---

HOLDCO SHAREHOLDERS'
AGREEMENT

****

amongst



PLATEAU RESOURCES (PROPRIETARY)
LIMITED

****

RUSTENBURG PLATINUM MINES
LIMITED

****

and



RICHTRAU NO 179 (PROPRIETARY)
LIMITED

****

(to be renamed Bokoni Platinum Holdings (Proprietary)
Limited)



---

TABLE OFCONTENTS


|1.  | PARTIES                              | 1 
|--- | ------------------------------------ | --
|2.  | INTERPRETATION                       | 1 
|3.  | INTRODUCTION                         | 47
|4.  | CONDITION
      PRECEDENT            | 48
|5.  | COMMENCEMENT
      DATE              | 49
|6.  | DURATION                             | 49
|7.  | BOARD                                | 49
|8.  | BOARD
      MEETINGS                 | 53
|9.  | OPCO
      BOARD                     | 55
|10. | SHAREHOLDERS'
      MEETINGS         | 56
|11. | FUNDING                              | 58
|12. | GUARANTEES
      AND SURETYSHIPS     | 61
|13. | FUNDING
      DEFAULT                | 62
|14. | SUBORDINATION                        | 65
|15. | DIVIDENDS                            | 65
|16. | STANDBY
      FACILITY               | 66
|17. | ACCOUNTING
      MATTERS             | 68
|18. | INSURANCE                            | 68
|19. | MINORITY
      PROTECTIONS           | 69
|20. | HOLDCO
      BUSINESS                | 69
|21. | PURCHASE
      OF ORE OR CONCENTRATE | 70
|22. | BEE                                  | 80
|23. | TRANSFER
      OF SHARES             | 81
|24. | PRE-EMPTIVE
      RIGHTS             | 82
|25. | NON-SOLICITATION                     | 83



---

Page 2

|26. | REHABILITATION TRUST AND GUARANTEES                                                                       | 84
|--- | --------------------------------------------------------------------------------------------------------- | --
|27. | GENERAL WARRANTIES                                                                                        | 85
|28. | CONFIDENTIALITY                                                                                           | 86
|29. | INFORMATION RELATING TO
      HOLDCO                                                                      | 88
|30. | ACCOUNTING POLICY                                                                                         | 89
|31. | INCONSISTENCY BETWEEN
      THIS AGREEMENT AND THE MEMORANDUM AND ARTICLES OF ASSOCIATION OF
      HOLDCO | 89
|32. | MUTUAL
      SUPPORT                                                                                      | 90
|33. | DISPUTE RESOLUTION                                                                                        | 91
|34. | RELATIONSHIP OF THE PARTIES                                                                               | 93
|35. | BREACH                                                                                                    | 93
|36. | DOMICILIUM                                                                                                | 95
|37. | COSTS                                                                                                     | 96
|38. | GOVERNING
      LAW                                                                                       | 96
|39. | COUNTERPARTS                                                                                              | 97
|40. | SEVERANCE                                                                                                 | 97
|41. | GENERAL                                                                                                   | 97

---oOo---

|SCHEDULE 1   | - | MINORITY PROTECTIONS                              
|------------ | - | --------------------------------------------------
|SCHEDULE 2   | - | BEE PRINCIPLES AND PRE-EMPTIVE RIGHTS             
|SCHEDULE 3.1 | - | CONTROLLING GROUP STRUCTURE
      ORGANOGRAM      
|SCHEDULE 3.2 | - | PELAWAN SHAREHOLDER LIST                          
|SCHEDULE 4   | - | DRAFT MICAWBER SALE OF
      CONCENTRATE AGREEMENT
|SCHEDULE 5   | - | MIDDELPUNT HILL FUNDING TERM SHEET                
|SCHEDULE 6   | - | APL OLD ORDER RIGHTS                              



---

HOLDCO SHAREHOLDERS
AGREEMENT

|1. | PARTIES
|-- | -------

|1.1 | PLATEAU RESOURCES (PROPRIETARY)
    LIMITED
|--- | -------------------------------------------
|    |                                            
|1.2 | RUSTENBURG PLATINUM MINES LIMITED          
|    |                                            
|1.3 | RICHTRAU NO 179 (PROPRIETARY)
  LIMITED    

|2. | INTERPRETATION
|-- | --------------

|2.1 | The headnotes to the clauses of this Agreement are
      inserted for reference purposes only and shall in no way govern or affect
      the interpretation hereof.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                    
|2.2 | Unless inconsistent with the context, the expressions set
      forth below shall bear the following meanings:                                                     

| | AFSA      | Arbitration Foundation of Southern Africa                                                                                                                    
| | ----------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------
| |             |                                                                                                                                                              
| | Agreement | this Holdco Shareholders Agreement, together with the
      schedules hereto                                                                                
| |             |                                                                                                                                                              
| | Anooraq   | Anooraq Resources Corporation, a public company
      incorporated in accordance with the laws of British Columbia, Canada,
      registration no. 10022-2033



---

Page 2

| | Anooraq Group   | the group of entities comprising the AnooraqParties and their respective direct andindirect Subsidiary Companies, from time totime
| | ----------------- | ----------------------------------------------------------------------------------------------------------------------------------
| |                   |                                                                                                                                   
| | Anooraq Parties | collectively:                                                                                                                     
| |                   |                                                                                                                                   
| |                   | 1.                                                                                                                                
| |                   |                                                                                                                                   
| |                   | 2.                                                                                                                                
| |                   |                                                                                                                                   
| |                   | 3.                                                                                                                                
| |                   |                                                                                                                                   
| |                   | 4.                                                                                                                                
| |                   |                                                                                                                                   
| |                   | 5.                                                                                                                                
| |                   |                                                                                                                                   
| | APL             | Anglo Platinum Limited, a public companyincorporated in accordance with the laws ofthe Republic, registration no.1946/022452/06   
| |                   |                                                                                                                                   
| | APL Group       | the Group of entities comprising APL andRPM and their respective direct and indirect                                              



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Page 3

| |                              | Subsidiary Companies, from time to time                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | ---------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | APL Old Order Rights       | all old order rights (as defined in Schedule II of the
      MPRD Act) held as at the Signature Date by those companies which are a
      part of the APL Group as at the Signature Date, including (without
      limitation) the Old Order Rights, as set out in the list attached hereto
      as Schedule 6                                                                                                                                                                                                                                                                                                                                                                                                                            
| |                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | Bankable Feasibility Study | a comprehensive document or documents that address(es)
      all matters which are customarily required for an effective assessment of
      whether development and mining of a mining area is capable of being
      financed by third party lenders, in such form and detail as is required
      for the purposes of determining whether to finance the development of a
      commercial mining operation within the mining area, including but not
      limited to chapters on: ownership, location, geology, ore reserves,
      metallurgy, mining, materials handling, processing, ancillary facilities
      and site services, infrastructure for and availability of labour, energy
      supply, environmental impact studies



---

Page 4

| |                           | and rehabilitation obligations, capital
      costs,costs to be incurred to sustain productionincluding initial working capital, the time tocritical path to place the mine into productionand financing requirements throughout theconstruction phase, financial analysis(including price sensitivity analysis)assumptions as to mineral prices, exchangerates and the like
| | ------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                           |                                                                                                                                                                                                                                                                                                                                                                             
| | Base Date               | the Commencement Date or, in the eventthat a Structural Change shall haveoccurred, the date on which the most recentStructural Change shall have occurred, asthe
      case may be                                                                                                                                                                                          
| |                           |                                                                                                                                                                                                                                                                                                                                                                             
| | BEE                     | broad-based black economic empowerment,as envisaged in terms of the MPRD Actand/or the Charter                                                                                                                                                                                                                                                                              
| |                           |                                                                                                                                                                                                                                                                                                                                                                             
| | BEE Principles Schedule | Schedule 2 to this Agreement                                                                                                                                                                                                                                                                                                                                                
| |                           |                                                                                                                                                                                                                                                                                                                                                                             
| | Beneficial Owner        | in relation to an asset, a person who,
      directlyor indirectly (that is, through any contract,arrangement, understanding, relationship,including shareholding, membership,                                                                                                                                                                                              



---

Page 5

| | association, trust, legal representation or agency):                                    
| | ----------------------------------------------------------------------------------------
| |                                                                                         
| | 1.                                                                                      
| |                                                                                         
| | 2.                                                                                      
| |                                                                                         
| | 3.                                                                                      
| |                                                                                         
| | provided that it is specifically acknowledged and agreed
      amongst the Parties that:
| |                                                                                         
| | -                                                                                       
| |                                                                                         
| | -                                                                                       



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Page 6

| |   | account the Debt and/or security over and/or attaching to
      such asset to the extent that such Debt and/or security is held by a
      person other than the Beneficial Owner; and
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |   |                                                                                                                                                                                       
| | - | as at the Commencement Date, and on the basis that the
      content of Schedules 3.1 and 3.2 are correct:                                                                            
| |   |                                                                                                                                                                                       
| |   | (i)                                                                                                                                                                                   
| |   |                                                                                                                                                                                       
| |   | (ii)                                                                                                                                                                                  
| |   |                                                                                                                                                                                       
| |   | (iii)                                                                                                                                                                                 
| |   |                                                                                                                                                                                       
| |   | (iv)                                                                                                                                                                                  



---

Page 7

| |         |                                                                                                                                                  | (63.5%) by the percentage indirect
        equity shareholding of Plateau in Holdco (51%) and then by multiplying
        such product by the percentage Beneficial Ownership by Holdco of the Business
        (100%), expressed as a percentage and as depicted in Schedule 3.1; and                 
| | ------- | ------------------------------------------------------------------------------------------------------------------------------------------------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |         |                                                                                                                                                  |                                                                                                                                                                                                                                                                                                        
| |         | (v)                                                                                                                                              | in the event that non-HDPs acquire
        direct Beneficial Ownership of up to 49% of Pelawan, then, ceteris
        paribus, Pelawan shall remain an HDP and the 32.39% HDP Beneficial
        Ownership of the Business referred to above would remain the same, as
        depicted in Schedule 3.1
| |         |                                                                                                                                                  |                                                                                                                                                                                                                                                                                                        
| |         | and Beneficially Owned,
        Beneficially Owning, Beneficially Own and Beneficial
        Ownership shall have corresponding meanings
| |         |                                                                                                                                                  |                                                                                                                                                                                                                                                                                                        
| | Board | the board of Directors of
        Holdco from time to time                                                                                      



---

Page 8

| | Boikgantsho                          | Boikgantsho Platinum Mine (Proprietary) Limited, a
      private company incorporated in accordance with the laws of the Republic,
      registration no. 2003/012394/07                                                                            
| | -------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                        |                                                                                                                                                                                                                                                     
| | Boikgantsho Sale Assets              | the Sale Assets, as defined in the Boikgantsho Sale of
      Rights Agreement                                                                                                                                                                       
| |                                        |                                                                                                                                                                                                                                                     
| | Boikgantsho Sale of Rights Agreement | the Boikgantsho Sale of Rights Agreement entered into, or
      to be entered into, amongst Plateau, RPM and Boikgantsho, in terms whereof
      Plateau and RPM shall respectively sell certain of the Boikgantsho Sale
      Assets to Boikgantsho
| |                                        |                                                                                                                                                                                                                                                     
| | Business                             | collectively, the Ga-Phasha Business, the LPM Business,
      the Boikgantsho Sale Assets and the Kwanda Sale Assets                                                                                                                                
| |                                        |                                                                                                                                                                                                                                                     
| | Business Day                         | every day except Saturdays, Sundays and statutory
      holidays in the Republic and/or British Columbia                                                                                                                                            
| |                                        |                                                                                                                                                                                                                                                     
| | Change of Control                    | any event, notwithstanding the manner in which it shall
      occur and/or come about (specifically including, but not limited to, any                                                                                                              



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Page 9

| |           | such event which shall be a consequence ofa Permitted Structural Change and/or theimplementation of a Cure), which has theeffect
      that any party which is, as at therelevant date,
      Controlled by any other party,or any number of
      parties acting in concert(collectively Controlling
      Entities), shallcease for whatever reason to be
      Controlledby such Controlling Entities; provided that
      inrespect of the parties comprising theControlling Group Structure, an ExcludedChange
      shall not constitute a Change ofControl
| | --------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | Charter | the Broad Based Socio EconomicEmpowerment Charter for the South AfricanMining Industry (together with theScorecard),
      dated 11 October 2002,published in terms of the
      provisions ofSection 100(2)(a) of the MPRD Act, underGovernment Gazette (No. 26661 of 13August 2004)                                                                                                                                                                                                                                                                              
| |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | Claims  | the claims of each of the Shareholdersagainst Holdco on shareholders loan                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         



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Page 10

| |                        | account, from time to time                                                                                                                                                                                                                                                                                                  
| | ---------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                        |                                                                                                                                                                                                                                                                                                                             
| | Commencement Date    | the Closing Date, as defined in the Phase 3
      Implementation Agreement                                                                                                                                                                                                                                                  
| |                        |                                                                                                                                                                                                                                                                                                                             
| | Companies Act        | the Companies Act, 1973 (Act 61 of 1973)                                                                                                                                                                                                                                                                                    
| |                        |                                                                                                                                                                                                                                                                                                                             
| | Competition Act      | the Competition Act, 1998 (Act 89 of 1998)                                                                                                                                                                                                                                                                                  
| |                        |                                                                                                                                                                                                                                                                                                                             
| | Concentrate          | any treatable product arising from the process of
      crushing and/or flotation employed as at the Signature Date, or any other
      process to be employed in future, whereby the Ore containing PGMs,
      including waste, is treated before commencement of the smelting and
      precious metal refining processes
| |                        |                                                                                                                                                                                                                                                                                                                             
| | Concentrator Complex | a hydro-metallurgical facility performing activities such
      as crushing, milling, or grinding, froth flotation and concentrate
      filtration, but does not include smelting or other downstream processing
      facilities such as base metals and precious metals refineries                                       



---

Page 11

| | Condition | the condition precedent in clause 4.1
| | ----------- | -------------------------------------
| |             |                                      
| | Control   | collectively:                        
| |             |                                      
| |             | 1.                                   
| |             |                                      
| |             |                                      
| |             |                                      
| |             |                                      
| |             |                                      
| |             |                                      
| |             |                                      
| |             |                                      



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Page 12

| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | the board of directors of the company; and                                                                                                                                                                                                                                                                    
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                                                               
| | 2. | in respect of any trust, the ability by any person,
      whether alone or in concert with others (and whether by virtue of his
      capacity as founder, donor, trustee or otherwise) to exercise, or direct
      the exercise of, the majority of votes exercisable by all of the trustees
      of such trust, or to appoint, or direct the appointment of, trustees
      having the entitlement to so exercise, or direct the exercise of, the
      majority of the votes exercisable by all the trustees of such trust;
      provided that:
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                                                               
| |    | -                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | any provisions in the trust deed establishing a trust
      which requires the participation of any individual trustee for a meeting
      to be properly constituted or which requires the approval of an individual
      trustee for a decision of the trustees to be valid shall not, of
      themselves,



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Page 13

| |                               |                                                                                                                                                                                                                                                                                                                       |   | vest control of such trust in
        such individual trustee for the purposes of this definition; and                                                                                                                                                                                                                                                     
| | ----------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                               |                                                                                                                                                                                                                                                                                                                       |   |                                                                                                                                                                                                                                                                                                                                                            
| |                               |                                                                                                                                                                                                                                                                                                                       | - | for greater certainty, where
        a person (Ultimate Target) is Controlled by another person
        and such other person is in turn Controlled by a third person (Ultimate
        Control Person), the Ultimate Target is, for purposes of the definition
        of Change of Control, Controlled only by the Ultimate Control
        Person,
| |                               |                                                                                                                                                                                                                                                                                                                       |   |                                                                                                                                                                                                                                                                                                                                                            
| |                               | and Controlled
        shall have a corresponding meaning                                                                                                                                                                                                                                                          
| |                               |                                                                                                                                                                                                                                                                                                                      
| | Controlling Group Structure | the group structure
        depicted in the organogram attached hereto as Schedule 3.1, read together
        with the Pelawan shareholder list attached hereto as Schedule 3.2, as
        amended from time to time in accordance with the provisions of clauses
        3.1 and 5.3 of the BEE Principles Schedule



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Page 14

| | CPI     | the average annual rate of change (expressed as a
      percentage) in the Consumer Price Index for all metropolitan areas as
      published in the Government Gazette by Statistics South Africa, or such
      other index reflecting the official rate of inflation in the Republic as
      may replace it, which annual change shall be determined by comparing the
      most recently published index with the index published in respect of the
      corresponding month in the previous year
| | --------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| | Credits | the credits in respect of BEE to be received by APL
      (including, without limitation, those credits to be received by RPM and/or
      Lebowa and/or any other person that is a part of the APL Group), as at the
      Commencement Date, in terms of paragraph 4.7 of the Charter and the
      Scorecard, directly and/or indirectly attributable to and/or arising as a
      result of the Transaction                                                                                        
| |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| | Cure    | in respect of a Structural Change that constitutes an
      Initial Period Default, the performance of such actions as may be                                                                                                                                                                                                                                                                                                                                                                          



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Page 15

| |              | necessary to ensure that the Structural Change shall be
      superseded by a Permitted Structural Change; provided that such Cure shall
      be effected within the relevant time periods specified in this Agreement
      for the Cure of the relevant breach hereof (it being recorded for the
      avoidance of doubt that any steps taken outside of the relevant periods
      specified in this Agreement shall not constitute a Cure); and Cured
      shall have a corresponding meaning
| | ------------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | Debt       | any source of capital (including loan funding), other
      than Equity                                                                                                                                                                                                                                                                                                                                                                                                                               
| |              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | Diminution | a Structural Change which results in:                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| |              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| |              | 1.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    



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Page 16

| | 2. | HDPs no longer Controlling Holdco; provided that where a
      Structural Change prior to the Base Date has already resulted in HDPs no
      longer Controlling Holdco, this paragraph 2 shall have no further
      application; and/or                                                                             
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                       
| | 3. | the majority of the Directors no longer being HDPs;
      provided that where a Structural Change prior to the Base Date has already
      resulted in the majority of the Directors no longer being HDPs, this
      paragraph 3 shall have no further application; and/or                                           
| |    |                                                                                                                                                                                                                                                                                                                       
| | 4. | to the extent that the Ultimate Control Person (as
      defined in the definition of Control) of Holdco is a company, HDPs no
      longer constituting the majority of directors on the board of directors of
      such company; provided that where a Structural Change prior to the Base
      Date has already



---

Page 17

| |                       |                                                                                                                                                                                                                             | resulted in HDPs no longer constituting the
      majority of the board of directors of such company, this paragraph 4 shall
      have no further application                                                                                                                                                                            
| | --------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                       |                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                           
| | Directors           | the directors of Holdco from time to time                                                                                                                                                                                  
| |                       |                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                           
| | DME                 | the Department of Minerals and Energy of the
      Government of the Republic                                                                                                                                              
| |                       |                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                           
| | DME Approval Notice | a written notice from the Minister or the
      Ministers duly authorised delegate, addressed to APL, or any other member
      of the APL Group nominated by APL for this purpose, and the applicant,
      stating that:
| |                       |                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                           
| |                       | 1.                                                                                                                                                                                                                          | the Minister consents to the Structural
      Change and/or the identity of a proposed recipient (in respect of the
      definition of Qualifying Person) of a compulsory disposal (in accordance
      with the provisions of clause 5 of the BEE Principles Schedule), which is
      the subject of the application made by the above-



