INDEX SUBJECT MATTER

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1 SUBJECT MATTER INDEX RULE accumulated contributions - definition of... def - refund on withdrawal... A8.1.0, A minimum benefit on death... A5.2.0, A5.3.0 act - definition of... def actuarial surplus - application of... B1.9.0 actuary - appointment of... B definition of... def - investigations by... B report by... B1.9.0 annualised pensionable salary - death in service... A death of pensioner... A definition of... def appointed trustee - appointment of... B definition of... def associated company... def auditor - appointment of... B definition of... def benefits - augmentation of... B on death... A on retirement... A on withdrawal... A protection of... B taxation of... B unclaimed... B2.8.0 certificate of membership - endorsement of... A1.1.0, A3.4.0 child - definition of... def children's pension - amount of... A cessation of... A handicapped child... A payment of... A7.1.0

2 SUBJECT MATTER INDEX RULE claims - in accordance with rules... B2.9.0 constituent - definition of... def contributions - additional... A discontinuation of... B employer's... A member's... A remittance of... A transfer... A voluntary... A waiver of... A2.2.0 death benefits - children's pensions... A5.0.0, A deferred pensioner... A minimum total amount... A on death in service... A on death of a pensioner... A paid-up pensioner... A payment of... A5.4.0, B post-retirement lump sum... A pre-retirement lump sum... A widow/widower's pensions... A5.0.0, A6.0.0 deferred pension - amount of... A early payment of... A general conditions... A on retrenchment... A on withdrawal... A withdrawal of funds... A8.4.0 deferred pensioner - death of... A definition of... def dependant - definition of... def discontinuation - of admission to membership... B of contributions... B of fund - notice by employer... B3.4.0 dismissal - benefit on... A8.1.0

3 SUBJECT MATTER INDEX RULE disputes - between employers... B claim by member... B divorce... B eligible employee - definition of... def - membership of... A1.1.0 elected trustee - election of... B administration of... B cessation of office... B definition of... def employer - definition of... def - notice of discontinuance... B participation of... A1.2.0 final pensionable salary - definition of... def financial condition - unsound... B1.9.0 financial provisions - banking account... B expenses... B keeping of accounts... B payments to or by fund... B1.8.0 fund - as legal person... B constitution of... B definition... def - establishment of... preamble - financial condition of... B objects of... preamble - operation of... B registered office... B termination of... B3.0.0 holiday leave allowance - definition of... def indebtedness - to employer or fund... B indemnification - of fund... B1.10.0

4 SUBJECT MATTER INDEX RULE - of trustees and officers... B lien - by trustees... B liquidator - appointment of... B winding-up of fund by... B3.1.0 manager - appointment of... B1.6.0 medical examination - ill health retirement... A3.4.0 member - definition of... def membership - cessation of... A conditions of... A discontinuation of admission to... B evidence of age... A evidence of health... A1.1.0 MOPF - definition of... def - condoned service... def - condoned service transfer account... def - condoned service transfer account balance... def - condoned service transfer amount... def - member s individual account... A3.7.0, def - member s individual account balance... def - MOPF transfer amount... def - non-condoned service... def - non-condoned service transfer amount... def - special provisions... A namibian employer... def normal retirement age... A3.1.0, def notice of change in address... A4.5.0 paid-up pension - amount of pension... A death of pensioner... A general conditions... A re-entry to service... A transfer of... A9.1.0

5 SUBJECT MATTER INDEX RULE paid-up pensioner... def partial termination... B3.2.0 pension - children's... A5.0.0, A commutation of... A increases in... A4.3.0, B on ill health early retirement... A on late retirement... A on normal retirement... A on voluntary early retirement... A payment of... A payment to nominee... A setting up of pensions... B suspension or reduction of... A suspension or withholding of... B widow/widower's... A5.0.0, A6.0.0 pension age - definition of... def pension rights - suspension or forfeiting of... B2.5.0 pensionable salary - definition of... def pensionable service - definition of... def pensioner - definition of... def principal employer - definition of... def principal executive officer - appointment of... B1.6.0 projected pension - amount of child's pension... A amount of widow/widower's pension... A6.1.0 projected service - definition of... def - on ill-health early retirement... A3.4.0 provision of pensions... A4.6.0 records of particulars... B1.11.0

6 SUBJECT MATTER INDEX RULE registrar - definition of... def resignation - benefit on... A8.1.0 retirement - calculation of pension... A re-entry to service... A3.6.0 rules - alteration of... B amendment affecting financial condition... B amendment due to social security legislation... B approval by CIR... B copies of... B effective date of... preamble service - definition of... def social security legislation... B supplementary pension... def suspension of pension rights... B2.5.0 taxation - deduction by trustees... B2.7.0 termination - amalgamation of employer... B appointment of liquidator... B member's benefit on termination... B of fund... B partial... B reconstruction of employer... B section 28 of Act... B section 29 of Act... B unclaimed moneys... B winding-up by liquidator... B winding-up by employers... B3.1.0 transfer - outside rand area... A to associated or approved companies... A to non-participant associated company... A from MOPF... A namibian citizens... A11.0.0

7 SUBJECT MATTER INDEX RULE transfer contributions - additional benefits... A payment of... A2.3.0 trustees - administration of fund... B appointment of... B appointment of liquidator... B cessation of office... B chairman of... B definition of... def - indemnification of... B meetings of... B power over payment... B powers of... B quorum... B records kept by... B resolutions of... B1.4.0 unclaimed benefits - general... B on termination... B3.3.0 voluntary contributions - additional benefits... A payment of... A2.3.0 widow/widower - definition of... def - pension payable to... A6.0.0 widow/widower's pension - amount of... A apportionment of... A payment of... A6.2.0 withdrawal benefit - after 10 years' service... A8.1.0, A after 5 years' service... A8.1.0, A deferred pension... A8.1.0, A8.2.0 A dismissal... A preservation of... A resignation... A retrenchment... A8.2.0

