---

RPM FUNDING LOAN AGREEMENT

Between

RUSTENBURG PLATINUM MINES LIMITED

and

RICHTRAU NO. 179 (PROPRIETARY)
LIMITED



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TABLE OFCONTENTS


|1.                                   | PARTIES                                                | 1 
|------------------------------------ | ------------------------------------------------------ | --
|                                     |                                                        |   
|2.                                   | INTERPRETATION                                         | 1 
|                                     |                                                        |   
|3.                                   | INTRODUCTION                                           | 9 
|                                     |                                                        |   
|4.                                   | ADVANCE
      OF RPM OCSF TRANCHES                     | 10
|                                     |                                                        |   
|5.                                   | REPAYMENT
      OF THE LOANS AND THE RPM OCSF TRANCHES | 10
|                                     |                                                        |   
|6.                                   | PREPAYMENT                                             | 11
|                                     |                                                        |   
|7.                                   | INTEREST                                               | 12
|                                     |                                                        |   
|8.                                   | PAYMENTS                                               | 13
|                                     |                                                        |   
|9.                                   | ADDITIONAL
      PAYMENTS                              | 13
|                                     |                                                        |   
|10.                                  | REPRESENTATIONS
      AND WARRANTIES                   | 13
|                                     |                                                        |   
|11.                                  | EVENTS
      OF DEFAULT                                | 14
|                                     |                                                        |   
|12.                                  | CESSION                                                | 17
|                                     |                                                        |   
|13.                                  | CERTIFICATE
      OF INDEBTEDNESS                      | 17
|                                     |                                                        |   
|14.                                  | NOTICES
      ANDDOMICILIA                             | 18
|                                     |                                                        |   
|15.                                  | GOVERNING
      LAW                                    | 20
|                                     |                                                        |   
|16.                                  | JURISDICTION                                           | 20
|                                     |                                                        |   
|17.                                  | SEVERABILITY                                           | 20
|                                     |                                                        |   
|18.                                  | COSTS                                                  | 20
|                                     |                                                        |   
|19.                                  | GENERAL                                                | 21
|                                     |                                                        |   
|20.                                  | COUNTERPARTS                                           | 22
|                                     |                                                       
|SCHEDULE
      1 : REPAYMENT PROFILE | 24                                                    

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RPM FUNDING LOAN AGREEMENT

1. PARTIES

|1.1 | The Parties to this Agreement
are:
|--- | ----------------------------------

|1.1.1 | RUSTENBURG PLATINUM MINES LIMITED; and   
|----- | -----------------------------------------
|      |                                          
|1.1.2 | RICHTRAU NO. 179 (PROPRIETARY)
  LIMITED.

|1.2 | The Parties agree as set out
below.
|--- | -----------------------------------

2. INTERPRETATION

|2.1 | The headings to the clauses of this Agreement are for
      reference purposes only and shall in no way govern or affect the
      interpretation of nor modify nor amplify the terms of this Agreement nor
      any clause hereof.                                                                                                                                                                                                                                                                                                                                                      
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|2.2 | Words and expressions not otherwise defined in this
      Agreement shall bear the meaning given to them in the Holdco Shareholders
      Agreement (as defined below) provided that, to the extent there is any
      inconsistency between the provisions of the Holdco Shareholder Loan
      Agreement and this Agreement, the provisions of this Agreement shall
      prevail. In addition unless the context dictates otherwise, the words and
      expressions set forth below shall bear the following meanings and cognate
      expressions shall bear corresponding meanings:

|2.2.1 | Additional Plateau Amounthas the meaning given
      to in clause 9 (Additional Payments);
|----- | --------------------------------------------------------------------------------------------
|      |                                                                                             
|2.2.2 | Agreementmeans this RPM Funding Loan
      Agreement;                                     

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Page 2.

|2.2.3 | Business Daymeans a day (other than a Saturday
      or Sunday) on which banks are open for general business in
      Johannesburg;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|2.2.4 | Closing Datehas the meaning given to it in the
      Plateau Senior Facilities Agreement;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|2.2.5 | Global Intercreditor Agreementhas the meaning
      given to it in the Plateau Senior Facilities Agreement;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|2.2.6 | Holdcomeans Richtrau No. 179 (Proprietary)
      Limited (Registration No. 2007/106711/07), a private company duly
      incorporated according with the company laws of South Africa;                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|2.2.7 | Holdco Shareholder Loan Agreementmeans the
      Holdco shareholder loan agreement, dated 19 March 2008, between RPM as
      lender and Holdco as borrower pursuant to which RPM loaned the sum of
      ZAR7,058,823,529 (Seven Billion Fifty-eight Million Eight Hundred and
      Twenty Three Thousand Five Hundred and Twenty- nine Rand) to Holdco (which
      loan amount is to be written down for accounting purposes by
      ZAR1,960,784,313 (One Billion Nine Hundred and Sixty Million Seven Hundred
      and Eighty-four Thousand Three Hundred and Thirteen Rand) pursuant to an
      amendment to the Holdco Shareholder Loan Agreement);
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|2.2.8 | Holdco Shareholders Agreementmeans the written
      shareholders agreement, dated 28 March 2008 between RPM, Plateau and
      Holdco;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|2.2.9 | Interest Ratemeans the prevailing interest rate
      as defined and determined under the Plateau Funding Loan Agreement from
      time to time, on the basis if there is any fixed rate tranche as defined
      under the Plateau Funding Loan Agreement (a Fixed Rate Tranche),
      the Interest Rate in relation to that portion of the principal of the Loan
      hereunder which equals the RPM Fixed Rate Tranche, shall be
  the                                                                                                                                                                                                                

