurrence of such Event of Default
at the Default Interest Rate, without prejudice to any other right the Lender may otherwise have as a result of such Event of Default. 

  
  
 

 
  

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	 	14.4	If an Event of Default has occurred and the Lender is exercising or has exercised any of its rights and remedies under any one or more of clauses 14.2 to 14.2.4 (inclusive),
then the Lender may at any time whilst any Event of Default is continuing and unremedied, elect to exercise any of its other rights and remedies under any of clauses 14.2 to 14.2.4 (inclusive). 

  

	15	FINANCIAL COVENANTS 

  

	 	15.1	The Borrower shall procure that Gold Fields maintains the following financial ratios for the duration of this Agreement: 

  

	 	15.1.1	a ratio of Total Net Borrowings to Tangible Consolidated Net Worth not exceeding 0.40; 

  

	 	15.1.2	minimum Tangible Consolidated Net Worth of R13 000 000 000.00 (thirteen billion Rand); 

  

	 	15.1.3	a minimum Interest Cover Ratio of 2.5 times: 

  

	 	15.2	For the purposes of this clause 15: 

  

	 	15.2.1	“Indebtedness for Borrowed Money” means any indebtedness incurred (whether as principal or surety) in respect of: 

  

	 	15.2.1.1	monies borrowed; 

  

	 	15.2.1.2	any debenture, bond, note, loan stock or other debt security; 

  

	 	15.2.1.3	acceptance credit facilities to the extent utilised; and 

  

	 	15.2.1.4	capitalised rental payments under leases, which are termed “Financial leases” for the purposes of the Accounting Standards; 

  
  
 

 
  

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	 	15.2.2	“Interest Cover Ratio” means the ratio of the consolidated earnings before interest and taxation of Gold Fields over the interest expense for that period;

  

	 	15.2.3	“Tangible Consolidated Net Worth” means the amount paid up (or credited as paid up) on the issued share capital and share premium of Gold Fields, plus the
consolidated reserves of the Gold Fields Group of Companies excluding any revaluations made after Gold Field’s most recent financial year and prior to the Signature Date (or less the amount standing to the debit of the consolidated profit and
loss account of Gold Fields), plus the value of compulsory convertible instruments and the amount of subordinated shareholders loans granted by any member of the Gold Fields Group of Companies from time to time, and minus goodwill, all as shown in
the then most recent audited annual consolidated financial statements of Gold Fields; 

  

	 	15.2.4	“Total Net Borrowings” means all outstanding Indebtedness for Borrowed Money of Gold Fields on a consolidated basis, less (a) cash held by any Material
Subsidiary or with any bank, (b) any short-term or current asset investments all as shown in the then most recent audited annual consolidated financial statements of Gold Fields, and (c) the value of compulsory convertible instruments and
the amount of subordinated shareholders loans granted by any member of the Gold Fields Group of Companies from time to time; 

  

	 	15.3	The financial ratios referred to in clause 15 shall be measured semi-annually against the Financial Statements and six-monthly management accounts referred to in clauses 12.1.2 to
12.1.5 respectively. The financial results of Gold Fields will be used to measure the financial ratios. 

  

	 	15.4	The Borrower shall procure that the Lender is furnished, in a form acceptable to the Lender on a semi-annual basis with a certificate signed by an executive

  
  
 

 
  

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director of each of the Guarantors stating that the covenants as set out in clause 15 have been complied with. Further, the Borrower shall procure that the
Guarantors’ auditors furnish the Lender in a form acceptable to the Lender by no later than 120 (one hundred and twenty days) after the end of each Financial Year with a certificate setting out the calculations of the financial ratios in clause
15 and stating that the covenants as set out in clause 0 have been complied with. 

  

	16	ACCELERATED REPAYMENT 

  

	 	16.1	If there is: 

  

	 	16.1.1	a Change in Law which renders, will render or may have the effect of rendering the Finance Documents, or anything done or to be done pursuant thereto, illegal, invalid or
unenforceable and the Parties fail in their endeavours to agree to rectify such illegality, invalidity or unenforceability (provided such illegality, invalidity or unenforceability is capable of being rectified), or agree upon alternative acceptable
provisions, within 15 (fifteen) Business Days or such longer period as may be agreed to in writing between the Parties, after receipt by the Borrower of such notice from the Lender advising the Borrower of the relevant change; or

  

	 	16.1.2	a Change in Law which the Lender reasonably expects to occur or has occurred that will, in the reasonable opinion of the Lender, adversely affect or have an adverse effect on the
Lender or any transactions contemplated by the Finance Documents, after the Lender and the Borrower have failed to agree upon an acceptable solution within 15 (fifteen) Business Days of written notice by the Lender to the Borrower,

  

	 	16.1.3	then the Lender shall, in addition to and without prejudice to any other rights the Lender may have in terms of this Agreement or in law and after consultation, in good faith, with
the Borrower, be entitled to cancel 

  
  
 

 
  

 Page 37 

	 	 
this Agreement and the provisions of clause 14.1 and 14.2.5 shall apply mutatis mutandis. 

  

	 	16.2	The Lender shall provide the Borrower with such reasonable details in writing as to how such Change in Law which the Lender expects to occur or has occurred will adversely affect or
have an adverse effect on the Lender or any transactions contemplated by the Finance Documents, provided that it shall not be under any obligation under this clause to disclose any confidential information relating to its affairs.

  

	17	INCREASED COSTS 

  

	 	17.1	If by reason of: 

  

	 	17.1.1	any Change in Law; and/or 

  

	 	17.1.2	any directive, requirement, request or guideline, (whether or not having the force of law) or change in the interpretation of any directive, requirement, request or guidance now
existing of the South African Reserve Bank or any other fiscal, monetary, regulatory or other authority in South Africa; and/or 

  

	 	17.1.3	any change in banking practice required by any directive, requirement, request or guideline, as it affects or is applied generally by financial institutions; and/or

  

	 	17.1.4	a requirement or a request by any statutory or monetary authority, to pay Taxes or other amounts whatsoever or to maintain special deposits or reserve assets in addition to those
existing at the Signature Date; and/or 

  
  
 

 
  

 Page 38 

	 	17.1.5	any compliance by the Lender with any additional reserve cash ratio, special deposit or liquidity requirements (or any other similar requirements) in respect of this Agreement;
and/or 

  

	 	17.1.6	any compliance by the Lender with any capital adequacy or similar requirements howsoever arising, including as a result of an increase in the amount of the capital to be allocated
to the amount advanced under this Agreement or of a change of weighting of the commitment under this Agreement; and/or 

  

	 	17.1.7	any liability arises to pay Taxes; 

  

	 	17.1.8	there are any Increased Costs; 

  

	 	17.2	The Lender shall be entitled, but not obliged, to either: 

  

	 	17.3	Recalculate the Margin, in relation to both the Fixed Interest Rate as well as the Floating Interest Rate; and/or 

  

	 	17.3.1	Demand from the Borrower, who shall, having received (5) five Business Days notice thereof, promptly pay to the Lender amounts sufficient to indemnify it against such Increased
Costs, whether retrospectively or not: 

  

	 	17.3.1.1	such cost; or 

  

	 	17.3.1.2	such reduction in such rate of return (or proportion of such reduction as is attributable to its obligations hereunder); or 

  

	 	17.3.1.3	such increased cost (or such proportion of such increased cost as is attributable to its funding or maintaining the Loan); 

  

	 	17.3.1.4	such liability; or 

  
  
 

 
  

 Page 39 

	 	17.3.1.5	such recalculated Margin. 

  

	 	17.3.2	provided, however, that the Lender shall use its reasonable endeavours to mitigate the existence of such Increased Costs. The Lender undertakes, as soon as reasonably possible of it
becoming aware of any matter referred to in clause 16.1 above, to notify the Borrower of such matter. The provisions of this clause shall not apply to costs arising prior to the date of the relevant circumstances specified in clauses 17.1.1 to
17.1.6 (inclusive) above. 

  

	 	17.4	The Lender shall provide the Borrower such reasonable details as to how such Increased Cost has been suffered, provided that it shall not be under any obligation under this clause
17 to disclose any information relating to its affairs or to that of any financier, which it in its sole and absolute discretion determines is confidential, commercially sensitive or the disclosure of which would be contrary to any of its or such
financier’s usual policies and no failure to disclose any such information shall limit its rights hereunder. 

  

	 	17.5	If and to the extent that there is an Increased Cost to be paid by the Borrower under clause 17.1 above, subject to the Borrower having paid to the Lender the Increased Costs
incurred from the due date, specified in clause 17.2.2, to date of payment, the Borrower shall, on not less than 5 (five) Business Days’ prior notice to the Lender be entitled to terminate this Agreement and prepay the Outstandings (including
Breakage Costs (if any)) provided that such notice shall be given within 10 (ten) Business Days from the date of demand by the Lender for payment of the Increased Costs. 

  

	 	17.6	The Parties’ rights, benefits and obligations arising from the provisions of this clause 17 in respect of any liability to pay Taxes shall survive the expiry by effluxion
of time or earlier termination of this Agreement for any reason and shall be enforceable by any party, its successors and assignees. 

  
  
 

 
  

 Page 40 

	 	17.7	For the sake of clarity it is recorded that clause 17.1 shall not apply to any Increased Cost attributable to any change in the rate of tax on the overall net income of the
Lender. 

  

	18	TAXES 

  

	 	18.1	Stamp Duty 

  

	 	  	The Borrower shall pay all stamp and other similar duties and Taxes to which this Agreement may be subject or give rise. 

  

	 	18.2	Gross Up 

  

	 	  	All payments by the Borrower under this Agreement shall be made free and clear of and without deduction for or on account of any Taxes, except to the extent that the Borrower is
required by law to make payment subject to any Taxes. If any Tax or amounts in respect of tax must be withheld or deducted, or any other deductions must be made, from any amounts payable or paid by the Borrower under this Agreement, the Borrower
shall pay such additional amounts as may be necessary to ensure that the Lender receives a net amount equal to the full amount which it would have received had payment not been made subject to Tax or any other deduction. If any Tax is imposed or
levied on the Lender and the Borrower is required to withhold or deduct any such Tax on behalf of the Lender, any tax credit received in the hands of the Lender as a result of such withholding or deduction shall be refunded by the Lender to the
Borrower. 

  

	 	18.3	Tax Receipts 

  

	 	  	All Taxes required by law to be deducted or withheld by the Borrower from any amounts paid or payable under this Agreement shall be paid by the Borrower when due and it shall,
within 15 (fifteen) days of the payment being made, deliver to the Lender evidence satisfactory to the Lender (including all relevant 

  
  
 

 
  

 Page 41 

	 	 
Tax receipts) that the payment has been duly remitted to the appropriate authority. 

  

	19	Value Added Tax 

  

	 	  	The amounts stated in this Agreement to be payable by the Borrower are exclusive of VAT and accordingly the Borrower, shall pay, against delivery of appropriate supporting
documentation on demand any VAT properly chargeable in respect of any transactions contemplated by this Agreement. 

  

	20	INDEMNITIES 

  

	 	20.1	The Borrower hereby indemnifies and holds the Lender harmless against any and all losses, liabilities, claims, damages, penalties, judgments, disbursements, costs and expenses
(including all legal costs on the attorney and own client scale) to which the Lender becomes subject to, which directly or indirectly arises from or relates to: 

  

	 	20.1.1	enforcement of the Finance Documents against the Borrower; 

  

	 	20.1.2	any breach by the Borrower of any representations, warranty, covenants or other agreement contained in or contemplated by this Agreement; 

  

	 	20.1.3	the occurrence and continuance of any Event of Default; 

  

	 	20.1.4	the receipt or recovery by the Lender of all or any overdue amounts. 

  

	 	20.2	The provisions of clause 20.1 shall not apply to any losses, liabilities, claims, damages, penalties, judgments, disbursements, costs and expenses which have resulted from the gross
negligence or wilful misconduct on the part of the Lender. 

  
  
 

 
  

 Page 42 

	21	REMEDIES AND WAIVERS 

  

	 	  	No failure by the Lender to exercise, nor any delay by the Lender in exercising, any right or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial
exercise of any right or remedy prevent any further exercise thereof or the exercise of any other right or remedy. The rights and remedies herein provided are cumulative and not exclusive of any rights or remedies provided by law.

  

	22	CERTIFICATE 

  

	 	  	A certificate signed by any general manager of the Lender (whose appointment or authority as such it shall not be necessary to prove), certifying any amount outstanding in terms of
this Agreement or the relevant portion thereof which has become due and payable (including rates of Interest and other charges applicable thereto) shall be prima facie proof of the matters stated for all purposes, including for the purposes
of furnishing further particulars, obtaining provisional sentence and obtaining judgment against the Borrower. 

  

	23	CESSION AND DELEGATION OF RIGHTS AND OBLIGATIONS 

  

	 	23.1	The Lender may at any time cede all or any or part of its rights and/or delegate any of its obligations under all or any or part of this Agreement to any other entity within the
Absa Group without the Borrower’s prior consent or to any other financial institution or to any other person with the Borrower’s prior written consent, which consent shall not be unreasonably withheld. 

  

	 	23.2	To the extent that any cession by the Lender to a party referred to in clause 23.1 above results in a splitting of claims, the Borrower hereby consents to such splitting of claims.

  
  
 

 
  

 Page 43 

	 	23.3	The Borrower shall not cede, pledge, assign, transfer, make over, hypothecate, novate or in any way alienate or encumber its rights under this Agreement without the Lender’s
prior written approval. 

  

	24	NOTICES 

  

	 	24.1	The Parties choose as their place where notices may be given for all purposes under this Agreement in respect of notices or other documents or communications of whatsoever nature
including service of process in respect of the Borrower, the following addresses: 

  

					
	24.1.1	    	the Lender	    	 ABSA CAPITAL (a division of Absa
 Bank
Limited)

		    		    	Arlene Roelofse
		    		    	Head : Documentation Management
		    		    	Telephone No: (011) 350-2615
		    		    	Facsimile No: (011) 350-7461
			
	24.1.2	    	the Borrower	    	 GFI Mining South Africa (Proprietary)
 Limited

		    		    	24 St Andrews Road
		    		    	Parktown
		    		    	Johannesburg
		    		    	Telephone No: (011) 644 2480
		    		    	Facsimile No: (011) 484 6349
		    		    	Attention: Mr Rudolph Jordaan

  

	 	24.2	Any notice or communication required or permitted to be given in terms of this Agreement shall be valid and effective only if in writing but it shall be competent to give notice by
facsimile. 

  

	 	 24.3
	 Any Party may by written notice to the other Party change the physical address chosen or facsimile number
vis-à-vis that Party to another physical address or facsimile number in South Africa, provided that the change shall become effective on the 7th Business Day from the deemed receipt of the notice by the addressee. 

  
  
 

 
  

 Page 44 

	 	24.4	Any notice to a Party: 

  

	 	 24.4.1
	 sent by courier in a correctly addressed envelope to it at its chosen address shall be deemed to have been received on
the 3rd Business Day after sending (unless the contrary is proved); or 

  

	 	24.4.2	delivered by hand to a responsible person during ordinary business hours at its chosen address shall be deemed to have been received on the day of delivery; or

  

	 	24.4.3	sent by facsimile to its chosen facsimile number during ordinary business hours shall be deemed to have been received on the date of transmission, provided that any such notice
given by facsimile is telephonically confirmed by Parties to such notice during business hours to such on the same day. 

  

	 	24.5	Notwithstanding anything to the contrary herein contained a written notice or communication actually received by a Party shall be an adequate written notice or communication to it
notwithstanding that it was not sent to or delivered at its chosen address, provided such party provides confirmation in writing that it has actually received such written notice or communication to the Party from whom the written notice or
communication was received. 

  

	25	GENERAL 

  

	 	25.1	This Agreement constitutes the whole agreement between the Parties relating to the subject matter hereof. 

  

	 	25.2	No amendment or consensual cancellation of this Agreement or any provision or term thereof or of any agreement or other document issued or executed pursuant to or in terms of this
Agreement and no settlement of any disputes arising under this Agreement and no extension of time, waiver or relaxation or suspension of 

  
  
 

 
  

 Page 45 

	 	 
any of the provisions or terms of this Agreement or of any agreement or other document issued pursuant to or in terms of this Agreement shall be binding
unless recorded in a written document signed by the Parties. 

  

	 	25.3	No extension of time or waiver or relaxation of any of the provisions or terms of this Agreement or any agreement, bill of exchange or other document issued or executed pursuant to
or in terms of this Agreement, shall operate as an estoppel against any Party in respect of its rights under this Agreement, nor shall it operate so as to preclude such Party thereafter from exercising its rights strictly in accordance with this
Agreement. Any such extension, waiver or relaxation or suspension which is so given or made shall be strictly construed as relating strictly to the matter in respect whereof it was made or given. 

  

	 	25.4	No Party shall be bound by any express or implied term, representation, warranty, promise or the like not recorded herein, whether it induced the contract or not.

  

	 	25.5	Each provision in this Agreement is severable, the one from the other, and if at any time any provision is or becomes or is found to be illegal, invalid, defective or unenforceable
for any reason by any competent court, the remaining provisions shall be of full force and effect and shall continue to be of full force and effect. 

  

	 	25.6	Each Party warrants that it is acting as a principal and not as an agent for an undisclosed principal. 

  

	 	25.7	The expiry or termination of this Agreement shall not prejudice the rights of any Party thereto in respect of any breach or non-performance by any Party of any of the terms or
conditions hereof during the tenure of this Agreement. 

  

	 	25.8	All notices or communications under or in connection with this Agreement shall be in the English language. 

  
  
 

 
  

 Page 46 

	 	25.9	The Parties shall perform (or procure the performance of) all further acts and things, and execute and deliver (or procure the execution and delivery of) such further documents, as
may be required by law or as may be necessary or desirable to implement and/or give effect to this Agreement and the transactions contemplated thereby. 

  

	 	25.10	This Agreement may be executed in counterparts each of which when read together, shall constitute one and the same document. 

  

	26	GOVERNING LAW AND JURISDICTION 

  

	 	26.1	The validity of this Agreement, its interpretation, the respective rights and obligations of the Parties and all other matters arising in any way out of this Agreement shall be
determined in accordance with the laws of South Africa. 

  

	 	26.2	Each Party hereby irrevocably submits in any legal proceeding or dispute relating to this Agreement to the non-exclusive jurisdiction of Witwatersrand Local Division of the High
Court of South Africa. 

  
  
 

 
  

 Page 47 

	27	DISCLOSURE OF INFORMATION 

  

	 	  	Subject to compliance with clause 28 (Confidentiality), the Lender may disclose to any person with whom it is proposing to enter, or has entered into, any kind of transfer,
participation or other agreement in relation to this Agreement: 

  

	 	27.1	a copy of the Finance Documents; and 

  

	 	27.2	any information which the Lender has acquired under or in connection with any of the Finance Documents. 

  

	28	CONFIDENTIALITY 

  

	 	28.1	Each of the Parties to this Agreement agrees to, and shall procure that its respective directors, officers, employees, servants and agents, shall keep confidential and not to
disclose to any person (save as hereinafter provided) any confidential or proprietary information, management accounts, computer records, specifications, formulae, evaluations, methods, processes, technical descriptions, reports and other data,
records, drawings and information in respect of the business operations or affairs of any Party, provided to or acquired by it pursuant to or arising from the terms or performance of this Agreement or any other Finance Document (including without
limitation any such documents or information supplied in the course of proceedings under the disputes resolution procedure under any Finance Document or during any negotiations of any Finance Document) together (“the Confidential
Information”). 

  

	 	28.2	Notwithstanding the provisions of clause 28.1 above, either Party shall be entitled to disclose the whole or any part of the Confidential Information to (i) any assignee
or transferee or any prospective assignee or transferee or any other person with whom it may enter contractual obligations in relation to funding or supporting its commitments under any Finance Documents, any of its or their

  
  
 

 
  

 Page 48 

	 	 
respective directors, officers, employees, servants, subcontractors, agents, Lender’s advisers or Borrower’s advisers to the extent necessary to
enable it or them to perform (or to cause to be performed) or to enforce any of its or their rights or obligations under this Agreement and all related documents (as the case may be) to assess whether or not to become the lender, provided that the
recipient of such information enters into a similar written undertaking to that contained in this clause 28, (ii) any governmental authority, agency or entity required by any law, regulation, directive or decree, and (iii) any other
person required in terms of the Promotion of Access to Information Act, 2002, provided that the Party required to provide such information shall notify the other Party in writing prior to such disclosure. 

