Document:

Exhibit 4.27

ACQUISITION
AND FRAMEWORK AGREEMENT

between

GOLD
FIELDS EXPLORATION B V

and

GOLD
FIELDS FINLAND OY

and

NORTH
AMERICAN PALLADIUM LIMITED

and

NORTH
AMERICAN PALLADIUM FINLAND OY

Dated

24 March 2006

 

TABLE OF
CONTENTS

	
  

  	
  Page

  
	
   

  	
   

  	
   

  
	
  1.

  	
  DEFINITIONS AND INTERPRETATION

  	
  1

  
	
   

  	
  1.1

  	
  Definitions

  	
  1

  
	
   

  	
  1.2

  	
  Interpretation

  	
  11

  
	
  2.

  	
  EFFECTIVENESS, TERM AND TERMINATION

  	
  12

  
	
   

  	
  2.1

  	
  Effectiveness

  	
  12

  
	
   

  	
  2.2

  	
  Long Stop Date

  	
  12

  
	
   

  	
  2.3

  	
  Termination

  	
  13

  
	
   

  	
  2.4

  	
  Effect upon Termination

  	
  13

  
	
  3.

  	
  TRANSACTIONS ON AND AFTER EFFECTIVE DATE

  	
  13

  
	
   

  	
  3.1

  	
  Organisation of GFAP

  	
  13

  
	
   

  	
  3.2

  	
  Approval of South African Reserve Bank

  	
  14

  
	
   

  	
  3.3

  	
  No Partnership

  	
  14

  
	
   

  	
  3.4

  	
  NAPL and GFBV May Not Bind

  	
  14

  
	
  4.

  	
  REPRESENTATIONS AND WARRANTIES

  	
  14

  
	
   

  	
  4.1

  	
  Representations and Warranties

  	
  14

  
	
   

  	
  4.2

  	
  Survival and Acknowledgement

  	
  14

  
	
  5.

  	
  GRANT AND EXERCISE OF OPTION

  	
  14

  
	
   

  	
  5.1

  	
  Grant of Option

  	
  14

  
	
   

  	
  5.2

  	
  Reduction of Interest

  	
  15

  
	
   

  	
  5.3

  	
  Option Conditions

  	
  15

  
	
   

  	
  5.4

  	
  Exercise of Option

  	
  16

  
	
   

  	
  5.5

  	
  Shareholders’ Agreement

  	
  16

  
	
  6.

  	
  CONSIDERATION

  	
  16

  
	
  7.

  	
  MANAGEMENT AND FUNDING

  	
  17

  
	
   

  	
  7.1

  	
  Management and Managing Director

  	
  17

  
	
   

  	
  7.2

  	
  Funding of Approved Earn-in Expenditures

  	
  18

  
	
   

  	
  7.3

  	
  Withdrawal by the NAPL Group

  	
  18

  
	
  8.

  	
  PROGRAMMES AND BUDGETS

  	
  19

  
	
   

  	
  8.1

  	
  Work in Accordance with approved Programmes and
  Budgets

  	
  19

  
	
   

  	
  8.2

  	
  Programmes and Budgets

  	
  19

  
	
   

  	
  8.3

  	
  Conduct of Work

  	
  19

  
	
  9.

  	
  RESTRICTED MATTERS AND CORPORATE MATTERS

  	
  20

  
	
   

  	
  9.1

  	
  Approval of GFAP Restricted Matters

  	
  20

  
	
   

  	
  9.2

  	
  Corporate Matters

  	
  20

  
	
   

  	
  9.3

  	
  Approval of GFF Restricted Matters

  	
  20

  
	
  10.

  	
  COVENANTS

  	
  20

  
	
   

  	
  10.1

  	
  Maintenance of Interest in NAPL

  	
  20

  
	
   

  	
  10.2

  	
  Changes to Capital Structure

  	
  21

  
	
   

  	
  10.3

  	
  Change of Names

  	
  21

  
	
   

  	
  10.4

  	
  Area of Interest

  	
  22

  

 

 i
 

 

 

	
  

  	
  10.5

  	
  Other Activities and Interest

  	
  22

  
	
   

  	
  10.6

  	
  Indemnification

  	
  22

  
	
   

  	
  10.7

  	
  Registration Rights

  	
  23

  
	
  11.

  	
  MISCELLANEOUS

  	
  24

  
	
   

  	
  11.1

  	
  Unavoidable Delays

  	
  24

  
	
   

  	
  11.2

  	
  Notices

  	
  24

  
	
   

  	
  11.3

  	
  Further Assurances, Registration, Security

  	
  26

  
	
   

  	
  11.4

  	
  Payment of Costs and Expenses

  	
  26

  
	
   

  	
  11.5

  	
  Severance

  	
  26

  
	
   

  	
  11.6

  	
  Entire Agreement; Amendment and Waiver

  	
  26

  
	
   

  	
  11.7

  	
  Change of Control

  	
  27

  
	
   

  	
  11.8

  	
  Successors and Assigns

  	
  27

  
	
   

  	
  11.9

  	
  Third Party Rights

  	
  28

  
	
   

  	
  11.10

  	
  Confidentiality

  	
  28

  
	
   

  	
  11.11

  	
  Counterparts

  	
  28

  
	
   

  	
  11.12

  	
  Governing Law

  	
  28

  
	
   

  	
  11.13

  	
  Dispute Resolution

  	
  28

  
	
   

  	
  11.14

  	
  Time of the Essence

  	
  29

  
	
  SCHEDULE 1 REPRESENTATIONS AND WARRANTIES

  	
  31

  
	
  SCHEDULE 2 FORM OF SHAREHOLDERS’ AGREEMENT

  	
  40

  
	
  SCHEDULE 3 TRANSFER AND SUBSCRIPTION TERMS

  	
  41

  
	
  SCHEDULE 4 FORM OF MD AGREEMENT

  	
  42

  
	
  SCHEDULE 5 LICENSES AND MINERAL RIGHTS

  	
  43

  
	
  SCHEDULE 6 EFFECT OF TERMINATION

  	
  51

  
	
  SCHEDULE 7 TRANSFER OF PURCHASED INTEREST

  	
  52

  
	
  SCHEDULE 8 ENCUMBRANCES

  	
  53

  
	
  SCHEDULE 9 PROPERTY AGREEMENTS

  	
  54

  
	
  SCHEDULE 10 FORM OF SERVICES AGREEMENT

  	
  55

  

 

 ii

 

THIS AGREEMENT dated
24 March 2006 between:

(1)           GOLD FIELDS EXPLORATION B V (“GFBV”), a limited liability company,
registration no. 27123830, organised and existing under the laws of The
Netherlands;

(2)           GOLD FIELDS FINLAND OY (“GFF”), a limited liability company,
registration no. 1606318-8, organised and existing under the laws of Finland;

(3)           NORTH AMERICAN PALLADIUM LTD. (“NAPL”), a corporation, registration no.
275053-8, organised and existing under the laws of Canada;

(4)           NORTH AMERICAN PALLADIUM FINLAND OY (“NAPF”), a limited liability company,
registration no. 2005591-4, organised and existing under the laws of Finland.

WHEREAS:

(A)          NAPF is a wholly owned
subsidiary of NAPL.

(B)           99.983% of the entire
issued share capital of GFF is held by GFBV and the remaining 0.017% by its
Affiliate, Orogen (as hereinafter defined).

(C)           GFAP (as hereinafter
defined) is a wholly owned subsidiary of GFF.

(D)          GFBV owns Interests in
the APP Project Licenses through GFF and GFAP and is developing the APP
Project.

(E)           GFBV, GFF, NAPL and
NAPF wish to co-operate in the further development of the APP Project.

(F)           GFBV intends to grant
to NAPL an option to acquire an Interest in the APP Project through the
acquisition of and subscription for ordinary shares in the share capital of
GFF, subject to and in accordance with the terms of this Agreement.

NOW THIS AGREEMENT WITNESSES as follows:

1.             DEFINITIONS AND INTERPRETATION

1.1               Definitions

In this Agreement the following words and expressions
have the following meanings:

	
  “Acquiror”

  	
  has the meaning set out in Clause 10.4.1;

  
	
   

  	
   

  
	
  “Additional
  Mineral Interests”

  	
  means any Interest acquired pursuant to Clause 10.4;

  
	
   

  	
   

  
	
  “Advance”

  	
  means any advance granted by NAPF to GFAP, without
  duplication, in accordance with the terms of this Agreement;

  

 

 1
 

 

 

	
  “Affiliate”

  	
  means with respect to any person, any party which
  controls, is controlled by or under common control with such person, whether
  directly or indirectly;

  
	
   

  	
   

  
	
  “Agreement”

  	
  means this Acquisition and Framework Agreement;

  
	
   

  	
   

  
	
  “AMEX”

  	
  means the American Stock Exchange;

  
	
   

  	
   

  
	
  “APP
  Project”

  	
  means the exploration and development project in
  respect of the APP Property;

  
	
   

  	
   

  
	
  “APP
  Project Licenses”

  	
  means the claims and mining leases as more
  specifically set out in Schedule 5;

  
	
   

  	
   

  
	
  “APP
  Property”

  	
  means the APP Project Licenses and any Additional
  Mineral Interests, together with any renewals thereof and any other form of
  substitute or successor title thereto, including any Mineral Rights derived
  from or into which any such licenses or interests may have been or may
  hereafter be converted;

