Document:

Gold Fields Limited Operating and Procedures Memorandum

 Exhibit 4.21 
 Operating and Procedures Memorandum 
 OPERATING AND PROCEDURES MEMORANDUM 

 in respect of 
 GOLD FIELDS LIMITED ZAR10,000,000,000 
 DOMESTIC MEDIUM TERM NOTE
PROGRAMME 
 Dated 6 October 2009 
  
  
 

 

 This is the Operating and Procedures Memorandum referred to in the Programme Agreement (as defined below)
which sets out guidelines for the administrative procedures to be followed in relation to issue of Notes under the Issuer’s ZAR10,000,000,000 Domestic Medium Term Note Programme. 
 The aggregate nominal amount of all Notes outstanding at any time will not, save as provided below, exceed ZAR10,000,000,000, subject to increases as provided in the Programme Agreement. Clause 13 of the
Programme Agreement provides for the increase in the nominal amount of Notes that may be issued under the Programme. In that event, this Operating and Procedures Memorandum shall apply to the Programme as increased. 
 The documentation of the Programme provides for the issue of Notes in registered, form denominated in South African Rand or ZAR on a senior (unconditional
and unsubordinated) which may 
  

	 	•	 	 be interest-bearing or non-interest bearing; 

  

	 	•	 	 be issued at par, a premium or a discount; 

  

	 	•	 	 be issued in fully paid or partly paid form; 

  

	 	•	 	 be exchangeable for other assets; 

 have such other characteristics as may be specified in the Applicable Pricing supplement. 
  

	 	•	 	 other forms of Notes agreed between the Relevant Dealer and the Issuer. 

 References herein to “Issuer” means Gold Fields Limited (Registration Number 1968/04880/06). 
 All terms with initial capitals used herein without definition shall have the meanings given to them in the Programme Memorandum dated 6 October 2009,
which may be amended and/or supplemented from time to time (the “Programme Memorandum”); the Agency Agreement dated 6 October 2009, which may be amended and/or supplemented from time to time (the “Agency
Agreement”); or the Programme Agreement dated 6 October 2009, which may be amended and/or supplemented from time to time (the “Programme Agreement”). 
  
 

 
  

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 To the extent that the Issuer acts as the Transfer Agent, Calculation Agent or Paying Agent in accordance
with the Agency Agreement, all references in this Operating and Procedures Memorandum to: 
 any action, conduct or functions in
such role shall be understood to mean that the Issuer shall perform such action, conduct or function itself; and 
 requirements
for consultation, indemnification by or of, payment by or of, delivery by or to, notice by or to, consent by or to or agreement between the Issuer and such Transfer Agent, Calculation Agent or Paying Agent (as the case may be) shall be disregarded
to the extent that the Issuer performs such role. 
 Any Notes issued on or after the date of this Operating and Procedures Memorandum shall be
issued in accordance with the procedures prescribed in this Operating and Procedures Memorandum. 
 The procedures set out in this Operating and
Procedures Memorandum shall apply to Notes issued in certificated form and shall, to the extent practical, also apply in respect of Notes issued in uncertificated form. A Tranche of Notes, whether listed on the JSE or not listed on the JSE but
reported through the electronic settlement procedures of the JSE and the Central Securities Depository, and in each case either represented by a Global Certificate deposited with and lodged in the Central Securities Depository or issued in
uncertificated form and held by the Central Securities Depository, will be cleared and settled in accordance with the rules of the JSE and the Central Securities Depository. The Participant concerned shall provide a regular statement to the person
on whose behalf a Beneficial Interest in a particular Principal Amount of Notes is held. This statement shall set out the number and identity of such Beneficial Interest in such Notes. 
  
 

 
  

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 Transfer of ownership in Beneficial Interests in Registered Notes shall only pass upon the debiting and
crediting respectively, of both the securities account from which the transfer is effected and the securities account to which transfer is to be made, in accordance with the rules of the Central Securities Depository. 
 OPERATING PROCEDURES 
  

	1	RESPONSIBILITIES OF THE TRANSFER AGENT 

 The Transfer Agent will, in addition to the responsibilities in relation to settlement described in Annexe “A”, be responsible for immediately notifying the Issuer and the Relevant Dealer
(as defined in Annexe “A”) if at any time the Transfer Agent is notified by the Financial Exchange that the listing of a Tranche of Notes has been refused or otherwise will not take place. 
  

	2	RESPONSIBILITIES OF DEALER/ LEAD MANAGER 

  

	2.1	The Relevant Dealer / Lead Manager will be responsible for preparing and agreeing with the Issuer a Pricing Supplement (substantially in the form of Annexe
“C” hereto) giving details of each Tranche of Notes to be issued. 

  

	2.2	In the case of an issue not to be subscribed pursuant to a Subscription Agreement, each Dealer that agrees to subscribe for or procure the subscription for Notes from
the Issuer, will be responsible for notifying the Transfer Agent upon completion of the subscription for the Notes of each Tranche. In the case of a Tranche of Notes to be subscribed pursuant to a Subscription Agreement, the Lead Manager will be
responsible for notifying the Transfer Agent upon completion of the subscription for the Notes of such Tranche. 

  
 

 
  

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	3	SETTLEMENT 

  

	3.1	The settlement procedures set out in Annexe “A” shall apply to each issue of Notes (Part 1 in the case of issues not to be subscribed pursuant to a
Subscription Agreement and Part 2 in the case of issues to be subscribed pursuant to a Subscription Agreement, unless otherwise agreed between the Issuer, the Transfer Agent and the Relevant Dealer or the Lead Manager, as the case may be. In the
case of Notes listed on a Financial Exchange other than The Bond Exchange of South Africa Limited or cleared otherwise than through Strate Limited, more time may be required to comply with the relevant Financial Exchange’s listing requirements.
In the case of issues of Indexed Notes more time may be required to settle documentation. 

  

	3.2	A Trading Desk and Administrative Contact List is set out in Annexe “D”. 

  
 

 
  

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 ANNEXE “A” 
 PART 1 
 REGISTERED NOTES 
 SETTLEMENT PROCEDURES FOR ISSUES NOT TO BE SUBSCRIBED 
 PURSUANT TO A SUBSCRIPTION AGREEMENT 
  

					
	Day	  	 Latest
 Johannesburg
Time
	  	Action
			
	No later than Issue Date minus 4 days	  	12h00	  	 The Issuer may agree terms with one or more of the Dealers (the “Relevant Dealer”) for the issue of and subscription
for Notes, or in respect of which the subscription for Notes will be procured (whether pursuant to an unsolicited bid from the Relevant Dealer or pursuant to an enquiry by the Issuer).
  
 The Issuer confirms that it has obtained all regulatory and other consents necessary in
respect of the Issue.

			
		  	14h00	  	If a Relevant Dealer has reached agreement with the Issuer by telephone, such Relevant Dealer confirms the terms of the agreement to the Issuer by fax confirmation (substantially in
the form set out in Annexe “B”) attaching a copy of the Pricing Supplement (substantially in the form set out in Annexe “C”).
			
		  	15h00	  	The Issuer confirms its agreement to the terms on which the issue of Notes is to be made (including the form of the Pricing Supplement) by signing and returning a copy of the
Pricing Supplement and confirmation to the Relevant Dealer.
			
		  		  	For listed Notes, the Relevant Dealer faxes a copy of the Pricing Supplement to the relevant Financial Exchange (if any) and requests an ISIN and stock code from the relevant
Financial Exchange, if

  

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	Day	  	 Latest
 Johannesburg
Time
	  	Action
			
		  		  	 necessary. The stock code of the relevant Financial Exchange and ISIN is notified by the Relevant Dealer to the Issuer.
  
 The Relevant Dealer issues instructions to the Transfer Agent, the Paying Agent and the
Calculation Agent, for listed Registered Notes and unlisted Registered Notes (including, in the case of Floating Rate Notes, for the purposes of rate fixing) to carry out the duties to be carried out by the Transfer Agent, the Paying Agent and the
Calculation Agent under these Settlement Procedures and the Agency Agreement including preparing, authenticating and issuing a Global Certificate (for listed Registered Notes issued in certificated form or for unlisted Registered Notes issued in
certificated form that will be settled through the the JSE electronic settlement system) or the form of the Individual Certificate (for unlisted Registered Notes not settled through the the JSE electronic system), as the case may be, for the Tranche
of Notes which is to be issued, giving details of such Notes. The Relevant Dealer confirms such instructions by sending a copy by fax of the signed Pricing Supplement and confirmation to the Transfer Agent, the Paying Agent and the Calculation
Agent. The details set out in the signed Pricing Supplement and confirmation shall be conclusive evidence of the agreement (save in the case of manifest error) and shall be binding on the parties accordingly.

			
		  		  	The Relevant Dealer (and/or investors) instructs its relevant Participant to debit its account (as appropriate) and pay the Subscription Price or Procurement Subscription Price
(as the case may be) less, in each case, any permitted

  

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	Day	  	 Latest
 Johannesburg
Time
	  	Action
			
		  		  	deductions, to the account specified by the Issuer with its Participant against delivery of the Notes as instructed by the Relevant Dealer.
			
	No later than Issue Date minus 3 days	  	15h00	  	In the case of listed Floating Rate Notes, the Paying Agent notifies the Central Securities Depository, the relevant Financial Exchange and the Relevant Dealer by fax of the Rate of
Interest for the first Interest Period (if already determined). Where the Rate of Interest has not yet been determined, this will be notified in accordance with this paragraph as soon as it has been determined.
			
	No later than Issue Date minus 2 days	  	13h00	  	The Transfer Agent prepares and authenticates a Global Certificate (for listed Registered Notes issued in certificated form or for unlisted Registered Notes issued in certificated
form that will be settled through the JSE electronic settlement system) or an Individual Certificate (for unlisted Registered Notes) as the case may be, for each Tranche of Notes which is to be issued in respect of the relevant Series and
establishes the Register for any such Series. The Global Certificate (if any) is then delivered by the Transfer Agent to the Issuer’s Participant who in turn delivers such Global Certificate to the Central Securities Depository. The Individual
Certificates (if any) are delivered to the Relevant Dealer who holds the Notes represented by such Individual Certificates to the order of the Issuer until Issue Date. The Issuer then provides the Relevant Dealer with delivery and receipt
instructions for the Individual Certificates. Instructions are given by the Transfer Agent to credit the Notes represented by the Global Certificate (for listed Registered Notes) to the Issuer’s securities account with its
Participant.

  

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	Day	  	 Latest
 Johannesburg
Time
	  	Action
			
		  		  	The Transfer Agent further instructs the relevant Participant to debit from the Issuer’s securities account the nominal amount of the relevant Tranche of Notes and to credit
such nominal amount to the account(s) of the Relevant Dealer or the investor(s) procured by it, as the case may be, with the Participants against payment to the account of the Issuer of the Subscription Price or the Procurement Subscription Price
(less in each case any permitted deductions) for the relevant Tranche of Notes for value on the Issue Date. The Relevant Dealer gives corresponding instructions to the Participant.
			
	Issue Date	  		  	The Central Securities Depository, Participants and/or the Participants, if applicable, debit and credit accounts in accordance with instructions received by them (in respect of
Notes represented by the Global Certificate). The Relevant Dealer delivers the Individual Certificates to investors against payment as instructed.
			
	On or subsequent to the Issue Date	  		  	The Relevant Dealer promptly notifies the Transfer Agent that the distribution of the Notes subscribed for or in respect of which subscription was procured by it has been completed.

			
		  		  	The Transfer Agent enters the names of the Noteholders of the Notes in the Register.

  

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 ANNEXE “A” 
 PART 2 
 REGISTERED NOTES 
 SETTLEMENT PROCEDURES FOR ISSUES SUBSCRIBED PURSUANT TO 
 SUBSCRIPTION AGREEMENT 
  

					
	Day	  	Latest time	  	Action
			
	No later than Issue Date minus 10 days (or such other number of days agreed between the Issuer, the LEAD Manager and the Transfer Agent)	  		  	The Issuer may, subject to the execution of the Subscription Agreement referred to below, agree terms with a Dealer or Dealers (which expression in this Part 2 includes any
entity to be appointed as a Dealer under the Subscription Agreement) (the “Lead Manager”) for the issue and subscription (or procurement of subscription) for Notes to be subscribed pursuant to a Subscription Agreement (whether
pursuant to an unsolicited bid by such Lead Manager or pursuant to an enquiry by the Issuer). The Lead Manager may invite other Dealers (new or additional) approved by the Issuer to join an underwriting syndicate either on the basis of an invitation
telex agreed between the Issuer and the Lead Manager or on the terms of the Pricing Supplement referred to below and the Subscription Agreement. The Lead Manager and any such Dealers are together referred to as the
“Dealers”.
			
		  		  	The Issuer and the Lead Manager(s) agree a form of Pricing Supplement prepared by or on behalf of the Lead Managers) (in substantially the form of Annexe “C”)
which is submitted to the lawyers rendering a legal opinion in connection with the relevant issue for approval. A draft Subscription Agreement (in substantially the form of Appendix E to the Programme Agreement or such other form as may be agreed
between the Issuer and the Lead Manager(s)) is also prepared. The Subscription Agreement may, if so agreed, be called by another name. The Lead Manager(s) sends a copy of the draft Subscription Agreement to any other Dealer at least two
full

  

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		  		  	 Business Days before the Subscription Agreement is intended to be signed. At the same time the Lead Manager(s) sends a copy of the
Programme Memorandum and Programme Agreement (together with such other items from the Initial Documentation List as the Lead Manager(s) deems appropriate) to any other Dealer which has not previously received such documents. The Subscription
Agreement and Pricing Supplement are agreed and executed.
  
 For listed
Notes, the Lead Manager(s) faxes a copy of the Pricing Supplement to the relevant Financial Exchange and requests an ISIN and stock code from the relevant Financial Exchange, if necessary. Each ISIN and stock code of the relevant Financial Exchange
is notified by the Lead Manager(s) to the Issuer and the other Lead Manager (where applicable).
  
 A copy of the Pricing Supplement is sent by the Lead Manager(s) by fax to the Transfer Agent, the Paying Agent and the Calculation Agent which shall act as the Transfer Agents’ authorisation, for
listed Registered Notes and unlisted Registered Notes (including, in the case of Floating Rate Notes, for the purposes of rate fixing) to carry out the duties to be carried out by them under these Settlement Procedures and the Agency Agreement
including preparing, authenticating and issuing a Global Certificate (for listed Registered Notes or unlisted Registered Notes that will be settled through the the JSE electronic settlement system) or the form of the Individual Certificate (for
unlisted Registered Notes), as the case my be, for the Tranche of Notes which is to be subscribed for, giving details of such Notes.

			
		  		  	The Dealer(s) (and/or investors) instructs its relevant Participant to debit its account (as appropriate) and pay the Subscription Price or Procurement Subscription Price (as the
case may be) less in each case any permitted deductions to the account specified by the Issuer with its Participant, against delivery of the Notes as instructed by the Dealer(s).

  

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	No later than Issue Date minus 3 days	  	15h00	  	In the case of listed Floating Rate Notes, the Transfer Agent notifies the Central Securities Depository and the Issuer, the relevant Financial Exchange and the Lead Manager(s) by
fax of the Rate of Interest for the first Interest Period (if already determined). Where the Rate of Interest has not yet been determined, this will be notified in accordance with this paragraph as soon as it has been determined.
			
	 No later than Issue Date minus
 2 days
	  	Agreed time	  	The Transfer Agent prepares and authenticates a Global Certificate (for listed and unlisted Registered Notes) or an Individual Certificate (for unlisted Registered Notes) as the
case may be, for each Tranche of Notes which is to be issued in respect of the relevant Series. The Global Certificate (if any) is then delivered by the Transfer Agent to the Issuer’s Participant who in turn delivers such Global Certificate to
the Central Securities Depository. Instructions are given by the Transfer Agent (on behalf of the Issuer) to the Central Securities Depository to hold the Notes represented by such Global Certificate to the Issuer’s order. The Individual
Certificates (if any) are then delivered by the Transfer Agent to the Relevant Dealer who holds the Notes represented by such Individual Certificates to the order of the Issuer until Issue Date. The Issuer then provides the Relevant Dealer with
delivery and receipt instructions for the delivery of Individual Certificates (for unlisted Registered Notes).
			
		  		  	The Transfer Agent further instructs the relevant Participant to debit from the Issuer’s securities account the nominal amount of the relevant Tranche of Notes and to credit
such nominal amount to the account(s) of the Dealer(s) or the investor(s) procured by it, as the case may be with the Participants against payment to the account of the Issuer of the Subscription Price or the Procurement Subscription Price (less in
each case any permitted deductions) for the relevant Tranche of Notes for value on the Issue Date. The Dealer(s) gives corresponding instructions to the Participant.