  

	29	COSTS 

  

	 	29.1	Each Party shall bear its own costs and expenses in connection with the preparation, drafting and negotiation of this Agreement. 

  

	 	29.2	The Borrower shall forthwith on demand pay to the Lender the amount of all costs and expenses (including legal fees) incurred by it: 

  

	 	29.2.1	in connection with the enforcement, or the preservation of any rights under this Agreement; or 

  

	 	29.2.2	in investigating any possible default which is established to be an Event of Default, irrespective of whether or not the Lender takes any action in respect of same.

  

	 	29.3	The Lender undertakes to use its reasonable endeavours to mitigate any costs and expenses to be incurred in respect of any steps taken referred to in 29.2.1 and 29.2.1 above.

  
  
 

 
  

 Page 49 

 Signed at
                                        
this      day of              2008 
  

									
	AS WITNESSES	 		 		 	
					
	1.	 	  
	 		 		 	
					
	2.	 	  
	 		 		 	 For: ABSA CAPITAL (a division of
 Absa Bank
Limited)

					
		 		 		 		 	  

		 		 		 		 	who warrants that he is duly authorised hereto
					
		 		 		 		 	  

		 		 		 		 	who warrants that he is duly authorised hereto
	
	Signed at
                                        
this      day of              2008
				
	AS WITNESSES	 		 		 	
					
	1.	 	  
	 		 		 	
					
	2.	 	  
	 		 		 	 For: GFI MINING SOUTH AFRICA
 (PROPRIETARY)
LIMITED

					
		 		 		 		 	  

		 		 		 		 	who warrants that he is duly authorised hereto
					
		 		 		 		 	  

		 		 		 		 	who warrants that he is duly authorised hereto

  
  
 

 
  

 Page 50 

 ANNEXURE “A” 
 SUSPENSIVE CONDITIONS 
 All of the suspensive conditions detailed in this Annexure “A” shall be fulfilled
in form and substance to the satisfaction of the Lender: 
  

	1	receipt by the Lender of certified copies of the Memorandum and Articles of Association and Certificate of Incorporation of the Borrower and each of the Guarantors;

  

	2	receipt by the Lender of a certified copy of a resolution of the board of directors of the Borrower and each of the Guarantors: 

  

	 	2.1	approving the terms of the Finance Documents to which it is a party and resolving that it executes such agreements; 

  

	 	2.2	authorising a specified person or persons to execute those agreements on its behalf; 

  

	 	2.3	authorising a specified person or persons, on its behalf, to sign and/or dispatch all documents and notices to be signed and/or dispatched by it under or in connection with the
Finance Documents; and 

  

	 	2.4	in the case of the Borrower, confirming that the borrowing of the capital in full would not cause any borrowing limit binding on the Borrower to be exceeded;

  

	3	the Lender shall be satisfied with the terms and conditions and shall be in possession of an original of the Security Document duly executed by each of the Parties thereto, the
Lender shall have received evidence satisfactory to it that the Security Document has become unconditional except for any condition relating to this Agreement; 

  

	4	receipt by the Lender from the Borrower and each of the Guarantors of a certificate from a duly authorised officer setting out the names, officers and signatures of the person

  
  
 

 
  

 Page 1 

	 	 
authorised to sign, on behalf of the Borrower and each of the Guarantors, any document to be delivered by or on behalf of the Borrower and each of the
Guarantors pursuant to the Facility Documents; and 

  

	5	receipt by the Lender from the Borrower of written confirmation that the Account has been opened in the name of the Borrower and setting out the details of the Account;

  

	6	no Material Adverse Change has occurred with respect to the Borrower and/or any of the Guarantors. 

  
  
 

 
  

 Page 2 

 ANNEXURE “B” 
 DRAWDOWN CONDITIONS 
 The drawdown of any Advance under this Agreement shall be subject to the fulfilment of the
following Conditions to Drawdown, by no later than 2 (two) Business Days prior to such drawdown: 
  

	1.	Drawdown Notice 

  

	  	The Lender shall have received the relevant Drawdown Notice in respect of an Advance in accordance with this Agreement. 

  

	2.	No Default 

  

	  	On both the date of the Drawdown Notice and the Drawdown Date, an Event of Default shall not have occurred, be continuing or, in the reasonable opinion of the Lender, be likely to
occur as a result of making such Advance. 

  

	3.	Representations and Warranties 

  

	  	On both the date of the Drawdown Notice and the Drawdown Date the representations and warranties made in clause 11 of this Agreement shall be true and accurate in all material
respects. 

  

	4.	Other Events Stopping Payments 

  

	  	No Drawdown Refusal Notice shall have been issued by the Lender in terms of clause 5.6 of this Agreement which is in effect and has not been withdrawn, and no other event has
occurred under any Finance Document which, in the opinion of the Lender, has resulted or may result in any payment or drawdown under any Finance Document being stopped. 

  

  
 

 

	5.	Material Adverse Change 

  

	  	On both the date of the Drawdown Notice and the Drawdown Date no Material Adverse Change shall have occurred or in the reasonable opinion of the Lender be likely to occur with
respect to the Borrower and/or any of the Guarantors as a result of the making of such Advance. 

  

  
 

 

 ANNEXURE “C” 
 DRAWDOWN REFUSAL NOTICE 
  

			
	To:	  	[Borrower]

 Date 
 Dear Sirs

 FACILITY AGREEMENT DATED BETWEEN ABSA CAPITAL (A DIVISION OF ABSA BANK LIMITED) AND GFI MINING SOUTH AFRICA (PROPRIETARY) LIMITED (“THE
AGREEMENT”) DRAWDOWN REFUSAL NOTICE NUMBER                      
  

	1	We refer to clause              of the Agreement. Terms defined in the Agreement have the same meanings in this
Drawdown Refusal Notice. 

  

	2	We issue this Drawdown Refusal Notice with the following specifications: 

  

	 	2.1	date upon which draw was due to be made:                    

  

	 	2.2	amount of draw which was due to be made:                    

  

	3	We confirm that: 

  

	 	3.1	on the date of this Drawdown Refusal Notice, the provisions of clause              of the Agreement have not been
complied with by the Borrower; [and/or] 

  

	 	3.2	the suspensive conditions to drawdowns on the Facility as specified in Annexure “B” to the Agreement, have not been satisfied.] 

  

	 	  	in that [detail of non-compliance to be provided] 

  

	
	Yours faithfully
	
	  

	For and on behalf of:
	 ABSA CAPITAL (a division of Absa Bank
 Limited)

  
  
 

 
  

 Page 1 

 ANNEXURE “D” 
 DRAWDOWN NOTICE 
  

			
	To:	  	[Lender]

 Date:
                     
 Dear Sirs 
 FACILITY AGREEMENT ENTERED INTO BETWEEN ABSA CAPITAL (A DIVISION OF ABSA BANK LIMITED) AND GFI MINING SOUTH AFRICA (PROPRIETARY) LIMITED (“THE AGREEMENT”)
– DRAWDOWN NUMBER                      
  

	1	We refer to clause 5 of the Agreement. Terms defined in this Agreement have the same meanings in this Drawdown Notice. 

  

	 	1.1	We wish to borrow Advances with the following specifications: 

  

	 	1.2	drawdown date:                      

  

	 	1.3	amount:                      

  

	 	1.4	interest rate: fixed rate/floating rate 

  

	2	We confirm that: 

  

	 	2.1	the proceeds of the Advance drawn pursuant to this Drawdown Notice shall be applied exclusively in accordance with the terms of this Agreement and in particular (but without
limitation) the terms of clause 4 thereof; and 

  

	 	2.2	on the date of this Drawdown Notice, on the Drawdown Date and immediately after the making of the Advance to which this Drawdown Notice relates the conditions to drawdowns specified
in Annexure “B” of the Agreement, have been satisfied. 

  
  
 

 
  

 Page 1 

	3	Lender Authorisation: [To be completed by the Lender after signature by the Borrower of this drawdown notice and authorisation of advance to be drawn] 

  

							
	Advance Number:	  	  
	  		  	
		  	(first or subsequent	  		  	

							
				
	Amount of Advance:	  	  
	  		  	

							
			
	 Other fees, costs and/or expenses
 of the
Lender, including Lender’s
	  		  	
	Advisers:	  	  
	  		  	

							
			
	Lender’s signature to certify the	  		  	
	Amounts set out above:	  	  
	  		  	
				
	Yours faithfully	  		  		  	
			
	  
	  		  	
	For and on behalf of:	  		  	
	 GFI MINING SOUTH AFRICA
 (PROPRIETARY) LIMITED
	  		  	

  
  
 

 
  

 Page 2 

 ANNEXURE “E” 
 PREPAYMENT NOTICE 
 To: Absa Capital (a division of Absa Bank Limited) 
 Date:                      
 Dear Sirs 
 FACILITY AGREEMENT DATED ENTERED INTO BETWEEN ABSA CAPITAL (A
DIVISION OF ABSA BANK LIMITED) AND GFI MINING SOUTH AFRICA (PROPRIETARY) LIMITED, (“THE FACILITY AGREEMENT”) – PREPAYMENT NOTICE 
  

	1	We refer to clause              and specifically to clause
             of the Agreement. Terms defined in the Agreement have the same meanings in this Prepayment Notice. 

  

	2	We wish to issue this Prepayment Notice with the following specifications: 

  

	 	2.1	amount of drawn Facility to date:                    

  

	 	2.2	amount of drawn Facility to be: 

  

	 	2.2.1	Prepaid in terms of this Prepayment
Notice:                     

  

	3	We confirm that we shall make payment of Breakage Costs (if any) and all other amounts now due and payable by us in connection with the amount to be prepaid under the Agreement.

  

	
	Yours faithfully
	
	  

	For and on behalf of:
	 GFI MINING SOUTH AFRICA
 (PROPRIETARY)
LIMITED

  
  
 

 
  

 Page 1 

 ANNXURE “F” 
 ADMINISTRATIVE DETAILS 
  

	
	 GFI MINING SOUTH AFRICA (PROPRIETARY) LIMITED
  

  

	1.	DOCUMENTATION AND SECURITY: 

  

					
	Organisation name	  	:	  	ABSA Capital, a division of ABSA Bank Limited
			
	Address	  	:	  	 ABSA Capital Legal - Documentation Management
  
 3rd Floor
  
 ABSA Towers North (3E2)
  
 180 Commissioner Street
  
 Johannesburg 2001
  
 South Africa

			
	Tel. no.	  	:	  	+27 (0)11 350 2615
			
	Fax no.	  	:	  	+27 (0)11 350 7477

  

	2.	CONTACT POINTS: 

  

	  	Names and addresses of the persons responsible for: 

  

	  	(i) Credit Matters and Documentation 

  

					
	Name	  	:	  	Mervyn Piaray / Iraan Singh / Hennie Schoeman
			
	Department	  	:	  	ABSA Capital Global Loans, Asset Management
			
	Address	  	:	  	 1st Floor
  
 ABSA Towers North (1W2)
  
 180 Commissioner Street
  
 Johannesburg 2001
  
 South Africa

			
	Tel.no. Mervyn	  	:	  	+27 (0)11 350 7907
			
	Tel.no. Iraan	  		  	+27 (0)11 350 8344
			
	Tel.no. Hennie	  		  	+27 (0)11 350 2640
			
	Fax no.	  	:	  	+27 (0)11 350 7460
			
	E-mail.	  	:	  	assetmanagement@absa.co.za

  
  
 

 
  

 Page 2Rand 500,000,000 Facility Agreement, dated October 21, 2008

 Exhibit 4.42 
 EXECUTION COPY 
 FACILITY AGREEMENT 
 Amongst 
 ABSA BANK LIMITED 
 (acting through its ABSA CAPITAL division) 
 AND 
 GFI MINING SOUTH AFRICA (PROPRIETARY) LIMITED 
 AND 
 GOLD FIELDS LIMITED 

 TABLE OF CONTENTS 
  

					
	1.	 	PARTIES	  	1
			
	2.	 	DEFINITIONS AND INTERPRETATION	  	1
			
	3.	 	INTRODUCTION	  	31
			
	4.	 	THE FACILITY	  	32
			
	5.	 	CONDITIONS OF UTILISATION	  	33
			
	6.	 	UTILISATION OF FACILITY	  	35
			
	7.	 	INTEREST	  	36
			
	8.	 	INTEREST PERIODS	  	37
			
	9.	 	REPAYMENTS	  	38
			
	10.	 	PREPAYMENTS	  	38
			
	11.	 	FEES	  	43
			
	12.	 	TAX GROSS UP AND INDEMNITIES	  	43
			
	13.	 	INCREASED COSTS	  	47
			
	14.	 	COSTS AND EXPENSES	  	49
			
	15.	 	GUARANTEE AND INDEMNITY	  	49
			
	16.	 	REPRESENTATIONS AND WARRANTIES	  	53
			
	17.	 	INFORMATION UNDERTAKINGS	  	62
			
	18.	 	FINANCIAL COVENANTS	  	67
			
	19.	 	GENERAL UNDERTAKINGS	  	68
			
	20.	 	DEFAULT	  	74
			
	21.	 	CHANGE OF PARTY	  	81
			
	22.	 	CHANGES TO THE OBLIGORS	  	85
			
	23.	 	PAYMENT MECHANICS	  	85
			
	24.	 	CONFIDENTIALITY	  	86
			
	25.	 	SET-OFF	  	88

					
	 26.
	 	NOTICES AND DOMICILIA	  	88
			
	27.	 	GENERAL	  	91
		
	SCHEDULE 1 : FINANCIAL CLOSE DOCUMENTS	  	97
		
	SCHEDULE 2 : FORM OF UTILISATION REQUEST	  	99
		
	SCHEDULE 3 : FORM OF COMPLIANCE CERTIFICATE	  	101
		
	SCHEDULE 4 : ADMINISTRATION DOCUMENT	  	103

  

 FACILITY AGREEMENT 
  

	1.	PARTIES 

  

	 	1.1	The Parties to this Agreement are: 

  

	 	1.1.1	ABSA BANK LIMITED (acting through its ABSA CAPITAL division); 

  

	 	1.1.2	GFI MINING SOUTH AFRICA (PROPRIETARY) LIMITED; 

  

	 	1.1.3	GOLD FIELDS LIMITED; 

  

	 	1.2	The Parties agree as set out below. 

  

	2.	DEFINITIONS AND INTERPRETATION 

  

	 	2.1	In this Agreement and in the other Finance Documents, unless the context dictates otherwise or unless otherwise defined in a Finance Document, the words and expressions set forth
below shall bear the following meanings and cognate expressions shall bear corresponding meanings: 

  

	 	2.1.1	“Absa Capital” means Absa Bank Limited (acting through its Absa Capital division) (Registration No. 1986/004794/06), a public company and registered bank duly
incorporated according to the company and banking laws of South Africa; 

  

	 	2.1.2	“Agreement” means this facility agreement and its Schedules; 

  

	 	2.1.3	“Auditors” means, at any time, the auditors of the Parent at that time, being as at the Signature Date PricewaterhouseCoopers Inc., and any replacement of those
auditors appointed by the Parent; 

  

	 	2.1.4	“Availability Period” means the period commencing on the Financial Close Date and ending on the earlier of: 

  

	 	2.1.4.1	the date on which the Available Facility is cancelled in terms of this Agreement; and 

  

 Page 1. 

	 	2.1.4.2	the date which is 1 (one) month prior to the Final Maturity Date; 

  

	 	2.1.5	“Available Commitment” means, in relation to any Lender, that Lender’s Commitment minus (subject as set out below): 

  

	 	2.1.5.1	the amount of its participation in any outstanding Loans; and 

  

	 	2.1.5.2	in relation to any proposed Utilisation, the amount of its participation in any Loans that are due to be made on or before the proposed Utilisation Date; 

 

	 	  	provided that for the purposes of calculating a Lender’s Available Commitment in relation to any proposed Utilisation, that Lender’s participation in any Loans that are
due to be repaid or prepaid on or before the proposed Utilisation Date shall not be deducted from that Lender’s Commitment; 

  

	 	2.1.6	“Available Facility” means the aggregate for the time being of each Lender’s Available Commitment; 

  

	 	2.1.7	“Base Rate” means JIBAR or where it is not possible to determine JIBAR on any Reset Date, SAR-JIBAR-Reference Banks in either case converted to a nominal annual
compounded monthly in arrear rate; 

  

	 	2.1.8	“Borrower” means GFI Mining South Africa (Proprietary Limited); 

  

	 	2.1.9	“Breakage Costs” means the amount (if any) by which: 

  

	 	2.1.9.1	 the interest which a Lender should have received for the period from the date of receipt of all or any part of its participation in a Loan or Unpaid Sum to the last
day of the current Interest Period 

  

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in respect of that Loan or Unpaid Sum, had the principal amount or Unpaid Sum received been paid on the last day of that Interest Period;

  

	 	  	exceeds: 

  

	 	2.1.9.2	the amount which that Lender would be able to obtain by placing an amount equal to the principal amount or Unpaid Sum received by it on deposit with a leading bank in the
Johannesburg interbank market for a period starting on the Business Day following receipt or recovery and ending on the last day of the current Interest Period; 

  

	 	2.1.10	“Business Day” means any day (other than a Saturday, Sunday or an official public holiday in South Africa within the meaning of the Public Holidays Act, 1994) on
which banks generally are open for business in Johannesburg; 

  

	 	2.1.11	“Cerro Corona Project” means the development of the gold and copper deposits in Peru by the Cerro Corona Subsidiary; 

  

	 	2.1.12	“Cerro Corona Subsidiary” means Gold Fields La Cima S.A.; 

  

	 	2.1.13	“Commitment” means: 

  

	 	2.1.13.1	in relation to the Original Lender, R500 000 000 (Five Hundred Million Rand); and 

  

	 	2.1.13.2	in relation to any other Lender, the amount of any Commitment transferred to it under this Agreement, 

  

	 	  	in each case, to the extent not cancelled, reduced or transferred by it under this Agreement; 

  

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	 	2.1.14	“Companies Act” means the Companies Act, 1973; 

  

	 	2.1.15	“Compliance Certificate” means a certificate substantially in the form of the letter set out in Schedule 3 (Form of Compliance Certificate);

  

	 	2.1.16	“Confidentiality Undertaking” means a confidentiality undertaking substantially in a recommended form of the Loan Market Association or in any other form agreed
between the Parent and the Facility Agent; 

  

	 	2.1.17	“Constitutional Documents” means, in respect of any person at any time, the then current and up-to-date constitutional documents of such person at such time
(including, without limitation, such person’s memorandum and articles of association, certificate of incorporation, articles of incorporation or commercial registration certificate); 

  

	 	2.1.18	“CP Satisfaction Date” means the date upon which the conditions set out in clause 5.1 have been satisfied; 

  

	 	2.1.19	“Default” means an Event of Default or any event or circumstances specified in clause 20.1 (Events of Default) which would (with the expiry of a grace
period, the giving of notice or the making of any determination under the Finance Documents or any combination of the foregoing) be an Event of Default; 

  

	 	2.1.20	“Default Rate” means the Prime Rate plus 1% (One Percent); 

  

	 	2.1.21	“Encumbrance” means: 

  

	 	2.1.21.1	any mortgage, pledge, lien, assignment or cession conferring security, hypothecation, security interest, preferential right or trust arrangement or other encumbrance securing any
obligation of any person; or 

  

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	 	2.1.21.2	any arrangement under which money or claims to, or for the benefit of, a bank or other account may be applied, set off or made subject to a combination of accounts so as to effect
discharge of any sum owed or payable to any person; or 

  

	 	2.1.21.3	any other type of preferential agreement or arrangement (including any title transfer and retention arrangement), the effect of which is the creation of a security interest;

  

	 	2.1.22	“Environmental Claim” means any claim, proceeding or investigation by any person in respect of any Environmental Law; 

  

	 	2.1.23	“Environmental Law” means any law applicable to the business conducted by a Material Group Company at the relevant time in any jurisdiction in which that Material
Group Company conducts business which relates to the pollution, degradation or protection of the environment or harm to or the protection of human health or the health of animals or plants; 

  

	 	2.1.24	“Environmental Permits” means any permit, licence, consent, approval and other authorisation and the filing of any notification, report or assessment required under
any Environmental Law for the operation of the business of any Material Group Company conducted on or from the properties owned or used by that Material Group Company; 

  

	 	2.1.25	“Event of Default” means any event or circumstance specified as such in clause 20.1 (Events of Default); 

  

	 	2.1.26	“Facility” means the revolving credit facility made available to the Borrower under this Agreement as described in clause 4 (The Facility);

  

	 	2.1.27	“Facility Agent” means Absa Capital; 

  

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	 	2.1.28	“Final Maturity Date” means the date which is 364 (three hundred and sixty-four) days from the Financial Close Date; 

  

	 	2.1.29	“Finance Documents” means: 

  

	 	2.1.29.1	this Agreement; 

  

	 	2.1.29.2	any Utilisation Request; 

  

	 	2.1.29.3	any other agreement or document at any time designated a Finance Document by written agreement between the Facility Agent and the Borrower; and 

  

	 	2.1.29.4	any amendment agreement to any of the Finance Documents referred to in clauses 2.1.29.1 to 2.1.29.3 above; 

  

	 	  	and “Finance Document” means, as the context requires, any of them; 

  

	 	2.1.30	“Finance Party” means: 

  

	 	2.1.30.1	each Lender; and 

  

	 	2.1.30.2	the Facility Agent; 

  

	 	  	and “Finance Parties” means, as the context requires, all of them; 

  

	 	2.1.31	“Financial Close Date” means the date which is the earlier of: 

  

	 	2.1.31.1	the CP Satisfaction Date; or 

  

	 	2.1.31.2	the date on which the first Utilisation is made under this Agreement; 

  

	 	2.1.32	“Financial Close Documents” means all of the documents and other evidence listed in Schedule 1 (Financial Close Documents); 

  

 Page 6. 