  
	
   

  	
   

  
	
  “Applicable
  Law”

  	
  means any and all laws, statutes, regulations,
  ordinances, rules, guidelines, policies, notices, orders and directions or
  other requirements of any Government Agency applicable to the Parties hereto,
  the transactions contemplated hereby or the properties and interests subject
  to the terms of this Agreement or any of them;

  
	
   

  	
   

  
	
  “Approved
  Earn-in Expenditure”

  	
  means, in relation to the Option Period, Earn-in
  Expenditures incurred pursuant to Programmes and Budgets implemented during such
  period;

  
	
   

  	
   

  
	
  “Area
  of Interest”

  	
  means the area within 25km of the perimeter of any
  of the Mineral Rights comprising the APP Property;

  
	
   

  	
   

  
	
  “Business
  Day”

  	
  means a day (other than a Saturday or Sunday) when
  clearing banks are open for business in Toronto, Ontario, Helsinki, Finland
  and Denver, Colorado;

  
	
   

  	
   

  
	
  “Change
  of Control”

  	
  means one of the following (i) NAPF ceases to be a
  wholly-owned subsidiary of NAPL, or (ii) NAPL ceases to be a public listed
  company, or (iii) any of the shareholders of NAPL (save for Kaiser Francis
  Oil Company) or a third party

  

 

 2
 

 

 

	
  

  	
  acting individually or in concert with others
  acquire control over more than 35% of the voting share capital of NAPL and
  such acquisition has a Material Adverse Effect;

  
	
   

  	
   

  
	
  “Claims”

  	
  means all losses, damages expenses, liabilities
  (whether accrued, actual, contingent, latent or otherwise), claims and
  demands of whatsoever nature or kind, including legal and other professional
  fees and costs;

  
	
   

  	
   

  
	
  “Confidential
  Information”

  	
  means any information or data of whatsoever kind and
  in whatever form, all copies thereto and all information derived therefrom
  relating to the APP Property and the activities of the Parties thereon,
  except to the extent that any portion of such information:

  
	
   

  	
   

  	
   

  
	
   

  	
  (a)

  	
  is in or hereafter comes into the public domain
  otherwise than by reason of breach of an obligation of confidentiality under
  this Agreement;

  
	
   

  	
   

  	
   

  
	
   

  	
  (b)

  	
  is lawfully and in good faith obtained by a Party
  hereto from a third party without breach of an obligation or confidentiality
  under or pursuant to this Agreement; or

  
	
   

  	
   

  	
   

  
	
   

  	
  (c)

  	
  the disclosing Party believes in good faith is
  required to be disclosed by Applicable Law;

  
	
   

  	
   

  	
   

  
	
  “Consideration
  Shares”

  	
  means:

  
	
   

  	
   

  	
   

  
	
   

  	
  (a)

  	
  in the event GFBV does not exercise the back-in
  right set out in Clause 5.2, 9,227,033 NAPL Shares; or

  
	
   

  	
   

  	
   

  
	
   

  	
  (b)

  	
  in the event GFBV exercises the back-in right set
  out in Clause 5.2, 7,381,636 NAPL Shares;

  
	
   

  	
   

  	
   

  
	
  “Corporate
  Matters”

  	
  means any matter of a corporate nature, required to
  be undertaken by the GFAP Board, pursuant to Applicable Law, including,
  without limitation, the preparation and approval of financial statements and
  tax returns and matters not otherwise addressed in this Agreement, the
  Services Agreement or the MD Agreement;

  

 

 3
 

 

 

	
  “Earn-in Expenditures”

  	
  in respect of the APP Property means from the Effective
  Date, the sum of all costs of acquisition and maintenance and all exploration
  and development expenditures and all other costs and expenses of whatsoever
  kind or nature including, without limitation, any and all expenses incurred and/or
  the value of all technical and professional consulting services provided by
  members of the NAPL Group in the completion of the Feasibility Study, the Re
  Scoping Study and Exploration Programme and expenses of a capital nature, incurred
  or chargeable by GFAP;

  
	
   

  	
   

  
	
  “Effective
  Date”

  	
  means the fifth Business Day following the first
  date on which each of the conditions set out in Clause 2.1 have been
  satisfied or waived, as applicable;

  
	
   

  	
   

  
	
  “Encumbrances”

  	
  means any (other than by virtue of this Agreement)
  interest or equity of any person (including any right to acquire, option or
  right of pre-emption or first offer or first refusal) or any mortgage,
  charge, pledge, lien, assignment, hypothecation, security interest, title
  retention or other security agreement or arrangement or any restriction on
  use, voting, transfer, receipt of income or exercise of any other attribute
  of ownership with the exception of liens arising by operation of law in the
  ordinary and usual course of business;

  
	
   

  	
   

  
	
  “Exercise
  Date”

  	
  means the date of the exercise of the Option in
  accordance with Clause 5.4;

  
	
   

  	
   

  
	
  “Exercise
  Notice”

  	
  has the meaning set out in Clause 5.4.1;

  
	
   

  	
   

  
	
  “Feasibility
  Study”

  	
  means a report evaluating the commercial feasibility
  of placing the APP Property, or any part thereof, into commercial mining
  production at costs then current or then reasonably estimated to be in effect
  over the life of the mine, and which must:

  
	
   

  	
   

  
	
   

  	
  (a)

  	
  be prepared in accordance with mining industry
  practices and standards in North America in particular National Instrument
  43-101 of the Canadian securities administrators;

  
	
   

  	
   

  	
   

  
	
   

  	
  (b)

  	
  include reviews of all relevant issues, a statement
  of the reserves, a description of

  

 

 4
 

 

 

	
  

  	
   

  	
  the nature and scale of any proposed operation, an estimate
  of the construction and other costs necessary to achieve commercial
  production and of the operating costs, sustaining capital and closure costs
  after the commencement thereof; and

  
	
   

  	
   

  	
   

  
	
   

  	
  (c)

  	
  equal or exceed the criteria for a bankable
  document, that is to say, a document in form and substance appropriate for
  presentation to a reputable bank or other financial institution from which
  financing might be sought for comparable projects;

  
	
   

  	
   

  	
   

  
	
  “First
  Development Proposal

  	
   

  	
   

  
	
  and
  Budget”

  	
  shall have the meaning assigned thereto in Clause 5.3.4;

  
	
   

  	
   

  	
   

  
	
  “GAAP”

  	
  means, as applicable, generally accepted accounting
  principles of Canada or the International Financial Reporting Standards, in
  each case consistently applied;

  
	
   

  	
   

  
	
  “GFAP”

  	
  means Gold Fields Artic Platinum Oy, a limited
  liability company, registration no. 1606745-3, organised and existing under
  the laws of Finland;

  
	
   

  	
   

  
	
  “GFAP
  Board”

  	
  means the board of directors of GFAP;

  
	
   

  	
   

  
	
  “GFAP
  Business”

  	
  means (i) the investment by GFAP directly in the APP
  Project, (ii) the implementation of the Re-Scoping Study and Exploration
  Programme and approved Programmes and Budgets, (iii) the preparation of the
  Feasibility Study and the First Development Proposal and Budget, (iv) all
  actions undertaken by GFAP which are necessary and incidental to the
  foregoing, and (v) the performance by GFAP of its obligations, and the
  enforcement by GFAP of its rights, under this Agreement, the Services
  Agreement and the MD Agreement;

  
	
   

  	
   

  
	
  “GFAP
  Restricted Matters”

  	
  means, in relation to GFAP, any of the following:

  
	
   

  	
   

  
	
   

  	
  (a)

  	
  a variation of its memorandum and articles of
  association (other than as contemplated by this Agreement) or the rights
  attaching to any shares in the share capital;

  
	
   

  	
   

  	
   

  
	
   

  	
  (b)

  	
  any increase, decrease or change in the amount of
  the authorised or issued share

  

 

 5
 

 

 

	
  

  	
   

  	
  capital (whether by way of capitalisation issue,
  rights issue, sub-division, consolidation, reduction of capital, share
  repurchase or otherwise) except as required to enable the transactions
  contemplated by this Agreement;

  
	
   

  	
   

  	
   

  
	
   

  	
  (c)

  	
  any amendment or alteration in the rights,
  privileges, restrictions or conditions attaching to any issued or unissued
  shares in the share capital;

  
	
   

  	
   

  	
   

  
	
   

  	
  (d)

  	
  the granting of any option or other interest (in the
  form of convertible securities or in any other form) over or in its share
  capital, any redemption or purchase of any of its own shares or any other
  reorganisation of its share capital (save as provided in this Agreement);

  
	
   

  	
   

  	
   

  
	
   

  	
  (e)

  	
  the engaging in any business other than the GFAP
  Business or the expenditure of any monies other than in good faith for the
  purposes of or in connection with the carrying on of the GFAP Business;

  
	
   

  	
   

  	
   

  
	
   

  	
  (f)

  	
  the incurring of any indebtedness other than for the
  purposes of or in connection with the carrying on of the GFAP Business;

  
	
   

  	
   

  	
   

  
	
   