8 SUBJECT MATTER INDEX De Beers Pension Fund Rules RULE NOTE: These rules have been consolidated to include the following amendments: AMENDMENTS RULE NUMBER FSB APPROVAL DATE Amendment 1 Definition Associated Company 19 June 2013 Amendment 1 A9.0.0,,A9.7.0, C6.1.3, C6.1.4, C6.4.0, 19 June 2013 Amendment 2 B March 2013 Amendment 3 Employer definition 10 May 2013 Amendment 4 Pension definition 10 May 2013 Amendment 4 C3.1.1, C3.3.1, C3.3.2, C April 2013 Amendment 5 Definition Employer 20 May 2014 Amendment 6 New Definitions, B1.13.6, C June 2014 C6.2.0, C7.1.2, C7.1.3 Amendment 7 B January 2015 Amendment 8 C1.4.2, C2.2.1, C February 2015 Amendment 9 A7.2.2, C January 2016 Amendment 10 B2.8.0, B3.3.0, C7.6.1(b) 4 August 2016 Amendment 11 C5.3.0(b)(iv) 5 May 2016 Amendment 12 New definitions and replaced definitions, Deletions (A8.4.3, A8.4.4, A9.1.3, A9.1.4, A9.1.5), Replacements (A3.1.2, A3.2.1, A3.4.1, A3.4.2, A3.4.3, A3.5.2, A4.2.1, A4.2.2, A4.4.1, A8.4.1, A9.1.1, A9.1.2, C1.2.1, C1.6.1, C3.1.1, C3.2.1, C3.2.2, C3.2.3, C3.2.4, C3.2.5, C3.2.6, C5.1.0, C5.4.0), Additions (A3.1.3, A3.8.0, A3.8.1, A3.8.2, C1.6.2, C3.2.7, C5.4.1, C5.4.2) 23 November 2016 Amendment 13 A12.2.1, B1.13.6(a) 23 November 2016 Should any difference exist between these consolidated rules and the signed approved rules and approved rule amendments, the latter shall prevail.

9 SUBJECT MATTER INDEX RULE CONTENTS PAGE PREAMBLE READERS' GUIDE TO THE RULES DEFINITIONS SECTION A - FUND BENEFITS A1.0.0 MEMBERSHIP A1.1.0 Conditions of membership A1.2.0 Participation of employer A1.3.0 Cessation of membership A2.0.0 CONTRIBUTIONS A2.1.0 Member's contributions A2.2.0 Waiver of contributions A2.3.0 Additional voluntary and transfer contributions A2.4.0 Employers' contributions A2.5.0 Remittance of contributions A3.0.0 CALCULATION OF RETIREMENT PENSION A3.1.0 Retirement A3.2.0 Normal retirement A3.3.0 Early retirement A3.4.0 Ill health retirement A3.5.0 Late retirement A3.6.0 Re-entry to service after retirement A3.7.0 Member s individual account A3.8.0 Provisions applicable to members who elect to defer retirement in the fund A4.0.0 A5.0.0 PAYMENT OF RETIREMENT PENSION A4.1.0 Payment of pension A4.2.0 Commutation of pension A4.3.0 Pension increases A4.4.0 Nomination if no spouse or dependants A4.5.0 Notice of change of address A4.6.0 Provision of pensions DEATH BENEFITS A5.1.0 Death in service A5.2.0 Death of a pensioner A5.3.0 Total amount of benefits A5.4.0 Payment of death benefits 22 23

10 SUBJECT MATTER INDEX RULE CONTENTS PAGE A6.0.0 WIDOW / WIDOWER'S PENSIONS A6.1.0 Amount of widow / widower's pension A6.2.0 Payment of widow / widower's pension A7.0.0 CHILDREN'S PENSIONS A7.1.0 Amount of child's pension A7.2.0 Cessation of child's pension A8.0.0 WITHDRAWAL BENEFITS A8.1.0 Withdrawal benefit on resignation or dismissal A8.2.0 Withdrawal benefit on retrenchment A8.3.0 Preserved transferred benefit A8.4.0 Deferred pension A8.5.0 Minimum Individual Reserve on withdrawal A9.0.0 SPECIAL CONDITIONS RELATING TO TRANSFERS OUT OF THE FUND TO ASSOCIATED OR APPROVED COMPANIES OR OTHER APPROVED FUNDS A9.1.0 Paid-up pensioners A9.2.0 Re-entry to service A9.3.0 Continued membership on transfer to associated or approved company outside rand monetary area A9.4.0 Continued membership on transfer to non participant associated company A9.5.0 Members affected by a transfer in terms of section 197 of the Labour Relations Act A9.6.0 Transfer of members in terms of Section 197 of the Labour Relations Act (DB) A9.7.0 Change of employer other than in terms of a section 197 of the Labour Relations Act: A ADDITIONAL BENEFITS IN RESPECT OF VOLUNTARY AND TRANSFER CONTRIBUTIONS A Transfers from associated companies A Voluntary contributions and transfer contributions from non-associated companies A Special provisions applicable to transfers from the Mine Officials Pension fund in respect of members with condoned service with effect from 1 March 2001 A SPECIAL PROVISIONS TO PROVIDE FOR THE TRANSFER OF BENEFITS OF MEMBERS WHO ARE NAMIBIAN CITIZENS TO THE DE BEERS NAMIBIAN PENSION FUND

11 SUBJECT MATTER INDEX RULE A DEFINED BENEFIT RESERVE ACCOUNTS A Solvency Reserve Account A Pension Increase Underpin Account 37

12 SUBJECT MATTER INDEX RULE CONTENTS PAGE SECTION B - FUND OPERATION AND CONSTITUTION B1.0.0 CONSTITUTION AND OPERATION OF THE FUND B1.1.0 The fund B1.2.0 The rules and alterations to the rules B1.3.0 Trustees B1.4.0 Meetings of trustees B1.5.0 Powers of trustees B1.6.0 Principal Officer B1.7.0 Appointment of auditor B1.8.0 Financial provisions B1.9.0 Actuarial valuations B Indemnification B Records of particulars B Setting up of pensions B Reserve Accounts B2.0.0 GENERAL PROVISIONS B2.1.0 Copies of the rules B2.2.0 Payment of death benefits B2.3.0 Augmentation of benefits B2.4.0 Protection of benefits B2.5.0 Suspension or withholding of pension rights B2.6.0 Trustees' power over payment B2.7.0 Taxation of benefits B2.8.0 Unclaimed benefits B2.9.0 No claim B Indebtedness to employer or fund B Disputes B Social security legislation B Divorce B3.0.0 TERMINATION B3.1.0 Termination of fund B3.2.0 Partial termination B3.3.0 Unclaimed moneys B3.4.0 Notice by employers of discontinuation B3.5.0 Benefit to members where membership ceased