	 	2.1.33	“Financial Covenants” means the financial covenants and ratios set out in clause 18.1 (Financial Condition); 

  

	 	2.1.34	“GAAP” means the generally accepted accounting principles set out in IFRS; 

  

	 	2.1.35	“GFIMSA” means GFI Mining South Africa (Proprietary) Limited (Registration No. 2002/031431/07), a private company duly incorporated according to the company
laws of South Africa; 

  

	 	2.1.36	“Group” means the Parent, the Guarantor and their subsidiaries from time to time; 

  

	 	2.1.37	“Group Company” means any member of the Group and “Group Companies” means, as the context requires, all of them; 

  

	 	2.1.38	“Guarantor” means the Parent; 

  

	 	2.1.39	“IFRS” means International Financial Reporting Standards issued and/or abopted by the International Accounting Standards Board; 

  

	 	2.1.40	“Interest Period” means, in relation to a Loan, each period determined in accordance with clause 8 (Interest Periods) and, in relation to an Unpaid Sum, each
period determined in accordance with clause 7.3 (Default Interest); 

  

	 	2.1.41	“JIBAR” means, in relation to any Interest Period, the rate for the period which most closely approximate such Interest Period which appears on the Reuters Screen
SAFEY Page as at 11h00 Johannesburg time on the first day of such Interest Period; 

  

	 	2.1.42	“JSE Listing Requirements” means the listing requirements for public listed companies published by JSE Limited in accordance with the provisions of the Securities
Services Act, 2004; 

  

 Page 7. 

	 	2.1.43	“Lender” means: 

  

	 	2.1.43.1	the Original Lender; and 

  

	 	2.1.43.2	any bank or financial institution which has become a Party in accordance with clause 21 (Change of Party), 

  

	 	  	which in each case has not ceased to be a Party in accordance with the terms of this Agreement; 

  

	 	2.1.44	“Loan” means a loan made or to be made under the Facility or (as the context may require) the principal amount outstanding for the time being of that loan;

  

	 	2.1.45	“Majority Lenders” means: 

  

	 	 2.1.45.1
	 if there are no Loans then outstanding, a Lender or Lenders whose Commitments aggregate more than 662/3% of the Total Commitments (or, if the Total Commitments
have been reduced to zero, aggregated more than 662/3% of the Total Commitments immediately prior to the reduction); or 

  

	 	 2.1.45.2
	 at any other time, a Lender or Lenders whose participations in the Loans then outstanding aggregate more than
662/3% of all the Loans then outstanding;

  

	 	2.1.46	“Margin” means 1.2% (one comma two percent) nominal annual compounded monthly in arrears (which includes, subject to clause 13 (Increased Costs), all
statutory, liquid and reserve costs, the Lenders’ credit margin and all other regulatory costs); 

  

 Page 8. 

	 	2.1.47	“Material Adverse Effect” means a material adverse effect on: 

  

	 	2.1.47.1	the ability of an Obligor to perform its financial or other material obligations under the Finance Documents to which it is a party; or 

  

	 	2.1.47.2	the validity and enforceability of the Finance Documents or any of them; 

  

	 	2.1.48	“Material Group Companies” means: 

  

	 	2.1.48.1	each Obligor; and 

  

	 	2.1.48.2	any Group Company from time to time that is not a Non-Material Group Company; 

  

	 	  	and “Material Group Company” means, as the context requires, any one of them; 

  

	 	2.1.49	“Non-Material Group Company” means, at any time, a member of the Group (other than an Obligor) which had EBITDA (determined on the same basis 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) less than or equal to 5% (five percent) of Consolidated EBITDA or gross assets of the Group (calculated
according to the most recent set of audited consolidated financial statements delivered pursuant to Clause 17.1 (Financial Statements)). Compliance with the aforementioned condition shall be determined by reference to the 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: 

  

	 	2.1.49.1	 if, in the case of any member of the Group which itself has subsidiaries, no consolidated financial statements are prepared and audited, its consolidated EBITDA and
gross assets shall be 

  

 Page 9. 

	 	 
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 Parent; 

  

	 	2.1.49.2	if any intra-Group transfer or re-organisation takes place, the audited financial statements of the Group Company and all relevant members of the Group shall be adjusted by the
Parent in order to take into account such intra-Group transfer or re-organisation; and 

  

	 	2.1.49.3	the audited financial statements of the Group and any relevant member of the Group shall be adjusted in such a manner as the Auditors think fair and appropriate 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 or at which the audited financial statements of the Group are made up. 

  

	 	  	Should there be any dispute regarding whether any member of the Group is or is not a Non-Material Group Company such dispute shall be referred, at the request of the Facility Agent,
to the Auditors and a report by the Auditors that a member of the Group is or is not a Non-Material Group Company shall, in the absence of manifest error, be conclusive and binding on all Parties. The costs of obtaining the report by the Auditors
will be borne by the unsuccessful party to the dispute; 

  

	 	2.1.50	“Obligor” means: 

  

	 	2.1.50.1	the Borrower; 

  

	 	2.1.50.2	the Guarantor; or 

  

	 	2.1.50.3	any other person comprising a Group Company, designated as an Obligor by agreement between the Facility Agent, the Parent and such person from time to time,

  

 Page 10. 

	 	  	and “Obligors” means, as the context requires, all of them; 

  

	 	2.1.51	“Original Financial Statements” means the audited consolidated annual financial statements of the Parent for the Financial Year ended 30 June 2008;

  

	 	2.1.52	“Original Lender” means Absa Capital; 

  

	 	2.1.53	“Parent” means Gold Fields Limited (Registration No. 1968/004880/06), a public company duly incorporated according to the company laws of South Africa;

  

	 	2.1.54	“Parties” means: 

  

	 	2.1.54.1	the Lender; 

  

	 	2.1.54.2	the Borrower; 

  

	 	2.1.54.3	the Facility Agent; and 

  

	 	2.1.54.4	the Guarantor, 

  

	 	  	and “Party” means, as the context requires, any one of them; 

  

	 	2.1.55	“Permitted Disposal” means any sale, lease, transfer or other disposal: 

  

	 	2.1.55.1	by an Obligor or any member of the Group of obsolete or redundant assets which are no longer required for the efficient operation of the business of such Obligor or such member of
the Group; or 

  

	 	2.1.55.2	by an Obligor or any member of the Group in the ordinary course of its day-to-day business if that sale, lease, transfer or other disposal is not otherwise restricted by a term of
any Finance Document; or 

  

 Page 11. 

	 	2.1.55.3	by an Obligor to to any other member of the Group; or 

  

	 	2.1.55.4	by a member of the Group to another member of the Group; or 

  

	 	2.1.55.5	by any member of the Group to any other person where the higher of the market value or consideration receivable when aggregated with the higher of the market value or consideration
receivable for any other sale, lease, transfer or other disposal by any member of the Group (other than a sale, lease, transfer or other disposal referred to in clauses 2.1.55.1, 2.1.55.2, 2.1.55.3, 2.1.55.4, and 2.1.55.6) does not exceed 10% (ten
percent) of the Consolidated Tangible Net Worth in any Financial Year subject to a maximum of 30% (thirty percent) of Consolidated Tangible Net Worth at such time in aggregate during the period from the date of this Agreement to the Final Maturity
Date; or 

  

	 	2.1.55.6	for which the Facility Agent has given its prior written consent (acting on the instructions of the Majority Lenders). 

  

	 	2.1.56	“Permitted Encumbrance” means: 

  

	 	2.1.56.1	any Encumbrance created prior to the Signature Date which has been disclosed: 

  

	 	2.1.56.1.1	in writing to the Facility Agent prior to the Signature Date; or 

  

	 	2.1.56.1.2	in the Original Financial Statements, 

  

	 	  	and which only secures indebtedness outstanding at the Signature Date if the principal amount or original facility thereby secured is not increased after the Signature Date;

  

 Page 12. 

	 	2.1.56.2	any title transfer or retention arrangement entered into by any Group Company in the normal course of the trading activities and on terms no worse for that Group Company than the
standard terms of the relevant supplier; 

  

	 	2.1.56.3	any netting or set-off arrangement entered into by any Group Company in the ordinary course of its banking arrangements (which shall include, for the avoidance of doubt, those
pursuant to hedging arrangements in relation to gold and silver 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; 

  

	 	2.1.56.4	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 Group Company;

  

	 	2.1.56.5	any Encumbrance over or affecting (or transaction described in clause 19.3 (Negative Pledge) (“Quasi-Encumbrance”) affecting) any asset acquired by a member
of the Group after the date of this Agreement if: 

  

	 	2.1.56.5.1	the Encumbrance or Quasi-Encumbrance was not created in contemplation of the acquisition of that asset by a member of the Group; 

  

	 	2.1.56.5.2	the principal amount secured has not been increased in contemplation of, or since the acquisition of that asset by a member of the Group; and 

  

	 	2.1.56.5.3	the Encumbrance or Quasi-Encumbrance is (other than an Encumbrance or Quasi-Encumbrance otherwise permitted pursuant to clauses 2.1.56.2, 2.1.56.3, 2.1.56.4, 2.1.56.6, 2.1.56.7,
2.1.56.8 or 2.1.56.9) removed or discharged within six months of the date of acquisition of such asset; 

  

 Page 13. 

	 	2.1.56.6	any Encumbrance or Quasi-Encumbrance over or affecting any asset of any company which becomes a member of the Group after the date of this Agreement, where the Encumbrance or
Quasi-Encumbrance is created prior to the date on which that company becomes a member of the Group, if: 

  

	 	2.1.56.6.1	the Encumbrance or Quasi-Encumbrance was not created in contemplation of the acquisition of that company; 

  

	 	2.1.56.6.2	the principal amount secured has not increased in contemplation of or since the acquisition of that company; and 

  

	 	2.1.56.6.3	the Encumbrance or Quasi-Encumbrance is (other than an Encumbrance or Quasi-Encumbrance otherwise permitted pursuant to clauses 2.1.56.2, 2.1.56.3, 2.1.56.4, 2.1.56.6, 2.1.56.7,
2.1.56.8 or 2.1.56.9) removed or discharged within six months of that company becoming a member of the Group; 

  

	 	2.1.56.7	any Encumbrance or Quasi-Encumbrance granted in respect of Project Finance Borrowings over assets of, or the shares in, a Project Finance Subsidiary; 

  

	 	2.1.56.8	 in respect of Encumbrances or Quasi-Encumbrances over or affecting any asset of any Material Group Company, any Encumbrance or Quasi-Encumbrance securing
indebtedness the principal amount of which (when aggregated with the principal amount of any other indebtedness which has the benefit of Encumbrance or Quasi-Encumbrance other than any permitted under clauses 2.1.56.1 to 2.1.56.7 above and clauses
2.1.56.9 and 

  

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2.1.56.10 below) does not at any time exceed 12% (twelve percent.) of Consolidated Tangible Net Worth (or its equivalent in another currency) (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); 

  

	 	2.1.56.9	any other Encumbrance or Quasi-Encumbrance created with the prior written approval of the Facility Agent (acting on the instructions of the Majority Lenders);

  

	 	2.1.56.10	any Encumbrance or Quasi-Encumbrance granted in respect of Financial Indebtedness incurred in connection with the Cerro Corona Project over the business or assets of the Cerro
Corona Subsidiary or over the Ownership Interests in the Cerro Corona Subsidiary provided that the amount of Financial Indebtedness secured by all such Encumbrances or Quasi-Encumbrances permitted by this clause 2.1.56.10 does not at any time in
aggregate exceed US$200 000 000 (Two Hundred Million United States Dollars) (subject to a maximum exchange rate of R12/$). In this clause 2.1.56.10 “Ownership Interests” means: 

  

	 	2.1.56.10.1	the shares issued by the Cerro Corona Subsidiary; 

  

	 	2.1.56.10.2	any shareholder loans made to the Cerro Corona Subsidiary; 

  

	 	2.1.56.10.3	to the extent required by Peruvian law, the shares in the holding company which directly owns the shares issued by the Cerro Corona Subsidiary provided that such holding
company’s sole assets are shares issued by, and any loans made by it to, the Cerro Corona Subsidiary and its sister company, Mineral Gold Fields S.A.; 

  

	 	2.1.57	“Permitted Indebtedness” means Financial Indebtedness: 

  

	 	2.1.57.1	arising under the Finance Documents; 

  

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	 	2.1.57.2	arising under any environmental bond which any member of the Group is required to issue by any applicable law; 

  

	 	2.1.57.3	arising in connection with the Cerro Corona Project; 

  

	 	2.1.57.4	arising under any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price but not for speculative purposes;

  

	 	2.1.57.5	of the Group existing and available on the date of this Agreement (or, of any person that becomes a member of the Group from time to time, provided that, such Financial
Indebtedness existed at the time such person became a member of the Group and was not created in anticipation thereof); 

  

	 	2.1.57.6	between Group Companies to the extent incurred for the purposes of financing general working capital requirements; or 

  

	 	2.1.57.7	not falling within clauses 2.1.57.1, 2.1.57.2, 2.1.57.3, 2.1.57.4, 2.1.57.5 or 2.1.57.6 above provided that the aggregate amount of all Financial Indebtedness (excluding, for the
avoidance of doubt, any Financial Indebtedness incurred by the Guarantor or a Project Finance Subsidiary) permitted under this clause 2.1.57.7 does not at any time exceed US$200 000 000 (Two Hundred Million United States Dollars) (subject
to a maximum exchange rate of R12/$). ; 

  

	 	2.1.58	“Prime Rate” means the basic rate of interest per annum, compounded monthly in arrear and calculated on a 365 day year (irrespective of whether or not the year is a
leap year) from time to time quoted by the Facility Agent as being its prime overdraft rate as certified by any manager of the Facility Agent, whose appointment and designation need not be proved; 

  

 Page 16. 

	 	2.1.59	“Project Finance Borrowings” means: 

  

	 	2.1.59.1	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; 

  

	 	2.1.59.2	any indebtedness the terms and conditions of which have been approved by the Facility Agent and which the Facility Agent has agreed in writing (acting on the instructions of the
Majority Lenders) to treat as a “Project Finance Borrowing” for the purposes of this Agreement; 

  

	 	2.1.60	“Project Finance Subsidiary” means a single purpose company (excluding the Obligors) 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; 

  

	 	2.1.61	“Rand” and “R” means South African Rand, the lawful currency of South Africa; 

  

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	 	2.1.62	“Reference Banks” means FirstRand Bank Limited, The Standard Bank of South Africa Limited, Nedbank Limited and Absa Bank Limited; 

  

	 	2.1.63	“Repeating Representations” means each of those representations and warranties set out in clause 16.1 (Representations and Warranties) which are stated as
being deemed to be repeated as provided for pursuant to clause 16.2 (Repetition); 

  

	 	2.1.64	“Repetition Date” has the meaning given to it in clause 16.2 (Repetition); 

  

	 	2.1.65	“Reset Date” means the first day of each Interest Period, being the date in each case upon which the relevant Base Rate is to be determined for such Interest
Period, provided the first Reset Date shall be the first Utilisation Date; 

  

	 	2.1.66	“Rollover Loans” means one or more Loans: 

  

	 	2.1.66.1	made or to be made on the same day that a maturing Loan is due to be repaid; 

  

	 	2.1.66.2	the aggregate amount of which is equal to or less than the maturing Loan; and 

  

	 	2.1.66.3	made or to be made for the purpose of refinancing a maturing Loan; 

  

	 	2.1.67	 “SAR-JIBAR-Reference Banks” means the mid-market rate between deposits and loans in Rand for an Interest Period quoted by the Reference Banks at
approximately 11am Johannesburg time on the relevant Reset Date. The Facility Agent will request the principal Johannesburg office of each of the Reference Banks to provide a quotation of its rate. If at least two quotations are provided, the rate
for 

  

 Page 18. 

	 	 
that Reset Date will be the arithmetic means of the quotations. If fewer than two quotations are provided, the rate for that Reset Date will be determined by
the Facility Agent, acting in a commercially reasonable manner, using a representative rate; 

  

	 	2.1.68	“Signature Date” means the date of the signature of this Agreement by the Party signing last in time, provided that all the Parties have signed this Agreement;

  

	 	2.1.69	“South Africa” means the Republic of South Africa as constituted from time to time; 

  

	 	2.1.70	“Tax” means any tax, levy, impost, duty or other charge or withholding of a similar nature (including, without limitation, any penalty or interest payable in
connection with any failure to pay or delay in paying any of the same); 

  

	 	2.1.71	“Tax Credit” means a credit against, relief or remission for, or repayment of any Tax; 

  

	 	2.1.72	“Tax Deduction” means a deduction or withholding for or on account of Tax from payment under a Finance Document; 

  

	 	2.1.73	“Tax Payment” means either the increase in a payment made by an Obligor to a Finance Party under Clause 12.1 (Tax gross-up) or a payment under Clause 12.2
(Tax indemnity); 

  

	 	2.1.74	“Total Commitments” means the aggregate of all the Lenders’ Commitments at any time; 

  

	 	2.1.75	“Unpaid Sum” means any sum due and payable but unpaid by an Obligor under the Finance Documents; 

  

	 	2.1.76	“Utilisation” means a utilisation of the Facility; 

  

 Page 19. 

	 	2.1.77	“Utilisation Date” means the date of a Utilisation being the date upon which the relevant Loan is made; 

  

	 	2.1.78	“Utilisation Request” means a notice substantially in the form set out in Schedule 2 (Form of Utilisation Request); 

  

	 	2.1.79	“VAT” means value-added tax leviable in terms of the Value-Added Tax Act, 1991. 

  

	 	2.2	Financial Definitions 

  

	 	2.2.1	In the Finance Documents, the accounting expressions set forth below shall bear the following meanings: 

  

	 	2.2.1.1	“Consolidated EBITDA” means, 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;

  

	 	2.2.1.2	“Consolidated Net Borrowings” means, at any time, the aggregate amount of all obligations of the Group for or in respect of Indebtedness for Borrowed Money but
excluding any such obligation to any member of the Group, adjusted to take account of the aggregate amount of freely available cash and cash equivalents held by any member of the Group (and so that no amount shall be included or excluded more than
once); 

  

	 	2.2.1.3	 “Consolidated Net Finance Charges” means, in respect of any Measurement Period, the aggregate amount of the interest (including the interest
element of leasing and hire purchase payments and capitalised interest), commission, fees, discounts 

  

 Page 20. 

	 	 
and other finance payments payable by any member of the Group (including any commission, fees, discounts and other finance payment payable by any member of
the Group under any interest rate hedging arrangement but deducting any commission, fees, discounts and other finance payments receivable by any member of the Group under any interest rate hedging instrument) but deducting any other interest
receivable by any member of the Group on any deposit or bank account; 

  

	 	2.2.1.4	“Consolidated Profits Before Interest and Tax” means, in respect of any Measurement Period, the consolidated net income of the Group (less the net income of any
Project Finance subsidiaries 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: 

  

	 	2.2.1.4.1	any provision on account of normal taxation; and 

  

	 	2.2.1.4.2	any interest, commission, discounts or other fees incurred or payable, received or receivable by any member of the Group in respect of Indebtedness for Borrowed Money;

  

	 	2.2.1.5	“Consolidated Tangible Net Worth” means, at any time, the “Shareholders’ Equity”, as reported in the “Group Statement of Changes in
Shareholders’ Equity” in the last set of annual consolidated financial statements of the Parent delivered to the Facility Agent pursuant to this Agreement 

  

	 	2.2.2	“Financial Indebtedness” means (without double counting) any indebtedness of the Group for or in respect of: 

  

	 	2.2.2.1	moneys borrowed; 

  

 Page 21. 