  

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	Issue Date	 		  	The Central Securities Depository and/or the Participants debit and credit accounts in accordance with instructions received by them (in respect of Notes represented by the Global
Certificate) or the Relevant Dealer delivers the Individual Certificates to investors against payment as instructed.
			
	On or subsequent to the Issue Date	 		  	 Each other Dealer (if any) promptly notifies the Lead Manager(s) when the distribution of the Notes subscribed for or in respect of
which subscription was procured by it has been completed. The Lead Manager(s) promptly notifies the Transfer Agent upon completion of the distribution of the Notes of the relevant Tranche.
  
 The Transfer Agent enters the names of the Noteholders of the Notes in the Register.

  

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 ANNEXE “B” 
 FORM OF DEALER’S CONFIRMATION TO ISSUER 
 FOR
ISSUES WITH NO SUBSCRIPTION AGREEMENT 
 [Date] 
 To: Gold Fields Limited 
 GOLD FIELDS LIMITED 
 [Title of relevant Tranche of Notes (specifying type of Notes)] 
 (the “Notes”) 
 issued pursuant to the GOLD FIELDS
LIMITED ZAR10,000,000,000 
 DOMESTIC MEDIUM TERM NOTE PROGRAMME 
 We hereby confirm the agreement for the issue to us or investors procured by us of the Notes under the above Programme pursuant to the terms of issue set
out in the Pricing Supplement which we enclose herewith. 
 We undertake to subscribe for the Notes at a subscription price of
[            ]% per cent of the principal amount of the Notes (the “Subscription Price”), being the issue price of
[            ]% per cent of the principal amount of the Notes less a discount of [            ]% per cent of such principal
amount of the Notes; 
 OR 
 We undertake to procure the subscription of the Notes at a subscription price of [            ]% per cent of the principal amount of the Notes
(the “Procurement Subscription Price”) in consideration for which you agree to pay us a commission equal to [            ]% per cent of the principal amount of Notes (the
“Procurement Commission”). 
 The settlement procedures set out in Annexe “A” hereto shall apply. 
 Subject to the provisions of Annexe “A” hereof, if the Notes are to be listed, the Notes are to be credited to the
[            ], acting as our settlement agent, account number [            ] in the name of [Name of Dealer] or [Name of
Investor]. 
 Please confirm your agreement to the terms of issue by signing and faxing to us a copy of this agreement. 
  

	
	For and on behalf of [Name of Dealer]
	
	  

	
	By:
	
	Capacity:
	
	Who warrants his authority hereto

  

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 Accepted for and on behalf of Gold Fields Limited 
  

					
	  
	 		 	  

	By:	 		 	By:
			
	Capacity:	 		 	Capacity:
			
	Who warrants his authority hereto	 		 	Who warrants his authority hereto
			
	  
	 		 	  

  

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 ANNEXE “C” 
 PRICING SUPPLEMENT TO BE COMPLETED FOR EACH TRANCHE OF 
 NOTES ISSUED UNDER THE PROGRAMME MEMORANDUM 
 [INSERT LOGO] 
 GOLD FIELDS LIMITED 
 (Incorporated in the Republic of South Africa with limited liability under 
 Registration Number
1968/004880/06) 
 Issue of [Aggregate Nominal Amount of Tranche] [Title of Notes] 
 Under its ZAR10,000,000,000 Gold Fields Limited Domestic Medium Term 
 Note Programme, jointly and severally, unconditionally and irrevocably, 
 guaranteed by the Guarantors 
 This document constitutes the Applicable Pricing Supplement
relating to the issue of Notes described herein. Terms used herein shall be deemed to be defined as such for the purposes of the Terms and Conditions set forth in the Programme Memorandum dated 6 October 2009. The Notes described in this
Applicable Pricing Supplement are subject to the Terms and Conditions in the Programme Memorandum. This Applicable Pricing Supplement contains the final terms of the Notes and this Applicable Pricing Supplement must be read in conjunction with such
Programme Memorandum. To the extent that there is any conflict or inconsistency between the contents of this Applicable Pricing Supplement and the Programme Memorandum, the provisions of this Applicable Pricing Supplement shall prevail. 

 

			
	 DESCRIPTION OF THE NOTES

		
	 1.      Issuer
	 	Gold Fields Limited
		
	 2.      Guarantors
	 	Each of GFI Mining South Africa (Proprietary) Limited, Gold Fields Operations Limited, Gold Fields Orogen Holding (BVI) Limited and Gold Fields Holdings Company (BVI) Limited

		
	 3.      Status of Notes
	 	[Secured/Unsecured]
		
	 4.      Series Number
	 	[            ]
		
	 5.      Tranche Number
	 	[            ]
		
	 6.      Aggregate Nominal Amount
	 	[            ]

  

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	 7.      Interest
	 	[Interest bearing/Non interest bearing]
		
	 8.      Interest/Payment Basis
	 	[Fixed Rate/Floating Rate/Zero Coupon/Index-Linked Notes/Dual Currency Notes/Partly-Paid Notes/Instalment Notes/other]
		
	 9.      Automatic/Optional Conversion from one Interest/Redemption/Payment Basis to
another
	 	[insert details including date for conversion]
		
	 10.    Form of Notes
	 	[Registered Notes]
		
	 11.    Issue Date
	 	[            ]
		
	 12.    Business Centre
	 	[            ]
		
	 13.    Additional Business Centre
	 	[            ]
		
	 14.    Specified Denomination
	 	[            ]
		
	 15.    Issue Price
	 	[            ]
		
	 16.    Interest Commencement Date
	 	[            ]
		
	 17.    Maturity Date
	 	[            ]
		
	 18.    Specified Currency
	 	[            ]
		
	 19.    Applicable Business Day Convention
	 	[Floating Rate Business Day/Following Business Day/Modified Following Business Day/Modified Following Business Day Adjusted/Preceding Business Day/other convention – insert
details]
		
	 20.    Final Redemption Amount
	 	[            ]

  

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	 21.    Last Day to Register
	 	[            ]
		
	 22.    Books Closed Period(s)
	 	The Register will be closed from [...] to [...] and from [...] to [...] (all dates inclusive) in each year until the Maturity Date
	
	 FIXED RATE NOTES

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

		
	 24.    (a)     Floating Interest Payment Date(s)
	 	[            ]
		
	 (b)    Interest Period(s)
	 	[            ]
		
	 (c)    Rate of Interest
	 	[            ]
		
	 (c)    Definition of Business Day
	 	[            ]
		
	 (d)    Minimum Rate of Interest
	 	[            ] per cent. per annum
		
	 (e)    Maximum Rate of Interest
	 	[            ] per cent. per annum
		
	 (f)     Other terms relating to the method of calculating interest (e.g.: Day Count Fraction, rounding
up provision)
	 	[            ]
		
	 25.    Manner in which the Rate of Interest is to be determined
	 	[ISDA Determination/Screen Rate Determination/other – insert details]
		
	 26.    Margin
	 	[(...) basis points to be added to/subtracted from the relevant (ISDA Rate/Reference Rate)]
		
	 27.    If ISDA Determination
	 	
		
	 (a)    Floating Rate
	 	[            ]
		
	 (b)    Floating Rate Option
	 	[            ]
		
	 (c)    Designated Maturity
	 	[            ]
		
	 (d)    Reset Date(s)
	 	[            ]
		
	 (e)    ISDA Definitions to apply
	 	[            ]

  

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	 28.    If Screen Determination
	 	
		
	 (a)     Reference Rate (including relevant period by reference to which the Rate of Interest is to be
calculated)
	 	[            ]
		
	 (b)     Interest Determination Date(s)
	 	[            ]
		
	 (c)     Relevant Screen Page and Reference Code
	 	[            ]
		
	 29.    If Rate of Interest to be calculated otherwise than by ISDA Determination or Screen Determination,
insert basis for determining Rate of Interest/Margin/Fallback provisions
	 	[            ]
		
	 ZERO COUPON NOTES
	 	
		
	 30.    (a)      Implied Yield
	 	[            ]
		
	 (b)     Reference Price
	 	[            ]
		
	 (c)     Any other formula or basis for determining amount(s) payable
	 	[            ]
		
	 PARTLY-PAID NOTES
	 	
		
	 31.    (a)      Amount of each payment comprising the Issue Price
	 	[            ]
		
	 (b)     Date upon which each payment is to be made by Noteholder
	 	[            ]
		
	 (c)     Consequences (if any) of failure to make any such payment by Noteholder
	 	[            ]
		
	 (d)     Rate of Interest to accrue on the first and subsequent instalments after the due date for
payment of such instalments
	 	[            ] per cent.
		
	 INSTALMENT NOTES
	 	
		
	 32.    Instalment Dates
	 	[            ]

  

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	 33.    Instalment Amounts (expressed as a percentage of the aggregate Nominal Amount of the
Notes)
	 	[            ]
		
	 MIXED RATE NOTES
	 	
		
	 34.    Period(s) during which the Rate of Interest for the Mixed Rate Notes will be (as applicable) that for:

	 	
		
	 (a)     Fixed Rate Notes
	 	[            ]
		
	 (b)     Floating Rate Notes
	 	[            ]
		
	 (c)     Indexed Notes
	 	[            ]
		
	 (d)     Dual Currency Notes
	 	[            ]
		
	 (e)     Other Notes
	 	[            ]
		
	 35.    The Rate of Interest and other pertinent details are set out under the headings relating to the
applicable forms of Notes
	 	
		
	 INDEX-LINKED NOTES
	 	
		
	 36.    (a)      Type of Index-Linked Notes
	 	[Indexed Interest Notes/Indexed Redemption Amount Notes]
		
	 (b)     Index/Formula by reference to which Rate of Interest /Interest Amount is to be
determined
	 	[            ]
		
	 (c)     Manner in which the Rate of Interest/Interest Amount is to be determined
	 	[            ]
		
	 (d)     Interest Period(s)
	 	[            ]
		
	 (e)     Interest Payment Date(s)
	 	[            ]
		
	 (f)      Provisions where calculation by reference to Index and/or Formula is impossible or
impracticable
	 	[            ]
		
	 (g)     Definition of Business Day
	 	[            ]
		
	 (h)     Minimum Rate of Interest
	 	[            ] per cent. per annum
		
	 (i)      Maximum Rate of Interest
	 	[            ] per cent. per annum

  

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	 (j)      Other terms relating to the method of calculating interest (e.g.: Day Count Fraction,
rounding up provision)
	 	[            ]
		
	 DUAL CURRENCY NOTES
	 	
		
	 37.    (a)      Type of Dual Currency Notes
	 	[Dual Currency Interest Notes/Dual Currency Redemption Amount Notes]
		
	 (b)     Rate of Exchange/method of calculating Rate of Exchange
	 	[            ]
		
	 (c)     Provisions applicable where calculation by reference to Rate of Exchange if impossible or
impracticable
	 	[            ]
		
	 (d)     Person at whose option Specified Currency(ies) is/are payable
	 	[            ]
		
	 EXCHANGEABLE NOTES
	 	
		
	 38.    (a)      Mandatory Exchange applicable?
	 	 [Yes/No]

		
	 (b)     Noteholders’ Exchange Right applicable?
	 	[Yes/No]
		
	 (c)     Exchange Securities
	 	[            ]
		
	 (d)     Manner of determining Exchange Price
	 	[            ]
		
	 (e)     Exchange Period
	 	[            ]
		
	 (f)      Other
	 	[            ]
		
	 OTHER NOTES
	 	
		
	 39.    Relevant description and any additional Terms and Conditions relating to such Notes
	 	[            ]
		
	 PROVISIONS REGARDING REDEMPTION/MATURITY
	 	
		
	 40.    Issuer’s Optional Redemption: if yes:
	 	 [Yes/No]

		
	 (a)     Optional Redemption Date(s)
	 	[            ]
		
	 (b)     Optional Redemption Amount(s) and method, if any, of calculation of such
amount(s)
	 	[            ]
		
	 (c)     Minimum period of notice
	 	[            ]
		
	 (d)     If redeemable in part:
	 	[            ]
		
	  Minimum Redemption Amount(s)
	 	[            ]

  

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	 Maximum Redemption Amount(s)
	 	[            ]
		
	 (e)     Other terms applicable on Redemption
	 	
		
	 41.    Redemption at the Option of the Noteholders: if yes:
	 	[Yes/No]
		
	 (a)     Optional Redemption Date(s)
	 	[            ]
		
	 (b)     Optional Redemption Amount(s)
	 	[            ]
		
	 (c)     Minimum period of notice
	 	[            ]
		
	 (d)     If redeemable in part:
	 	
		
	 Minimum Redemption Amount(s)
	 	[            ]
		
	 Maximum Redemption Amount(s)
	 	[            ]
		
	 (e)     Other terms applicable on Redemption
	 	[            ]
		
	 (f)      Attach pro forma put notice(s)
	 	
		
	 42.    Early Redemption Amount(s) payable on redemption for taxation reasons or on Event of Default (if
required). If yes:
	 	[Yes/No]
		
	 Amount payable
	 	[as per Condition 12.5]
		
	 GENERAL
	 	
		
	 43.    Financial Exchange
	 	[            ]
		
	 44.    Calculation Agent
	 	[            ]
		
	 45.    Paying Agent
	 	[            ]
		
	 46.    Specified office of the Paying Agent
	 	[            ]
		
	 47.    Transfer Agent
	 	 [—]
 [—]
 Telephone Number: [—]
 Fax Number: [—]

  

 Page 7 

			
	 48.    Provisions relating to stabilisation
	 	[            ]
		
	 49.    Stabilising manager
	 	[            ]
		
	 50.    Additional selling restrictions
	 	[            ]
		
	 51.    ISIN
	 	[            ]
		
	 52.    Stock Code
	 	[            ]
		
	 53.    Method of distribution
	 	[            ]
		
	 54.    If syndicated, names of Dealers
	 	[            ]
		
	 55.    If non-syndicated, name of Dealer
	 	[            ]
		
	 56.    Credit Rating assigned to Notes (if any)
	 	[            ]
		
	 57.    Governing law (if the laws of South Africa are not applicable)
	 	[            ]
		
	 58.    Other Banking Jurisdiction
	 	[            ]
		
	 59.    Other provisions
	 	[            ]

  

 Page 8 

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

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

  

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

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

 Page 9 

 Responsibility: 
 The Issuer accepts responsibility for the information contained in this Applicable Pricing Supplement. 
 Application [is hereby]/[will not be] made to list this issue of Notes [on [date]]. 
 SIGNED at
                     this              day of
             2009. 
 For and on behalf of 
 GOLD FIELDS LIMITED 
 (AS ISSUER) 

  

					
	SIGNED at                      on
             2009
			
	  
	 		 	  

	Signature:	 		 	Signature:
			
	 [—]
	 		 	 [—]

	Name:	 		 	Name:
			
	 [—]
	 		 	 [—]

	Designation:	 		 	Designation:
			
	 Address: [—]
 Tel: [—]
	 		 	

  

 Page 10 

 ANNEXE D 
 TRADING DESK AND ADMINISTRATIVE INFORMATION 
  

			
	 The Issuer

	
	 GOLD FIELDS LIMITED

		
	Telephone:	  	+2711 562 9700
		
	Attention:	  	Chief Financial Officer
	
	 The Arranger and Dealer

	
	 ABSA CAPITAL, a division of ABSA BANK LIMITED

		
	Telephone:	  	+2711 895 7027
		
	Attention:	  	Head: Debt Capital Markets
	
	 The Dealer

	
	In relation to any Tranche of Notes, such person/s specified in the Applicable Pricing Supplement
	
	 The Transfer Agent

	
	 ABSA CAPITAL, a division of ABSA BANK LIMITED

		
	Telephone:	  	+2711 895 7027
		
	Attention:	  	Head: Debt Capital Markets
	
	 The Paying Agent

	
	 ABSA CAPITAL, a division of ABSA BANK LIMITED

		
	Telephone:	  	+2711 895 7027
		
	Attention:	  	Head: Debt Capital Markets
	
	 The Calculation Agent

	
	 ABSA CAPITAL, a division of ABSA BANK LIMITED

		
	Telephone:	  	+2711 895 7027
		
	Attention:	  	Head: Debt Capital Markets

  

 Page 11Programme Agreement in respect of the Gold Fields Limited DMTN

 Exhibit 4.22 
 Gold Fields_Programme Agreement 
 PROGRAMME AGREEMENT 
 in respect of the 
 ZAR 10,000,000,000 
 GOLD FIELDS LIMITED DOMESTIC MEDIUM TERM NOTE PROGRAMME 
 Dated 6 October 2009 
 entered between 
 GOLD FIELDS LIMITED 
 (as Issuer) 
 and 
 ABSA CAPITAL, a division of ABSA BANK LIMITED 
 (as Arranger and Dealer) 
 and 
 NEDBANK CAPITAL, a division of NEDBANK LIMITED 
 (as Dealer) 
  
  
 

 

 TABLE OF CONTENTS: 
  