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Page 3.

|       | relevant fixed rate of interest which Plateau is obliged
      to pay to the Plateau Hedge Counterparty under the relevant Plateau
      Hedging Documents relating to any interest rate swap arrangements
      concluded between Plateau and a Plateau Hedge Counterparty in relation to
      the funding under the Plateau Senior Facilities Agreement or any principal
      portion thereof;
|------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                                   
|2.2.10 | JIBARmeans the JIBARrate as
      determined in and prevailing under the Plateau Senior Facilities Agreement
      from time to time;                                                                                                                                                                                                                                                         
|       |                                                                                                                                                                                                                                                                                                                                                                                                   
|2.2.11 | Loanmeans the principal amount outstanding of
      the Remaining RPM Claims under this Agreement from time to time;                                                                                                                                                                                                                                                                            
|       |                                                                                                                                                                                                                                                                                                                                                                                                   
|2.2.12 | OCSF Loanshas the meaning given to it in the
      Plateau Funding Loan Agreement;                                                                                                                                                                                                                                                                                                              
|       |                                                                                                                                                                                                                                                                                                                                                                                                   
|2.2.13 | OCSF Ratemeans the Interest Rateas
      defined in the RPM Operating Cash Flow Shortfall Facility
  Agreement;                                                                                                                                                                                                                                                                               
|       |                                                                                                                                                                                                                                                                                                                                                                                                   
|2.2.14 | Opcomeans Richtrau No. 177 (Proprietary)
      Limited (Registration No. 2007/016711/07), a private company duly
      incorporated according to the company laws of South Africa;                                                                                                                                                                                                              
|       |                                                                                                                                                                                                                                                                                                                                                                                                   
|2.2.15 | Opco Funding Loan Agreementhas the meaning
      given to it in the Plateau Senior Facilities Agreement;                                                                                                                                                                                                                                                                                        
|       |                                                                                                                                                                                                                                                                                                                                                                                                   
|2.2.16 | Original RPM Claimsmeans the Claims of RPM
      against Holdco under the Holdco Shareholder Loan Agreement for an amount
      of ZAR7,058,823,529;                                                                                                                                                                                                                                            
|       |                                                                                                                                                                                                                                                                                                                                                                                                   
|2.2.17 | Partiesmeans:                                                                                                                                                                                                                                                                                                                                                                                   

|2.2.17.1 | RPM; and
|-------- | --------

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Page 4.

|2.2.17.2 | Holdco,
|-------- | -------

|       | and Partymeans, as the context requires, either
      of them;                                                                                                                                                                                            
|------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                             
|2.2.18 | Plateaumeans Plateau Resources (Proprietary)
      Limited (Registration No. 1996/013879/07), a private company duly
      incorporated according to the company laws of South Africa;                                                                    
|       |                                                                                                                                                                                                                                                             
|2.2.19 | Plateau Funding Loan Agreementmeans the written
      agreement entitled Plateau Funding Loan Agreement concluded or to
      be concluded between Plateau and Holdco on or about the Signature
    Date;                                               
|       |                                                                                                                                                                                                                                                             
|2.2.20 | Plateau Hedge Counterpartyhas the meaning given
      to it in the Plateau Senior Facilities Agreement;                                                                                                                                                   
|       |                                                                                                                                                                                                                                                             
|2.2.21 | Plateau Hedging Documentshas the meaning given
      to it in the Plateau Senior Facilities Agreement;                                                                                                                                                    
|       |                                                                                                                                                                                                                                                             
|2.2.22 | Plateau Loanmeans the Loan as defined
      in the Plateau Funding Loan Agreement;                                                                                                                                                                      
|       |                                                                                                                                                                                                                                                             
|2.2.23 | Plateau OCSF Loanmeans the OCSF Loans
      as defined in the Plateau Funding Loan Agreement;                                                                                                                                                           
|       |                                                                                                                                                                                                                                                             
|2.2.24 | Plateau Senior Facilities Agreementmeans the
      written agreement entitled Senior Term Loan Facilities Agreement
      concluded or to be concluded between inter aliaPlateau, SCB and
      the Plateau Security SPV on or about the Signature Date;
|       |                                                                                                                                                                                                                                                             
|2.2.25 | Plateau Security SPVmeans Micawber 634
      (Proprietary) Limited (Registration No. 2007/025445/07), a private company
      duly incorporated according to the company laws of South
  Africa;                                                          

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Page 5.