13 SUBJECT MATTER INDEX RULE SECTION C RULES APPLICABLE TO DEFINED CONTRIBUTION MEMBERS C1.0.0 MEMBERSHIP C1.1.0 Eligibility of Membership C1.2.0 Termination of Membership on Termination of Service C1.3.0 Members are required to provide information C1.4.0 Insured Benefit C1.5.0 Medical Testing C1.6.0 Deferred Pensioners who become members C1.7.0 Temporary Absence C2.0.0 CONTRIBUTIONS C2.1.0 Contribution by Members C2.2.0 Contributions by Employers (DC section of the Fund) C2.3.0 Payment of Contributions C3.0.0 RETIREMENT BENEFITS AND PAYMENT OF PENSION C3.1.0 Amount of Pension C3.2.0 Retirement C3.3.0 Payment of Pension C3.4.0 Commutation C4.0.0 DEATH BENEFIT AND DISABILITY BENEFITS C4.1.0 Death Benefit C4.2.0 Disability Benefits C4.3.0 Restrictions C5.0.0 TERMINATION OF SERVICE BEFORE RETIREMENT C5.1.0 If a Defined Contribution Member does not qualify to retire C5.2.0 A benefit in terms of Rule C5.1.0 shall in respect of a benefit in Rule C5.1.0 (a) C5.3.0 DC Member Fund Credit C5.4.0 A Defined Contribution Member who in terms of Rule C5.1.0 (b) C5.5.0 For the purposes of establishing the benefit to which the DC member is entitled C5.6.0 Notwithstanding any other provisions of these Rules, C5.7.0 At the discretion of the Employer, a DC member referred to in clause (b) C6.0.0 TRANSFERS C6.1.0 Transfers into the Fund C6.2.0 Transfers out of the Fund C6.3.0 Transfer of Members C6.4.0 Change of employer other than in terms of a section 197 of the Labour Relations Act: C7.0.0 ACCOUNTING STRUCTURE AND INVESTMENT PORTFOLIOS C7.1.0 Accounts C7.3.0 Life Annuity Account C7.4.0 Living Annuity Capital Account C7.5.0 Investment Portfolios

14 SUBJECT MATTER INDEX RULE C8.0.0 C9.0.0 C7.6.0 Unclaimed Benefits Reserve Account C7.7.0 Processing Error Reserve Account OVERRIDING PROVISIONS REGARDING PAYMENT OF MINIMUM BENEFITS DEFERRED DEFINED BENEFIT MEMBERS

15 Page 1 PREAMBLE The De Beers Pension Fund was established and came into operation on 1 January The main object of the fund is to provide pension benefits to members on retirement through age or ill-health or for their dependants upon the death of such members. These consolidated rules were last formally consolidated and approved by the FSB as at 15 August 2013 and as requested we have updated the consolidated rules with subsequent amendments. READERS' GUIDE TO THE RULES These rules are organised into the following sections: (a) Definitions defines key words and expressions used in the main body of the rules. (b) Section A provides the detail relating to the main benefits and conditions of the fund and also sets out conditions which occur less frequently. (c) Section B sets out general provisions relating to the operation of the fund. (d) Section C sets out special provisions applicable to defined contribution members. (e) Index allows the reader to find the rule or rules dealing with specific topics.

16 Page 2 DEFINITIONS In these rules all words and expressions importing the masculine include the feminine, words signifying the singular include the plural and vice versa and the following expressions have the following meanings unless inconsistent with the context: ACCUMULATED CONTRIBUTIONS means the sum of a MEMBER'S (a) contributions to the FUND in terms of Rule A2.1.0, plus (b) such portion of the MEMBER'S transfer contributions plus interest in terms of Rule A2.3.3 which are his own contributions to the pension or provident fund from which he was transferred. Transfer contributions received in terms of rule A are excluded and retained separately with interest calculated at such rate as decided by the TRUSTEES from time to time. All contributions previously refunded to the MEMBER shall be excluded unless otherwise decided by the TRUSTEES ACT means the Pension Funds Act, No. 24 of 1956 as amended and the Regulations framed thereunder ACTUARY means a qualified actuary in terms of the ACT ANNUALISED PENSIONABLE SALARY means the annual equivalent of the MEMBER'S monthly PENSIONABLE SALARY and shall include the HOLIDAY LEAVE ALLOWANCE accrued for the year during which the PENSIONABLE SALARY was paid APPOINTED TRUSTEE means a TRUSTEE appointed by the PRINCIPAL EMPLOYER from time to time APPROVED FUND A pension fund, a provident fund, a retirement annuity fund or a pension preservation fund or a provident preservation fund as defined in the Income Tax Act ASSOCIATED COMPANY means Anglo American PLC including its subsidiaries and affiliates. AUDITOR means an auditor registered under the Public Accountants and Auditors Act, No. 80 of 1991

17 Page 3 CALCULATION DATE means the date, in terms of the agreed practice of the FUND, on which a DEFINED CONTRIBUTION MEMBER S benefit is calculated on his or her retirement, death or leaving SERVICE in terms of Rule C5.0.0 or in order to transfer the DEFINED CONTRIBUTION MEMBER S benefit from the FUND in any of the circumstances contemplated in these RULES. CHILD means (a) (b) the legitimate child of a deceased MEMBER or a person deemed by the TRUSTEES, in their sole discretion, to be a dependant child of the deceased MEMBER, or the legitimate child of a deceased PENSIONER or a person deemed by the TRUSTEES, in their sole discretion, to be a dependant child of a deceased PENSIONER, provided such child was born to him or deemed by the TRUSTEES to have been dependant upon him prior to his retirement on pension CONDONED SERVICE means that portion of a MEMBER S total contributory MOPF service with an associated company, which the PRINCIPAL EMPLOYER has approved as constituting continuous condoned group service eligible for supplementation and accepted as such by the TRUSTEES. CONDONED SERVICE TRANSFER ACCOUNT means the account credited with the CONDONED SERVICE TRANSFER AMOUNT in respect of a MEMBER. CONDONED SERVICE TRANSFER ACCOUNT BALANCE means the balance in the CONDONED TRANSFER ACCOUNT including interest thereon as determined by the TRUSTEES from time to time in consultation with the ACTUARY. CONDONED SERVICE TRANSFER AMOUNT means that portion of the MOPF TRANSFER AMOUNT represented by the proportion of CONDONED SERVICE to the total contributory MOPF service, which amount is credited to the CONDONED SERVICE TRANSFER ACCOUNT. CONSTITUENT means a MEMBER, PENSIONER or WIDOW/WIDOWER as defined in the rules CONTRIBUTIONS means those sums of money which are required to be paid to the FUND by MEMBERS and EMPLOYERS in terms of Rule C2.0.0, or any sum of money which may be paid to the FUND by a MEMBER in terms of Rule C2.1.1 (b) or by an EMPLOYER in terms of Rule C CONVERSION CREDIT means in relation to a DEFINED CONTRIBUTION MEMBER referred to in clause (b) of the definition who is not