  	
  (g)

  	
  the declaration or payment of any dividend or the
  making of any other distribution (by way of capitalisation, repayment or in
  any other manner) other than as may be required to give effect to the
  agreement between the parties that members of the GFBV Group are entitled to
  cash and cash equivalents in the accounts of the company in excess of amounts
  contemplated as required under paragraph 1.3.16 of Schedule 1;

  
	
   

  	
   

  	
   

  
	
   

  	
  (h)

  	
  the entering into of any transaction or arrangement
  with any member of the NAPL Group or the GFBV Group which is not on
  commercial arm’s length terms;

  
	
   

  	
   

  	
   

  
	
   

  	
  (i)

  	
  the entering into of any transaction or arrangement
  of any nature whatsoever (other than any borrowing, transaction or
  arrangement contemplated by this

  

 

 6
 

 

 

	
  

  	
   

  	
  Agreement), in each case other than in the ordinary
  course of the GFAP Business;

  
	
   

  	
   

  	
   

  
	
   

  	
  (j)

  	
  any disposal, abandonment or encumbrance of any of
  the APP Properties; and

  
	
   

  	
   

  	
   

  
	
   

  	
  (k)

  	
  any amendments to the Services Agreement and the MD
  Agreement;

  
	
   

  	
   

  	
   

  
	
  “GFBV
  Group”

  	
  means, collectively, GFBV and all Affiliates
  thereof;

  
	
   

  	
   

  
	
  “GFF
  Business”

  	
  means (i) the investment by GFF directly or
  indirectly in the development of the APP Project, (ii) the investment in
  GFAP, (iii) all actions taken by GFF which are necessary and incidental to
  the foregoing and (iv) the performance by GFF of its obligations, and the
  enforcement by GFF of its rights, under this Agreement;

  
	
   

  	
   

  
	
  “GFF
  Restricted Matters”

  	
  means, in relation to GFF, any of the following:

  
	
   

  	
   

  
	
   

  	
  (a)

  	
  any of the matters set out in paragraphs
  (a) - (d), (g) and (h), of the definition of GFAP Restricted
  Matters;

  
	
   

  	
   

  	
   

  
	
   

  	
  (b)

  	
  the engaging in any business other than the GFF
  Business or the expenditure of any monies other than in good faith for the
  purposes of or in connection with the carrying on of the GFF Business;

  
	
   

  	
   

  	
   

  
	
   

  	
  (c)

  	
  the incurring of any indebtedness other than for the
  purposes of or in connection with the carrying on of the GFF Business; and

  
	
   

  	
   

  	
   

  
	
   

  	
  (d)

  	
  the entering into of any transaction or arrangement
  of any nature whatsoever (other than any borrowing, transaction or
  arrangement contemplated by this Agreement), in each case other than in the
  ordinary course of the GFF Business;

  
	
   

  	
   

  	
   

  
	
  “GFF
  Shares”

  	
  means the ordinary shares each with a par value of
  €1000 in the share capital of GFF;

  
	
   

  	
   

  
	
  “Government
  Agency”

  	
  means any legitimate and internationally recognised
  present or future government or governmental, administrative, fiscal, or
  judicial body, department, commission, authority, tribunal, agency or entity;

  

 

 7
 

 

 

	
  “Interest”

  	
  means without limitation, a legal, beneficial or
  equitable interest, whether direct or indirect;

  
	
   

  	
   

  
	
  “Loan
  Notes”

  	
  means the loan notes denominated in Euros issued by
  GFAP to NAPF from time to time in connection with Advances, which shall be in
  agreed form and shall bear no interest;

  
	
   

  	
   

  
	
  “Long
  Stop Date”

  	
  means 31 March 2006;

  
	
   

  	
   

  
	
  “Managing
  Director”

  	
  means the person appointed to the position of managing
  director of GFAP;

  
	
   

  	
   

  
	
  “Material
  Adverse Effect”

  	
  means that the relevant event or circumstance (or
  any effect or consequence thereof):

  
	
   

  	
   

  
	
   

  	
  (i)

  	
  would or would be reasonably likely to affect
  materially and adversely the ability of NAPL or NAPF to comply with any of
  its obligations under this Agreement, the Shareholders’ Agreement or the
  Services Agreement;

  
	
   

  	
   

  	
   

  
	
   

  	
  (ii)

  	
  would or would be reasonably likely to affect
  materially and adversely the validity or enforceability of any of this Agreement,
  the Shareholders’ Agreement or the Services Agreement;

  
	
   

  	
   

  	
   

  
	
   

  	
  (iii)

  	
  would or would be reasonably likely to affect
  materially and adversely the APP Project or the business, condition
  (financial or otherwise), operation or prospects of NAPL or NAPF; or

  
	
   

  	
   

  	
   

  
	
   

  	
  (iv)

  	
  would or would be reasonably likely to affect
  materially and adversely the business, condition (financial or otherwise),
  operation or prospects of GFBV;

  
	
   

  	
   

  	
   

  
	
  “MD
  Agreement”

  	
  means an agreement to be entered into between GFAP
  and the Managing Director in accordance with Clause 7.1.8 and substantially
  in the form of Schedule 4 attached hereto;

  
	
   

  	
   

  
	
  “Memorandum
  and Articles of Association (new)”

  	
  means the memorandum and articles of association of
  GFAP, amended to provide for the management arrangements contemplated under
  this Agreement;

  

 

 8
 

 

 

	
  “Mineral Rights”

  	
  means prospecting licenses, mining licenses, mineral
  concessions, mining leases, surface rights, water rights and other rights
  relating to, minerals or to access to minerals and other forms of mineral
  title under Applicable Law, whether contractual, statutory or otherwise;

  
	
   

  	
   

  
	
  “NAPFS”

  	
  means North American Palladium Arctic Services Oy, a
  limited liability company, registration no. 2003981-8, organised and existing
  under the laws of Finland;

  
	
   

  	
   

  
	
  “NAPL
  Shares”

  	
  means the common shares in the share capital of
  NAPL;

  
	
   

  	
   

  
	
  “NAPL
  Group”

  	
  means, collectively, NAPL and all Affiliates
  thereof;

  
	
   

  	
   

  
	
  “Offer
  Notice”

  	
  has the meaning set out Clause 10.4.1;

  
	
   

  	
   

  
	
  “Offeree”

  	
  has the meaning set out in Clause 10.4.1;

  
	
   

  	
   

  
	
  “Option”

  	
  means the sole and exclusive right to acquire the
  Purchased Interests, as set out in Clause 5.1;

  
	
   

  	
   

  
	
  “Option
  Conditions”

  	
  means the conditions set out in Clause 5.3;

  
	
   

  	
   

  
	
  “Option
  Period”

  	
  means the period from the Effective Date to
  August 31, 2008;

  
	
   

  	
   

  
	
  “Orogen”

  	
  means Orogen Holding BVI Limited, a limited
  liability company, registration no. 184982 organised and existing under the
  laws of the British Virgin Islands, an Affiliate of GFBV;

  
	
   

  	
   

  
	
  “Parties”

  	
  means each of GFBV, GFF, NAPL and NAPF;

  
	
   

  	
   

  
	
  “Programme
  and Budget”

  	
  means any work programme and associated budget in
  relation to Earn-in Expenditures undertaken during the Option Period, on and
  in respect of the APP Project;

  
	
   

  	
   

  
	
  “Property
  Agreements”

  	
  means the agreements described in Schedule 9.

  
	
   

  	
   

  
	
  “Purchased
  Interests”

  	
  means:

  
	
   

  	
   

  
	
   

  	
  (a)

  	
  in the event GFBV does not exercise the back-in
  right set out in Clause 5.2, such number of GFF Shares as would give NAPL a
  shareholding of 60% (sixty percent) of all issued and outstanding ordinary
  shares of GFF thereby providing

  

 

 9
 

 

 

	
  

  	
   

  	
  for a 60% (sixty percent) Interest in the APP
  Project; or

  
	
   

  	
   

  	
   

  
	
   

  	
  (b)

  	
  in the event GFBV exercises the back-in right set
  out in Clause 5.2, such number of GFF Shares as would give NAPL a
  shareholding of 50% (fifty percent) less one ordinary share of all issued and
  outstanding ordinary shares of GFF, or 50% of all issued and outstanding
  ordinary shares of GFF, if approved by SARB, thereby providing for corresponding
  Interest in the APP Project;

  
	
   

  	
   

  	
   

  
	
  “Re-Scoping
  Study and Exploration Programme”

  	
  means a re-scoping study and exploration programme
  to be undertaken in respect of the APP Property including: (a) definition of
  a combined mineable resource of at least 5.0 million ounces of two platinum
  group elements and gold combined at grades greater than 3.0 grams per tonne
  (the “Target
  Grade”); (b) exploration on the properties known as the SK Reef
  and the SJ Reef mining properties and claims, and which are included in the
  APP Property, to: (i) drill and examine mining claims that have the potential
  to satisfy the Target Grade; (ii) obtain sufficient data to create a new geological
  model that supports a combined mine plan for all of the APP Property; and (iii) identify
  other high potential geological zones along the Archaean-Proterozoic contact
  of the APP Property; (c) examine various mine design options to efficiently
  exploit all identified mineral resources of the APP Property and produce a marketable
  product in a cost-effective manner; (d) evaluate the metallurgy of
  various ore types contained within the APP Property and categorize as to
  possible processing options; and (e) maintain the APP Property in good
  standing;

  
	