---

Page 18

| |                      |            | mentioned applicant, and                                                                                           |                                                                                                                                            
| | -------------------- | ---------- | ------------------------------------------------------------------------------------------------------------------ | -------------------------------------------------------------------------------------------------------------------------------------------
| |                      |            |                                                                                                                    |                                                                                                                                            
| |                      | 2.         | the Structural Change and/orcompulsory disposal to the proposedrecipient
      so consented to shall notprejudice:
| |                      |            |                                                                                                                    |                                                                                                                                            
| |                      |            | i.                                                                                                                 | the BEE status, insofar as itrelates to BEE ownership of APLor any member
      of the APLGroup, in terms of the MPRDAct or the Charter; or
| |                      |            |                                                                                                                    |                                                                                                                                            
| |                      |            | ii.                                                                                                                | the Credits                                                                                                                                
| |                      |            |                                                                                                                    |                                                                                                                                            
| | Empowerment Person | a company: |                                                                                                                    |                                                                                                                                            
| |                      |            |                                                                                                                    |                                                                                                                                            
| |                      | -          | which is majority Beneficially Ownedby HDPs; and                                                                  
| |                      |            |                                                                                                                    |                                                                                                                                            
| |                      | -          | which is Controlled by HDPs; or                                                                                   
| |                      |            |                                                                                                                    |                                                                                                                                            
| |                      | a trust:   |                                                                                                                    |                                                                                                                                            
| |                      |            |                                                                                                                    |                                                                                                                                            
| |                      | -          | which is Controlled by HDPs; and                                                                                  
| |                      |            |                                                                                                                   
| |                      | -          | in which, upon distribution of theassets and/or the income of such trust,                                         



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Page 19

| |                      |                                                                                                                                                                                                                                                                                                                                                                                                                                 | more than 50% of the value of such assets and more than
      50% of such trusts income will be distributed to HDPs; or
| | -------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------
| |                      |                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                         
| |                      | an HDP who is a natural person                                                                                                                                                                                                                                                                                                                                                                                                 
| |                      |                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                         
| | Empowerment Status | the status of the Business from time to time, in respect
      of the Controlling Group Structures achievement of the broad-based black
      economic empowerment objectives of the Charter read with the Scorecard,
      which achievement is, as at the Commencement Date and for all purposes of
      this Agreement, solely measured by the Controlling Group Structures
      compliance with the following criteria:
| |                      |                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                         
| |                      | 1.                                                                                                                                                                                                                                                                                                                                                                                                                              | HDPs Beneficially Own in aggregate 26% or more of the
      Business (as displayed in Schedule 3.1);                    
| |                      |                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                         
| |                      | 2.                                                                                                                                                                                                                                                                                                                                                                                                                              | HDPs Control Holdco;                                                                                                    
| |                      |                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                         
| |                      | 3.                                                                                                                                                                                                                                                                                                                                                                                                                              | the majority of the Directors are HDPs; and                                                                             



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Page 20

| |                   | 4.                                                                                                                                    | to the extent that the Ultimate Control Person (as
      defined in the definition of Control) of Holdco is a company, HDPs
      constitute the majority of directors on the board of directors of such
      company
| | ----------------- | ------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                   |                                                                                                                                       |                                                                                                                                                                                                                         
| | ESOP            | the employee share option plan to be introduced for the
      benefit of the employees of the Business                               
| |                   |                                                                                                                                       |                                                                                                                                                                                                                         
| | Equity          | any capital instrument which is not subject to fixed
      repayment/redemption terms and/or servicing costs and any form of security
| |                   |                                                                                                                                       |                                                                                                                                                                                                                         
| | Excluded Change | 1.                                                                                                                                    | any change, event or circumstance arising from the
      exercise by any Financier of its Financier Default Rights; or                                                                                                  
| |                   |                                                                                                                                       |                                                                                                                                                                                                                         
| |                   | 2.                                                                                                                                    | the acquisition of Control of Pelawan by one or more HDPs
      who are, as at the Signature Date, Beneficial Owners of Equity in Pelawan                                                                               



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Page 21

| | Fair Market Value | in respect of any asset, the fair market
      valuethereof as agreed between theShareholders, or, failing such agreement,the
      fair market value as between a willingand able but
      not anxious seller and a willingand able but not
      anxious buyer, at armslength and in terms of a cash
      amount, asdetermined by an independent merchantbank (Expert) appointed by theShareholders jointly. In the event that theShareholders shall fail to agree (by not laterthan 10 Business Days after the date onwhich
      the appointment of the Expert shallhave become
      necessary) on theappointment and/or identity of the
      Expert,the Expert shall be appointed, at the requestof either Shareholders, by the President fromtime to time of the South African Institute ofChartered Accountants. The Expert, indetermining the Fair Market Value, shall actas
      an expert and not as an arbitrator, and hisdecision
      shall be final and binding on theShareholders, save
      in the event of manifesterror
| | ------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---

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| | Financial Benefit        | in relation to an asset, any direct or indirect benefit
      in money terms (or convertible to money) attributable to or accrued to
      such asset; provided that the Financial Benefits accruing to any asset
      shall be determined without taking into account the Debts and/or security
      over and/or attaching to such asset to the extent that such Debts and/or
      security is held by a person other than the person that holds such asset
| | -------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | Financier                | any bank or other financial institution                                                                                                                                                                                                                                                                                                                                                                                                                        
| |                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | Financier Default Rights | any rights and/or entitlements of a Financier, in terms
      of a Financing Agreement, arising from a default by the relevant borrower                                                                                                                                                                                                                                                                                                                        
| |                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | Financing Agreement      | any Debt funding agreement (including the Initial Funding
      Agreements) entered into between any one or more of the Anooraq Parties
      and a Financier in connection with the financing of any Anooraq Party in
      respect of the Transaction and/or the development of the Business and/or
      the obligations of Plateau in terms of clause 11,                                                                                                  



---

Page 23

| | it being recorded that:
| | -----------------------
| |                        
| | -                      
| |                        
| | -                      



---

Page 24

| |                      |                                                                                                                                                                                  | for the purposes of this Agreement                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | -------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                      |                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | Ga-Phasha Business | the business (together with all of its components, parts,
      assets and/or liabilities) as a going concern, of Micawber from time to
      time                              
| |                      |                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | Group              | in relation to a company, its direct and/or indirect
      Subsidiary Companies, its Holding Company and its Holding Companys direct
      and/or indirect Subsidiary Companies
| |                      |                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | HDP                | 1.                                                                                                                                                                               | an Historically Disadvantaged Person as defined in the
      MPRD Act, provided that a trust that is an HDP by virtue of the provisions
      of paragraph 2 of this definition and a company that is an HDP by virtue
      of the provisions of paragraph 3 of this definition will (for purposes of
      both paragraphs (a) and (c) of the definition of Historically
      Disadvantaged Person in the MPRD Act) be regarded to be a person
      contemplated in paragraph (a) of the definition of Historically
      Disadvantaged Person in the MPRD Act; or



---

Page 25

| |  | 2. | a trust:                           |                                                                                                                                                                                                                                                                                                                                                                            |  | 
| |  | -- | ---------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | 
| |  |    |                                    |                                                                                                                                                                                                                                                                                                                                                                           
| |  |    | (i)                                | the majority of the
        trustees of which are Historically Disadvantaged Persons as defined in
        the MPRD Act; and                                                                                                                                                                                                                                              
| |  |    |                                    |                                                                                                                                                                                                                                                                                                                                                                           
| |  |    | (ii)                               | in which, the trust
        deed provides that, upon distribution of the assets and/or the income
        of the trust to the beneficiaries of the trust, more than 50% of the value
        of such assets and more than 50% of the trust income will be distributed
        to persons who are Historically Disadvantaged Persons as defined in the
        MPRD Act; or
| |  |    |                                    |                                                                                                                                                                                                                                                                                                                                                                           
| |  | 3  | a company wholly owned
        by: |                                                                                                                                                                                                                                                                                                                                                                           
| |  |    |                                    |                                                                                                                                                                                                                                                                                                                                                                           
| |  |    | (i)                                | natural person/s who
        are Historically Disadvantaged Person/s in terms of the MPRD Act; and/or                                                                                                                                                                                                                                                                     



---

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| |                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | (ii) | a trust contemplated in 2 above; provided that the trust
        deed in respect of such trust provides that upon distribution of the assets
        and/or the income of such trust to the beneficiaries of such trust, 100%
        of the value of such assets and 100% of the trust income will be distributed
        to persons who are Historically Disadvantaged Persons as defined in the
        MPRD Act
| | --------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |      |                                                                                                                                                                                                                                                                                                                                                                                                                    
| | Highwater Mark Date | the date on which new legislation (which shall include
        any amendments to existing legislation) shall become effective, which
        shall have the effect that the Credits shall be legally secure, notwithstanding
        any Diminution. The Shareholders shall use their respective reasonable
        good faith endeavours to agree on the Highwater Mark Date, but, in the
        event that the Shareholders shall, for whatever reason, fail so to agree
        on the Highwater Mark Date, the Highwater Mark Date shall be determined
        by the



---

Page 27

| | majority decision of three practising senior counsel
      (collectively Experts) practising at the Johannesburg Bar and/or the
      Pretoria Bar, one of whom shall be appointed by RPM, one of whom shall be
      appointed by Plateau, and the third of whom shall be appointed by
      agreement between the aforesaid appointees, or, failing agreement between
      them for whatever reason in respect of the identity and/or appointment of
      such third senior counsel by not later than 5 Business Days after the
      appointment of the aforesaid appointees, appointed by the Chairman for the
      time being of the Law Society of the Northern Provinces. The Experts, in
      determining the Highwater Mark Date shall act as experts and not as
      arbitrators, and the decision of the majority of the Experts shall be
      final and binding on the Shareholders, save in the event of manifest
      error. The Experts shall be entitled to specify the proportions in which
      the Shareholders shall bear their costs of and in connection with the
      determination of the Highwater Mark Date
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---

Page 28

| | Holdco                          | Richtrau No 179 (Proprietary) Limited, a private company
      incorporated in accordance with the laws of the Republic, registration no.
      2007/016711/07                                                                                                                                                                                                                               
| | --------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                   |                                                                                                                                                                                                                                                                                                                                                                                              
| | Holdco Business                 | the holding of shares in certain of the Holdco
      Subsidiaries, and, at the election of Holdco, the procuring that the
      Holdco Subsidiaries, or any of them, shall undertake the exploration for,
      mining of, and/or the processing and treatment, marketing and distribution
      and sale of PGMs, and all rehabilitation operations undertaken in
      connection therewith
| |                                   |                                                                                                                                                                                                                                                                                                                                                                                              
| | Holdco Group                    | the Group of entities comprising Holdco and the Holdco
      Subsidiaries                                                                                                                                                                                                                                                                                                                    
| |                                   |                                                                                                                                                                                                                                                                                                                                                                                              
| | Holdco Sale of Shares Agreement | the Holdco Sale of Shares Agreement entered into, or to
      be entered into, between the Shareholders, in terms whereof RPM shall sell
      and Plateau shall purchase 20.92% of the entire issued share capital of
      Holdco and 51% of RPMs Claims                                                                                                                                  



---

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| | Holdco Subsidiaries        | collectively, Opco, Lebowa, Micawber, Kwanda, Boikgantsho
      and any other direct or indirect Subsidiary Companies of Holdco, from time
      to time                                                  
| | ---------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                              |                                                                                                                                                                                                           
| | Holding Company            | a holding company (which for the purposes of this
      Agreement shall be deemed to include any company incorporated outside the
      Republic) as defined in terms of Section 1(4) of the Companies Act
| |                              |                                                                                                                                                                                                           
| | IFRS                       | International Financial Reporting Standards as determined
      from time to time by the International Accounting Standards Board                                                                         
| |                              |                                                                                                                                                                                                           
| | Income Tax Act             | the Income Tax Act, 1962 (Act 58 of 1962)                                                                                                                                                                 
| |                              |                                                                                                                                                                                                           
| | Initial Funding Agreements | collectively, the Senior Debt Funding Agreement, the
      Middelpunt Hill Funding Agreement and the Standby Facility Agreement, it
      being recorded that:                                            
| |                              |                                                                                                                                                                                                           
| |                              | -                                                                                                                                                                                                         



---

Page 30

| |                          |                                                                                         | which relate to and/or have any effect on RPMs
      co-funder rights in terms of the Standby Facility Agreement, the
      retention of the Credits, the conversion of the APL Old Order Rights and
      the Empowerment Status of the Business; and
| | ------------------------ | --------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                          |                                                                                         |                                                                                                                                                                                                                                                          
| |                          | -                                                                                       | insofar as the Senior Debt Funding Agreement shall have
      been executed without such RPM approval, it shall not constitute an
      Initial Funding Agreement, for the purposes of this Agreement                                                  
| |                          |                                                                                         |                                                                                                                                                                                                                                                          
| | Initial Period         | the period commencing on the Commencement Date and
      terminating on the earlier of:
| |                          |                                                                                         |                                                                                                                                                                                                                                                          
| |                          | -                                                                                       | the Highwater Mark Date; and                                                                                                                                                                                                                             
| |                          |                                                                                         |                                                                                                                                                                                                                                                          
| |                          | -                                                                                       | the date of expiry of the Minimum Investment Period                                                                                                                                                                                                      
| |                          |                                                                                         |                                                                                                                                                                                                                                                          
| | Initial Period Default | any default described as such in clause 4 of the BEE
      Principles Schedule         



---

Page 31

| | Kwanda                          | Richtrau No. 207 (Proprietary) Limited, a private company
      incorporated in accordance with the laws of the Republic, registration no.
      2008/003368/07                                                                                                               
| | --------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                   |                                                                                                                                                                                                                                                                               
| | Kwanda Sale Assets              | the Sale Assets, as defined in the Kwanda Sale of Rights
      Agreement                                                                                                                                                                                                      
| |                                   |                                                                                                                                                                                                                                                                               
| | Kwanda Sale of Rights Agreement | the Kwanda Sale of Rights Agreement entered into, or to
      be entered into, amongst RPM, Plateau and Kwanda, in terms whereof RPM and
      Plateau shall sell their respective undivided 50% shares of the Kwanda
      Sale Assets to Kwanda                             
| |                                   |                                                                                                                                                                                                                                                                               
| | Lebowa                          | Lebowa Platinum Mines Limited, a public company
      incorporated in accordance with the laws of the Republic, registration no.
      1963/006144/06                                                                                                                         
| |                                   |                                                                                                                                                                                                                                                                               
| | LPM Business                    | the business (together with all of its components, parts,
      assets and/or liabilities) as a going concern, of Lebowa and/or Opco, as
      the case may be, from time to time, including (for the avoidance of doubt)
      the Rights to Mine held by Lebowa and/or Opco,



---

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| |                                          | as the case may be                                                                                                                                                                                                                                                   
| | ---------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                          |                                                                                                                                                                                                                                                                      
| | Micawber                               | Micawber 277 (Proprietary) Limited, a private company
      incorporated in accordance with the laws of the Republic, registration no.
      2002/016481/07                                                                                                          
| |                                          |                                                                                                                                                                                                                                                                      
| | Micawber Sale of Concentrate Agreement | the Micawber Sale of Concentrate Agreement to be entered
      into between RPM and Micawber, substantially in the form of the draft
      annexed hereto as Schedule 4                                                                                              
| |                                          |                                                                                                                                                                                                                                                                      
| | Middelpunt Hill Funding Agreement      | the funding agreement to be entered into between Opco and
      RPM, the terms and conditions of which will be based on the term sheet
      attached hereto as Schedule 5                                                                                           
| |                                          |                                                                                                                                                                                                                                                                      
| | Minimum Investment Period              | the period commencing on the
        Commencement Date and expiring on the date on which 60% of the capital
        repayments due by Opco to RPM, in accordance with the Payment Profile
        (as such term is defined in Schedule 5), are scheduled to be made
| |                                          |                                                                                                                                                                                                                                                                      
| | Mining Rights                          | mining rights (as defined in terms of the MPRD Act)                                                                                                                                                                                                                  



---

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| | Minister             | the Minister of Minerals and Energy                                                                                                                                                                                                               
| | ---------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                        |                                                                                                                                                                                                                                                   
| | Minority Protections | the matters collectively constituting the minority
      protections as more fully set out in Schedule 1                                                                                                                                          
| |                        |                                                                                                                                                                                                                                                   
| | MPRD Act             | the Mineral Petroleum and Resources Development Act, 2002
      (Act 28 of 2002)                                                                                                                                                                  
| |                        |                                                                                                                                                                                                                                                   
| | New Order Rights     | the Mining Rights into which the Old Order Rights shall
      be converted                                                                                                                                                                        
| |                        |                                                                                                                                                                                                                                                   
| | Old Order Rights     | the old order rights (as defined in Schedule II of the
      MPRD Act) forming part of respectively the LPM Business and the Ga- Phasha
      Business, as set out in the list attached to the Holdco Sale of Shares
      Agreement as Schedule 4
| |                        |                                                                                                                                                                                                                                                   
| | Opco                 | Richtrau No 177 (Proprietary) Limited, a private company
      incorporated in accordance with the laws of the Republic, registration no.
      2007/016001/07                                                                                    
| |                        |                                                                                                                                                                                                                                                   
| | Opco Board           | collectively, the Opco Directors from time to time                                                                                                                                                                                                



---

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| | Opco Directors              | the directors of Opco from time
        to time                                                                                                                                                                                                                                                        
| | ----------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                               |                                                                                                                                                                                                                                                                                                        
| | Ore                         | that part of the mineralised
        horizon that may be extracted, including amounts of non- mineralised material
        that is in direct contact with the mineralised portion and which must,
        due to the mining method employed, also be removed in order to win the
        mineralisation
| |                               |                                                                                                                                                                                                                                                                                                        
| | Parties                     | collectively, the Shareholders
        and Holdco and Party shall mean each or any of them, as the
        context requires                                                                                                                                                                          
| |                               |                                                                                                                                                                                                                                                                                                        
| | Pelawan                     | Pelawan Investments (Proprietary)
        Limited, a private company incorporated in accordance with the laws of
        the Republic, registration no. 2002/017920/07                                                                                                                                 
| |                               |                                                                                                                                                                                                                                                                                                        
| | Pelawan Trust               | the Pelawan Trust, established
        in accordance with the trust deed dated 2 September 2004, Masters
        reference no. IT8411/2004                                                                                                                                                            
| |                               |                                                                                                                                                                                                                                                                                                        
| | Permitted Structural Change | a Structural Change which:                                                                                                                                                                                                                                                                             
| |                               |                                                                                                                                                                                                                                                                                                        
| |                               | -                                                                                                                                                                                                                                                                                                      



---

Page 35

| |                       | -                                                                                                                                                                                                                                                                                                                                                                                                             | results in a Diminution, but in respect of which a DME
      Approval Notice shall have been furnished; or
| | --------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------
| |                       |                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                           
| |                       | -                                                                                                                                                                                                                                                                                                                                                                                                             | is an Excluded Change                                                                                     
| |                       |                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                           
| | Permitted Successor | any person or persons, association of persons,
      partnership, firm, company, close corporation or other entity which
      acquires a Shareholding in whole or in part from any Shareholder in the
      manner provided for in this Agreement and which shall have, in accordance
      with the provisions of clause 23.1.1.2, bound itself as a party to this
      Agreement                         
| |                       |                                                                                                                                                                                                                                                                                                                                                                                                              
| | PGMs                | collectively, platinum, palladium, rhodium, ruthenium,
      iridium, osmium and the metals and minerals mineralogically associated
      therewith, including but not limited to gold, silver, copper, nickel and
      cobalt together with any such metals and minerals which may be extracted
      from the normal mining of the abovementioned minerals in, on or under the
      relevant project area



---

Page 36

| | Phase 3 Implementation Agreement | the Phase 3 Implementation Agreement entered into, or to
      be entered into amongst the Parties, the terms of which shall, amongst
      other things, govern the sequence in which the Phase 3 Transactional
      Agreements will be implemented
| | ---------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                    |                                                                                                                                                                                                                                                      
| | Phase 3 Transactional             | collectively:                                                                                                                                                                                                                                        
| | Agreements                        |                                                                                                                                                                                                                                                      
| |                                    | -                                                                                                                                                                                                                                                    
| |                                    |                                                                                                                                                                                                                                                      
| |                                    | -                                                                                                                                                                                                                                                    
| |                                    |                                                                                                                                                                                                                                                      
| |                                    | -                                                                                                                                                                                                                                                    
| |                                    |                                                                                                                                                                                                                                                      
| |                                    | -                                                                                                                                                                                                                                                    
| |                                    |                                                                                                                                                                                                                                                      
| |                                    | -                                                                                                                                                                                                                                                    
| |                                    |                                                                                                                                                                                                                                                      
| |                                    | -                                                                                                                                                                                                                                                    
| |                                    |                                                                                                                                                                                                                                                      
| |                                    | -                                                                                                                                                                                                                                                    