18 Page 4 a DEFERRED DEFINED BENEFIT MEMBER the value at the CONVERSION DATE of the liabilities of the FUND in respect of pensionable service accrued prior to CONVERSION DATE as determined by the ACTUARY using the same actuarial assumptions as were used in the latest statutory valuation of the FUND in terms of Rule B1.9.0, together with such share of such contingency reserves in the FUND as the TRUSTEES on the advice of the Actuary may decide. CONVERSION DATE means 1 July 2006, or such later date as the TRUSTEES, in consultation with the PRINCIPAL EMPLOYER may decide. DATA ERROR CONTINGENCY RESERVE ACCOUNT means the account referred to in Rule B DEFINED CONTRIBUTION EXPENSE RESERVE ACCOUNT means the account referred to in Rule C DEFERRED DEFINED BENEFIT MEMBER means a MEMBER who on the CONVERSION DATE elects to become a DEFINED CONTRIBUTION MEMBER, and who further elects, in terms of the option referred to in proviso (ii) in Rule B1.1.3, that his or her benefit in respect of his or her SERVICE until the CONVERSION DATE shall be calculated in accordance with defined benefit principles in terms of Section A, as contemplated in the definition DEFERRED DEFINED BENEFIT and that his or her benefit in respect of SERVICE after the CONVERSION DATE shall be calculated in accordance with defined contribution principles in terms of Section C. DEFERRED DEFINED BENEFIT means the benefit retained in the defined benefit section of the FUND for a MEMBER who elects to become a DEFERRED DEFINED BENEFIT MEMBER. Such benefit shall be calculated as a pension in terms of Rule A3.2.1, but with PENSIONABLE SERVICE counted until the CONVERSION DATE. At the discretion of the TRUSTEES, by agreement with the PRINCIPAL EMPLOYER and acting on the advice of the ACTUARY, the DEFERRED DEFINED BENEFIT may be increased from time to time. Such benefit shall be payable in the circumstances provided for in Rule C DEFERRED PENSIONER means a MEMBER who left SERVICE by dismissal, resignation, retrenchment or retirement and who retains a benefit in the FUND in terms of RULE A3.8.0, RULE A8.4.0, RULE B1.1.3, RULE C3.2.6 or RULE C5.4.0.

19 Page 5 DEFINED CONTRIBUTION MEMBER means either: (a) (b) a MEMBER who becomes a MEMBER of the FUND on or after the CONVERSION DATE; or a MEMBER, a PAID-UP PENSIONER or a DEFERRED PENSIONER who irrevocably elects in terms of Rule B1.1.3 that the provisions of Section C shall apply to the determination of his or her benefits. DEPENDANT means dependant as defined in the ACT DISABLED means that condition defined in terms of and subject to the provisions of the policy of insurance providing the DISABILITY INCOME BENEFIT. DISABLEMENT or DISABILITY means the condition of a MEMBER which renders him or her DISABLED. DISABILITY INCOME BENEFIT means the benefit payable in terms of a separate policy of insurance to which the EMPLOYER contributes in order to provide income benefits for employees who are MEMBERS in the event of their disablement. ELECTED TRUSTEE means a TRUSTEE elected by PENSIONERS, DEFERRED PENSIONERS or in-service MEMBERS in terms of Rule B1.3.5 ELIGIBLE EMPLOYEE means until 31 January 2005 (a) all permanent employees of an EMPLOYER acknowledged by the PRINCIPAL EMPLOYER, under pension age/ (normal retirement date) (b) any person on the Board of Directors of an EMPLOYER, acknowledged by the PRINCIPAL EMPLOYER, holding a fulltime salaried position with such EMPLOYER, under the age of 55 EMPLOYER means one of the following companies or organisations: (a) AuruMar (Pty) Ltd Debswana Diamond Company Proprietary Limited De Beers Benefit Society De Beers Consolidated Mines Proprietary Limited De Beers Group Services Proprietary Limited De Beers Marine Proprietary Limited De Beers Marine Namibia Proprietary Limited

20 Page 6 De Beers Pension Fund De Beers Sightholder Sales South Africa (Pty) Ltd DTC Valuations Namibia Proprietary Limited Namdeb Diamond Corporation Proprietary Limited (b) any other company, organisation or affiliate that has a specific association or relationship with the PRINCIPAL EMPLOYER, approved as such by the PRINCIPAL EMPLOYER, with any restrictions which the PRINCIPAL EMPLOYER may impose. (c) Any other company regarded as an Employer in terms of Rules A9.5.0 or C6.3.0 and recorded in an Appendix to these rules. EMPLOYER SURPLUS ACCOUNT means the account referred to in Rule B EXPENSE CONTINGENCY RESERVE ACCOUNT means the account referred to in Rule B FINAL PENSIONABLE SALARY means (a) the highest PENSIONABLE SALARY earned over any 12 month period in the 10 years (b) preceding retirement or the effective date of the calculation of the MINIMUM INDIVIDUAL RESERVE in respect of a member, or in the case of a MEMBER who dies in service or retires due to ill health in terms of Rule A3.4.2 and is not within one year of his PENSION AGE, the greater of his FINAL PENSIONABLE SALARY as set out in (a) and his ANNUALISED PENSIONABLE SALARY at the date of retirement. FUND means De Beers Pension Fund FUND CREDIT means in relation to a DEFINED CONTRIBUTION MEMBER an amount equal to the sum of: (a) (b) (c) (d) (e) (f) (g) the monthly CONTRIBUTIONS in terms of Rule C2.1.1 (a) and Rule C2.2.1 (a) and, if applicable, the CONTRIBUTIONS required to be credited in terms of the proviso to Rule C2.2.1 (b); any additional amounts in terms of Rule C2.1.1 (b) and Rule C2.2.2; any amount transferred from an APPROVED FUND in terms of Rule C2.1.2; if applicable, his or her CONVERSION CREDIT; if applicable, any amounts transferred in terms of Rule C6.1.1; Rule C6.1.3 and Rule C6.1.4 any amount allocated from the MEMBER SURPLUS ACCOUNT and the EMPLOYER SURPLUS ACCOUNT; if applicable, any amount required to be credited in terms of Rule C4.1.5, Rule C4.1.6 or Rule C4.2.4;

