Document:

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                                                                    EXHIBIT 4.68

AGREEMENT OF EMPLOYMENT

BETWEEN

DURBAN ROODEPOORT DEEP, LIMITED

AND

IAN LOUIS MURRAY
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                                                                               .
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CONTENTS

<TABLE>
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NO  CLAUSE                                                                                  PAGE NO
<S>                                                                                         <C>
1   RECORDAL..............................................................................      3
2   DEFINITIONS...........................................................................      4
3   EMPLOYMENT............................................................................      6
4   DUTIES................................................................................      6
5   REMUNERATION PACKAGE..................................................................      9
6   HOME WORKING AREA, TELEPHONES AND SECURITY............................................     10
7   BONUS AND INCENTIVES..................................................................     11
8   LEAVE.................................................................................     15
9   SICK LEAVE AND INCAPACITY.............................................................     15
10  INSURANCE COVER.......................................................................     16
11  BREACH................................................................................     18
12  RESTRAINT AGREEMENT...................................................................     18
13  DISPUTES..............................................................................     18
14  APPLICATION OF PROVISIONS OF COMPANY PROCEDURES.......................................     19
15  ELIGIBLE TRANSACTION..................................................................     19
16  THE RIGHT OF THE EXECUTIVE TO TERMINATE THIS AGREEMENT FOR AN ELIGIBLE TRANSACTION....     20
17  ELIGIBLE TERMINATION..................................................................     21
18  BENEFITS PAYABLE FOR AN ELIGIBLE TERMINATION..........................................     21
19  SHARE OPTION SCHEME PROVISIONS........................................................     22
20  THE RIGHT OF THE COMPANY TO ASSIGN THIS AGREEMENT.....................................     23
21  DIRECTORSHIPS.........................................................................     23
22  GENERAL...............................................................................     24
23  STATUS OF THIS AGREEMENT..............................................................     25
</TABLE>

APPENDICES:

A. A COPY OF THE CURRENT EMPLOYMENT AGREEMENT.

B. THE EXECUTIVE'S DUTIES AND RESPONSIBILITIES

C. A COPY OF THE RESTRAINT AGREEMENT.

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AGREEMENT OF EMPLOYMENT

BETWEEN

DURBAN ROODEPOORT DEEP, LIMITED
(a company duly incorporated under the Companies Act, 1973, registration number
1901/00926/06)
("the Company")

AND

IAN LOUIS MURRAY
(Identity No. 6608185124009)
("the Executive")

1     RECORDAL

1.1         The Parties record that -

1.1.1             The Executive is employed by the Company as Chief Financial
                  Officer in terms of the Current Employment Agreement, a copy
                  of which is attached to this Agreement as Appendix "A". The
                  parties record that, as from 1 December 2003, the Executive
                  has also been employed as Chief Executive Officer.

1.1.2             The Parties now wish to enter into a new employment agreement
                  to replace the Current Employment Agreement.

1.1.3             The Parties are accordingly replacing the Current Employment
                  Agreement with this Agreement to give effect to CLAUSE 1.1.2
                  above.

1.2         The Parties further record that the Executive has been appointed as
            a Director of the Company which appointment shall continue in
            effect.

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2     DEFINITIONS

      For the purposes of this Agreement, unless the context indicates
      otherwise, the Parties defined in the heading of this Agreement shall
      retain such definitions and the words and expressions set out below shall
      have the meaning assigned to them, namely:

2.1      "Auditors"                   means the auditors of the Company for the
                                      time being;

2.2      "Board"                      means the board of directors of the
                                      Company for the time being;

2.3      "Business"                   means the business of the Group of the
                                      mining and exploration of gold and other
                                      minerals and metals;

2.4      "Closing Date"               in relation to an Eligible Transaction,
                                      means the date on which the Eligible
                                      Transaction; having become wholly
                                      unconditional, is actually carried into
                                      effect and implemented in accordance with
                                      its terms so that the Eligible Transaction
                                      ceases to be executory;

2.5      "Code"                       means the Securities Regulation Code
                                      promulgated in terms of section 440(C)(5)
                                      of the Companies Act, 1973, as amended
                                      from time to time;

2.6      "Commencement Date"          means 1 November 2000;

2.7      "Confidential Information"   means all information which is of a
                                      confidential nature relating to the Group,
                                      including without being limited to
                                      business plans, trade secrets, financial
                                      information, technical information and/or
                                      commercial information;

2.8      "Current Employment          means the current employment agreement
         Agreement                    referred to in CLAUSE 1.1.1 of this
                                      Agreement.

2.9      "Documents"                  means documents of any nature, disks,
                                      notebooks, tapes or any other medium,
                                      whether or not eye-readable, on which
                                      information may be recorded from time to
                                      time;

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2.10     "Eligible Termination"       means a termination of this Agreement as
                                      contemplated in CLAUSE 17;

2.11     "Eligible Transaction"       means an "Eligible Transaction" as defined
                                      in CLAUSE 15;

2.12     "Engagement Date"            means the date on which the Executive
                                      commenced his employment with the Company,
                                      namely 1 June 1997;

2.13     "Financial Year"             means the financial year of the Company as
                                      determined by it from time to time;

2.14     "Group"                      means the Company and all its
                                      Subsidiaries;

2.15     "Group Renumeration          means the committee of directors of the
         Committee"                   Company or of directors of companies
                                      within the Group who constitute a
                                      committee for the purposes of determining
                                      the renumeration of executives employed by
                                      companies within the Group;

2.16     "Parties"                    means the Parties to this Agreement;

2.17     "Remuneration Package"       in relation to each year, the aggregate of
                                      all amounts payable by the Company to and
                                      on behalf of the Executive as is more
                                      fully set out in clause 5 and as amended
                                      from time to time;

2.18     "Restraint Agreement"        means the Restraint of Trade Agreement
                                      entered into between the Parties, a copy
                                      of which is attached to this Agreement as
                                      Appendix C;

2.19     "Share Option Scheme"        means the Durban Roodepoort Deep (1996)
                                      Share Option Scheme or any other scheme of
                                      the same or similar kind in which the
                                      Executive is, or may be, an eligible
                                      participant;

2.20     "Subsidiary"                 shall have the meaning assigned to it in
                                      the Companies Act, 1973, as amended from
                                      time to time; and

2.21     "this Agreement"             means this agreement and includes all its
                                      Appendices, which shall form part of it.

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3     EMPLOYMENT

3.1         Notwithstanding the provisions of this Agreement or any other
            agreement entered into between the parties, the employment of the
            Executive as an employee of the Company shall be deemed to have
            commenced on the Engagement Date.

3.2         Subject to CLAUSES 9, 11 AND 16, this Agreement shall remain in
            force for a period of 2 (two) years, which period shall be deemed to
            have commenced on 1 December 2003. On the expiry of this period this
            Agreement shall expire automatically.

3.3         On the expiry of this Agreement in terms of CLAUSE 3.2, the
            Executive shall be paid an amount equal to half his Remuneration
            Package calculated on the basis of the Remuneration Package payable
            to the Executive on the date of termination of employment.

3.4         Notwithstanding CLAUSE 3.2, the parties envisage the possibility
            that this Agreement may be extended for a further period of time, or
            that a further agreement may be entered into between them in terms
            of which the Executive shall continue to be employed by the Company.
            Negotiations for the extension of this Agreement or the entering
            into of a new agreement shall commence at least 6 (six) months prior
            to the termination of this agreement as envisaged in CLAUSE 3.2.
            Should this Agreement be extended or should a further agreement be
            entered into, the payment referred to in CLAUSE 3.3 shall not be
            made but shall be made at the termination of the new agreement or on
            the termination of the extended agreement.

4     DUTIES

4.1         The Executive shall:

4.1.1             carry out such duties and exercise such powers in relation to
                  the Company and the Group as the Board shall from time to time
                  assign to or vest in him, including those set out in Appendix
                  B to this Agreement;

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4.1.2             in the discharge of such duties and in the exercise of such
                  powers referred to in CLAUSE 4.1.1, observe and comply with
                  all resolutions, regulations and directives from time to time
                  made or given by the Board;

4.1.3             use his best endeavours property to conduct, improve, extend,
                  develop, promote, protect and preserve the business interests,
                  reputation and goodwill of the Company and the Group and not
                  do anything which is harmful to it; and

4.1.4             not be in the employment of any other employer other than
                  within the Group.

4.2         It shall be part of the normal duties of the Executive at all times
            to consider in what manner and by what new methods or devices the
            products, services, processes, equipment or systems of the Company
            or Group might be improved, and promptly to give to the company
            secretary of the Company full details of any invention or
            improvement which he may from time to time make or discover in the
            course of his duties, and to further the interests of the Company
            and the Group in this regard. The Executive acknowledges that any
            invention or improvement referred to in this CLAUSE 4.2 shall be the
            property of the Company or the relevant entity within the Group and
            the Executive shall take all steps as may be necessary and
            reasonably required by the Company or relevant entity within the
            Group, at the sole expense of the Company or relevant entity within
            the Group, to procure that the Company or relevant entity obtains
            complete and exclusive legal title to any such invention or
            improvement.

4.3         It is specifically recorded and agreed that due to the changing
            nature of the Group and the evolving nature of its business
            interests, it may be necessary to assign duties to the Executive or
            to re-assign those duties from the Executive to other persons from
            time to time as well as to add to and delete from the
            responsibilities of the Executive from time to time. The Parties
            agree that this flexible work requirement is part of the agreement
            of employment and amendments as

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            envisaged can be made within the terms of this agreement without
            constituting a breach.

4.4         The Executive shall not, either during his employment with the
            Company and within the Group or thereafter, use or disclose to any
            third parties, or attempt to use or to disclose to any third parties
            any Confidential Information. The Executive shall promptly whenever
            so requested by the Company and, in any event, upon the termination
            of his employment with the Company, deliver to the Company, all
            lists of clients or customers, correspondence and all other
            Documents, papers and records which may have been prepared by him or
            have come into his possession in the course of his employment with
            the Company, and the Executive shall not be entitled to retain any
            copies thereof. The Executive acknowledges that all title and
            copyright in the Confidential Information and Documents shall vest
            in the Company.

4.5         The Executive shall, with immediate effect, take all reasonable
            steps to recruit and employ a person who is suitable to succeed to
            the Executive's position as Chief Financial Officer. It is envisaged
            that this shall be done within a period of 12 (twelve) months from
            the date of signature of this Agreement.

4.6         At such time as the Executive, after consultation with Mr. Rob Hume
            or such other person who may have been nominated by the Company, is
            satisfied that the person so employed is in a position to accept the
            responsibilities of Chief Financial Officer, and in any event not
            later than 12 (twelve) months after the appointment of such
            successor in terms of CLAUSE 4.5, the Executive shall relinquish his
            duties as Chief Financial Officer. However, he shall continue to
            perform his duties as Chief Executive Officer.