					
	1	  	 INTERPRETATION
	  	4
			
	2	  	 INTRODUCTION
	  	12
			
	3	  	 AGREEMENTS TO ISSUE AND SUBSCRIBE
	  	12
			
	4	  	 CONDITIONS OF ISSUE
	  	15
			
	5	  	 REPRESENTATIONS AND WARRANTIES
	  	20
			
	6	  	 UNDERTAKINGS OF THE ISSUER
	  	26
			
	7	  	 ISSUER’S INDEMNITY
	  	31
			
	8	  	 AUTHORITY TO DISTRIBUTE DOCUMENTS
	  	34
			
	9	  	 DEALERS’ UNDERTAKINGS AND INDEMNITY
	  	34
			
	10	  	 FEES, EXPENSES AND STAMP DUTIES
	  	35
			
	11	  	 TERMINATION OF APPOINTMENT OF DEALERS
	  	37
			
	12	  	 APPOINTMENT OF NEW DEALERS
	  	37
			
	13	  	 INCREASE IN THE AGGREGATE NOMINAL AMOUNT OF THE PROGRAMME
	  	38
			
	14	  	 STATUS OF THE DEALERS AND THE ARRANGER
	  	39
			
	15	  	 COUNTERPARTS
	  	40
			
	16	  	 COMMUNICATIONS
	  	40
			
	17	  	 BENEFIT OF AGREEMENT
	  	40
			
	18	  	 CALCULATION AGENT
	  	41
			
	19	  	 STABILISATION
	  	42
			
	20	  	 VARIATION AND CANCELLATION
	  	43
			
	21	  	 WHOLE AGREEMENT
	  	43
			
	22	  	 NO WAIVER
	  	43
			
	23	  	 GOVERNING LAW AND JURISDICTION
	  	43

  

 

 
  

 Page 2 

			
	 APPENDICES
	  	
		
	 APPENDIX A:
	  	 INITIAL DOCUMENTATION LIST

		
	 APPENDIX B:
	  	 SELLING RESTRICTIONS

		
	 APPENDIX C (PART I):
	  	 FORM OF DEALER ACCESSION LETTER - PROGRAMME

		
	 APPENDIX C (PART II):
	  	 FORM OF LETTER OF APPOINTMENT - PROGRAMME

		
	 APPENDIX C (PART III):
	  	 FORM OF DEALER ACCESSION LETTER - NOTE ISSUE

		
	 APPENDIX C (PART IV):
	  	 FORM OF LETTER OF APPOINTMENT - NOTE ISSUE

		
	 APPENDIX D:
	  	 LETTER REGARDING INCREASE IN THE NOMINAL AMOUNT OF THE PROGRAMME

		
	 APPENDIX E:
	  	 FORM OF SUBSCRIPTION AGREEMENT

  

 

 
  

 Page 3 

 WHEREBY THE PARTIES AGREE AS FOLLOWS: 
  

	1	INTERPRETATION 

  

	1.1	Terms and expressions defined in the Agency Agreement, the Programme Memorandum or the Notes or used in the Applicable Pricing Supplement and not otherwise defined in
this Agreement shall have the same meanings in this Agreement, except where the context otherwise requires. 

  

	1.2	Without prejudice to the aforegoing and unless the context otherwise requires, terms used in this Agreement shall have the meanings given to them as follows -

  

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

  

	1.2.2	“Agency Agreement” means the Agency Agreement to be entered into between the Issuer, the Paying Agent, the Calculation Agent and the Transfer
Agent, unless such agents are appointed in terms of a separate agreement with the Issuer or the Issuer itself acts in any of the aforementioned capacities; 

  

	1.2.3	“Agreement” means this amended and restated programme agreement and the appendices and schedules hereto; 

  

	1.2.4	“Agreement Date” means in respect of any Note, the date on which an agreement is concluded for the issue of such Note, which in the case of Notes
issued on a syndicated basis or otherwise in relation to which a Subscription Agreement is entered into, shall be the date upon which the relevant Subscription Agreement is signed by or on behalf of the party thereto signing last in time;

  

	1.2.5	“Applicable Pricing Supplement” means the Pricing Supplement relating to the Tranche of Notes in question; 

  

	1.2.6	“Arranger” means Absa Capital; 

  

 Page 4 

	1.2.7	“Business Day” means any day other than a Saturday, Sunday or public holiday as gazetted by the government of the Republic of South Africa;

  

	1.2.8	“Calculation Agent” means Absa Capital or in relation to a particular Tranche or Series of Notes, such other person specified in the Applicable Pricing
Supplement; 

  

	1.2.9	“Central Depository” means Strate Limited (Registration Number 1998/022242/06), or its nominees, operating as a central securities depository duly
licensed as such in terms of the Securities Services Act, 2004, or any successor thereto or any additional or alternate depository approved by the Issuer; 

  

	1.2.10	“Dealers” means Absa Capital and Nedbank Capital and/or any New Dealer and excludes any entity whose appointment has been terminated pursuant to clause
11; 

  

	1.2.11	“Dealer Accession Letter” means – 

  

	1.2.11.1	in respect of the appointment of a New Dealer for the duration of the Programme, the Dealer Accession Letter substantially in the form set out in Part I of Appendix C
hereto; and 

  

	1.2.11.2	in respect of the appointment of a New Dealer for one or more particular Tranches of Notes under the Programme, the Dealer Accession Letter substantially in the form
set out in Part III of Appendix C hereto; 

  

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

  

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

  

 

 
  

 Page 5 

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

  

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

  

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

  

	1.2.17	“Initial Documentation List” means the list of documents set out in Appendix A to this Agreement; 

  

	1.2.18	“Issuer” means Gold Fields, the issuer of Notes under the Programme; 

  

	1.2.19	“Issue Date” means, in respect of any Note, the date set out in the Applicable Pricing Supplement as the issue date in respect of that Note;

  

	1.2.20	“Lead Manager” means, in relation to any syndicated issue, the person(s) defined as the lead manager in the applicable Subscription Agreement;

  

	1.2.21	“Letter of Appointment” means – 

  

	1.2.21.1	in respect of the appointment of a New Dealer for the duration of the Programme, the Letter of Appointment substantially in the form set out in Part II of Appendix C
hereto; 

  

	1.2.21.2	in respect of the appointment of a New Dealer for one or more particular Tranches of Notes under the Programme, the Letter of Appointment substantially in the form set
out in Part IV of Appendix C hereto; 

  

 

 
  

 Page 6 

	1.2.22	“Material Group Company” means the Issuer, the Guarantors and any Material Subsidiary of the Issuer whose affairs are required to be consolidated in
the audited financial statements of the Issuer; 

  

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

  

	1.2.24	“New Dealer” means any entity appointed as an additional Dealer for the duration of the Programme or for a particular Tranche of Notes, whether
pursuant to clause 12 or pursuant to a Subscription Agreement; 

  

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

  

	1.2.26	“Notes” means the notes issued or to be issued by the Issuer under the Programme pursuant to this Agreement, which Notes: 

  

	1.2.26.1	may be represented by a Certificate; or 

  

	1.2.26.2	may be issued in uncertificated format; 

  

	1.2.27	“Participants” means depository institutions accepted by the Central Depository as participants in terms of the Securities Services Act, 2004;

  

	1.2.28	“Paying Agent” means Absa Capital, unless the Issuer elects to appoint, in relation to a particular Tranche or Series of Notes, to act as Paying Agent
itself or to appoint another entity as Paying Agent, in which event that other entity, upon execution of an accession letter in the form of Appendix C to the Agency Agreement, shall act as Paying Agent in respect of that Tranche or Series of Notes;

  

	1.2.29	“Pricing Supplement” means the pricing supplement issued in relation to each Tranche of Notes (substantially in the form set out in the Programme
Memorandum) as a supplement to the Programme Memorandum and giving details of that particular Tranche; 

  

 

 
  

 Page 7 

	1.2.30	“Procedures Memorandum” means the Operating and Procedures Memorandum, as amended or varied from time to time (whether in respect of a particular
Tranche or generally) and setting out the administrative procedures and guidelines in connection with the issue and settlement of the Notes; 

  

	1.2.31	“Programme” means the ZAR10,000,000,000 Domestic Medium Term Note Programme established by the Programme Memorandum; 

  

	1.2.32	“Programme Amount” means the aggregate nominal amount of the Programme being, ZAR10,000,000,000 or any increase thereto in accordance with clause 13;

  

	1.2.33	“Programme Memorandum” means the revised Programme Memorandum dated 6 October 2009 relating to the Notes prepared in connection with the
Programme, as revised, supplemented, amended or updated from time to time by the Issuer in accordance with clause 6.2 hereof and, in relation to each Tranche of Notes, by the Pricing Supplement relating to such Tranche and such other documents as
are from time to time incorporated therein by reference, except that for the purpose of clause 4.2 in respect of each Agreement Date and Issue Date, the Programme Memorandum means the Programme Memorandum as at the Agreement Date and the Issue Date
but not including any subsequent revision, supplement or amendment thereto; 

  

	1.2.34	“Register” means the register maintained by the Transfer Agent in terms of Condition 12 of the Terms and Conditions; 

  

	1.2.35	“Registered Note” means a Note issued in registered form and transferable in accordance with Condition 13.1 of the Terms and Conditions and which may
include Uncertificated Notes; 

  

	1.2.36	“Relevant Dealer” shall, in relation to any Note, be references to the Dealer or Dealers with whom the Issuer has agreed the issue of Notes;

  

 

 
  

 Page 8 

	1.2.37	“Relevant Financial Exchange” shall, in relation to any Notes, be references to the Financial Exchange, stock exchange or Financial Exchanges or stock
exchanges on which such Notes are from time to time, or are intended to be, listed, as disclosed in the Applicable Pricing Supplement; 

  

	1.2.38	“Series” means a Tranche of Notes together with any further Tranche or Tranches of Notes which are: (i) expressed to be consolidated and form a
single series; and (ii) identical in all respects, save as to their respective Issue Dates, Interest Commencement Dates and/or Issue Prices (including as to listing) from the date on which such consolidation is expressed to take effect and the
expressions “Notes of the relevant series” and “holders of Notes of the relevant series” and related expressions shall be construed accordingly; 

  

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

  

	1.2.40	“Sponsoring Member” means Absa Capital, or such other Sponsoring Member as the Issuer may from time to time appoint for the purposes of liaising with
the Relevant Financial Exchange; 

  

	1.2.41	“Sub-register” means a record of uncertificated securities administered and maintained by a Participant; 

  

	1.2.42	“Subscription Agreement” means an agreement (by whatever name called) in or substantially in the form set out in Appendix E hereto or such other form
as may be agreed between the Issuer and the Lead Manager which agreement shall be supplemental to this Agreement; 

  

	1.2.43	“Subsidiary” means a subsidiary company as defined in Section 1(3) of the Companies Act, 1973; 

  

	1.2.44	“Terms and Conditions” means the terms and conditions in accordance with which the Notes will be issued, and which may be endorsed on or incorporated
by reference into the Certificates representing the Note, such Terms and Conditions being in or substantially in the form set out in the Programme Memorandum as modified and/or supplemented by the Pricing Supplement applicable to the Notes;

  

 

 
  

 Page 9 

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

  

	1.2.46	“Transfer Agent” means Absa Capital unless the Issuer elects to appoint, in relation to a particular Tranche or Series of Notes, to act as Transfer
Agent itself or to appoint another entity as Transfer Agent in accordance with the Agency Agreement, in which event that other entity on execution of an accession letter substantially in the form of Appendix A of the Agency Agreement shall act as
Transfer Agent in respect of that Tranche or Series of Notes; 

  

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

  

	1.2.48	“VAT” means Value Added Tax in accordance with the Value Added Tax Act, 1991; and 

  

	1.2.49	“ZAR” and “Rand” means the lawful currency of the Republic of South Africa, being South African Rand, or any successor currency.

  

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

  

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

  

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

  

	1.6	 Where any term is defined within the context of any particular clause in this Agreement, the term so defined, unless it is clear from the clause in

  

 

 
  

 Page 10 

	 	 
question that the term so defined has limited application to the relevant clause, shall bear the same meaning as ascribed to it for all purposes in terms of this Agreement, notwithstanding that
that term has not been defined in this interpretation clause. 

  

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

  

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

  

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

  

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

  

	1.11	In this Agreement, clause headings are inserted for convenience and ease of reference only and shall not affect the interpretation of this Agreement.

  

	1.12	All references in this Agreement to an agreement, instrument or other document (including this Agreement, the Agency Agreement, the Programme Memorandum, any Series of
Notes and any Terms and Conditions appertaining thereto) shall be construed as a reference to that agreement, instrument or document as the same may be amended, modified, varied, supplemented, restated, superseded, supplemented, replaced or novated
from time to time. 

  

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

  

 

 
  

 Page 11 

	2	INTRODUCTION 

  

	2.1	On 6 April 2009, the Issuer, Absa Capital and Nedbank Capital executed a Programme Agreement relating to the Arranger and Dealers, the issue of and subscription
for Notes under the Programme (the “Previous Agreement”). The Issuer wishes to amend the provisions of the Previous Agreement. Accordingly, with effect from the date of this Agreement, this Agreement constitutes an amendment and
restatement of the Previous Agreement; provided that such amendment and restatement shall not affect the rights of any party under the Previous Agreement in existence immediately prior to the date of this Agreement. 

  

	2.2	The Issuer has executed the Agency Agreement recording certain matters relating to the Notes, the Transfer Agent, the Calculation Agent and the Paying Agent.

  

	2.3	The Agency Agreement sets out provisions relating, inter alia, to the Notes, payments thereunder and documentation relating to the issue and payment of Notes and
the role of the Transfer Agent, the Calculation Agent and the Paying Agent under the Programme. 

  

	2.4	In addition to the matters recorded in the Agency Agreement, the Issuer wishes to record herein certain matters relating to the Arranger and Dealers, the issue of and
subscription for the Notes under the Programme and attach pro forma documents relating to the Programme. 

  

	3	AGREEMENTS TO ISSUE AND SUBSCRIBE 

  

	3.1	Subject to the terms and conditions of this Agreement, the Issuer may from time to time agree in writing with any Dealer to issue, and any Dealer may agree in writing,
to subscribe for, or to procure the subscription for, Notes in which case the Issuer shall, subject to the provisions of clause 4.2 below, be obliged to issue such Notes and such Dealer shall be obliged to subscribe for or procure the subscription
for such Notes on the terms and conditions so agreed between the Issuer and such Dealer. 

  

 

 
  

 Page 12 

	3.2	Unless otherwise agreed in writing between the Issuer and the Relevant Dealer, which specific agreement will have to occur in regard to the procedures of issue of Notes
with a duration of less than one year, on each occasion upon which the Issuer and the Relevant Dealer agree on the terms of the issue of and subscription for one or more Registered Notes to be listed on a Financial Exchange and/or held in a central
securities depository - 

  

	3.2.1	in the case of Notes to be listed on the bond market of the JSE or, if unlisted, still held in the Central Depository, the Issuer shall cause such Notes in the form of
a Global Certificate to be executed, issued and delivered, at least 2 (two) Business Days prior to the Issue Date, to its Settlement Agent who will in turn deliver such Notes to or procure that such Notes are lodged and immobilised in the Central
Depository, which shall hold the Notes to the order of the Issuer, until the securities account(s) with the relevant Participants (as specified by the Relevant Dealer) is/are credited with such Notes on the agreed Issue Date against payment
therefor, as described in the Procedures Memorandum; 

  

	3.2.2	in respect of Notes to be listed on a Financial Exchange other than the bond market of the JSE, the Issuer shall cause such Notes in the form of a Certificate or such
other documents as may be required for the dematerialisation, immobilisation or registration of the Notes to be delivered to the relevant central securities depository; 

  

	3.2.3	in respect of Uncertificated Notes, no document of title shall be required to be delivered to any party; 

  

	3.2.4	no later than 2 (two) Business Days prior to the Issue Date, the Issuer and the Relevant Dealer will provide their respective Settlement Agents with delivery and
receipt instructions for the transfer of Notes and payment therefor as described in the Procedures Memorandum, provided that Uncertificated Notes will be issued, transferred and settled in accordance with the rules of the Central Depository; and

  

	3.2.5	 on the Issue Date, Beneficial Interest(s) in the Notes will be transferred to the Relevant Dealer or to the investors procured by the Relevant

  

 

 
  

 Page 13 

	 	 
Dealer through their Settlement Agents, and payments therefor will be made for the account of the Issuer, as described in the Procedures Memorandum. 

  

	3.3	Where more than one Dealer has agreed to subscribe for, or procure the subscription for, a particular Tranche of Notes pursuant to this clause, unless otherwise agreed
in writing, between the Issuer and such Dealers, the obligations of such Dealers so to (i) subscribe and pay for the Notes shall be several and not joint and (ii) the obligations of such Dealers to procure the subscription and payment for
the Notes shall be joint and several. 