   

  	
   

  
	
  “Rules
  of Arbitration”

  	
  has the meaning set out in Clause 11.13;

  
	
   

  	
   

  
	
  “SARB”

  	
  means the South African Reserve Bank;

  
	
   

  	
   

  
	
  “SARB
  Approval”

  	
  means the conditional approval of SARB, dated 06
  January 2006, granted to GFBV, as amended by the letter from SARB dated 12
  January 2006 in connection with the transactions contemplated in this
  Agreement;

  

 

 10
 

 

 

	
  “Satisfaction Date”

  	
  means the date on which GFBV has delivered written
  acknowledgement to NAPL of the satisfaction by NAPL of each of the Option
  Conditions;

  
	
   

  	
   

  
	
  “Services
  Agreement”

  	
  means the services agreement to be entered into
  between GFAP, NAPL and NAPFS, in respect of the services to be provided by
  each of NAPL and NAPFS, substantially in the form of Schedule 10 attached
  hereto;

  
	
   

  	
   

  
	
  “Shareholders’
  Agreement”

  	
  means the shareholders’ agreement to be concluded by
  NAPL and GFBV in accordance with Clause 5.5, in the form attached hereto as
  Schedule 2;

  
	
   

  	
   

  
	
  “Transfer
  and Subscription Terms”

  	
  means the terms and conditions attached hereto as Schedule
  3; and

  
	
   

  	
   

  
	
  “TSX”

  	
  means the Toronto Stock Exchange.

  

 

1.2           Interpretation

In this Agreement:

1.2.1                   any
reference to “writing” or “written” will
mean any method of reproducing words in a legible and non-transitory form
(including e-mail);

1.2.2                   references
to the word “include” or “including” are to
be construed without limitation;

1.2.3                   the
table of contents and headings are inserted for convenience only and will not
affect its construction;

1.2.4                   unless
the context otherwise requires, words denoting the singular will include the
plural and vice versa, references to any gender will include all other genders
and references to a person will include any individual, firm, body corporate,
government, state or agency of a state of any joint venture, association or
partnership in each case whether or not having a separate legal personality;

1.2.5                   references
to Schedules and Clauses are to Schedules and Clauses of this Agreement unless
otherwise specified and references within a Schedule to paragraphs are to
paragraphs of that Schedule unless otherwise specified.  The Schedules are deemed to be incorporated
in this Agreement in their entirety;

1.2.6                   references
to any statute, statutory provision, directive or treaty include a reference to
that statute, statutory provision, directive or treaty as amended, extended,
consolidated or replaced from time to time (whether before or after the date of
this Agreement) and include any order, regulation, instrument or other
subordinate legislation made under the relevant statute, statutory provision, directive
or treaty;

 11
 

 

1.2.7                   references
to any English legal term for any action, remedy, method or judicial
proceeding, legal document, legal status, court, official or any legal concept,
state of affairs or thing will in respect of any jurisdiction other than
England be deemed to include that which most approximates in that jurisdiction
to the English legal term;

1.2.8                   references
to times of the day are to Toronto time and references to a day are to a period
of 24 hours running from midnight on the previous day;

1.2.9                   references
to “control”
(including with correlative meanings, the terms “controlled by”, “under
common control with” and “controlling”), as
used with respect to any person, means the possession, directly or indirectly,
of the power to direct or cause the direction of the management and policies of
such person, whether through the ownership of voting shares, by contract or
otherwise;

1.2.10                 a “person” will
be construed as a reference to any person, firm, company, corporation,
government, state or agency of a state or any association or partnership
(whether or not having separate legal personality) of two or more of the
foregoing;

1.2.11                 references
“to
the best of the knowledge, information and belief” of
GFBV or GFF shall mean the actual knowledge, information and belief of the
executive directors of GFBV or GFF, as the case may be;

1.2.12                 “$” and “Dollars” denote
the lawful currency of the United States of America for the time being; and

1.2.13                 “€” and “Euros” denote
the lawful currency of the European Union for the time being.

2.             EFFECTIVENESS, TERM AND TERMINATION

2.1           Effectiveness

This Agreement, save for the provisions of Clauses
2.1, 2.2, 4, 11.1, 11.2, 11.3, 11.4, 11.5, 11.6, 11.10, 11.12 and 11.13, which
shall be of immediate force and effect upon execution hereof, shall become
effective upon the fifth Business Day following the date on which the following
condition has either been satisfied or waived by GFBV:

2.1.1                   the
delivery by NAPL to GFBV of an opinion of legal counsel to NAPL in a form and
substance satisfactory to GFBV that all required consents, approvals and
authorizations, including unconditional approvals from the TSX (subject only to
notice of the issuance of the Consideration Shares being filed with the TSX)
and AMEX to the extent required, for the issuance of the Consideration Shares
on the terms set out in this Agreement have been obtained by NAPL;

2.2           Long Stop Date

If the condition set out in Clause 2.1 has not been
satisfied (or waived, as applicable) prior to the Long Stop Date, NAPL or GFBV
may by notice to each of the other

 12
 

 

Parties terminate this Agreement, provided that such
termination shall be without prejudice to the accrued rights and obligations of
the Parties on and prior to such termination. 
The Parties shall use their reasonable commercial endeavours to procure
that the conditions in Clause 2.1 are satisfied as soon as practicable after
the date hereof and in any event prior to the Long Stop Date.

2.3           Termination

This Agreement shall terminate:

2.3.1                   in
accordance with Clause 2.2;

2.3.2                   automatically
in accordance with Clause 5.3;

2.3.3                   automatically
if NAPL fails to deliver the Exercise Notice in accordance with the terms of
Clause 5.4.1;

2.3.4                   on the
date of any material breach by NAPL and/or NAPF of the terms of this Agreement
or by the Managing Director of the terms of the MD Agreement or by NAPL and/or
NAPFS of the terms of the Services Agreement, where such breach has not been
remedied or waived within 20 Business Days of receipt of notice of such breach
from the relevant aggrieved Party;

2.3.5                   on the
date on which NAPL shall be deemed to have withdrawn in accordance with Clause
7.3;

2.3.6                   in
accordance with Clause 11.1; or

2.3.7                   by
mutual written agreement between the Parties,

provided that any such termination shall be without
prejudice to the accrued rights and obligations of the Parties on and prior to
such termination, including without limitation those obligations set out in
Clause 2.4 below. Notwithstanding the foregoing, the provisions of Clause 10.6
(indemnification), Clause 11.10 (confidentiality), Clause 11.12 (governing law)
and Clause 11.13 (dispute resolution) shall survive termination of this
Agreement and remain in full force and effect for a period of three years from
the date of termination hereof.

2.4           Effect upon Termination

In the event of termination under Clause 2.3 pursuant
to any of Clause 2.3.2, Clause 2.3.3, Clause 2.3.4, Clause 2.3.5, or,
during the Option Period, pursuant to Clause 2.3.6 or Clause 2.3.7, the Parties
hereto agree that the provisions of Schedule 6 shall apply.

3.             TRANSACTIONS ON AND AFTER EFFECTIVE DATE

3.1           Organisation of GFAP

Within 30 days of the Effective Date:

 13

 

3.1.1                   GFF
shall procure that the Memorandum and Articles of Association (new) are duly
adopted by GFAP in accordance with Applicable Law;

3.1.2                   the
Parties shall procure that the directors of GFAP, including the Managing
Director, be appointed (in accordance with Clause 7.1);

3.1.3                   GFAP
shall open and maintain an account in its name with an account bank approved by
GFF into which all Advances funded by NAPL, through its subsidiary NAPF,
pursuant to Clause 7.2 shall be deposited.

3.2           Approval of South African Reserve Bank

If, at any time during
the Option Period, GFBV, in its reasonable opinion, is of the view that SARB is
likely to amend the conditions of the SARB Approval, GFBV will, if it deems
necessary, at the time, approach SARB in order to obtain an amended approval
from SARB, or to modify the conditions of the SARB Approval so that it is
consistent with the terms of this Agreement.

3.3           No Partnership

The
relationship between the Parties pursuant to this Agreement is strictly that of
independent contractors and will not constitute a partnership or agency for any
purpose.

3.4           NAPL and GFBV May Not Bind

Neither
GFBV nor NAPL (nor any of their respective Affiliates) shall be entitled to
incur any obligations on behalf of any of, or to act on behalf of or bind, the
other Parties hereto or GFAP.

4.         REPRESENTATIONS AND WARRANTIES

4.1           Representations and Warranties

Each
Party represents and warrants to the others that the statements made by it in
Schedule 1 are true, accurate and not misleading as of the respective dates
thereof.

4.2           Survival and Acknowledgement

The
representations and warranties set forth in Clause 4.1 and Schedule 1 will
survive the relevant dates set out in Schedule 1 and continue in full force and
effect until the expiry of the relevant limitation periods under Applicable
Law.

5.         GRANT and exercise OF OPTION

5.1           Grant of Option

GFBV
hereby grants to NAPL the sole and exclusive right and option to acquire the
Purchased Interests upon and subject to the terms of this Agreement.