4.7         On him relinquishing his duties as Chief Financial Officer the
            Company shall pay the Executive an amount equal to 93 (ninety-three)
            per cent of his Remuneration Package calculated on the basis of the
            Remuneration Package received by the Executive on the date that he
            relinquishes his duties as Chief Financial Officer.

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5     REMUNERATION PACKAGE

5.1         The Executive shall receive an annual all-inclusive Remuneration
            Package of R1 500 000.00 (one million five hundred thousand rand).
            The Remuneration Package will be paid in 12 equal monthly
            instalments.

5.2         The Remuneration Package referred to in CLAUSE 5.1, includes:

5.2.1             all contributions to the Pension or Provident Fund of which
                  the Executive is a member, made in accordance with the
                  relevant rules of the fund in question;

5.2.2             all contributions to the Medical Aid Scheme of which the
                  Executive and his dependants are members; and

5.2.3             all allowances for vehicles, water, electricity,
                  entertainment, subsistence and accommodation to which the
                  Executive is entitled in accordance with the policies of the
                  Company from time to time and as agreed with the Company from
                  time to time.

5.3         Notwithstanding anything to the contrary in this Agreement, the
            payment by the Company of the premiums on behalf of the Executive to
            the Group Life Scheme as referred to in CLAUSE 10, and the payment
            by the Company of any monies payable in terms of the rules of the
            Share Option Scheme for any of the share options to which the
            Executive may be entitled in terms of CLAUSE 19, shall not
            constitute part of the Remuneration Package.

5.4         The Company will refund, or will procure the refunding, to the
            Executive of all reasonable expenses properly incurred by him in
            performing his duties under this Agreement in accordance with
            Company policy. This will include expenses relating to entertainment
            and traveling. The Company requires the Executive to submit official
            receipts or other documents as proof that he has incurred any
            expenses he claims.

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5.5         The Company undertakes to reimburse the following costs to be
            incurred by the Executive for the benefit of the Company:

5.5.1             in light of the Company requiring the Executive to be a member
                  of one or more clubs, the annual membership fees payable by
                  the Executive for membership of any 2 (two) of such clubs;

5.5.2             membership subscriptions, payable by the Executive for
                  membership of relevant work related associations and/or
                  societies approved in writing in advance by the Company and of
                  which the Executive is a member by virtue of his employment
                  with the Company;

5.5.3             any cost of insurance cover for any 2 (two) of the motor
                  vehicles owned by the Executive during the term of this
                  Agreement.

5.6         The Executive shall be entitled to use any travel miles allocated on
            any business credit cards and flying membership cards issued to him
            by the Company for his family and personal use.

5.7         The Company will require the Executive to undergo a medical
            examination at the cost of the Company on an annual basis and the
            Executive agrees to give effect to this requirement.

5.8         The date of payment of the salary portion of the Remuneration
            Package of the Executive shall be the 24th day of each calendar
            month.

6     HOME WORKING AREA, TELEPHONES AND SECURITY

6.1         It is recorded that the Company requires that the Executive maintain
            an adequately furnished study or work area at his residences for the
            purposes of business meetings, out of hours work and work
            preparation, reading and study. It is further recorded that the
            Executive is, at all times, required to maintain contact with his
            office, other offices of the Company world wide, colleagues, stock
            exchanges on which the Company is listed and shareholders.
            Accordingly, the Company undertakes that:

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6.1.1             it shall provide and bear all costs of telephones at the
                  residences of the Executive;

6.1.2             the Executive will be issued with a cellular telephone which
                  can be used for personal and business purposes and the monthly
                  costs of this cellular phone and the installation of car kits
                  and other costs incurred on this cellular telephone, shall be
                  for the account of the Company; and

6.1.3             the Company shall at its own cost provide appropriate security
                  and security services at at least 2 (two) residential premises
                  within or outside South Africa nominated by the Executive from
                  time to time. The Company shall continue to provide such
                  security and security services at its own cost for a period of
                  5 (five) years after the date of termination of the
                  Executive's employment, by either party for any reason
                  whatsoever.

6.2         For the purposes of this clause "appropriate security" shall include
            at least an appropriate alarm, motion detectors, lighting, electric
            fencing, gates, provision of 24 hour a day (seven days a week) armed
            security at the premises, alarm monitoring with armed response and a
            close protection officer available at all hours.

7     BONUS AND INCENTIVES

7.1         In addition to the Remuneration Package and other benefits
            stipulated in this Agreement, the Executive shall be eligible for
            the bonuses and incentives set out in this clause subject to the
            conditions set out herein.

7.1.1             The Executive shall be entitled to bonuses to be determined
                  with reference to targets set in terms of key performance
                  indicators as agreed between the Executive and the Group
                  Remuneration Committee.

7.1.2             Bonuses shall be calculated and be payable in respect of 4
                  (four) bonus cycles. The first cycle shall be deemed to have
                  commenced on 1 January 2004 and shall terminate on 30 June
                  2004. The second bonus cycle shall

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                  commence on 1 July 2004 and shall terminate on 31 December
                  2004. The third bonus cycle shall commence on 1 January 2005
                  and terminate on 30 June 2005. The fourth bonus cycle shall
                  commence on 1 July 2005 and terminate on 30 November 2005.
                  Should the Executive meet all the targets set in terms of the
                  key performance indicators agreed to in respect of a specific
                  bonus cycle he shall be entitled to a bonus of 50 (fifty) per
                  cent of his Remuneration Package. Should the Executive not
                  fully meet all the targets set in terms of the key performance
                  indicators as agreed, he shall be entitled to such lesser
                  bonus as determined by the Group Remuneration Committee. This
                  bonus will be determined with reference to the extent that the
                  targets have been met.

7.1.3             The Company will pay any bonus payable in terms of this CLAUSE
                  7 to the Executive within 30 (thirty) business days of the end
                  of each bonus cycle.

7.1.4             The bonus referred to in CLAUSES 7.1.1 and 7.1.2 shall be paid
                  in the following manner:

7.1.4.1                 the Company shall pay to the Executive the amount due to
                        the Executive in respect of each bonus cycle less 25%
                        (twenty five per cent) of that amount;

7.1.4.2                 an amount equivalent to the amount deducted in terms of
                        CLAUSE 7.1.4.1 shall be retained by the Company for the
                        benefit of the Executive (excluding interest);

7.1.4.3                 the Executive shall, provided that the Executive meets
                        the targets agreed with the Group Remuneration Committee
                        and accordingly qualifies for a bonus during the next
                        bonus cycle, be entitled to receive payment of the
                        amount retained by the Company during the previous bonus
                        cycle.

7.1.5             Notwithstanding the above, if this Agreement is not extended
                  or renewed as envisaged in CLAUSE 3.4, any bonus payable in
                  respect of the final bonus

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                  cycle shall be payable in full within 30 (thirty) business
                  days of the end of the final bonus cycle.

7.1.6             The provisions of this CLAUSE 7 shall be applicable to each
                  bonus cycle.

7.2         Any bonus to which the Executive has become entitled in terms of the
            Current Employment Agreement shall continue to accrue and be payable
            in terms of that Agreement.

7.3         Subject to the provisions set out below, the Executive, as
            consideration for agreeing to remain in the employment of the
            Company for the respective periods set out below, will be entitled
            to be issued up to 198,000 (one hundred and ninety eight thousand)
            ordinary shares in the Company in the tranches set out below. The
            198,000 (one hundred and ninety eight thousand) ordinary shares
            referred to in this CLAUSE 7.3 represent an amount equal to 240 (two
            hundred and forty) per cent of the Executive's Remuneration Package
            based on the closing price of the Company's shares on the JSE
            Securities Exchange of South Africa on 1 December 2003. The Company
            shall upon issue of such shares transfer to its stated capital
            account a sum equal to the value of such consideration as determined
            by the directors of the Company, which value shall not be higher
            than the above amount. This entitlement is subject to the following
            principles and conditions -

7.3.1             The shares shall be issued to the Executive in four equal
                  tranches. The Executive shall become entitled to, and shall be
                  issued, the first tranche on 30 November 2004, provided that
                  he is still in the employment of the Company on this date.

7.3.2             The Executive shall become entitled to, and shall be issued,
                  the second tranche on 30 November 2005, provided that he is
                  still in the employment of the Company on this date.

7.3.3             The Executive shall become entitled to, and shall be issued,
                  the third tranche on 30 November 2006, provided that he is
                  still in the employment of the Company on this date.

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7.3.4             The Executive shall become entitled to, and shall be issued,
                  the final tranche on 30 November 2007, provided that he is
                  still in the employment of the Company on this date.

7.4         Should this Agreement automatically terminate in accordance with the
            provisions of CLAUSE 3.2 and should there be no extension of this
            Agreement or the conclusion of another agreement as envisaged in
            CLAUSE 3.4, the Board shall, at its discretion, be entitled to issue
            to the Executive all or some of the shares to which the Executive
            has not become entitled in terms of CLAUSE 7.3.3 and CLAUSE 7.3.4.

7.5         The parties record that upon the Executive becoming entitled to any
            of the shares referred to in CLAUSES 7.3 or 7.4, the Company will be
            obliged to deduct employees' tax from the amount accruing to the
            Executive in terms of the Fourth Schedule of the Income Tax Act,
            1962. Accordingly, within 7 (seven) days of becoming entitled to the
            shares, the Executive will notify the Company in writing:

7.5.1             whether he wishes to receive the full allocation of shares, in
                  which event he will pay to the Company an amount equal to the
                  employee's tax payable in respect of those shares; or

7.5.2             whether he wishes to receive shares to the value of an amount
                  equal to the total value of shares to which he is entitled,
                  less the employee's tax payable.

7.6         If, on the date that shares should be issued in terms of CLAUSE 7.3
            or 7.4 the Executive is prohibited, in terms any legal provision
            and/or any rule or directive of any applicable Stock Exchange or
            Securities Regulation Authority, from being issued with such shares,
            these shares shall be issued on the first date on which such
            prohibition is no longer in effect.

7.7         The parties record that the coming into effect of CLAUSE 7.3 is
            subject to the Company's shareholders granting the necessary
            approval in terms of the Companies Act, 1973. The parties further
            record that if such approval is not

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            granted, the Executive shall be eligible for shares in terms of the
            rules of the Share Option Scheme.

8     LEAVE

8.1         The Executive shall be entitled to 30 (thirty) working days' paid
            leave in each successive period of 12 (twelve) months of work
            commencing on the Commencement Date and thereafter commencing on 1
            July of each following year.

8.2         The Executive shall be entitled to an additional 21 (twenty one)
            working days' paid leave during the period of the 60 (sixty) months
            commencing on the Engagement Date and an additional 21 (twenty one)
            working days' paid leave every successive cycle of 60 (sixty) months
            thereafter.

8.3         With effect from the Commencement Date, the Executive shall not be
            entitled to accumulate any further working days' leave as provided
            for in CLAUSE 8.1 which has not been taken, unless the Board has
            specifically requested the Executive in writing not to take leave in
            such year. Any leave not taken will be converted into cash annually
            on 1 July each year and be payable to the Executive.