  

	3.4	Where the Issuer agrees in writing, with two or more Dealers to issue, and such Dealers agree in writing, to subscribe for, or procure the subscription for, Notes on a
syndicated basis, the Issuer shall enter into a Subscription Agreement with such Dealers. The Issuer may also enter into a Subscription Agreement with one Dealer only. 

  

	3.5	The procedures which apply for the purposes of non-syndicated issues are set out in Part 1 of Annexe A to the Procedures Memorandum. Such procedures may, in respect of
any such issue, be varied, in writing, from time to time by agreement between the Issuer, the Relevant Dealer, the Transfer Agent, the Paying Agent and the Calculation Agent. The procedures which apply for the purposes of syndicated issues are set
out in Part 2 of Annexe A to the Procedures Memorandum. Such procedures may also, in respect of any such issue, be varied, in writing, from time to time by agreement between the Issuer, the Relevant Dealer, the Transfer Agent, the Paying Agent and
the Calculation Agent. 

  

	3.6	In respect of Uncertificated Notes - 

  

	3.6.1	the Issuer shall cause such Notes to be issued as Uncertificated Notes, and delivered, on the Issue Date, to the relevant Participant (as specified by the Relevant
Dealer); and 

  

	3.6.2	 the Issuer and the Transfer Agent shall provide the Participant with instruction of the manner to account to the person on whose behalf such

  

 

 
  

 Page 14 

	 	 
Uncertificated Notes are held. Such manner of accountability shall set out the number and identity of the Uncertificated Notes held by the Participant on such person’s behalf and shall
comply with the requirements of the Relevant Financial Exchange. 

  

	4	CONDITIONS OF ISSUE 

  

	4.1	First Issue 

 The Arranger
shall, as soon as practicable, circulate to each Dealer all of the documents and confirmations described in the Initial Documentation List after such documents and confirmations have been provided to the Arranger by the Issuer save for item 7 (the
printed Programme Memorandum), which will be provided directly to the Dealers by the Issuer. Before the Issuer reaches its first agreement with any Relevant Dealer for the issue of, the subscription or procuring the subscription for the first
Tranche of Notes under the Programme, the Relevant Dealer shall have received, and found reasonably satisfactory, all of the documents and confirmations described in the Initial Documentation List. In the absence of any notification to the contrary
within 10 (ten) Business Days of receipt by the Relevant Dealer(s) of the documents and confirmations described in the Initial Documentation List, the Arranger and the Relevant Dealer(s) shall be deemed to consider such documents and confirmations
satisfactory. 
  

	4.2	Each issue 

  

	4.2.1	The obligations of a Relevant Dealer under any agreement for the issue of, the subscription or procuring the subscription for Notes made pursuant to clause 3 are
conditional upon - 

  

	4.2.1.1	the representations and warranties set out in clause 5, being true, accurate and correct, in each case as if such representations and warranties were repeated on the
relevant Issue Date; 

  

	4.2.1.2	there being no breach of any of the material obligations of the Issuer or the Guarantors under this Agreement, the Programme Memorandum, any Notes, the Guarantee or the
Agency Agreement having occurred prior to Issue Date, which has not been waived in writing by the Relevant Dealer or remedied by the Issuer or the Guarantors, as the case may be, on or prior to the Issue Date; 

  

 

 
  

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	4.2.1.3	subject to clause 13, the aggregate nominal amount of the Notes to be issued pursuant to such agreement, when added to the aggregate nominal amount of all Notes
Outstanding on the Issue Date (excluding for this purpose Notes due to be redeemed on such Issue Date) not exceeding the Programme Amount; 

  

	4.2.1.4	if appropriate, the Relevant Financial Exchange having agreed to list such Notes; 

  

	4.2.1.5	no meeting of the holders of Notes to consider matters which might in the reasonable opinion of the Relevant Dealer be considered to be material in the context of the
issue of the Notes to be issued pursuant to such agreement, having been duly convened but not yet held or, if held but adjourned, the adjourned meeting having not been held and the Issuer not being aware of any circumstances which are likely to lead
to the convening of such a meeting; 

  

	4.2.1.6	between the Agreement Date and the Issue Date for such Notes there having been, in the reasonable opinion of the Relevant Dealer, no such change in national or
international financial, political or economic conditions or currency exchange rates or exchange controls or other calamity or emergency as would, in the reasonable opinion of the Relevant Dealer, be likely to prejudice materially the success of the
offering and distribution of the Notes to be issued pursuant to such agreement or dealings in such Notes in the secondary market or result in a substantial deterioration in the price and/or the value of such Notes; 

  

	4.2.1.7	 there having been, between the Agreement Date and the Issue Date, no withdrawal (save in the case of the replacement of one rating by another rating
given by another recognised statistical rating organisation (“Rating Agency”)), downgrading, nor any public notice of any intended or potential withdrawal or downgrading, of any rating given by a Rating Agency or the placing on
“Creditwatch” with

  

 

 
  

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negative implications or similar publication for formal review by the relevant Rating Agency as shall have issued a rating solicited by the Issuer in connection with the Issuer or the Notes. For
the avoidance of doubt, only a rating agency solicited by the Issuer that has given a rating in respect of the Issuer may place the Issuer on “Creditwatch”; 

  

	4.2.1.8	the forms of the Pricing Supplement, the Global Certificate(s) and the Individual Certificates, in relation to the relevant Tranche and the relevant settlement
procedures having been agreed by the Issuer, the Relevant Dealer and the Transfer Agent; 

  

	4.2.1.9	any calculations or determinations which are required by the relevant Terms and Conditions to have been made prior to the Issue Date having been duly made;

  

	4.2.1.10	all consents, approvals, authorisations, orders and clearances of all regulatory authorities required by the Issuer or the Guarantors, for, or in connection with, the
creation and offering of the Notes to be issued pursuant to such agreement under the Programme, the execution and issue of, and compliance by the Issuer with the terms of, the Notes issued under the Programme and the entry into, execution and
delivery of, and compliance by the Issuer and the Guarantors with the terms of, this Agreement, the Guarantee, any Subscription Agreement and the Agency Agreement having been obtained and being in full force and effect; and 

 

	4.2.1.11	the Issuer having delivered to the Relevant Dealer all such opinions, certificates, documents and information reasonably requested by such Dealer in a form reasonably
satisfactory to such Dealer prior to the Issue Date. 

  

	4.2.2	In relation to each issue of Notes, the obligations of a Relevant Dealer under any agreement for the issue of, the subscription or procuring the subscription for such
Notes made pursuant to clause 3, shall be conditional upon the fulfilment of the conditions recorded in 4.2.1. 

  

 

 
  

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	4.2.3	If, following an Agreement Date and before the relevant Issue Date, the Issuer becomes aware that the conditions specified in this clause 4.2 will not be satisfied in
relation to the relevant Tranche, the Issuer shall forthwith notify the Relevant Dealer in writing to this effect giving full details thereof. In addition, the Issuer shall take such steps as may reasonably be requested by the Arranger and/or the
Relevant Dealer, subject to the agreement of the Issuer to remedy and/or publicise the same. In such circumstances the Relevant Dealer shall be entitled by notice to the Issuer to be released and discharged from its obligations under the agreement
for the issue of and subscription for Notes reached under clause 3.1. In the event that the Relevant Dealer gives notice as aforesaid, the Issuer shall, remain liable (under the terms of the relevant agreement) for the reasonable expenses of the
Relevant Dealer in respect of such agreement (incurred prior to or in connection with such termination), unless otherwise agreed between the Issuer and the Relevant Dealer, but the Relevant Dealer shall not be entitled to any fee in respect of the
placing of such Tranches of Notes. 

  

	4.3	Waiver 

 Any Dealer, on
behalf of itself only, may by notice in writing to the Issuer waive any of the conditions precedent contained in clauses 4.1 and 4.2 (save for the conditions precedent contained in clauses 4.2.1.3 and 4.2.1.10) insofar as they relate to an issue of
Notes to that Dealer or an investor procured by that Dealer. 
  

	4.4	Updating of legal opinions and further legal opinions 

  

	4.4.1	The Issuer shall be obliged - 

  

	4.4.1.1	prior to the first issue of Notes by the Issuer occurring; 

  

	4.4.1.2	in relation to each Tranche which is subscribed for or the subscription for which is procured pursuant to a Subscription Agreement, provided that the Arranger and the
Dealers may issue a waiver letter in respect of this requirement in its/their sole discretion and, in the ordinary course will waive such requirement for commercial paper with a maturity of 1 (one) year or less issued in any 12 (twelve) month cycle;

  

 

 
  

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 and 
  

	4.4.1.3	on such other occasions as the Arranger or a Dealer reasonably requests; 

  

	4.4.1.4	to procure that further legal opinions in such form and with such content as the Arranger and/or the Dealers may reasonably require are delivered, at the expense of the
Issuer, to - 

  

	4.4.1.4.1	the Arranger and the Dealers; or 

  

	4.4.1.4.2	(as the case may be) the Relevant Dealer, 

 from legal advisers (approved by the Arranger and the Dealers and the Relevant Dealer) in the Republic of South Africa or other relevant jurisdiction. 
  

	4.4.2	If at or prior to the time of any agreement to issue and subscribe for or procure the subscription for Notes under clause 3.1 such a request is made with respect to the
Notes to be issued, the receipt of the relevant opinion or opinions in a form satisfactory to the Arranger or Dealers or (as the case may be), the Relevant Dealer shall be a further condition precedent to the issue of those Notes.

  

	4.5	Determination in respect of Notes Outstanding 

 For the purposes of clause 4.2.1.3 - 
  

	4.5.1	the Rand equivalent of a Tranche of Notes denominated in another currency shall be determined, at or about the relevant Issue Date, on the basis of the spot rate at
such time for the sale of such Rand amount against the purchase of such currency or unit of account in the Johannesburg inter-bank foreign exchange markets, as quoted by any leading bank selected by the Issuer; 

  

	4.5.2	the amount of Indexed Notes and Partly Paid Notes shall be calculated by reference to the nominal amount of such Notes (in the case of Partly Paid Notes, regardless of
the amount of the subscription price paid); and 

  

 

 
  

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	4.5.3	the amount of Zero Coupon Notes and other Notes issued at a discount or a premium shall be calculated by reference to the net proceeds received or to be received by the
Issuer for the relevant issue. 

  

	5	REPRESENTATIONS AND WARRANTIES 

  

	5.1	As at the date of this Agreement, the Issuer hereby represents and warrants to the Arranger and the Dealers as follows: 

  

	5.1.1	that the Issuer is duly incorporated and validly existing under the laws of the Republic of South Africa and as such has full power and capacity to carry on its
business as described in the Programme Memorandum and is lawfully qualified to do business in those jurisdictions in which business is conducted by it; 

  

	5.1.2	that each Guarantor is duly incorporated and validly existing under the laws of the Republic of South Africa or the British Virgin Islands, as the case may be, and as
such has full power and capacity to carry on its business and is lawfully qualified to do business in those jurisdictions in which business is conducted by it; 

  

	5.1.3	that the execution and implementation by the Issuer of this Agreement, the Operating and Procedures Memorandum, any Subscription Agreement, the Agency Agreement and any
other agreement relevant to the establishment of the Programme and the issue of the Notes have been duly authorised by the Issuer and that, subject to any suspensive conditions or conditions precedent to which it may be subject, when executed and
implemented by the Issuer, such agreements constitute and will constitute valid, legally binding and, subject to any applicable laws from time to time in effect relating to liquidation, insolvency, solvent reorganisation or analogous circumstances
or proceedings in any jurisdiction and other laws or other legal procedures affecting generally the enforcement of creditors’ rights, enforceable obligations of the Issuer; 

  

	5.1.4	 that the execution and implementation by each Guarantor of the Guarantee and any other agreement relevant to the establishment of the

  

 

 
  

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Programme and the issue of the Notes and to which such Guarantor is a party, have been duly authorised by such Guarantor and that, subject to any suspensive conditions or conditions precedent to
which it may be subject, when executed and implemented by such Guarantor, such agreements constitute and will constitute valid, legally binding and, subject to any applicable laws from time to time in effect relating to liquidation, insolvency,
solvent reorganisation or analogous circumstances or proceedings in any jurisdiction and other laws or other legal procedures affecting generally the enforcement of creditors’ rights, enforceable obligations of such Guarantor;

  

	5.1.5	that the establishment of the Programme and the issue of Notes by the Issuer has been duly authorised by the Issuer and, subject to any applicable laws from time to
time in effect relating to liquidation, insolvency, solvent reorganisation or analogous circumstances or proceedings in any jurisdiction and other laws or other legal procedures affecting generally the enforcement of creditors’ rights, when
issued each Note will constitute legal, valid, binding and enforceable obligations of the Issuer; 

  

	5.1.6	that no further action, condition or thing is required to be taken, fulfilled or done by or on behalf of the Issuer or the Guarantors (including without limitation the
further obtaining of any consent, approvals, authorisations, orders, qualifications or licence or the making of any filing or registration) for or in connection with the execution, issue and offering of any Notes by the Issuer under the Programme,
or the execution, delivery and compliance by the Issuer with the terms of this Agreement, any Subscription Agreement, the Agency Agreement, any Notes and/or the performance of the terms of any Notes or the execution, delivery and compliance by the
Guarantors with the terms of the Guarantee; 

  

	5.1.7	 that the execution and implementation of this Agreement, the Operating and Procedures Memorandum, the Guarantee, any Subscription Agreement and the
Agency Agreement, the issue, offering and distribution of any Notes, the carrying out of the other transactions contemplated by this Agreement, the Operating and Procedures

  

 

 
  

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Memorandum, any Subscription Agreement and/or the Agency Agreement and compliance with the terms thereof do not and will not, to the best of the Issuer’s knowledge and belief:

  

	5.1.7.1	conflict with or result in a breach in any material respect of any of the terms or provisions of, or constitute a default under, documents constituting the Issuer or
any Guarantor, or of any agreement or instrument to which the Issuer or a Guarantor is a party or by which it or any of its properties is bound, in a manner which would have a material adverse effect on the Issuer or such Guarantor or the
Issuer’s obligations under the Terms and Conditions as well as this Agreement or such Guarantor’s obligations under the Guarantee; or 

  

	5.1.7.2	infringe, in any material respect, any existing applicable law, rule, regulation, judgment, order or decree of the government of the Republic of South Africa or the
British Virgin Islands, as the case may be, or governmental body or court in South Africa or the British Virgin Islands, as the case may be; 

  

	5.1.8	that the Programme Memorandum contains all information which is material in the context of the Programme and which is necessary to enable the Noteholders to ascertain
the nature of the financial and commercial risk in respect of the Notes; 

  

	5.1.9	that the information contained in the Programme Memorandum is true and accurate in all material respects and is not misleading in any material respect, that the
opinions and intentions of the Issuer expressed therein are honestly held and that the Issuer has made all reasonable enquiries to ascertain all facts material for the purposes aforesaid; 

  

	5.1.10	that the most recently published audited annual financial statements, and the notes thereto, of the Issuer were prepared in accordance with the requirements of law and
with international financial reporting standards (“IFRS”) consistently applied and they fairly present the financial position of the Issuer, as at the date to which they were prepared (the “relevant date”) and of
the results of the operations of the Issuer in respect of the periods for which they were prepared; 

  

 

 
  

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	5.1.11	that there has been no material adverse change or any development involving a prospective material adverse change in the capital stock, long term debt, business
properties, management or operations of the Issuer of which the Issuer is or might reasonably be expected to be aware since the date of the most recently published audited financial statements except as disclosed in the Programme Memorandum;

  

	5.1.12	that there are no litigation, arbitration or administrative proceedings involving the Issuer (and, so far as the Issuer is aware, no such proceedings are pending,
threatened or contemplated) which, if determined adversely to the Issuer could individually or in the aggregate have a material adverse effect on the condition (financial or otherwise) or operations of the Issuer or the ability of the Issuer to
comply with or perform its obligations under the terms of any Notes, this Agreement, any Subscription Agreement and/or the Agency Agreement, save as disclosed in the Programme Memorandum; 

  

	5.1.13	save as disclosed in the Programme Memorandum, that no Event of Default (as defined in the Programme Memorandum) or event which with the giving of notice, the expiry of
any grace period, the making of any determination, or any combination thereof will likely constitute an Event of Default is subsisting and no event has occurred which will likely constitute (after an issue of Notes) an Event of Default thereunder or
which with the giving of notice, the expiry of any grace period, the making of any determination, or any combination thereof will likely (after an issue of Notes) constitute such an Event of Default; 

  

	5.1.14	that, except as set forth in the Programme Memorandum, all amounts payable by the Issuer in respect of the Notes shall be made free and clear of and without withholding
or deduction for or on account of any present or future taxes, duties, assessments or governmental charges of whatever nature imposed or levied by or on behalf of the Republic of South Africa or any political sub-division thereof or authority or
agency therein or thereof having power to tax; 