 14
 

 

5.2           Reduction of Interest

GFBV
may, in its sole discretion, on written notice to NAPL provided at any time
after the Effective Date but no later than the Satisfaction Date, elect to
decrease the Interest to be acquired by NAPL in the APP Project from 60% (sixty
percent) to (i) 50% (fifty percent) less one ordinary share; or (ii) 50% (fifty
percent), if approved by SARB, in which case the number of GFF Shares
constituting the Purchased Interest shall decrease as contemplated under this
Agreement.

5.3           Option Conditions

The right
of NAPL to exercise the Option is subject to fulfillment by the NAPL Group of
the following conditions (the “Option
Conditions”) and the delivery of the notice of satisfaction by NAPL
referred to in this Clause 5.3 prior to the expiry of the Option Period:

5.3.1                   the
completion of the Re-Scoping Study and Exploration Programme and the delivery
by the NAPL Group to GFBV of a written report in respect of the completed
Re-Scoping Study and Exploration Programme;

5.3.2                   the
completion and delivery by the NAPL Group to GFBV of the Feasibility Study;

5.3.3                   the
incurring by NAPL of Approved Earn-in Expenditures (through Advances made under
the terms of this Agreement) in an aggregate amount of at least $12.5
million.  For the avoidance of doubt, if
the Approved Earn-in Expenditure exceeds in aggregate the sum of $12.5 million,
NAPL shall be obliged to make Advances in order to fund such excess as well;
and

5.3.4                   NAPL
shall have made a determination to develop a mine in respect of the APP Project
of at least a 3mtpa throughput and shall have delivered to GFBV (i) a formal
development proposal and associated budget in respect thereof based on the
Feasibility Study delivered in accordance with Clause 5.3.2 and approved by
NAPL (the “First Development Proposal and Budget”),
together with such supporting documentation and information as GFBV shall
reasonably require, and (ii) a written undertaking from NAPL providing that it
shall, subject to Applicable Law, (x) vote any shareholding of NAPL in GFF
(acquired pursuant to the terms of this Agreement) in favour of and (y) use its
best efforts to procure that any director of GFF appointed by NAPL under the
terms of the Shareholders’ Agreement votes in favour of, the First Development
Proposal and Budget as and when it is considered by the board of directors of
GFF under the terms of the Shareholders’ Agreement.

Upon completion of all of the Option Conditions, NAPL
shall promptly provide written notice to GFBV of the satisfaction of the Option
Conditions together with a certificate signed by the chief financial officer of
NAPL certifying the amount of Approved Earn-in Expenditure that has been
incurred.  Within 20 Business Days of
receipt of such notice, GFBV shall confirm its acceptance in writing to NAPL
that the conditions have been satisfied in accordance with their terms.  If no such notice is given by GFBV, NAPL
shall be deemed to have satisfied the conditions on the last day of such 20
Business Day period.  If GFBV elects to
exercise its back-in right in 

 15
 

 

accordance with Clause 5.2, it shall simultaneously
with the written acceptance contemplated in this Clause, deliver written notice
of the exercise of such election as contemplated in Clause 5.2 to NAPL, to the
extent that it has not already delivered such written notice to NAPL.  In the event that any of the Option
Conditions referred to in this Clause 5.3 
are not fulfilled prior to the expiry of the Option Period, the Option
shall expire and the provisions of Clauses 2.3 and 2.4 shall apply.

5.4       Exercise of Option

5.4.1                   NAPL
may, within 10 Business Days of the Satisfaction Date, exercise the Option by
notice in writing delivered to GFBV (the “Exercise Notice”).

5.4.2                   The
Exercise Notice shall specify the Purchased Interest to which such notice
relates and, upon the delivery of such notice and subject to the issuance by
NAPL of the relevant number of Consideration Shares to GFBV, NAPL shall have
thereby acquired the relevant Interest in GFF and the provisions of Clause 5.5
shall apply.

5.4.3                   Following
the delivery of the Exercise Notice, GFBV and GFF shall, against the issuance
of the Consideration Shares by NAPL to GFBV in accordance with the terms of
this Agreement and the Transfer and Subscription Terms, and subject to
Applicable Laws, enter into appropriate documentation formalizing the transfer
of the Purchased Interests in accordance with the Transfer and Subscription
Terms and the transaction steps set out in Schedule 7.

5.5       Shareholders’ Agreement

5.5.1                   Upon
the delivery of the Exercise Notice and the completion of the related transfers
of Consideration Shares and Purchased Interests contemplated under this
Agreement, NAPL and GFBV shall enter into the Shareholders’ Agreement within 10
Business Days of the Exercise Date.

5.5.2                   Prior
to the Exercise Date, GFBV may at its election acquire the 0.017% GFF Shares
held by Orogen.

5.5.3                   If GFBV
elects not to acquire the GFF Shares held by Orogen in accordance with Clause
5.5.2, it shall no later than 10 Business Days after the Satisfaction Date
notify NAPL in writing hereof.  In such
event, the Parties undertake to amend the form of Shareholders’ Agreement in
order to provide that Orogen becomes a party to the Shareholders’ Agreement,
and GFBV shall cause Orogen to duly execute and deliver the Shareholders’
Agreement.

6.         CONSIDERATION

The
consideration for the purchase and sale of the Purchased Interests in
accordance with the terms of this Agreement shall be the aggregate of the
issuance and allotment of the Consideration Shares to GFBV and the undertaking
by NAPL of the funding obligations set out in Clause 7.2.

 16
 

 

7.                MANAGEMENT AND FUNDING

7.1                 Management and Managing Director

7.1.1                   During
the Option Period, NAPL shall nominate all the directors of GFAP, including the
Managing Director.  GFF shall appoint the
directors and Managing Director so nominated by NAPL and approved by GFF.

7.1.2                   During
the Option Period, the Managing Director shall perform his or her duties in
accordance with the terms of the Memorandum and Articles of Association (new)
and the MD Agreement.

7.1.3                   During
the Option Period, GFF shall be entitled to nominate up to 3 persons to be
present at all GFAP Board meetings (“the GFBV Observers”).  Such persons shall not be voting members at
such board meetings.  The GFAP Board
shall ensure that reasonable prior written notice of any proposed GFAP Board
Meeting shall be given to each GFBV Observer together with a reasonably
detailed agenda of the matters to be discussed at such meeting accompanied by
any relevant papers and information.

7.1.4                   NAPL
shall, subject to Clause 7.1.5, be entitled, from time to time during the
Option Period, and with the prior written consent of GFBV, to remove any
director of GFAP (including the Managing Director) and to nominate a new
director to replace any person so removed and GFF shall appoint the director so
nominated by NAPL and approved by GFF.

7.1.5                   In the
event this Agreement terminates in accordance with the provisions of
Clause 2.3 and 2.4, all the directors of GFAP, including the Managing
Director, shall immediately resign and GFF shall be entitled to remove such
directors (and the Managing Director) and to appoint replacement directors
(including the Managing Director) of GFAP.

7.1.6                   During
the Option Period, the implementation of all Programmes and Budgets by GFAP
shall be managed by GFAP and the Managing Director in accordance with the
applicable terms of this Agreement and the terms of the MD Agreement and the
Services Agreement.

7.1.7                   During
the Option Period, in the event of (i) any claim pursuant to Clause 10.6.1
hereof, or (ii) the negligence, willful default or material breach by NAPL of
its obligations hereunder, (iii) the negligence, willful default or material
breach by the Managing Director of its obligations under this Agreement and/or
the MD Agreement or (iv) the negligence, willful default or material
breach of NAPFS or NAPL under the Services Agreement, where such negligent act
or omission, default or material breach has not been remedied or waived within
20 Business Days of receipt of notice of such negligent act or omission,
default or material breach, GFF shall be entitled to remove any and all
directors of GFAP (including the Managing Director) and replace any person so
removed.

7.1.8                   During
the Option Period, NAPL shall procure that (i) the Managing Director enters
into the MD Agreement, (ii) the Managing Director complies with all

 17
 

 

provisions of this Agreement
applicable to the Managing Director and with the MD Agreement; (iii) NAPFS
enters into the Services Agreement together with NAPL; and (iv) NAPFS complies with
all provisions of the Services Agreement.

7.1.9                   GFAP
shall maintain and keep full, complete and accurate books of account, records
and information with respect to the APP Project, the implementation of the
Programmes and Budgets and the operations of GFAP generally, at the registered
office of GFAP.  During the Option
Period, GFBV and/or GFF and their representatives shall have the right to
receive, within a reasonable time after its written request therefore, any such
information relating to the APP Project, the implementation of the Programmes
and Budgets and the operations of GFAP generally as it may reasonably request
and shall be entitled, at all reasonable times, to have access to the
registered office of GFAP, the APP Property and all books of account, records
and information in connection with the APP Project, the implementation of the
Programmes and Budgets and the operations of GFAP generally.

7.1.10                 The
GFAP Board shall submit regularly (and in any event no later than quarterly)
written reports to GFF of all matters considered by the GFAP Board.

7.2           Funding of Approved Earn-in Expenditures

7.2.1                   During
the Option Period, NAPL shall, through its subsidiary NAPF, make all Advances
(at times and in the manner determined by the Managing Director) in accordance
with Clause 7.2.3, in order to fund all Approved Earn-in Expenditures in
connection with the APP Project.

7.2.2                   All
Advances shall, unless otherwise agreed between GFBV and NAPL, be in the form
of cash (denominated in Euros) by way of loans to GFAP upon and subject to the
terms of, and evidenced by, Loan Notes issued by GFAP.