8.4         Leave provided for in CLAUSE 8.2, which is not taken in a particular
            cycle of 60 (sixty) months will not be forfeited but must be taken
            in the next cycle of 60 (sixty) months.

9     SICK LEAVE AND INCAPACITY

      If the Executive is at any time prevented by illness, injury, accident or
      any other circumstances beyond his control from discharging his full
      duties under this agreement (hereafter referred to as "incapacity") for a
      total of 180 (one hundred and eighty) or more, days in any 12 (twelve)
      consecutive calendar months' cycle commencing at the Commencement Date,
      the Company may, by giving one month's written notice of termination to
      the Executive, terminate this Agreement, in which event he shall be paid
      an amount equal to half his Remuneration Package calculated on the basis
      of the Remuneration Package payable to the Executive on the date of
      termination of

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      employment. Notwithstanding the incapacity and absence from work, the
      Company shall be required to pay the Executive his full remuneration
      during any period of absence from work prior to termination of employment
      in terms of this clause.

10    INSURANCE COVER

10.1        The Company will apply for and maintain a reasonable level of
            Directors' and Officers' Liability Insurance, with the Executive
            covered as an insured and the Company will maintain at its expense
            the same cover for the Executive for a period of 7 (seven) years
            after termination of this Agreement by either party for any reason
            whatsoever.

10.2        The Company undertakes to pay on the behalf of the Executive the
            premiums payable by the Executive under the Group Life Scheme of the
            Company. The cover under the Group Life Scheme shall include
            temporary and permanent disability and trauma insurance. The life
            assurance cover for the Executive will be an amount equivalent to 4
            (four) years' gross annual Remuneration Package of the Executive
            calculated on the basis of the Remuneration Package payable to the
            Executive at the date of his death.

10.3        On termination of this Agreement, for whatsoever reason by either
            the Company or the Executive, the Executive shall, subject to the
            rules of the Group Life Scheme, be entitled to remain a member of
            the Group Life Scheme and to enjoy the same benefits and coverage as
            those he enjoyed immediately prior to the termination of employment.
            The benefits and coverage shall be based on the Remuneration Package
            that the Executive received immediately prior to the date of
            termination of employment. The Company shall pay all premiums and
            contributions payable to maintain' such membership and coverage for
            a period of 5 (five) years calculated from the date of termination
            of this Agreement. Should the Executive, as a result of the
            termination of his employment, not be entitled to retain the
            benefits and coverage contained in the Group Life Scheme, and he
            decides to exercise the right to effect whole life or endowment
            insurance as envisaged in Clause 4 of the Group Life Scheme, all
            premiums and contributions

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            for such benefits and coverage shall be borne by the Company for a
            period of 5 (five) years calculated from the date of the termination
            of this Agreement. The Company shall take all such steps, and
            provide all such assistance, as may be necessary to ensure that the
            Executive is entitled to exercise his rights in terms of this
            clause. For the purposes of this CLAUSE 10.3 the Group Life Scheme
            is the Sanlam Scheme No 18740 (Policy No. 18681100X6) or any other
            similar scheme that is in effect at the date of termination of
            employment.

10.4        The Company undertakes -

10.4.1            in the event of the Executive not being an employee as defined
                  in the Compensation for Occupational Injuries and Diseases
                  Act, 1993, to insure the Executive with the Rand Mutual
                  Assurance Limited or any other assurance company against risk
                  of death, or permanent disablement or temporary disablement
                  caused by an accident arising out of or in the course of his
                  employment with the Company or any member of the Group;

10.4.2            to keep the policy of insurance referred to in CLAUSE 10.4.1
                  in force and to pay the premiums thereon on time, and the
                  Executive agrees that the amount payable under the said policy
                  of insurance shall be taken and deemed to be and represent the
                  total and entire claim, demand and right of action of the
                  Executive, his executors or administrators or legal
                  representatives or assigns against the Company or its
                  employees for damages or compensation for injury suffered by
                  the Executive as a result of the negligence of the Company or
                  its employees or otherwise and the payment of the said
                  compensation in terms of the said policy of insurance shall
                  free and discharge any claim or liability in respect of the
                  Company and its employees of and from all and any claim or
                  liability in respect of such injury and to waive any right of
                  claiming on the Company or its employees for any compensation
                  other than that which he is entitled to recover under the said
                  policy of insurance effected by the Company.

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11    BREACH

11.1        Notwithstanding any provision to the contrary, this Agreement may be
            terminated by the Company with or without notice if the Executive:

11.1.1            commits any serious or persistent breach of any of the
                  provisions contained in this Agreement, provided that the
                  inability of the Executive to perform his duties due to
                  incapacity as envisaged in CLAUSE 9 shall not constitute a
                  breach of contract for the purposes of this Agreement;

11.1.2            is found guilty of theft, fraud or any gross irregularity; or

11.1.3            is found guilty of gross misconduct, serious malperformance or
                  wilful neglect in the discharge of his duties whether in terms
                  of this Agreement or in terms of any other agreement between
                  the Executive and a member of the Group.

12    RESTRAINT AGREEMENT

      It is recorded that the Parties have entered into a Restraint Agreement a
      copy of which is attached hereto as Appendix C.

13    DISPUTES

13.1        In the event that any dispute arises out of the interpretation,
            application or termination of this Agreement, or in the event that
            any dispute arises out of any alleged unfair dismissal or unfair
            labour practice as defined in the Labour Relations Act, 1995, the
            Parties will refer such dispute to private arbitration in accordance
            with the provisions of this clause.

13.2        A senior counsel selected by agreement from the labour panel of the
            Arbitration Foundation of Southern Africa (AFSA) will conduct the
            arbitration.

13.3        The Parties will agree upon the date of the arbitration. In the
            event that the Parties are unable to agree upon the arbitrator
            and/or a date for the arbitration within 10 (ten) days of the
            dispute arising, then the director of AFSA may be

<PAGE>
                                                                         Page 19

            requested by either party to appoint a suitable arbitrator and to
            nominate a date for the hearing of the arbitration.

13.4        The arbitrator will be entitled to determine the appropriate
            procedure for determining the dispute.

13.5        The costs of the arbitrator will be borne equally by the Executive
            and the Company.

13.6        The finding of the arbitrator will be final and binding on the
            Parties.

14    APPLICATION OF PROVISIONS OF COMPANY PROCEDURES

14.1        The Executive's entitlement to any benefit other than those recorded
            in this Agreement shall be governed by the appropriate procedure
            manuals of the Company in force at any given time.

14.2        The Company is entitled from time to time to amend the terms and
            conditions of its Company procedure manuals.

14.3        In the event of a conflict between the provisions of Company
            procedure manuals and the provisions of this Agreement, the
            provisions of this Agreement shall prevail.

15    ELIGIBLE TRANSACTION

      For the purposes of this Agreement an "Eligible Transaction" means any
      agreement, including any agreement forming part of a series of other
      agreements, which either by itself or together with any of the other
      agreements, constitutes or results in a transaction involving a change of
      control of the Company, of a kind which fails within the ambit of clause
      (a) of the definition of "affected transaction" in Section B of the Code,
      read with clause 5 of the same Section of the Code.

<PAGE>
                                                                         Page 20

16    THE RIGHT OF THE EXECUTIVE TO TERMINATE THIS AGREEMENT FOR AN ELIGIBLE
      TRANSACTION

16.1        If an Eligible Transaction is entered into, the Executive shall be
            entitled to terminate this Agreement, subject to the following
            provisions:

16.1.1            the Executive may exercise this right of termination by giving
                  written notice to this effect to the Company at any time from
                  the date on which the announcement of a firm intention to make
                  an offer in respect of the Eligible Transaction, as
                  contemplated in Rule 2.3 of Section D of the Code ("the
                  Announcement Date"), is made in accordance with the
                  requirements of the Code, until the Closing Date of that
                  Eligible Transaction;

16.1.2            if the Executive gives written notice of termination in terms
                  of CLAUSE 16.1.1 he may at the same time, or at any time
                  before the Closing Date, or in the circumstances envisaged in
                  CLAUSE 16.1.6, any time before the extended date as defined in
                  CLAUSE 16.1.6, and notwithstanding the rules of the Share
                  Option Scheme or any directive of the Board, exercise all the
                  share options granted to him in terms of the Share Option
                  Scheme read with CLAUSE 19.2;

16.1.3            if the Executive gives written notice of termination in terms
                  of CLAUSE 16.1.1 he shall become entitled to, and shall be
                  issued, all the shares referred to in CLAUSE 7.3 which have
                  not yet been issued to the Executive in terms of that clause
                  notwithstanding that the dates referred to in CLAUSES 7.3.1,
                  7.3.2, 7.3.3 and 7.3.4 have not yet arrived;

16.1.4            any notice of termination given by the Executive in terms of
                  CLAUSE 16.1.1, any exercise of his rights under the Share
                  Option Scheme in terms of CLAUSE 16.1.2, and any right to be
                  issued shares in terms of CLAUSE 16.1.3 shall be conditional
                  upon, and shall therefore take effect only if, the Eligible
                  Transaction itself becomes wholly unconditional and is
                  actually carried into effect and implemented in accordance
                  with its terms and accordingly ceases to be executory;

<PAGE>
                                                                         Page 21

16.1.5            any notice of termination given in terms of CLAUSE 16.1.1, any
                  rights exercised in terms of CLAUSE 16.1.2 and any entitlement
                  to shares in terms of CLAUSE 16.1.3 may not be withdrawn or
                  revoked by the Executive, without the written consent of the
                  Company; and

16.1.6            if any notice of termination given by the Executive in terms
                  of CLAUSE 16.1.1 takes effect in terms of CLAUSE 16.1.4, this
                  Agreement shall terminate on the Closing Date of the Eligible
                  Transaction; provided that if the Executive is prohibited, in
                  terms any legal provision, and/or rule or directive of any
                  applicable Stock Exchange or Security Regulation Authority
                  from exercising any right under the Share Option Scheme, or
                  from being issued with shares in terms of CLAUSE 16.1.3, for
                  any period of time during the period between Announcement Date
                  and the Closing Date, this Agreement will not terminate on the
                  Closing Date but will continue in existence until a period of
                  30 days has elapsed, calculated from the date on which the
                  prohibition ceased to be of effect (the(0)extended date"),
                  provided further that if the Closing Date is a date later than
                  the Extended Date this Agreement shall terminate on the
                  Closing Date.

17    ELIGIBLE TERMINATION

      This Agreement shall be regarded as having been terminated pursuant to an
      Eligible Termination if the Executive exercises his right in terms of
      CLAUSE 16 to terminate this Agreement as an employee of the Company, as a
      result of the occurrence of an Eligible Transaction, and the termination
      duly takes effect as contemplated in CLAUSE 16.