21 Page 7 less any amount, as decided by the TRUSTEES, transferred to the DEFINED CONTRIBUTION EXPENSE RESERVE ACCOUNT in terms of Rule C7.1.2 (e) and, if applicable, any amount required to be debited in terms of Rule C4.1.5 (c), and increased or decreased by the INVESTMENT RETURN until the CALCULATION DATE. FUND PENSION means in relation to a PENSIONER who retires under the provisions of Section C and elects the option in terms of Rule C3.3.4, the sum of the LIFE COMPONENT and the LIVING COMPONENT. FUNERAL ARRANGEMENT means a separate funeral arrangement, subscribed to by the EMPLOYERS participating in the FUND, which in terms of a policy of insurance provides funeral benefits for its employees who are MEMBERS HOLIDAY LEAVE ALLOWANCE means the annual allowance payable in terms of the EMPLOYERS' leave conditions. In determining PENSIONABLE SALARY for benefit calculation purposes the following shall apply: (a) Only HOLIDAY LEAVE ALLOWANCES on which contributions were paid shall qualify for inclusion. (b) Only one HOLIDAY LEAVE ALLOWANCE shall be taken into account. Should more than one HOLIDAY LEAVE ALLOWANCE have been paid during the twelve month period used (c) (d) for calculating FINAL PENSIONABLE SALARY then the highest HOLIDAY LEAVE ALLOWANCE so paid shall be included. Where a MEMBER on retirement or death receives less than one HOLIDAY LEAVE ALLOWANCE then a pro-rated portion of the immediately preceding HOLIDAY LEAVE ALLOWANCE paid shall be included. Where the MEMBER'S Death Benefit is not based on his PENSIONABLE SALARY at the date of death, the HOLIDAY LEAVE ALLOWANCE to be included in the calculation of annual salary is that which was paid immediately prior to the date on which the PENSIONABLE SALARY used in the calculation was received. INSURED BENEFIT means that part of the death benefit in Rule C4.1.2 which is reinsured with a REGISTERED INSURER in terms of a policy of insurance. This excludes the DISABILITY INCOME BENEFIT. INVESTMENT RETURN means the return on the investment of the accounts of the FUND maintained in terms of A12.1.0, A12.2.0, B1.13.4, B1.13.5, B1.13.6, C7.1.1, C7.3.0 and C7.4.0 and referred to in (d) below and on the FUND CREDITS of DEFINED CONTRIBUTION MEMBERS plus interest, if any, paid by the EMPLOYER in terms of Rule C2.3.1 and capital gains and losses (realised and unrealised) less a share of the tax paid or payable by the FUND and expenses incurred by it as determined by the TRUSTEES; provided that (a) such INVESTMENT RETURN may be positive or negative; (b) the INVESTMENT RETURN shall be allocated to each MEMBER S FUND CREDIT on such equitable basis as the TRUSTEES in their absolute discretion, in consultation with the ACTUARY and in

22 Page 8 (c) (d) accordance with the agreed practice of the FUND, may determine from time to time; and where a MEMBER S FUND CREDIT is, and/or contributions paid by or in respect of a MEMBER are, invested in a selected portfolio or portfolios in terms of Rule C7.5.0, the INVESTMENT RETURN relating to such MEMBER S investment within each portfolio shall be allocated to such MEMBER S benefit within the portfolio; where the INVESTMENT RETURN is allocated to the DEFINED CONTRIBUTION EXPENSE RESERVE ACCOUNT, the LIFE ANNUITY ACCOUNT and the LIVING ANNUITY CAPITAL ACCOUNT, interest payable by the EMPLOYER in terms of Rule C2.3.1 shall be excluded and the INVESTMENT RETURN shall be determined in accordance with the different investment strategies adopted by the TRUSTEES in respect of each such account. LEGAL LIABILITY CONTINGENCY RESERVE ACCOUNT means the account referred to in Rule B LIFE ANNUITY ACCOUNT means the separate account maintained in respect of all PENSIONERS that have elected a LIFE COMPONENT. The LIFE ANNUITY ACCOUNT shall be determined as set out in Rule C LIFE COMPONENT means the pension elected by a DEFINED CONTRIBUTION MEMBER or DEFERRED PENSIONER on his or her retirement from the FUND to be in the form of an annuity payable by the FUND; provided that if a PENSIONER elects a LIVING COMPONENT the LIFE COMPONENT shall be sufficient to provide a minimum monthly pension as may be determined by the TRUSTEES and the PRINCIPAL EMPLOYER in consultation with the ACTUARY and in accordance with the PRACTICE NOTES. LIVING ANNUITY CAPITAL ACCOUNT means the Rand amount available at any time to provide the LIVING COMPONENT for a particular PENSIONER. The LIVING ANNUITY CAPITAL ACCOUNT for such PENSIONER shall be determined as set out in Rule C LIVING COMPONENT means the pension provided from the LIVING ANNUITY CAPITAL ACCOUNT; provided that the amount of such pension shall be subject to the approval of the TRUSTEES and the PRINCIPAL EMPLOYER in consultation with the ACTUARY, and to the restrictions of the REVENUE AUTHORITIES as specified from time to time. MEMBER means an ELIGIBLE EMPLOYEE; "membership" shall have a corresponding meaning MEMBER S INDIVIDUAL ACCOUNT means the account established for the MEMBER in terms of Rule A MEMBER S INDIVIDUAL ACCOUNT BALANCE

23 Page 9 means the balance in the MEMBER S INDIVIDUAL ACCOUNT including interest thereon as determined by the TRUSTEES from time to time in consultation with the ACTUARY. MEMBER SURPLUS ACCOUNT means the account referred to in Rule B MINIMUM INDIVIDUAL RESERVE means in relation to a DEFINED CONTRIBUTION MEMBER the MINIMUM INDIVIDUAL RESERVE for a MEMBER as defined in Section 14B (2) (b) of the ACT and as determined by the ACTUARY using methods and assumptions prescribed by the REGISTRAR by notice in the Government Gazette. MINIMUM INDIVIDUAL RESERVE means in relation to a MEMBER who is not a DEFINED CONTRIBUTION MEMBER at the date of calculation the greater of the following:- (a) (b) the MEMBER s ACCUMULATED CONTRIBUTIONS calculated upon withdrawal with interest as decided by the TRUSTEES, which is reasonable in accordance with the ACT, nett of expenses as the TRUSTEES may determine ; and where (b) is determined as either (i), or (ii) below, namely: (i) in respect of benefits payable to a MEMBER in terms of Rule A8.5.0 or A9.5.0 (in respect of Rules A9.4.1(a), A11.0.1, or A11.0.2) who ceases to be a MEMBER prior to retirement or on the death of a MEMBER where Rule A5.1.3 applies (b) is the fair value equivalent of the present value of the member s accrued deferred pension (excluding, where applicable, benefits arising from a MEMBER S INDIVIDUAL ACCOUNT in terms of Rules A8.1.2 or A8.2.3 or the MEMBER INDIVIDUAL ACCOUNT or the CONDONED SERVICE ACCOUNT in terms of rule A5.1.3), calculated as decided by the TRUSTEES in accordance with the ACT and as prescribed by the REGISTRAR from time to time: Provided that the accrued deferred pension is calculated as follows: PENSIONABLE SERVICE x FINAL PENSIONABLE SALARY x UNIFORM ACCRUAL RATE. Provided further that the MEMBER S PENSIONABLE SERVICE shall include CONDONED SERVICE except where, in terms of Rule A and A , the CONDONED SERVICE TRANSFER ACCOUNT BALANCE is transferred to a MEMBER S INDIVIDUAL ACCOUNT; or (ii) in respect of a PAID-UP PENSIONER in terms of Rule A9.5.0 (in respect of Rule A9.1.3) who is not retiring or a DEFERRED Or PAID UP PENSIONER in terms of Rule A5.2.5 : (b) is the fair value equivalent of the present value of the amount of the deferred pension or of the paid-up pension respectively,