|2.2.26 | Remaining RPM Claimshas the meaning given to it
      in clause 3.1.2;                                                                                                     
|------ | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                              
|2.2.27 | RPMmeans Rustenburg Platinum Mines Limited
      (Registration No. 1931/003380/06), a public company duly incorporated
      according to the company laws of South Africa;
|       |                                                                                                                                                                              
|2.2.28 | RPM Additional Amountmeans the amount derived
      by dividing the Additional Plateau Amount by 0,51 and then multiplying the
      resultant amount by 0,49;             
|       |                                                                                                                                                                              
|2.2.29 | RPM Bank Accountmeans the bank account in the
      name of RPM with the following details:                                                                                

|2.2.29.1 | Bank:        | Standard Bank of South Africa Limited;
|-------- | ------------ | --------------------------------------
|         |              |                                       
|2.2.29.2 | Account No:  | 000175722;                            
|         |              |                                       
|2.2.29.3 | Branch:      | Johannesburg Branch;                  
|         |              |                                       
|2.2.29.4 | Branch Code: | 000205;                               

|2.2.30 | RPM Fixed Rate Tranchemeans the amount derived
      by dividing the amount of the Fixed Rate Tranche by 0,51 and then
      multiplying the resultant amount by 0,49;
|------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                         
|2.2.31 | RPM OCSF Trancheshas the meaning given to it in
      clause 3.2;                                                                                                     
|       |                                                                                                                                                                         
|2.2.32 | RPM Operating Cash Flow Shortfall Facility Agreementhas the meaning given to it in the Plateau Senior Facilities
      Agreement;                                     
|       |                                                                                                                                                                         
|2.2.33 | RPM Portionmeans the amount derived by dividing
      the amount of any Plateau OCSF Tranche by 0,51 and then multiplying the
      resultant amount by 0,49;         

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Page 6.

|2.2.34 | SCBmeans Standard Chartered Bank, Johannesburg
      Branch (Registration No: 2003/020177/10), a company incorporated in
      England with limited liability by Royal Charter 1853, under reference ZC18
      and registered as an external company in South Africa;
|------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                         
|2.2.35 | Senior Agenthas the meaning given to it in the
      Plateau Senior Facilities Agreement;                                                                                                                                                                             
|       |                                                                                                                                                                                                                                                                         
|2.2.36 | Senior Debt Payment Datehas the meaning given
      to it in the Plateau Funding Loan Agreement;                                                                                                                                                                      
|       |                                                                                                                                                                                                                                                                         
|2.2.37 | Signature Datemeans the date of signature of
      the Party last signing this Agreement;                                                                                                                                                                             
|       |                                                                                                                                                                                                                                                                         
|2.2.38 | South Africameans the Republic of South Africa
      as constituted from time to time;                                                                                                                                                                                
|       |                                                                                                                                                                                                                                                                         
|2.2.39 | Structure Memorandumhas the meaning given to it
      in the Senior Facilities Agreement;                                                                                                                                                                             
|       |                                                                                                                                                                                                                                                                         
|2.2.40 | Termination Datehas the meaning given to it in
      the Plateau Senior Facilities Agreement.                                                                                                                                                                         

|2.3 | Any reference in this Agreement
to:
|--- | -----------------------------------

|2.3.1 | a clause shall, subject to any contrary indication, be
      construed as a reference to a clause hereof;                                                                                                                
|----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                            
|2.3.2 | including or includes means including (or includes)
      without limitation;                                                                                                                                          
|      |                                                                                                                                                                                                                            
|2.3.3 | law shall be construed as any law (including common or
      customary law) or statute, constitution, decree, judgment, treaty,
      regulation, directive, bye-law, order or any other legislative measure of
      any

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Page 7.

|      | relevant government, supranational, local government,
      statutory or regulatory body or court; and                                                                                                                                                                       
|----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                              
|2.3.4 | a person shall be construed as a reference to any
      person, firm, company, trust, corporation, government, state or agency of
      a state or any association or partnership (whether or not having separate
      legal personality) of two or more of the
foregoing.

|2.4 | Unless inconsistent with the context or save where the
      contrary is expressly indicated:
|--- | ---------------------------------------------------------------------------------------------

|2.4.1 | if any provision in a definition is a substantive
      provision conferring rights or imposing obligations on any Party,
      notwithstanding that it appears only in this interpretation clause, effect
      shall be given to it as if it were a substantive provision of this
      Agreement;    
|----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                         
|2.4.2 | when any number of days is prescribed in this Agreement,
      the same shall be reckoned exclusively of the first and inclusively of the
      last day unless the last day falls on a day which is not a Business Day,
      in which case the last day shall be the next succeeding Business
    Day;
|      |                                                                                                                                                                                                                                                                                                         
|2.4.3 | 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, the relevant day for payment shall be the previous Business
    Day;                                                                                   
|      |                                                                                                                                                                                                                                                                                                         
|2.4.4 | in the event that the day for performance of any
      obligation in terms of this Agreement (other than a payment obligation)
      should fall on a day which is not a Business Day, the relevant day for
      performance shall be the next succeeding Business Day;                                
|      |                                                                                                                                                                                                                                                                                                         
|2.4.5 | any reference in this Agreement to any legislation, law
      or enactment is to that legislation, law or enactment as at the Signature
      Date and as amended or re-enacted from time to
time;                                                                                                      