18    BENEFITS PAYABLE FOR AN ELIGIBLE TERMINATION

18.1        If this Agreement is terminated pursuant to an Eligible Termination,
            the Executive shall, subject to compliance with the relevant company
            laws, be entitled to receive payment from the Company as a
            termination of employment benefit an amount equal to:

<PAGE>
                                                                         Page 22

                                     TS x TE
                                       12

            Where:

            TS    =     means the period (in completed calendar months) served
                        by the Executive as an employee of the Company from the
                        Engagement Date to the date of termination of this
                        Agreement as envisaged in CLAUSE 17, provided that such
                        period shall not be less than 12 (twelve) calendar
                        months nor more than 48 (forty-eight) calendar months;
                        and

            TE    =     means the Remuneration Package as set out in CLAUSE 5.

18.2        The total amount which becomes payable to the Executive in terms of
            CLAUSE 18.1 shall accrue to him on the date that employment
            terminates, and shall be payable to him within thirty days after the
            amount has been determined by the Auditors in accordance with CLAUSE
            18.3.

18.3        The total amount, and all the separate amounts making up the total
            amount payable to the Executive in terms of CLAUSE 18.1 including
            any pro rata adjustments made, shall be determined by the Auditors
            as soon as possible after the date of termination, and their
            certificate as to each of those amounts shall, in the absence of
            manifest or clerical error, be final and binding on all the Parties.

19    SHARE OPTION SCHEME PROVISIONS

19.1        All existing share options issued to the Executive since the
            Engagement Date in terms of the rules of the Share Option Scheme
            will be honoured.

19.2        If notice of termination of this Agreement is given pursuant to an
            Eligible Termination then, notwithstanding anything to the contrary
            under this Agreement the following provisions shall apply:

19.2.1            all share options granted to the Executive in terms of the
                  Share Option Scheme will not lapse but will vest in the
                  Executive with immediate effect

<PAGE>
                                                                         Page 23

                  and the Board will pass a resolution to this effect
                  simultaneously with or soon after the signature of this
                  Agreement;

19.2.2            the Company shall in any event procure, notwithstanding
                  anything to the contrary in the Share Option Scheme, that any
                  options granted to the Executive to acquire shares under the
                  Share Option Scheme shall immediately become exercisable by
                  him;

19.2.3            the Executive shall be entitled to exercise these options
                  during the period referred to in CLAUSE 16.1.1 or 16.1.6,
                  whichever is applicable, and;

19.2.4            notwithstanding anything to the contrary in this Agreement,
                  the Company shall be entitled to suspend the Executive during
                  the periods referred to in CLAUSE 19.2.3; provided that all
                  amounts and benefits which otherwise accrue to the Executive
                  during those periods shall continue to accrue as if he were
                  not suspended.

20    THE RIGHT OF THE COMPANY TO ASSIGN THIS AGREEMENT

20.1        The Company shall be entitled, without the consent of the Executive,
            to assign all its rights and all its obligations under this
            Agreement to any company, which, at the time of the assignment, is a
            member of the Group.

20.2        For the avoidance of any doubt it is expressly recorded that the
            provisions of CLAUSE 20.1 shall apply mutatis mutandis to any
            succeeding assignee of this Agreement.

21    DIRECTORSHIPS

21.1        Should this Agreement terminate in terms of any of the provisions
            thereof, the Executive shall resign his directorship within 2 days
            of the termination of this Agreement unless the Board agrees in
            writing to the Executive continuing to act as a director.

<PAGE>
                                                                         Page 24

21.2        Nothing contained in this Agreement shall be construed as according
            the Executive any entitlement to compensation for loss of office as
            a director of the Company or any company within the Group.

22    GENERAL

22.1        This document contains the entire agreement between the Parties in
            regard to its subject matter.

22.2        No Party shall have any claim or right of action arising from any
            undertaking, representation or warranty not included in this
            Agreement.

22.3        No failure by either Party to enforce any provision of this
            Agreement shall constitute a waiver of such provision or affect in
            any way that Party's right to require performance of any such
            provision at any time in the future, nor shall the waiver of any
            subsequent breach nullify the effectiveness of the provision itself.

22.4        No agreement to vary, add to or cancel this Agreement shall be of
            any force or effect unless reduced to writing and signed on behalf
            of all the Parties to this Agreement.

22.5        Save as permitted in terms of CLAUSE 20, no party may cede any of
            its rights or delegate any of its obligations under this Agreement.

<PAGE>
                                                                         Page 25

23    STATUS OF THIS AGREEMENT

      If there is any conflict between the provisions of this Agreement and
      those of the Restraint Agreement, then the provisions of this Agreement
      shall prevail.

SIGNED at London                      on 7th May 2004

                                      For:     DURBAN ROODEPOORT DEEP LIMITED

                                      /s/ G Campbell
                                      ---------------------------------
                                      Signatory: Geoffrey Campbell
                                      Capacity:  Chairman of REMCO/Director
                                      Authority: Chairman of REMCO

SIGNED at                             on 2004

                                      /s/ I.L.Murray
                                      ---------------------------------
                                      IAN LOUIS MURRAY<PAGE>

                                                                    EXHIBIT 4.69

SERVICE AGREEMENT

between

DRD (ISLE OF MAN) LIMITED

and

IAN LOUIS MURRAY

<PAGE>
                                                                               .
                                                                               .
                                                                               .

CONTENTS

<TABLE>
<CAPTION>
NO   CLAUSE                                                                                         PAGE NO
<S>  <C>                                                                                            <C>
1    RECORDAL...............................................................................           3
2    DEFINITIONS............................................................................           3
3    TERM OF EMPLOYMENT.....................................................................           5
4    DUTIES.................................................................................           5
5    REMUNERATION PACKAGE...................................................................           6
6    EXPENSES AND REIMBURSEMENTS............................................................           6
7    BONUS AND INCENTIVES...................................................................           6
8    INSURANCE COVER........................................................................           9
9    LEAVE..................................................................................          10
10   TERMINATION............................................................................          11
11   ELIGIBLE TRANSACTIONS..................................................................          12
12   SHARE OPTIONS..........................................................................          13
13   BENEFITS PAYABLE FOR AN ELIGIBLE TERMINATION...........................................          14
14   NOTICES................................................................................          14
15   THE RIGHT OF THE COMPANY TO ASSIGN THIS AGREEMENT......................................          15
16   DISCIPLINARY RULES AND GRIEVANCE PROCEDURE.............................................          15
17   DISPUTES...............................................................................          15
18   GENERAL................................................................................          15
</TABLE>

ANNEXURES:

Annexure A:     Executive's Duties and Responsibilities

Annexure B:     Executive's Account Particulars

Annexure C:     Disciplinary Rules

Annexure D:     Grievance Procedure

                                        2

<PAGE>

SERVICE AGREEMENT

between

DRD (ISLE OF MAN) LIMITED
(a company duly incorporated under the company laws of the Isle of Man under
Registration Number 94445C)
("the Company")

and

IAN LOUIS MURRAY
(Identity Number 6608185124009)
("the Executive")

1        RECORDAL

         1.1      The parties record that -

                  1.1.1    the Executive commenced employment with the Company
                           on the Engagement date and has been continuously
                           employed by the Company since that date;

                  1.1.2    the Executive is currently employed by the Company in
                           terms of a contract of employment dated 26 March 2002
                           ("the Previous Agreement");

                  1.1.3    the parties hereby enter into this Agreement to
                           replace the Previous Agreement; and

                  1.1.4    the Executive has been appointed as an alternative
                           Director of the Company which appointment shall
                           continue in effect.

2        DEFINITIONS

         For the purposes of this Agreement unless the context indicates
         otherwise, the Parties defined in the heading of this Agreement shall
         retain such definitions and the words and expressions set out below
         shall have the meanings assigned to them and cognate expressions shall
         have a corresponding meaning, namely:

         2.1   "this Agreement"     means this agreement and all its Annexures;

                                       3

<PAGE>

         2.2   "Auditors"           means the auditors of the Company for the
                                    time being;

         2.3   "Board"              means the board of directors of the Company
                                    for the time being;

         2.4   "Code"               means the Securities Regulation Code
                                    promulgated in terms of section 440(C)(5) of
                                    the South African Companies Act, 1973, as
                                    amended from time to time;

         2.5   "Commencement        means 26 March 2002;
               Date"

         2.6   "Documents"          means documents of any nature, disks,
                                    notebooks, tapes or any medium whether or
                                    not eye-readable on which information may be
                                    recorded from time to time;

         2.7   "Engagement Date"    means the date on which the Executive
                                    commenced his employment and from which he
                                    has had continuous service with the Group,
                                    namely 1 October 1997;

         2.8   "Group"              means Durban Roodepoort Deep, Limited, a
                                    company incorporated in the Republic of
                                    South Africa and all its subsidiaries and
                                    affiliated companies;

         2.9   "Group Remuneration  means the committee of directors of the
               Committee"           Company or of Companies within the Group
                                    which considers and determines the
                                    remuneration payable to executives employed
                                    by companies within the group;

         2.10  "Parties"            means the Parties to this Agreement;

         2.11  "Remuneration        means the remuneration package as set out
               Package"             in CLAUSE 5.1; and

         2.12  "Share Option        means the Durban Roodepoort Deep (1996)
               Scheme"              Share Option Scheme or any other scheme of
                                    the same or similar kind in which the
                                    Executive is, or may be, an eligible
                                    participant.

                                       4

<PAGE>

3        TERM OF EMPLOYMENT

         3.1      This Agreement shall be deemed to have commenced on the
                  Commencement Date and, subject to CLAUSE 10, shall continue in
                  force for a further period of two years, which period shall be
                  deemed to have commenced on 1 December 2003 and will terminate
                  on 30 November 2005.

         3.2      On the expiry of this Agreement on 30 November 2005, the
                  Executive shall be paid an amount equal to half his
                  Remuneration Package calculated on the basis of the
                  Remuneration Package payable to the Executive on the date of
                  termination of employment.

         3.3      The parties envisage the possibility that this Agreement may
                  be extended for a further period of time, or that a new
                  agreement may be entered into between them in terms of which
                  the Executive continues to be employed by the Company. Should
                  this Agreement be extended or should a new agreement be
                  entered into, the payment referred to in CLAUSE 3.2 shall not
                  be made but shall be made on the termination of the new
                  agreement or on the termination of the extended period.

4        DUTIES

         4.1      The Executive is appointed as Chief Executive Officer and
                  shall:

                  4.1.1    perform such duties and exercise such
                           responsibilities as set out in Annexure A hereto as
                           amended from time to time and such other duties as
                           are determined from time to time by the Board;

                  4.1.2    comply with all reasonable instructions given to him
                           from time to time by the Board;

                  4.1.3    carry out his duties in a proper, loyal and efficient
                           manner and use his best endeavors to properly
                           conduct, improve, extend, develop, promote, protect
                           and preserve the business interests, reputation and
                           goodwill of the Company and the Group;

                  4.1.4    comply with all the Company's reasonable rules,
                           regulations, policies, practices and procedures laid
                           down and amended from time to time for the efficient
                           and harmonious operation of the Company's business;
                           and

                  4.1.5    not be in the employment of any other employer other
                           than within the Group throughout the duration of this
                           Agreement.