---

Page 37

| |                                                                 | -                                                                                                                                                                                                                                                                      | the Plateau Sale of Boikgantsho Shares and Claims
      Agreement;
| | --------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------
| |                                                                 |                                                                                                                                                                                                                                                                        |                                                                   
| |                                                                 | -                                                                                                                                                                                                                                                                      | the Plateau Sale of Kwanda Shares Agreement; and                  
| |                                                                 |                                                                                                                                                                                                                                                                        |                                                                   
| |                                                                 | -                                                                                                                                                                                                                                                                      | the Holdco Sale of Shares Agreement                               
| |                                                                 |                                                                                                                                                                                                                                                                        |                                                                   
| | PKAD Farms                                                    | portion 1 of the Farm Paschaskraal 466 KS, the Remaining
      Extent of the Farm Paschaskraal 466 KS, and the Farms Klipfontein 465 KS,
      Avoca 472 KS and De Kamp 507 KS situated in the Limpopo Province of the
      Republic                                 
| |                                                                 |                                                                                                                                                                                                                                                                        |                                                                   
| | Plateau                                                       | Plateau Resources (Proprietary) Limited, a private
      company incorporated in accordance with the laws of the Republic,
      registration no. 1996/013879/07                                                                                                      
| |                                                                 |                                                                                                                                                                                                                                                                        |                                                                   
| | Plateau Sale of Boikgantsho Shares and
      Claims Agreement | the Plateau Sale of Boikgantsho Shares and Claims
      Agreement entered into, or to be entered into, between Plateau and Holdco,
      in terms whereof Plateau shall sell and Holdco shall purchase 50% of the
      entire issued share capital of Boikgantsho and



---

Page 38

| |                                                              | Plateaus claims against Boikgantsho on shareholders
      loan account                                                                                                                                                                                                                                                                                       
| | ------------------------------------------------------------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                                              |                                                                                                                                                                                                                                                                                                                                                                
| | Plateau Sale of Kwanda Shares Agreement                    | the Plateau Sale of Kwanda Shares Agreement entered into,
      or to be entered into, between Plateau and Holdco, in terms whereof
      Plateau shall sell and Holdco shall purchase 50% of the entire issued
      share capital of Kwanda                                                                                                                  
| |                                                              |                                                                                                                                                                                                                                                                                                                                                                
| | Plateau Sale of Micawber Shares and Claims
      Agreement | the Plateau Sale of Micawber Shares and Claims Agreement
      entered into, or to be entered into, in terms whereof Plateau shall sell
      and Holdco shall purchase 50% of the entire issued share capital of
      Micawber and Plateaus claims against Micawber on shareholders loan
      account                                                     
| |                                                              |                                                                                                                                                                                                                                                                                                                                                                
| | PPI                                                        | the average annual rate of change (expressed as a
      percentage) in the Producer Price Index, for all manufactured products for
      South African consumption as published in the Government Gazette by
      Statistics South Africa, or such other index as may replace it, which
      annual change shall be determined by comparing the most recently



---

Page 39

| |                     | published index with the index published in respect of
      the corresponding month in the previous year                                                                                                                                                                                                                                                                                                                                                                  
| | ------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | Prime             | the prime rate of interest publicly quoted as such by The
      Standard Bank of South Africa Limited (Standard Bank) from time to time,
      calculated on a 365-day factor (irrespective of whether or not the year is
      a leap year) and compounded monthly in arrears, as certified by any
      manager of Standard Bank, whose appointment as such it shall not be
      necessary to prove, which certificate shall serve as prima facieproof of its contents
| |                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | Profits           | the net profits of Holdco after Tax, as determined by
      reference to the income statements forming part of the annual financial
      statements of Holdco from time to time                                                                                                                                                                                                                                                                                           
| |                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | Qualifying Person | in respect of a proposed recipient of a compulsory
      disposal (in accordance with the provisions of clause 5 of the BEE
      Principles Schedule):                                                                                                                                                                                                                                                                                                                    



---

Page 40

| |          | -                                                                                                                                    | an Empowerment Person; or                                                                                                                                                                                    
| | -------- | ------------------------------------------------------------------------------------------------------------------------------------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |          |                                                                                                                                      |                                                                                                                                                                                                              
| |          | -                                                                                                                                    | any other person in respect of which a DME Approval
      Notice shall have been furnished                                                                                                                   
| |          |                                                                                                                                      |                                                                                                                                                                                                              
| | Remedy | in respect of any fact or circumstance constituting an
      Initial Period Default and/or a Change of Control:                     
| |          |                                                                                                                                      |                                                                                                                                                                                                              
| |          | -                                                                                                                                    | the performance of such actions as may be necessary to
      ensure that the status quoprior to such Initial Period Default
      and/or Change of Control, as the case may be, is restored; or              
| |          |                                                                                                                                      |                                                                                                                                                                                                              
| |          | -                                                                                                                                    | only in respect of a Change of Control of Holdco, the
      subsequent acquisition of Control of Pelawan by one or more HDPs who are,
      as at the Signature Date, Beneficial Owners of Equity in Pelawan;
| |          |                                                                                                                                      |                                                                                                                                                                                                              
| |          | provided that such Remedy shall be effected within the
      relevant time periods specified in this Agreement for the Remedy of the



---

Page 41

| |                                                             | relevant breach hereof (it being recorded for the
      avoidance of doubt that any steps taken outside of the relevant periods
      specified in this Agreement shall not constitute a Remedy); and Remedied
      shall have a corresponding meaning                                                         
| | ----------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                                             |                                                                                                                                                                                                                                                                                                                   
| | Republic                                                  | the Republic of South Africa                                                                                                                                                                                                                                                                                      
| |                                                             |                                                                                                                                                                                                                                                                                                                   
| | Rights to Mine                                            | all rights of whatsoever nature in and to any and all
      minerals at any time, including (without limitation) the Old Order Rights
      and the New Order Rights                                                                                                                                              
| |                                                             |                                                                                                                                                                                                                                                                                                                   
| | RPM                                                       | Rustenburg Platinum Mines Limited, a public company
      incorporated in accordance with the laws of the Republic, registration no.
      1931/003380/06                                                                                                                                                         
| |                                                             |                                                                                                                                                                                                                                                                                                                   
| | RPM Sale of Boikgantsho Shares and Claims
      Agreement | the RPM Sale of Boikgantsho Shares and Claims Agreement
      entered into, or to be entered into, between RPM and Holdco, in terms
      whereof RPM shall sell and Holdco shall purchase 50% of the entire issued
      share capital of Boikgantsho and RPMs claims against Boikgantsho on
      shareholders



---

Page 42

| |                                                          | loan account                                                                                                                                                                                                                                                                                                  
| | -------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                                          |                                                                                                                                                                                                                                                                                                               
| | RPM Sale of Kwanda Share s Agreement                   | the RPM Sale of Kwanda Shares Agreement entered into, or
      to be entered into, between RPM and Holdco, in terms whereof RPM shall
      sell and Holdco shall purchase 50% of the entire issued share capital of
      Kwanda                                                                             
| |                                                          |                                                                                                                                                                                                                                                                                                               
| | RPM Sale of Micawber Shares and Claims
      Agreement | the RPM Sale of Micawber Shares and Claims Agreement
      entered into, or to be entered into between RPM and Holdco, in terms
      whereof RPM shall sell and Holdco shall purchase 50% of the issued share
      capital of Micawber and RPMs claims against Micawber on shareholders
      loan account
| |                                                          |                                                                                                                                                                                                                                                                                                               
| | Scorecard                                              | the scorecard for the Charter published pursuant to
      Section 100(2)(a) of the MPRD Act under Government Gazette (no. 26661 of
      13 August 2004)                                                                                                                                                      
| |                                                          |                                                                                                                                                                                                                                                                                                               
| | Senior Debt Funding Agreement                          | the agreement or agreements to be entered into amongst
      any one or more of the Anooraq Parties and any number of Financiers, in
      respect of the Debt funding of                                                                                                                                     



---

Page 43

| |                              | a portion of the Purchase Price (as defined in the Holdco
      Sale of Shares Agreement), it being recorded that in respect of such
      agreement/s, the Anooraq Parties party to such agreement/s may be required
      to furnish the relevant Financier/s with security
| | ---------------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                              |                                                                                                                                                                                                                                                                              
| | Shareholders               | RPM and Plateau, and their Permitted Successors, from
      time to time                                                                                                                                                                                                     
| |                              |                                                                                                                                                                                                                                                                              
| | Shareholding               | a registered and beneficial holding of Shares from time
      to time                                                                                                                                                                                                        
| |                              |                                                                                                                                                                                                                                                                              
| | Shares                     | ordinary shares of R1 each in the share capital of Holdco                                                                                                                                                                                                                    
| |                              |                                                                                                                                                                                                                                                                              
| | Signature Date             | the date of last signature of this Agreement                                                                                                                                                                                                                                 
| |                              |                                                                                                                                                                                                                                                                              
| | Standby Facility Agreement | the agreement to be entered into between RPM and Plateau,
      in terms whereof RPM will make available to Plateau a standby loan in
      certain circumstances, as more fully described in clause 16                                                                      
| |                              |                                                                                                                                                                                                                                                                              
| | Structural Change          | any act or omission which results in:                                                                                                                                                                                                                                        
| |                              |                                                                                                                                                                                                                                                                              
| |                              | -                                                                                                                                                                                                                                                                            



---

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| |                      | -                                                                                                                                                                                                                                                                                     | the reduction of the Beneficial Ownership of any entity
      which is a part of the Controlling Group Structure in any other entity
      which is a part of the Controlling Group Structure
| | -------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                      |                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                              
| | Subsidiary Company | a subsidiary company (which for the purposes of this
      Agreement shall be deemed to include any company incorporated outside the
      Republic) as defined in terms of Section 1(3) of the Companies Act and
      Subsidiary Companies shall have a corresponding meaning    
| |                      |                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                              
| | Tax                | all tax of whatsoever nature and howsoever arising,
      payable by any of the Parties to any competent taxation authority,
      including (without limitation) all tax of whatsoever nature payable in
      terms of and/or in connection with the Income Tax Act and the VAT Act
| |                      |                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                              
| | Transaction        | the Transaction to which the Transactional Agreements
      will give effect                                                                                                                                                                                                         



---

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| | Transactional Agreements        | the Transactional Agreements, as defined in the Holdco
      Sale of Shares Agreement                                                                                               
| | --------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                   |                                                                                                                                                                                     
| | Transaction Framework Agreement | the Transaction Framework Agreement entered into on 3
      September 2007 by, amongst others, the Shareholders                                                                     
| |                                   |                                                                                                                                                                                     
| | Twickenham/Hackney Farms        | the Farms Twickenham 114 KT, Hackney 116 KT, Surbiton 115
      KT, Balmoral 508 KS and a portion of the Remaining Extent of mineral area
      No. 1 of the Farm Forest Hill 117 KT
| |                                   |                                                                                                                                                                                     
| | USA                             | the United States of America                                                                                                                                                        
| |                                   |                                                                                                                                                                                     
| | VAT Act                         | the Value-Added Tax Act, 1991 (Act 89 of 1991).                                                                                                                                     

|2.3 | If any provision in a definition is a substantive
      provision conferring rights or imposing obligations on any Party,
      notwithstanding that it is only in the definition clause, effect shall be
      given to it as if it were a substantive provision of this
  Agreement.                                             
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                    
|2.4 | Any reference to an enactment is to that enactment as at
      the Signature Date and, in the event that any right and/or obligation
      shall arise in terms of this Agreement in respect of and/or in connection
      with such enactment after the Signature Date, such reference shall be to
      that enactment as amended



---

Page 46

|    | and/or replaced as at the date for performance of such
      right and/or obligation, save in respect of the definitions of BEE,
      Credits and HDP, in which the references to the MPRD Act, the Charter,
      the regulations published under the MPRD Act and the Scorecard shall at
      all times be deemed to be references to such enactments and regulations as
      at the Signature Date.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                
|2.5 | Any reference in this Agreement to this Agreement or to
      any other agreement shall be construed as a reference to this Agreement or
      such other agreement as the same may have been, or may from time to time
      be, amended, varied, novated or supplemented.                                                                                                                                    
|    |                                                                                                                                                                                                                                                                                                                                                                                                                
|2.6 | Any reference to a Shareholder (including a reference to
      a particular Shareholder) includes, where applicable, that Shareholders
      Permitted Successors.                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                                                                                                                                                                
|2.7 | Unless inconsistent with the context, an expression which
      denotes:                                                                                                                                                                                                                                                                                                                                       

|2.7.1 | any gender includes the other genders;                                  
|----- | ------------------------------------------------------------------------
|      |                                                                         
|2.7.2 | a natural person includes an artificial person and vice
      versa; and
|      |                                                                         
|2.7.3 | the singular includes the plural and vice
  versa.                      

|2.8 | 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
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---

Page 47

|     | clause, shall bear the meaning ascribed to it for all
      purposes in terms of this Agreement, notwithstanding that that term has
      not been defined in this interpretation clause.                                                                                             
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                       
|2.9  | The rule of construction that, in the event of ambiguity,
      the contract shall be interpreted against the party responsible for the
      drafting or preparation of this Agreement, shall not apply.                                                                             
|     |                                                                                                                                                                                                                                                                                       
|2.10 | Where any number of days is prescribed, those days 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
      event the last day shall be the next succeeding Business Day.
|     |                                                                                                                                                                                                                                                                                       
|2.11 | The schedules to this Agreement form an integral part
      hereof and words and expressions defined in this Agreement shall bear,
      unless the context otherwise requires, the same meaning in such
      schedules.                                                             

|3. | INTRODUCTION
|-- | ------------

|3.1 | The Shareholders:
|--- | -----------------

|3.1.1 | (amongst others) have entered into the Transaction
      Framework Agreement, and intend to undertake and to complete the
      Transaction;
|----- | --------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                             
|3.1.2 | will, contemporaneously with the entering into of this
      Agreement, enter into the other Phase 3 Transactional
  Agreements;            



---

Page 48

|3.1.3 | will, upon implementation of this Agreement on the
      Commencement Date, be the registered owners of the entire issued share
      capital of Holdco, and shall be the creditors of Holdco in respect of the
      Claims;
|----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                              
|3.1.4 | wish to co-operate as shareholders in respect of the
      conduct of the Holdco Business; and                                                                                                                               
|      |                                                                                                                                                                                                                              
|3.1.5 | wish in writing to provide for the conduct of the Holdco
      Business and to govern the relationship between the Shareholders inter
      seand amongst the Parties.                                                       

|3.2 | Upon implementation of this Agreement on the Commencement
      Date, Holdco will be Controlled by Plateau.
|--- | -----------------------------------------------------------------------------------------------------------

|4. | CONDITION PRECEDENT
|-- | -------------------

|4.1 | This entire Agreement (save in respect of clauses 1 to 4
      (both inclusive) and clauses 25, 28, 33 and 35 to 41 (both inclusive),
      which shall be of immediate force and effect) is subject to the Condition
      that the Phase 3 Implementation Agreement shall have become unconditional
      in accordance with its terms.                                                                      
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                
|4.2 | The Parties shall use their respective reasonable
      commercial endeavours to procure the fulfilment of the Condition as soon
      as reasonably possible after the Signature Date. If the Condition shall
      not have been fulfilled by the last date for the fulfilment of the
      conditions precedent to the Phase 3 Implementation Agreement, this
      Agreement (save in respect of clauses 1,



---

Page 49

2, 3, this clause 4.2, clauses 28, 33
and clauses 35 to 41 (both inclusive), which shall remain of full force and
effect) shall be of no force or effect and no Party shall have any claim against
the others of them for anything done hereunder or arising hereout.

|5. | COMMENCEMENT DATE                                                                                                                                              
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                
|   | On the Commencement Date, Plateau and RPM shall
      respectively hold the entire issued share capital of Holdco and the Claims
      in the ratio of 51 : 49.

|6. | DURATION
|-- | --------

|6.1 | This Agreement shall come into full force and effect on
      the Commencement Date.                                                                                                                                                                                                                                                                                              
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                   
|6.2 | This Agreement shall be and remain of full force and
      effect and binding on each of the Shareholders for as long as such
      Shareholder shall be the registered and Beneficial Owner of any Shares.
      This Agreement shall be and remain of full force and effect and binding on
      Holdco for as long as it shall be and remain binding on the
      Shareholders.

|7. | BOARD
|-- | -----

|7.1 | The Board shall consist of not fewer than 7 and not more
      than 11 Directors.                                                                                                     
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                       
|7.2 | Subject to clauses 7.6 and 7.11, Plateau shall be
      entitled, but not obliged, to nominate 6 Directors, and RPM shall be
      entitled, but not obliged, to nominate 5
Directors.



---

Page 50

|7.3 | The Shareholders may each nominate one or more alternate
      Directors in respect of each Director nominated by such Shareholder in
      accordance with clause 7.2. An alternate Director can substitute only for
      the Director on whose behalf he or she was nominated.                                                                                                                                                                                                    
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|7.4 | Each Shareholder shall be entitled at any time to request
      the replacement of any Director or alternate Director nominated by
    it.                                                                                                                                                                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|7.5 | The Shareholders shall vote for the appointment of the
      individuals nominated by either Shareholder in accordance with clauses 7.2
      and 7.3 and the replacements requested by either Shareholder in accordance
      with clause 7.4. Each Shareholder hereby undertakes to vote in favour of
      the other Shareholders nominations and/or replacement requests.                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|7.6 | It is recorded that the Shareholders' respective
      entitlements to nominate Directors are approximately proportional to their
      respective Shareholdings. Should the Shareholders' respective
      Shareholdings change, their respective entitlements to nominate Directors
      will be adjusted so that the number of Directors which each Shareholder is
      entitled to nominate will be as near as possible proportional to that
      Shareholder's Shareholding. 
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|7.7 | If a Shareholder disposes of Shares held by it, that
      Shareholder shall be obliged to procure, as a condition to the transfer of
      such Shares, the resignation of such number (applying the provisions of
      clause 7.6) of Directors nominated (and appointed in accordance with
      clause 7.5) by such Shareholder that shall bear the same proportion to the
      total number of Directors nominated (and appointed in accordance with
      clause 7.5) by such



---

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|     | Shareholder as the Shares to be so disposed of bear to
      the whole of such Shareholders Shareholding.                                                                                                                                                           
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                      
|7.8  | A Shareholder who requests the replacement of any
      Director nominated by it hereby indemnifies and holds Holdco harmless
      against any claim instituted by such Director as a result of his removal
      from office and all costs arising from such claim.
|     |                                                                                                                                                                                                                                                                      
|7.9  | In the event of the removal of a Director in terms of any
      applicable law, the resulting vacancy will only be filled by a nominee of
      the Shareholder that nominated such Director.                                                                        
|     |                                                                                                                                                                                                                                                                      
|7.10 | Upon the appointment of a Director or an alternate
      Director, the Shareholder that shall have nominated such Director or
      alternate Director shall procure that the relevant Director
                                                                    

|7.10.1 | provides Holdco in writing with his physical address,
      postal address, a facsimile number, an e-mail address and a telephone
      number for all purposes hereunder; and
|------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                               
|7.10.2 | signs a deed of adherence binding himself to the
      provisions of this Agreement.                                                                                          

|7.11 | The Shareholders shall procure that the majority of the
      Board shall be Directors who are HDPs, provided that the Shareholders
      shall each, pro rata to its Shareholding, be obliged to nominate such HDP
      Directors. For the avoidance of doubt, it is recorded that, before any
      adjustments pursuant
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---

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|     | to clause 7.6 in the Shareholders entitlements to
      nominate Directors, at least the majority of the Directors nominated by
      Plateau (and appointed in terms of clause 7.5) shall be HDPs; and at least
      one less than the majority of the Directors nominated by RPM (and
      appointed in terms of clause 7.5) shall be HDPs.                                                                                                                                                   
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|7.12 | The founding chairman of the Board shall be nominated by
      Plateau from amongst the Directors nominated by it in terms of clause 7.2
      (the provisions of clause 7.5 shall also apply in respect of the
      appointment of such chairman). The Board shall be entitled from time to
      time to remove and to appoint a different chairman from amongst the
      members of the Board.                                                                                                
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|7.13 | The Board shall appoint a secretary whose responsibility
      it shall be to record the minutes of all meetings of the Board and to
      distribute such minutes to each of the Shareholders and to the Directors.
      The secretary shall, from time to time, as directed by the Board, convene
      meetings of the Board by delivery of written notice to the Directors. The
      secretary shall have such other powers and/or duties as the Board may from
      time to time determine.
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|7.14 | The Board shall be entitled to form sub-committees and to
      delegate to such sub-committees such of the powers and responsibilities as
      the Board may determine from time to time.                                                                                                                                                                                                                                                                                                        