	 	2.2.2.2	any amount raised by acceptance under any acceptance credit facility; 

  

	 	2.2.2.3	any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument; 

  

	 	2.2.2.4	the amount of any liability in respect of any lease or hire purchase contract which would, in accordance with GAAP, be treated as a finance or capital lease;

  

	 	2.2.2.5	receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis); 

  

	 	2.2.2.6	the amount of any liability in respect of any purchase price for assets or services the payment of which is deferred where the deferral of such price is either:

  

	 	2.2.2.6.1	used primarily as a method of raising credit; or 

  

	 	2.2.2.6.2	not made in the ordinary course of business; 

  

	 	2.2.2.7	any agreement or option to re-acquire an asset if one of the primary reasons for entering into such agreement or option is to raise finance; 

  

	 	2.2.2.8	any amount raised under any other transaction (including any forward sale or purchase agreement) having the commercial effect of a borrowing; 

  

	 	2.2.2.9	 any derivative transaction (a “Derivative Transaction”) entered into in connection with protection against or benefit from fluctuation in any rate
or price save for a Derivative Transaction entered into in relation to any amount payable to a trade creditor 

  

 Page 22. 

	 	 
(and, when calculating the value of any Derivative Transaction, only the marked to market value shall be taken into account which, for the avoidance of
doubt, may be an addition to or subtraction from the amount of Financial Indebtedness); 

  

	 	2.2.2.10	any counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary letter of credit or any other instrument issued by a bank or financial
institution; 

  

	 	2.2.2.11	any amount raised by the issue of redeemable shares; and 

  

	 	2.2.2.12	the amount of any liability in respect of any guarantee or indemnity for any of the items referred to in paragraphs 2.2.2.1 to 2.2.2.11 above, 

  

	 	  	but not including any indebtedness owed by any Obligor to any other member of the Group; 

  

	 	2.2.3	“Financial Year” means, at any time, the financial year of the Group ending on 30 June in each calendar year; 

  

	 	2.2.4	“Indebtedness for Borrowed Money” means Financial Indebtedness save for any indebtedness for or in respect of clauses 2.2.2.9 and 2.2.2.10 of the definition of
“Financial Indebtedness”; 

  

	 	2.2.5	“Measurement Period” means each period of 12 (twelve) calendar months ending on (but including) the last day of the Parent’s Financial Year and each period of
12 (twelve) months ending on the last day of the first half of the Parent’s Financial Year (and whether or not commencing prior to the Signature Date). 

  

 Page 23. 

	 	2.3	Interpretation and Construction 

  

	 	2.3.1	A document in an “agreed form” is a document which has been initialled as such on or before the relevant date for the purposes of identification by or on behalf of
the Borrower and the Facility Agent or, if not so initialled, is in form and substance reasonably satisfactory to the Facility Agent. 

  

	 	2.3.2	Any reference in any Finance Document to: 

  

	 	2.3.2.1	an “affiliate” means, in relation to any person, a subsidiary of that person or a holding company of that person or any other subsidiary of that holding company;

  

	 	2.3.2.2	an “amendment” includes a supplement, novation or re-enactment and “amended” is to be construed accordingly; 

  

	 	2.3.2.3	“arm’s length” means terms that are fair and reasonable to the counterparty of a transaction and no more or less favourable to the other party to the relevant
transaction as could reasonably be expected to be obtained in a comparable arm’s length transaction with a person that is not the ultimate holding company of such counterparty or an entity of which such counterparty or its ultimate holding
company has direct or indirect control, or owns directly or indirectly more than 20% (twenty percent) of the share capital or similar rights of ownership; 

  

	 	2.3.2.4	“assets” includes properties, revenues and rights of every description; 

  

	 	2.3.2.5	“audited” means, in respect of any financial statement those financial statements as audited by the Auditors; 

  

	 	2.3.2.6	 “authorisations” mean any authorisation, consent, registration, filing, agreement, notarisation, certificate, licence, approval, resolution, permit
and/or authority or any exemption from any of 

  

 Page 24. 

	 	 
the aforesaid, by, with or from any authority (including, without limitation, any approvals required from the South African Reserve Bank in relation to any
Finance Document or any transaction contemplated under any Finance Document); 

  

	 	2.3.2.7	“authority” means any government or governmental, administrative, fiscal or judicial authority, body, court, department, commission, tribunal, registry or any
stated owned or controlled authority which principally performs governmental functions; 

  

	 	2.3.2.8	a “calendar month” shall be construed as a named month, i.e. January, February, March, April, May, June, July, August, September, October, November and December;

  

	 	2.3.2.9	a “clause” shall, subject to any contrary indication, be construed as a reference to a clause hereof; 

  

	 	2.3.2.10	“continuing”, in the context of a Default, means: 

  

	 	2.3.2.10.1	where an Event of Default or its consequences are incapable of remedy that Event of Default is deemed to be continuing unless it has been expressly waived in writing by the Facility
Agent and any conditions of such waiver have been fulfilled to the reasonable satisfaction of the Facility Agent; 

  

	 	2.3.2.10.2	in any other case, the Default is deemed to be continuing unless and until either: 

  

	 	2.3.2.10.2.1	it has been expressly waived in writing by the Facility Agent and any conditions of such waiver have been fulfilled to the reasonable satisfaction of the Facility Agent; or

  

 Page 25. 

	 	2.3.2.10.2.2	it has been remedied within the applicable remedy period by any person and the resulting position is that which it would have been if such Default had not occurred or if the
resulting position is reasonably acceptable to the Facility Agent; 

  

	 	2.3.2.11	“control” means, in relation to any company or similar organisation or person, the power (whether by way of ownership of shares, proxy, contract, agency or
otherwise) to: 

  

	 	2.3.2.11.1	cast, or control the casting of, more than one-half of the maximum number of votes that might be cast at a general meeting of that person; 

  

	 	2.3.2.11.2	appoint or remove all, or the majority, of the directors or other equivalent officers of that person; or 

  

	 	2.3.2.11.3	give directions with respect to the operating and financial policies of that person which the directors or other equivalent officers of that person are obliged to comply with;

  

	 	2.3.2.12	a “holding company” shall be construed in accordance with the Companies Act; 

  

	 	2.3.2.13	the words “including” and “in particular” are used by way of illustration or emphasis only and shall not be construed as, nor shall they take
effect as, limiting the generality of any of the preceding words; 

  

	 	2.3.2.14	“indebtedness” shall be construed so as to include any obligation (whether incurred as principal or as surety or as guarantor) for the payment or repayment of
money, whether present or future, actual or contingent; 

  

 Page 26. 

	 	2.3.2.15	“law” shall be construed as any law (including statutory, common or customary law), statute, constitution, decree, judgment, treaty, regulation, directive, by-law,
order, other legislative measure, directive, requirement, request or guideline (whether or not having the force of law but, if not having the force of law, is generally complied with by the persons to whom it is addressed or applied) of any
government, supranational, local government, statutory or regulatory or self-regulatory or similar body or authority or court and the common law, as amended, replaced, re-enacted, restated or reinterpreted from time to time;

  

	 	2.3.2.16	a “month” means a reference to a period starting on one day in a calendar month and ending on the numerically corresponding day but one in the next calendar month,
except that: 

  

	 	2.3.2.16.1	if the numerically corresponding day is not a Business Day, that period shall end on the next Business Day in that calendar month in which that period is to end if there is one, or
if there is not, on the directly preceding Business Day; and 

  

	 	2.3.2.16.2	if there is no numerically corresponding day in the calendar month in which that period is to end, that period shall end on the last Business Day in that calendar month;

  

	 	2.3.2.17	the words “other” and “otherwise” shall not be construed eiusdem generis with any foregoing words where a wider construction is possible;

  

	 	2.3.2.18	a “person” shall be construed as a reference to any person, firm, company, corporation, government, state or agency of a state or any association or partnership
(whether or not having separate legal personality) of two or more of the foregoing; 

  

 Page 27. 

	 	2.3.2.19	a “regulation” means any regulation, rule, official directive, request or guideline (whether or not having the force of law but complied with generally) of any
governmental, inter-governmental or supranational body, agency, department or regulatory, self-regulatory or other authority or organisation; 

  

	 	2.3.2.20	“repay” (or any derivative form of that word) includes “prepay” (or any derivative form of that word); 

  

	 	2.3.2.21	“security interest” means any mortgage, pledge, lien, charge, assignment, cession, hypothecation or security interest or any other agreement or arrangement having
the effect of conferring security; 

  

	 	2.3.2.22	a “Schedule” shall, subject to any contrary indication, be construed as a reference to a schedule hereof or a schedule of a Finance Document;

  

	 	2.3.2.23	a “subsidiary” shall be construed in accordance with the Companies Act; 

  

	 	2.3.3	Unless inconsistent with the context or save where the contrary is expressly indicated in any Finance Document: 

  

	 	2.3.3.1	if any provision in a definition is a substantive provision conferring rights or imposing obligations on any Party, notwithstanding that it appears only in an interpretation clause,
effect shall be given to it as if it were a substantive provision of the relevant Finance Document; 

  

	 	2.3.3.2	when any number of days is prescribed in any Finance Document, 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 next succeeding Business Day; 

  

 Page 28. 

	 	2.3.3.3	in the event that the day for payment of any amount due in terms of any Finance Document should fall on a day which is not a Business Day, the relevant day for payment shall be the
preceding Business Day; 

  

	 	2.3.3.4	in the event that the day for performance of any obligation to be performed in terms of any Finance Document should fall on a day which is not a Business Day, the relevant day for
performance shall be the succeeding Business Day; 

  

	 	2.3.3.5	any reference in any Finance Document to an enactment is to that enactment as at the Signature Date and as amended or re-enacted from time to time; 

  

	 	2.3.3.6	any reference in any Finance Document to this Agreement or any other agreement or document shall be construed as a reference to this Agreement or, as the case may be, such other
agreement or document as same may have been, or may from time to time be, amended, varied, novated or supplemented; 

  

	 	2.3.3.7	except as expressly provided for in any Finance Document, no provision of any Finance Document constitutes a stipulation for the benefit of any person who is not a Party to the
relevant Finance Document; 

  

	 	2.3.3.8	references to day/s, calendar month/s or year/s shall be construed as Gregorian calendar day/s, calendar month/s or year/s; 

  

	 	2.3.3.9	a reference to a Party includes that Party’s successors-in-title and permitted assigns; 

  

 Page 29. 

	 	2.3.3.10	where any Party is required to provide any consent or approval or agree to the actions of any other Party, the request for such consent or approval or agreement shall be in writing
and such consent or approval or agreement shall be in writing and shall not be unreasonably withheld or delayed having regard to the financial condition of the Borrower and the Group and the ability of the Obligors to perform their financial or
other material obligations under the Finance Documents. 

  

	 	2.3.4	The headings to the clauses and schedules of any Finance Document are for reference purposes only and shall in no way govern or affect the interpretation of nor modify nor amplify
the terms of any Finance Document nor any clause or schedule thereof. 

  

	 	2.3.5	Unless inconsistent with the context, an expression in any Finance Document which denotes: 

  

	 	2.3.5.1	any one gender includes the other genders; 

  

	 	2.3.5.2	a natural person includes an artificial person and vice versa; and 

  

	 	2.3.5.3	the singular includes the plural and vice versa. 

  

	 	2.3.6	The Schedules to any Finance Document form an integral part thereof and words and expressions defined in any Finance Document shall bear, unless the context otherwise requires, the
same meaning in such Schedules. To the extent that there is any conflict between the Schedules to any Finance Document and the provisions of the relevant Finance Document, the provisions of the relevant Finance Document shall prevail.

  

	 	2.3.7	 Where any term is defined within the context of any particular clause in any Finance Document, the term so defined, unless it is clear from the clause in question
that the term so defined has limited application to the 

  

 Page 30. 

	 	 
relevant clause, shall bear the same meaning as ascribed to it for all purposes in terms of the relevant Finance Document, notwithstanding that that term has
not been defined in any interpretation clause. 

  

	 	2.3.8	The expiration or termination of any Finance Documents shall not affect such of the provisions of the Finance Documents 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. 

  

	 	2.3.9	The Finance Documents shall be binding on and enforceable by the administrators, trustees, permitted assigns or liquidators of the Parties as fully and effectually as if they had
signed the Finance Documents in the first instance and reference to any Party shall be deemed to include such Party’s administrators, trustees, permitted assigns or liquidators, as the case may be. 

  

	 	2.3.10	The use of any expression in any Finance Document covering a process available under South African law such as winding-up (without limitation eiusdem generis) shall, if any
of the Parties to the Finance Documents is subject to the law of any other jurisdiction, be construed as including any equivalent or analogous proceedings under the law of such other jurisdiction. 

  

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

  

	3.	INTRODUCTION 

  

	 	3.1	The Borrower requires the Facility for the purpose of funding general corporate and working capital requirements of the Group. 

  

 Page 31. 

	 	3.2	The Lenders have agreed to make the Facility available to the Borrower in accordance with the terms and conditions of this Agreement. 

  

	4.	THE FACILITY 

  

	 	4.1	The Facility  

  

	 	  	The Lenders agree to make available to the Borrower a revolving credit facility in an aggregate amount equal to the Commitment, subject to the terms and conditions of this
Agreement. 

  

	 	4.2	Purpose of the Facility 

  

	 	  	The Borrower shall utilise the Facility for the purpose of general corporate and working capital requirements of the Group. 

  

	 	4.3	Monitoring 

  

	 	  	No Finance Party is bound to monitor or verify the application of any amount borrowed pursuant to this Agreement. 

  

	 	4.4	Finance Parties’ Rights and Obligations 

  

	 	4.4.1	The obligations of each Finance Party under the Finance Documents are several. Failure by a Finance Party to perform its obligations under the Finance Documents does not affect the
obligations of any other Party under the Finance Documents. No Finance Party is responsible for the obligations of any other Finance Party under the Finance Documents. 

  

	 	4.4.2	The rights of each Finance Party under or in connection with the Finance Documents are separate and independent rights and any debt arising under the Finance Documents to a Finance
Party from an Obligor shall be a separate and independent debt. 

  

 Page 32. 

	 	4.4.3	A Finance Party may, except as otherwise stated in the Finance Documents, separately enforce its rights under the Finance Documents. 

  

	5.	CONDITIONS OF UTILISATION 

  

	 	5.1	Initial Conditions Precedent 

  

	 	  	The Lenders shall not be obliged to make any Loan to the Borrower under the Facility unless: 

  

	 	5.1.1	all of the Financial Close Documents have been delivered to the Facility Agent in a form and in substance satisfactory to the Facility Agent. The Facility Agent shall notify the
Parent and the Lenders promptly on being so satisfied; or 

  

	 	5.1.2	to the extent that any Financial Close Documents are not in a form and in substance satisfactory to the Facility Agent or have not been delivered, the Facility Agent has, upon
written notice to all of the Parties, waived or deferred delivery of those Financial Close Documents which are not in a form and in substance satisfactory to it or which have not been delivered pursuant to clause 5.3 (Waiver of Conditions
Precedent). 

  

	 	5.2	Further Conditions to Utilisation of Facility 

  

	 	  	The Lenders shall not be obliged to make any Loan to the Borrower under the Facility unless on the proposed Utilisation Date: 

  

	 	5.2.1	in the case of a Rollover Loan, no Event of Default is continuing or would result from the proposed Rollover Loan, and in the case of any other Loan, no Default is continuing or
would result from the proposed Loan; 

  

 Page 33. 

	 	5.2.2	the Repeating Representations are true, accurate and complete in all material respects. 

  

	 	5.3	Waiver or Deferral of Conditions Precedent 

  

	 	5.3.1	Satisfaction of any of the conditions set out in: 

  

	 	5.3.1.1	clause 5.1 (Initial Conditions Precedent) may be waived or deferred by the Facility Agent acting on the instructions of the Majority Lenders; 

  

	 	5.3.1.2	clause 5.2 (Further Conditions to Utilisation of Facility) may be waived or deferred by the Facility Agent acting on the instructions of the Majority Lenders.

  

	 	5.3.2	Waiver or deferral of delivery of any of the Financial Close Documents either at all or in a form and in substance satisfactory to the Facility Agent or waiver of any of the further
conditions set out in clause 5.2 (Further Conditions to Utilisation of Facility) shall not prejudice the right of the Facility Agent to require subsequent fulfilment of such condition and, unless otherwise specified in any written notice
waiving fulfilment of the relevant condition, the relevant condition shall be fulfilled by the Obligors within 5 (five) Business Days of the date of the written notice waiving fulfilment of such condition. 

  

	 	5.4	Termination 

  

	 	  	The Facility shall terminate on the Final Maturity Date. Should the Borrower elect to renew the Facility, the Borrower shall provide the Facility Agent with written notice of their
request to extend the Facility, provided such request is received by the Facility Agent on or before the date falling 60 (sixty) days prior to the Final Maturity Date. The Facility shall be extended at the sole and absolute discretion of the
Majority Lenders, failing which the Facility will be terminated. 

  

 Page 34. 

	6.	UTILISATION OF FACILITY 

  

	 	6.1	Subject to clause 5 (Conditions of Utilisation), the Borrower may utilise the Facility during the Availability Period by delivering to the Facility Agent, a duly completed
Utilisation Request not later than 11h00 not less than 3 (three) Business Days prior to the proposed Utilisation Date. 

  

	 	6.2	Each Utilisation Request is irrevocable and will not be regarded as having been duly completed unless: 

  

	 	6.2.1	the proposed Utilisation Date is a Business Day within the Availability Period; 

  

	 	6.2.2	the currency of the proposed Loan is Rand; 

  

	 	6.2.3	the amount of the proposed Loan is a minimum amount of R50 000 000 (Fifty Million Rand) (or, if less, the Available Facility); 

  

	 	6.2.4	it specifies an Interest Period of one, three or six Months applicable to the proposed Loan; 

  

	 	6.2.5	it specifies a bank account in South Africa to which the Borrower wishes the proceeds of the Loan to be credited; and 

  

	 	6.2.6	the proposed Loan together with the aggregate of the Loans still outstanding on the proposed Utilisation Date shall not exceed the Available Facility. 

  

	 	6.3	Only one Loan may be requested in each Utilisation Request. 

  

	 	6.4	The Borrower may not deliver a Utilisation Request if as a result of the proposed Utilisation more than 20 (twenty) Loans would be outstanding. 

  

 Page 35. 

	 	6.5	The Borrower acknowledges and agrees that any Utilisation Request signed by an authorised signatory (as designated in terms of paragraph 1.2.2 of Schedule 1 (Finance
Documents)) on behalf of the Borrower shall be deemed to be a valid Utilisation Request issued by the Borrower and any Loan made pursuant to such Utilisation Request to the Borrower shall constitute a valid Loan to the Borrower.

  

	 	6.6	If the conditions set out in this Agreement have been met, each Lender shall make its participation in each Loan available on the Utilisation Date. 

  

	7.	INTEREST 

  

	 	7.1	Calculation of interest 

  

	 	  	The rate of interest on each Loan for each Interest Period is the percentage rate per annum which is the aggregate of the applicable: 

  

	 	7.1.1	Base Rate; and 

  

	 	7.1.2	Margin. 

  

	 	  	Interest shall from each Utilisation Date accrue on a daily basis on the amount of the Utilisation made at the interest rate and shall be calculated on the actual number of days
elapsed and on the basis of a 365 (Three Hundred and Sixty Five) day year. 

  

	 	7.2	Payment of interest 

  

	 	  	The Borrower to which a Loan has been made shall pay accrued interest on that Loan on the last day of each Interest Period. 

  

	 	7.3	Default interest 

  

	 	7.3.1	 If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to
the date of actual payment (both before and after 

  

 Page 36. 

	 	 
judgment) at the Default Rate. Any interest accruing under this clause 7.3 shall be immediately payable by the relevant Obligor on demand by the
Facility Agent. 

  

	 	7.3.2	Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will
remain immediately due and payable. 

  

	 	7.4	Notification of rates of interest 

  

	 	  	The Facility Agent shall promptly notify the Lenders and the Borrower of the determination of a rate of interest under this Agreement. 