         4.2      Unless otherwise agreed, the Executive's normal hours of work
                  will be from 9h00 until 17h00, Mondays to Fridays. However, as
                  senior member

                                       5

<PAGE>

                  of management the Executive shall be required to work such
                  additional hours as are necessary to perform his duties
                  effectively.

         4.3      The Executive shall not, either during his employment by the
                  Company or thereafter, use or disclose to any third parties,
                  or attempt to use or disclose to any third parties, any
                  Confidential Information. For the purposes of this Agreement
                  confidential information includes information, which is of a
                  confidential nature relating to the Company and the Group,
                  including without being limited to, business plans, trade
                  secrets, financial information, technical information and/or
                  commercial information.

         4.4      Upon the termination of his employment with the Company, and
                  if so requested by the Company during employment, the
                  Executive shall deliver to the Company all lists of clients or
                  customers, correspondence and all other Documents, papers and
                  records which may have been prepared by him or have come into
                  his possession in the course of his employment with the
                  Company, and the Executive shall not be entitled to retain any
                  copies thereof. The Executive acknowledges that all title and
                  copyright in the Confidential Information and Documents shall
                  vest in the Company.

5        REMUNERATION PACKAGE

         5.1      The Executive shall be paid an annual all-inclusive
                  Remuneration Package amounting to US$200 000.00 (two hundred
                  thousand United States dollars) paid in 12 equal amounts.

         5.2      Payment shall be made monthly in arrears by bank credit
                  transfer into the Executive's Account, which Account
                  Particulars are more fully set out in Annexure B hereto, on or
                  about the 24 day of each month.

         5.3      The Executive will be responsible for all personal tax
                  obligations.

         5.4      The Remuneration Package referred to in CLAUSE 5.1 shall
                  include contributions made to a retirement fund of the
                  Executor's choice.

6        EXPENSES AND REIMBURSEMENTS

         The Company will refund, or will procure the refunding, to the
         Executive of all reasonable expenses properly incurred by him in
         performing his duties under this Agreement in accordance with Company
         policy. This will include expenses relating to entertainment and
         traveling. The Company requires the Executive to submit official
         receipts or other documents as proof that he has incurred any expenses
         he claims.

7        BONUS AND INCENTIVES

         7.1      In addition to the Executive's Remuneration Package and other
                  benefits stipulated in this Agreement, the Executive shall be
                  entitled to the bonuses

                                       6

<PAGE>

                  and incentives set out in this clause, subject to the
                  conditions set out herein.

         7.2      The Executive shall be entitled to bonuses to be determined
                  with reference to targets set in terms of key performance
                  indicators as agreed between the Executive and the Group
                  Remuneration Committee.

                  7.2.1    Bonuses shall be calculated and be payable in respect
                           of 4 (four) bonus cycles. The first cycle shall be
                           deemed to have commenced on 1 January 2004 and shall
                           terminate on 30 June 2004. The second bonus cycle
                           shall commence on 1 July 2004 and shall terminate on
                           31 December 2004. The third bonus cycle shall
                           commence on 1 January 2005 and terminate on 30 June
                           2005. The fourth bonus cycle shall commence on 1 July
                           2005 and terminate on 30 November 2005. Should the
                           Executive _____________ indicators agreed to in
                           respect of a specific bonus cycle he shall be
                           entitled to a bonus of 50 (fifty) per cent of his
                           Remuneration Package. Should the Executive not fully
                           meet all the targets set in terms of the key
                           performance indicators as agreed, he shall be
                           entitled to such lesser bonus as determined by the
                           Group Remuneration Committee. This bonus will be
                           determined with reference to the extent that the
                           targets have been met.

                  7.2.2    The bonuses referred in CLAUSE 7.2.1 will be paid to
                           the Executive by the Company within 30 (thirty)
                           business days of the end of each bonus cycle.

                  7.2.3    The bonuses referred to in CLAUSE 7.2.1 will be paid
                           in the following manner:

                           7.2.3.1  the Company shall pay to the Executive the
                                    amount due to the Executive in terms of
                                    clause 7.2.1 less 25% (twenty five per cent)
                                    of that amount;

                           7.2.3.2  an amount equivalent to the amount deducted
                                    in terms of CLAUSE 7.2.3.1 shall be retained
                                    by the Company for the benefit of the
                                    Executive (excluding interest);

                           7.2.3.3  the Executive shall, provided that the
                                    Executive meets the performance criteria
                                    determined by the Group Remuneration
                                    Committee and accordingly qualifies for a
                                    bonus during the next bonus cycle, be
                                    entitled to receive payment of the amount
                                    retained by the Company during the previous
                                    bonus cycle.

                  7.2.4    Notwithstanding the above, if this Agreement is not
                           extended, or a further agreement is not entered into
                           as envisaged in CLAUSE 3.3,

                                       7

<PAGE>

                           any bonus payable in respect of the final bonus cycle
                           shall be payable in full within 30 (thirty) business
                           days of the end of the final bonus cycle.

                  7.2.5    The provisions of this CLAUSE 7.2 shall be applicable
                           to each bonus cycle.

                  7.2.6    Any bonus payable in terms of the Previous Agreement
                           shall continue to accrue and be payable in terms of
                           the Previous Agreement.

         7.3      Subject to the provisions set out below, and as consideration
                  for agreeing to remain in the employment of the Company for
                  the periods set out below, the Executive shall be issued or
                  provided with up to 168 000 (one hundred and sixty-eight
                  thousand) ordinary shares in Durban Roodepoort Deep, Limited
                  in the tranches set out below. The 168 000 (one hundred and
                  sixty-eight) thousand shares represent an amount equal to 240
                  (two hundred and forty) per cent of the Executive's
                  Remuneration Package based on the closing price of the
                  Company's shares as quoted on NASDAQ on 1 December 2003. If
                  the Executive becomes entitled to shares in terms of this
                  CLAUSE 7.3, the Company shall procure that these shares are
                  issued to the Executive by Durban Roodepoort Deep, Limited or
                  shall take all such other steps as are necessary, at its own
                  cost, to provide the Executive with these shares. If these
                  shares are not issued or provided, the Company shall pay the
                  Executive the monetary value thereof.

                  7.3.1    The shares shall be issued or provided to the
                           Executive in four equal tranches. The Executive shall
                           become entitled to, and shall be issued or provided
                           with, the first tranche on 30 November 2004, provided
                           that he is still in the employment of the Company on
                           this date.

                  7.3.2    The Executive shall become entitled to, and shall be
                           issued or provided with, the second tranche on 30
                           November 2005, provided that he is still in the
                           employment of the Company on this date.

                  7.3.3    The Executive shall become entitled to, and shall be
                           issued or provided with, the third tranche on 30
                           November 2006, provided that he is still in the
                           employment of the Company on this date.

                  7.3.4    The Executive shall become entitled to, and shall be
                           issued or provided with the final tranche on 30
                           November 2007 provided that he is still in the
                           employment of the Company on this date.

                  7.3.5    Should this Agreement automatically terminate in
                           accordance with the provisions of CLAUSE 3.1 read
                           with CLAUSE 10.1.1, and should there be no extension
                           of this Agreement or the conclusion of

                                       8

<PAGE>

                           another agreement as envisaged in CLAUSE 3.3, the
                           Board may, at its discretion, award the Executive all
                           or some of the shares to which the Executive would
                           have become entitled in terms of CLAUSE 7.3.3 and
                           CLAUSE 7.3.4 if he had remained in the employment of
                           the Company. In this event the Company shall procure
                           that these shares are issued to the Executive by
                           Durban Roodepoort Deep, Ltd or shall take all such
                           other steps as are necessary to provide the Executive
                           with these shares.

                  7.3.6    The Executive shall be entitled to elect not to be
                           issued a portion of any of the shares to which he
                           becomes entitled in terms of CLAUSES 7.3.1, 7.3.2,
                           7.3.3, 7.3.4 OR 7.3.5, but rather to receive a
                           monetary amount in lieu of such shares from the
                           Company, calculated at the share price as set out in
                           CLAUSE 7.3 above.

                  7.3.7    If, on a date that shares should be issued or
                           provided in terms of this clause, the Executive is
                           prohibited, in terms any legal provision and/or any
                           rule or directive of any applicable Stock Exchange or
                           Securities Regulation Authority, from being issued or
                           provided with these shares, these shares shall be
                           issued or provided on the first date on which such
                           prohibition is no longer in effect.

                  7.3.8    The parties record that the coming into effect of
                           CLAUSE 7.3 is subject to the shareholders of Durban
                           Roodepoort Deep, Limited granting the necessary
                           approval in terms of the South African Companies Act,
                           1973, (if applicable) and the Isle of Man Companies
                           Legislation (if applicable). The parties further
                           record that if such approval is not granted, the
                           Executive shall be eligible for shares in terms of
                           the

8        INSURANCE COVER

         8.1      The Company shall apply for and maintain a reasonable level of
                  Directors' and Officers' Liability Insurance, with the
                  Executive covered as an insured and the Company will maintain
                  at its expense the same cover for the Executive for a period
                  of 7 (seven) years after termination of this Agreement by
                  either party for any reason whatsoever.

         8.2      The Company undertakes to pay the premiums payable in respect
                  of the Executive under the Group Life Scheme of the Company.
                  The cover under the Group Life Scheme shall include temporary
                  and permanent disability and trauma insurance. The life
                  assurance cover for the Executive will be an amount equivalent
                  to 4 (four) years of the gross annual Remuneration Package
                  paid to the Executive calculated on the basis of the
                  Remuneration Package payable to the Executive at the date of
                  his death.

                                       9

<PAGE>

         8.3      On termination of this Agreement by either party for any
                  reason whatsoever, the Executive shall, subject to the rules
                  of the Group Life Scheme, be entitled to remain a member of
                  the Group Life Scheme and to enjoy the same benefits and
                  coverage as those he enjoyed immediately prior to the
                  termination of employment. The benefits and coverage shall be
                  based on the Remuneration Package the Executive was entitled
                  to immediately prior to the date of termination of employment.
                  The Company shall pay all premiums and contributions payable
                  to maintain such membership and coverage for a period of 5
                  (five) years calculated from the date of termination of
                  employment. Should the Executive, as a result of the
                  termination of his employment, not be entitled to retain the
                  benefits and coverage contained in the Group Life Scheme, and
                  he decides to exercise the right to effect whole life or
                  endowment insurance as envisaged in Clause 4 of the Group Life
                  Scheme, all premiums and contributions for such benefits and
                  coverage shall be borne by the Company for a period of 5
                  (five) years calculated from the date of the termination of
                  his employment. The Company shall take all such steps, and
                  provide all such assistance, as may be necessary to ensure
                  that the Executive is entitled to exercise his rights in terms
                  of this clause. ____________________ Sanlam Scheme No 18740
                  (Policy No. 18681100X6) or any other similar scheme that is in
                  effect at the date of termination of employment.