24 Page 10 (excluding, where applicable, any benefit arising from the MEMBER S INDIVIDUAL ACCOUNT) calculated as decided by the TRUSTEES in accordance with the ACT and as prescribed by the REGISTRAR from time to time. MOPF means Mine Officials Pension Fund. MOPF TRANSFER AMOUNT means the transfer contributions received from the MOPF with effect from 1 March 2001 in respect of a MEMBER with CONDONED SERVICE. NON-CONDONED SERVICE means the difference between a MEMBER S total contributory MOPF service and CONDONED SERVICE. NON-CONDONED SERVICE TRANSFER AMOUNT means the difference between the MOPF TRANSFER AMOUNT and the CONDONED SERVICE TRANSFER AMOUNT, which amount is credited to the MEMBER S INDIVIDUAL ACCOUNT. NAMIBIAN EMPLOYER Means one of the following Companies: Namdeb Diamond Corporation (Proprietary) Limited DTC Valuations Namibia (Proprietary) Limited De Beers Services (Proprietary) Limited De Beers Marine Namibia (Proprietary) Limited PAID-UP PENSIONER means, at the discretion of the TRUSTEES (a) a MEMBER who is transferred or seconded to the office of an EMPLOYER where that office is situated in a country outside the rand monetary area and who is permitted to retain a benefit in the FUND, and (i) does not continue to contribute to the FUND, and (ii) has not returned to SERVICE inside the rand monetary area, and (b) a MEMBER who is transferred to the service of a non-participant associated company and who is permitted to retain a benefit in the FUND PENSION means either (a) (b) the PENSION being paid from the FUND in accordance with the provisions of Rule A4.1.0; Rule A6.0.0, Rule A7.0.0 and B1.12.0; or in the case of a DEFINED CONTRIBUTION MEMBER (i) the PENSION purchased from a REGISTERED INSURER in terms of Rule C3.3.2;

25 Page 11 and/or (ii) the PENSION paid from the FUND in accordance with the provisions of Rule C3.3.4, as applicable in terms of the RULES. PENSION AGE / (NORMAL RETIREMENT DATE) means the age of 60, except in the case of (a) female MEMBERS who joined the FUND before 1 May 1979 and who elected to retain the PENSION AGE of 55 (b) underground workers whose PENSION AGE may, on their request, be reduced from the age of 60 by one month for every 16 months of PENSIONABLE SERVICE worked underground (c) MEMBERS whose employment is dependent on their being in possession of a valid pilots licences who will have a PENSION AGE of 55 PENSIONABLE SALARY means such sum as represents (a) (b) the basic salary or wage of a MEMBER as determined by the EMPLOYER and approved by the PRINCIPAL EMPLOYER, including in respect of such MEMBERS as specified by the EMPLOYER, the annual HOLIDAY LEAVE ALLOWANCE or guaranteed annual or monthly bonus taken in lieu of the HOLIDAY LEAVE ALLOWANCE, plus : (i) a portion of the basic car allowance as determined by the EMPLOYER and approved by the PRINCIPAL EMPLOYER to which a MEMBER may be entitled; or (ii) if the MEMBER participates in a company car scheme in terms whereof a motor vehicle is given to the MEMBER, the taxable value of the company car benefit, which taxable value shall be deemed to be equal to the pensionable portion of the basic car allowance (as contemplated in (a)(i)) to which the MEMBER would have been entitled had the MEMBER not participated in the company car scheme; or (iii) if the MEMBER participates in a company car scheme in terms whereof a motor vehicle and additional salary are given to the MEMBER, the taxable value of the company car benefit plus the additional salary, which taxable value plus additional salary shall be deemed to be equal to the pensionable portion of the basic car allowance (as contemplated in (a)(i)) to which the MEMBER would have been entitled had the MEMBER not participated in the company car scheme; or the pensionable portion of the MEMBER S remuneration package as determined by that MEMBER S EMPLOYER and approved by the PRINCIPAL EMPLOYER and incorporated into such MEMBER S conditions of employment, but specifically excluding (1) pay for overtime work; (2) fees, honoraria or bonuses of any kind other than those referred to in (a) above; and

26 Page 12 (3) any other allowance of any nature whatsoever except those specifically defined by the PRINCIPAL EMPLOYER as being pensionable PENSIONABLE SERVICE means (a) (b) (c) the period of continuous SERVICE after admission to membership during which contributions have been paid any period of time prior to commencement of membership as certified by the PRINCIPAL EMPLOYER acting on the advice of the ACTUARY any period of additional PENSIONABLE SERVICE credited to a MEMBER in terms of Rules A2.2.0 and A PENSION INCREASE UNDERPIN ACCOUNT means the account referred to in Rule A PENSIONER means a former MEMBER in receipt of a pension from the FUND POTENTIAL PENSIONABLE SERVICE means the aggregate of a member s PENSIONABLE SERVICE plus the period calculated from the date of calculation of the MINIMUM INDIVIDUAL RESERVE to a MEMBER s PENSION AGE. PRACTICE NOTES means the notes drafted by the ACTUARY and approved by the TRUSTEES which set out the basis and assumptions to be applied in converting FUND CREDITS to the annuities paid in accordance with the provisions of Rule C PRINCIPAL EMPLOYER means De Beers Group Services (Proprietary) Limited PROCESSING ERROR RESERVE ACCOUNT means the account referred to in Rule C7.7.0 PROJECTED SERVICE means the period from the date of a MEMBER'S retirement or death to PENSION AGE REGISTRAR means the Registrar of Pension Funds appointed under the ACT REGISTERED INSURER means an insurer registered in terms of the Long-term Insurance Act, 1998.