  

	8.	INTEREST PERIODS 

  

	 	8.1	Selection of Interest Periods 

  

	 	8.1.1	The Borrower (or the Parent on behalf of the Borrower) shall select an Interest Period for a Loan in the Utilisation Request for that Loan. 

  

	 	8.1.2	Subject to this clause 8 (Interest Periods), the Borrower (or the Parent on behalf of the Borrower) may select an Interest Period of one, three or six Months, as
specified in the Utilisation Request. 

  

	 	8.1.3	An Interest Period for a Loan shall not extend beyond the Final Maturity Date. 

  

	 	8.1.4	Each Interest Period for a Loan shall start on the relevant Utilisation Date. 

  

	 	8.1.5	A Loan has 1 (one) Interest Period only. 

  

 Page 37. 

	 	8.2	Non-Business Days 

  

	 	  	If an Interest Period would otherwise end on a day which is not a Business Day, that Interest Period will instead end on the next Business Day in that calendar month (if there is
one) or the preceding Business Day (if there is not). 

  

	 	8.3	Consolidation of Loans 

  

	 	  	If two or more Interest Periods end on the same date, the Loans relating thereto will be consolidated into, and treated as, a single Loan on the last day of the Interest Period.

  

	9.	REPAYMENTS 

  

	 	  	The Borrower shall repay each Loan made to it on the last day of its Interest Period. 

  

	10.	PREPAYMENTS 

  

	 	10.1	Illegality 

  

	 	  	If it becomes unlawful in any applicable jurisdiction for a Lender to perform any of its obligations as contemplated by this Agreement or to fund or maintain its participation in
any Loan: 

  

	 	10.1.1	that Lender shall promptly notify the Facility Agent upon becoming aware of that event; 

  

	 	10.1.2	upon the Facility Agent notifying the Parent, the Commitment of that Lender will be immediately cancelled; and 

  

	 	10.1.3	the Borrower shall repay that Lender’s participation in the Loans made to the Borrower on the last day of the Interest Period for each Loan occurring after the Facility Agent
has notified the Parent or, if earlier, the date specified by the Lender in the notice delivered to the Facility Agent (being no earlier than the last day of any applicable grace period permitted by law). 

  

 Page 38. 

	 	10.2	Mandatory Prepayment 

  

	 	10.2.1	If any person or group of persons acting in concert gains control of the Parent: 

  

	 	10.2.1.1	the Parent shall promptly notify the Facility Agent upon becoming aware of that event; 

  

	 	10.2.1.2	a Lender shall not be obliged to fund a Utilisation Request (except for a Rollover Loan) and the Facility Agent and the Parent shall consult about the change of control;

  

	 	10.2.1.3	if the Majority Lenders so require after a period of 45 (forty-five) days from receipt of the notice referred to in clause 10.2.1.1 above, the Facility Agent shall by notice to the
Parent, (such notice to be delivered no later than 60 (sixty) days from receipt of the notice referred to in clause 10.2.1.1 above), cancel the Total Commitments and declare all outstanding Loans, together with accrued interest and all other amounts
accrued under the Finance Documents immediately due and payable, whereupon the Total Commitments will be cancelled and all such outstanding amounts will become immediately due and payable; 

  

	 	10.2.1.4	 if the Facility Agent does not serve the notice referred to in clause 10.2.1.3 above, each Lender may by notice to the Facility Agent which shall be delivered not
earlier than 45 (forty-five) days nor later than 60 (sixty) days from receipt of the notice referred to in 10.2.1.1 above, whereupon the Facility Agent shall by notice to the Parent (such notice to be delivered promptly after receipt of the
Lender’s notification), cancel the Commitment of that Lender and declare the participation of that Lender in all outstanding 

  

 Page 39. 

	 	 
Loans, together with accrued interest thereon and all other amounts due to such Lender under the Finance Documents immediately due and payable, whereupon the
Commitment of the Lender will be cancelled and all such outstanding amounts will become immediately due and payable. 

  

	 	10.2.2	For the purpose of clause 10.2.1 above, “control” means: 

  

	 	10.2.2.1	the power (whether by way ownership of shares, proxy, contract, agency or otherwise) to: 

  

	 	10.2.2.1.1	cast, or control the casting of, more than one-half of the maximum number of votes that might be cast at a general meeting of the Parent; or 

  

	 	10.2.2.1.2	appoint or remove all, or the majority, of the directors or other equivalent officers of the Parent; or 

  

	 	10.2.2.1.3	give directions with respect to the operating and financial policies of the Parent which the directors or other equivalent officers of the Parent are obliged to comply with; or

  

	 	10.2.2.2	the holding of more than one-half of the issued share capital of the Parent (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). 

  

	 	  	For the purpose of clause 10.2.1 above, “acting in concert” means, a group of persons who, pursuant to an agreement or understanding (whether formal or informal),
actively co-operate, through the acquisition by any of them, either directly or indirectly, of shares in the Parent, to obtain or consolidate control of the Parent. 

  

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	 	10.3	Voluntary Prepayment 

  

	 	10.3.1	At any time prior to the Final Maturity Date and for as long as no Default is continuing, the Borrower may by giving to the Facility Agent not less than 3 (three) Business
Days’ prior written notice (a “Prepayment Notice”) to that effect, prepay the whole or a portion of the Loans made to it (the “Voluntary Prepayment Portion”), subject to the conditions and provisions relating
to prepayment as set out in clauses 10.3.2 and 10.7 (Restrictions and Miscellaneous Provisions relating to Prepayments). 

  

	 	10.3.2	Any proposed voluntary prepayment hereunder shall be conditional upon and subject to compliance by the Borrower with the following conditions and provisions:

  

	 	10.3.2.1	such prepayment shall not result in a breach of the Financial Covenants immediately after such prepayment has been made; 

  

	 	10.3.2.2	the Voluntary Prepayment Portion being repaid shall be a minimum aggregate amount of R50 000 000 (Fifty Million Rand) and in integral multiples of R5 000 000
(Five Million Rand). 

  

	 	10.4	Cancellation 

  

	 	  	Any unutilised portion of the Available Facility shall be cancelled on the last day of the Availability Period and the Available Facility shall be reduced to zero.

  

	 	10.5	Voluntary Cancellation 

  

	 	  	During the Availability Period, the Parent may, if it gives the Facility Agent not less than 5 (five) Business Days’ (or such shorter period as the Majority Lenders may agree)
prior notice, cancel the whole or any part (being a minimum amount of R10 000 000 (Ten Million Rand)) of the Available Facility. 

  

 Page 41. 

	 	10.6	Breakage Costs 

  

	 	10.6.1	The Borrower shall, within three Business Days of demand by a Finance Party, pay to that Finance Party its Breakage Costs attributable to all or any part of a Loan or Unpaid Sum
being paid by the Borrower on a day other than the last day of an Interest Period for that Loan or Unpaid Sum. 

  

	 	10.6.2	Each Lender shall, as soon as reasonably practicable after a demand by the Facility Agent, provide a certificate confirming the amount of its Breakage Costs for any Interest Period
in which they accrue. 

  

	 	10.7	Restrictions and Miscellaneous Provisions relating to Prepayments 

  

	 	10.7.1	Any notice of cancellation or prepayment given by any Party under this clause 10 shall be irrevocable and, unless a contrary indication appears in this Agreement, shall specify the
date or dates upon which the relevant cancellation or prepayment is to be made and the amount of that cancellation or prepayment. 

  

	 	10.7.2	Any prepayment under this Agreement shall be made together with accrued interest on the amount prepaid and, subject to any Breakage Costs, without premium or penalty.

  

	 	10.7.3	Unless a contrary indication appears in this Agreement, any part of any Loan which is prepaid may be re-borrowed in accordance with the terms of this Agreement.

  

	 	10.7.4	The Borrower shall not repay or prepay all or any part of the Loans or cancel all or any part of the Commitments except at the times and in the manner expressly provided for in this
Agreement. 

  

	 	10.7.5	No amount of the Total Commitments cancelled under this Agreement may be subsequently reinstated. 

  

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	 	10.7.6	At the end of the Availability Period, the Total Commitments shall be reduced to zero. 

  

	 	10.7.7	If the Agent received a notice under this clause 10 it shall promptly forward a copy of that notice to either the Parent or the affected Lender, as appropriate.

  

	11.	FEES 

  

	 	11.1	The Parent shall pay to the Facility Agent (for the account of each Lender) a commitment fee in Rand which shall be computed at the rate of 0,35% (zero comma three five percent) per
annum on that Lender’s Available Commitment. 

  

	 	11.2	The accrued commitment fee is payable on the last day of each successive period of three Months which ends during the Availability Period, on the last day of the Availability
Period, on the Final Maturity Date and, if cancelled in full, on the cancelled amount of the relevant Lender’s Commitment at the time the cancellation is effective. 

  

	 	11.3	The Borrower shall pay to the Facility Agent (for the account of each Lender) a utilisation fee in Rand, of 0.10% (zero comma one zero percent) on the Loans to the extent that the
Available Commitment decreases below 66.67% (sixty six comma six seven percent) of the Commitment. Should the Available Commitment decrease below 33.67% (thirty three comma six seven percent) of the Commitment, the utilisation fee shall be increased
by 0.5% (zero comma five percent) to 0.15% (zero comma one five percent). 

  

	12.	TAX GROSS UP AND INDEMNITIES 

  

	 	12.1	Tax gross-up 

  

	 	12.1.1	Each Obligor shall make all payments to be made by it without any Tax Deduction, unless a Tax Deduction is required by law. 

  

 Page 43. 

	 	12.1.2	The Parent shall promptly upon becoming aware that an Obligor must make a Tax Deduction (or that there is any change in the rate or the basis of a Tax Deduction) notify the Facility
Agent accordingly. Similarly, a Lender shall notify the Facility Agent on becoming so aware in respect of a payment payable to that Lender. If the Facility Agent receives such notification from a Lender it shall notify the Parent and, if applicable,
that Obligor. 

  

	 	12.1.3	If a Tax Deduction is required by law to be made by an Obligor, the amount of the payment due from that Obligor shall be increased to an amount which (after making any Tax
Deduction) leaves an amount equal to the payment which would have been due if no Tax Deduction had been required. 

  

	 	12.1.4	If an Obligor is required to make a Tax Deduction, that Obligor shall make that Tax Deduction and any payment required in connection with that Tax Deduction within the time allowed
and in the minimum amount required by law. 

  

	 	12.1.5	Within thirty days of making either a Tax Deduction or any payment required in connection with that Tax Deduction, the Obligor making that Tax Deduction shall deliver to the
Facility Agent for the Finance Party entitled to the payment evidence reasonably satisfactory to that Finance Party that the Tax Deduction has been made or (as applicable) any appropriate payment paid to the relevant taxing authority.

  

	 	12.2	Tax indemnity 

  

	 	12.2.1	The Parent shall (within three Business Days of demand by the Facility Agent) pay to a Finance Party an amount equal to the loss, liability or cost which that Finance Party
determines (in its absolute discretion) will be or has been (directly or indirectly) suffered for or on account of Tax by that Finance Party in respect of a Finance Document. 

  

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	 	12.2.2	Clause 12.2.1 above shall not apply: 

  

	 	12.2.2.1	with respect to any Tax assessed on a Finance Party: 

  

	 	12.2.2.1.1	under the law of the jurisdiction in which that Finance Party is incorporated or, if different, the jurisdiction (or jurisdictions) in which that Finance Party is treated as
resident for tax purposes; or 

  

	 	12.2.2.1.2	under the law of the jurisdiction in which that Finance Party’s Facility Office is located in respect of amounts received or receivable in that jurisdiction,

  

	 	  	if that Tax is imposed on or calculated by reference to the net income received or receivable (but not any sum deemed to be received or receivable) by that Finance Party; or

  

	 	12.2.2.2	to the extent a loss, liability or cost is compensated for by an increased payment under clause 12.1 (Tax gross-up). 

  

	 	12.2.3	A Finance Party making, or intending to make a claim under clause 12.2.1 above shall promptly notify the Facility Agent of the event which will give, or has given, rise to the
claim, following which the Facility Agent shall notify the Parent. 

  

	 	12.2.4	A Finance Party shall, on receiving a payment from an Obligor under this clause 12.2, notify the Facility Agent. 

  

	 	12.3	Tax Credit 

  

	 	  	If an Obligor makes a Tax Payment and the relevant Finance Party determines (in its absolute discretion) that: 

  

	 	12.3.1	a Tax Credit is attributable either to an increased payment of which that Tax Payment forms part, or to that Tax Payment; and 

  

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	 	12.3.2	that Finance Party has obtained, utilised and retained that Tax Credit, 

  

	 	  	the Finance Party shall pay an amount to such Obligor which that Finance Party determines (in its absolute discretion) will leave it (after that payment) in the same after-Tax
position as it would have been in had the Tax Payment not been required to be made by such Obligor. 

  

	 	12.4	Stamp taxes 

  

	 	  	The Parent shall pay and, within three Business Days of demand, indemnify each Finance Party against any cost, loss or liability that a Finance Party incurs in relation to all stamp
duty, registration and other similar Taxes payable in respect of any Finance Document. 

  

	 	12.5	Value added tax 

  

	 	12.5.1	All amounts set out, or expressed to be payable under a Finance Document by any Party to a Finance Party which (in whole or in part) constitute the consideration for VAT purposes
shall be deemed to be exclusive of any VAT which is chargeable on such supply, and accordingly, subject to clause 12.5.3 below, if VAT is chargeable on any supply made by any Finance Party to any Party under a Finance Document, that Party shall pay
to the Finance Party (in addition to and at the same time as paying the consideration) an amount equal to the amount of the VAT (and such Finance Party shall promptly provide an appropriate VAT invoice to such Party). 

  

	 	12.5.2	 If VAT is chargeable on any supply made by any Finance Party (the “Supplier”) to any other Finance Party (the “Recipient”) under a
Finance Document, and any Party (the “Relevant Party”) is required by the terms of any Finance Document to pay an amount equal to the 

  

 Page 46. 

	 	 
consideration for such supply to the Supplier (rather than being required to reimburse the Recipient in respect of that consideration), such Party shall also
pay to the Supplier (in addition to and at the same time as paying such amount) an amount equal to the amount of such VAT. The Recipient will promptly pay to the Relevant Party an amount equal to any credit or repayment from the relevant tax
authority which it reasonably determines relates to the VAT chargeable on that supply. 

  

	 	12.5.3	Where a Finance Document requires any Party to reimburse a Finance Party for any costs or expenses, that Party shall also at the same time pay and indemnify the Finance Party
against all VAT incurred by the Finance Party in respect of the costs or expenses to the extent that the Finance Party reasonably determines that neither it nor any other member of any group of which it is a member for VAT purposes is entitled to
credit or repayment from the relevant tax authority in respect of the VAT. 

  

	13.	INCREASED COSTS 

  

	 	13.1	Increased costs 

  

	 	13.1.1	Subject to clause 13.3 (Exceptions) the Parent shall, within five Business Days of a demand by the Facility Agent, pay for the account of a Finance Party the amount of
any Increased Costs incurred by that Finance Party or any of its affiliates as a result of (i) the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation or (ii) compliance with
any law or regulation made after the date of this Agreement. 

  

	 	13.1.2	In this Agreement “Increased Costs” means: 

  

	 	13.1.2.1	a reduction in the rate of return from a Facility or on a Finance Party’s (or its affiliate’s) overall capital; 

  

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	 	13.1.2.2	an additional or increased cost; or 

  

	 	13.1.2.3	a reduction of any amount due and payable under any Finance Document, 

  

	 	  	which is incurred or suffered by a Finance Party or any of its affiliates to the extent that it is attributable to that Finance Party having entered into its Commitment or funding
or performing its obligations under any Finance Document. 

  

	 	13.2	Increased cost claims 

  

	 	13.2.1	A Finance Party intending to make a claim pursuant to clause 13.1 (Increased costs) shall notify the Facility Agent of the event giving rise to the claim, following
which the Facility Agent shall promptly notify the Parent. 

  

	 	13.2.2	Each Finance Party shall, as soon as practicable after a demand by the Facility Agent, provide a certificate confirming the amount of its Increased Costs. 

 

	 	13.3	Exceptions 

  

	 	  	Clause 13.1 (Increased costs) does not apply to the extent any Increased Cost is: 

  

	 	13.3.1	attributable to a Tax Deduction required by law to be made by an Obligor; 

  

	 	13.3.2	compensated for by clause 12.2 (Tax indemnity) (or would have been compensated for under clause 12.2 (Tax indemnity) but was not so compensated solely
because any of the exclusions in clause 12.2.2 applied); or 

  

 Page 48. 

	 	13.3.3	attributable to the wilful breach by the relevant Finance Party or its affiliates of any law or regulation. 

  

	14.	COSTS AND EXPENSES 

  

	 	14.1	Amendment Costs 

  

	 	  	An Obligor shall within 5 (five) Business Days of demand reimburse the Facility Agent for the amount of all costs and expenses (including legal fees) reasonably incurred by the
Facility Agent in connection with any amendment, waiver or consent requested by that Obligor in relation to any Finance Document. 

  

	 	14.2	Enforcement Costs 

  

	 	  	The Obligors shall be jointly and severally liable for payment, within 5 (five) Business Days of demand of the amount of all costs and expenses (including legal fees on the scale as
between attorney and own client whether incurred before or after judgement) reasonably incurred by any Finance Party in connection with the enforcement of, or the preservation of any rights under, any Finance Document. 

  

	15.	GUARANTEE AND INDEMNITY 

  

	 	15.1	Guarantee and Indemnity 

  

	 	  	The Guarantor irrevocably and unconditionally jointly and severally: 

  

	 	15.1.1	guarantees to each Finance Party the punctual performance by each Borrower of all the Borrower’s obligations under the Finance Documents; 

  

	 	15.1.2	undertakes with each Finance Party that whenever the Borrower does not pay any amount when due under or in connection with any Finance Document, that Guarantor shall immediately on
demand pay that amount as if it was the principal obligor; and 

  

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	 	15.1.3	indemnifies each Finance Party immediately on demand (and shall make the relevant payment within 5 (five) Business Days of such demand) against any cost, loss or liability suffered
by that Finance Party if any obligation guaranteed by it is or becomes unenforceable, invalid or illegal. The amount of the cost, loss or liability shall be equal to the amount which the Finance Party would otherwise have been entitled to recover.

  

	 	15.2	Continuing Guarantee 

  

	 	  	This guarantee is a continuing guarantee and will extend to the ultimate balance of sums payable by any Obligor under the Finance Documents regardless of any intermediate payment or
discharge in whole or in part. 

  

	 	15.3	Reinstatement 

  

	 	  	If any payment by an Obligor or any one of them or any discharge given by a Finance Party (whether in respect of the obligations of any Obligor or any security for those obligations
or otherwise) is avoided or reduced as a result of insolvency or any similar event: 

  

	 	15.3.1	the liability of each Obligor shall continue as if the payment, discharge, avoidance or reduction has not occurred; and 

  

	 	15.3.2	each Finance Party shall be entitled to recover the value or amount of that security or payment from each Obligor as if the payment, discharge, avoidance or reduction has not
occurred. 

  

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	 	15.4	Waiver of Defences 

  

	 	  	The obligations of the Guarantor under this clause 15 (Guarantee and Indemnity) will not be affected by an act, omission, matter or thing which, but for this clause, would
reduce, release or prejudice any of its obligations under this clause 15 (Guarantee and Indemnity) (without limitation and whether or not known to it or any Finance Party) including: 

  

	 	15.4.1	any time, waiver or consent granted to, or composition with, the Obligors or any one of them or other person; 

  

	 	15.4.2	the release of the Obligors or any one of them or any other person under the terms of any composition or arrangement with any creditor of any member of the Group;

  

	 	15.4.3	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, the
Obligors or any one of them or other person or 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; 

  

	 	15.4.4	any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of the Obligors or any one of them or any other person;

  

	 	15.4.5	any amendment (however fundamental) or replacement of a Finance Document or any other document or security; 

  

	 	15.4.6	any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document or any other document or security; or 

  

	 	15.4.7	any insolvency or similar proceedings. 

  

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	 	15.5	Immediate Recourse 

  

	 	  	The Guarantor waives any right it may have of first requiring any Finance Party to proceed against or enforce any other rights or security or claim payment from any person before
claiming from that Guarantor under this clause 15. 