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Page 8.

|2.4.6 | any reference in this Agreement to this Agreement or any
      other agreement or document shall be construed as a reference to this
      Agreement or, as the case may be, such other agreement or document as the
      same may have been, or may from time to time be, amended, varied, novated
      or supplemented;
|----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                                            
|2.4.7 | no provision of this Agreement constitutes a stipulation
      for the benefit of any person who is not a Party to this Agreement;
    and                                                                                                                                                                                 
|      |                                                                                                                                                                                                                                                                                                                            
|2.4.8 | a reference to a Party includes that Partys
      successors-in-title and permitted assigns.                                                                                                                                                                                                                              

|2.5 | Unless inconsistent with the context, an expression which
      denotes:
|--- | ------------------------------------------------------------------------

|2.5.1 | any one gender includes the other genders;                           
|----- | ---------------------------------------------------------------------
|      |                                                                      
|2.5.2 | a natural person includes a juristic person and vice
      versa; and
|      |                                                                      
|2.5.3 | the singular includes the plural and vice
      versa.               

|2.6 | Where any term is defined within the context of any
      particular clause in this Agreement, the term so defined, unless it is
      clear from the clause in question that the term so defined has limited
      application to the relevant clause, shall bear the same meaning as
      ascribed to it for all purposes in terms of this Agreement,
      notwithstanding that that term has not been defined in this interpretation
      clause.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|2.7 | The rule of construction that, in the event of ambiguity,
      the contract shall be interpreted against the Party responsible for the
      drafting thereof, shall not apply in the interpretation of this
      Agreement.                                                                                                                                                                                                                         

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Page 9.

|2.8  | 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.
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                     
|2.9  | The use of any expression in this Agreement covering a
      process available under South African law such as winding-up (without
      limitation eiusdem generis) shall, if any of the Parties is subject
      to the law of any other jurisdiction, be construed as including any
      equivalent or analogous proceedings under the law of such other
      jurisdiction.                    
|     |                                                                                                                                                                                                                                                                                                                                                                                                     
|2.10 | Where figures are referred to in numerals and in words,
      if there is any conflict between the two, the words shall
  prevail.                                                                                                                                                                                                                                                                  

3. INTRODUCTION

|3.1 | Pursuant to the implementing of the Holdco Sale of Shares
      Agreement:
|--- | --------------------------------------------------------------------------

|3.1.1 | Plateau shall acquire a portion of RPMs Original RPM
      Claims in an amount of R500,000,000 (Five Hundred Million Rand) so that
      Plateau has Claims for that amount against Holdco; and                                                                                                                                                                                                                                                                                                                                                       
|----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|3.1.2 | RPM will, after the capitalisation of an amount of
      R1,764,705,783 (One Billion Seven Hundred and Sixty-four Million Seven
      Hundred and Five Thousand Seven Hundred and Eighty-three Rand) of the
      remaining Original RPM Claims pursuant to step 2 of the Structure
      Memorandum, retain a portion of the Original RPM Claims for an amount of
      R480,392,157 (Four Hundred and Eighty Million Three Hundred and Ninety-two
      Thousand One Hundred and Fifty-seven Rand) against Holdco (the
      Remaining RPM Claims).

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Page 10.

|3.2 | In circumstances where Plateau is entitled to utilise the
      RPM Operating Cash Flow Shortfall Facility Agreement, then RPM shall be
      obliged to advance an amount calculated as the RPM Portion as a
      shareholder loan from RPM to Holdco (a RPM OCSF Trancheand
      multiple loans
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                      
|    | RPM OCSF Tranches).                                                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                      
|3.3 | This Agreement sets out the terms and conditions which
      shall apply to:                                                                                                                                                                                                                         

|3.3.1 | the Remaining RPM Claims with effect on the Closing Date
      and which accordingly hereby replace the terms and conditions which
      applied to the Original RPM Claims in terms of the Holdco Shareholder Loan
      Agreement, with effect on the Closing Date; and
|----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                          
|3.3.2 | the RPM OCSF Tranches.                                                                                                                                                                                                                                                   

4. ADVANCE OF RPM OCSF TRANCHES

|4.1 | RPM hereby undertakes and agrees that it will advance the
      RPM OCSF Tranches to Holdco on the same date as it is obliged to advance
      any Plateau OCSF Loan to Plateau under the RPM Operating Cash Flow
      Shortfall Facility Agreement.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                      
|4.2 | If so requested by Opco, and consented to by Holdco, RPM
      shall advance the RPM OCSF Tranches directly to Opco, which shall
      constitute an advance of the RPM Tranches under this
  Agreement.                                             