---

Page 53

|8. | BOARD MEETINGS                                                                            
|-- | ------------------------------------------------------------------------------------------
|   |                                                                                           
|   | The Shareholders shall procure that unless otherwise
      agreed between them in writing:

|8.1 | the Board will meet from time to time for the dispatch of
      business, but in any event not less than once every two months during the
      12 month period after the Commencement Date and thereafter not less than
      once every quarter at such place as the Directors may from time to time
      decide and, save as specifically provided in this Agreement, may regulate
      its meetings and the manner of conducting its business as it may deem
      fit;                                                                                                                                                                                                                                        
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|8.2 | notices of and the agenda and board papers for all Board
      meetings shall be given to the Directors and their alternates at their
      respective addresses notified to Holdco from time to time, at least 5
      Business Days (or such shorter period as may be agreed in writing by the
      Directors, or their alternates, as the case may be) prior to the day on
      which the meeting is to be held. In addition to any other method for
      calling Board meetings as may be provided in the articles of association
      of Holdco or the Companies Act, meetings of the Board may be called by any
      Director subject always to due compliance with the provisions of this
      clause 8;
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|8.3 | a quorum for all Board meetings shall be the majority of
      all Directors, provided that at least two Directors nominated by each
      Shareholder shall be present. If a quorum is not present within 15 minutes
      of the commencement of the meeting, the meeting in question will stand
      adjourned to the same venue at the same time and on the same day in
    the                                                                                                                                                                                                                                                                                                                                 



---

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|    | following week or, if that day is not a Business Day,
      then to the immediately following Business Day. Notice of such adjournment
      shall be given to the Directors and their alternates. If at such adjourned
      meeting, a quorum is not present within 15 minutes of the commencement of
      such adjourned meeting, those Directors present at such adjourned meeting
      shall constitute a quorum for conducting all the business for which the
      meeting was originally convened;
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|8.4 | the following provisions shall apply to voting by
      Directors -                                                                                                                                                                                                                                                                                                                                                                                                                                         

|8.4.1 | each Director shall have as many votes on all matters
      submitted to the Board as is equal to the number of Shares held by the
      Shareholder that nominated the relevant Director (in terms of clauses 7.2
      or 7.3), divided by the number of Directors nominated by that Shareholder
      present and voting at the meeting; and
|----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                                                                
|8.4.2 | save as otherwise provided in this Agreement, all
      resolutions of the Board will be validly passed by a simple
    majority;                                                                                                                                                                                                              

|8.5 | the chairperson shall preside at meetings of the board
      and shall not be entitled to a second or casting vote;                                                                                                                                                                                                                                                                                                          
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                              
|8.6 | subject to the provisions of clause 19, a resolution in
      writing circulated to all the Directors and signed by all the Directors,
      shall be as valid and effectual as if passed at a duly called and
      constituted Board meeting, provided that none of the Directors shall have
      specified in the written resolution that he is against such resolution.
      Any such resolution may consist of several



---

Page 55

|    | documents in like form, each signed by one or more of
      such Directors. Unless the contrary is stated therein, any such resolution
      shall be deemed to have been passed on the date on which it was signed by
      the Director last signing it. A fax or a scanned e-mail copy of a
      Director's signed resolution shall be acceptable evidence that such
      resolution shall have been signed by the Director whose signature appears
      on the fax; provided that such Director or alternate shall have signed the
      original copy of the resolution and such original copy shall be retained
      in the records of Holdco; and
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|8.7 | provided proper notice as contemplated in this Agreement
      shall have been given or waived, meetings of the Board and all committees
      of the Board may be held by means of such telephone, video, electronic or
      other communication facility as permits all persons participating in the
      meeting to communicate with each other simultaneously and instantaneously;
      provided that it is specifically agreed that for all purposes whatsoever
      Holdco shall be managed and controlled, and shall be deemed to be managed
      and controlled effectively within and from the
Republic.                                      

|9. | OPCO BOARD                                                                                                                                                                                                                                                                                                                                                                                                                                            
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   | The Shareholders shall, unless otherwise agreed between
      them, procure that respectively the Opco Board and the boards of directors
      of each other member of the Holdco Group, other than Holdco (collectively
      Sub-Boards) shall consist of the same persons as the persons
      constituting the Board, and the provisions of clause 7 and 8 shall be
      mutatis mutandisapplicable to and in respect of the Sub-
      Boards.



---

Page 56

|10. | SHAREHOLDERS' MEETINGS
|--- | ----------------------

|10.1 | Subject to the provisions of the Companies Act in
      relation to special resolutions, a quorum for all Shareholders meetings
      of Holdco shall be both Shareholders present in person or by proxy. If a
      quorum is not present within 15 minutes of the commencement of the
      meeting, the meeting in question shall be adjourned to the same venue on
      the same day in the following week, or if that day is not a Business Day,
      then to the immediately following Business Day. Notice of such adjournment
      shall be given to the Shareholders. If at such adjourned meeting, a quorum
      is not present within 15 minutes of the commencement of such adjourned
      meeting, any Shareholder who shall not be present at such adjourned
      meeting shall irrevocably and unconditionally be deemed to have appointed
      the Shareholder who shall so be present, as the agent and proxy for and on
      behalf of such absent Shareholder, on the basis that such agent and proxy
      shall vote against all resolutions to be proposed at such adjourned
      meeting.
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|10.2 | The chairperson of a Shareholders meeting shall be a
      Director appointed for that purpose by the Shareholder who holds the
      greatest number of Shares.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|10.3 | All decisions of the Shareholders shall, subject to the
      provisions of the Companies Act and the provisions of clause 19, be taken
      by a majority of votes exercisable on a poll.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|10.4 | Subject to the provisions of the Companies Act, a
      resolution in writing circulated to both the Shareholders and signed by
      both of them shall be as                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            



---

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|     | valid and effectual as if such resolution had been passed
      at a Shareholders meeting duly convened and held; provided that neither
      of the Shareholders shall have specified in the written resolution that it
      is against such resolution. Any such resolution may consist of several
      documents in like form, each signed by one or more of the Shareholders.
      Unless the contrary is stated therein, any such resolution shall be deemed
      to have been passed on the date of the latest signature by the
      Shareholders signing such resolution. A facsimile copy or a scanned email
      copy of a resolution signed by a Shareholder shall be acceptable evidence
      that such resolution shall have been signed by the Shareholder whose
      signature appears on that facsimile or scanned email copy. Should a
      written resolution circulated to both Shareholders not be signed by both
      of the Shareholders, such resolution shall be of no force or effect and
      the matter or matters which are the subject of such written resolution
      shall be referred to a Shareholders meeting for consideration.
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|10.5 | Subject to the provisions of the Companies Act, provided
      that proper notice as contemplated in this Agreement shall have been given
      or waived, meetings of Shareholders may be held by means of such
      telephone, video, electronic or other communication facility as permits
      all Shareholders participating in the meeting to communicate with each
      other simultaneously and instantaneously.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    



---

Page 58

|11. | FUNDING
|--- | -------

|11.1 | The Board shall, from time to time, determine the amount
      of any funding required by Holdco, the time or times when such funding
      shall be required and the manner in which and the terms on which the
      Shareholders shall be obliged to provide such funding, it being recorded
      that, save in respect of the amounts lent by any Shareholder to Holdco
      prior to or on the Commencement Date, Holdco shall inasfar as possible be
      self-funding and shall borrow as much of its future funding requirements
      as possible in all prevailing circumstances from third parties.
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|11.2 | In the event that the Board shall have determined that
      Holdco shall require funding from the Shareholders, the Board shall
      deliver a written notice (Funding Notice) to each of the Shareholders,
      specifying:                                                                                                                                                                                                                                                                                                                                                                                

|11.2.1 | the aggregate amount of the funding required by Holdco
      and the amount of the funding to be contributed by each of the
      Shareholders, which shall, at all times, be pro rata to their
      Shareholding;                                                                         
|------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                             
|11.2.2 | when such funding shall be required, it being recorded
      that the Shareholders, or any of them, shall not be required to provide
      any funding before the expiry of a period of not less than 30 Business
      Days after the delivery of the Funding Notice to each
  Shareholder;
|       |                                                                                                                                                                                                                                                                                             
|11.2.3 | whether such funding shall be required to be contributed
      by way of subscription for new Shares in Holdco, or by way of loans to
      Holdco,                                                                                                                                         



---

Page 59

|       | or by way of a combination of subscription for new Shares
      in Holdco and loans to Holdco;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|11.2.4 | in the event that the funding, or any portion thereof,
      shall be required to be contributed by way of subscription for new Shares
      in Holdco, the number of Shares in respect of which each Shareholder shall
      be obliged to subscribe and the subscription price payable in respect of
      such new Shares. Subject to clause 13.1, the subscription price in respect
      of such new Shares shall be expressed as the aggregate per Share of the
      par value of such Share and the premium in respect of such Share
      determined by the Board; and
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|11.2.5 | in the event that the funding, or any portion thereof,
      shall be required to be contributed by way of a loan or loans to Holdco,
      the amount to be lent and advanced to Holdco by each Shareholder and the
      terms upon which such amount shall be lent to
Holdco.                                                                                                                                                                                                                                                                                               

|11.3 | On the delivery of any Funding Notice to each of the
      Shareholders, each of the Shareholders shall be obliged to and
    shall:
|---- | ------------------------------------------------------------------------------------------------------------------------------------

|11.3.1 | contribute the funding required in terms of the Funding
      Notice to Holdco at the time, on the basis and on the terms set out in the
      Funding Notice. In the event that any Shareholder shall fail, for whatever
      reason, to comply with its obligations in terms of any Funding Notice, the
      provisions of clause 13 shall apply (it being recorded that such failure
      shall not constitute a breach of this Agreement);
and
|------ | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---

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|11.3.2 | in the event that the Funding Notice shall oblige the
      Shareholders to subscribe for Shares in Holdco, exercise all votes
      attaching to their Shares in favour of any resolutions in respect of the
      creation of new Shares in the authorised share capital of Holdco,
      sufficient in number to enable Holdco to allot and to issue the Shares
      (Funding Shares) described in such Funding Notice, to the Shareholders;
      and in respect of the placing of the Funding Shares under the control of
      the Directors with specific authority and consent to the Directors to
      allot and to issue the Funding Shares to the Shareholders in terms of the
      Funding Notice. In the event that any Shareholder shall fail or refuse,
      for whatever reason, so to exercise the votes attaching to its Shares,
      such Shareholder hereby irrevocably and unconditionally and in rem suamauthorises and appoints the other Shareholder as its agent and proxy
      so to exercise such votes for it and on its
behalf.
|------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|11.4 | In the event that a Funding Notice shall oblige the
      Shareholders to subscribe for Funding Shares, all amounts paid to Holdco
      in respect of payment of a Shareholders pro rataportion of the
      aggregate subscription price of all such Funding Shares (Aggregate
      Subscription Price) shall be held in escrow until such time as Holdco
      shall have received the entire Aggregate Subscription Price. Accordingly,
      none of the Funding Shares shall be issued and allotted to either
      Shareholder until both Shareholders shall have made payment of their
      respective pro rataportions of the Aggregate Subscription Price
      for such Funding Shares.
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---

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|12. | GUARANTEES AND SURETYSHIPS
|--- | --------------------------

|12.1 | The Board shall be entitled in its discretion to
      determine that any funding required by Holdco, shall be provided by third
      parties, in which event Holdco shall enter into appropriate agreements of
      loan (Loan Agreements) with such third parties (Lenders) on terms and
      conditions to be determined by the Board. In the event that the Lenders
      shall require, in respect of any Loan Agreement, that the Shareholders, or
      any of them, shall bind themselves as sureties for and/or co-principal
      debtors together with Holdco in respect of any amount borrowed by Holdco
      from the Lenders (Suretyship Undertakings), or shall guarantee the
      obligations of Holdco in terms of any Loan Agreement (Guarantees), the
      Board shall be entitled and obliged to deliver a written notice
      (Guarantee Notice) to each of the Shareholders,
  specifying:
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|12.1.1 | the amount borrowed by Holdco in terms of and the
      material terms and conditions of the relevant Loan Agreement;                                                                                                                                                                         
|------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                               
|12.1.2 | that the Shareholders shall be obliged to execute
      Suretyship Undertakings and/or Guarantees in respect of the relevant Loan
      Agreement;                                                                                                                                            
|       |                                                                                                                                                                                                                                                                                               
|12.1.3 | when the Shareholders shall be obliged to execute the
      Suretyship Undertakings and/or the Guarantees, it being recorded that the
      Shareholders, or any of them, shall not be required so to execute the
      Suretyship Undertakings and/or the Guarantees before the expiry of
  a



---

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|       | period of not less than 15 Business Days after the
      delivery of the Guarantee Notice to each Shareholder; and                                                                                                                                                                                                                                                                                             
|------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                                                
|12.1.4 | the terms and conditions applicable in respect of the
      Suretyship Undertakings and/or the Guarantees, it being specifically
      recorded that the Board shall use its reasonable commercial efforts to
      procure that the Shareholders shall be jointly (correi debendi),
      but not jointly and severally (in solidum), liable in terms of such
      Suretyship Undertakings and/or Guarantees.

|12.2 | On the delivery of the Guarantee Notice, the Shareholders
      shall be obliged to and shall execute the Suretyship Undertakings and/or
      the Guarantees on the basis and at the time required in terms of the
      Guarantee Notice, failing which the provisions of clause 13 shall
      apply.
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|13. | FUNDING DEFAULT                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    | In the event that any Shareholder (Defaulting
      Shareholder) shall fail, for whatever reason, to provide the funding
      required in terms of clause 11 (Default Funding) to Holdco, or shall
      fail to execute the Suretyship Undertakings and/or the Guarantees required
      in terms of clause 12 (Default Security), the other Shareholder
      (Non-Defaulting Shareholder) shall be entitled, but not obliged, at any
      time during the period of 20 Business Days after the Defaulting
      Shareholder shall have failed to provide the Default Funding to Holdco, or
      shall have failed to provide the Default Security, to provide the Default
      Funding or the Default Security, as the case may be, mutatis mutandison the basis required in terms of the Funding Notice (subject to the
      provisions of clauses 13.1 and 13.2) or the



---

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Guarantee Notice, as the case may be.
On the provision of the Defaulting Funding to Holdco or the Default Security, as
the case may be, by the Non-Defaulting Shareholder, the benefits which would
have accrued to the Defaulting Shareholder in the event that it would have
provided the required funding or would have executed the required Suretyship
Undertaking and/or Guarantee (such benefits being, for the avoidance of doubt,
the allotment and issue of any Shares, or the payment of any interest and/or fee
to it) shall accrue to the Non-Defaulting Shareholder who shall so have provided
the Default Funding or Default Security, as the case may be, provided that:

|13.1 | subject to clause 13.2 and notwithstanding the provisions
      of clause 11.2.4, in the event that the Non-Defaulting Shareholder elects
      to provide the Default Funding in circumstances where all or a portion of
      the funding required in terms of clause 11 was to be advanced by way of
      subscription for additional Shares, the subscription price for each of the
      Shares to be issued and allotted to the Non-Defaulting Shareholder shall
      be the Fair Market Value thereof;                                                                                                                 
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|13.2 | notwithstanding whether the funding required in terms of
      clause 11 was to be advanced by way of subscription for additional Shares,
      for the duration of the Initial Period, any and all Default Funding,
      together with the Non- Defaulting Shareholders corresponding portion of
      the aggregate amount of funding required by Holdco, will be contributed by
      the Non-Defaulting Shareholder by way of a loan equal to the aggregate
      amount of the funding required in terms of clause 11, the terms of which
      loan funding shall, at the relevant time, be determined by the
    Board;



---

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|13.3 | any interest on any loan which constitutes Default
      Funding receivable by the Non-Defaulting Shareholder shall be calculated
      at the rate of Prime, and such interest shall be paid to the
      Non-Defaulting Shareholder by Holdco in priority to any other payment made
      by Holdco to the Shareholders, or any of them, and Holdco shall repay the
      full amount of the Defaulting Funding to the Non-Defaulting Shareholder in
      priority to any other payment made by Holdco to the Shareholders, or any
      of them (including, without limitation, any dividend paid and/or other
      distribution made by Holdco);
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|13.4 | any fee in respect of any guarantee comprising Default
      Security receivable by the Non-Defaulting Shareholder shall be a market
      related fee agreed amongst the Parties, or failing such agreement,
      determined by the auditors of Holdco, who shall act as experts and not as
      arbitrators, and whose decision shall be final and binding on the Parties,
      save in the event of manifest error, and such fee shall be payable to the
      Non-Defaulting Shareholder mutatis mutandisand in the order of
      priority as specified in clause 13.3; and                                                                   
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|13.5 | in the event that the Non-Defaulting Shareholder does not
      elect to provide Default Funding and/or Default Security in terms of this
      clause 13, as the case may be:                                                                                                                                                                                                                                                                                                                                                                                                                                                                        

|13.5.1 | any funding actually contributed to Holdco (including any
      funds held by Holdco in escrow in accordance with the provisions of clause
      11.4) by the Non-Defaulting Shareholder, in accordance with clause
      11.3.1,
|------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---

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|       | shall be released from escrow and/or returned to the
      Non-Defaulting Shareholder, as the case may be; and                                            
|------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                           
|13.5.2 | any Suretyship Undertakings and/or Guarantees comprising
      such Default Security executed by the Non-Defaulting Shareholder shall be
      terminated.

|14. | SUBORDINATION                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    | Each of the Shareholders who shall have any Claim against
      Holdco from time to time shall be obliged, in the event that the Board
      shall so determine, to subordinate all of its Claims against Holdco in
      favour of all or some of the creditors (other than any Shareholder, but
      including, without limitation, any Financier from which Holdco shall from
      time to time borrow any money) of Holdco, on such terms and for such
      periods as the Board may from time to time determine. The provisions of
      this clause 14 shall apply only in respect of and to the extent that
      Holdco shall be indebted to the Shareholders pro ratato their
      respective Shareholding, provided that the provisions of this clause 14
      shall not apply in respect of any portion of any Claim which shall have
      arisen from and/or shall relate to any amount lent by either Shareholder
      to Holdco at any time as and by way of Default Funding in terms of clause
      13.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|15. | DIVIDENDS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     

|15.1 | Subject to clause 15.2 and the Standby Facility
      Agreement, Holdco shall distribute to the Shareholders such portion of the
      accumulated Profits by
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------



---

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|     | the declaration and payment of dividends in such amounts
      as the Board may, in its discretion determine from time to time.                                                                                                                                                                                       
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                       
|15.2 | The board shall from time to time determine what portion
      of the Profits of Holdco shall be applied, prior to any distribution of
      such Profits to the Shareholders in terms of clause 15.1, to the repayment
      of all amounts owing by Holdco to the Shareholders on loan account,
      provided that:

|15.2.1 | all such repayments shall be made in the first instance
      to any amount which Holdco may owe to any Shareholder in respect of
      Default Funding, on the basis described in clause 13;      
|------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                    
|15.2.2 | subject to clause 15.2.1, all such repayments shall be
      made pro rata to the respective Shareholding of the Shareholders from time
      to time; and                                         
|       |                                                                                                                                                                                                    
|15.2.3 | all amounts paid to the Shareholders in terms of the
      repayment of such loan accounts shall be applied in the first instance to
      interest accrued, and thereafter to capital
outstanding.

|16. | STANDBY FACILITY
|--- | ----------------

|16.1 | Subject to the entering into by the Anooraq Parties, or
      any of them, of the Senior Debt Funding Agreement, in the event and to the
      extent that Plateaus share of the payments (Cashflows) deriving from
      time to time from the Holdco Business (from all causes whatsoever,
      including, without limitation, all dividends, interests and/or fees
      payable in respect of any
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---