7.2.3                   The
Managing Director shall, not less than 14 Business Days prior to the
commencement of each quarter in respect of which Approved Earn-in Expenditures
shall be incurred, by notice in writing to NAPL (each, a “Cash
Call”) demand that NAPL, through its subsidiary NAPF, make the Advances it
is required to make in accordance with Clause 7.2.1.  Advances validly demanded pursuant to each
Cash Call shall be made by NAPL, through its subsidiary NAPF, not later than 5
(five) Business Days before the commencement of such quarter.

7.2.4                   During
the Option Period, NAPL undertakes to capitalise NAPF with nominal shares and
the remainder of the subscription in NAPF shall be made by share premium.

7.3           Withdrawal by the NAPL Group

The NAPL Group shall be deemed to have withdrawn from
this Agreement if either of the following have occurred:

 18
 

 

7.3.1                   the
NAPL Group shall have given notice to GFBV clearly indicating its intention to
withdraw from this Agreement in accordance with this Clause 7.3; or

7.3.2                   NAPL
and members of the NAPL Group shall not have conducted any material activities
in respect of the Re-Scoping Study and Exploration Programme and the
Feasibility Study for a period of six consecutive months for any reason other
than the occurrence of unavoidable delays in accordance with Clause 11.1;

and upon the occurrence of such a withdrawal, the
terms of Clause 2.4 shall apply.

8.         PROGRAMMES AND BUDGETS

8.1           Work in Accordance with approved Programmes and
Budgets

No
work shall be conducted or undertaken nor shall any Earn-in Expenditure be
incurred by GFAP or funded by NAPL (either directly or indirectly through its
Affiliates, employees, directors, officers or agents) unless such work or
Earn-in Expenditure is contemplated by a Programme and Budget and otherwise
complies with the provisions of this Agreement. 

8.2           Programmes and Budgets

Unless
otherwise approved by GFBV and NAPL, all proposed Programmes and Budgets
relating to the APP Project, to the extent that such Programmes and Budgets
relate to work to be conducted prior to the expiry of the Option Period, shall
be prepared by the Managing Director and copies thereof submitted to the GFAP
Board and the GFBV Observers on an annual basis.  During the Option Period and provided NAPL
and NAPF are in compliance with their obligations under this Agreement
(including its funding obligations under Clause 7.2) and the Services
Agreement and the Managaing Director is in compliance with his or her
obligations under the MD Agreement, the GFAP Board shall have the authority to
approve any proposed Programme and Budget and the making of any Earn-in
Expenditures relating thereto unless such approval or the making of such
Earn-in Expenditures would:

8.2.1                   cause
GFF or GFAP to be in breach of its obligations under any APP Project
agreements, licenses or permits (including the APP Project License) or cause a
breach by GFF or GFAP of Applicable Law; or

8.2.2                   be
materially prejudicial to GFF or GFAP.

8.3           Conduct of Work

Unless
otherwise approved by GFBV and NAPL, all work relating to the APP Project under
Programmes and Budgets prepared and submitted pursuant to Clause 8.2 shall
be implemented by GFAP under the management authority granted to the Managing
Director pursuant to the MD Agreement. 
GFAP shall enter into the Services Agreement with NAPFS and NAPL
substantially in the form of the draft Services Agreement attached hereto as
Schedule 10.

 19
 

 

9.         RESTRICTED MATTERS AND CORPORATE MATTERS

9.1           Approval of GFAP Restricted Matters

During
the Option Period, no decision of the GFAP Board shall be of any force or
effect in respect of any of the GFAP Restricted Matters, unless and until GFF
shall have consented in writing thereto.

9.2           Corporate Matters

GFF shall provide direction to the GFAP Board in
relation to any Corporate Matters and the GFAP Board shall deal with any such
Corporate Matters in the manner so directed by GFF.

9.3           Approval of GFF Restricted Matters

During
the Option Period, no decision of the GFF Board shall be of any force or effect
in respect of any of the GFF Restricted Matters, unless and until NAPL shall
have consented in writing thereto.

10.       COVENANTS

10.1         Maintenance of Interest in NAPL

10.1.1                 Following
the exercise of the Option, if NAPL proposes to issue for cash any equity
securities, including securities convertible or exchangeable for equity
securities (the “Securities”)
pursuant to a private placement or any public offer to finance, directly or
indirectly, the development and construction of a mine (the “Mine”) to
bring the APP Project into production, GFBV or an Affiliate designated by GFBV
shall have the right to acquire from NAPL on terms set out in Clause 10.1.2 and
10.1.3 such number of Securities that when combined with the Consideration
Shares and any NAPL Shares acquired pursuant to Clause 10.1.4, if any, would
result in the GFBV Group holding GFBV’s Outstanding Interest (as hereinafter
defined) of the issued and outstanding shares of NAPL.

10.1.2                 NAPL
shall as soon as practicably possible give to GFBV written notice of each
proposed issuance of Securities pursuant to a private placement, or any public
offer referred to in Clause 10.1.1, setting forth the date and other terms of
the issuance in reasonable detail (“Notice”), such
Notice to be provided prior to the proposed issuance when reasonably possible.

10.1.3                 Within
5 (five) Business Days after receipt of the Notice, GFBV shall, if it elects to
acquire the Securities pursuant hereto, give notice to NAPL of its commitment
to purchase or cause an Affiliate of GFBV to purchase such Securities from NAPL
at a price and on other terms and conditions equal to the price paid and the
other bona
fida terms and conditions
agreed to by the other purchasers of such Securities.

10.1.4                 If on
the date that GFBV receives the Consideration Shares, the number of
Consideration Shares would result in the GFBV Group holding less than the
Outstanding Interest, GFBV or an Affiliate designated by it, shall have the

 20
 

 

right on the Exercise Date to
subscribe, on the terms set out in this Clause 10.1.4, for such number of
additional NAPL Shares so that when combined with the Consideration Shares,
would result in the GFBV Group holding the Outstanding Interest of the issued
and outstanding shares of NAPL.  GFBV
shall subscribe for these additional NAPL Shares at a subscription price equal
to the then current publicly quoted and traded NAPL Share market price.

10.1.5                 The
obligations of NAPL under Clause 10.1.4 shall be subject to compliance with
Applicable Law and conditional upon NAPL obtaining all consents, approvals and
authorisations, including regulatory approvals from the TSX and AMEX to the
extent required,  provided that NAPL
shall use its best efforts to obtain such required consents, approvals and authorizations.

10.1.6                 As used
herein, the term “Outstanding Interest” shall be calculated as follows:

10.1.6.1              in
the event that GFBV exercises the back-in right set out in Clause 5.2, the
percentage of the outstanding Securities of NAPL represented by the relevant
number of Consideration Shares on the date of announcement of the transactions
contemplated by this Agreement in the press. 
For greater certainty, NAPL and GFBV hereby agree and acknowledge that
in this event, on the date of announcement of the transactions contemplated by
this Agreement in the press, the Outstanding Interest is 14.15 percent (the
number of Consideration Shares being equal to 7 381 636); and

10.1.6.2              in
the event that GFBV does not exercise the back-in right set out in
Clause 5.2, the percentage of the outstanding Securities of NAPL
represented by the relevant number of Consideration Shares on the date of
announcement of the transactions contemplated by this Agreement in the
press.  For greater certainty, NAPL and
GFBV hereby agree and acknowledge that in this event, on the date of
announcement of the transactions contemplated by this Agreement in the press,
the Outstanding Interest is 17.68 percent (the number of Consideration Shares
being equal to 9 227 033).

10.2         Changes to Capital Structure

If
during the Option Period there is any share consolidation, split,
reclassification or any other changes to the capital structure of NAPL, the
number of Consideration Shares to be issued by NAPL under the terms of this
Agreement shall be adjusted, with any adjustment calculation done on the basis
that GFBV holds the relevant number of Consideration Shares as at the date of
the relevant capital restructuring and such shares are subject to any such
restructuring.

10.3         Change of Names

As
soon as practicable after the Exercise Date, GFF undertakes to change its name
and shall procure that GFAP changes its name to remove reference to ‘Gold
Fields’ therein.

 21
 

 

10.4         Area of Interest

10.4.1                 During
the Option Period, if GFBV or NAPL or any Affiliate of either Party acquires
any Mineral Rights within the Area of Interest during the term of this
Agreement (the “Acquiror”), the
Acquiror will immediately notify the other party (the “Offeree”)
offering the Mineral Rights for inclusion in the APP Property (the “Offer Notice”).

10.4.2                 Unless
the Offeree gives counter notice to the Acquiror rejecting the Mineral Rights
for inclusion in the APP Project (the “Rejection Notice”)
within 30 days after receipt of Offer Notice, then the Mineral Rights will
promptly thereafter be contributed by the Acquiror to GFAP at cost and will
form part of the APP Property and be subject to this Agreement.

10.4.3                 If the
Offeree gives the Rejection Notice then the Acquiror shall be entitled to
retain the Mineral Rights which will thereafter be excluded from the Area of
Interest.