9        LEAVE

         9.1      The Executive shall be entitled to 30 (thirty) working days'
                  paid leave in each successive period of 12 (twelve) months of
                  work commencing on the Commencement Date and thereafter
                  commencing on 1 July of each following year.

         9.2      The Executive shall be entitled to an additional 21
                  (twenty-one) working days' paid leave during the period of the
                  60 (sixty) months commencing on the Engagement Date and an
                  additional 21 (twenty-one) working days' paid leave every
                  successive cycle of 60 (sixty) months thereafter.

         9.3      The Executive shall not be entitled to accumulate any leave
                  set out in CLAUSE 9.1 which has not been taken, unless the
                  Board has specifically requested the Executive in writing not
                  to take leave in such year. Any leave not taken will be
                  converted into cash annually on 1 July each year and be
                  payable to the Executive.

         9.4      Leave provided for in CLAUSE 9.2, which is not taken in a
                  particular cycle of 60 (sixty) months will not be forfeited
                  but must be taken in the next cycle of 60 (sixty) months.

                                       10

<PAGE>

10       TERMINATION

         10.1     This agreement will terminate in the circumstances set out
                  below.

                  10.1.1   This Agreement will terminate automatically on 30
                           November 2005 when the 2-year period referred to in
                           CLAUSE 3.1 expires.

                  10.1.2   The Company may terminate this Agreement with or
                           without notice if the Executive -

                           10.1.2.1 commits any serious or persistent breach of
                                    any of the provisions contained in this
                                    Agreement, provided that the inability of
                                    the Executive to perform his duties due to
                                    incapacity shall not constitute a breach of
                                    contract for the purposes of this Agreement;

                           10.1.2.2 is found guilty of theft, fraud or any gross
                                    irregularity; or

                           10.1.2.3 is found guilty of gross misconduct, serious
                                    malperformance, or willful neglect in the
                                    discharge of his duties.

                  10.1.3   If the Executive is at any time prevented by illness,
                           injury, accident or any other circumstances beyond
                           his control from discharging his full duties under
                           this Agreement (hereafter referred to as
                           "incapacity") for a total of 180 (one hundred and
                           eighty) or more days in any 12 (twelve) consecutive
                           calendar months' cycle commencing at the Commencement
                           Date, the Company may, by giving one month's written
                           notice of termination to the Executive, terminate
                           this Agreement, in which event he shall be paid an
                           amount equal to half his Remuneration Package
                           calculated on the basis of the Remuneration Package
                           payable to the Executive on the date of termination
                           of employment. Notwithstanding the incapacity and
                           absence from work, the Company shall be required to
                           pay the Executive his full remuneration during any
                           period of absence from work prior to termination of
                           employment in terms of this clause.

                  10.1.4   The Executive may terminate this Agreement by reason
                           of an Eligible Transaction in accordance with the
                           provisions of CLAUSE 11 below.

         10.2     Should this Agreement terminate in terms of any of the
                  provisions thereof, the Executive shall resign his
                  directorship within 2 days of the termination of this
                  Agreement unless the Board agrees in writing to the Executive
                  continuing to act as a director.

                                       11

<PAGE>

         10.3     Nothing contained in this Agreement shall be construed as
                  according the Executive any entitlement to compensation for
                  loss of office as a director of the Company or any company
                  within the Group.

11       ELIGIBLE TRANSACTIONS

         11.1     For the purposes of this Agreement an "Eligible Transaction"
                  means any agreement, including any agreement forming part of a
                  series of other agreements, which either by itself or together
                  with any of the other agreements, constitutes or results in a
                  transaction involving a change of control of Durban Roodepoort
                  Deep, Limited of a kind which falls within the ambit of clause
                  (a) of the definition of "affected transaction" in Section B
                  of the Code, read with clause 5 of the same Section of the
                  Code.

         11.2     If an Eligible Transaction is entered into, the Executive
                  shall be entitled to terminate this Agreement, subject to the
                  following provisions:

                  11.2.1   the Executive may exercise this right of termination
                           by giving written notice to this effect to the
                           Company at any time from the date on which the
                           announcement of a firm intention to make an offer in
                           respect of the Eligible Transaction, as contemplated
                           in Rule 2.3 of Section D of the Code ("the
                           Announcement Date"), is made in accordance with the
                           requirements of the Code, until the Closing Date of
                           that Eligible Transaction;

                  11.2.2   if the Executive gives written notice of termination
                           in terms of CLAUSE 11.2.1 he may at the same time, or
                           at anytime before the Closing Date, or in the
                           circumstances envisaged in CLAUSE 11.2.6, any time
                           before the extended date as defined in CLAUSE 11.2.6,
                           and notwithstanding the rules of the Share Option
                           Scheme or any other directive of the Board, exercise
                           all options granted to him in terms of the Share
                           Option Scheme, read with CLAUSE 12.2.

                  11.2.3   if the Executive gives written notice of termination
                           in terms of CLAUSE 11.2.1 he shall become entitled
                           to, and shall be issued, all the shares referred to
                           in CLAUSE 7.3 which have not yet been issued to the
                           Executive in terms _______ in CLAUSES 7.3.1, 7.3.2,
                           7.3.3 and 7.3.4 have not yet arrived. The Company
                           shall procure that these shares are issued by Durban
                           Roodepoort Deep, Limited, or shall take all such
                           other steps as are necessary to provide the Executive
                           with these shares. If the shares are not issued or
                           are not provided the Executive shall be paid the full
                           value of the shares by the Company;

                  11.2.4   any notice of termination given by the Executive in
                           terms of CLAUSE 11.2.1, any exercise of his rights
                           under the Share Option Scheme in terms of CLAUSE
                           11.2.2, and any right to be issued shares in terms of

                                       12

<PAGE>

                           CLAUSE 11.2.3 shall be conditional upon, and shall
                           therefore take effect only if, the Eligible
                           Transaction itself becomes wholly unconditional and
                           is actually carried into effect and implemented in
                           accordance with its terms and accordingly ceases to
                           be executory;

                  11.2.5   any notice of termination given in terms of CLAUSE
                           11.2.1, any rights exercised in terms of CLAUSE
                           11.2.2 and any entitlement to shares in terms of
                           CLAUSE 11.2.3 may not be withdrawn or revoked by the
                           Executive, without the written consent of the
                           Company; and

                  11.2.6   if any notice of termination given by the Executive
                           in terms of CLAUSE 11.2.1 takes effect in terms of
                           CLAUSE 11.2.4, this Agreement shall terminate on the
                           Closing Date of the Eligible Transaction; provided
                           that if the Executive is prohibited, in terms any
                           legal provision, and/or rule or directive of any
                           applicable Stock Exchange or Security Regulation
                           Authority, from exercising any right under the Share
                           Option Scheme, or from being issued with shares in
                           terms of CLAUSE 11.2.3, for any period of time during
                           the period between the Announcement Date and the
                           Closing Date, this Agreement will not terminate on
                           the Closing Date but will continue in existence until
                           a period of 30 days has elapsed, calculated from the
                           date on which the prohibition ceased to be of effect
                           (the "extended date"), provided further that if the
                           Closing Date is a date later than the Extended Date
                           this Agreement shall terminate on the Closing Date.

12       SHARE OPTIONS

         12.1     All existing share options granted to the Executive in terms
                  of the Share Option Scheme will be honored and the Company
                  shall procure, as far as is necessary, that they are so
                  honored.

         12.2     In the event of the Executive giving notice of termination of
                  employment in terms of CLAUSE 11.2.1 the Company shall procure
                  that all shares allocated to the Executive in terms of the
                  Share Option eme will not lapse but shall become exercisable
                  by him within the time periods set out in CLAUSE 11.2.1 or
                  11.2.6 whichever is applicable.

         12.3     In the event that the Company is unable to procure that the
                  shares become exercisable, the Company shall indemnify the
                  Executive for any losses suffered as a result thereof.

         12.4     Notwithstanding anything to the contrary in this Agreement,
                  the Company shall be entitled to suspend the Executive during
                  the periods referred to in CLAUSES 11.2.1 or 11.2.6, provided
                  that all amounts and benefits which

                                       13

<PAGE>

                  otherwise accrue to the Executive during those periods shall
                  continue to accrue as if he were not suspended.

13       BENEFITS PAYABLE FOR AN ELIGIBLE TERMINATION

         13.1     In the event of the Executive giving notice of termination of
                  employment in terms of CLAUSE 11.2.1 the Executive shall,
                  subject to compliance with the relevant company laws, be
                  entitled to receive payment from the Company as a termination
                  benefit an amount equal to:

                                     TS x TE
                                     -------
                                       12

         Where:

         TS   =         means the period (in completed calendar months) served
                        by the Executive as an employee of the Group from the
                        Engagement Date to the date of termination of this
                        Agreement, provided that such period shall not be less
                        than 12 (twelve) calendar months nor more than 48
                        (forty-eight) calendar months; and

         TE   =         means the remuneration package as set out in CLAUSE 5.1.

         13.2     The total amount which becomes payable to the Executive in
                  terms of this clause shall accrue to him on the date on which
                  the termination takes effect, and be payable to him within 30
                  (thirty) days after the amount has been determined by the
                  Auditors in accordance with CLAUSE 13.3.

         13.3     The total amount and all the separate amounts making up the
                  total amount payable to the Executive in terms of CLAUSE 13.1
                  including any pro-rata adjustments made, shall be determined
                  by the Auditors as soon as possible after the date of
                  termination, and their certificate as to each of those amounts
                  shall, in the absence of manifest or clerical error, be final
                  and binding on all the Parties.

14       NOTICES

         14.1     Any notices given under this Agreement must be given by letter
                  or fax. Notices to the Company must be addressed to its
                  registered office at the time the notice is given. Notices to
                  the Executive must be given to him personally or sent to his
                  last known address.

         14.2     Except for notices given by hand, notices will be deemed to
                  have been given at the time at which the letter or fax would
                  be delivered in the ordinary course of post or transmission.

                                       14

<PAGE>

15       THE RIGHT OF THE COMPANY TO ASSIGN THIS AGREEMENT

         15.1     The Company shall be entitled, without the consent of the
                  Executive, to assign all its rights and all its obligations
                  under this Agreement to any company, which, at the time of the
                  assignment, is a member of the Group.

         15.2     For the avoidance of any doubt it is expressly recorded that
                  the provisions of CLAUSE 15.1 shall apply mutatis mutandis to
                  any succeeding assignee of this Agreement.

16       DISCIPLINARY RULES AND GRIEVANCE PROCEDURE

         16.1     The Disciplinary Rules attached hereto as Annexure C shall
                  apply to the Executive's Employment. These rules constitute
                  guidelines as to the Executive's Conduct rather than binding
                  contractual obligations. In the event of disciplinary action
                  being taken against the Executive he shall be entitled to take
                  the matter up with the Board.

         16.2     The Grievance Procedure attached hereto as Annexure D shall
                  apply to the Executive. This procedure sets out guidelines
                  rather than binding contractual obligations. In the event of a
                  grievance arising, the Executive shall be entitled to approach
                  the Board to deal with the issue.