---

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|17. | ACCOUNTING MATTERS
|--- | ------------------

|17.1 | Holdco shall, in accordance with IFRS, keep full,
      complete and accurate books of account, records and information (Books)
      with respect to the affairs of Holdco. The Books shall be maintained at
      the head office of Holdco or at such other place as the Board shall
      determine from time to time.                                                                                                                 
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                              
|17.2 | Each Party shall have the right, acting reasonably, to
      have access to, to audit, to examine and to make copies and/or extracts
      from the Books.                                                                                                                                                                                                                                                                                   
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                              
|17.3 | The auditors of Holdco as at the Commencement Date shall
      be KPMG Inc.                                                                                                                                                                                                                                                                                                                                                                  
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                              
|17.4 | Holdco shall establish and maintain, as a sub-committee
      of the Board, an audit committee, consisting of Directors appointed by the
      Board. The audit committee shall be responsible for and shall manage the
      accountancy and auditing aspects of the Holdco Business and shall report
      in respect of such management to the Board at such intervals and on such
      basis as the Board may from time to time require.
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                              
|17.5 | The accounting period of Holdco will, unless otherwise
      determined by the Board, be from 1 January to 31 December of each
    year.                                                                                                                                                                                                                                                                                                     

|18. | INSURANCE                                                                                                                                                           
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                     
|    | It is recorded that with effect from the Commencement
      Date, Holdco and the Holdco Subsidiaries shall be removed as insured
      parties under and in terms of



---

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|    | the APL Group insurance policies and accordingly the
      Holdco Group shall be obliged to procure and maintain such insurance
      coverages as may be necessary to insure the Holdco Business and assets
      against such risks as they were insured under the APL Group insurance
      policies and/or such additional risks as Holdco deems necessary, from time
      to time.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                         
|19. | MINORITY PROTECTIONS                                                                                                                                                                                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                                                                                                                                         
|    | The provisions of Schedule 1 shall apply in respect of
      decisions of the Board, the Opco Board and/or the board of directors of
      any other Holdco Subsidiary, in respect of matters specified in that
      Schedule.                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                         
|20. | HOLDCO BUSINESS                                                                                                                                                                                                                                                                                                                                                                         

|20.1 | The Shareholders shall procure that Holdco shall
      undertake the Holdco Business, it being specifically recorded
  that:
|---- | ----------------------------------------------------------------------------------------------------------------------------

|20.1.1 | Holdco shall hold the entire issued share capital of
      respectively Opco, Micawber, Boikgantsho, Kwanda and Lebowa (unless Lebowa
      shall have been wound-up), and shall Control respectively Opco, Micawber,
      Boikgantsho, Kwanda and Lebowa (unless Lebowa shall have been wound-up);
      and
|------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                               
|20.1.2 | at the election of the Shareholders, Holdco shall procure
      that the Holdco Subsidiaries, or any of them, shall undertake the
      exploration for, mining of, and the processing and treatment, marketing
      and                                                                                     



---

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distribution and sale of PGMs, and all
rehabilitation operations undertaken in connection therewith.

|20.2 | In respect of the development of any new project to be
      undertaken by any member of the Holdco Group, either of the Shareholders
      which shall require further exploration and/or feasibility work, over and
      above that which the Board shall have approved, to be undertaken in order
      to be in a position to make an investment decision, shall be entitled to
      procure that such further exploration and/or feasibility work shall be
      undertaken at the cost of such Shareholder; provided that such further
      exploration and/or feasibility work shall in no way delay the adoption
      and/or implementation of such new project; and further provided that any
      additional information gained from such further exploration and/or
      feasibility work shall be the property of the Shareholder who shall have
      undertaken such further exploration and/or feasibility work, and that such
      Shareholder shall be entitled (but not obliged) to sell such information
      to the relevant Holdco Subsidiary, which shall be entitled (but not
      obliged) to buy such information, on such terms as may be agreed between
      such Shareholder and such Holdco Subsidiary.
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|21. | PURCHASE OF ORE OR CONCENTRATE
|--- | ------------------------------

|21.1 | Plateau shall procure that Micawber elects whether it
      shall produce Ore or Concentrate prior to the finalisation of the Bankable
      Feasibility Study. In the event that Micawber shall determine with
      reference to the Bankable Feasibility Study that:
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---

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|21.1.1 | Ore shall be produced and it shall have notified RPM
      accordingly in writing (Ore Production Notification Date), RPM and
      Micawber shall use their reasonable commercial endeavours to conclude an
      Ore purchase agreement on market related terms and conditions. In the
      event that RPM and Micawber shall have failed to reach an agreement on the
      purchase of Ore, RPM and Micawber shall be obliged to refer the matter to
      dispute resolution in accordance with the provisions of clause 33 of this
      Agreement; or                                                                                                                                                                                                                                             
|------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|21.1.2 | Concentrate shall be produced, RPM shall have the right
      to purchase Micawbers Concentrate in accordance with the Micawber Sale of
      Concentrate Agreement. RPM shall be obliged to give notice in writing to
      Micawber at least 3 (three) months prior to the commencement of production
      of Concentrate that it wishes to purchase Micawbers Concentrate on the
      terms so determined in accordance with this clause 21.1.2, failing which
      Micawber shall be entitled to dispose thereof as it deems fit or, Micawber
      shall be entitled on 3 (three) months written notice to RPM to require
      RPM to acquire Micawbers Concentrate on the terms of the Micawber Sale of
      Concentrate Agreement, subject to the provisions of clauses 21.2 and
      21.3.

|21.2 | The Parties hereby agree that the determination of the
      pricing for purposes of clause 9 of the Micawber Sale of Concentrate
      Agreement will always be transparent (ie subject to independent annual
      audit verification).
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---

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|21.3 | The terms of the Micawber Sale of Concentrate Agreement
      shall be substantially similar to the draft attached hereto as Schedule 4,
      provided that :
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------

|21.3.1 | those terms in the Micawber Sale of Concentrate Agreement
      which are incomplete (and capable of completion by reference to the
      Bankable Feasibility Study) shall be amplified by reference to the
      Bankable Feasibility Study and those which are unable to be completed by
      reference to the Bankable Feasibility Study shall be agreed by RPM and
      Micawber, and failing agreement, then as determined in accordance with the
      dispute resolution procedure in clause 33;
|------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|21.3.2 | those terms set out in clauses 4, 9 and 10 of the
      Micawber Sale of Concentrate Agreement have been agreed to finality
      between the RPM and Micawber, and shall not be subject to change unless
      otherwise agreed to by RPM and Micawber;                                                                                                                                                                                                                                                  

|21.4 | Should the Micawber Sale of Concentrate Agreement be
      extended for a second term of 10 (ten) years, in that Micawber has not
      given RPM notice of termination thereof prior to the end of the 8th(eighth) year thereof, Plateau (or its nominee) shall have the sole
      and exclusive options (the Smelter Options) to purchase from RPM, an
      undivided ownership interest in the smelter owned by RPM and situated at
      Polokwane (the Polokwane Smelter) on the following terms and
      conditions:
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---

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|21.4.1 | RPM shall after the end of the said 8th(eighth) year of the initial period of the Micawber Sale of
      Concentrate Agreement, decide on the most appropriate legal entity
      (corporate or otherwise) and structure to facilitate Plateau (or its
      nominee) being able to exercise either or both of the Smelter Options and
      acquire an undivided ownership interest in the Polokwane Smelter; provided
      that any restructuring of the ownership of the Polokwane Smelter to give
      effect to the ultimate exercise of either or both of the Smelter Options
      shall be investigated and determined by RPM having regard to all tax,
      legal, commercial, fiscal and financial consequences for RPM associated
      with such restructuring. In determining the structure, RPM and Plateau
      record that, and Plateau agrees that:
|------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|21.4.1.1 | RPM shall be entitled to effect the said restructuring on
      a basis that is least prejudicial or detrimental to its then commercial,
      financial, tax, fiscal and legal position vis-à-vis the Polokwane
      Smelter;                                                                                             
|-------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|         |                                                                                                                                                                                                                                                                                                                             
|21.4.1.2 | whatever restructure is determined by RPM, it is recorded
      that the Polokwane Smelter is treated as a cost centre and that no revenue
      or profits are attributed to the smelting activities at the Polokwane
      Smelter, although RPM may in future restructure the Polokwane Smelter as a
      profit centre;
|         |                                                                                                                                                                                                                                                                                                                             
|21.4.1.3 | RPM shall determine the mechanism to implement the
      relevant restructure timeously to enable Plateau (or its nominee)
  to                                                                                                                                                                                             



---

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|         | exercise these Smelter Options within the time limits
      specified in clauses 21.4.4.1 and 21.4.5.1;                                         
|-------- | ------------------------------------------------------------------------------------------------------------------------------------------------
|         |                                                                                                                                                 
|21.4.1.4 | RPM shall be entitled to present one or more structures
      as contemplated in 21.4.1.1 to Plateau (or its nominee) at RPMs
      discretion;

|21.4.2 | the Smelter Options are divisible and Plateau or its
      nominee shall be entitled to exercise either one or both of the Smelter
      Options and the exercise of one of the Smelter Options is not dependant on
      the exercise of the other;                                                         
|------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                              
|21.4.3 | Plateau or its nominee shall be entitled to exercise
      either or both of the Smelter Options by giving written notice of exercise
      of the option to RPM at RPMs chosen domicilium in terms of clause 36
      within the time limits specified in clauses 21.4.4.1 and 21.4.5.1
      respectively;
|       |                                                                                                                                                                                                                                                                                                              
|21.4.4 | in regard to the Smelter Option 1 which is based on the
      Concentrate feed derived from Ore mined, the following terms shall
      apply:                                                                                                                                                                

|21.4.4.1 | such Smelter Option 1 may be exercised by Plateau or its
      nominee within 30 (thirty) days after the commencement of the second 10
      (ten) year term of the Micawber Sale of Concentrate Agreement referred to
      in clause 21.4, or within 30 (thirty) days of the determination of the
      price if Plateau (or its nominees) disputes RPMs costs in terms of clause
      21.4.4.4, failing which
|-------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---

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|         | Smelter Option 1 shall lapse and cease to be of any
      further force or effect;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|-------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|21.4.4.2 | in order for Plateau (or its nominee) to exercise Smelter
      Option 1 RPM shall present a written offer or offers setting out the
      price(s) and structure(s) for purposes of 21.4.4.4, which offer(s) shall
      be delivered prior to the commencement of the second 10 (ten) year term,
      will be irrevocable and will be open for acceptance or rejection by
      Plateau (or its nominee) within 30 (thirty) days of delivery of the
      offers, or the date of determination of the dispute referred to in clause
      21.4.4.4;                                                                                                                                                              
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|21.4.4.3 | the undivided ownership interest (Option 1 ownership
      interest) to be acquired by Plateau (or its nominee) pursuant to the
      exercise of Smelter Option 1 shall equal the percentage that Concentrate
      derived from the Ore mined by Micawber, on the PKAD Farms attributable to
      Micawber and processed at the Polokwane Smelter, is, on an average basis
      for the 12 (twelve) month period prior to the date of exercise of Smelter
      Option 1, of the total amount of Concentrate process design capacity
      (design capacity) for the Polokwane Smelter, it being recorded that RPM
      may at any time operate the Polokwane Smelter above or below design
      capacity;
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|21.4.4.4 | the purchase price for the Option 1 ownership interest
      shall be R1 (ONE RAND) plus the cost (provided that RPM will
  take                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    



---

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|         | steps to minimise the cost of the restructure) to RPM
      attributable to the restructuring of the Polokwane Smelter (save that RPM
      shall not in such calculation include any loss of profits attributable to
      Plateau acquiring an ownership interest if the Polokwane Smelter is run as
      a profit centre), payable in cash on the date of exercise of Smelter
      Option 1; provided that Plateau if it disputes the cost to RPM as set out
      in RPMs offer(s) it shall be entitled to refer the dispute to arbitration
      in terms of clause 33;
|-------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|21.4.4.5 | risk in and benefit to the Option 1 ownership interest
      shall pass to Plateau (or its nominee) on the date of exercise of Smelter
      Option 1;                                                                                                                                                                                                                                                                                                                                                                                                                         
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|21.4.4.6 | the sale and purchase of the Option 1 ownership interest
      recorded in this clause 21.4.4 shall be voetstoots and no warranties,
      representations or undertakings are given or will be given by RPM in
      relation thereto;                                                                                                                                                                                                                                                                                                                                        

|21.4.5 | in regard to the second Smelter Option (Smelter Option
      2) which is based on the Concentrate feed derived from Ore mined outside
      of the of the PKAD Farms, the following terms shall apply
  :
|------ | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|21.4.5.1 | Smelter Option 2 may be exercised by Plateau (or nominee)
      within the period commencing on the first day of the second 10 (ten) year
      term of the Micawber Sale of Concentrate Agreement and terminating on the
      last day of the 5th(fifth) year of the
|-------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---

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|         | second term, failing which Smelter Option 2 shall lapse
      and cease to be of any further force or effect; provided that such period
      shall be extended if the determination in 21.4.5.4 is delayed beyond such
      period;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|-------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|21.4.5.2 | the undivided ownership interest (Option 2 ownership
      interest) to be acquired by Plateau (or its nominee)pursuant to the
      exercise of Smelter Option 2 referred to in 21.4.5.1 shall equal the
      percentage that Concentrate derived from Ore mined from areas outside of
      the PKAD Farms attributable to the Anooraq Group and processed at the
      Polokwane Smelter in terms of an off-take agreement with RPM, is, on an
      average basis for the 12 (twelve) month period prior the to date of
      exercise of Smelter Option 2, of the design capacity for the Polokwane
      Smelter, it being recorded that RPM may at any time operate the Polokwane
      Smelter above or below design capacity;
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|21.4.5.3 | should Plateau (or its nominee) wish to exercise the
      Smelter Option 2 in this clause 21.4.5 it shall give RPM prior written
      notice of intention to exercise to enable the determination in clause
      21.4.5.4 to be done;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|21.4.5.4 | the purchase price for the Option 2 ownership interest
      shall be the replacement cost of the Polokwane Smelter, pro-rated
      according to the percentage Option 2 ownership interest less the pro-rated
      fair wear and tear associated therewith, as                                                                                                                                                                                                                                                                                                                                                                                                                                                                        



---

Page 78

|         | determined by agreement between Plateau (or its nominee)
      and RPM, after the giving of the notice in clause 21.4.5.3, and failing
      agreement as determined by an expert agreed to by RPM and Plateau (or its
      nominee), (and failing agreement each of them shall appoint an expert who
      together shall appoint an independent third expert) who shall be acting as
      an expert(s) and whose decision shall in the absence of manifest error, be
      final and binding on RPM and Plateau (or its nominee) and not capable of
      review or appeal; provided that the costs of such expert(s) shall be borne
      by RPM and Plateau in equal shares;
|-------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|21.4.5.5 | in determining the replacement cost and the fair wear and
      tear for purposes of clause 21.4.5.4, RPM and Plateau and the expert(s)
      shall base the determination on the actual cost of replacing the facility
      with the same facility with the same specifications as at the date of
      exercise of Smelter Option 2;                                                                                                                                                                                                                                                                                                                                           
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|21.4.5.6 | after the determination of the price in terms of clause
      21.4.5.4 Plateau (or its nominee) shall have 30 (thirty) days to exercise
      the Smelter Option 2 in failing which it shall lapse; provided that
      Smelter Option 2 may be exercised only after the date in
  21.4.5.1;                                                                                                                                                                                                                                                                                                                                                                                      
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|21.4.5.7 | the purchase price in 21.4.5.4 shall be payable within 10
      (ten) Business Days of the exercise of Smelter Option 2 in accordance with
      clause 21.4.5.9, failing which the sale arising                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  



---

Page 79

|         | from the exercise of the Smelter Option 2 shall terminate
      and shall ipso facto lapse and be of no further force and
effect;                                       
|-------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|         |                                                                                                                                                                         
|21.4.5.8 | risk in and benefit to the Option 2 ownership interest
      shall pass to Plateau (or its nominee) on the date of payment in
      accordance with clause 21.4.5.9; and
|         |                                                                                                                                                                         
|21.4.5.9 | the provisions of 21.4.4.6 shall apply, mutatis mutandis,
      to the sale in this clause 21.4.5.                                                                      

|21.5 | Holdco and RPM will seek to optimise the utilisation of
      the infrastructure across both the PKAD Farms and the Twickenham/Hackney
      Farms; provided that in relation to the Twickenham/Hackney Farms, Holdco
      and RPM shall procure that Holdco shall have the use of the infrastructure
      at market-related consideration (save where Plateau (or its nominee) has
      acquired a direct interest in terms of this clause 21);                                                                                                                                                                                                                                                                            
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|21.6 | In the event of RPM and Micawber utilising the
      infrastructure across the Twickenham/Hackney Farms as contemplated in
      21.5, RPM and Micawber shall procure that the cost of Holdco incurred in
      the completion of a base line environmental study to determine the
      environmental liabilities attached to the Twickenham/Hackney Farms at the
      time that Holdco commences sharing such infrastructure. Holdco shall
      assume liability for rehabilitation associated with such infrastructure
      post the date that Holdco commences sharing such infrastructure in
      proportion to the extent of Holdcos use thereof, which extent will be
      determined by means of a protocol to be



---

Page 80

developed by RPM (in its capacity as
the sole holder of the rights to mine PGM's on the Twickenham/Hackney Farms) and
Holdco, jointly.

|22. | BEE
|--- | ---

|22.1 | The Shareholders shall procure that the Beneficial Owners
      of the issued share capital of and/or the assets of respectively Opco,
      Lebowa, Micawber, Kwanda, Boikgantsho and each other Holdco Subsidiary
      (including, without limitation, the Business) (collectively Entities)
      shall include:
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|22.1.1 | local communities in the areas where the Business may be
      conducted from time to time, through such vehicle or vehicles as may be
      agreed amongst the Parties; and
|------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                             
|22.1.2 | the ESOP.                                                                                                                                                                   

|22.2 | To the extent that Pelawan shall acquire any obligations
      in terms of this clause 22, Plateau shall procure that Pelawan shall
      comply fully and timeously therewith.                                                                                                                                                                                                                                                                                                                                                                                                       
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|22.3 | Plateau shall, and in relation to the other Anooraq
      Parties shall procure that each of them will, for the duration of the
      Initial Period, use its reasonable commercial endeavours, at the cost of
      RPM, to support (and not in any way to deliberately jeopardise and/or to
      affect adversely), in such manner as RPM may from time to time reasonably
      request each such Anooraq Party in writing, the conversion of the APL Old
      Order Rights, or any of them and/or the grant to the APL Group of any
      reconnaissance permission, prospecting



---

Page 81

right and/or mining right (as
described in the MPRD Act) in respect of which any member of the APL Group shall
have lodged an application as at the Commencement Date.

|23. | TRANSFER OF SHARES
|--- | ------------------

|23.1 | Unless otherwise agreed by the Shareholders or provided
      in this Agreement or the Holdco Sale of Shares
Agreement:
|---- | -----------------------------------------------------------------------------------------------------------------------

|23.1.1 | any Shareholder may dispose of its Shares only
      if:
|------ | --------------------------------------------------------

|23.1.1.1 | in one and the same transaction, it disposes of that
      portion of its Claims which bear the same proportion to the whole of its
      Claims as the Shares disposed of bear to the whole of its Shareholding in
      Holdco; and
|-------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|         |                                                                                                                                                                                                                                      
|23.1.1.2 | such disposal shall be subject to a condition precedent
      that the proposed transferee shall have bound itself to the provisions of
      this Agreement; and                                                                    

|23.1.2 | Shares and/or Claims may not be pledged, hypothecated or
      otherwise encumbered, save in terms of any Financing
  Agreement.
|------ | --------------------------------------------------------------------------------------------------------------------------------

|23.2 | Subject to the provisions of the BEE Principles Schedule,
      Plateau may dispose of its Shares only if it shall have acquired written
      approval from the Minister in respect of such sale, insofar as such
      approval is required in
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---