5. REPAYMENT OF THE LOANS AND THE RPM OCSF
TRANCHES

|5.1 | To the extent cash is available, HoldCo shall repay the
      Loan to RPM in instalments by repaying, on each Senior Debt Payment Date
      set out in Schedule 1 (Repayment Profile), an amount which reduces
      the outstanding aggregate Loan by an amount equal to the relevant
      proportion of the Remaining RPM Claims on the Closing Date, as set out in
      Schedule 1 (Repayment Profile), provided that irrespective of
      whether cash is
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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Page 11.

available, the full amount of the Loan,
inclusive of all accrued and unpaid interest and any other amounts that may
become payable hereunder shall be repaid on the earlier of:

|5.1.1 | the Termination Date; and                                                                                                                                                                             
|----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                       
|5.1.2 | the date on which the Loan and all accrued and unpaid
      interest and any other amounts become payable pursuant to a written notice
      issued to Holdco under clause 11.2 (Events of
  Default).

|5.2 | To the extent cash is available after the making of all
      payments referred to in clause 5.1 above, and subject to the provisions of
      the Global Intercreditor Agreement, Holdco shall repay that portion of the
      RPM OCSF Tranches equal to such available cash on each Senior Debt Payment
      Date provided that, irrespective of whether cash is available, but subject
      to all amounts that are required to be paid under clause 5.1 above being
      settled, and subject to the provisions of the Global Intercreditor
      Agreement, the RPM OCSF Tranches, inclusive of all accrued and unpaid
      interest and any other amounts that may become payable hereunder in
      respect of the RPM OCSF Tranches shall be repaid on the earlier
  of:
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|5.2.1 | the Termination Date; and                                                                                                                                                                                              
|----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                        
|5.2.2 | the date on which the RPM OCSF Tranches and all accrued
      and unpaid interest and any other amounts become payable pursuant to a
      written notice issued to Holdco under clause 11.2 (Events of
      Default).

|5.3 | The instalments referred to above shall be paid by direct
      electronic transfer into the RPM Bank Account.
|--- | --------------------------------------------------------------------------------------------------------------

6. PREPAYMENT

If any amount of the Loan is prepaid by Holdco, then the amount
of the instalment due on each Senior Debt Repayment Date set out in Schedule 1

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Page 12.

(Repayment Profile) falling after that prepayment will
reduce in inverse chronological order by the amount of the Loan prepaid.

7. INTEREST

|7.1 | The unpaid principal balance of the Loan shall bear
      interest at the Interest Rate and on the same terms and subject to the
      same conditions mutatis mutandisas are applicable to the bearing
      of interest on the funding under the Plateau Senior Facilities
      Agreement.                                                                                                                                                                                                                                              
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|7.2 | Any amount payable under this Agreement in respect of the
      Loan which is not paid on its due date for payment shall be capitalised on
      the day after the relevant amount was payable and thereafter form part of
      the Loan.                                                                                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|7.3 | Any amount of interest which is capitalised shall be
      repaid as soon as cash is available.                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|7.4 | Interest on the unpaid principal balance of the Loan
      shall be paid on the same Senior Debt Payment Dates and on the same terms
      and subject to the same conditions mutatis mutandisas are
      applicable to the payment of interest on the funding under the Plateau
      Funding Loan Agreement.                                                                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|7.5 | The unpaid principal balance of the RPM OCSF Tranches
      shall bear interest at the OCSF Rate.                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|7.6 | To the extent that cash is available after the making of
      all payments of interest referred to in clause 7.1 above, and subject to
      the provisions of the Global Intercreditor Agreement, interest on the
      unpaid principal balance of the RPM OCSF Tranches shall be paid on the
      same Senior Debt Payment Dates and on the same terms and conditions
      mutatis mutandisas are applicable to the payment of interest on
      the OCSF Loans under the RPM Operating Cash Flow Shortfall Facility
      Agreement.

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Page 13.

|7.7 | The interest referred to above shall be paid by direct
      electronic transfer into the RPM Bank Account.
|--- | -----------------------------------------------------------------------------------------------------------

8. PAYMENTS

|8.1 | All payments to be made by HoldCo to RPM in terms of this
      Agreement in relation to the Loan and the RPM OCSF Tranches shall be made
      on the same terms and subject to the same conditions mutatis mutandisas are applicable to payments in relation to the Plateau Loan under
      the Plateau Funding Loan Agreement and if on any payment date the amount
      received by RPM from Holdco is less than the full amount required to be
      paid by Holdco under this Agreement on that date, the amount received by
      RPM shall be applied to discharge the liabilities of Holdco under this
      Agreement in the order of priority set out in the Global Intercreditor
      Agreement in relation to the Holdco Cash Waterfall (as defined in the
      Global Intercreditor Agreement).
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

9. ADDITIONAL PAYMENTS

If any amount becomes payable by Holdco to Plateau under clause
8 (Tax Gross-up and Additional Payments) of the Plateau Funding Loan
Agreement (an Additional Plateau Amount), Holdco shall be obliged to
make payment of an amount equivalent to the RPM Additional Amount to RPM on the
same date or dates (as applicable) as such Additional Plateau Amounts are
payable by Holdco under the Plateau Funding Loan Agreement.