  

 

 
  

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	5.1.15	that all consents, approvals, authorisations, orders and clearances of all regulatory authorities required: 

  

	5.1.15.1	by the Issuer, for, or in connection with, the creation and offering of Notes under the Programme, the execution and issue of, and compliance by the Issuer with the
terms of, the Notes issued under the Programme and the entry into, execution and implementation of, and compliance with the terms of this Agreement, and any Subscription Agreement to be concluded and the Agency Agreement; and

  

	5.1.15.2	by each Guarantor, for, or in connection with, the entry into, execution and implementation of, and compliance with the terms of the Guarantee,

 have been obtained and are in full force and effect; 
  

	5.1.16	that none of the Issuer, its affiliates (as defined in Rule 405 under the Securities Act) or any persons acting on any of their behalf has engaged or will engage in any
“directed selling efforts” in the U.S. (as defined in Regulation S under the Securities Act) in respect of the Notes; 

  

	5.1.17	that the Issuer (i) is a “foreign issuer” (as such term is defined in Regulation S) and (ii) reasonably believes that there is no “substantial
U.S. market interest” (as such term is defined in Regulation S) in the Notes; 

  

	5.1.18	that the Issuer is not, and as a result of any offer and sale of Notes will not be, an “investment company” under and as such term is defined in, the U.S.
Investment Company Act of 1940 (the “Investment Company Act”); 

  

	5.1.19	that for so long as any Notes are “restricted securities” within the meaning of Rule 144(a)(3) under the Securities Act, the Issuer will not become an
“open-end company”, “unit investment trust” or “face-amount certificate company”, as such terms are defined in, and that is or is required to be registered under Section 8 of, the Investment Company Act;

  

	5.1.20	 that neither the Issuer, nor any of its affiliates (as defined in Rule 501(b) of Regulation D), nor any person acting on its or their behalf will,
directly

  

 

 
  

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or indirectly, make offers or sales of any security, or solicit offers to buy, or otherwise negotiate in respect of, any security, under circumstances that would require the registration of the
Notes under the Securities Act; 

  

	5.1.21	to the best of its knowledge and belief, neither the Issuer, any Guarantor, any other Material Group Company nor any of their respective assets are entitled to immunity
from suit, execution, attachment or other legal process in any jurisdiction; 

  

	5.1.22	that all Notes will rank as described in Condition 5 of the Terms and Conditions; and 

  

	5.1.23	that the Guarantee will rank as described in Condition 23 of the Terms and Conditions. 

  

	5.2	As at the date of this Agreement, the Issuer hereby represents, warrants and undertakes to the Dealers that the Issuer, its affiliates or any person acting on its
behalf, will comply, in all respects, with any selling restrictions imposed and/or all applicable laws related to the selling of the Notes to which it may be subject in relevant jurisdiction(s). 

  

	5.3	With regard to each issue of Notes under the Programme, the Issuer shall be deemed to repeat the representations and warranties and agreements contained in clause 5.1
as at: 

  

	5.3.1	the Agreement Date for such Notes (any agreement on such Agreement Date being deemed to have been made on the basis of, and in reliance on, such warranties and
agreements); 

  

	5.3.2	the Issue Date of such Notes; 

  

	5.3.3	each date on which the Programme Memorandum is revised, supplemented or amended or a supplementary Programme Memorandum is published; and 

  

	5.3.4	each date on which the aggregate nominal amount of the Programme is increased in accordance with clause 13; 

 as if such representations and warranties were repeated on each such date with reference to the then existing facts and circumstances and
taking into account the issue of such Notes. 
  

 

 
  

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	5.4	The representations and warranties and agreements contained in this clause 5 and the indemnities contained in clause 7 shall apply in respect of the relevant dates at
which they are warranted and represented except in relation to an express waiver in relation to any Tranche of Notes, in full force and effect notwithstanding the failure of the Issuer to satisfy any condition precedent contemplated in this
Agreement, any investigation by or on behalf of the Arranger or Dealers or completion of the subscription for and/or issue of Notes. 

  

	6	UNDERTAKINGS OF THE ISSUER 

  

	6.1	Notification of material developments 

  

	6.1.1	The Issuer shall, promptly after becoming aware of the occurrence thereof, notify the Arranger and each Dealer in writing of - 

  

	6.1.1.1	any Event of Default or any condition, event or act which, with the giving of notice, the expiry of any applicable grace period, the making of any determination or any
combination thereof will likely constitute an Event of Default or any breach of the representations and warranties or undertakings contained in this Agreement or the Agency Agreement; and 

  

	6.1.1.2	any development adversely affecting any Material Group Company which is material in the context of the Programme or any issue of Notes thereunder.

  

	6.1.2	In addition, the Issuer shall take steps as may reasonably be requested by the Arranger and/or any Dealer, and agreed to by the Issuer, to remedy and/or publicise any
of the events as referred to in clause 6.1.1. 

  

	6.1.3	Without prejudice to the generality of the foregoing, the Issuer shall from time to time promptly furnish to the Arranger and each Dealer such financial information,
public announcements and/or media releases relating to the Issuer relevant in the context of the issue of Notes under the Programme, as the Arranger and each Dealer may reasonably request in writing. 

  

 

 
  

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	6.1.4	The Issuer will at all times ensure, and in respect of the Guarantors procure, that all necessary action is taken and all necessary conditions are fulfilled (including,
without limitation, the obtaining of all necessary consents) so that it and the Guarantors may lawfully comply with their respective obligations under the Notes, this Agreement, any Subscription Agreement, the Guarantee and the Agency Agreement and,
further, so that it may comply with any applicable laws, regulations and guidelines from time to time promulgated by any governmental and regulatory authorities relevant in the context of the issue of Notes under the Programme.

  

	6.2	Updating of Programme Memorandum 

  

	6.2.1	The Issuer shall, at the cost of the Issuer, update or amend the Programme Memorandum (following consultation with the Arranger which Arranger will consult with the
Dealers) as required by applicable laws and/or regulation, by the publication of a new Programme Memorandum or a supplement thereto, in a form approved by the Arranger and the Dealers in their reasonable discretion where there has been -

  

	6.2.1.1	an adverse change in the condition of the capital stock, long term debt, business properties, management or operations of the Issuer which is material in the context of
the Programme or the issue of any Notes and which is not then reflected in the Programme Memorandum; or 

  

	6.2.1.2	if an event occurs and as a result thereof the Programme Memorandum - 

  

	6.2.1.2.1	includes a statement of fact which is not true and accurate in all material respects; 

  

	6.2.1.2.2	omits any fact, the omission of which would make misleading in any material respect any statement therein contained; or 

  

 

 
  

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	6.2.1.2.3	is required, in the sole and absolute discretion of the Issuer, to be amended or supplemented for any other reason, 

 provided that no new Programme Memorandum or supplement to the Programme Memorandum, as the case may be, is required in respect of the
Issuer’s annual financial statements if such annual financial statements are incorporated by reference into the Programme Memorandum and such annual financial statements are submitted to the JSE within 6 (six) months after the financial year
end of the Issuer. 
  

	6.2.2	Upon the publication of a revised Programme Memorandum or a supplement to the Programme Memorandum, the Issuer shall, at the cost of the Issuer, promptly supply to the
Arranger, each Dealer and the Transfer Agent such number of copies of that revised Programme Memorandum or supplement as the Arranger, each Dealer or the Transfer Agent (as the case may be) may reasonably request. 

  

	6.2.3	The Programme Memorandum shall, as specified therein, be deemed to incorporate by reference the most recent publicly available annual audited financial statements of
the Issuer. Upon any new financial statements being incorporated in the Programme Memorandum as aforesaid, the Issuer shall, at the cost of the Issuer, promptly supply to the Arranger, each Dealer and the Transfer Agent one copy of such financial
statements and thereafter such other number of copies as the Arranger, each Dealer or the Transfer Agent (as the case may be) may reasonably request that are available to the public as soon as those financial statements are available.

  

	6.2.4	Until the Arranger or a Dealer receives the copies of the revised Programme Memorandum or supplement which may become due in terms of clause 6.2.1 or of the financial
statements which may become due in terms of clause 6.2.3, the definition of “Programme Memorandum” in clause 1.2 shall, in relation to the Arranger or such Dealer, mean the Programme Memorandum prior to the receipt by the Arranger or such
Dealer of such revised Programme Memorandum or supplement or such financial statements. 

  

 

 
  

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	6.3	Listing 

  

	6.3.1	Where the Notes are to be listed, the Issuer shall cause an application to be made for the Notes to be listed on the Relevant Financial Exchange.

  

	6.3.2	The Issuer confirms that it has authorised the Sponsoring Member to make or cause to be made, and the Sponsoring Member shall make or cause to be made, an application
on behalf and at the expense of the Issuer for the Programme to be registered on the bond market of the JSE. Upon agreement to issue Notes being reached under clause 3, where such Notes are to be listed, the Issuer will use its reasonable endeavours
to obtain and, whilst any such Notes are Outstanding, maintain such listing. If it is unable to do so, having used its reasonable endeavours, or if the maintenance of such listing becomes unduly onerous, the Issuer will instead use its reasonable
endeavours to promptly obtain and maintain approval for the Programme and a listing of the Notes on such other Financial Exchange as the Issuer may decide, and the Issuer shall notify the Arranger and Dealers promptly of such proposed alternative
listing. 

  

	6.3.3	The Issuer shall comply, in all material respects, with the rules of the Relevant Financial Exchange and shall otherwise comply with any undertakings given by it from
time to time to the Relevant Financial Exchange in connection with any Notes listed on such Financial Exchange or the listing thereof and, without prejudice to the generality of the foregoing, shall furnish or procure to be furnished to the Relevant
Financial Exchange all such information as such Financial Exchange may require in connection with the listing on such Financial Exchange of any Notes and pay all fees and costs in connection therewith. 

  

	6.3.4	The Issuer shall arrange for any announcements in respect of the Notes to be made in such publications and on such dates as may be required by the Relevant Financial
Exchange. 

  

	6.4	Agency Agreement 

 The
Issuer undertakes that it will promptly notify the Arranger and the

  

 

 
  

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Dealers in writing of any termination of, or amendment to, the Agency Agreement and of any change in the Transfer Agent or Paying Agent under the Agency Agreement. 
  

	6.5	Authorised representative 

 The Issuer will notify the Arranger and the Dealers immediately in writing if any of the persons named in the list referred to in clause 4 of the Initial Documentation List ceases to be authorised to take action on behalf of the Issuer or
any Guarantor, as the case may be, or if any additional person becomes so authorised together, in the case of an additional authorised person, with evidence satisfactory to the Arranger and the Dealers that such person has been so authorised.

  

	6.6	Auditors’ comfort letters 

 The Issuer will (i) at the time of the preparation of the Programme Memorandum and thereafter, if reasonably requested by the Arranger, upon each occasion when the same may be amended, supplemented or updated, insofar as such
amendment, supplement or up-dating concerns or contains financial information about the Issuer (ii) if reasonably requested by the Lead Manager on behalf of the Dealers, in relation to each Tranche of Notes which is syndicated among a group of
Dealers and (iii) at other times whenever so reasonably requested by the Arranger and/or the Dealers or any of them, deliver to the Arranger and/or Dealers or (as the case may be) the Relevant Dealer at the expense of the Issuer, a comfort
letter or comfort letters from the auditors of the Issuer, or other auditors appointed by the Issuer, in such form and with such content as the Arranger, the Dealers or (as the case may be) the Relevant Dealer may reasonably request and the auditors
agree to (provided that such agreement is not unreasonably withheld), provided that no such letter or letters will be delivered in connection solely with the incorporation by reference in the Programme Memorandum of the latest annual or interim
audited financial statements of the Issuer or any announcement of financial results for any annual or interim period of the Issuer. If at or prior to the time of any agreement to issue and subscribe for, or procure the subscription for, Notes under
clause 3 a request is made with respect to the

  

 

 
  

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Notes to be issued, the receipt of the relevant comfort letter or letters in a form satisfactory to the Relevant Dealer shall be a further condition precedent to the issue of those Notes in
respect of that Dealer. 
  

	6.7	No other issues/Clear issuance 

 Except as otherwise agreed between the Issuer and the Relevant Dealer, the Issuer undertakes that it will not, during the period commencing on the Agreement Date and ending on the date which is 7 (seven) days after the Issue Date of the
relevant Tranche, without written consent of the Relevant Dealer, issue or agree to issue any Notes that are substantially similar to the Notes of the relevant Tranche. 
  

	6.8	Information on Noteholders’ meetings 

 The Issuer will, at the same time as it is despatched, furnish the Arranger and the Dealers with a copy of any notice of a meeting of the Noteholders which is despatched at the instigation of the Issuer
and will notify the Arranger and the Dealers promptly upon its becoming aware that a meeting of the Noteholders has been convened. 
  

	6.9	Rating 

 In the event that
the Issuer, any Notes or the Programme are rated by a Rating Agency at the request of the Issuer, the Issuer will promptly notify the Arranger and the Dealers upon it becoming aware that there has been any downgrading or withdrawal (save in the case
of replacement of one rating by another rating given by another Rating Agency), or any public notice of any intended or potential withdrawal or downgrading of, such rating or upon it becoming aware that such rating(s) is listed on
“Creditwatch” with negative implications or other similar publication for formal review by any relevant Rating Agency. 
  

	7	ISSUER’S INDEMNITY 

  

	7.1	 The Issuer indemnifies each Dealer and the Arranger, all of their subsidiaries and/or holding companies (as defined in the Companies Act 61 of 1973)
and each person who controls that Dealer or Arranger and any of

  

 

 
  

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their respective representatives, directors, officers, employees and agents (each an “Indemnified Person”) and agrees to hold such Indemnified Persons indemnified and harmless
against any actual losses, liability, damages, cost, loss or expense (excluding any consequential economic loss but including, without limitation legal fees, costs and expenses reasonably incurred) (a “Loss”) which may be directly
suffered or made against such Indemnified Person as a result of or in relation to or in connection with (i) any actual breach by the Issuer or alleged breach (other than an allegation made by an indemnified Person) by the Issuer of any of the
representations, warranties, undertakings and agreements contained in, or deemed to be made pursuant to, this Agreement including, but without limitation, the failure by the Issuer to issue the Notes (otherwise than by reason of non-payment by the
Relevant Dealer(s) or investors procured by the Relevant Dealer(s)), or (ii) any untrue statement or alleged (other than an allegation made by an indemnified Person) untrue statement contained in the Programme Memorandum or Pricing Supplement
circulated or distributed with the consent of the Issuer, or (iii) any untrue or alleged (other than an allegation made by an indemnified Person) untrue statement in any other document or information authorised pursuant to clause 8 to be
distributed or passed on by such Relevant Dealer(s) (other than in respect of any information provided by or prepared by or on behalf of any Relevant Dealer(s) or Arranger) or (iv) any omission or alleged (other than an allegation made by an
indemnified Person) omission to state in the Programme Memorandum a material fact necessary to make the statements therein not misleading, or (v) any breach by the Issuer of the Terms and Conditions. 

  

	7.2	Should any of the events in 7.1 occur, and an Indemnified Person thereby suffer a Loss, the Issuer shall pay to that Indemnified Person on demand an amount equal to
such Loss and all costs, charges and expenses (including but not limited to legal costs and expenses) reasonably incurred which it or any Indemnified Person may actually pay or incur in connection with investigating, disputing or defending any such
action or claim as such costs, charges and expenses are incurred. This undertaking to make payment is additional to any liability which the Issuer may otherwise have. 

  

 

 
  

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	7.3	If any proceedings (including a governmental investigation) shall be instituted involving any Indemnified Person in respect of which indemnity may be sought pursuant to
clause 7.1 such Indemnified Person shall promptly notify the Issuer in writing and the Issuer shall, upon request of such Indemnified Person, appoint lawyers reasonably satisfactory to such Indemnified Person to represent such Indemnified Person and
the Issuer shall be liable to pay the reasonable fees and expenses of such lawyers related to such proceeding. In any such proceedings, the relevant Indemnified Person shall have the right to retain its own lawyer, but the reasonable fees and
expenses of such lawyer shall be for the account of such Indemnified Person unless (i) the Issuer and such Indemnified Person shall have mutually agreed in writing to the retention of such lawyer or (ii) such Indemnified Person has
defences additional to or different from the Issuer, or (iii) the Issuer fails, within a reasonable time, to appoint lawyers reasonably satisfactory to such Indemnified Person. 