         16.3     In the event of a conflict between the provisions of this
                  Agreement on the one hand and the disciplinary rules and
                  grievance procedure on the other, this agreement shall take
                  precedence.

17       DISPUTES

         17.1     In the event of any dispute arising out of this agreement the
                  matter shall be referred to a single arbitrator agreed to by
                  the parties and in the absence of any such agreement such
                  arbitrator shall be appointed by the President for the time
                  being, or in his absence the Vice President for the time
                  being, of the Isle of Man Law Society.

         17.2     This agreement shall be governed by and construed in
                  accordance with the law of the Isle of Man.

18       GENERAL

         18.1     This document contains the entire agreement between the
                  Parties in regard to its subject matter.

         18.2     No Party shall have any claim or right of action arising from
                  any undertaking, representation or warranty not included in
                  this Agreement.

         18.3     No failure by a Party to enforce any provision of this
                  Agreement shall constitute a waiver of such provision or
                  affect in any way a Party's right to

                                       15

<PAGE>

                  require performance of any such provision at any time in the
                  future, nor shall the waiver of any subsequent breach nullify
                  the effectiveness of the provision itself.

         18.4     No agreement to vary, add to or cancel this Agreement shall be
                  of any force or effect unless reduced to writing and signed by
                  or on behalf of the Parties to this Agreement.

   SIGNED at                   on                                      2004

                                For: DRD (ISLE OF MAN) LIMITED

                                /s/ P.F. Mathews
                                ------------------------------------
                                Signatory:
                                Capacity:
                                Authority:

SIGNED at                      on                                     2004

                                /s/ I.L.Murray
                                -------------------------------------
                                IAN LOUIS MURRAY

                                       16

<PAGE>

                         DURBAN ROODEPOORT DEEP, LIMITED

                             (Reg No 1895/000926/06)

                                     [LOGO]

            ROLE AND FUNCTION OF THE CHAIRPERSON (EXECUTIVE CHAIRMAN)

In accordance with King II, the Chairperson's primary function is to preside
over meetings of the directors and to ensure the smooth functioning of the Board
in the interest of good corporate governance.

The role of the Chairperson is influenced by such matters as the size of the
company, the complexity of its operations, the qualities of the Chief Executive
Officer, the management team and the skills and experience of each board member.

The core functions performed by the Chairman include:

-        Providing overall leadership to the board without limiting the
         principles of collective responsibility for board decisions;

-        Actively participating in the selection of board members as well as
         overseeing a formal succession plan for the board, Chief Executive
         Officer and senior management;

-        Arranging for new directors to the board to be property inducted and
         oriented;

-        Addressing the development needs of the board as a whole and individual
         directors;

-        Monitoring and evaluating board and director performance appraisals;

-        Determining the formulation of an annual work plan for the board
         against agreed objectives and goals, as well as playing an active part
         in setting the agenda for board meetings;

-        Acting as the main information link between the board and management,
         and particularly between the board and the Chief Executive Officer;

-        Assist in maintaining relations with the company's shareowners and more
         important stakeholders;

-        Ensuring that all directors play a fun and constructive role in the
         affairs of the company and taking a leading role in removing
         non-performing or unsuitable directors from the board;

<PAGE>

-        Ensuring that all relevant information and facts, objectively speaking,
         are placed before the board to enable directors to reach informed
         decisions;

-        Upholds the highest standards of integrity and probity;

-        Sets the agenda style and tone of board discussions to promote
         effective decision-making and constructive debate;

-        Ensuring that the board has sufficient time to discuss issues;

-        Promotes effective relationships and open communication, both inside
         and outside the boardroom, between non-executive directors and the
         executive team;

-        Promotes the highest standards of corporate governance and seeks
         compliance with the provisions of the Code wherever possible;

-        Ensures a clear structure for and the effective running of board
         committees;

-        Ensures effective implementation of board decisions;

-        Establishes a close relationship of trust with the chief executive,
         providing support and advice while respecting executive responsibility;
         and

-        Provides coherent leadership of the company, including representing the
         company and understanding the view of the shareholders.

                ROLE AND FUNCTION OF THE CHIEF EXECUTIVE OFFICER

In accordance with King II, the Chief Executive Officers primary function is to
run the business and to implement the policies and strategies adopted by the
board. The Chief Executive Officer also provides leadership, strategic
provision, high-level business judgment and wisdom, and the ability to meet
immediate performance targets without neglecting longer-term growth
opportunities. The Chief Executive Officer therefore plays a critical and
strategic role in the operational success of the company's business.

The core functions performed by the Chief Executive Officer:

-        Develop and recommend to the board the long-term strategy and vision
         for the company that will generate satisfactory levels of shareowner
         value and positive, reciprocal relations with relevant stakeholders;

-        Develop and recommend to the board annual business plans and budgets
         that support the company's long-term strategy;

-        Strive consistently to achieve the company's financial and operating
         goals and objectives, and ensure that the day-to-day business affairs
         of the company are appropriately monitored and managed;

                                       2

<PAGE>

-        Ensure continuous improvement in the quality and value of the products
         and services provided by the company, and that the company achieves and
         maintains a satisfactory competitive position within its industry;

-        Ensure that the company has an effective management team that actively
         participate in the development of management and succession planning;

-        Formulate and oversee the implementation of major corporate policies;

-        Serve as the chief spokesperson for the company;

-        Maintain a positive and ethical work climate that is conducive to
         attracting, retaining and motivating a diverse group of employees at
         all levels of the company; and

-        Foster a corporate culture that promotes ethical practices, encourages
         individual integrity and fulfils social responsibility objectives and
         imperatives.

                                       3

<PAGE>

                                                                      ANNEXURE B

BANKING DETAILS - I L MURRAY
<PAGE>

                                   ANNEXURE C
                             DISCIPLINARY PROCEDURE

         This disciplinary procedure provides for warnings to be given for
failure to meet the Company's standards of job performance, conduct (whether
during working hours or not) and attendance, or for breach of any of the terms
and conditions of employment. The procedure is not contractual but applies to
the Executive as an employee of the Company and the Executive should
familiarizes himself with its provisions.

1. In the first instance the Senior Independent Non Executive Director (Geoffrey
Campbell) ("Senior Independent Non Executive Director") will establish the facts
surrounding the complaint if necessary taking into account the statements of any
available witnesses.

2. If the Senior Independent Non Executive Director considers that it is not
necessary to resort to the formal warning procedure, he will discuss the matter
with the Executive suggesting areas for improvement. The discussion will,
insofar as is possible, be in private and the Executive will be informed that no
formal disciplinary action is being taken.

3. If the Senior Independent Non Executive Director considers that it is
necessary to invoke the formal warning procedure they will inform the Executive.
The following procedure will then apply, but, depending upon the seriousness of
the offence, may be invoked at any level including summary dismissal.

                  3.1      IN THE CASE OF MINOR OFFENCES THE EXECUTIVE WILL BE
                           GIVEN A FORMAL ORAL WARNING. THE EXECUTIVE WILL BE
                           ADVISED THAT THE WARNING CONSTITUTES THE FIRST FORMAL
                           STAGE OF THE DISCIPLINARY PROCEDURE AND THAT A NOTE
                           WILL BE PLACED ON HIS PERSONAL FILE. THE NATURE OF
                           THE OFFENCE AND THE LIKELY CONSEQUENCES OF FURTHER
                           OFFENCES OR A FAILURE TO IMPROVE WILL BE EXPLAINED TO
                           THE EXECUTIVE.

                  3.2      IN THE CASE OF SERIOUS OFFENCES OR A REPETITION OF
                           EARLIER MINOR OFFENCES THE EXECUTIVE WILL BE GIVEN A
                           WRITTEN WARNING, SETTING OUT THE PRECISE NATURE OF
                           THE OFFENCE, THE LIKELY CONSEQUENCES OF FURTHER
                           OFFENCES AND SPECIFYING, IF APPROPRIATE, THE
                           IMPROVEMENT REQUIRED AND OVER WHAT PERIOD.

                  3.3      IN THE CASE OF A FURTHER REPETITION OF EARLIER
                           OFFENCES, IF THE EXECUTIVE STILL FAILS TO IMPROVE OR
                           IF THE OFFENCE, WHILST FALLING SHORT OF GROSS
                           MISCONDUCT, IS SERIOUS ENOUGH TO WARRANT ONLY ONE
                           WRITTEN WARNING, THE EXECUTIVE WILL BE GIVEN A FINAL
                           WRITTEN WARNING SETTING OUT THE PRECISE NATURE OF THE
                           OFFENCE, CONTAINING A STATEMENT THAT ANY RECURRENCE
                           WILL LEAD TO DISMISSAL OR WHATEVER OTHER PENALTY IS
                           CONSIDERED APPROPRIATE

<PAGE>

                           AND SPECIFYING, IF APPROPRIATE, THE IMPROVEMENT
                           REQUIRED AND OVER WHAT PERIOD.

                  3.4      DEPENDING UPON THE SERIOUSNESS OF THE MATTER AND ALL
                           THE CIRCUMSTANCES, ANY OF THE ABOVE STAGES MAY BE
                           OMITTED.

                  3.5      IN THE CASE OF GROSS MISCONDUCT OR IF ALL OR THE
                           APPROPRIATE STAGES OF THE WARNING PROCEDURE HAVE BEEN
                           EXHAUSTED THE EXECUTIVE WILL NORMALLY BE DISMISSED,
                           BUT ONLY AFTER CONSIDERATION OF OTHER POSSIBLE
                           DISCIPLINARY ACTION INCLUDING (BUT WITHOUT
                           LIMITATION): DEMOTION OR TRANSFER, LOSS OF SENIORITY
                           OR SALARY INCREMENT; SUSPENSION WITH OR WITHOUT PAY.

4. Where the Executive is accused of an act of gross misconduct he may be
suspended from work for on full pay pending the outcome of investigation into
the alleged offence.

5. In all cases before any disciplinary action (including warnings) is taken the
Executive will be interviewed by the Senior Independent Non Executive Director
and will be informed of the allegations made against him. The Executive will be
given the opportunity to state his case and at the interview may be accompanied
by a colleague of his choice. If the complaint is upheld he will be informed of
the disciplinary action to be taken; the stage in the disciplinary procedure to
be adopted depending upon the seriousness of the offence, and of the right to
appeal.

6. If the Executive is dissatisfied with the outcome of any stage of the above
procedure he may appeal either orally or in writing within 7 days to any other
independent Non Executive Director as agreed by the Board from time to time.

7. The following are non-exhaustive examples of the sort of offences which, if
committed, will normally lead to formal disciplinary action being taken:

                  7.1      MINOR OFFENCES (ORAL WARNING): POOR JOB PERFORMANCE
                           INVOLVING SUB-STANDARD WORK, UNPUNCTUALITY,
                           ABSENTEEISM OR ANY MINOR BREACH OF THE COMPANY'S
                           REGULATIONS.