27 Page 13 RETIREMENT ELECTION DATE means the date on which a MEMBER elects to retire from the FUND in terms of RULE A3.8.2 or RULE C REVENUE AUTHORITIES means the South African Revenue Service. SERVICE "Service" means permanent employment with an EMPLOYER and shall include any past period of employment before joining SERVICE in respect of which benefits have been transferred to the FUND in terms of Rule A2.3.2 or Rule C2.1.2 or in respect of which additional contributions have been made to the Fund in terms of Rule A2.3.1 or Rule C2.1.1 (b). SOLVENCY RESERVE ACCOUNT means the account referred to in Rule A SUPPLEMENTARY PENSION means a pension of one twelfth of 15 per cent of the MEMBER'S ANNUALISED PENSIONABLE SALARY at date of retirement shall be payable monthly in arrears to either the WIDOW / WIDOWER or the CHILDREN of a deceased PENSIONER. The pension shall be effective from the first day of the month following the date of death and shall continue for so long as a pension is payable in terms of Rules A6.0.0 or A7.0.0 or until the deceased PENSIONER would have attained his PENSION AGE. TRUSTEES means the trustees appointed in terms of these rules and shall include alternate trustees UNCLAIMED BENEFITS RESERVE ACCOUNT means the account referred to in Rule C UNIFORM ACCRUAL RATE means the average pension accrual rate over a MEMBER s POTENTIAL PENSIONABLE SERVICE assuming service calculated until PENSION AGE. The UNIFORM ACCRUAL RATE is determined as follows: {2 % for each year of POTENTIAL PENSIONABLE-SERVICE up to age 35 and 2.2% for each year of PENSIONABLE SERVICE after age 35, months pro-rated} divided by POTENTIAL PENSIONABLE SERVICE. WIDOW / WIDOWER means (a) (b) a person married or deemed by the TRUSTEES to have been married to the MEMBER for a year or more at the date of his death, provided that the TRUSTEES may at their discretion recognise as a widow / widower a person married or deemed to have been married to the MEMBER for less than one year, or a person married or deemed by the TRUSTEES to have been married to a PENSIONER at the date of his death and who was married or deemed by the TRUSTEES to have been

28 Page 14 married to the PENSIONER for a year or more prior to his retirement Provided that the Trustees may direct that more than one person may be regarded as a WIDOW/WIDOWER. In such case, the total benefits payable to such persons shall be equal to the benefit which would have been payable to one WIDOW/WIDOWER.

29 Page 15 SECTION A FUND BENEFITS A1.0.0 MEMBERSHIP A1.1.0 Conditions of membership A1.1.1 Subject to Rule A1.1.4 all ELIGIBLE EMPLOYEES shall be MEMBERS of the FUND. A1.1.2 The decision of the PRINCIPAL EMPLOYER shall be final as to whether an employee qualifies or continues to qualify for membership. A1.1.3 Every MEMBER shall produce to the TRUSTEES his birth certificate or other satisfactory evidence of age and shall also give such other information as the TRUSTEES may require for the purposes of the FUND. A1.1.4 Every new ELIGIBLE EMPLOYEE shall, prior to admission to membership, produce to the TRUSTEES evidence of health satisfactory to the TRUSTEES. The TRUSTEES may require such an employee to submit to a medical examination by a medical practitioner designated by the TRUSTEES. The cost of such examination shall be borne by the FUND. A1.1.5 If, in the opinion of the TRUSTEES, the evidence of health of an employee is unsatisfactory or if an employee fails to submit evidence of his health, the certificate of membership of such employee shall be endorsed accordingly. A1.1.6 Due to the FUND having been closed to new membership with effect from 31 January 2005, ELIGIBLE EMPLOYEES entering SERVICE on and after 1 February 2005 were required to become members of the De Beers Retirement Fund. Notwithstanding any other provisions of these Rules, with effect from such date as the TRUSTEES may decide, provided that it shall not be later than the CONVERSION DATE, the FUND shall reopen to new membership. Accordingly, after the date referred to above, each ELIGIBLE EMPLOYEE shall become a MEMBER in terms of Rule A1.1.1, subject to the provisions of Rule A On joining the FUND, such ELIGIBLE EMPLOYEE shall be classified as a DEFINED CONTRIBUTION MEMBER and his or her benefits shall be determined in accordance with Section C of the Rules. A1.1.7 With effect from the CONVERSION DATE each ELIGIBLE EMPLOYEE who becomes a MEMBER in terms of the provisions of this Rule A1.1.1 shall be classified as a DEFINED CONTRIBUTION MEMBER and the provisions of Section C shall apply to the determination of his or her benefits. The provisions of the balance of the Rules, in so far as they are inconsistent with the provisions of Section C shall not apply to him or her.

30 Page 16 A1.2.0 Participation of employer A1.2.1 The PRINCIPAL EMPLOYER and the TRUSTEES may agree to permit any other employer to participate in the FUND subject to any restrictions which the PRINCIPAL EMPLOYER in its discretion may impose. The TRUSTEES shall call for an actuarial valuation to determine the liability incurred by the FUND due to the participation of such employer who shall pay any additional contributions or amount as required by the TRUSTEES acting on the advice of the ACTUARY. A1.2.2 Each employer shall bear an equitable proportion of the liabilities incurred by the FUND in admitting the employees of each employer to membership of the FUND and no EMPLOYER shall subsidise the admission of employees of any other employer. A1.3.0 Cessation of membership A1.3.1 A MEMBER shall not withdraw from the FUND while he remains in SERVICE unless otherwise provided in A A1.3.2 Membership shall cease on cessation of SERVICE. A1.3.3 MEMBERSHIP shall cease on transfer to De Beers Namibian Pension Fund. A1.3.4 With effect from 1 December 1997 Proval shall cease to be an EMPLOYER in respect of all its employees who are MEMBERS and who are not within 10 years of their PENSION AGE. MEMBERSHIP in respect of these MEMBERS shall consequently cease and the value of their benefits under the FUND, as determined by the ACTUARY after consultation with the TRUSTEES, shall be transferred to the Independent Pension Fund to be applied thereunder for the benefit of such MEMBERS. A2.0.0 CONTRIBUTIONS A2.1.0 Member's contributions A2.1.1 A2.1.2 Each MEMBER who is in SERVICE shall contribute 7,5 per cent of his PENSIONABLE SALARY to the FUND from the date of commencement of membership. These contributions shall be deducted from his remuneration and paid to the FUND by his EMPLOYER. No contributions shall be payable by a MEMBER after he has attained the age of 65 years. A2.2.0 Waiver of contributions A2.2.1 In the event of a MEMBER being continuously absent from work without pay, whether on leave or through sickness or disablement, the TRUSTEES may arrange for contributions to be waived during such absence. (a) In the discretion of the TRUSTEES such MEMBER may continue to be eligible for the preretirement lump sum death benefit specified in Rule A5.1.1.