  

	7.4	The Issuer shall not be liable for any settlement of any such proceeding purported to be effected by any Indemnified Person without the prior written consent of the
Issuer (such consent not being unreasonably withheld or delayed), but if settled with such consent or if there be a final judgement for the plaintiff, the Issuer agrees to indemnify the relevant Indemnified Person(s) from and against any loss or
liability reasonably incurred by reason of such settlement or judgement. Notwithstanding the foregoing sentence, if at any time any Indemnified Person shall have requested the Issuer to reimburse such Indemnified Person for fees and expenses of its
own lawyers as contemplated in clause 7.3 and the Indemnified Person is entitled to such fees and expenses in terms of that clause, the Issuer agrees that it shall be liable for any settlement of any such proceeding effected without its written
consent if (i) such settlement is entered into more than 30 (thirty) days after receipt by the Issuer of such request and (ii) the Issuer shall not have reimbursed such Indemnified Person in accordance with such request prior to the date
of such settlement. The Issuer will not, without written consent of the relevant Indemnified Person, effect the settlement of any pending or threatened proceeding in respect of which any Indemnified Person is or could have been a party and indemnity
could have been sought hereunder by such Indemnified Person, unless such settlement includes an unconditional release of such Indemnified Person from all liability in respect of the subject of such proceeding. 

  

 

 
  

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	7.5	No Dealer shall have any duty or obligation, whether as fiduciary or otherwise toward any Indemnified Person or otherwise be obliged to recover any amount under this
clause 7 on behalf of or to account to any other person for any such amount. 

  

	7.6	The undertakings in this clause 7 shall survive any termination of this Agreement, any termination of any agreement or the obligations of any party hereto.

  

	8	AUTHORITY TO DISTRIBUTE DOCUMENTS 

 The Issuer hereby authorises the Arranger and the Dealers on its behalf to provide copies of, and make oral statements consistent with, (i) the Programme Memorandum and/or (ii) such additional information provided in writing by
the Issuer in relation to the Programme, to the Arranger and the Dealers, to actual and potential subscribers for Notes and to other persons to whom such documents and statements or information need to be furnished or made for the purposes of the
Programme. 
  

	9	DEALERS’ UNDERTAKINGS AND INDEMNITY 

  

	9.1	The Arranger and each Dealer agrees that its obligations under this Agreement are several (and not joint) and it shall not be responsible for the obligations of any
other Arranger or Dealer. 

  

	9.2	The Arranger and each Dealer agrees to comply with the restrictions and requirements set out in Appendix B hereto insofar as they relate to an issue of Notes to such
Dealer or any person procured by that Dealer or any offer for subscription for or sale of those Notes made by such Dealer. For the avoidance of doubt, no Dealer will be liable for the failure of any other Dealer or any other person, to comply with
the restrictions and requirements set out in Appendix B. 

  

	9.3	 The Arranger and each Dealer severally indemnifies the Issuer its subsidiaries and respective directors, officers, employees and controlling

  

 

 
  

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persons and agents against any and all losses, claims, damages or liabilities to which it may become subject, insofar as such losses, claims, damages or liabilities (or actions in respect
thereof) arise out of or are based upon the failure of such Dealer to observe or comply with any of the selling restrictions or requirements set out in Appendix B (insofar as they so relate to the Dealer) provided that no Dealer shall be liable for
any losses, claims, damages or liabilities arising from the sale of Notes to any person believed in good faith by such Dealer, on reasonable grounds after making all reasonable investigations, to be a person to whom the Notes could legally be sold
in compliance with the provisions of Appendix B, provided that the legal liability assumed in terms of this indemnity shall not extend to indirect or consequential damages and shall not extend beyond the relevant indemnifier’s liability that
would nevertheless attach to each Arranger or Dealer by law or by custom in the absence of such indemnity. For the sake of clarity, and save as otherwise stated to the contrary, the liability of each Dealer under this clause 9.3 shall be independent
from that of any other Dealer and shall be neither joint nor several as between Dealers. 

  

	9.4	The provisions of clauses 7.1, 7.3 and 7.4 as to the conduct and expense of conducting any defence against any action, proceeding, claim or demand in respect of which
indemnity in clause 9.3 may be sought shall apply mutatis mutandis to clause 9.3. 

  

	10	FEES, EXPENSES AND STAMP DUTIES 

 Except as otherwise agreed, the Issuer undertakes that it will: 
  

	10.1	pay to each Dealer on demand the commissions (if any) agreed in connection with and at the time of each sale of Notes to that Dealer or to a person procured by that
Dealer (and any VAT or other tax thereon, if applicable); and 

  

	10.2	pay (together with any VAT or other tax thereon, if applicable) all reasonable costs and expenses incidental to the performance of its obligations under this Agreement,
including but not limited to - 

  

	10.2.1	the reasonable fees and expenses of its legal advisers and auditors; 

  

 

 
  

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	10.2.2	the cost of listing and maintaining the listing of any Notes to be issued by the Issuer under the Programme on a Relevant Financial Exchange, where such Notes are
intended to be listed; 

  

	10.2.3	the cost of obtaining and maintaining any rating for the Issuer, the Programme and/or the Notes; 

  

	10.2.4	the agreed fees of, or expenses incurred by, the Transfer Agent, the Paying Agent and the Calculation Agent pursuant to the Agency Agreement; 

 

	10.2.5	all reasonable expenses in connection with the issue, marketing, authentication, packaging and initial delivery of Notes, this Agreement, the Agency Agreement, any
Subscription Agreement and the preparation and printing of Certificates, the Programme Memorandum and any amendments or supplements thereto (including the cost of updating any legal opinions issued pursuant to clause 4.4 and of any auditors’
comfort letters issued pursuant to clause 6.6), provided that proof thereof is furnished to the Issuer; 

  

	10.2.6	the cost of any publicity agreed to by the Issuer in connection with the Programme and any issue of Notes; 

  

	10.3	pay the agreed fees and disbursements of legal advisers appointed to represent the Arranger and the Dealers (including any VAT or other tax thereon, if applicable) in
connection with the negotiation, preparation, execution and delivery of this Agreement, the Programme Memorandum, the Agency Agreement and any documents referred to in any of them and any other documents required in connection with the
implementation or maintenance of the Programme and the issue of Notes; and 

  

	10.4	 pay promptly, and in any event before any penalty becomes payable, any stamp, documentary, registration or similar duty or tax imposed within the
Republic of South Africa and payable in connection with the entry into, performance, enforcement or admissibility in evidence of this Agreement, any communication pursuant hereto, the Agency Agreement, Programme

  

 

 
  

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Memorandum or any Note and indemnify each Dealer against any liability with respect to or resulting from any delay in paying, or omission to pay, any such duty or tax.

  

	11	TERMINATION OF APPOINTMENT OF DEALERS 

 The Arranger or each Dealer may terminate its participation described in this Agreement by giving not less than 30 (thirty) days’ written notice to the other parties hereto. The Issuer may terminate
the appointment of the Arranger, a Dealer or Dealers by giving not less than 30 (thirty) days’ written notice to the Arranger, such Dealer or Dealers (with a copy promptly thereafter to the remainder of the parties to this Agreement) at any
time after the earlier of the first Issue Date and 15 February 2009. Termination shall not affect any rights or obligations (including but not limited to those arising under clauses 7, 9 and/or 10) which have accrued at the time of termination
or which accrue thereafter in relation to any act or omission or alleged act or omission which occurred prior to such time. 
  

	12	APPOINTMENT OF NEW DEALERS 

  

	12.1	Nothing in this Agreement shall prevent the Issuer from appointing one or more New Dealers for the duration of the Programme or, with regard to an issue of a particular
Tranche of Notes, for the purposes of that Tranche, in either case upon the terms of this Agreement and provided that, unless such appointment is effected pursuant to a Subscription Agreement - 

  

	12.1.1	any New Dealer shall have first delivered to the Issuer an appropriate Dealer Accession Letter substantially in the form set out in Part I of Appendix C hereto (in
respect of a New Dealer for the remainder of the Programme) and Part III of Appendix C hereto (in respect of a New Dealer with regard to an issue of a particular Tranche of Notes); and 

  

	12.1.2	the Issuer shall have delivered to such New Dealer an appropriate Letter of Appointment substantially in the form set out in Part II or Part IV of Appendix C hereto,

 whereupon such New Dealer shall, subject to the terms of the relevant Dealer Accession Letter and the relevant
Letter of Appointment, become a

  

 

 
  

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party to this Agreement, vested with all authority, rights, powers, duties and obligations of a Dealer as if originally named as a Dealer hereunder provided further that, except in the case of
the appointment of a New Dealer for the duration of the Programme, following the issue of the Notes in respect of the relevant Tranche on the Issue Date, the relevant New Dealer shall have no further such authority, rights, powers, duties or
obligations except such as may be accrued or been incurred prior to and in connection with, the issue of such Notes. 
  

	12.2	The Issuer shall promptly notify the Arranger, the Transfer Agent and the other Dealers of any appointment of a New Dealer for the duration of the Programme by
supplying to such parties a copy of any Dealer Accession Letter and Letter of Appointment. Such notice shall be required to be given to the Transfer Agent by the Issuer only in the case of an appointment of a New Dealer for a particular Tranche.

  

	13	INCREASE IN THE AGGREGATE NOMINAL AMOUNT OF THE PROGRAMME 

  

	13.1	From time to time the Issuer may wish to increase the aggregate nominal amount of the Notes that may be issued under the Programme. In such circumstances, the Issuer
shall obtain the prior written approval of all the Guarantors for such increase and shall give notification of such an increase (subject to clause 13.2) by delivering to the Sponsoring Member, the Transfer Agent, the Arranger and the Dealers a
letter substantially in the form set out in Appendix D hereto. Upon such notice being given, all references in this Agreement, the Agency Agreement, the Programme Memorandum or any other agreement, deed or document in relation to the Programme, to
the aggregate nominal amount of the Notes that may be issued under the Programme, shall be and shall be deemed to be references to the increased nominal amount. 

  

	13.2	 Notwithstanding clause 13.1, the right of the Issuer, having obtained the prior written consent of the Guarantors, to increase the aggregate nominal
amount of the Programme shall be subject to the Arranger and the Dealers having received and found satisfactory (in their reasonable opinion) all the documents and confirmations described in the Initial Documentation List

  

 

 
  

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(with such changes as may be relevant with reference to the circumstances at the time of the proposed increase as are agreed between the Issuer, the Arranger and the Dealers), and the delivery of
any further conditions precedent that any of the Arranger and the Dealers may reasonably require, including, without limitation, the production of a supplement to the Programme Memorandum by the Issuer and any further or other documents required by
the Relevant Financial Exchange for the purpose of listing any Notes to be issued on the Relevant Financial Exchange. The Arranger shall circulate to the Dealers all the documents and confirmations described in the Initial Documentation List (save
for item 7 on the Initial Document List which shall be provided directly to the Dealers by the Issuer) and any further conditions precedent so required in terms hereof. Any Dealer must notify the Arranger and the Arranger must notify the Issuer
within 10 (ten) Business Days (or any shorter period as may be agreed) of receipt of the documents and confirmations described in the Initial Documentation List if it considers, in its reasonable opinion, any of such documents and confirmations to
be unsatisfactory and must furnish the reasons therefore in its notice. In the absence of such notification, the Arranger and the Dealers shall be deemed to consider such documents and confirmations to be satisfactory. 

 

	14	STATUS OF THE DEALERS AND THE ARRANGER 

 Each of the Dealers agrees that the Arranger has only acted in an administrative capacity to facilitate the establishment and/or maintenance of the Programme and none of the Dealers nor the Arranger will
be responsible to any other Dealer for the adequacy, accuracy, completeness or reasonableness of any representation, warranty, undertaking, agreement, statement or information in the Programme Memorandum, the Agency Agreement, any Pricing
Supplement, this Agreement or any information provided in connection with the Programme with the authority of the Issuer or for providing assurance in respect of the nature of and suitability for and consequences to such Dealers or Arranger of all
legal, tax and accounting matters and all documentation in connection with the Programme or any Tranche in reliance on any opinion or advice rendered by legal advisers or auditors appointed by the Issuer in relation to the Programme. The Arranger
shall have only those duties, obligations and responsibilities expressly specified in this Agreement and its letter of appointment. 
  

 

 
  

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	15	COUNTERPARTS 

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

	16	COMMUNICATIONS 

  

	16.1	All communications shall be letter delivered by registered mail or by hand or (but only where specifically provided in the Procedures Memorandum) by telephone. Each
communication shall be made to the relevant party at the fax number or address or telephone number and, in the case of a communication by fax or letter, marked for the attention of, or (in the case of a communication by telephone) made to, the
person(s) or department from time to time specified in writing by that party to the other for the purpose. The initial telephone number, fax number and address of, and person(s) or department so specified by, each party are set out on the signature
pages hereof. 

  

	16.2	A communication shall be deemed received, (if by fax) when sent (provided that a confirmation of error free transmittal is received from the transmitting terminal), (if
by telephone) when made or (if by letter) when actually delivered, or 7 (seven) days from posting in each case in the manner required by this clause 16. Every communication shall be irrevocable save in respect of any manifest error therein.

  

	17	BENEFIT OF AGREEMENT 

  

	17.1	This Agreement shall be binding upon and shall inure for the benefit of the Issuer, the Arranger and each Dealer and their respective successors and permitted assigns.

  

	17.2	The Arranger and/or any Dealer may, - 

  

	17.2.1	with the prior written consent of the Issuer, which consent shall not be unreasonably withheld, assign and transfer all of such Arranger’s or any such
Dealer’s rights and obligations hereunder to any third party, but subject to 17.2.2; 

  

 

 
  

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	17.2.2	without the prior written consent of the Issuer (but on prior written notice to the Issuer), assign and transfer all of such Arranger’s or any such Dealer’s
rights and obligations hereunder to any subsidiary or holding company of such Arranger or Dealer or to any subsidiary of such holding company, provided that the relevant Arranger or Dealer (as the case may be) unconditionally guarantees its
obligations. 

  

	17.3	Any purported assignment in violation of clause 17.2 shall be void. 

  

	17.4	Upon any such transfer and/or assumption of obligations pursuant to clause 17.2, the assigning or transferring Arranger or Dealer shall be relieved of and fully
discharged from all obligations under this Agreement (unless it shall have guaranteed such obligations), whether such obligations arose before or after such transfer and assumption and in all cases the relevant assignee or transferee shall be
treated as if it were a party to this Agreement with effect from the date on which such assignment or transfer takes effect. 

  

	17.5	The Issuer may not, for as long as the Notes are Outstanding, cede its rights or delegate its obligations under this Agreement without the prior written consent of the
Dealers, which will not be unreasonably withheld or delayed. 

  

	18	CALCULATION AGENT 

  

	18.1	In the case of any Series of Notes, the Calculation Agent shall act as such, unless the Relevant Dealer or (in the case of a syndicated issue) the Arranger agrees with
the Issuer in writing to appoint such Dealer or the Arranger, or another person nominated by such Dealer or the Arranger (a “Nominee”), as Calculation Agent. 

  

	18.2	 Should such a request be made to the Issuer and the Issuer agrees thereto, the appointment of that Dealer, the Arranger or nominee shall be automatic
upon the issue of the relevant Series of Notes, and shall, except as agreed, be on the terms set out in the Calculation Agency Agreement

  

 

 
  

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attached as Appendix B to the Agency Agreement, and no further action shall be required to effect the appointment of such Dealer, the Arranger or Nominee as Calculation Agent in relation to that
Series of Notes, and the Calculation Schedule to the Calculation Agency Agreement shall be deemed to be duly annotated to include such Series. The name of the Dealer, the Arranger or Nominee so appointed will be entered in the Applicable Pricing
Supplement. 

  

	19	STABILISATION 

  

	19.1	In connection with the distribution of the relevant Tranche of Notes, the Relevant Dealer who is designated in the Applicable Pricing Supplement as the approved
stabilisation manager (the “Stabilisation Manager”), for the issue of the relevant Tranche of Notes may, in accordance with any terms, directions or limits specified in the Applicable Pricing Supplement and to the extent permitted
by all applicable rules and regulations, over-allot or effect transactions with a view to supporting the market price of the relevant Tranche of Notes at a level which might not otherwise prevail for a limited period after the Issue Date, but in
doing so the Stabilisation Manager shall act as principal and not as agent of the Issuer. 

  

	19.2	Save to the extent agreed otherwise in writing, at the time such stabilisation is to take place - 

  

	19.2.1	the Issuer shall not be obliged to issue more than the aggregate principal amount of the relevant Tranche of Notes; 

  

	19.2.2	there may be no obligation on the Stabilisation Manager to so stabilise. Such stabilising, if commenced, may be discontinued at any time and must be brought to an end
after a limited period and the price/yield and amount of Notes to be issued under the Programme will be determined by the Issuer and each Relevant Dealer and/or Lead Manager(s) at the time of issue in accordance with the prevailing market
conditions; and 

  

	19.2.3	any loss or profit to the stabilisation Manager pursuant to the stabilising transactions effected by the Stabilisation Manager, shall be for the account of the
Stabilisation Manager. 