  

	 	15.6	Subordination of Guarantor’s Rights 

  

	 	15.6.1	When any Default has occurred and is continuing, the Guarantor acknowledges and agrees that any recourse claims it may have against the Obligors or any one of them (the
“Recourse Claims”) shall be subordinated to the claims of the Lenders against the Obligors under this Agreement so that until the earlier to occur of the discharge in full of all the Obligors’ obligations under the Finance
Documents (the “Secured Obligations”) or the remedy of the Default: 

  

	 	15.6.1.1	the Finance Parties’ claims will rank in priority to the Recourse Claims; and 

  

	 	15.6.1.2	the Guarantor will not claim, receive or accept, directly or indirectly, payment of any Recourse Claims; and 

  

	 	15.6.1.3	the Guarantor shall not take, accept or receive the benefit of any Encumbrance from any Obligor; and 

  

	 	15.6.1.4	the Guarantor shall not obtain or enforce any judgement against any Obligor in relation to any of the Recourse Claims. 

  

	 	15.6.2	The Guarantor shall not petition or apply for or vote in favour of any resolution for the winding-up, dissolution or administration or analogous or similar process with regard to
the Obligors or any one of them prior to the date of full and final discharge of the Secured Obligations. 

  

 Page 52. 

	 	15.6.3	In any liquidation of (whether provisional or final) or judicial management of or compromise of any Obligor, the Guarantor shall not prove or seek to prove claims in respect of any
Recourse Claims it may have prior to the date of full and final discharge of all of the Secured Obligations if the effect of such proof would be to reduce the dividend payable to the Finance Parties in relation to the Finance Parties’ claims at
the time of such liquidation, judicial management or compromise. 

  

	 	15.7	Additional Security 

  

	 	  	This guarantee is in addition to and is not in any way prejudiced by any other guarantee or security and neither shall it prejudice any other guarantee or security now or
subsequently held by the Lender. 

  

	16.	REPRESENTATIONS AND WARRANTIES 

  

	 	16.1	Representations and Warranties 

  

	 	  	Each Obligor makes the representations and warranties set out in this clause 16.1 to each Finance Party. 

  

	 	16.1.1	Status 

  

	 	16.1.1.1	It is a limited liability company, duly incorporated and validly existing under the law of its jurisdiction of incorporation. 

  

	 	16.1.1.2	It has the power to own its assets and carry on its business as it is being conducted or is contemplated to be conducted. 

  

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	 	16.1.2	Power and Authority 

  

	 	  	It has the power to enter into and perform, and has taken all necessary action to authorise its entry into, and performance of, the Finance Documents to which it is party and the
transactions contemplated by those Finance Documents. 

  

	 	16.1.3	Binding Obligations 

  

	 	  	The obligations expressed to be assumed by it in each Finance Document to which it is a party are, subject to any general principles of law as at the Signature Date limiting its
obligations. 

  

	 	16.1.4	Non-Conflict with Other Obligations 

  

	 	  	The entry into and performance by it of, and the transactions contemplated by, the Finance Documents to which it is a party do not and will not conflict with:

  

	 	16.1.4.1	any law applicable to it; 

  

	 	16.1.4.2	its Constitutional Documents; or 

  

	 	16.1.4.3	any material agreement or instrument binding upon it or any of its assets. 

  

	 	16.1.5	Authorisations 

  

	 	  	All authorisations required: 

  

	 	16.1.5.1	to enable it lawfully to enter into, exercise its rights and comply with its obligations under the Finance Documents to which it is a party and to ensure that the obligations
expressed to be assumed by it thereunder are legal, valid, binding and enforceable; and 

  

 Page 54. 

	 	16.1.5.2	to make the Finance Documents to which it is a party admissible in evidence in its jurisdiction of incorporation, 

  

	 	  	have been obtained or effected and are in full force and effect. 

  

	 	16.1.6	Governing law and enforcement 

  

	 	  	Subject to any general principles of law as at the date of this Agreement: 

  

	 	16.1.6.1	the choice of South African law as the governing law of the Finance Documents will be recognised and enforced in its jurisdiction of incorporation; and 

  

	 	16.1.6.2	any judgment obtained in South Africa in relation to a Finance Document will be recognised and enforced in its jurisdiction of incorporation. 

  

	 	16.1.7	Deduction of Tax 

  

	 	  	It is not required under the law of its jurisdiction of incorporation to make any deduction for or on account of Tax from any payment it may make under any Finance Document.

  

	 	16.1.8	No filing or stamp taxes 

  

	 	  	Except to the extent set out under the law of its jurisdiction of incorporation it is not necessary that the Finance Documents be filed, recorded or enrolled with any court or other
authority in that jurisdiction or that any stamp, registration or similar tax be paid on or in relation to the Finance Documents or the transactions contemplated by the Finance Documents. 

  

 Page 55. 

	 	16.1.9	No Default 

  

	 	16.1.9.1	No Default is continuing or might reasonably be expected to result from the making of any Utilisation. 

  

	 	16.1.9.2	It is not, nor is it likely to be as a result of entering into and performing its obligations under the Finance Documents, in violation of any law or in breach of or in default
under any agreement to which it is a party or which is binding on it or any of its assets to an extent or in a manner which could reasonably be expected to have a Material Adverse Effect. 

  

	 	16.1.10	No Misleading Information 

  

	 	16.1.10.1	To the best of its knowledge and belief (having made due enquiry), all written information supplied by it to the Finance Parties in connection with this Agreement was true and
accurate in all material respects as at the date it was given and was not deliberately misleading in any material respects at such date. 

  

	 	16.1.10.2	It has not knowingly withheld any information which, if disclosed, could reasonably be expected materially and adversely to affect the decision of any Finance Party in considering
whether or not to provide finance to the Borrower. 

  

	 	16.1.11	Financial Statements 

  

	 	16.1.11.1	The Original Financial Statements were prepared in accordance with GAAP. 

  

	 	16.1.11.2	The Original Financial Statements fairly represent the Group’s financial condition and operations during the relevant financial period. 

  

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	 	16.1.12	Pari Passu Ranking 

  

	 	  	Its payment obligations under the Finance Documents to which it is a party rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors,
except for obligations mandatorily preferred by law applying to companies generally in the jurisdiction of its incorporation. 

  

	 	16.1.13	No Proceedings Pending or Threatened 

  

	 	  	No litigation, arbitration or administrative proceedings of or before any court or arbitral body have been started or (to the best of its knowledge and belief, after due enquiry)
threatened against it which could reasonably be expected to affect the validity, legality or enforceability of any Finance Documents to which it is a party. 

  

	 	16.1.14	No Winding-Up 

  

	 	  	No Material Group Company has taken any corporate action, nor have any other steps been taken or legal proceedings started or (to the best of its knowledge and belief, after due
enquiry) threatened against any Material Group Company, for its winding-up, dissolution, administration or re-organisation or for the enforcement of any Encumbrance over all or any of its revenues or assets or for the appointment of a receiver,
administrator, administrative receiver, conservator, custodian, trustee or similar officer of it or of all or any of its assets, which could reasonably be expected to have a Material Adverse Effect. 

  

	 	16.1.15	No Encumbrances 

  

	 	16.1.15.1	No Encumbrance exists over all or any of the assets of any Material Group Company except for Permitted Encumbrances. 

  

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	 	16.1.15.2	No Encumbrance would arise as a result of the execution of and performance of its rights and obligations under the Finance Documents. 

  

	 	16.1.16	Assets and Intellectual Property Rights 

  

	 	  	It and each Material Group Company has good title to or validly leases or licenses all of the assets necessary to carry on its business as presently conducted, to the extent that
failure to comply with this clause 16.1.16 (Assets and Intellectual Property Rights) could reasonably be expected to have a Material Adverse Effect. 

  

	 	16.1.17	Insurance 

  

	 	  	Each Material Group Company maintains insurances on and in relation to its business and assets against those risks and to the extent as is usual for companies in the jurisdiction in
which it conducts its business carrying on substantially similar business in such jurisdiction. 

  

	 	16.1.18	Environmental Compliance 

  

	 	  	Each Material Group Company has adopted and complies with an environmental policy which requires monitoring of and compliance with all applicable Environmental Law and Environmental
Permits applicable to it from time to time unless non-compliance with such policy could not reasonably be expected to cause a Material Adverse Effect. 

  

	 	16.1.19	Environmental Claims 

  

	 	  	No Environmental Claim (not of a frivolous or vexatious nature) has been commenced or (to the best of its knowledge and belief) is threatened against any Material Group Company
where that claim would be reasonably likely, if determined against that Material Group Company, to have a Material Adverse Effect. 

  

 Page 58. 

	 	16.1.20	Taxation 

  

	 	16.1.20.1	It and each Material Group Company has duly and punctually paid and discharged all Taxes imposed upon it or its assets within the time period allowed without incurring penalties
except to the extent that: 

  

	 	16.1.20.1.1	payment is being contested in good faith; 

  

	 	16.1.20.1.2	it has maintained adequate reserves for those Taxes; and 

  

	 	16.1.20.1.3	payment can be lawfully withheld. 

  

	 	16.1.20.2	It is not and no Material Group Company is materially overdue in the filing of any Tax returns. 

  

	 	16.1.21	Ownership of Material Group Companies 

  

	 	16.1.21.1	Each Material Group Company (other than GFIMSA, the Cerro Corona Subsidiary and the Ghanaian Companies) is a wholly-owned subsidiary of the Parent. 

  

	 	16.1.21.2	The Parent holds at least 74% (seventy-four percent) of the issued share capital of GFIMSA. 

  

 Page 59. 

	 	16.1.21.3	The Parent indirectly holds at least 71,1% (seventy-one comma one percent) of the issued share capital of each Ghanaian Company. 

  

	 	16.1.21.4	The Parent indirectly holds at least 92% (ninety-two percent) of the voting shares in the share capital of the Cerro Corona Subsidiary (which equates to 80,7% (eighty comma seven
percent) of the issued and outstanding shares in the share capital of the Cerro Corona Subsidiary). 

  

	 	16.1.22	No Material Adverse Effect 

  

	 	  	There has been no change in the business, condition (financial or otherwise), operations, performance, properties or prospects of the Obligors or the Group (taken as a whole) since
30 September 2008 which could reasonably be expected to have a Material Adverse Effect. 

  

	 	16.2	Repetition 

  

	 	16.2.1	All the representations and warranties in this clause 16 (Representations and Warranties) are made by each Obligor on the Signature Date (other than in respect of clause
16.1.11.1, which is deemed to be made on the date such information is provided). 

  

	 	16.2.2	All the representations and warranties in this clause 16 are deemed to be made by each Obligor (by reference to the facts and circumstances then existing) on the date of each
Utilisation Request and Utilisation Date. 

  

	 	16.2.3	The Repeating Representations are deemed to be made on each Repetition Date by each Obligor in either case by reference to the facts and circumstances then existing on that
Repetition Date. 

  

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	 	16.2.4	For the purposes of clause 16.2.2 above: 

  

	 	16.2.5	“Repeating Representations” means the representations and warranties contained in the following clauses: 

  

	 	16.2.6	clause 16.1.1 (Status) to clause 16.1.22 (No Material Adverse Effect) (each inclusive) with the exception of clauses 16.1.3 (Binding Obligations), 16.1.6 (Governing
Law and Enforcement), 16.1.7 (Deduction of Tax), 16.1.8 (No Filing or Stamp Taxes), 16.1.10 (No Misleading Information) and 16.1.13 (No Proceedings Pending or Threatened); and 

  

	 	16.2.7	save that the references in clauses 16.1.11.1 and 16.1.11.2 to “the Original Financial Statements” shall, for the purposes of this Repeating Representation, be
construed as references to the most recent audited consolidated financial statements of the Group and the audited financial statements of the Borrower and the Guarantor delivered to the Facility Agent under clause 17.1 (Financial Statements).

  

	 	16.2.8	“Repetition Date” means the first day of each Interest Period (other than on the first day of the first Interest Period for a Loan). 

  

	 	16.3	Reliance 

  

	 	  	The Finance Parties have entered into the Finance Documents to which each of them is a party on the strength of, and relying on, the representations and warranties set out in clause
16.1 (Representations and Warranties), each of which shall be deemed to be a separate representation and warranty given without prejudice to any other representation or warranty and deemed to be a material representation inducing the Finance
Parties to enter into the Finance Documents to which each of them is party. 

  

 Page 61. 

	17.	INFORMATION UNDERTAKINGS 

  

	  	The undertakings in this clause 17 (Information Undertakings) are given in favour of each Finance Party and remain in force from the Signature Date for so long as any amount
is outstanding under the Finance Documents or any Commitment is in force. 

  

	 	17.1	Financial Statements 

  

	 	  	The Borrower shall supply to the Facility Agent (in sufficient copies for all Lender, if the Facility Agent so requests under clause 17.7 (Delivery of Information)):

  

	 	17.1.1	as soon as the same become available, but in any event within 120 (one hundred and twenty) days after the end of each Financial Year: 

  

	 	17.1.1.1	the audited consolidated financial statements of the Parent for that Financial Year; and 

  

	 	17.1.1.2	its audited financial statements for that Financial Year; and 

  

	 	17.1.2	as soon as same become available, but in any event within 60 (sixty) days after the first 6 (six) months of its Financial Years: 

  

	 	17.1.2.1	the unaudited financial statements of each Obligor for the first 6 (six) month period of that Financial Year; and 

  

	 	17.1.2.2	the unaudited consolidated financial statements of the Parent for the first 6 (six) month period of that Financial Year; 

  

	 	17.1.3	as soon as the same becomes available, but in any event within 45 (forty-five) days after the end of each quarter of each Financial Year: 

  

	 	17.1.3.1	the unaudited consolidated financial statements of the Parent for that period; and 

  

 Page 62. 

	 	17.1.3.2	the unaudited financial statements of each Obligor for that period. 

  

	 	17.2	Compliance Certificate 

  

	 	17.2.1	The Parent shall supply to the Facility Agent, with each set of consolidated financial statements delivered pursuant to clause 17.1.1 and 17.1.2 of clause 17.1 (Financial
Statements), a Compliance Certificate setting out (in reasonable detail) computations as to compliance with clause 18 (Financial Covenants) as at the date as at which those financial statements were drawn up.

  

	 	17.2.2	Each Compliance Certificate shall be signed by 2 (two) directors of the Parent and, if required to be delivered with the audited consolidated financial statements delivered pursuant
to clause 17.1.1.1 of clause 17.1 (Financial statements), by the Auditors. 

  

	 	17.3	Requirements as to Financial Statements 

  

	 	17.3.1	Each set of financial statements delivered pursuant to clause 17.1 (Financial Statements) shall be certified by a director of the Obligor as fairly representing its financial
condition as at the date as at which those financial statements were drawn up. 

  

	 	17.3.2	Each Obligor shall procure that each set of financial statements delivered pursuant to clause 17.1 (Financial Statements) is prepared in accordance with GAAP, the
requirements of its jurisdiction of incorporation and accounting practises and financial reference periods consistent with those applied in the preparation of the Original Financial Statements. 

  

 Page 63. 

	 	17.3.3	Clause 17.3.2 shall not apply to the extent that, in relation to any sets of financial statements, the Obligor notifies the Facility Agent that there has been a change in GAAP or
the accounting practices or reference periods and its Auditors (in the case of its annual audited financial statements) or the Parent (in the case of any of its other financial statements) delivers to the Facility Agent: 

  

	 	17.3.3.1	a description of any change necessary for those financial statements to reflect GAAP, accounting practices and reference periods upon which the Original Financial Statements were
prepared; and 

  

	 	17.3.3.2	sufficient information, in form and substance as may be reasonably required by the Facility Agent, to enable the Lenders to determine whether clause 18 (Financial Covenants)
has been complied with and make an accurate comparison between the financial position indicated in those financial statements and the Original Financial Statements. 

  

	 	17.3.4	If an Obligor notifies the Facility Agent of a change in accordance with clause 17.3.3 above, then an Obligor and the Facility Agent shall enter into negotiations in good faith with
a view to agreeing: 

  

	 	17.3.4.1	whether or not the change might result in material alteration in the commercial effect of any of the terms of this Agreement or any other Finance Document; and

  

	 	17.3.4.2	if so, any amendments to this Agreement or any other Finance Document which may be necessary to ensure that the change does not result in any material alteration in the commercial
effect of those terms, 

  

	 	  	and if any amendments are agreed they shall take effect and be binding on each of the Parties in accordance with their terms. 

  

 Page 64. 

	 	17.3.5	Any reference in this Agreement to “financial statements” shall be construed as a reference to those financial statements as the same may be adjusted under this
clause 17.3 to reflect the basis upon which the Original Financial Statements were prepared. 

  

	 	17.4	Access to Records 

  

	 	  	At any time after the occurrence of a Default and for so long as it is continuing, upon the request of the Facility Agent, each Obligor shall (at that Obligor’s expense)
provide to that person or any of its representatives and professional advisors such access to that Obligor’s records (including its general ledger), books and assets as that person may require at reasonable times and upon reasonable notice.

  

	 	17.5	Information: Miscellaneous 

  

	 	  	Each Obligor shall supply to the Facility Agent (in sufficient copies for all Finance Parties, if the Facility Agent so requests under clause 17.7 (Delivery of Information)):

  

	 	17.5.1	all documents dispatched by that Obligor to its shareholders (or any class of them) or its creditors generally at the same time as they are dispatched; 

  

	 	17.5.2	the details of any litigation, arbitration or administrative proceedings which are current, threatened or pending against any Group Company which, if adversely determined against
it, would be reasonably likely to result in a Material Adverse Effect; and 

  

	 	17.5.3	such further information (including an extract of its general ledger) regarding the financial condition, business and operations of any Group Company as any Finance Party (through
the Facility Agent) may reasonably request); and 

  

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	 	17.6	Notification of Default 

  

	 	17.6.1	Each Obligor shall notify the Facility Agent of any Default (and the steps, if any, being taken to remedy it) promptly upon becoming aware of its occurrence (unless that Obligor is
aware that a notification has already been provided by another Obligor). 

  

	 	17.6.2	Promptly upon a request by the Facility Agent, each Borrower shall supply to the Facility Agent a certificate signed by 2 (two) directors or senior officers on its behalf certifying
that no Default is continuing (or if a Default is continuing specifying the Default and the steps, if any, being taken to remedy it). 

  

	 	17.7	Delivery of Information 

  

	 	17.7.1	Without prejudice to clause 26 (Notices and Domicilia), any documents to be delivered under this clause 17 (Delivery of Information) may be delivered by the Obligors
to the Facility Agent (and by the Facility Agent to the Lenders): 

  

	 	17.7.1.1	by e-mail where the Majority Lenders have expressly agreed, by written notice to the Facility Agent, to receive such documents by e-mail and has informed the Facility Agent of an
e-mail address pursuant to clause 26 (Notices and Domicilia), provided that, for this purpose, any such notification shall also be followed-up by telefax; or 

  

	 	17.7.1.2	to the extent that it becomes common practise in South Africa to do so and the Facility Agent has agreed to do so and (as applicable) a Finance Party has expressly agreed, by
written notice to the Facility Agent (such agreement not to be unreasonably withheld or delayed), by reference to a website, the address of which (and the location of the relevant documents at such website) has been confirmed to such Party in
accordance with clause 26 (Notices and Domicilia). 

  

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	 	17.7.2	If a Finance Party requests delivery to it of a paper copy of any document to be delivered by an Obligor under this clause 17 (Information Undertakings) in place of an
electronic copy of such document, it shall notify the Facility Agent accordingly. The Facility Agent shall request an Obligor in writing to provide such paper copies promptly upon receipt of any such notice and such Obligor shall be obliged promptly
to do so. 

  

	18.	FINANCIAL COVENANTS 

  

	 	18.1	Financial Condition 

  

	 	  	The Parent shall ensure that for so long as any amount is outstanding under a Finance Document or any Commitment is in force: 

  

	 	18.1.1	the ratio of Consolidated EBITDA to Consolidated Net Finance Charges in respect of any Measurement Period shall be or shall exceed 5:1; 

  

	 	18.1.2	the ratio of Consolidated Net Borrowings to Consolidated EBITDA shall not in respect of any Measurement Period exceed 2.5:1. 

  

	 	18.2	Financial Testing 

  

	 	  	The Financial Covenants shall be tested on 28 February 2009 by reference to the unaudited consolidated financial statements of the Group in respect of the 6 (six) months ended
31 December 2008 and tested again on 31 October 2009 by reference to the audited financial statements of the Group for the Financial Years ended 30 June 2009. 

  

 Page 67. 

	 	18.3	Breach of a Financial Condition Undertaking 

  

	 	  	Immediately upon becoming aware of a breach of any of the Financial Covenants, each Obligor shall notify the Facility Agent (and provide such details about the breach as the
Facility Agent may request) (unless that Obligor is aware that a notification has already been provided by another Obligor). 