31 Page 17 (b) If a MEMBER chooses and if the TRUSTEES agree, on the MEMBER'S return to work he shall pay all arrears of both his and his EMPLOYER's contributions within a period determined by the TRUSTEES. In this instance, the MEMBER'S period of absence shall be counted as PENSIONABLE SERVICE. If payment is not made, the period of absence shall not be counted as PENSIONABLE SERVICE. A2.3.0 Additional voluntary and transfer contributions A2.3.1 A MEMBER may undertake to make additional voluntary contributions to the FUND in order to provide additional benefits in respect of some past period of SERVICE. The additional voluntary contributions shall be applied towards the purchase of past SERVICE in such manner as the TRUSTEES, in consultation with the ACTUARY, may determine. A2.3.2 A MEMBER may make additional voluntary contributions to the FUND in respect of a past period of employment before joining SERVICE by way of the transfer of a lump sum to which he has become entitled on his withdrawal from an approved pension or provident fund of a non-associated company or organization. In such case, the period of past SERVICE shall be the relevant PENSIONABLE SERVICE earned in respect of such amount. A2.3.3 Amounts may be transferred to the FUND in respect of a MEMBER who has been transferred to the SERVICES of an employer from an associated company or organisation, a NAMIBIAN EMPLOYER or the MOPF TRANSFER AMOUNT A2.3.4 The benefits from the above contributions are dealt with in terms of Rule A A2.4.0 Employers' contributions (DB section of the Fund) A2.4.1 Each EMPLOYER shall in each year contribute to the FUND an amount as shall be determined by the ACTUARY. This amount shall not be less than that contributed by its MEMBER employees in terms of Rule A Provided that- A at the request of the EMPLOYER; and A with the consent of the PRINCIPAL EMPLOYER; and A there is a sufficient amount standing to the credit of the EMPLOYER SURPLUS ACCOUNT which may be used for this purpose, an amount equivalent to the amount for which the EMPLOYER would otherwise be liable in terms of this Rule in respect such period as the TRUSTEES may determine may be debited from the EMPLOYER SURPLUS ACCOUNT in terms of RULE B and applied in lieu of those contributions, or part thereof, as the case may be in which circumstance no contribution, or a contribution in a lesser amount, as the

32 Page 18 case may be, will be payable by the EMPLOYER in respect of that period. A2.4.2 If a new class of employee is admitted to membership of the FUND, the TRUSTEES shall cause an actuarial valuation to be made to determine the liability incurred by the FUND in admitting such class of employee. The EMPLOYER(s) concerned shall make a contribution to the FUND of such amount (which may be payable by installments) as may be certified by the ACTUARY as being necessary to maintain the FUND on an actuarially sound basis. A2.5.0 Remittance of contributions A2.5.1 All contributions paid by the MEMBERS and EMPLOYERS shall be paid to the FUND, in terms of section 13A of the ACT. A3.0.0 CALCULATION OF RETIREMENT PENSION A3.1.0 Retirement A3.1.1 A MEMBER shall have the right to retire from SERVICE or he may be required by the EMPLOYER to retire from SERVICE, on attaining the PENSION AGE. A3.1.2 A MEMBER may retire from SERVICE before or after his PENSION AGE in accordance with the RULES below. A3.1.3 A MEMBER who elects a date of retirement from the FUND that is later than his date of retirement from SERVICE shall be subject to and receive benefits in terms of RULE A A3.2.0 Normal retirement A3.2.1 A MEMBER who has attained PENSION AGE and elects to retire from the FUND on the date of his retirement from SERVICE, shall be paid a pension of 2 per cent of FINAL PENSIONABLE SALARY for each year of PENSIONABLE SERVICE under 35 years of age and 2,2 per cent of FINAL PENSIONABLE SALARY for each year of PENSIONABLE SERVICE after 35 years of age, months pro rata. A3.3.0 Early retirement A3.3.1 With the consent of his EMPLOYER a MEMBER may retire from SERVICE prior to his PENSION AGE and may elect to be paid an early retirement pension from the date of retirement from SERVICE. A3.3.2 The amount and manner of payment of the early retirement pension will be determined by the TRUSTEES in consultation with the ACTUARY and shall be based on the MEMBER'S FINAL PENSIONABLE SALARY.

33 Page 19 A3.4.0 Ill health retirement A3.4.1 A MEMBER who, in the opinion of the EMPLOYER is considered to be no longer capable of carrying on working as a result of medical infirmity, may at the sole discretion of the TRUSTEES they having obtained the opinion of a medical practitioner: (a) (b) retire from SERVICE in terms of RULE A3.4.2 where the infirmity has resulted in permanent disability precluding further employment or gainful occupation with the EMPLOYER or elsewhere; retire from SERVICE in terms of RULE A3.4.3 where the MEMBER is able to perform any occupation with any employer for which he is or could reasonably be expected to become qualified or suited, taking into account his degree of disability and his knowledge, training and education, ability, experience and age. This need not be with the existing employer, includes self-employment and does not have regard to the availability of work opportunities. A3.4.2 A MEMBER retired from SERVICE in terms of RULE A3.4.1(a) before reaching his PENSION AGE may elect to retire from the FUND and be paid a pension of 2 per cent of FINAL PENSIONABLE SALARY for each year of PENSIONABLE SERVICE and for each year of PROJECTED SERVICE under 35 years of age and 2,2 per cent of FINAL PENSIONABLE SALARY for each year of PENSIONABLE SERVICE and for each year of PROJECTED SERVICE after 35 years of age, months pro rata. A3.4.3 A MEMBER retired from SERVICE in terms of RULE A3.4.1(b) before reaching his PENSION AGE may elect to retire from the FUND and be paid a pension of 2 per cent of FINAL PENSIONABLE SALARY for each year of PENSIONABLE SERVICE under 35 years of age and 2,2 per cent of FINAL PENSIONABLE SALARY for each year of PENSIONABLE SERVICE after 35 years of age, plus 1 per cent of FINAL PENSIONABLE SALARY for each year of PROJECTED SERVICE under 35 years of age and 1,1 per cent of FINAL PENSIONABLE SALARY for each year of PROJECTED SERVICE after 35 years of age, months pro rata. A3.4.4 Every PENSIONER who retires in terms of Rule A3.4.1 (a) may be required by the TRUSTEES to undergo a medical examination by medical practitioners appointed by the TRUSTEES, prior to his PENSION AGE, at intervals determined by the TRUSTEES. If, in the opinion of the TRUSTEES, such examination indicates that he is fit for employment, the TRUSTEES may, in their discretion, suspend or reduce his pension. Such a PENSIONER shall be entitled to a pension at his PENSION AGE, calculated as follows: (a) a pension as provided in Rule A3.2.1, plus (b) 2 per cent of FINAL PENSIONABLE SALARY for each year of PENSIONABLE SERVICE under 35 years of age and 2,2 per cent of FINAL PENSIONABLE SALARY for each year of PENSIONABLE SERVICE after 35 years of age, for each year or part thereof from date of retirement to the date of suspension or reduction of the original pension, plus (c) 2 per cent of FINAL PENSIONABLE SALARY for each year of PENSIONABLE SERVICE under 35 years of age and 2,2 per cent of FINAL PENSIONABLE SALARY for each year of PENSIONABLE SERVICE after 35 years of age, for each year or part thereof from the date of suspension or reduction of the original pension to the date of attaining PENSION AGE,

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