  

 

 
  

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	20	VARIATION AND CANCELLATION 

 No agreement varying, adding to, deleting from or cancelling this Agreement shall be effective unless reduced to writing and signed by or on behalf of all the parties hereto. 
  

	21	WHOLE AGREEMENT 

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

	22	NO WAIVER 

 Any indulgence
which any party may show to any other pursuant to the provisions contained in this Agreement shall not constitute a waiver of such party’s rights. 
  

	23	GOVERNING LAW AND JURISDICTION 

  

	23.1	This Agreement and every agreement for the issue of and subscription for Notes as referred to in clause 3 shall be governed by, and construed in accordance with the
laws of the Republic of South Africa. 

  

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

  

 

 
  

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

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

	Signature:	 		 	Signature:
			
	 Nicholas John Holland
	 		 	 Gayle Margaret Wilson

	Name:	 		 	Name:
			
	 CEO
	 		 	 Director

	Designation:	 		 	Designation:

  

			
	Address:	 	150 Helen Road, Sandown, Sandton, 2196
	Tel:	 	+2711 562 9700
	Attention:	 	Chief Financial Officer

  

 

 
  

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

			
	 /s/ Jacques Els
	 		 	  

	Signature:	 		 	Signature:
			
	 Jacques Els
	 		 	  

	Name:	 		 	Name:
			
	 Head. Debt Capital Markets
	 		 	  

	Designation:	 		 	Designation:

  

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

  

					
	SIGNED at                      on
                     2009
			
	 For and on behalf of
 NEDBANK CAPITAL, A DIVISION OF NEDBANK LIMITED (as Dealer)
	 		 	 For and on behalf of
 NEDBANK CAPITAL, A DIVISION OF NEDBANK LIMITED (as Dealer)

			
	 /s/ Bruce Stewart
	 		 	  

	Signature:	 		 	Signature:
			
	 Bruce Stewart
	 		 	  

	Name:	 		 	Name:
			
	  
	 		 	  

	Designation:	 		 	Designation:

  

			
	Address: 	 	 6th
 Floor, Corporate Place, 135 Rivonia Road
 Sandton, Johannesburg

	Tel:	 	011 535 4027
	Attention:	 	Head of Debt Origination

  

 

 
  

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 APPENDIX A 
 INITIAL DOCUMENTATION LIST 
  

	1	A certified copy of the memorandum and articles of association of the Issuer and each Guarantor. 

  

	2	A certified copy of all resolutions and/or other authorisations required to be passed or given, and evidence of any other action required to be taken, on behalf of the
Issuer: 

  

	2.1.1	to approve its entry into this Agreement, the Programme Memorandum, the Agency Agreement, the Operating and Procedures Memorandum, the establishment of the Programme
and the issue of Notes under the Programme; 

  

	2.1.2	to authorise appropriate persons to execute each of this Agreement, the Agency Agreement, the Operating and Procedures Memorandum and other agreement relevant to the
establishment of the Programme and issue of the Notes; and 

  

	2.1.3	to authorise appropriate persons to enter into agreements with any Dealer to issue Notes in accordance with clause 3 of this Agreement. 

  

	3	A certified copy of all resolutions and/or other authorisations required to be passed or given, and evidence of any other action required to be taken, on behalf of each
Guarantor: 

  

	3.1.1	to approve its entry into the Guarantee and any other agreement relevant to the Programme and to which such Guarantor is a party (the “Guarantor
Agreements”); and 

  

	3.1.2	to authorise appropriate persons to execute each of Guarantor Agreements. 

  

	4	A certified list of the names, titles and specimen signatures of the persons authorised on behalf of the Issuer and each Guarantor in accordance with paragraphs 2.1.3
and 3.1.2 above. 

  

	5	Certified copies of any governmental consents, authorities and approvals, to the extent applicable, required for the Issuer and each Guarantor to issue Notes and to
enter into this Agreement, the Programme Memorandum, the Guarantee, the Operating and Procedures Memorandum, the Agency Agreement and any other agreement relevant to the establishment of the Programme and issue of the Notes.

  

	6	Legal opinions addressed to each of the Arranger and the Dealers dated on or after the date of this Agreement, in such form and with such content as the Arranger may
reasonably require, from: 

  

	6.1	Cliffe Dekker Inc., legal advisers to the Arranger as to South African law; 

  

 

 
  

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	6.2	Webber Wentzel, legal advisors to the Issuer and the Guarantors incorporated in the Republic of South Africa as to South African law and the due incorporation,
authority and capacity of each Guarantor incorporated in the Republic of South Africa to enter into the Guarantor Agreements; and 

  

	6.3	Conyers Dill & Pearman, legal advisors to the Guarantors incorporated in the British Virgin Islands as to the due incorporation, authority and capacity of each
Guarantor incorporated in the British Virgin Islands to enter into the Guarantor Agreements. 

  

	7	A certified copy of this Agreement, the Operating and Procedures Memorandum, the Agency Agreement, the Guarantee and, where applicable, confirmation that executed
copies of such documents have been delivered to the Transfer Agent (if any). 

  

	8	A printed final version of the signed Programme Memorandum. 

  

	9	Comfort letters from PricewaterhouseCoopers Incorporated as independent auditors of the Issuer in such form and with such content as the Dealer may reasonably request.

  

	10	Confirmation that the Programme has been registered with The Bond Exchange of South Africa Limited. 

  

 

 
  

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 APPENDIX B 
 SELLING RESTRICTIONS 
 REPUBLIC OF SOUTH AFRICA 
 The Issuer, each Guarantor and each Dealer have represented, warranted and agreed that they will not solicit any offers for subscription for the Notes in
contravention of any applicable law and/or any regulation of the Republic of South Africa. 
 UNITED STATES 
 The Notes have not been and will not be registered under the U.S. Securities Act of 1933 (the “Securities Act”) and the Notes may not be
offered or sold within the United States except pursuant to an exemption from, or a transaction not subject to, the registration requirements of the Securities Act. Each Dealer represents that it has not offered or sold, and agrees that it will not
offer or sell, any Notes constituting part of its allotment in the United States except in accordance with Rule 903 of Regulation S under the Securities Act (“Regulation S”). Accordingly, neither the Issuer, each Dealer, their
affiliates nor any persons acting on its or their behalf have engaged or will engage in any directed selling efforts with respect to the Notes. Terms used in this paragraph have the meaning given to them by Regulation S. 
 UNITED KINGDOM 
 In relation to the Notes,
each Dealer subscribing for or purchasing such Notes has represented, warranted and agreed that: 
  

	a)	 Notes with maturities of less than one year: in relation to any Notes which have a maturity of less than one year, (a) it is a person whose
ordinary activities involve it in acquiring, holding, managing or disposing of investments (as principal or agent) for the purposes of its business and (b) it has not offered or sold and will not offer or sell any Notes other than to persons
whose ordinary activities involve them in acquiring, holding, managing or disposing of investments (as principal or agent) for the purposes of their businesses or who

  

 

 
  

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it is reasonable to expect will acquire, hold, manage or dispose of investments (as principal or agent) for the purposes of their businesses where the issue of the Notes would otherwise
constitute a contravention of section 19 of the Financial Services and Markets Act 2000 (the “FSMA”) by the Issuer; 

  

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

  

	c)	General compliance: it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to any Notes in, from or
otherwise involving the United Kingdom. 

 EUROPEAN ECONOMIC AREA 
 In relation to each Member State of the European Economic Area which has implemented the Prospectus Directive (each, a “Relevant Member
State”), each Dealer has represented, warranted and agreed, and each further Dealer appointed under the Programme will be required to represent, warrant and agree, that with effect from and including the date on which the Prospectus
Directive is implemented in that Member State (the “Relevant Implementation Date”) it has not made and will not make an offer of Notes which are the subject of the offering contemplated by this Programme Memorandum as completed by
the Applicable Pricing Supplement in relation thereto to the public in that Relevant Member State, except that it may, with effect from and including that Relevant Implementation Date, make an offer of Notes to the public in that Relevant Member
State: 
  

	(a)	at any time to legal entities which are authorised or regulated to operate in the financial markets or, if not so authorised or regulated, whose corporate purpose is
solely to invest in securities; 

  

	(b)	at any time to any legal entity which has two or more of (i) an average of at least 250 employees during the last financial year; (ii) a total balance sheet
of more than EUR43,000,000; and (iii) an annual turnover of more than EUR50,000,000, all as shown in its last annual or consolidated accounts; 

  

 

 
  

 Page 49 

	(c)	at any time to fewer than 100 natural or legal persons (other than qualified investors as defined in the Prospectus Directive) subject to obtaining the prior consent of
the Relevant Dealer or Dealers nominated by the relevant Issuer for any such offer; or 

  

	(d)	at any time in any other circumstances falling within Article 3(2) of the Prospectus Directive, 

 provided that no such offer of Notes referred to in (a) to (d) above shall require the Issuer or any Dealer to publish a prospectus
pursuant to Article 3 of the Prospectus Directive or supplement a prospectus pursuant to Article 16 of the Prospectus Directive. 
 For the purposes of this provision, the expression “offer of Notes to the public” in relation to any Notes in any Relevant Member State means the communication in any form and by any means of sufficient information on the
terms of the offer and the Notes to be offered so as to enable an investor to decide to purchase or subscribe the Notes, as the same may be varied in that Member State by any measure implementing the Prospectus Directive in that Member State and the
expression “Prospectus Directive” means Directive 2003/71/EC and includes any relevant implementing measure in each Relevant Member State. 
 GENERAL 
 Each Dealer has agreed and each further Dealer appointed under the Programme will
be required to agree that it will not, directly or indirectly, purchase, offer, sell or deliver any Notes or distribute or publish any offering circular, information memorandum, prospectus, form of application, advertisement or other document or
information in any country or jurisdiction except under circumstances that will, to the best of its knowledge and belief, result in compliance with any applicable laws and regulations and all purchases, offers, sales and deliveries of Notes by it
will be made on the same terms. 
 Without prejudice to the generality of the above paragraph, each Dealer has agreed and each further Dealer
appointed under the Programme will be required to agree that it will obtain any consent, approval or permission which is, to the best of its

  

 

 
  

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knowledge and belief, required for the offer, purchase, sale or delivery by it of Notes under the laws and regulations in force in any jurisdiction to which it is subject or in which it makes
such offers, purchases, sales or deliveries and it will, to the best of its knowledge and belief, comply with all such laws and regulations. 
 With regard to each Tranche, the Relevant Dealer(s) will be required to comply with such other additional restrictions as shall be set out in the Applicable Pricing Supplement. 
  

 

 
  

 Page 51 

 APPENDIX C 
 PART I 
 FORM OF DEALER ACCESSION LETTER - PROGRAMME

  

			
	[Date]	  	
		
	To:	  	Gold Fields Limited (the “Issuer”)
		  	[—]
	
	Dear Sirs

 GOLD FIELDS LIMITED 
 ZAR10,000,000,000 
 Domestic Medium Term Note
Programme 
 We refer to the Programme Agreement executed by, among others, the Issuer on 6 October 2009 in respect of the above
Domestic Medium Term Note Programme (which agreement, as amended from time to time, is herein referred to as the “Programme Agreement”). 
 We confirm that we are in receipt of the documents referenced below: 
  

	1	a copy of the Programme Agreement; and 

  

	2	 a copy of such of the documents referred to in Appendix A of the Programme Agreement,

  

 

 
  

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and have found them to our satisfaction. We hereby expressly waive production of any of the documents referred to in Appendix A of the Programme Agreement which we have not requested.1 
 For the purposes of the Programme Agreement our notice details are as follows: 
 [Insert name, address, telephone, facsimile, and contact]. 
 In consideration of the appointment by the Issuer of us as a
Dealer under the Programme Agreement we hereby undertake, for the benefit of the Issuer, the Guarantors, the Arranger and each of the other Dealers, that we will perform and comply with all the duties and obligations expressed to be assumed by a
Dealer under the Programme Agreement. 
 This letter is governed by, and shall be construed in accordance with the laws of the Republic of South
Africa. 
 Yours faithfully 
 [Name
of New Dealer] 
  

	
	  

	Name:
	Capacity:
	Who warrants his authority hereto

  

	cc:	The Transfer Agent, the Calculation Agent and the Paying Agent 

  

	cc:	The Arranger and the Dealers 

  

	1	It is important to ensure that each original legal opinion and comfort letter permits it to be delivered to, and relied upon by, New Dealers, otherwise a side letter to
this effect should be provided. 

  

 

 
  

 Page 59 

 PART II 
 FORM OF LETTER OF APPOINTMENT - PROGRAMME 
  

			
	[Date]	  	
		
	To:	  	[Name and address of New Dealer]
		
	cc:	  	The Transfer Agent, the Calculation Agent and the Paying Agent
		
	cc:	  	The Arranger and the Dealers

 Dear Sirs 
 GOLD FIELDS LIMITED 
 ZAR10,000,000,000 
 Domestic Medium Term Note Programme 
 We refer to the Programme Agreement executed by, among others, the Issuer on 6 October 2009 in respect of the above Domestic Medium Term Note Programme (which agreement, as amended from time to time, is herein referred to as the
“Programme Agreement”). 
 In accordance with clause 12 of the Programme Agreement we hereby appoint you as a dealer for the
duration of the Programme and confirm that, with effect from the date hereof, you shall become a party to the Programme Agreement, vested with all the authority, rights, powers, duties and obligations of a Dealer as if originally named as Dealer
under the Programme Agreement. 
  

 

 
  

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	Yours faithfully
	
	For: Gold Fields Limited
	
	  

	Name:
	Capacity:
	Who warrants his authority hereto
	
	  

	Name:
	Capacity:
	Who warrants his authority hereto

  

 

 
  

 Page 59 

 PART III 
 FORM OF DEALER ACCESSION LETTER - NOTE ISSUE 
  

			
	[Date]	  	
		
	To:	  	Gold Fields Limited (the “Issuer”)
		  	[—]

 Dear Sirs 
 GOLD FIELDS LIMITED 
 ZAR10,000,000,000 
 Domestic Medium Term Note Programme 
 (Tranche 1 of Series 1) 
 We refer to the Programme Agreement executed by, among others,
the Issuer on 6 October 2009 in respect of the above Domestic Medium Term Note Programme (which agreement, as amended from time to time, is herein referred to as the “Programme Agreement”). 
 We confirm that we are in receipt of the documents referenced below: 
  

	1	a copy of the Programme Agreement; and 

  

	2	a copy of such of the documents referred to in Appendix A of the Programme Agreement, 

  

 

 
  

 Page 60 

 and have found them to our satisfaction. We hereby expressly waive production of any of the documents
referred to in Appendix A of the Programme Agreement which we have not requested.2 
 For the purposes of the Programme Agreement our notice details are as follows: 
 [Insert name, address, telephone, facsimile, and contact]. 
 In consideration of the Issuer appointing us as a Dealer in respect of the issue of Notes under the Programme Agreement, being Tranche [—] of Series
[—], we hereby undertake, for the benefit of the Issuer, the Guarantors and of the Arranger and the other Dealers that in relation to the issue of the Notes we will perform and comply with all the
duties and obligations expressed to be assumed by a Dealer under the Programme Agreement. 
 This letter is governed by, and shall be construed
in accordance with, South African law. 
  

			
	Yours faithfully
		
	For:	 	[Name of New Dealer]
	
	  

	Name:	 	
	Capacity:
	Who warrants his authority hereto

  

	cc:	The Transfer Agent, the Calculation Agent and the Paying Agent 

  

	cc:	The Arranger and the Dealers 

  

	2	It is important to ensure that each original legal opinion and comfort letter permits it to be delivered to, and relied upon by, New Dealers, otherwise a side letter to
this effect should be provided. 

  

 

 
  

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 PART IV 
 FORM OF LETTER OF APPOINTMENT - NOTE ISSUE 
  

			
	[Date]	  	
		
	To:	  	[Name and address of New Dealer]
		
	cc:	  	The Transfer Agent, the Calculation Agent and the Paying Agent
		
	cc:	  	The Arranger and the Dealers

 Dear Sirs 
 GOLD FIELDS LIMITED 
 ZAR10,000,000,000 
 Domestic Medium Term Note Programme 
 (Tranche 1 of Series 1) 
 We refer to the Programme Agreement executed by, among others,
the Issuer on 6 October 2009 in respect of the above Domestic Medium Term Note Programme (such agreement as amended from time to time, the “Programme Agreement”) and hereby acknowledge receipt of your Dealer Accession Letter to
us dated [—]. 
 In accordance with clause 12 of the Programme Agreement we
hereby appoint you as a Dealer under the Programme and confirm that, with effect from the date hereof

  

 

 
  

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in respect of the issue of the Notes (Tranche [—] of Series [—]), you shall become a party to
the Programme Agreement, vested with all the authority, rights, powers, duties and obligations of a Dealer in relation to the issue of the Notes as if originally named as Dealer under the Programme Agreement provided that following the issue on the
Issue Date of the Notes you shall have no further such authority, rights, powers, duties and obligations except such as may have accrued or been incurred prior to and in connection with the issue of the said Notes. 
  