                  7.2      SERIOUS OFFENCES (WRITTEN WARNING): NEGLIGENCE
                           RESULTING IN MINOR LOSS, DAMAGE OR INJURY; FAILURE TO
                           COMPLY WITH A SPECIFIC INSTRUCTION; IRRESPONSIBILITY
                           IN RELATION TO THE COMPANY'S EMPLOYEES, ACTIVITIES OR
                           IMPROPRIETY IN RELATION TO THE EXECUTIVE'S TASKS FOR
                           THE COMPANY, WHETHER OR NOT WITHIN WORKING HOURS,
                           WHICH THE COMPANY REASONABLY CONSIDERS TO BE
                           DETRIMENTAL TO OR CONFLICTING WITH THE INTERESTS OF
                           THE COMPANY OR ITS CLIENTS OR CUSTOMERS, OR LIKELY TO
                           AFFECT THE STANDARD OF WORK; FAILURE TO DISCLOSE ANY
                           PERSONAL INTEREST THE EXECUTIVE HAS WHICH CONFLICTS
                           WITH ANY MATTER OF A CLIENT OR CUSTOMER WITH WHICH HE
                           IS ENGAGED, OR ANY BREACH OF CONFIDENCE RELATING TO
                           THE COMPANY OR ITS CLIENT'S OR CUSTOMER'S AFFAIRS.

                                        2

<PAGE>

                  7.3      GROSS MISCONDUCT (DISMISSAL): NEGLIGENCE RESULTING IN
                           SERIOUS LOSS, DAMAGE OR INJURY; ASSAULT OR ATTEMPTED
                           ASSAULT; THEFT; MALICIOUS DAMAGE TO PROPERTY; WILLFUL
                           DISREGARD OF DUTIES OR OF INSTRUCTIONS RELATING TO
                           THE EMPLOYMENT; DELIBERATE AND SERIOUS BREACH OF
                           CONFIDENCE RELATING TO THE COMPANY'S OR ITS CLIENT'S
                           OR CUSTOMER'S AFFAIRS; THE USE FOR PERSONAL ENDS OF
                           CONFIDENTIAL INFORMATION OBTAINED BY THE EXECUTIVE IN
                           THE COURSE OF HIS EMPLOYMENT; FALSIFICATION OF
                           RECORDS; CONDUCT VIOLATING COMMON DECENCY, OR
                           CONVICTION ON A CRIMINAL CHARGE RELEVANT TO THE
                           EXECUTIVE'S EMPLOYMENT. (IN SERIOUS CASES, DISMISSAL
                           WILL NORMALLY BE WITHOUT NOTICE.)

                                       3

<PAGE>

                                   ANNEXURE D

                             DISCIPLINARY PROCEDURE

         This disciplinary procedure provides for warnings to be given for
failure to meet the Company's standards of job performance. conduct (whether
during working hours or not) and attendance, or for breach of any of the terms
and conditions of employment. The procedure is not contractual but applies to
the Executive as an employee of the Company and the Executive should
familiarizes himself with its provisions.

1. In the first instance the Chairman of the Board (Mark Wellesley Wood) ("the
Chairman") will establish the facts surrounding the complaint if necessary
taking into account the statements of any available witnesses.

2. If the Chairman considers that it is not necessary to resort to the formal
warning procedure, he will discuss the matter with the Executive suggesting
areas for improvement. The discussion will, insofar as is possible, be in
private and the Executive will be informed that no formal disciplinary action is
being taken.

3. If the Chairman considers that it is necessary to invoke the formal warning
procedure they will inform the Executive. The following procedure will then
apply, but. depending upon the seriousness of the offence, may be invoked at any
level including summary dismissal.

                  3.1      IN THE CASE OF MINOR OFFENCES THE EXECUTIVE WILL BE
                           GIVEN A FORMAL ORAL WARNING. THE EXECUTIVE WILL BE
                           ADVISED THAT THE WARNING CONSTITUTES THE FIRST FORMAL
                           STAGE OF THE DISCIPLINARY PROCEDURE AND THAT A NOTE
                           WILL BE PLACED ON HIS PERSONAL FILE. THE NATURE OF
                           THE OFFENCE AND THE LIKELY CONSEQUENCES OF FURTHER
                           OFFENCES OR A FAILURE TO IMPROVE WILL BE EXPLAINED TO
                           THE EXECUTIVE.

                  3.2      IN THE CASE OF SERIOUS OFFENCES OR A REPETITION OF
                           EARLIER MINOR OFFENCES THE EXECUTIVE WILL BE GIVEN A
                           WRITTEN WARNING, SETTING OUT THE PRECISE NATURE OF
                           THE OFFENCE, THE LIKELY CONSEQUENCES OF FURTHER
                           OFFENCES AND SPECIFYING, IF APPROPRIATE, THE
                           IMPROVEMENT REQUIRED AND OVER WHAT PERIOD.

                  3.3      IN THE CASE OF A FURTHER REPETITION OF EARLIER
                           OFFENCES, IF THE EXECUTIVE STILL FAILS TO IMPROVE OR
                           IF THE OFFENCE, WHILST FALLING SHORT OF GROSS
                           MISCONDUCT, IS SERIOUS ENOUGH TO WARRANT ONLY ONE
                           WRITTEN WARNING, THE EXECUTIVE WILL BE GIVEN A FINAL
                           WRITTEN WARNING SETTING OUT THE PRECISE NATURE OF THE
                           OFFENCE, CONTAINING A STATEMENT THAT ANY RECURRENCE
                           WILL LEAD TO DISMISSAL OR WHATEVER OTHER PENALTY IS
                           CONSIDERED APPROPRIATE AND SPECIFYING, IF
                           APPROPRIATE, THE IMPROVEMENT REQUIRED AND OVER WHAT
                           PERIOD.

<PAGE>

                  3.4      DEPENDING UPON THE SERIOUSNESS OF THE MATTER AND ALL
                           THE CIRCUMSTANCES, ANY OF THE ABOVE STAGES MAY BE
                           OMITTED.

                  3.5      IN THE CASE OF GROSS MISCONDUCT OR IF ALL OR THE
                           APPROPRIATE STAGES OF THE WARNING PROCEDURE HAVE BEEN
                           EXHAUSTED THE EXECUTIVE WILL NORMALLY BE DISMISSED,
                           BUT ONLY AFTER CONSIDERATION OF OTHER POSSIBLE
                           DISCIPLINARY ACTION INCLUDING (BUT WITHOUT
                           LIMITATION): DEMOTION OR TRANSFER, LOSS OF SENIORITY
                           OR SALARY INCREMENT; SUSPENSION WITH OR WITHOUT PAY.

4. Where the Executive is accused of an act of gross misconduct he may be
suspended from work for on full pay pending the outcome of investigation into
the alleged offence.

5. In all cases before any disciplinary action (including warnings) is taken the
Executive will be interviewed by the Chairman and will be informed of the
allegations made against him. The Executive will be given the opportunity to
state his case and at the interview may be accompanied by a colleague of his
choice. If the complaint is upheld he will be informed of the disciplinary
action to be taken; the stage in the disciplinary procedure to be adopted
depending upon the seriousness of the offence, and of the right to appeal.

6. If the Executive is dissatisfied with the outcome of any stage of the above
procedure he may appeal either orally or in writing within 7 days to Geoffrey
Campbell ("the Senior Independent Non-Executive Director").

7. The following are non-exhaustive examples of the sort of offences which, if
committed, will normally lead to formal disciplinary action being taken:

                  7.1      MINOR OFFENCES (ORAL WARNING): POOR JOB PERFORMANCE
                           INVOLVING SUB-STANDARD WORK, UNPUNCTUALITY,
                           ABSENTEEISM OR ANY MINOR BREACH OF THE COMPANY'S
                           REGULATIONS.

                  7.2      SERIOUS OFFENCES (WRITTEN WARNING): NEGLIGENCE
                           RESULTING IN MINOR LOSS, DAMAGE OR INJURY; FAILURE TO
                           COMPLY WITH A SPECIFIC INSTRUCTION; IRRESPONSIBILITY
                           IN RELATION TO THE COMPANY'S EMPLOYEES, ACTIVITIES OR
                           IMPROPRIETY IN RELATION TO THE EXECUTIVE'S TASKS FOR
                           THE COMPANY, WHETHER OR NOT WITHIN WORKING HOURS,
                           WHICH THE COMPANY REASONABLY CONSIDERS TO BE
                           DETRIMENTAL TO OR CONFLICTING WITH THE INTERESTS OF
                           THE COMPANY OR ITS CLIENTS OR CUSTOMERS, OR LIKELY TO
                           AFFECT THE STANDARD OF WORK; FAILURE TO DISCLOSE ANY
                           PERSONAL INTEREST THE EXECUTIVE HAS WHICH CONFLICTS
                           WITH ANY MATTER OF A CLIENT OR CUSTOMER WITH WHICH HE
                           IS ENGAGED, OR ANY BREACH OF CONFIDENCE RELATING TO
                           THE COMPANY OR ITS CLIENT'S OR CUSTOMER'S AFFAIRS.

                  7.3      GROSS MISCONDUCT (DISMISSAL): NEGLIGENCE RESULTING IN
                           SERIOUS LOSS, DAMAGE OR INJURY; ASSAULT OR ATTEMPTED
                           ASSAULT; THEFT;

                                       2

<PAGE>

                           MALICIOUS DAMAGE TO PROPERTY; WILLFUL DISREGARD OF
                           DUTIES OR OF INSTRUCTIONS RELATING TO THE EMPLOYMENT;
                           DELIBERATE AND SERIOUS BREACH OF CONFIDENCE RELATING
                           TO THE COMPANY'S OR ITS CLIENT'S OR CUSTOMER'S
                           AFFAIRS; THE USE FOR PERSONAL ENDS OF CONFIDENTIAL
                           INFORMATION OBTAINED BY THE EXECUTIVE IN THE COURSE
                           OF HIS EMPLOYMENT; FALSIFICATION OF RECORDS; CONDUCT
                           VIOLATING COMMON DECENCY, OR CONVICTION ON A CRIMINAL
                           CHARGE RELEVANT TO THE EXECUTIVE'S EMPLOYMENT. (IN
                           SERIOUS CASES, DISMISSAL WILL NORMALLY BE WITHOUT
                           NOTICE.)

                                       3

<PAGE>

                                   ANNEXURE E

                            MODEL GRIEVANCE PROCEDURE

1.       PROCEDURE

         If the Executive has any questions or grievances relating to his
employment, he may seek redress orally or in writing in the following manner:

                  1.1 In the first instance should refer the grievance to Mark
Wellesley Wood ("Chairman of the Board") and the matter will be discussed
informally with him.

                  1.2 If the grievance is not thereby resolved or the Executive
considers that he has not been fairly treated, he may apply formally in writing
to the Chairman of the Board within 7 days.

                  1.3 If the grievance is still not resolved or if the Executive
still considers that he has not been fairly treated, he may appeal to Geoffrey
Campbell, Senior Non Executive Director within 7 days.

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