Page 82

|     | terms of section 11 of the MPRD Act or any other section
      of any other applicable legislation, from time to time.                                                                                                                                                                                                                                                                                                                                                                                                             
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|23.3 | Shares may only be transferred in accordance with the
      provisions of this Agreement and no transfer of any Shares which conflicts
      with any provision of this Agreement shall be approved nor be permitted to
      be registered.                                                                                                                                                                                                                                                                                       
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|23.4 | Subject to the remaining provisions of this clause 23 and
      clause 24, transfer of any Shares shall be given to the person so
      acquiring them on the basis that if the approval of the Board is required
      in terms of Holdcos articles of association, the Shareholders shall
      forthwith after the Commencement Date procure the amendment of Holdcos
      articles of association to delete such requirement, in order that such
      Shares may be freely transferred without the approval of the
  Board.
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|23.5 | Stamp duty and/or other legal costs payable in respect of
      any transfer of Shares pursuant to this Agreement will be paid by the
      purchaser of such Shares.                                                                                                                                                                                                                                                                                                                                                              

|24. | PRE-EMPTIVE RIGHTS
|--- | ------------------

|24.1 | The Shareholders shall not directly or indirectly sell,
      transfer, delegate or otherwise dispose of (collectively Dispose of) any
      of their Shares, other than in compliance with the principles applicable
      in respect thereof as set out in this Agreement and the BEE Principles
      Schedule.
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---

Page 83

|24.2 | In the event that any Shareholder shall Dispose of its
      Shares in accordance with the stipulations of this Agreement, the other
      Shareholders shall procure that such Shareholder shall be released from
      all of its obligations (Obligations) in terms of any suretyships and/or
      guarantees in respect of and/or in terms of which such Shareholder shall
      be bound in respect of and/or in connection with the liabilities of any
      member of the Holdco Group, to the extent that the Obligations shall be
      greater than the pro rata obligations of such Shareholder in terms of this
      Agreement (measured by reference to the Shareholding of such Shareholder
      immediately before such disposal, against the total amount in respect of
      which the Shareholders shall have bound themselves as sureties and/or
      guarantors for the obligations of the Companies). It is recorded, for the
      avoidance of doubt, that the third party to whom such Shareholder shall
      Dispose of its Shares shall (as a condition precedent to such disposal)
      assume the liability of such Shareholder in respect of the Obligations, to
      the extent that such Obligations shall be pro rata to the obligations of
      the other Shareholders in terms of any suretyships and/or guarantees in
      respect of and/or in terms of which the Shareholders shall be bound in
      respect of and/or in connection with the liabilities of any member of the
      Holdco Group.
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|25. | NON-SOLICITATION
|--- | ----------------

|25.1 | Subject to clause 25.2, RPM hereby undertakes, in favour
      of Plateau and Holdco, that it shall not, and shall procure that the APL
      Group shall not, during the period commencing on the Signature Date and
      ending 24 months after the Commencement Date, either as principal, agent,
      partner,
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---

Page 84

|     | representative, shareholder, consultant, advisor,
      financier, employer or in any other like capacity, and whether alone or
      jointly with or as agent for any other person, directly or indirectly
      offer employment to or employ or cause employment to be offered to or
      cause to be employed (including through any independent contractor
      arrangement) any person employed by any entity in the Holdco Group in
      connection with the Holdco Business.
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|25.2 | The provisions of clause 25.1 shall not preclude RPM
      and/or any other member of the APL Group from employing any person who
      resigns from any entity in the Holdco Group voluntarily and not as a
      result of any direct or indirect solicitation efforts by RPM and/or any
      other entity in the APL Group.                                                                                                                                                        

|26. | REHABILITATION TRUST AND
      GUARANTEES
|--- | -----------------------------------------

|26.1 | It is recorded that as at the Signature Date, RPM shall
      have contributed an amount to the Platinum Producers Environmental Trust
      Fund, in respect of the LPM Business, and has provided an environmental
      guarantee in respect of the possible shortfall associated with early
      closure (the Environmental Guarantee).                                                                                                                              
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|26.2 | As soon as practicably possible after the Commencement
      Date, the funds standing to the credit of the LPM Business in the Platinum
      Producers Environmental Trust Fund shall be transferred to a dedicated
      Holdco trust and the Environmental Guarantee shall remain in force for a
      period of 12 months from the Commencement Date, subject to a 1% guarantee
      fee which shall be levied by and payable to APL or its nominee, by Holdco
      or



---

Page 85

|     | Opco, as the case may be, within 20 Business Days from
      the Commencement Date. Upon expiry of the 12 month period referred to
      herein, the Environmental Guarantee shall ipso factolapse and be
      of no further force and effect and Holdco and/or Opco shall be obliged to
      substitute same with its own environmental guarantee.
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                      
|26.3 | With effect from the Commencement Date, any additional
      funding required to be contributed to the Holdco trust fund and/or the
      Environmental Guarantee shall be contributed by
Holdco.                                                                                                                                                    

|27. | GENERAL WARRANTIES
|--- | ------------------

|27.1 | Each Party hereby warrants to and in favour of
      the others that:
|---- | ---------------------------------------------------------------------

|27.1.1 | it has the legal capacity and has taken all necessary
      corporate action required to empower and authorise it to enter into this
      Agreement;
|------ | -----------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                      
|27.1.2 | this Agreement constitutes an agreement valid and binding
      on it and enforceable against it in accordance with its terms;
  and                 
|       |                                                                                                                                                      
|27.1.3 | the execution of this Agreement and the performance of
      its obligations hereunder does not and shall not
                                      

|27.1.3.1 | contravene any law or regulation to which it is
      subject;     
|-------- | -------------------------------------------------------------------
|         |                                                                    
|27.1.3.2 | contravene any provision of it's constitutional
      documents; or



---

Page 86

|27.1.3.3 | conflict with, or constitute a breach of any of the
      provisions of any other agreement, obligation, restriction or undertaking
      which is binding on it.
|-------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------

|27.2 | Each of the representations and warranties given by the
      Parties in terms of clause 27.1, shall:
|---- | -----------------------------------------------------------------------------------------------------

|27.2.1 | be a separate warranty and will in no way be limited or
      restricted by inference from the terms of any other warranty or by any
      other words in this Agreement;
|------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                          
|27.2.2 | continue and remain in force notwithstanding the
      completion of any or all the transactions contemplated in this Agreement;
      and                               
|       |                                                                                                                                                                          
|27.2.3 | prime faciebe deemed to be material and to be a
      material representation inducing the other Parties to enter into this
      Agreement.                             

|28. | CONFIDENTIALITY
|--- | ---------------

|28.1 | Each of the Parties shall at all times treat all
      information in connection with and/or relating to Holdco, the Holdco
      Business and all matters incidental thereto (Confidential Information),
      as strictly confidential and shall not, without the prior written consent
      of the other Parties (which consent may, for the avoidance of doubt, be
      withheld in the unfettered discretion of such other Parties) disclose such
      Confidential Information to any party, and/or make use of such
      Confidential Information for any purposes other than
in
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---

Page 87

|     | connection with the conduct of the Holdco Business and/or
      the furtherance of the interests of Holdco.                                                                                                                              
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                          
|28.2 | Notwithstanding the stipulations of clause 28.1,
      information shall be deemed not to be Confidential Information, and the
      provisions of clause 28.1 shall not apply to a Party in connection with
      any information which:

|28.2.1 | is or becomes generally available to the public other
      than as a result of disclosure by such Party in violation of this clause
      28;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|28.2.2 | is disclosed to such Party by any third party entitled so
      to disclose such Confidential Information;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|28.2.3 | is required to be given, made or published by law or
      under the rules, legally binding policies and regulations of any relevant
      stock exchange or any applicable regulatory authority, in which case, the
      Party liable to so give, make or publish same shall, to the extent
      reasonably possible, give the other Parties reasonable written notice
      thereof, along with drafts or copies thereof, as soon as is reasonably
      practicable, and, in the case of any disclosure required in terms of the
      Promotion of Access to Information Act, 2000 (Act No. 2 of 2000) (PAI
      Act), the Party liable to make such disclosure shall, inasfar as it shall
      be able, apply the principles of Chapter 4 of the PAI Act in order to
      avoid and/or limit the extent of any such disclosure, and such Party shall
      not make any disclosure which it shall not be legally obliged to
    make;



---

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|28.2.4 | is required to be disclosed by any Party to any Financier
      in order for such Financier to take informed decisions regarding Holdco,
      provided that such Party shall use its reasonable endeavours to procure
      that the Financier shall keep such information confidential;                                                                                                                                                                                                                                                                                                                             
|------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|28.2.5 | is required to be disclosed to a bona fide potential
      purchaser of Shares and/or any interest in the Business and/or any
      merchant bank in circumstances of a compulsory disposal in terms of clause
      5 of the BEE Principles Schedule (provided that such potential purchaser
      and/or merchant bank shall execute an appropriate confidentiality
      undertaking in favour of the Shareholders and Holdco); and                                                                                                                                                                                
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|28.2.6 | is, in terms of usual commercial practice, disclosed in
      the ordinary course of its operations by either Shareholder to any of its
      direct and indirect shareholders (and/or to any direct and/or indirect
      subsidiary of any of its direct and/or indirect shareholders) and/or to
      any Financier for the purpose of and/or in connection with the making of
      any investment decisions, provided that the relevant Shareholder shall
      procure that such direct and indirect Shareholders and/or Financier shall
      comply mutatis mutandiswith the provisions of this clause
    28.

|29. | INFORMATION RELATING TO HOLDCO
|--- | ------------------------------

|29.1 | The Shareholders shall each, on reasonable notice to
      Holdco, be entitled unlimited and unfettered access
to:
|---- | ------------------------------------------------------------------------------------------------------------------



---

Page 89

|29.1.1 | the books and records;                                                                                                                                                              
|------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                     
|29.1.2 | all physical sites and assets; and                                                                                                                                                  
|       |                                                                                                                                                                                     
|29.1.3 | all relevant financial and/or other information and/or
      documentation of whatsoever nature (including, without limitation, all
      electronic information and documentation),

|     | of and/or in relation to the Holdco Group and its joint
      ventures (if any), in order to keep them informed about the business
      and/or affairs of the Holdco Group and/or its joint venture partners (if
      any) and generally to protect their respective interests.
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                  
|29.2 | Any reasonable costs incurred by Holdco whilst complying
      with clause 29.1 shall be for the account of the relevant requesting
      Shareholder.                                                                                                                           

|30. | ACCOUNTING POLICY                                                                                                                                                                                                                                                            
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                              
|    | The Parties shall procure that Holdco shall adopt a
      consistent and as far as possible uniform policy in the preparation of its
      financial statements in accordance with generally accepted accounting
      practice in South Africa, and (where applicable) IFRS.
|    |                                                                                                                                                                                                                                                                              
|31. | INCONSISTENCY BETWEEN THIS AGREEMENT AND THE
      MEMORANDUM AND ARTICLES OF ASSOCIATION OF
HOLDCO                                                                                                                                                                          

|31.1 | Notwithstanding anything herein implied or contained to
      the contrary and subject to all applicable laws, in the event of their
      being any inconsistency
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------



---

Page 90

|     | between the provisions of this Agreement and the rights
      and obligations of the Parties under the memorandum and articles of
      association of Holdco, the provisions of this Agreement shall prevail as
      amongst the Parties.                                           
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                       
|31.2 | The Parties shall procure, as soon as practicable after a
      written request by either Shareholder, that the appropriate provisions of
      this Agreement shall be incorporated into the articles of association of
      Holdco as soon as possible after the Commencement
Date.

|32. | MUTUAL SUPPORT
|--- | --------------

|32.1 | The Parties undertake at all times to do all such things,
      perform all such actions and take all such steps and to procure the doing
      of all such things, the performance of all such actions, and the taking of
      all such steps, as may be open to them and necessary or desirable for or
      incidental to the putting into effect or maintenance of the terms,
      conditions, import and intent of this Agreement.
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                          
|32.2 | Where circumstances arise which were not contemplated by
      the Parties as at the Signature Date, which render impractical the
      implementation of this Agreement, the Parties will meet and negotiate in
      good faith to establish a modus operandifor the attainment and
      fulfilment of the fundamental purpose of this Agreement.                                                                                     
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                          
|32.3 | The Shareholders agree that, if during the currency of
      this Agreement, there is any significant change in circumstances, which
      results in one or more of the Shareholders being placed in an inequitable
      or unfavourable                                                                                                                                                                                               



---

Page 91

|     | position, the Shareholders shall meet with a view to
      agreeing, in a spirit of mutual trust and understanding, what
      modification, if any, to this Agreement would be appropriate in order to
      take account of such change.                                                                                                                       
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                  
|32.4 | Notwithstanding the provisions of this clause 32, it is
      acknowledged that neither Shareholder shall owe the other of them a duty
      of care or fiduciary duty of any nature and that each Shareholder shall be
      entitled to act in its own interests provided that it shall comply at all
      times with all of the provisions of this
Agreement.

|33. | DISPUTE RESOLUTION
|--- | ------------------

|33.1 | In the event of there being any dispute or difference
      between the Parties arising out of this Agreement, the said dispute or
      difference shall on written demand by either Party be submitted to
      arbitration in Johannesburg in accordance with the AFSA rules, which
      arbitration shall be administered by AFSA.                                                                                                                                                                                                                                                                                                                                                                                                   
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|33.2 | Should AFSA, as an institution, not be operating at that
      time or not be accepting requests for arbitration for any reason, then the
      arbitration shall be conducted in accordance with the AFSA rules for
      commercial arbitration (as last applied by AFSA) before an arbitrator
      appointed by agreement between the parties to the dispute or failing
      agreement within 10 (ten) Business Days of the demand for arbitration,
      then any party to the dispute shall be entitled to forthwith call upon the
      chairperson of the Johannesburg Bar Council to nominate the arbitrator,
      provided that the person so nominated shall be an advocate of not less
      than 10 (ten) years standing as



---

Page 92

|     | such. The person so nominated shall be the duly appointed
      arbitrator in respect of the dispute. In the event of the attorneys of the
      parties to the dispute failing to agree on any matter relating to the
      administration of the arbitration, such matter shall be referred to and
      decided by the arbitrator whose decision shall be final and binding on the
      parties to the dispute.       
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                           
|33.3 | Any party to the arbitration may appeal the decision of
      the arbitrator or arbitrators in terms of the AFSA rules for commercial
      arbitration. Should AFSA, as an institution, not be operating at the time
      or not be accepting requests for appeal for any reason, then the appeal
      shall be conducted in accordance with the AFSA rules for commercial
      arbitration (as last applied by AFSA).
|     |                                                                                                                                                                                                                                                                                                                                                                                                                           
|33.4 | Nothing herein contained shall be deemed to prevent or
      prohibit a party to the arbitration from applying to the appropriate court
      for urgent relief or for judgment in relation to a liquidated
  claim.                                                                                                                                                                                                      
|     |                                                                                                                                                                                                                                                                                                                                                                                                                           
|33.5 | Any arbitration in terms of this clause 33 (including any
      appeal proceedings) shall be conducted in cameraand the Parties
      shall treat as confidential details of the dispute submitted to
      arbitration, the conduct of the arbitration proceedings and the outcome of
      the arbitration.                                                                                                             
|     |                                                                                                                                                                                                                                                                                                                                                                                                                           
|33.6 | This clause 33 will continue to be binding on the Parties
      notwithstanding any termination or cancellation of the
Agreement.                                                                                                                                                                                                                                                                                         
|     |                                                                                                                                                                                                                                                                                                                                                                                                                           
|33.7 | The Parties agree that the written demand by a party to
      the dispute in terms of clause 33.1 that the dispute or difference be
      submitted to arbitration, is to                                                                                                                                                                                                                                                 



---

Page 93

be deemed to be a legal process for
the purpose of interrupting extinctive prescription in terms of the Prescription
Act, 1969.

|34. | RELATIONSHIP OF THE PARTIES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | The relationship of the Parties amongst themselves shall
      be governed by the terms of this Agreement and nothing contained herein
      shall be deemed to constitute a partnership between them and neither shall
      they by reason of the actions of any one of them incur any personal
      liability as co-partners to any third party and none of them shall be
      entitled or empowered to represent or hold out to any third party that the
      relationship between them is that of partnership.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|35. | BREACH                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                

|35.1 | In respect of a Shareholder (Affected Party), and
      without prejudice to any other rights of such Affected Party at law, if,
      at any time:
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------

|35.1.1 | it is placed under judicial management, in liquidation,
      or under winding-up, whether voluntarily, compulsorily, final or
      provisional; or                                                                                                                                                         
|------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                              
|35.1.2 | it commits any breach of a material term of this
      Agreement in respect of which no specific remedy is specified herein (it
      being specifically recorded that in the event that any specific remedy is
      specified herein, such remedy shall apply and this clause 35 shall not
      apply); or



---

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|35.1.3 | any director of such Affected Party is convicted in a
      court of competent jurisdiction of any criminal offence of which
      dishonesty is a constituent element,
|------ | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------

the other Shareholder shall be
entitled, if it wishes to enforce its rights in terms hereof, to demand by
written notice (Breach Notice) delivered on the Affected Party, to remedy such
position. In respect of the conviction of a director of the Affected Party (in
terms of clause 35.1.3) the remedy shall be that such director shall be removed
as a director of the Affected Party. In the event that the position in respect
of which the Breach Notice shall have been given shall be capable of remedy, the
Affected Party shall remedy such position by not later than 60 Business Days
after delivery of the Breach Notice. If, within such 60 Business Day period, the
Affected Party shall fail to remedy such position or the position in respect of
which the Breach Notice shall have been given shall not be capable of remedy,
the provisions of clause 5 of the BEE Principles Schedule shall apply mutatis
mutandis(it is recorded for the avoidance of doubt that in such
circumstances, any reference in clause 5 of the BEE Principles Schedule to
Plateau and RPM shall, for the purposes of this clause, be deemed to be
references to respectively the Affected Party and the Shareholder that shall
have delivered the Breach Notice to the Affected Party).

|35.2 | Notwithstanding anything to the contrary contained
      herein, no liability shall attach to any of the Parties in respect of any
      breach of this Agreement in relation to claims, losses or liabilities for
      any loss of profit or any other indirect, special or consequential
      loss.
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---

Page 95

|36. | DOMICILIUM
|--- | ----------

|36.1 | The Parties hereto choose domicilia citandi et executandi
      for all purposes of and in connection with this Agreement as
    follows:
|---- | -----------------------------------------------------------------------------------------------------------------------------------------

| | Plateau: | 82 Grayston Drive                     
| | -------- | --------------------------------------
| |          | Sandton                               
| |          | JOHANNESBURG                          
| |          | 2146                                  
| |          | Fax No. +27 11 883 0836               
| |          | Attention: The Chief Financial Officer
| |          |                                       
| |          |                                       
| | RPM:     | 13thFloor                             
| |          | 55 Marshall Street                    
| |          | JOHANNESBURG                          
| |          | 2001                                  
| |          | Fax No. +27 11 373-5111               
| |          | Attention: The Company Secretary      
| |          |                                       
| | Holdco:  | 13thFloor                             
| |          | 55 Marshall Street                    
| |          | JOHANNESBURG                          
| |          | 2001                                  
| |          | Fax No. +27 11 373-5111               
| |          | Attention: The Company Secretary      

|36.2 | Any Party hereto shall be entitled to change its
      domicilium from time to time, provided that any new domicilium selected by
      it shall be an address in the Republic other than a box number, and any
      such change shall only be effective upon receipt of notice in writing by
      the other Parties of such change.
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                       
|36.3 | All notices, demands, communications or payments intended
      for any Party shall be made or given at such Partys domicilium for the
      time being.                                                                                                                                                                             



---

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|36.4 | A notice sent by one Party to another Party shall be
      delivered by hand or sent by telefax and shall be deemed to be
      received:
|---- | -----------------------------------------------------------------------------------------------------------------------------------------

|36.4.1 | on the same day, if delivered by hand, provided that in
      the event that such day shall not be a Business Day, the notice shall be
      deemed to have been received on the next Business Day; and
|------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                        
|36.4.2 | on the same day of transmission if sent by telefax, with
      receipt received confirming completion of
transmission.                                                                                 

|36.5 | 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 domicilium citandi et
      executandi.
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|37. | COSTS                                                                                                                                                                                                                                                                                                                                                                                            
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                  
|    | Each Party shall pay its own costs of and incidental to
      the negotiation, preparation and execution of this Agreement.                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                                                                  
|38. | GOVERNING LAW                                                                                                                                                                                                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                                                                                                                                                  
|    | This Agreement shall be governed by and construed in
      accordance with the laws of the Republic. The Parties hereby irrevocably
      and unconditionally consent to the non-exclusive jurisdiction of the High
      Court of the Republic of South Africa (Witwatersrand Local Division) in
      respect of any matter arising in terms of and/or in connection with this
      Agreement.