10.5         Other Activities and Interest

This
Agreement and the rights and obligations of the Parties, are strictly limited
to the APP Property.  Except as
specifically provided herein, each Party shall have the free and unrestricted
right to enter into, conduct and benefit from activities and venues of any kind
whatsoever, including those involving Mineral Rights adjoining the Area of
Interest, whether or not competitive with the activities undertaken pursuant
hereto, without disclosing such activities to the other party or inviting or
allowing the others to participate and will be under no fiduciary or other
obligation to the other Parties with respect thereto.

10.6         Indemnification

10.6.1                 NAPL
and NAPF agree to indemnify and hold harmless each of the members of the GFBV
Group and their respective officers, directors, employees, agents and attorneys
(each an “GFBV Indemnified
Party”) from
and against any Claims of any kind which may be imposed upon, incurred by, or
asserted by third parties against such GFBV Indemnified Party relating to or
arising out of (i) the negligence, willful misconduct or breach by NAPL or NAPF
of any of their respective obligations contained in this Agreement, (ii) the
negligence, willful misconduct or breach by the Managing Director of any of its
obligations under this Agreement and/or the MD Agreement or (iii) the
negligence, willful misconduct or breach by NAPL or NAPFS of any of its
obligations under the Services Agreement; provided that where NAPL or NAPFS or
the MD engages the services of a third party subcontractor, any claim under
this indemnity arising out of the actions of such third party subcontractor,
shall be subject to a maximum amount equal to the value of any insurance, that
in terms of prevailing North America industry practice, ought to have been
procured by such third party subcontractor.

10.6.2                 GFBV
and GFF agree to indemnify and hold harmless each of the members of the NAPL
Group and their respective officers, directors, employees, agents, attorneys
(each an “NAPL Indemnified
Party”) from
and against any Claims

 22
 

 

of any kind which may be imposed upon, incurred by, or asserted by
third parties against such NAPL Indemnified Party relating to or arising out of
(i) a breach by GFBV or GFF of any representation or warranty made by either of
them in this Agreement or any material breach by either of them of their
respective obligations contained in this Agreement, (ii) any of the Corporate
Matters, or (iii) negligent or willful misconduct in the exercise by GFBV or
GFF of the APP Property access rights granted pursuant to Clause 7.1.9.

10.6.3                 NAPL
and NAPF agree to indemnify and hold harmless each GFBV Indemnified Party from
and against 50% of all Claims of any kind which may be imposed upon, incurred
by, or asserted by third parties against such GFBV Indemnified Party relating
to or arising out of any occurrence or event relating in any manner to the
operations of GFAP during the Option Period where such occurrence or event is
not otherwise provided for under the indemnity in Clause 10.6.1 or Clause
10.6.2.

10.6.4                 Notwithstanding
the foregoing, no Party will have any liability whatsoever to the others for
indirect or consequential damages in connection with this Agreement whether
pursuant to this Clause 10.6 for indemnification or otherwise and whether in
contract or in tort.

10.7            Registration Rights

10.7.1                 NAPL
and GFBV shall negotiate in good faith and use their commercially
reasonable efforts to enter into an agreement (the “Registration
Rights Agreement”) providing for the registration under the
U.S. Securities Act of 1933 (the “1933 Act”) of
the Consideration Shares from time to time by GFBV (or any of its
Affiliates).  The Registration Rights Agreement shall be entered
into as soon as practicable and in any event on or before
30 June 2006, provided that GFBV shall be entitled at any time and
from time to time unilaterally to extend such date to a date not later than
31 December 2006, and provided further that NAPL and GFBV
may further extend such date by mutual agreement.  Unless otherwise agreed
between NAPL and GFBV, the Registration Rights Agreement shall provide as
follows:

10.7.1.1                       NAPL shall be obliged, upon each
request of GFBV following the issuance of the Consideration Shares, to use its
best efforts promptly to prepare, file and have declared effective under the
1933 Act one or more registration statements (collectively, the “Registration Statement”)
covering the resale of the Consideration Shares, and to maintain the effectiveness
of the Registration Statement until the later of (i) three years from the date
of the issuance of the Consideration Shares covered by the Registration
Statement or (ii) such time as all the Consideration Shares held by GFBV (or
any of its Affiliates) may be immediately resold under Rule 144 under the 1933
Act during any 90 day period;

10.7.1.2                       Notwithstanding the generality
of Clause 10.7.1.1, NAPL shall not be required to file a Registration Statement
if at the time of such filing NAPL is not then eligible to file a registration
statement on Form F-10 (or any successor form) pursuant to the U.S./Canada
Multi-Jurisdictional Disclosure System (or any successor system);

 23
 

 

10.7.1.3                       the management of NAPL shall
provide such assistance to GFBV in connection with any sale of Consideration
Shares in accordance with this Clause 10.7 as GFBV may reasonably request,
including participating and cooperating with any underwriters’ or brokers’ due
diligence investigations;

10.7.1.4                       NAPL shall enter into customary
documentation in connection with any sale of Consideration Shares in accordance
with this Clause 10.7;

10.7.1.5                       NAPL will provide to GFBV
customary and reasonable indemnities in connection with any sale of
Consideration Shares in accordance with this Clause 10.7 (including the related
Registration Statement); and

10.7.1.6                       GFBV shall reimburse NAPL
in respect of all reasonable costs and expenses incurred by NAPL, including the
reasonable fees and disbursements of NAPL’s counsel, in connection
the performance by NAPL of its obligations under the Registration Rights
Agreement,

and shall contain such
other terms and conditions as are customarily included in
registration rights agreements.

10.7.2                 For
purposes of Clause 10.7.1 only, “Consideration Shares” shall
mean the Consideration Shares, together with any NAPL Shares acquired by GFBV
pursuant to Clause 10.1.4.

11.       MISCELLANEOUS

11.1         Unavoidable Delays

If any
Party is prevented or delayed in exercising or complying with any of its rights
or obligations under this Agreement by reason of events, whether foreseeable or
unforseeable, beyond its reasonable control, other than a lack of funds, such
Party may give notice to the other Parties of the event and upon giving of such
notice all relevant times herein provided for will be extended by the period
necessary to allow such circumstances to cease to exist or be overcome and in
any such event the Party so affected will use all reasonable commercial efforts
to do so promptly.  In the event that
such circumstances continue for 180 days or more, GFBV shall have the right to
terminate this Agreement and the provisions of Clause 2.4 shall apply; provided
that GFBV undertakes not to exercise its right to terminate for a further
period not exceeding 90 days in the event that NAPL may reasonably request so,
provided further that NAPL may only make one such request.

11.2         Notices

11.2.1                 Any
demand, notice or other communication to be given in connection with the
matters contemplated by this Agreement will only be effective if given in writing
in English and:

11.2.1.1              personally
delivered, in which case it will be deemed to have been given upon delivery at
the address set forth below; or

 24
 

 

11.2.1.2              if
sent by pre-paid reputable courier, in which case it will be deemed to have
been given upon delivery at the address set forth below on the day of such
delivery, as confirmed by such courier; or

11.2.1.3              sent
by facsimile to the number set forth below in which case it will be deemed to
have been given when dispatched, but will only be effective if its
uninterrupted transmission can be confirmed by a transmission report of sender.

Any
notice given or deemed to have been given after 5.00 p.m. on any Business Day
or at any time on a day which is not a Business Day in the place of receipt
will be deemed to have been given at 9.00 a.m. on the next Business Day in the
place of receipt.

11.2.2                 The
addresses and other details for notice of the Parties are:

	
  To:

  	
  North American
  Palladium Ltd.

  
	
   

  	
  Suite 2116, 130
  Adelaide St. W.

  
	
   

  	
  Toronto, Ontario
  Canada M5H 3P5

  
	
  Facsimile:

  	
  416-360-7709

  
	
  Attention:

  	
  President

  
	
   

  	
   

  
	
  To:

  	
  North American
  Palladium Finland, Oy

  
	
   

  	
  c/o Gold Fields Arctic
  Platinum Oy

  
	
   

  	
  Ahjotie, 96320,
  Rovaniemi

  
	
  Facsimile:

  	
  +358 207 511 201

  
	
  Attention:

  	
  Managing Director

  
	
   

  	
   

  
	
  To:

  	
  Gold Fields Exploration
  B.V.

  
	
   

  	
  MeesPierson Intertrust

  
	
   

  	
  Rokin 55

  
	
   

  	
  1012KK

  
	
   

  	
  Amsterdam

  
	
  Facsimile:

  	
  +31 20521 4825

  
	
  Attention:

  	
   

  
	
   

  	
   

  
	
  With a copy to:

  	
  Gold Fields Limited

  
	
   

  	
  24 St Andrews Road

  
	
   

  	
  Parktown, 2193

  
	
   

  	
  Postnet Suite 252

  
	
   

  	
  Private Bag X30500

  
	
   

  	
  Houghton, 2041

  
	
  Facsimile:

  	
  +27 11 484 0627

  
	
  Attention:

  	
  Mari Heydenrych

  
	
   

  	
  Legal Administrator

  

 

 25
 

 

 

	
  To:

  	
  Gold Fields Finland, Oy

  
	
   

  	
  Procopé & Hornborg
  Law Offices

  
	
   

  	
  Keskuskatu 8

  
	
   

  	
  6 krs

  
	
   

  	
  Helsinki

  
	
   

  	
  Finland

  
	
  Facsimile:

  	
  09358 103090333

  
	
  Attention:

  	
  Lotta Uusitalo

  

 

or
such other address, individual or facsimile number as may be designated by
notice given by the Parties to the others.