  

	19.	GENERAL UNDERTAKINGS 

  

	  	The undertakings in this clause 19 (General Undertakings) are given in favour of each Finance Party and remain in force from the Signature Date for so long as any amount is
outstanding under the Finance Documents or any Commitment is in force. 

  

	 	19.1	Authorisation 

  

	 	  	Each Obligor shall promptly: 

  

	 	19.1.1	obtain, comply with and do all that is necessary to maintain in full force and effect; and 

  

	 	19.1.2	upon written request by the Facility Agent or a Finance Party supply certified copies to the Facility Agent of, 

  

	 	  	any authorisation required or desirable under any applicable law to enable it to perform its obligations under the Finance Documents to which it is a Party and to ensure the
legality, validity, enforceability or admissibility in evidence of any Finance Documents. 

  

	 	19.2	Compliance with Laws 

  

	 	  	Each Obligor shall comply in all respects with all laws and regulations (including, but not limited to, Environmental Law) to which it may be subject, if failure so to comply would
materially impair its ability to perform its obligations under the Finance Documents to which it is a party. 

  

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	 	19.3	Negative Pledge 

  

	 	19.3.1	No Obligor shall (and the Parent shall procure that no other Material Group Company will) create or permit to subsist any Encumbrance over any of its assets.

  

	 	19.3.2	No Obligor shall (and the Parent shall procure that no other Material Group Company will): 

  

	 	19.3.2.1	sell, transfer or otherwise dispose of any of its assets on terms whereby they are or may be leased to or re-acquired by it or by an Obligor or any other member of the Group;

  

	 	19.3.2.2	sell, transfer, cede or otherwise dispose of any of its receivables on recourse terms; 

  

	 	19.3.2.3	enter into any arrangement under which money or the benefit of a bank or other account may be applied, set-off or made subject to a combination of accounts; or

  

	 	19.3.2.4	enter into any other preferential arrangement having a similar effect, 

  

	 	  	in circumstances where the arrangement or transaction is entered into primarily as a method of raising any form of Financial Indebtedness or of financing the acquisition of an
asset. 

  

	 	19.3.3	Clauses 19.3.1 and 19.3.2 above do not apply to Permitted Encumbrances. 

  

	 	19.4	Financial Indebtedness 

  

	 	  	 No member of the Group (other than the Guarantor or a Project Finance Subsidiary, GFL Mining Services (Pty) Ltd (Registration Number 

  

 Page 69. 

	 	 
1997/019961/06), Goldfields Orogen Holding (BVI) Limited) (Registration Number 184982), Goldfields Operations Limited (Registration Number 1959/003209/06)
shall incur, create or permit to subsist or have outstanding any Financial Indebtedness or enter into any agreement or arrangement whereby it is entitled to incur, create or permit to subsist any Financial Indebtedness other than Permitted
Indebtedness. 

  

	 	19.5	Disposals and Mergers 

  

	 	19.5.1	No Obligor shall (and the Parent shall ensure that no other Material Group Company will): 

  

	 	19.5.1.1	enter into a single transaction or a series of transactions (whether related or not) and whether voluntarily or involuntarily to sell, lease, transfer or otherwise dispose of any
assets; or 

  

	 	19.5.1.2	enter into any amalgamation, demerger, merger or corporate reconstruction. 

  

	 	19.5.2	Clause 19.5.1 above does not apply to: 

  

	 	19.5.2.1	Permitted Disposals; or 

  

	 	19.5.2.2	any amalgamation, demerger, merger or corporate reconstruction of any member of the Group, without insolvency, if: 

  

	 	19.5.2.2.1	in respect of the Obligors or the successors-in-title or assignees of the Obligors, the Finance Documents are preserved as binding upon the amalgamated, demerged, merged and/or
reconstructed members of the Group; and 

  

	 	19.5.2.2.2	the amalgamated, demerged, merged and/or reconstructed companies will be members of the Group; and 

  

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	 	19.5.2.2.3	such amalgamation, demerger, merger and/or corporate reconstruction will not have a Material Adverse Effect. 

  

	 	19.6	Pari Passu Ranking 

  

	 	  	Each Obligor shall ensure that at all times the claims of the Finance Parties against it under the Finance Documents rank at least pari passu with claims of all its other
unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law applying to companies generally in its jurisdiction of incorporation. 

  

	 	19.7	Change of Business 

  

	 	  	Each Obligor shall procure that no substantial change is made to the general nature of its business or the business of the Group taken as a whole from that carried on as at the
Signature Date. 

  

	 	19.8	Insurance 

  

	 	  	Each Obligor shall (and the Parent shall ensure that each Material Group Company will) maintain insurances on and in relation to its business and assets with reputable underwriters
or insurance companies against those risks and to the extent as is usual for companies carrying on the same or substantially similar business. 

  

	 	19.9	Environmental Compliance 

  

	 	  	Each Obligor shall (and the Parent shall ensure that each Material Group Company will) substantially comply in all material respects with all Environmental Laws and obtain and
maintain any Environmental Permits and take all reasonable steps in anticipation of known or expected future changes to or obligations under the same. 

  

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	 	19.10	Environmental Claims 

  

	 	  	Each Obligor shall inform the Facility Agent, in writing as soon as reasonably practical upon becoming aware of the same: 

  

	 	19.10.1	if any Environmental Claim (not of a frivolous or vexatious nature) has been commenced or (to the best of its knowledge and belief) threatened against any Material Group Company; or

  

	 	19.10.2	of any facts or circumstances which will or are reasonably likely to result in any Environmental Claim (not of a frivolous or vexatious nature) being commenced or threatened against
any Material Group Company, 

  

	 	  	where the claim would be reasonably likely, if determined against that Material Group Company, to have a Material Adverse Effect. 

  

	 	19.11	Taxation 

  

	 	  	Each Obligor shall (and the Parent shall ensure that each other Material Group Company will) duly and punctually pay and discharge all Taxes imposed upon it or its assets within the
time period allowed without incurring material penalties, except to the extent: 

  

	 	19.11.1	that such payment is being contested in good faith; 

  

	 	19.11.2	adequate reserves are being maintained for those Taxes; and 

  

	 	19.11.3	where such payment can be lawfully withheld. 

  

	 	19.12	Maintenance of Legal Status 

  

	 	  	Each Material Group Company shall do all such things as are necessary to maintain its existence as a legal person and shall maintain its books and records in good order and make all
necessary corporate filings with the relevant authorities in its jurisdiction of incorporation. 

  

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	 	19.13	Maintenance of Assets 

  

	 	  	Each Obligor shall (and the Parent shall ensure that each other Material Group Company shall) ensure that it has good title to or validly leases or licences all of the assets
necessary and has all consents and/or authorisations necessary to carry on its business as conducted to the extent that failure to comply with this clause 19.12 could reasonably be expected to have a Material Adverse Effect.

  

	 	19.14	Acquisitions 

  

	 	  	No Obligor shall (and the Parent shall ensure that no Material Group Company will), without the prior consent of the Lender, enter into any transaction, acquire any company,
business, assets or undertaking where such a transaction or acquisition is classed as a “Category 1” transaction under the JSE Listing Requirements. For the purpose of this clause 19.14 only, references to a transaction shall be
construed as not including any acquisition of the Parent by a third party. 

  

	 	19.15	Ownership of Material Group Companies 

  

	 	  	The Parent shall ensure that: 

  

	 	19.15.1	each Material Group Company which is a Material Group Company at the date of this Agreement (other than GFIMSA, any Ghanaian Company or the Cerro Corona Subsidiary) is and continues
to be a wholly-owned subsidiary of the Parent; 

  

	 	19.15.2	it holds and continues to hold at least 74% of the issued share capital of GFIMSA; 

  

	 	19.15.3	it indirectly holds and continues to indirectly hold at least 71.1% of the issued share capital of each Ghanaian Company; and 

  

 Page 73. 

	 	19.15.4	it indirectly holds and continues to indirectly hold at least 92% of the voting shares in the share capital of the Cerro Corona Subsidiary (which equates to 80.7% of the issued and
outstanding shares in the share capital of the Cerro Corona Subsidiary). 

  

	20.	DEFAULT 

  

	 	20.1	Events of Default 

  

	 	  	Each of the events set out in this clause 20 (Default) is an Event of Default (whether or not caused by any reason whatsoever outside the control of the Borrower, any other
Obligor or any other person). 

  

	 	20.1.1	Non-Payment 

  

	 	  	An Obligor does not pay on the due date any amount payable pursuant to a Finance Document at the place at and in the currency in which it is expressly payable unless payment is made
within 5 (five) Business Days of its due date. 

  

	 	20.1.2	Financial Covenants 

  

	 	  	Any requirement of clause 18 (Financial Covenants) is not satisfied. 

  

	 	20.1.3	Other Obligations under Finance Documents 

  

	 	20.1.3.1	Subject to clause 20.3 (Remedy), an Obligor does not comply with any provision of the Finance Documents (other than those referred to in clause 20.1.1 (Non-Payment)
and clause 20.1.2 (Financial Covenants). 

  

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	 	20.1.3.2	No Event of Default will occur under clause 20.1.3.1 if the Taxes not duly and punctually paid and discharged and in respect of which the undertaking contained in clause 19.11
(Taxation) is given do not exceed an amount of US$10 000 000 (Ten Million United States Dollars). 

  

	 	20.1.4	Misrepresentation 

  

	 	20.1.4.1	Subject to clause 20.3 (Remedy), any representation or statement made or in the case of clause 16.2.1 (Repetition), deemed to be made by any Obligor or in the Finance
Documents or any other document delivered by or on behalf of any Obligor under or in connection with any Finance Documents is or is proved to have been incorrect or misleading in any material and adverse respect when made or in the case of clause
16.2.1 (Repetition), deemed to be made. 

  

	 	20.1.4.2	No Event of Default will occur under clause 20.1.4.1 if the Taxes in respect of which the representation contained in clause 19.11 (Taxation) was made does not exceed an
amount of US$10 000 000 (Ten Million United States Dollars). 

  

	 	20.1.5	Cross-Default 

  

	 	20.1.5.1	Any Financial Indebtedness of a Material Group Company is not paid when due, nor where there is an applicable grace period, within the earlier to expire of the originally applicable
grace period and a period of 5 (five) days starting at the same time as the originally applicable grace period. 

  

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	 	20.1.5.2	Any Financial Indebtedness of a 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). 

  

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

  

	 	20.1.5.4	Any creditor of a Material Group Company becomes entitled to declare any Financial Indebtedness of a Material Group Company due and payable prior to its specified maturity as a
result of an event of default (however described). 

  

	 	20.1.5.5	No Event of Default will occur under this clause 20.1.5 (Cross Default) if the aggregate amount of Financial Indebtedness or commitment for Financial Indebtedness,
falling within clauses 20.1.5.1 to 20.1.5.4 is less than US$20 000 000 (Twenty Million United States Dollars). 

  

	 	20.1.6	Insolvency 

  

	 	20.1.6.1	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 Financial Indebtedness which in the case of a Material Group Company (other than an Obligor) could reasonably be
expected to have a Material Adverse Effect. 

  

	 	20.1.6.2	 The value of the assets of any Material Group Company is less than its liabilities (taking into account contingent and prospective 

  

 Page 76. 

	 	 
liabilities) which in the case of a Material Group Company (other than an Obligor) could reasonably be expected to have a Material Adverse Effect.

  

	 	20.1.6.3	A moratorium is declared in respect of any Financial Indebtedness of any Material Group Company. 

  

	 	20.1.7	Insolvency Proceedings 

  

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

  

	 	20.1.7.1	the suspension of payments, a moratorium of any Financial Indebtedness, winding-up, dissolution, administration or re-organisation (by way of voluntary arrangement, scheme of
arrangement or otherwise) of any Material Group Company. 

  

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

  

	 	20.1.7.3	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; or 

  

	 	20.1.7.4	enforcement of any Encumbrance over any assets of any Material Group Company, 

  

	 	  	or any analogous procedure or step is taken in any jurisdiction 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). 

  

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	 	20.1.8	Failure to comply with Final Judgement 

  

	 	  	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 clause 20.1.8 (Failure to comply with Final Judgement), a “material final judgement” shall be any judgement for the payment of a sum of money in
excess of US$10 000 000 (Ten Million United States Dollars). 

  

	 	20.1.9	Creditors’ Process 

  

	 	  	Any expropriation (other than an expropriation where fair compensation is received) or the operation of the attachment, sequestration, distress or execution affects any material
asset of a Material Group Company and is not discharged within 21 (twenty-one) days. For the purposes of this clause 20.1.9 (Creditor’s Process) a “material asset” is any single income producing asset of the
relevant Material Group Company which contributes not less than 5% (five percent) towards the Consolidated EBITDA or gross assets of the Group (calculated according to the most recent set of audited consolidated financial statements delivered
pursuant to clause 17.1 (Financial Statements)) provided that any loss of mineral rights arising as a result of the operation of the Mineral and Petroleum Resources Development Act, No. 28 of 2002 substantially in its current form
as at the date of this Agreement and/or the operation of the Minerals and Petroleum Royalty Bill in substantially its current form once enacted shall not constitute an expropriation for the purposes of this clause 20.1.9 (Creditor’s
Process). 

  

	 	20.1.10	Unlawfulness 

  

	 	  	It is or becomes unlawful for an Obligor to perform any of its obligations under the Financial Documents or such obligations are to be legal, valid, binding or enforceable
obligations. 

  

 Page 78. 

	 	20.1.11	Repudiation 

  

	 	  	An Obligor repudiates a Finance Document or any Finance Document is declared to be or is otherwise unenforceable against an Obligor by a court of the jurisdiction of incorporation
of the relevant Obligor. 

  

	 	20.1.12	Governmental Intervention 

  

	 	  	By or under the authority of any government: 

  

	 	20.1.12.1	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
curtailed; or 

  

	 	20.1.12.2	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. For
the purposes of this clause 20.1.12 (Govermental Intervention) “material part of its revenues or assets” shall in relation to the relevant Material Group Company be construed as revenues comprising not less than 5% (five
percent) of the Consolidated EBITDA or gross assets of the Group calculated mutatis mutandis in accordance with the provisions of clause 20.1.9 (Creditor’s Process) or assets which contribute not less than 5% (five percent) towards
the Consolidated EBITDA or gross assets of the Group calculated mutatis mutandis accordance with the provisions of clause 20.1.9 (Creditor’s Process), provided that neither the implementation of the Mineral and
Petroleum Resources Development Act, No. 28 of 2002 substantially in its current form as at the date of this Agreement nor the implementation of the Minerals and Petroleum Royalty Bill in substantially its current form once enacted shall
constitute a seizure, nationalisation, expropriation or compulsory acquisition as contemplated by this clause 20.1.12 (Govermental Intervention). 

  

 Page 79. 

	 	20.1.13	Material Adverse Effect 

  

	 	  	Any change occurs in the business, condition (financial or otherwise), operations, performance, properties or prospects of the Obligors or the Group taken as a whole since
30 September 2008, which could be reasonably likely to have a Material Adverse Effect. 

  

	 	20.1.14	Cessation of Business 

  

	 	  	Any Material Group Company ceases to carry on the business which it undertakes at the Signature Date. 

  

	 	20.2	Acceleration 

  

	 	20.2.1	If any Event of Default occurs which is continuing, the Facility Agent shall be entitled (acting on the instructions of the Majority Lenders) and without prejudice to any other
rights or remedies which the Finance Parties may have under any of the Financial Documents by notice to the Borrower and the Parent to: 

  

	 	20.2.1.1	cancel the Total Commitments whereupon they shall immediately be cancelled; 

  

	 	20.2.1.2	declare that all or part of the Loans, together with accrued interest, and all other amounts accrued or outstanding under the Finance Documents be immediately due and payable,
whereupon they shall become immediately due and payable; and/or 

  

	 	20.2.1.3	declare that all or part of the Loans be payable on demand, whereupon they shall immediately become payable on demand by the Facility Agent on the instructions of the Majority
Lenders. 

  

 Page 80. 

	 	20.3	Remedy 

  

	 	20.3.1	No Event of Default under this clause 20.1 (Events of Default) (other than those referred to in clause 20.1.1 (Non-payment) and 20.1.2 (Financial covenants))
will occur if the failure to comply or circumstance giving rise to the same is capable of remedy and is remedied by an Obligor within 10 (ten) days of the earlier of the Facility Agent giving notice to the Obligors or any Obligor becoming aware of
the failure to comply. 

  

	 	20.3.2	For the purposes of clause 20.3.1, the events or circumstances referred to in clause 20.1.5 (Cross-default), clause 20.1.6 (Insolvency), clause 20.1.7 (Insolvency
Proceedings), clause 20.1.8 (Failure to comply with final judgment), clause 20.1.9 (Creditors’ process), clause 20.1.10 (Unlawfulness), clause 20.1.11 (Repudiation), clause 20.1.12 (Governmental
Intervention), clause 20.1.13 (Material Adverse Effect) and clause 20.1.14 (Cessation of Business) shall be deemed to be incapable of remedy save to the extent set out therein unless the Facility Agent determines otherwise.

  

	21.	CHANGE OF PARTY 

  

	 	21.1	Assignments and Transfers by the Lenders 

  

	 	21.1.1	Subject to this clause, any Lender (the “Existing Lender”) may: 

  

	 	21.1.1.1	cede any of its rights; or 

  

	 	21.1.1.2	delegate any of its obligations, 

  

 Page 81. 

	 	  	under this Agreement and any corresponding rights or obligations under any other Finance Document to another bank or financial institution (the “New Lender”) with
the prior written consent of the Parent, which shall not be unreasonably withheld or delayed, provided that where the proposed New Lender is another Lender or an affiliate of a Lender, or if at the time of any proposed transfer an Event of Default
has occurred which is continuing, the Parent’s consent shall not be required. Should the Parent fail to respond to a written request for such consent from the Facility Agent within 5 (five) days of receipt thereof, the Parent shall be deemed to
have provided such consent. 

  

	 	21.2	New Lender to become Bound 

  

	 	  	In the event an Existing Lender cedes any of its rights or delegates any of its obligations as contemplated under clause 21.1 (Assignments and Transfers by the Lender), the
Existing Lender shall procure that the New Lender agrees to become bound by all the terms and conditions of this Agreement and the other Finance Documents to which the Existing Lender is a party as a party thereto. 

  

	 	21.3	Limitation of responsibility of Existing Lenders 

  

	 	21.3.1	Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no responsibility to a New Lender for: 

  

	 	21.3.1.1	the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents or any other documents; 

  

	 	21.3.1.2	the financial condition of any Obligor; 

  

	 	21.3.1.3	the performance and observance by any Obligor of its obligations under the Finance Documents or any other documents; or 

  

 Page 82. 

	 	21.3.1.4	the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document or any other document, 

  

	 	  	and any representations or warranties implied by law are excluded. 

  

	 	21.3.2	Each New Lender confirms to the Existing Lender and the other Finance Parties that it: 

  

	 	21.3.2.1	has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of each Obligor and its related entities in connection
with its participation in this Agreement and has not relied exclusively on any information provided to it by the Existing Lender in connection with any Finance Document; and 

  

	 	21.3.2.2	will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related entities whilst any amount is or may be outstanding under the Finance
Documents or any Commitment is in force. 

  

	 	21.3.3	Nothing in any Finance Document obliges an Existing Lender to: 

  

	 	21.3.3.1	accept a re-transfer from a New Lender of any of the rights and obligations assigned or transferred under this clause 21.3 (Limitation of Responsibility of Existing
Lenders); or 

  

	 	21.3.3.2	support any losses directly or indirectly incurred by the New Lender by reason of the non-performance by any Obligor of its obligations under the Finance Documents or otherwise.

  

 Page 83. 

	 	21.4	Disclosure of Information 

  

	 	  	A Lender may disclose to any of its affiliates and/or any other person (upon prior notification to the Obligors: 

  

	 	21.4.1	to (or through) whom that the Lender cedes, assigns or transfers (or may potentially assign or transfer) all or any of its rights and obligations under the Finance Documents;

  

	 	21.4.2	with (or through) whom that Lender enters into (or may potentially enter into) any sub-participation in relation to, or any other transaction under which payments are to be made by
reference to, the Finance Documents or any Obligor; or 

  

	 	21.4.3	to whom, and to the extent that, information is required to be disclosed by any applicable law or regulation, 

  

	 	  	any information about an Obligor, the Group and the Finance Documents as that Lender shall consider appropriate if, in relation to clauses 21.4.1 and 21.4.2 above, the person to
whom the information is to be given has agreed to maintain such information as confidential information and has executed a Confidentiality Undertaking. 