			
	Yours faithfully
		
	For:	 	Gold Fields Limited
	
	  

	Name:	 	
	Capacity:
	Who warrants his authority hereto
	
	  

	Name:	 	
	Capacity:
	Who warrants his authority hereto

  

 

 
  

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 APPENDIX D 
 LETTER REGARDING INCREASE IN THE NOMINAL AMOUNT 
 OF
THE PROGRAMME 
  

			
	[Date]	  	
		
	To:	  	The Arranger, the Dealers and Sponsoring Member (as defined in the Programme Agreement dated [—] as amended from time to time
(the “Programme Agreement”))

 Dear Sirs 
 GOLD FIELDS LIMITED 
 ZAR10,000,000,000 
 Domestic Medium Term Note Programme 
 We hereby notify you, pursuant to clause 13 of the Programme Agreement, that the aggregate nominal amount of the above Programme shall be increased to ZAR [insert amount] from [insert date] whereupon all references to the
current nominal amount of the Programme in the Programme Agreement, the Agency Agreement and any other relevant documents will be deemed amended accordingly. We understand that this increase is subject to the satisfaction of the conditions set out
in clause 13 of the Programme Agreement and we attach the documents and confirmations referred to in clause 13.2. 
  

 

 
  

 Page 60 

 You must notify the Arranger (in the case of Dealers) and ourselves within 7 (seven) Business Days of
receipt by you of those documents and confirmations if you consider (in your reasonable opinion) such documents, confirmations and, if applicable, such further conditions precedent to be unsatisfactory and, in the absence of such notification, you
will be deemed to consider such documents, confirmations and conditions precedent to be satisfactory or satisfied, as the case may be. 
 Terms
used in this letter have the meanings given to them in the Programme Agreement. 
  

	
	Yours faithfully
	
	For: Gold Fields Limited
	
	  

	Name:
	Capacity:
	Who warrants his authority hereto
	
	  

	Name:
	Capacity:
	Who warrants his authority hereto

  

	cc:	The Transfer Agent, the Calculation Agent and the Paying Agent 

  

 

 
  

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 APPENDIX E 
 FORM OF SUBSCRIPTION AGREEMENT 
 SUBSCRIPTION
AGREEMENT 
 in respect of GOLD FIELDS LIMITED 
 ZAR [—] 
 Domestic Medium Term Note Programme 
 Dated [—] 
 GOLD FIELDS LIMITED 
 as Issuer 
 and 
 [—] 
 as Lead Manager 
  

 

 
  

 Page 3 

 SUBSCRIPTION AGREEMENT 
 This Agreement is made on [—] between: 
  

	1	PARTIES 

  

	1.1	Gold Fields Limited 

 (the
“Issuer”); and 
  

	1.2	[—] 

 (the “Lead Manager”); and 
 [INSERT NAMES OF DEALERS, BUT EXCLUDING THE LEAD
MANAGER (TO THE EXTENT ANY OTHER DEALERS APPOINTED)] 
 (together with the Lead Manager referred to herein as the
“Dealer(s)”). 
  

	2	INTRODUCTION 

  

	2.1	The Issuer proposes to issue ZAR [—] per cent Notes due [—
] [insert bond code], being Tranche [—] of Series [—] (the “Notes”) pursuant to Gold
Fields Limited ZAR10,000,000,000 Domestic Medium Term Note Programme. The Notes will be issued on the Terms and Conditions as modified and supplemented by the pricing supplement (the “Pricing Supplement”) attached hereto as Annex
“A”. 

  

	2.2	The Subscription Agreement (this “Agreement”) is supplemental to the Programme Agreement (the “Programme Agreement”) dated
6 October 2009 and as may be further amended and/or restated and/or supplemented as at the Issue Date. The provisions of the Programme Agreement applicable to the issue of the Notes shall, save to the extent varied by this Agreement, be deemed
to be incorporated in this Agreement. All terms with initial capitals used herein without definition have the meanings given to them in the Programme Agreement. 

  

	2.3	We wish to record the arrangements agreed among us in relation to the issue: 

  

	3	APPOINTMENT 

  

	3.1	The Dealers appointed in respect of the issue of Notes contemplated in this Agreement are party to the Programme Agreement and accordingly no New Dealers are appointed
in terms of this Agreement. 

  

	3.2	 OR [INSERT NAME OF NEW DEALER] IS HEREBY APPOINTED BY THE ISSUER AS A DEALER UNDER THE PROGRAMME AGREEMENT [IN RESPECT OF THE ISSUE OF NOTES
CONTEMPLATED IN THIS AGREEMENT] OR [UNDER THE PROGRAMME] AND SUCH NEW 

  

 

 
  

 Page 1 

	 	 
DEALER HEREBY UNDERTAKES, FOR THE BENEFIT OF THE ISSUER, THE ARRANGER AND EACH OF THE OTHER DEALERS, TO PERFORM AND COMPLY WITH ALL THE DUTIES AND OBLIGATIONS EXPRESSED TO BE ASSUMED BY A
DEALER UNDER THE PROGRAMME AGREEMENT.] 

  

	4	ISSUE OF NOTES 

  

	4.1	Subject to the terms and conditions of the Programme Agreement and this Agreement, the Issuer hereby agrees to issue the Notes on [—] or such later date as may be agreed in writing by the Issuer and the Lead Manager (not being later than [—]) (the
“Issue Date”) and the Managers jointly and severally agree to - 

  

	4.1.1	subscribe for the Notes at a subscription price of [—] percent of the nominal amount of the Notes (the
“Subscription Price”), in consideration for which the Issuer agrees to pay each subscribing Manager a commission equal to [—] percent of the nominal amount of the Notes
subscribed for by it; and/ or 

  

	4.1.2	procure the subscription for the Notes as agent of the Issuer (for the avoidance of doubt the Dealers shall act as agents of the Issuer for the purpose of procuring
subscriptions and for no other purpose) at a subscription price of [—] per cent of the nominal amount of the Notes (the “Procurement Subscription Price”), in
consideration for which the Issuer agrees to pay each procuring Dealer a commission equal to [—] per cent of the nominal amount of the Notes in respect of which subscriptions are
procured by it, 

 it being agreed that it will be a domestic concern of the Dealers, determined by them in their
sole discretion, as to how their obligation to subscribe or procure subscriptions will be discharged amongst themselves, that is, by whom, in what proportion and in what manner, but without detracting from the aforesaid obligation of the Dealers to
subscribe or procure subscriptions. 
  

	5	SETTLEMENT 

  

	5.1	Unless otherwise agreed, the settlement procedures set out in Part 2 of Annex A to the Procedures Memorandum shall apply as if set out in this Agreement provided that
Uncertificated Notes will be cleared and settled in accordance with the rules of the Central Depository. 

  

	5.2	The Issuer shall pay the commissions (if any) contemplated in clause 4.1 to the subscribing and/or procuring Dealers by cheque, or as otherwise agreed, on the Issue
Date. 

  

	6	EXPENSES 

  

	6.1	 The Issuer agrees to reimburse the Lead Manager promptly for all reasonable costs and expenses (plus VAT and other similar taxes thereon) including,
but not limited to, travelling costs, legal fees (including all legal costs for Lead Manager’s legal counsel, incidental to the establishment of

  

 

 
  

 Page 2 

	 	 
the Programme and/or the issuance, including drafts and consultations, in accordance with the terms of the mandate letter entered into between the Lead Manager and the Issuer on
[    ] (the “Mandate Letter”). 

  

	6.2	Expenses relating to Professional Advisors shall be paid by the Issuer directly to the relevant Professional Advisor. The Issuer undertakes to pay such invoices within
20 business days of receipt of such invoices from the Lead Manager or within such other period as is stipulated in any contract between the Issuer and the relevant Professional Advisor. Professional expenses shall not include listing fees and other
cost incurred in obtaining regulatory approvals, which shall be paid by the Issuer directly. 

  

	7	CONDITIONS PRECEDENT 

  

	7.1	The obligation of the Dealers to subscribe for or procure the subscription for the relevant Notes is conditional upon - 

  

	7.1.1	the execution by all parties of this Agreement on or prior to the Issue Date; 

  

	7.1.2	the conditions set out in clause 4.2 of the Programme Agreement being satisfied or waived as of the Issue Date; 

  

	7.1.3	without prejudice to the aforesaid, the Programme Memorandum dated 6 October 2009 (including any supplements thereto), containing all material information relevant
in the context of the issue of Notes relating to the assets and liabilities, financial position, profits and losses of the Issuer and nothing having happened or being reasonably expected to happen which would require the Programme Memorandum to be
supplemented or updated prior to the Issue Date; 

  

	7.1.4	as at the Issue Date, the warranties and representations of the Issuer under clause 5 of the Programme Agreement being true and correct as if made on the Issue Date;

  

	7.1.5	the Issuer having performed all of its obligations then due under the Programme Agreement and this Agreement to be performed on or before the Issue Date; and

  

	7.1.6	the delivery to the Lead Manager (on behalf of the Dealers) on or prior to the Issue Date of - 

  

	7.1.6.1	if required in terms of clause 4.4 of the Programme Agreement, legal opinions addressed to the Dealers dated the Issue Date in such form and with such content as the
Dealers may reasonably require from [insert name], legal advisers to the Issuer, and from [insert Name], legal advisers to the Lead Manager; 

  

	7.1.6.2	certificates dated as at the Issue Date signed by duly authorised officers of the Issuer giving confirmation - 

  

	7.1.6.2.1	that all the conditions set out in clause 4.2 of the Programme Agreement have been satisfied for which purpose where a condition contains reference to the opinion of
any Dealer, such reference shall be ignored; 

  

 

 
  

 Page 3 

	7.1.6.2.2	that the issue of the Notes would not give rise to any breach of any limit on the borrowings of the Issuer; and 

  

	7.1.6.2.3	there has been no material adverse change in the condition (financial or otherwise) of the Issuer since the date of its latest audited annual financial statements which
is material in the context of the issue of the Notes; 

  

	7.1.6.3	certificates dated as at the Issue Date signed by duly authorised officers of each Guarantor giving confirmation - 

  

	7.1.6.3.1	that the guaranteeing of the payment obligations of the Issuer under the Notes would not give rise to any breach of any guaranteeing limit of such Guarantor; and

  

	7.1.6.3.2	there has been no material adverse change in the condition (financial or otherwise) of such Guarantor since the date of its latest audited annual financial statements
which is material in the context of the Guarantee; 

  

	7.1.6.4	if required in terms of clause 6.6 of the Programme Agreement, comfort letters dated the date hereof and the Issue Date from the independent auditors of the Issuer, in
such form with such content as the Lead Manager may reasonably request. 

  

	7.2	If any of the foregoing conditions is not satisfied or waived by 10h00 on the Issue Date or such later date agreed by the parties, this Agreement shall terminate at
10h00 on the Issue Date or such later date as agreed, and the parties hereto shall be under no further liability arising out of this Agreement (except for the liability of the Issuer in relation to expenses as provided in clause 6 and except for any
liability arising before or in relation to such termination), provided that the Lead Manager may in its discretion waive any of the aforesaid conditions (other than the condition precedent contained in clauses 4.2.1.3 and 4.2.1.10 of the Programme
Agreement) or any part of them or may extend the time and/or date by which the conditions are to be satisfied to such later date and time as the Lead Manager and Issuer may agree upon. 

  

	8	DISPUTE RESOLUTION 

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

 

 
  

 Page 4 

	9	TERMINATION 

  

	9.1	The Lead Manager (on behalf of the Dealers) may, on notice to the Issuer, terminate this Agreement at any time prior to payment of the net subscription monies to the
Issuer if: 

  

	9.1.1	in the opinion of the Lead Manager (on behalf of the Dealers) there shall have been such a change in national or international financial, political or economic
conditions or currency exchange rates or exchange controls or other calamity or emergency as would in the opinion of the Lead Manager (on behalf of the Dealers) be likely either - 

  

	9.1.2	to prejudice materially the success of the offering or distribution of the Notes or dealings in the Notes in the secondary market or result in a substantial
deterioration in the price and/or the value of the Notes; 

  

	9.1.3	to a material extent prevent or restrict payment for the Notes in the manner contemplated in this Agreement; or 

  

	9.1.4	to a material extent prevent or restrict settlement of transactions in the Notes in the market or otherwise, or 

  

	9.1.5	a breach or any event rendering incorrect in any material respect any of the representations and warranties in clause 5 of the Programme Agreement or failure to perform
any of the Issuer’s obligations contained in the Programme Agreement or this Agreement comes to notice of the Dealers, 

 and upon such notice being given, the parties to this Agreement shall (except for the liability of the Issuer in relation to expenses as provided in clause 6 of this Agreement and except for any liability
arising before or in relation to such termination) be released and discharged from their respective obligations under this Agreement. 
  

	10	NOTICES 

  

	10.1	The parties choose as their addresses for all purposes under this Agreement, the following addresses: 

 Gold Fields Limited 
 Address: 150 Helen Road, Sandown, Sandton 
  

			
	 Contact:
	  	[—]
	 Telephone:
	  	[—]
	 Telefax:
	  	[—]
	 Attention:
	  	[—]
	
	[—] (as Lead Manager)

  

 

 
  

 Page 5 

			
	Address: [—]	  	
	Contact:	  	[—]
	Telephone:	  	[—]
	Telefax:	  	[—]
	Attention:	  	[—]
	
	[INSERT NAME OF OTHER DEALERS]
		
	Address: [—]	  	
	Contact:	  	[—]
	Telephone:	  	[—]
	Telefax:	  	[—]
	Attention:	  	[—]

  

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

  

	10.2.1	if delivered in person to the relevant address specified herein and, if so delivered, shall be deemed to have been delivered at time of receipt; or

  

	10.2.2	if sent by facsimile to the relevant number specified herein and, if so sent, shall be deemed to have been delivered immediately after successful transmission provided
such transmission is confirmed when an acknowledgement of receipt is received. 

  

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

  

	11	GENERAL 

  

	11.1	This Agreement shall be construed in accordance with the laws of the Republic of South Africa. 

  

	11.2	The Lead Manager (on behalf of the Dealers) undertakes to furnish the Transfer Agent, the Calculation Agent, the Paying Agent, the Arranger and the Dealers with signed
copies of this Agreement. 

  

	11.3	The Issuer confirms that neither its assets nor the assets of any other Material Group Company are entitled to immunity from suit, execution, attachment or other legal
process. 

  

 

 
  

 Page 6 

 Signed on behalf of Gold Fields Limited (as Issuer) as set out below, the signatory hereto warranting
that he or she has due authority to do so: 
 SIGNED at
                                        
on
                                        
2009 
  

	
	 For and on behalf of
  
 Gold Fields Limited

	
	  

	Signature:
	
	  

	Name:
	
	  

	Designation:

 Signed on behalf of Gold Fields Limited (as Issuer) as set out below, the signatory hereto
warranting that he or she has due authority to do so: 
 SIGNED at
                                        
on
                                        
2009 
  

	
	 For and on behalf of
  
 Gold Fields Limited

	
	  

	Signature:
	
	  

	Name:
	
	  

	Designation:

  

 

 
  

 Page 7 

 Signed on behalf of [—] (as Lead
Manager) as set out below, the signatory hereto warranting that he or she has due authority to do so: 
 SIGNED at
                                        
on
                                        
2009 
  

	
	 For and on behalf of
  
 [—]

	
	  

	Signature:
	
	  

	Name:
	
	  

	Designation:

 Signed on behalf of [—] (as Lead
Manager) as set out below, the signatory hereto warranting that he or she has due authority to do so: 
 SIGNED at
                                        
on
                                        
2009 
  

	
	 For and on behalf of
  
 [—]

	
	  

	Signature:
	
	  

	Name:
	
	  

	Designation:

  

 

 
  

 Page 8 

 Signed on behalf of [INSERT NAME OF OTHER DEALERS] as set out below, the signatory hereto warranting
that he or she has due authority to do so: 
 SIGNED at
                                        
on
                                        
2008 
  

	
	 For and on behalf of
  
 [INSERT NAME OF OTHER DEALERS]

	
	  

	Signature:
	
	  

	Name:
	
	  

	Designation:

 Signed on behalf of [INSERT NAME OF OTHER DEALERS] as set out below, the signatory hereto
warranting that he or she has due authority to do so: 
 SIGNED at
                                        
on
                                        
2008 
  

	
	 For and on behalf of
  
 [INSERT NAME OF OTHER DEALERS]

	
	  

	Signature:
	
	  

	Name:
	
	  

	Designation:

  

 

 
  

 Page 9 

 ANNEXE A 
 PRICING SUPPLEMENT

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