10. REPRESENTATIONS AND WARRANTIES

|10.1 | Holdco hereby represents and warrants to RPM that on the
      Signature Date and the Closing Date:
|---- | ---------------------------------------------------------------------------------------------------

|10.1.1 | Holdco is a private company duly organised and existing
      under the laws of South Africa with the power and authority to enter into
      and to exercise its rights and perform its obligations under this
      Agreement;
|------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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Page 14.

|10.1.2 | Holdco has procured the taking of all necessary corporate
      and other action to authorise the execution of this Agreement;                                                             
|------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                            
|10.1.3 | this Agreement is legal and binding on, and enforceable
      against, Holdco;                                                                                                             
|       |                                                                                                                                                                                            
|10.1.4 | the provisions of this Agreement are not in conflict
      with, and will not constitute a breach of the provisions of any other
      agreement or undertaking which is binding on
Holdco.

|10.2 | Each of the representations and warranties given by
      Holdco in terms of clause 10.1 shall:
|---- | -----------------------------------------------------------------------------------------------

|10.2.1 | prima faciebe deemed to be a representation of
      fact inducing RPM to enter into this Agreement;                                                                                                                                   
|------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                        
|10.2.2 | be presumed to be material unless the contrary is
      proved;                                                                                                                                                                        
|       |                                                                                                                                                                                                                                        
|10.2.3 | insofar as any of the warranties is promissory or relates
      to a future event, be deemed to have been given as at the due date for
      fulfilment of the promise or for the happening of the event, as the case
      may be; and
|       |                                                                                                                                                                                                                                        
|10.2.4 | be a separate warranty and in no way be limited or
      restricted by reference to or inference from the terms of any other
      warranty.                                                                                           

|10.3 | RPM is entering into this Agreement relying upon the
      representations and warranties given by Holdco in clause
  10.1.
|---- | ---------------------------------------------------------------------------------------------------------------------------

11. EVENTS OF DEFAULT

|11.1 | An Event of Default shall occur
if:
|---- | -----------------------------------

---

Page 15.

|11.1.1 | Holdco fails to pay any sum due from it hereunder at the
      time, in the currency and in the manner specified herein unless the
      failure to pay is solely due to technical or administrative reasons and
      the relevant amount is duly paid within 2 (two) Business Days of its due
      date; or                                                                                       
|------ | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                                      
|11.1.2 | any material representation or statement made by Holdco
      in connection with this Agreement is or proves to have been incorrect or
      misleading when made and Holdco fails to remedy such circumstances within
      10 (ten) Business Days after receiving written notice from RPM requiring
      such remedy; or                                                                          
|       |                                                                                                                                                                                                                                                                                                                                                                                                      
|11.1.3 | Holdco fails to duly perform or comply with any other
      obligation expressed to be assumed by it in this Agreement and such
      failure is not remedied within 10 (ten) Business Days after RPM has given
      written notice thereof to Holdco; or                                                                                                                                           
|       |                                                                                                                                                                                                                                                                                                                                                                                                      
|11.1.4 | Holdco takes any corporate action or other steps are
      taken or legal proceedings are started for its winding-up (whether
      provisional or final), dissolution, administration or re-organisation or
      for the appointment of a liquidator, receiver, administrator,
      administrative receiver, trustee or similar officer over it or any or all
      of its revenues and assets; or
|       |                                                                                                                                                                                                                                                                                                                                                                                                      
|11.1.5 | at any time any act, condition or thing required to be
      done, fulfilled or performed by Holdco in
order:                                                                                                                                                                                                                                                                                        

|11.1.5.1 | to enable Holdco lawfully to enter into, exercise its
      rights under and perform the obligations expressed to be assumed by it in
      this Agreement; or
|-------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------
|         |                                                                                                                                                               
|11.1.5.2 | to ensure that the obligations expressed to be assumed by
      Holdco in this Agreement are enforceable, legal and
  valid,                                  

is not done, fulfilled or performed;

---

Page 16.

|11.1.6 | at any time it is or it becomes unlawful for Holdco to
      perform or comply with any or all of its obligations under this Agreement
      or any of the obligations of Holdco under this Agreement are not or cease
      to be legal, valid and binding;
|------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                             
|11.1.7 | the Plateau Senior Agent takes or is instructed to take
      any of the actions referred to in clause 28.20 (Acceleration) of
      the Plateau Senior Facilities Agreement;                                                                               
|       |                                                                                                                                                                                                                                                             
|11.1.8 | Plateau (or the Plateau Senior Agent on its behalf) takes
      any of the actions referred to in clause 11.2 of the Plateau Funding Loan
      Agreement;                                                                                                  
|       |                                                                                                                                                                                                                                                             
|11.1.9 | Opco (or the Plateau Senior Agent on its behalf) takes
      any of the actions referred to in clause 11.2 of the Opco Funding Loan
      Agreement.                                                                                                        