---

Page 97

|39. | COUNTERPARTS                                                                                                                                                                                                                                                                                                                                                                                                                                                
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    | This Agreement may be executed in any number of
      counterparts and by the different Parties hereto on separate counterparts,
      each of which when so executed and delivered shall be an original, but all
      such counterparts together shall constitute one and the same
      instrument.                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|40. | SEVERANCE                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    | If any provision of this Agreement, which is not material
      to its efficacy as a whole, is rendered void, illegal or unenforceable in
      any respect under any law, the validity, legality and enforceability of
      the remaining provisions shall not in any way be affected or impaired
      thereby and the Parties shall endeavour in good faith to agree an
      alternative provision to the void, illegal or unenforceable
    provision.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|41. | GENERAL                                                                                                                                                                                                                                                                                                                                                                                                                                                     

|41.1 | This Agreement constitutes the sole record of the
      agreement amongst the Parties in regard to the subject matter
    thereof.                                                 
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                    
|41.2 | No Party shall be bound by any express or implied term,
      representation, warranty, promise or the like, not recorded
  herein.                                                
|     |                                                                                                                                                                                    
|41.3 | No addition to, variation or consensual cancellation of
      this Agreement shall be of any force or effect unless in writing and
      signed by or on behalf of all the Parties.



---

Page 98

|41.4 | No indulgence which any of the Parties ("Grantor") may
      grant to any other or others of them ("Grantee") shall constitute a waiver
      of any of the rights of the Grantor, who shall not thereby be precluded
      from exercising any rights against the Grantee which might have arisen in
      the past or which might arise in the future.
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                         
|41.5 | Save as specifically provided for elsewhere in this
      Agreement, no Party shall be entitled to cede, delegate or otherwise
      transfer all or any of its rights, interest or obligations under and in
      terms of this Agreement except with the prior written consent of the other
      Parties.                                            

THUS DONE and SIGNED at ___________________________ on this
the ________________ day of ________________________ 2008.

| | For and on behalf of             
| | ---------------------------------
| |                                  
| | PLATEAU RESOURCES (PROPRIETARY)  
| | LIMITED                          
| |                                  
| | by                               
| |                                  
| |                                  
| |                                  
| | who warrants his authority hereto



---

Page 99

THUS DONE and SIGNED at ___________________________ on this the
________________ day of ________________________ 2008.



| | For and on behalf of             
| | ---------------------------------
| | RUSTENBURG PLATINUM MINES LIMITED
| |                                  
| | by                               
| |                                  
| | who warrants his authority hereto

THUS DONE and SIGNED at __________________________________ on
this the ___________ day of ________________________ 2008.



| | For and on behalf of             
| | ---------------------------------
| | RICHTRAU NO 179 (PROPRIETARY)    
| | LIMITED                          
| |                                  
| | by                               
| |                                  
| |                                  
| |                                  
| | who warrants his authority hereto



---

SCHEDULE 1

MINORITY PROTECTIONS

|A. | No decision of the Board and/or the Opco Board and/or any
      Sub-Board (as defined in clause 9 of the Agreement) in relation to any of
      the Reserved Matters (set out in clause 1 hereof) shall be of any force
      and effect unless each Shareholder (or where relevant, the Directors, Opco
      Directors and/or directors of each Sub-Board appointed and/or nominated by
      such Shareholder) which holds at least 25.1% of all of the issued Shares
      (each, a "Qualifying Shareholder") shall have agreed in respect of such
      matters. It is intended that the majority of these decisions will be
      regulated at the appropriate board level.
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|B. | In respect of all matters set out herein and described
      respectively as Financial Covenants, Consultative Matters and
      Sub-Committee Consultation (set out in respectively clauses 2, 3 and 4
      hereof) the procedures set out herein shall apply in respect of all
      decisions of the Board, the Opco Board and/or any
  Sub-Board.                                                                                                                                                                                                                                                                                                                           

The protections are divided into four sections:

Reserved Matters

Considerations that will require each Qualifying Shareholders
approval.



---

Page 2

Financial Covenants

Minority protections that will be controlled through the prescription
  of financial ratios and/or covenants and will require each Qualifying Shareholders
  approval.

Consultative Matters

Considerations that will require consultation with each of the
Qualifying Shareholders prior to their execution. Consultation will be
constituted in a formal manner, on the basis that:

- formal written notice shall be given to each of the Qualifying Shareholders
  by not less than 7 days before the Qualifying Shareholders shall meet in order
  to consult with each other in respect of the relevant matters;
- full details of the relevant matters will be given in such written notice;
  and
- appropriate consultation shall be had during the course of, and as part of
  either a meeting of the board of directors of Holdco, or a meeting of the
  Shareholders.

Sub-Committee Consultation

Matters which require consideration by sub-committees of the
Board and/or the Opco Board and/or any Sub-Board, as the case may be, before
their adoption and/or implementation.



---

Page 3

|1. | Reserved Matters
|-- | ----------------

|1.1. | The listing of Holdco, Opco and/or any Holdco Subsidiary
      (each a Relevant Company) on any stock exchange;                                                                                                                                        
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                          
|1.2. | any change in the main business and/or the objects of any
      Relevant Company;                                                                                                                                                                        
|     |                                                                                                                                                                                                                                                          
|1.3. | any change to the number of directors and the manner of
      their appointment, and/or the HDP composition of the Board, the Opco Board
      and/or the Sub-Boards;                                                                                    
|     |                                                                                                                                                                                                                                                          
|1.4. | any change to the powers of the Board, the Opco Board
      and/or the Sub- Boards;                                                                                                                                                                      
|     |                                                                                                                                                                                                                                                          
|1.5. | the entering into by any Relevant Company of an
      amalgamation, merger or consolidation with any other body corporate other
      than an amalgamation, merger or consolidation within the Holdco
    Group;                                         
|     |                                                                                                                                                                                                                                                          
|1.6. | the formation, sale or winding up of any Relevant
      Company;                                                                                                                                                                                         
|     |                                                                                                                                                                                                                                                          
|1.7. | the entering into by any Relevant Company of a
      partnership or any arrangement for the sharing of profits, union of
      interests, joint venture or reciprocal concession with any party, other
      than as amongst members of the Holdco Group;
|     |                                                                                                                                                                                                                                                          
|1.8. | any change in the share capital structure of any Relevant
      Company, including but not limited to the creation, issue, repurchase,
      cancellation or                                                                                             



---

Page 4

alteration of the rights attaching to
any shares, preference shares, depository receipts, participation certificates,
debentures or any like instruments in the capital of such Relevant Company,
whether voting or not and whether convertible into anything else or not, and the
grant of options, warrants or any similar rights in respect of securities, but
excluding for such purposes any changes in the share capital of a Relevant
Company that:

|1.8.1. | where such Relevant Company is a material subsidiary of
      either Holdco or Opco, involves only companies within the Holdco Group,
      and following the implementation of such change, such Relevant Company
      remains a direct or indirect wholly-owned subsidiary of Holdco or Opco, as
      the case may be;
|------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                           
|1.8.2. | where such Relevant Company is Holdco, arise due to the
      dilution and/or transfer of RPMs Shareholding in accordance with any
      express provisions of the Agreement; and                                                                                                                                        
|       |                                                                                                                                                                                                                                                                                                                           
|1.8.3. | where such Relevant Company is Holdco, arise as a result
      of funding required to be provided by way of the subscription for new
      Shares in Holdco pursuant to clauses 11 and 13 of the
  Agreement;                                                                                                             

|1.9. | any material change in the accounting policies other than
      as required in terms of generally accepted accounting practices in the
      Republic, Canada and/or USA, IFRS or statutory regulation, as used for
      both the consolidated and unconsolidated audited financial statements of
      the Relevant Company and any changes in the financial year end of the
      Relevant Company;
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---

Page 5

|1.10. | any repurchase of shares by a Relevant Company in terms
      of section 85 of the Companies Act, other than as between Holdco Group
      companies;                                                                                                                                                     
|----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                           
|1.11. | any distribution of the share capital, share premium
      and/or non-distributable reserves of any Relevant Company, other than as
      between Holdco Group companies;                                                                                                                                 
|      |                                                                                                                                                                                                                                                                                                           
|1.12. | the payment by any Relevant Company of any dividend in
      specie, other than as between Holdco Group companies;                                                                                                                                                                                        
|      |                                                                                                                                                                                                                                                                                                           
|1.13. | the reduction or cancellation of the share capital of any
      Relevant Company, other than as between Holdco Group companies;                                                                                                                                                                           
|      |                                                                                                                                                                                                                                                                                                           
|1.14. | any change in the identity of the auditors of any
      Relevant Company;                                                                                                                                                                                                                                 
|      |                                                                                                                                                                                                                                                                                                           
|1.15. | any variation, amendment or alteration to founding
      documents (including the memorandum and articles of association) of any
      Relevant Company, save in respect of any amendment to Holdcos articles of
      association in accordance with the provisions of clause 31 of the
      Agreement;
|      |                                                                                                                                                                                                                                                                                                           
|1.16. | any sale, transfer or other disposition by any Relevant
      Company of any of its Mining Rights and/or prospecting rights;                                                                                                                                                                              
|      |                                                                                                                                                                                                                                                                                                           
|1.17. | any sale, transfer or other disposition by any Relevant
      Company of any of its intellectual property (including, without
      limitation, any trade marks, patents and/or licences) having a fair market
      value of not less than R10 000 000, escalated annually in arrears by the
      PPI;  



---

Page 6

|1.18. | the decision to liquidate any Relevant Company or to
      place same under judicial management, administration or similar process
      (in either case whether provisional or final) or to compromise generally
      with such Relevant Companies creditors;                                                                                                                                                                             
|----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                              
|1.19. | the entering into by any Relevant Company of any contract
      with any direct or indirect shareholder, officer or director of such
      Relevant Company or any relative of any of the foregoing or any entity in
      which any of the foregoing has a direct or indirect interest, or the
      entering into by such Relevant Company of any amendment, variation,
      novation, relaxation or waiver of the terms of such contract;
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                              
|1.20. | the incurral by any Relevant Company of any operating
      expenditure greater than 15% of the amount budgeted under the latest
      approved budget; and                                                                                                                                                                                                                                                                                  
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                              
|1.21. | the incurral by any Relevant Company of any capital
      expenditure greater than 15% of the amount budgeted under the latest
      approved budget.                                                                                                                                                                                                                                                                                        

|2. | Financial Covenants
|-- | -------------------

|2.1. | The loan by any Relevant Company of any monies to any
      share incentive scheme and any compromise, arrangement or settlement
      between such Relevant Company and the share incentive scheme in respect of
      any such loan;
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---

Page 7

|2.2. | any amendment, variation, novation, relaxation or waiver
      in or of the terms of any loan outside the normal course of business,
      entered into by any Relevant Company;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|2.3. | the entering into by any Relevant Company, or amendment
      of, any financial lease or suspensive sale agreements or any other
      transaction which would increase the debt : equity ratio (based on the
      relevant book values thereof) of the Holdco Group to more than 0.4:1;
      provided that to the extent that such debt : equity ratio shall have been
      exceeded as a result of and/or in connection with the Initial Funding
      Agreements, or any of them, same shall not constitute a breach of this
      covenant and such Relevant Company shall not be entitled to incur any
      further Debt (other than in respect of and/or connection with the Initial
      Funding Agreements) to the extent that same shall result in the debt :
      equity ratio being exceeded;
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|2.4. | the taking of any step and/or deliberate failure to take
      any step by any Relevant Company which will have the effect, or is
      reasonably likely to have the effect, that the Holdco Group shall fail to
      maintain a debt service cover ratio of 1.3 or greater; provided that to
      the extent that such debt service cover ratio shall have been exceeded as
      a result of and/or in connection with the Initial Funding Agreements, or
      any of them, same shall not constitute a breach of this covenant and such
      Relevant Company shall not be entitled to incur any further Debt (other
      than in respect of and/or connection with the Initial Funding Agreements)
      to the extent that same shall result in the service cover ratio being
      exceeded;      



---

Page 8

|2.5. | for purposes of this covenant, any Debt arising from the
      advance of funding in terms of the Initial Funding Agreements shall not be
      taken into account in the determination of this ratio;                                                                                                                                                                                              
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                     
|2.6. | the issuing of letters of credit by the Relevant Company
      outside the ordinary course of conduct of its business;                                                                                                                                                                                                                                                                              
|     |                                                                                                                                                                                                                                                                                                                                                                                                     
|2.7. | the incurral by any Relevant Company of any liability
      (other than to another Holdco Group company) which falls outside the
      ordinary course of its business;                                                                                                                                                                                                                             
|     |                                                                                                                                                                                                                                                                                                                                                                                                     
|2.8. | the disposal by any Relevant Company (but excluding the
      disposal of production in the normal course of business and disposals to
      other Holdco Group companies) of any whole or part of such Relevant
      Companys assets, the cumulative Fair Market Value of which amounts to
      greater than 10% of the Fair Market Value of the Holdco Group at the time
      of disposal; and
|     |                                                                                                                                                                                                                                                                                                                                                                                                     
|2.9. | the making by any Relevant Company of any loan of
      whatever nature to any person or entity (other than to another Holdco
      Group company), including specifically (but without limitation) individual
      loans to directors or employees of such Relevant
Company.                                                                                                                      

|3. | Consultative Matters
|-- | --------------------

|3.1. | Any aggregate increase by any Relevant Company in
      remuneration (which shall include all direct and indirect employee
      benefits), where such
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------



---

Page 9

|     | aggregate increase results in the total aggregate cost to
      company for senior management increasing by 20% more than any particular
      periods CPI;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|3.2. | the entering into of any contract(s) by any Relevant
      Company which falls within the ordinary course of business, with a
      cumulative value greater than 10% of the Fair Market Value of the Holdco
      Group on an annualised basis;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|3.3. | the payment by any Relevant Company of profit share or
      remuneration and bonuses to employees of such Relevant Company or any
      other person (other than a Shareholder) and the making of any offers, or
      granting of any options, to employees or any other persons (other than a
      Shareholder);                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|3.4. | the institution or settlement by any Relevant Company of
      any legal mediation, arbitration or criminal proceedings or tax hearings
      of any nature, other than debt collections in the ordinary course of
      business (Debt Collections); and the consent to any judgment or award
      being given against such Relevant Company other than in respect of Debt
      Collections; provided that this provision shall not apply in respect of
      litigation proceedings instituted or to be instituted against a Qualifying
      Shareholder and/or any member of respectively the Anooraq Group or the APL
      Group and/or any Director and/or any director of any company in
      respectively the Anooraq Group or the APL Group. In the case of legal
      matters that need to be brought or defended urgently, a detailed legal
      report after the event shall be acceptable; and



---

Page 10

|3.5. | the approval of any long-term strategic or business plan
      and budget of any Relevant Company (whether annual or otherwise) or any
      material variation thereof.
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|4. | Sub-Committee Consultation                                                                                                                                                                                                                                                                                                                                                                                                       
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   | The Parties shall procure that the board of each Relevant
      Company shall establish and maintain, as a sub-committee of such board,
      appropriate committees (Committees), which will be subject to
      appropriate procedures in respect of their operation and in respect of the
      maintenance of appropriate corporate governance, in order to consider and
      to develop and take decisions in respect of:

|4.1. | the policy and/or any amendment to the policy adopted
      from time to time by any Relevant Company in respect of and/or in
      connection with any foreign exchange or metal price exposure;                                               
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                 
|4.2. | the policy, or any amendment to the policy adopted from
      time to time by any Relevant Company in respect of dividends;                                                                                                                     
|     |                                                                                                                                                                                                                                                 
|4.3. | the adoption and/or the departure by any Relevant Company
      from generally accepted standards and international best practices in
      mining; and                                                                                         
|     |                                                                                                                                                                                                                                                 
|4.4. | the appointment of respectively the Chief Executive
      Officer, Chief Financial Officer and Chief Operating Officer (collectively
      Executives) of any Relevant Company, it being specifically recorded
      (without limitation) that



---

Page 11

either Shareholder shall be entitled
to nominate any Executive for appointment.

It is specifically recorded that a
Shareholder which holds more than 50% of the issued Shares shall be entitled to
majority representation on each relevant Committee. All decisions of each
Committee will be taken by a majority vote, on the basis that each
representative of each Shareholder on each Committee shall have as many votes on
all matters submitted to such Committee as is equal to the number of Shares held
by the Shareholder by whom such representative was appointed, divided by the
number of representatives appointed by that Shareholder present and voting at
the meeting.



---

SCHEDULE 2

BEE PRINCIPLES AND PRE-EMPTIVE RIGHTS

|1. | INTERPRETATION                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|   | Unless the context otherwise requires, capitalised words
      and expressions used in this BEE Principles Schedule shall bear the same
      meanings given to them in the Agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|2. | GENERAL PRINCIPLES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|   | Plateau shall procure that each of the Anooraq Parties
      shall, for the duration of the Initial Period, use its reasonable
      commercial endeavours (including, without limitation, on the delivery by
      RPM to them of an appropriate written request) to act in the interests of
      APL in respect of and/or in connection with the ability of APL to retain
      the Credits and/or to be credited with and/or to be afforded and/or
      granted appropriate benefits in respect of APL, as a result of the
      Transaction, having participated in the facilitation of BEE and/or other
      empowerment, as contemplated in Section 2(d) of the MPRD Act.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|3. | INITIAL PERIOD                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    

|3.1. | If a Structural Change shall occur during the Initial
      Period, the composition of the Controlling Group Structure shall, with
      effect from the date of such change, be deemed to have been amended
      accordingly.
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---

Page 2

|3.2. | By no later than 20 Business Days after:
|---- | ----------------------------------------

|3.2.1. | a Structural Change shall have occurred; or                                 
|------ | ----------------------------------------------------------------------------
|       |                                                                             
|3.2.2. | Plateau shall have received a written request from RPM in
      this regard,

Plateau shall notify RPM in writing
(Group Structure Notice) of the composition of the then Controlling Group
Structure and the Empowerment Status. Plateau hereby warrants that the contents
of each Group Structure Notice shall be a true and accurate reflection of
respectively the constituent parts of the Controlling Group Structure and the
Empowerment Status.

|4. | INITIAL PERIOD DEFAULT
|-- | ----------------------

|4.1. | If, at any time during the Initial Period, a Structural
      Change shall have occurred which is not a Permitted Structural Change
      (Initial Period Default), Plateau shall give written notice (Default
      Notice) of such Initial Period Default to RPM, as soon as possible in the
      circumstances after such Initial Period Default shall have occurred. In
      the event that Plateau shall have failed, for whatever reason, to give
      such Default Notice, RPM shall be entitled, on its becoming aware that
      such Initial Period Default shall have occurred, to give notice in respect
      thereof to Plateau, in which event such written notice given by RPM shall
      constitute the Default Notice.
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|4.2. | Plateau shall, in the first instance, be entitled and
      obliged to Remedy or Cure or procure the Remedy or Cure of the Initial
      Period Default:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        



---

Page 3

|4.2.1. | in the event that the Initial Period Default shall have
      occurred by reason of and/or as a result of circumstances within the
      control and/or direction of the Anooraq Parties, or any of them, by not
      later than 60 days after the delivery of the Default Notice; provided that
      Plateau shall, in such circumstances, deliver to RPM by not later than 15
      days after delivery of the Default Notice, a detailed written action plan
      setting out the manner in which and the timeframe within which Plateau
      proposes to Remedy or Cure or procure the Remedy or Cure of such Initial
      Period Default;                                                                                   
|------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|4.2.2. | in the event that the Initial Period Default shall have
      occurred other than by reason of and/or as a result of circumstances
      within the control and/or direction of the Anooraq Parties, or any of
      them, subject to clause 4.2.3 of this BEE Principles Schedule, by not
      later than 180 days after the delivery of the Default Notice, provided
      that Plateau shall, in such circumstances, deliver to RPM by not later
      than 90 days after the delivery of the Default Notice, a detailed written
      action plan setting out the manner in which and the timeframe within which
      Plateau proposes to Remedy or Cure or procure the Remedy or Cure of such
      Initial Period Default; and
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|4.2.3. | notwithstanding the provisions of clauses 4.2.1 and 4.2.2
      of this BEE Principles Schedule, in the event that the Minister and/or the
      DME shall have delivered a written notice to RPM, in respect of and/or in
      connection with an Initial Period Default, stating that any of the Credits
      and/or the entitlement and/or ability of RPM to derive
  any                                                                                                                                                                                                                                                                                                                                                        