  

	 	21.5	Notification 

  

	 	  	The Facility Agent shall promptly notify the Obligor and each other Finance Party in writing of any cession, assignment or transfer occurring pursuant to this clause 21 (Change
of Party). 

  

 Page 84. 

	22.	CHANGES TO THE OBLIGORS 

  

	 	22.1	Assignment and transfer by Obligors 

  

	 	  	No Obligor may cede any of its rights or delegate any of its obligations under the Finance Documents without the prior written consent of the Facility Agent.

  

	23.	PAYMENT MECHANICS 

  

	 	23.1	All payments to be made by the Obligors under any of the Finance Documents shall be governed by the following provisions: 

  

	 	23.1.1	all payments shall be made to the Facility Agent on the due date for such payment into the bank account nominated by the Facility Agent; 

  

	 	23.1.2	all payments shall be made for value by no later than 15h00 on the due date for such payment; and 

  

	 	23.1.3	all payments shall be made in immediately available, freely transferable, cleared funds free and clear of set-off, deduction or counterclaim. 

  

	 	23.2	Partial payments 

  

	 	23.2.1	If the Facility Agent receives a payment that is insufficient to discharge all the amounts then due and payable by an Obligor under the Finance Documents, the Agent shall apply that
payment towards the obligations of that Obligor under the Finance Documents in the following order: 

  

	 	23.2.1.1	first, in or towards payment pro rata of any due but unpaid fees, costs and expenses of the Facility Agent under the Finance Documents; 

  

	 	23.2.1.2	secondly, in or towards payment pro rata of any accrued interest, fee or commission due but unpaid under the Finance Documents; 

  

 Page 85. 

	 	23.2.1.3	thirdly, in or towards payment pro rata of any principal due but unpaid under this Agreement; and 

  

	 	23.2.1.4	fourthly, in or towards payment pro rata of any other sum due but unpaid under the Finance Documents. 

  

	 	23.2.2	The Facility Agent shall, if so directed by the Majority Lenders, vary the order set out in clauses 23.2.1.2 to 23.2.1.4. 

  

	 	23.2.3	Clauses 23.2.1 and 23.2.2 will override any appropriation made by an Obligor. 

  

	24.	CONFIDENTIALITY 

  

	 	24.1	Without the prior written consent of the other Parties, each Party will keep confidential and will not disclose to any person: 

  

	 	24.1.1	the details of any document, the details of the negotiations leading to any document, and the information handed over to such Party during the course of negotiations, as well as the
details of all the transactions or agreements contemplated in any document; and 

  

	 	24.1.2	all information relating to the business or the operations and affairs of the Parties (together “Confidential Information”). 

  

	 	24.2	The Parties agree to keep all Confidential Information confidential and to disclose it only to their officers, directors, employees, consultants, shareholders, professional
advisers, auditors, any other divisions or affiliates of the Party and any person to whom the Lenders wish to cede any or their respective rights or delegate any of their respective obligations under any of the Finance Documents who:

  

	 	24.2.1	have a need to know (and then only to the extent that each such person has a need to know); 

  

 Page 86. 

	 	24.2.2	are aware that the Confidential Information should be kept confidential; 

  

	 	24.2.3	are aware of the disclosing Party’s undertaking in relation to such information in terms of this Agreement; and 

  

	 	24.2.4	have been directed by the disclosing Party to keep the Confidential Information confidential and have undertaken to keep the Confidential Information confidential. Furthermore, if
either Party so requires, the other Party shall procure that each of its employees to whom such disclosure is made, provides a written undertaking of confidentiality to the requesting Party, on terms which meet with that Party’s reasonable
satisfaction. 

  

	 	24.3	The obligations of the Parties in relation to the maintenance and non-disclosure of Confidential Information in terms of this Agreement do not extend to information that:

  

	 	24.3.1	is disclosed to the receiving Party in terms of the Finance Documents but at the time of such disclosure such information is known to be in the lawful possession or control of that
Party and not subject to an obligation of confidentiality; or 

  

	 	24.3.2	is or lawfully becomes public knowledge, otherwise than pursuant to a breach of this Agreement by the Party who received such Confidential Information; or 

 

	 	24.3.3	is required by the provisions of any law, statute or regulation or during any court proceedings, or by the rules or regulations of any recognised stock exchange or other regulatory
authority (including the United States Securities and Exchange Commission) to be disclosed; or 

  

	 	24.3.4	is exchanged amongst the Lender and the Facility Agent for the purposes of or in connection with the instruction of the Facility Agent or for the purposes of exercising or enforcing
any of their rights and/or in performing any of their obligations under this Agreement or any other Finance Document. 

  

 Page 87. 

	25.	SET-OFF 

  

	  	A Finance Party may set-off any due and payable obligation owed by an Obligor under the Finance Documents to that Finance Party against any obligation owed by that Finance Party to
that Obligor. Each Finance Party shall notify the relevant Obligor (giving full details) promptly after the exercise or purported exercise of any right under this clause 25. 

  

	26.	NOTICES AND DOMICILIA 

  

	 	26.1	Notices 

  

	 	26.1.1	Each Party chooses the addresses set out opposite its name below as its addresses to which any written notice in connection with the Finance Documents may be addressed.

  

	 	26.1.1.1	Absa Capital: 

  

	 	  	Absa Bank Limited (acting through its division Absa Capital) 

	 	  	Absa Capital Legal - Documentation Management 

	 	   
	 3rd Floor, 3E1

	 	  	Absa Capital Towers North 

	 	  	180 Commissioner Street 

	 	  	Johannesburg 

	 	  	2001 

  

	 	  	Telefax No: 011) 350 7461 

  

	 	  	Attention: Please attached Schedule 4 

  

 Page 88. 

	 	26.1.1.2	Facility Agent: 

  

	 	  	Absa Bank Limited (acting through its division Absa Capital) 

	 	  	Absa Capital Legal - Documentation Management 

	 	   
	 3rd Floor, 3E1

	 	  	Absa Capital Towers North 

	 	  	180 Commissioner Street 

	 	  	Johannesburg 

	 	  	2001 

	 	

	 	  	Telefax No: 011) 350 7461 

	 	

	 	  	Attention: Absa Capital Legal - Documentation Management 

  

	 	26.1.1.3	Borrower: 

  

	 	  	24 St Andrews Road 

	 	  	PARKTOWN 

	 	  	2193 

	 	

	 	  	Telefax No: (011) 484 4882 

	 	

	 	  	Attention: Executive Vice President – General Counsel 

  

	 	26.1.2	Any notice or communication required or permitted to be given in terms of the Finance Documents shall be valid and effective only if in writing but it shall be competent to give
notice by telefax transmitted to its telefax number set out opposite its name above. 

  

	 	26.1.3	Any Party may by written notice to the other Parties change its chosen physical addresses and/or telefax number for the purposes of clause 26.1.1 to any other address(es) and/or
telefax number, provided that the change shall become effective on the fourteenth day after the receipt of the notice by the addressee. 

  

 Page 89. 

	 	26.1.4	Any notice given in terms of this Agreement shall: 

  

	 	 26.1.4.1
	 if sent by a courier service be deemed to have been received by the addressee on the 7th (seventh) Business Day following the date of such sending; 

  

	 	26.1.4.2	if delivered by hand be deemed to have been received by the addressee on the date of delivery; 

  

	 	26.1.4.3	if transmitted by facsimile be deemed to have been received by the addressee on the first Business Day after the date of transmission, 

  

	 	  	unless the contrary is proved. 

  

	 	26.1.5	Notwithstanding anything to the contrary herein contained, a written notice or communication actually received by a Party shall be an adequate written notice or communication to it,
notwithstanding that it was not sent to or delivered at its chosen address and/or telefax number. 

  

	 	26.2	Domicilia 

  

	 	26.2.1	Each of the Parties chooses its physical address referred to in clause 26.1.1 as its domicilium citandi et executandi at which documents in legal proceedings in connection
with this Agreement may be served. 

  

	 	26.2.2	Any Party may by written notice to the other Party change its domicilium from time to time to another address, not being a post office box or a poste restante, in
South Africa; provided that any such change shall only be effective on the fourteenth day after deemed receipt of the notice by the other Party pursuant to clause 26.1.5. 

  

 Page 90. 

	27.	GENERAL 

  

	 	27.1	Renunciation of Benefits 

  

	 	  	Each Obligor renounces, to the extent permitted under applicable law, the benefits of each of the legal exceptions of excussion, division, revision of accounts, no value received,
errore calculi, non causa debiti, non numeratae pecuniae and cession of actions, and declares that it understands the meaning of each such legal exception and the effect of such renunciation. 

  

	 	27.2	Accounts and Certificates 

  

	 	  	The entries made in the accounts maintained by the Lenders in connection with the Facility and/or any certificate and/or notice issued, and signed by any manager or director (whose
appointment, designation and authority as such it shall not be necessary to prove) of the Lenders or the Facility Agent, save for manifest error, be prima facie proof of the amounts from time to time owing by any Obligor under the Finance
Documents. 

  

	 	27.3	Sole Agreement 

  

	 	  	The Finance Documents constitute the sole record of the agreement between the Parties in regard to the subject matter thereof. 

  

	 	27.4	No Implied Terms 

  

	 	  	No Party shall be bound by any express or implied term, representation, warranty, promise or the like, not recorded in any Finance Document. 

  

	 	27.5	No Variation 

  

	 	  	No addition to, variation or consensual cancellation of any Finance Document and no extension of time, waiver or relaxation or suspension of any of the provisions or terms of any
Finance Document shall be of any force or effect unless in writing and signed by or on behalf of all the parties thereto. 

  

 Page 91. 

	 	27.6	Extensions and Waivers 

  

	 	  	No latitude, extension of time or other indulgence which may be given or allowed by any Party to any other Party in respect of the performance of any obligation hereunder or
enforcement of any right arising from any Finance Document and no single or partial exercise of any right by any Party shall under any circumstances be construed to be an implied consent by such Party or operate as a waiver or a novation of, or
otherwise affect any of that Party’s rights in terms of or arising from any Finance Document or estop such Party from enforcing, at any time and without notice, strict and punctual compliance with each and every provision or term of any Finance
Document. 

  

	 	27.7	Further Assurances 

  

	 	  	The Parties undertake at all times to do all such things, to perform all such acts and to take all such steps and to procure the doing of all such things, the performance of all
such actions and the taking of all such steps as may be open to them and necessary for or incidental to the putting into effect or maintenance of the terms, conditions and import of any Finance Document. 

  

	 	27.8	Waiver of Defences 

  

	 	  	The provisions of the Finance Documents will not be affected by an act, omission, matter or thing which, but for this clause 27.8 (Waiver of Defences), would reduce, release
or prejudice the subordination and priorities in this Agreement including: 

  

	 	27.8.1	any time, waiver or consent granted to, or composition with any person; 

  

	 	27.8.2	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 Obligor
or any non-presentation or non-observance of any formality or other requirement in respect of any instrument; 

  

 Page 92. 

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

  

	 	27.8.4	any amendment (however fundamental) or replacement of a Finance Document or any other document or security; 

  

	 	27.8.5	any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document or any other document or security; or 

  

	 	27.8.6	any intermediate payment or discharge of any of the Secured Obligations in whole or in part. 

  

	 	27.9	Independent Advice 

  

	 	  	Each of the Parties acknowledges that they have been free to secure independent legal and other advice as to the nature and effect of all of the provisions of the Finance Documents
and that they have either taken such independent legal and other advice or dispensed with the necessity of doing so. Further, each of the Parties acknowledges that all of the provisions of each Finance Document and the restrictions therein contained
are fair and reasonable in all the circumstances and are part of the overall intention of the Parties in connection with the Finance Documents. 

  

	 	27.10	Counterparts 

  

	 	  	Any Finance Document may be executed in any number of counterparts and by different parties thereto in separate counterparts, each of which when so executed shall be deemed to be an
original and all of which when taken together shall constitute one and the same agreement. 

  

 Page 93. 

	 	27.11	Waiver of Immunity 

  

	 	  	Each Obligor waives generally all immunity it or its assets or revenues may otherwise have in any jurisdiction, including immunity in respect of: 

  

	 	27.11.1	the giving of any relief by way of interdict or order for specific performance or for the recovery of assets or revenues; and 

  

	 	27.11.2	the issue of any process against its assets or revenues for the enforcement of a judgement or, in an action in rem, for the arrest, detention or sale of any of its assets and
revenues. 

  

	 	27.12	Governing Law 

  

	 	  	The entire provisions of each Finance Document shall be governed by and construed in accordance with the laws of South Africa. 

  

	 	27.13	Jurisdiction 

  

	 	  	The Parties hereby irrevocably and unconditionally consent to the non-exclusive jurisdiction of the Witwatersrand Local Division of the High Court of South Africa (or any successor
to that division) in regard to all matters arising from the Finance Documents. 

  

	 	27.14	Severability 

  

	 	  	Each provision in each Finance Document is severable from all others, notwithstanding the manner in which they may be linked together or grouped grammatically, and if in terms of
any judgment or order, any provision, phrase, sentence, paragraph or clause is found to be defective or unenforceable for any reason, the remaining provisions, phrases, sentences, paragraphs and clauses shall nevertheless continue to be of full
force. In particular, and without limiting the generality of the aforegoing, the Parties acknowledge their intention to continue to be bound by each Finance Document notwithstanding that any provision may be found to be unenforceable or void or
voidable, in which event the provision concerned shall be severed from the other provisions, each of which shall continue to be of full force. 

  

 Page 94. 

 SIGNED at
                     on this the      day of
                     2008. 
  

	
	For and on behalf of
	ABSA BANK LIMITED (acting through its ABSA CAPITAL division)
	
	  

	Name:
	Capacity:
	Who warrants his authority hereto
	
	  

	Name:
	Capacity:
	Who warrants his authority hereto

 SIGNED at
                     on this the      day of
                     2008. 
  

	
	For and on behalf of
	GFI MINING SOUTH AFRICA (PROPRIETARY) LIMITED
	
	  

	Name:
	Capacity:
	Who warrants his authority hereto

  

 Page 95. 

 SIGNED at
                     on this the      day of
                     2008. 
  

	
	For and on behalf of
	GOLD FIELDS LIMITED
	
	  

	Name:
	Capacity:
	Who warrants his authority hereto

  

 Page 96. 

 SCHEDULE 1 
 FINANCIAL CLOSE DOCUMENTS 
  

	1.	The Obligors 

  

	 	1.1	A copy of the Constitutional Documents of each Obligor. 

  

	 	1.2	A copy of a resolution of the board of directors of each Obligor: 

  

	 	1.2.1	approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and resolving to execute those Finance Documents;

  

	 	1.2.2	authorising a specified person or persons to execute the Finance Documents to which it is a party on its behalf; and 

  

	 	1.2.3	authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices to be signed and/or despatched by it under or in connection with the
Finance Documents to which it is a party. 

  

	 	1.3	a specimen of the signature of each person authorised by the resolution referred to in paragraphs 1.2 above; 

  

	2.	Finance Documents 

  

	  	A duly executed original of this Agreement: 

  

	3.	Financial Intelligence Centre Act, 2001 

  

	  	All information and documentation required by the Original Lender in relation to each Obligor to enable it to comply with its obligations under, and the requirements of, the
Financial Intelligence Centre Act, 2001 and its own “know your customer” procedures. 

  

 Page 97. 

	4.	Financial Statements 

  

	 	4.1	The Original Financial Statements together with the latest audited financial statements of each Obligor (other than any other Obligor which is not legally required to audit its
financial statements). 

  

	5.	Authorisations and Consents 

  

	  	A copy of any authorisation or consent (to include any relevant corporate, regulatory and shareholder consent) which the Facility Agent reasonably considers to be necessary or
desirable in connection with the entry into and performance of the transactions contemplated by this Agreement or for the validity and enforceability of any Finance Document. 

  

 Page 98. 

 SCHEDULE 2 
 FORM OF UTILISATION REQUEST 
 (To
appear on the letterhead of the Borrower) 
 To: [insert] 
 [Facility Agent] 
 Date: 
 Attention:
[insert] 
 Dear Sirs 
 Facility
Agreement dated [Insert Date]: Utilisation Request 
  

	1.	We refer to the Facility Agreement dated [insert] entered into between inter alia us and, Absa Bank Limited (acting through its Absa Capital division) (the
“Facility Agreement”). 

  

	2.	This is a Utilisation Request. 

  

	3.	The terms defined in the Facility Agreement shall have the same meanings where used in this Utilisation Request. 

  

	4.	This Utilisation Request is irrevocable. 

  

 Page 99. 

	5.	We hereby give you notice that, pursuant to the Facility Agreement and on [insert date], we wish to borrow a Loan in an amount of R[insert] ([insert] Rand) upon
the terms and subject to the conditions contained therein. 

  

	6.	We elect an Interest Period of [insert] months. 

  

	7.	We confirm that as of the date hereof: 

  

	 	7.1	the Repeating Representations set out in the Facility Agreement are true and correct in all material respects; and 

  

	 	7.2	no Default has occurred and/or is continuing. 

  

	8.	The proceeds of the Loan must be credited to the following bank account: 

  

									
	8.1	 		 	 Bank:	 	[insert];	 	
					
	8.2	 		 	 Branch:	 	[insert];	 	
					
	 8.3
	 		 	 Account Name:	 	[insert];	 	
					
	8.4	 		 	 Account Number:	 	[insert];	 	
					
	8.5	 		 	 Branch Code:	 	[insert].	 	

 Yours faithfully 
 [BORROWER] 
  

 Page 100. 

 SCHEDULE 3 
 FORM OF COMPLIANCE CERTIFICATE 
 To: Absa Bank Limited
(acting through its Absa Capital Division) (as Facility Agent) 
 [Date] 
 Dear Sirs 
 Facility Agreement between ABSA Bank Limited, Gold Fields 
 Limited and others dated [            ] 2007 (the “Facility Agreement”)

  

	1.	We refer to the Facility Agreement. This is a Compliance Certificate, and terms used in this Compliance Certificate have the same meaning as in the Facility Agreement.

  

	2	We confirm that as at [INSERT]: 

  

	 	2.1	Consolidated EBITDA to Consolidated Net Finance Charges 

  

	 	  	the ratio of Consolidated EBITDA to Consolidated Net Finance Charges in respect of the Measurement Period ending on [INSERT] was:
[            ] : 1; and 

  

	 	2.2	Consolidated Net Borrowings to Consolidated EBITDA 

  

	 	  	the ratio of Consolidated Net Borrowings to Consolidated EBITDA in respect of the Measurement Period ending on [INSERT] was:
[            ] : 1, 

  

	    	and attach calculations showing how these figures were calculated 

  

 Page 101. 

	3	We confirm that no Default is continuing.* 

  

	
	For and on behalf of
	
	Gold Fields Limited
	
	  

	Name:
	Capacity:
	Who warrants his authority hereto

 Attachment: Auditor’s letter of confirmation of compliance with financial ratios. 
  

	*	If this statement cannot be made, the Certificate should identify any Default that is continuing and the steps, if any, being taken to remedy it. 

  

 Page 102. 

 SCHEDULE 4 
 ADMINISTRATION DOCUMENT 
  

	1.	DOCUMENTATION AND SECURITY: 

  

					
	Organisation name	  	:	  	ABSA Capital, a division of ABSA Bank Limited
			
	Address	  	:	  	 ABSA Capital Legal - Documentation Management 3rd
Floor
 ABSA Towers North (3E2)
 180
Commissioner Street
 Johannesburg
 2001
 South Africa

			
	Tel. no.	  	:	  	+27 (0)11 350 2615
			
	Fax no.	  	:	  	+27 (0) 11 350 7477

  

	2.	CONTACT POINTS: 

  

	  	Names and addresses of the persons responsible for: 

  

	  	(i) Credit Matters and Documentation 

  

					
	Name	  	:	  	Mervyn Piaray / Iraan Singh / Hennie Schoeman
			
	Department	  	:	  	ABSA Capital Global Loans, Asset Management
			
	Address	  	:	  	 1st Floor,
 ABSA Towers North (1W2)
 180 Commissioner Street
 Johannesburg
 2001
 South Africa

			
	Tel.no. Mervyn	  	:	  	+27 (0)11 350 7907
			
	Tel.no. Iraan	  		  	+27 (0)11 350 8344
			
	Tel.no. Hennie	  		  	+27 (0)11 350 2640
			
	Fax no.	  	:	  	+27 (0)11 350 7460
			
	E-mail.	  	:	  	assetmanagement@absa.co.za

  

 Page 103.

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