|11.2 | Upon the occurrence of an Event of Default and subject to
      any restrictions on enforcement action provided for in the Global
      Intercreditor Agreement, RPM may, without prejudice to any other rights it
      may have in terms of this Agreement or at law, by written notice to
      Holdco:
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|11.2.1 | claim and recover from Holdco (which amount shall be
      immediately due and payable):
|------ | ----------------------------------------------------------------------------------------

|11.2.1.1 | the unpaid principal balance of the Loan;                                                                                                                                                                     
|-------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|         |                                                                                                                                                                                                               
|11.2.1.2 | all accrued and unpaid interest due and payable by Holdco
      in accordance with the terms of this Agreement; and                                                                                           
|         |                                                                                                                                                                                                               
|11.2.1.3 | any other amounts which are payable by Holdco to RPM
      under this Agreement (whether or not then due and payable on the basis
      that any and all such amounts shall immediately be due and
  payable);

---

Page 17.

|11.2.2 | declare the Loan and all other amounts payable by Holdco
      pursuant to this Agreement to be due and payable on demand of
  RPM.
|------ | -----------------------------------------------------------------------------------------------------------------------------------

|11.3 | If RPM takes any of the actions referred to in clause
      11.2, interest shall accrue on all outstanding amounts under this
      Agreement in respect of the RPM OCSF Tranches from the due date of payment
      up to the date of actual payment (both before and after judgment) at a
      rate which is 2% per annum higher than the OCSF Rate. Any interest
      accruing under this Clause 11.3 shall be immediately payable by Holdco on
      demand by RPM.
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

12. CESSION

|12.1 | RPM shall, subject to the provisions of the Global
      Intercreditor Agreement, be entitled to cede or assign its rights, title,
      interest or benefits or to delegate any of its obligations under this
      Agreement, other than the delegation of its obligations under the RPM OCSF
      Tranches.
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                
|12.2 | Save as set out in clause 12.1 above, neither Party shall
      be entitled to cede or assign its rights, title, interest or benefits or
      to delegate any of its obligations under this
Agreement.                                                                                                        

13. CERTIFICATE OF INDEBTEDNESS

A certificate signed by a manager or director of RPM (whose
appointment it shall not be necessary to prove) shall be prima facie
proof of:

|13.1 | the amount of any indebtedness owing by Holdco to RPM
      pursuant to this Agreement;              
|---- | -----------------------------------------------------------------------------------------------------
|     |                                                                                                      
|13.2 | the due date of such indebtedness; and                                                               
|     |                                                                                                      
|13.3 | the fact that such indebtedness is due and owing and has
      not been paid or otherwise discharged.

---

Page 18.

14. NOTICES ANDDOMICILIA

|14.1 | Notices
|---- | -------

|14.1.1 | Each Party chooses the addresses set out opposite its
      name below as its addresses to which any written notice in connection with
      this Agreement may be addressed.
|------ | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|14.1.1.1 | **RPM:**   
|-------- | -----------
|         |            
|         |            
|         |            
|         |            
|         |            
|         |            
|         |            
|         |            
|14.1.1.2 | **Holdco:**
|         |            
|         |            
|         |            
|         |            
|         |            
|         |            

|14.1.2 | Any notice or communication required or permitted to be
      given in terms of this Agreement shall be valid and effective only if in
      writing but it shall be competent to give notice by telefax transmitted to
      its telefax number set out opposite its name above.                                                                                                                                     
|------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                                                       
|14.1.3 | Either Party may by written notice to the other Party
      change its chosen addresses and/or telefax number for the purposes of
      clause 14.1.1 to any other address(es) and/or telefax number, provided
      that the change shall become effective on the fourteenth day after the
      deemed or actual receipt of the notice by the other Party pursuant to
      clause 14.1.4 or 14.1.5 (as applicable).
|       |                                                                                                                                                                                                                                                                                                                                                                                                                       
|14.1.4 | Any notice given in terms of this Agreement
  shall:                                                                                                                                                                                                                                                                                                                                                                  

---

Page 19.

|14.1.4.1 | if sent by a courier service be deemed to have been
      received by the addressee on the 5th(fifth) Business Day
      following the date of such sending;
|-------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------
|         |                                                                                                                                                             
|14.1.4.2 | if delivered by hand be deemed to have been received by
      the addressee on the date of delivery;                                                        
|         |                                                                                                                                                             
|14.1.4.3 | if transmitted by facsimile be deemed to have been
      received by the addressee on the first Business Day after the date of
      transmission;          

|       | unless the contrary is proved.                                                                                                                                                                                                                                                                                 
|------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                
|14.1.5 | Notwithstanding anything to the contrary herein
      contained, a written notice or communication actually received by a Party
      shall be an adequate written notice or communication to it,
      notwithstanding that it was not sent to or delivered at its chosen address
      and/or telefax number.

|14.2 | Domicilia
|---- | ---------

|14.2.1 | Each of the Parties chooses its address referred to in
      clause 14.1 as its domicilium citandi et executandiat which
      address documents in legal proceedings in connection with this Agreement
      may be served.                                                                                                                                                 
|------ | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                              
|14.2.2 | Either Party may by written notice to the other Party
      change its domiciliumfrom time to time to another address, not
      being a post office box or a poste restante, in South Africa;
      provided that any such change shall only be effective on the fourteenth
      day after deemed receipt of the notice by the other Party pursuant to
      clause 14.1.4.