---

Page 4

benefit of whatsoever nature in
respect of and/or in connection with its having participated in the facilitation
of BEE and/or other empowerment, as contemplated in Section 2(d) of the MPRD
Act, which would otherwise (but for such Initial Period Default) have been
available to RPM (including, without limitation, in respect of and/or in
connection with the APL Old Order Rights, or any of them), shall be in jeopardy
or shall be adversely affected unless RPM shall take appropriate action, by not
later than the date specified in such written notice, or (in the event that such
written notice shall not specify any date) by such date as RPM shall reasonably
determine and specify in writing.

|5. | COMPULSORY DISPOSAL
|-- | -------------------

|5.1. | In the event that an Initial Period Default shall have
      occurred and shall not have been Remedied or Cured, notwithstanding the
      elapse of the appropriate time period specified in clause 4 of this BEE
      Principles Schedule, RPM shall be entitled, within 120 days after the
      elapse of such time period, to deliver a written notice (Compulsory
      Disposal Notice) to Plateau, on receipt of which Plateau shall be obliged
      to sell, within a period of 120 days after the delivery of the Compulsory
      Disposal Notice to Plateau (Compulsory Disposal Period), all of its
      Shares and Claims (collectively Disposal Interest) to a Qualifying
      Person (Qualified Purchaser).
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|5.2. | In the event that Plateau shall have failed to enter into
      an unconditional binding agreement in respect of the sale of the Disposal
      Interest to a                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          



---

Page 5

Qualified Purchaser by not later than
the expiry of the Compulsory Disposal Period, or, in the event that Plateau
shall have entered into a conditional binding agreement in respect of the sale
of the Disposal Interest to a Qualified Purchaser before the expiry of the
Compulsory Disposal Period but the condition to such agreement (being, for these
purposes, a condition only that appropriate regulatory consent shall have been
obtained in respect of such sale) shall not have been fulfilled by not later
than a further 120 days (after the expiry of the Compulsory Disposal Period)
(Implementation Period), Plateau shall appoint in rem suaman
independent merchant bank with appropriate expertise and experience in respect
of the sale of interests similar to the Disposal Interest, as soon as reasonably
possible in the circumstances, to sell the Disposal Interest to a Qualified
Purchaser. In the event that Plateau shall fail, by not later than 5 Business
Days after the expiry of the Implementation Period, to appoint such independent
merchant bank on the basis set out herein, RPM shall be entitled, as the agent
for and on behalf of Plateau, to appoint such independent merchant bank for the
purposes specified herein. Without limiting the generality of any of the
foregoing, it is specifically recorded that:

|5.2.1. | the terms of any appointment of an independent merchant
      bank to sell the Disposal Interest to a Qualified Purchaser must oblige
      the merchant bank to endeavour to sell the Disposal Interest at the best
      possible price in the circumstances; and
|------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                    
|5.2.2. | Plateau shall be responsible for and shall bear all of
      the costs of and incidental to the appointment of such independent
      merchant bank, the                                                                                                           



---

Page 6

costs of such independent merchant
bank and of the sale of the Disposal Interest.

|5.3. | After the implementation of any compulsory disposal of a
      Disposal Interest, in accordance with the provisions of clauses 5.1 and
      5.2 of this BEE Principles Schedule, the Group structure of the relevant
      Qualified Purchaser shall be deemed to constitute the Controlling Group
      Structure and the provisions of this BEE Principles Schedule shall apply
      thereto.
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                  
|5.4. | In the event that an Initial Period Default shall have
      occurred and RPM shall have failed for whatever reason to timeously
      exercise its rights in terms of this clause 5, clauses 5.1 to 5.3 (both
      inclusive) of this BEE Principles Schedule shall have no further
      application in respect of such Initial Period
Default.                                               

|6. | CHANGE OF CONTROL
|-- | -----------------

|6.1. | Notwithstanding any other provisions of this Agreement,
      in the event that Holdco shall be subject to a Change of Control, Plateau
      shall give written notice (Control Change Notice) of same to RPM, as
      soon as possible in the circumstances after such Change of Control shall
      have occurred. In the event that Plateau shall have failed, for whatever
      reason, to give such Control Change Notice, RPM shall be entitled, on its
      becoming aware that such Change of Control shall have occurred, to give
      notice in respect thereof to Plateau, in which event such written notice
      given by RPM shall constitute the Control Change
Notice.
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---

Page 7

|6.2. | Plateau shall, in the first instance, be entitled and
      obliged to Remedy or procure the Remedy of the Change of Control by not
      later than 35 days after the delivery of the Control Change Notice
      (Remedy Period).                                                                                                                                                                                                          
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                
|6.3. | If Plateau shall not have Remedied the Change of Control
      within the Remedy Period, RPM shall be entitled (Put Option) in its sole
      discretion, in addition and without limitation to any of its other rights
      arising in terms hereof, to sell its entire interest in Holdco (Put
      Interest) (comprising its Shares and Claims) to Plateau, which shall be
      obliged to purchase such interest, on the basis
that:

|6.3.1. | RPM, if it wishes to exercise its Put Option, shall be
      obliged to exercise its entitlement to sell its Put Interest by the
      delivery of a written notice (Put Notice) to Plateau, by not later than
      30 Business Days after the Remedy Period shall have elapsed; provided that
      in circumstances where a Structural Change shall have resulted in an
      Initial Period Default and a Change of Control of Holdco and RPM shall
      have elected to exercise its entitlement in terms of clause 5 of this BEE
      Principles Schedule, by way of delivering a Compulsory Disposal Notice to
      Plateau, RPM shall be entitled to exercise its Put Option by the delivery
      of a Put Notice to Plateaus Permitted Successor, within the 30 Business
      Day period after the compulsory disposal contemplated in clause 5 of this
      BEE Principles Schedule shall have been
implemented;
|------ | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---

Page 8

|6.3.2. | the purchase price payable by Plateau, or its Permitted
      Successor, as the case may be, to RPM for the Put Interest shall be the
      Fair Market Value thereof;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|6.3.3. | save that RPM shall represent and warrant that it shall
      be able and entitled validly and effectively to deliver the Put Interest
      to Plateau, or its Permitted Successor, as the case may be, which shall
      acquire the Put Interest free from any lien, charge and/or encumbrance,
      RPM shall make no representations and give no warranties in respect of the
      Put Interest, which shall be sold voetstoots and as it stands;                                                                                                                                                                                                                                                                                                                       
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|6.3.4. | Plateau or its Permitted Successor, as the case may be,
      shall pay the purchase price in respect of the Put Interest to RPM in
      cash, without set-off and/or deduction, by the transfer of the full amount
      due in immediately available funds to such bank account as RPM may
      reasonably specify. Payment of the purchase price shall be made by not
      later than 5 Business Days after the last of all necessary and appropriate
      regulatory and shareholder consents shall have been obtained in respect of
      the transfer of the Put Interest (Plateau hereby undertaking to use its
      reasonable commercial endeavours to obtain all such regulatory consents as
      soon as reasonably possible in all prevailing circumstances);
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|6.3.5. | in circumstances where a Structural Change shall have
      resulted in an Initial Period Default and a Change of Control of
      Holdco:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     



---

Page 9

|6.3.5.1. | in the event that RPM shall have elected to exercise its
      entitlement in terms of clause 5 of this BEE Principles Schedule, by way
      of delivering a Compulsory Disposal Notice to Plateau, it shall not be
      entitled to exercise its Put Option until such time as the compulsory
      disposal contemplated in clause 5 of this BEE Principles Schedule shall
      have been implemented;                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|-------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|6.3.5.2. | in the event that RPM shall have exercised its Put Option
      in circumstances where a Compulsory Disposal Notice shall not have been
      delivered to Plateau, RPM shall not be entitled to further deliver to
      Plateau a Compulsory Disposal Notice in terms of clause 5.1 of this BEE
      Principles Schedule; and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|6.3.5.3. | in the event that RPM shall have elected to exercise its
      entitlement in terms of clause 5 of this BEE Principles Schedule, by way
      of delivering a Compulsory Disposal Notice to Plateau, RPM shall be
      obliged to deliver to Plateau, within 15 Business Days after having been
      informed in writing by Plateau of the identity/ies of the proposed
      Qualified Purchaser/s (only one of which shall ultimately acquire
      Plateaus Shareholding and Claims in accordance with the provisions of
      clause 5 of this BEE Principles Schedule), an irrevocable election to
      exercise or to waive the Put Option in respect of each proposed Qualified
      Purchaser, which election shall be conditional on the implementation of
      the relevant compulsory disposal to such Qualified Purchaser/s, and
      failing delivery of any such



---

Page 10

irrevocable election within the time
period specified above, the relevant Put Option shall lapse; and

|6.3.6. | RPM shall not be entitled to exercise the Put Option in
      circumstances where it shall be entitled to exercise the tag along
      provisions contained in clause 8 of this BEE Principles
  Schedule.
|------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|6.4. | In the event that RPM shall be subject to a Change of
      Control, Plateau shall be entitled to purchase, and RPM shall be obliged
      to sell to Plateau, RPMs entire interest in Holdco (including its Shares
      and Claims) (Call Option), mutatis mutandison the basis
      described in clauses 6.1, 6.2 and 6.3 of this BEE Principles Schedule,
      save that Plateau, if it wishes to exercise its Call Option, shall be
      obliged to deliver a written notice to RPM exercising the Call Option, by
      not later than 30 Business Days after receiving the Control Change
      Notice.
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|6.5. | In the event that RPM and Plateau shall have failed for
      whatever reason to timeously exercise their respective rights in terms of
      this clause 6, clauses 6.1 to 6.4 (both inclusive) of this BEE Principles
      Schedule shall have no further application in respect of the relevant
      Change of Control.                                                                                                                                                                                                                                                                                        

|7. | PRE-EMPTIVE RIGHTS
|-- | ------------------

|7.1. | In the event that either RPM or Plateau (Offeror) (in
      the case of Plateau, subject to the provisions of clause 3 - Initial
      Period Default; and, in the case of RPM, subject to the provisions of
      clause 9  RPM Initial Period) wishes to sell, transfer, alienate and/or
      otherwise dispose of (collectively
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---

Page 11

Dispose) any of its Shares and
Claims (Sale Interest), the Offeror shall deliver a written offer (Offer) to
the other Shareholder (Offeree) offering to sell the Sale Interest to the
Offeree, on the following terms and conditions:

|7.1.1. | the Offer shall:
|------ | ----------------

|7.1.1.1. | be in writing and shall be delivered by the Offeror to
      the Offeree;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|-------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|7.1.1.2. | be irrevocable and open for acceptance by the Offeree (in
      whole, but not only in respect of a part thereof) for a period of 30
      Business Days following the date of receipt of the Offer by the Offeree;
      and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|7.1.1.3. | stipulate a consideration (Price), which will sound
      either in cash in South African Rands, or which shall sound in securities
      listed on the JSE Limited (JSE). In the event that the Price shall sound
      in listed securities, the amount of the Price (Securities Price) shall
      be equal to the amount in number of such securities multiplied by the 30
      day volume weighted average traded price (VWAP) of such securities on
      the JSE, in respect of the 30 days immediately preceding the date of
      receipt of the Offer by the Offeree; and the Offeree shall be entitled, if
      it elects to accept the Offer, to pay the Price either in cash, in South
      African Rands, or to pay the Price in securities (Payment Securities)
      listed on the JSE, provided that the



---

Page 12

Securities Price of the Payment
Securities shall not be less than the Price;

|7.1.2. | the Offeree shall be entitled to accept the Offer at any
      time within the period of 30 Business Days commencing on the date on which
      the Offer shall have been received by the Offeree, during which period the
      Offer shall be irrevocable. The Offeree shall, in the event that it wishes
      to accept the Offer, deliver a written notice (Acceptance Notice) to the
      Offeror, within such 30 Business Day period;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|7.1.3. | the Offeree shall be entitled not to accept delivery of
      the Sale Interest unless and until it shall have received all necessary
      regulatory consents in respect of such delivery, and (without limitation)
      shall, at any time during the period of 120 days after the delivery by it
      of the Acceptance Notice, be entitled to advise the Offeror in writing
      that the Offeree is not able to accept transfer of the Sale Interest by
      reason of the operation of the MPRD Act and/or the Competition Act, in
      which event the Offeree shall be entitled, in such written notice, to
      nominate a third party to whom the Offeree intends to cede and delegate
      its rights and/or obligations in terms of and/or in connection with its
      acquisition of the Sale Interest in terms of the Acceptance Notice, and
      the Offeror irrevocably and unconditionally hereby consents in respect of
      such cession and delegation, and undertakes to deliver the Sale Interest
      to such third party on the receipt by it of all necessary regulatory
      consents in respect of such delivery (it being specifically recorded that
      the Offeree shall use its reasonable commercial



---

Page 13

|       | endeavours in order to obtain the necessary regulatory
      consents in respect of such delivery as soon as reasonably possible in all
      prevailing circumstances); and                                                           
|------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                        
|7.1.4. | the Offeree shall pay the Price to the Offeror, without
      set-off and/or deduction, on the day on which the Offeree (or the nominee
      of the Offeree) shall be able and entitled to accept delivery of the Sale
      Interest.

|7.2. | In the event that the Offeree shall, for whatever reason,
      fail to deliver the Acceptance Notice to the Offeror during the 30
      Business Day period specified in clause 7.1.2 of this BEE Principles
      Schedule, the Offeror shall be entitled, at any time during the period of
      45 Business Days immediately following such 30 Business Day period, to
      enter into a written agreement in respect of the sale of the Sale Interest
      to any third party, provided that:
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|7.2.1. | such sale shall not be on terms and conditions more
      favourable and/or for a purchase price which shall be less than the terms
      and conditions and purchase price specified in the Offer; and
|------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                        
|7.2.2. | such third party shall, before the transfer of the Sale
      Interest to it, have bound itself as a party to the
  Agreement.                                                                         

|7.3 | The provisions of this clause 7 of this BEE Principles
      Schedule shall not apply to any compulsory disposal of Plateaus
      Shareholding in accordance with the provisions of clause 5 of this BEE
      Principles Schedule.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---

Page 14

|8. | TAG ALONG
|-- | ---------

In the event that a Shareholder
(Controlling Shareholder), shall be entitled, in terms of clause 7.2 of this
BEE Principles Schedule, to sell more than 50% of the issued Shares (Tag
Interest) to any third party, the remaining Shareholder (Minority
Shareholder) shall be entitled, by not later than 15 Business Days after having
been informed of the identity of such third party, by written notice delivered
to the Controlling Shareholder to demand that the Controlling Shareholder shall,
if it so sells the Tag Interest to a third party, procure that such third party
shall offer to purchase the Minority Shareholders Shares and Claims (Minority
Interest) (which offer the Minority Shareholder shall be deemed to have
accepted) at the same purchase price and on the same terms and conditions as
shall be applicable as between the Controlling Shareholder and such third party
(provided only that such purchase price shall be pro rated to take into account
the lower number of Shares and the lesser face value of the Claims as shall
constitute the Minority Interest) and the Controlling Shareholder shall be
obliged to procure that the third party shall purchase the Minority Interest by
not later than the date on which such third party shall purchase the Tag
Interest, failing which the Controlling Shareholder, notwithstanding the
stipulations of clause 7.2 of this BEE Principles Schedule, shall not be
entitled to and shall not sell the Tag Interest and, if it so wishes to sell the
Tag Interest, shall again be obliged to follow the procedure set out and
stipulated in clause 7 of this BEE Principles Schedule, whereupon the
stipulations of this clause 8 shall again be applicable; provided that this
clause shall in no circumstances apply to any compulsory disposal in terms of
clause 5 of this BEE Principle Schedule.



---

Page 15

|9.  | RPM INITIAL PERIOD                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | Subject to clause 6 of this BEE Principles Schedule, RPM
      shall, during the two year period commencing on the Commencement Date, not
      be entitled to, nor shall it sell, transfer, alienate and/or otherwise
      dispose of any of its Shares or Claims, without the prior written consent
      of Plateau (which consent Plateau shall be entitled to withhold in its
      unfettered discretion).                                                                                                                                                                                                                                                                                                                                                                                                                                     
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|10. | SURVIVAL OF RPMS RIGHTS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | In the event that RPM shall at any time during the
      Initial Period dispose of all of its Shares and Claims (other than in
      circumstances that such disposal shall be in breach of or shall constitute
      the result of the breach by RPM of any of its obligations to Plateau as
      recorded herein) the entitlement of RPM and the obligations of Plateau in
      respect of and/or in connection with acting in the interests of and
      maintaining the entitlements and/or benefits of RPM in respect of
      empowerment as contemplated in Section 2(d) of the MPRD Act (as described
      in clause 22.3), and in respect of and/or in connection with the Initial
      Period , shall be and remain of full force and effect, notwithstanding
      that RPM shall no longer have any interest in the Holdco
  Business.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|11. | SOLE REMEDY                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | It is recorded that in respect of any Initial Period
      Default and/or Change of Control, the sole remedies available to RPM or
      Plateau, as the case may be, are those recorded in respectively clauses 4,
      5 and 6 of this BEE Principles Schedule.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    



---

SCHEDULE 3.1

CONTROLLING GROUP STRUCTURE ORGANOGRAM

****

****



---



---

SCHEDULE 3.2

PELAWAN SHAREHOLDER LIST

****





---



---



---



---

SCHEDULE 4

DRAFT MICAWBER SALE OF CONCENTRATE AGREEMENT

****

****



---

SCHEDULE 5

MIDDELPUNT HILL FUNDING TERM SHEET

****

****



---





---





---





---





---





---

FIRST ADDENDUM TO
THEHOLDCO SHAREHOLDERS'
AGREEMENT

****

amongst



PLATEAU RESOURCES (PROPRIETARY)
LIMITEDRUSTENBURG PLATINUM MINES
LIMITED

****

and



RICHTRAU NO 179 (PROPRIETARY)
LIMITED

****

(to be renamed Bokoni Platinum Holdings (Proprietary) Limited)



---

ADDENDUM TO THE HOLDCO SHAREHOLDERS AGREEMENT

DATED 28 MARCH 2008

amongst

PLATEAU RESOURCES (PROPRIETARY) LIMITED

RUSTENBURG PLATINUM MINES LIMITEDand

RICHTRAU NO 179 (PROPRIETARY) LIMITED

(the Holdco Shareholders Agreement)

|1. | AMENDMENTS TO THE HOLDCO SHAREHOLDERS
      AGREEMENT                                                                                                                                                                            
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                   
|   | The Holdco Shareholders Agreement, together with its
      schedules, is hereby amended by the additions and deletions as indicated
      in the mark up of the Holdco Shareholders Agreement annexed hereto as
      Schedule 1.
|   |                                                                                                                                                                                                                                   
|2. | CONFORMED COPY                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                   
|   | Each of the signatories to this addendum hereby confirms
      and agrees that:                                                                                                                                                   

|2.1 | the conformed copy of the Holdco Shareholders Agreement
      annexed hereto as Schedule 2, correctly incorporates the amendments made
      thereto in terms of clause 1; and
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                
|2.2 | it shall, with effect from the date of last signature of
      this addendum, be bound by the terms and conditions as set out in such
      conformed copy.                    



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Page 2

THUS DONE and SIGNED at ________________________ on this the
_________ day of _________________________ 2009.

| | For and on behalf of             
| | ---------------------------------
| |                                  
| | PLATEAU RESOURCES (PROPRIETARY)  
| | LIMITED                          
| |                                  
| |                                  
| | by                               
| |                                  
| |                                  
| | who warrants his authority hereto

THUS DONE and SIGNED at __________________________ on this the
__________ day of ___________________________ 2009.

| | For and on behalf of             
| | ---------------------------------
| | RUSTENBURG PLATINUM MINES LIMITED
| |                                  
| | by                               
| |                                  
| | who warrants his authority hereto



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Page 3

THUS DONE and SIGNED at __________________________on this the
__________day of _____________________2009.

| | For and on behalf of             
| | ---------------------------------
| |                                  
| | RICHTRAU NO 179 (PROPRIETARY)    
| | LIMITED                          
| |                                  
| |                                  
| | by                               
| |                                  
| |                                  
| | who warrants his authority hereto



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