---

Page 20.

15. GOVERNING LAW

The entire provisions of this Agreement shall be governed by
and construed in accordance with the laws of South Africa.

16. JURISDICTION

The Parties hereby irrevocably and unconditionally consent to
the non-exclusive jurisdiction of the South Gauteng High Court, Johannesburg,
South Africa (or any successor to that division) in regard to all matters
arising from this Agreement.

17. SEVERABILITY

Each provision in this Agreement is severable from all others,
notwithstanding the manner in which they may be linked together or grouped
grammatically, and if in terms of any judgment or order, any provision, phrase,
sentence, paragraph or clause is found to be defective or unenforceable for any
reason, the remaining provisions, phrases, sentences, paragraphs and clauses
shall nevertheless continue to be of full force. In particular, and without
limiting the generality of the aforegoing, the Parties hereto acknowledge their
intention to continue to be bound by this Agreement notwithstanding that any
provision may be found to be unenforceable or void or voidable, in which event
the provision concerned shall be severed from the other provisions, each of
which shall continue to be of full force.

18. COSTS

|18.1 | It is recorded that the costs of and incidental to the
      negotiation, preparation and execution of this Agreement shall be borne in
      accordance with the provisions of the Plateau Senior Facilities
      Agreement.
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                               
|18.2 | All legal costs incurred by a Party in consequence of any
      default of the provisions of this Agreement by the other Party shall be
      payable on                                                                      

---

Page 21.

demand by the Defaulting Party on the
scale as between attorney and own client and shall include collection charges,
the costs incurred by the Aggrieved Party in endeavouring to enforce such rights
prior to the institution of legal proceedings and the costs incurred in
connection with the satisfaction or enforcement of any judgement awarded in
favour of the Aggrieved Party in relation to its rights in terms of or arising
out of this Agreement.

19. GENERAL

|19.1 | This Agreement contains the entire agreement between the
      Parties in regard to the subject matter hereof.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|19.2 | Neither Party shall be bound by or have any claim or
      right of action arising from any express or implied term, undertaking,
      representation, warranty, promise or the like not included or recorded in
      this document whether it induced the contract and/or whether it was
      negligent or not.                                                                                                                                                                                                                                                                                                                    
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|19.3 | No variation, amendment or consensual cancellation of
      this Agreement or any provision or term hereof and no settlement of any
      disputes arising under this Agreement and no extension of time, waiver or
      relaxation or suspension of any of the provisions or terms of this
      Agreement shall be binding or have any force and effect unless reduced to
      writing and signed by or on behalf of the Parties. Any such extension,
      waiver or relaxation or suspension which is so given or made shall be
      construed as relating strictly to the matter in respect whereof it was
      made or given.
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|19.4 | No extension of time or waiver or relaxation of any of
      the provisions or terms of this Agreement shall operate as an estoppel
      against any Party in respect of its rights under this Agreement.                                                                                                                                                                                                                                                                                                                                                                                                                             
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|19.5 | No failure by either Party to enforce any provision of
      this Agreement shall constitute a waiver of such provision or affect in
      any way such Partys right                                                                                                                                                                                                                                                                                                                                                                                                                                                                  

---

Page 22.

|     | to require the performance of such provision at any time
      in the future, nor shall a waiver of a subsequent breach nullify the
      effectiveness of the provision itself.                                         
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                          
|19.6 | Except as provided for under this Agreement, neither
      Party shall cede any of its rights or delegate any of its obligations
      under this Agreement without the prior written consent of the other
      Parties.

20. COUNTERPARTS

This Agreement may be executed in any number of counterparts
and by different Parties hereto in separate counterparts, each of which when so
executed shall be deemed to be an original and all of which when taken together
shall constitute one and the same agreement.

---

Page 23.

SIGNED at Johannesburg on this the 12thday
of June 2009.

For and on behalf ofRUSTENBURG
PLATINUM MINES LIMITED

*/s/ signed*

____________________________
  Name: 
  Capacity: 
  Who warrants his authority hereto

SIGNED at Johannesburg on this the 12th day
of June 2009.

For and on behalf ofRICHTRAU
NO. 179 (PROPRIETARY) LIMITED

*/s/ signed*

____________________________
  Name: 
  Capacity: 
  Who warrants his authority hereto

---

Page 24.

SCHEDULE 1

REPAYMENT PROFILE

Senior
        Debt Repayment Date
      Repayment Instalment31 January 2013
    1/1231 July 2013
    1/1231 January 2014
    1/1231 July 2014
    1/1231 January 2015
    1/1231 July 2015
    1/1231 January 2016
    1/1231 July 2016
    1/1231 January 2017
    1/1231 July 2017
    1/1231 January 2018
    1/12Termination Date
    1/12


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