11.3         Further Assurances, Registration, Security

Each
Party will, from time to time on being requested to do so by another Party, now
or at any time in the future do or procure the doing of all such acts and/or
execute or procure the execution of all such documents necessary or desirable
to give effect to the transactions effected or to be effected pursuant to this
Agreement.

11.4         Payment of Costs and Expenses

Save
as otherwise stated in this Agreement, each Party will pay its own costs and
expenses incurred in connection with the preparation, execution and carrying
into effect of this Agreement and the other documents and instruments executed
pursuant hereto or in connection herewith.

11.5         Severance

11.5.1                 Each of
the provisions of this Agreement is severable. If any such provision is or becomes illegal, invalid or unenforceable in
any respect under the law of any jurisdiction, the legality, validity or
enforceability in that jurisdiction of the remaining provisions of this
Agreement will not in any way be affected or impaired thereby.

11.5.2                 The
Parties agree that if any provision of this Agreement should for any reason be
held to be invalid or unenforceable in any respect under the law of any
jurisdiction the Parties will use reasonable endeavours to negotiate in good
faith to seek to agree for the purposes of the operation of this Agreement in
that jurisdiction a valid or enforceable provision in substitution for the
invalid or unenforceable provision which achieves materially the same effect as
would have been achieved by the invalid or unenforceable provision.

11.6         Entire Agreement; Amendment and Waiver

11.6.1                 Subject
as provided in Clause 11.6.2 below, this Agreement (together with any documents
referred to in this Agreement) constitutes the entire agreement and
understanding between the Parties in respect of the subject matter hereof, and
supersedes and extinguishes any prior drafts, agreements, undertakings,
representations, statements, warranties and arrangements of any nature
whatsoever, whether or not in writing, between the Parties in connection with
the subject matter of this Agreement except to the extent that the same is in

 26
 

 

terms repeated or otherwise
reflected in the warranties or otherwise in this Agreement or any document
referred to in this Agreement.

11.6.2                 Nothing
in this Agreement or in any document referred to herein will be read or
construed as excluding any liability or remedy as a result of fraud or wilful
non-disclosure.

11.6.3                 No
variation of this Agreement will be of any effect unless it is agreed in
writing and signed by or on behalf of each of the Parties.

11.6.4                 Any
waiver of any right, power or remedy under this Agreement must be in writing
and may be given subject to any conditions thought fit by the grantor and will
be effective only in the instance and only for the purpose for which it is
given.

11.6.5                 Failure
of a Party to insist upon strict performance of a provision of this Agreement
or an obligation, or delay in the exercise of a right or remedy, will not act
as a waiver or release.

11.7         Change of Control

11.7.1                 If at
any time:

11.7.1.1              NAPL
and/or NAPF is placed under judicial management, in liquidation, or under
winding up, whether voluntary, compulsory, final or provisional, or compounds
or enters into a general arrangement of compromise with its creditors, or,

11.7.1.2              a
Change of Control occurs,

GFBV
shall, notwithstanding the provisions of Clause 11.8 or any other provision to
the contrary contained herein, have the right to sell, transfer, assign or
otherwise dispose of its Interest in and the benefit of its rights and
obligations under this Agreement and shall on the date of such sale, transfer,
assignment or disposal have no further rights or obligations under this
Agreement provided that any such sale, transfer, assignment or disposal is in
conjunction with the sale by GFBV of all of the GFF Shares held by it as at the
date of any such sale, transfer, assignment or disposal and provided further
that any such assignee agrees in writing to be bound by the terms of this
Agreement.

11.8         Successors and Assigns

11.8.1                 Subject
as provided below, no Party nor any other person with enforceable rights under
this Agreement may, save with the prior written consent of the other Parties to
this Agreement, sell, transfer, assign or otherwise dispose of or grant or
suffer to exist any Encumbrance or other interest in any Interest in or the
benefit of its rights under this Agreement whether absolutely or by way of
security or deal in any way with any Interest it has under this Agreement
provided that NAPL or NAPF may, without the consent of GFBV or GFF; and GFBV
may, without the consent of NAPL or NAPF, assign their rights and the benefits
of all or any of any its obligations under this Agreement to an

 27
 

 

Affiliate, provided that any
such assignment will not result in any material adverse tax consequence for the
non-assigning Parties.

11.8.2                 Successors
in title and permitted assigns of each of the Parties will be able to enforce
the provisions of this Agreement as if they were parties to it.

11.9         Third Party Rights

Except as provided in this Agreement, a person who is
not a party to this Agreement may not enforce any of its terms.  Notwithstanding any term of this Agreement,
the consent of any third party is not required for any variation (including any
release or compromise of any liability under) or termination of this Agreement.

11.10       Confidentiality

All
Confidential Information coming into the possession of a Party by virtue of
this Agreement with respect to the business or operations of the other Parties
or in any way relating to the APP Project and/or the APP Property will be kept
confidential and will not be disclosed to any person other than the officers,
directors, employees, agents and representatives of such Party who need to know
such Confidential Information for purposes related to this Agreement and the
performance and exercise by such Party of its rights and obligations hereunder.
This Clause 11.10 shall survive termination of this Agreement for a period of
three years after termination of this Agreement.

11.11       Counterparts

This
Agreement may be executed in any number of counterparts, each of which when
executed, will be an original, and all the counterparts together will
constitute one and the same agreement.

11.12       Governing Law

This
Agreement will be governed by and construed in accordance with English law.

11.13       Dispute Resolution

11.13.1               Any
disputes concerning the subject matter of this Agreement will, in the first
instance, be forthwith referred for resolution between the Chairman of GFBV and
the President of NAPL, and if such dispute cannot be resolved within thirty
(30) days of such referral, will be referred for arbitration in accordance with
the provisions of Clause 11.13.2.

11.13.2               All
disputes referred to arbitration pursuant to Clause 11.13.1 will be finally
settled by arbitration in accordance with the Rules of Arbitration of the
International Chamber of Commerce (the “Rules of Arbitration”).  In connection with any such arbitration, each
of GFBV and NAPL will appoint one arbitrator and such arbitrators will agree on
and appoint a third arbitrator.  The
arbitration will be conducted in the English language, and the arbitration will
take place in London, England.  Any award
made pursuant to this Clause 11.13.1 will be final and binding on all Parties
hereto and may be enforced in any court of competent jurisdiction.  Any report prepared by any arbitration

 28
 

 

panel constituted hereunder
will be delivered to each of the Parties hereto.  Costs of the arbitration will be borne by the
Parties in accordance with the Rules of Arbitration.

11.13.3               Notwithstanding
any provisions of the Rules of Arbitration to the contrary, the Parties hereby
agree pursuant to section 48 of the Arbitration Act 1996 (United Kingdom) that
the arbitration panel will be entitled, if it so deems appropriate, to provide
for the remedy of specific performance in the manner in which such remedy is
provided by the courts of England.

11.14       Time of the Essence

Any times, dates or periods specified in this Agreement
may be extended or altered by agreement in writing between the Parties. Time
shall however be of the essence of this Agreement, both as regards times, dates
and periods specified in this Agreement and as to any times, dates or periods
that may by agreement between the Parties be substituted for any of them.

 29

 

IN WITNESS WHEREOF the Parties have
executed this Agreement with the intention that it be delivered on the day and
year written above.

	
  EXECUTED on behalf of

  
	
  NORTH AMERICAN PALLADIUM LTD., 

  
	
  by

  
	
   

  
	
   

  	
   

  
	
   

  
	
  EXECUTED on behalf of

  
	
  NORTH AMERICAN PALLADIUM FINLAND OY,

  
	
  by

  
	
   

  
	
   

  	
   

  
	
   

  
	
  EXECUTED on behalf of

  
	
  GOLD FIELDS EXPLORATION B.V.

  
	
   

  
	
  by

  
	
   

  
	
   

  	
   

  
	
   

  
	
  EXECUTED on
  behalf of

  
	
  GOLD FIELDS FINLAND OY

  
	
   

  
	
  by

  
	
   

  
	
   

  	
   

  

 

 30
 

 

SCHEDULE 1

REPRESENTATIONS AND WARRANTIES

1.1                           Mutual Representations and Warranties

Each Party represents and warrants to the others that
as of the date of this Agreement the representations and warranties set forth
in this Clause 1.1 are true and correct (and such representations and
warranties shall survive the execution and delivery of this Agreement and
continue in full force and effect thereafter):

1.1.1                                        it
is a company duly incorporated, validly subsisting and in good standing under
the laws of the jurisdiction of its incorporation or formation, as applicable;

1.1.2                                        it
has all requisite capacity, power and authority to carry on its business and to
enter into this Agreement and any agreement or instrument referred to or
contemplated by this Agreement and to carry out and perform all of its
obligations and duties hereunder and thereunder;

1.1.3                                        it
has duly obtained all requisite authorisations for the execution, delivery and
performance of this Agreement and this Agreement constitutes a legal, valid and
binding agreement enforceable against it in accordance with its terms;

1.1.4                                        compliance
with the terms of this Agreement and any agreement or instrument referred to or
contemplated by this Agreement shall not breach or constitute a default under
(i) any provision of its memorandum and articles of association or equivalent
constitutional documents, (ii) any agreement or instrument to which it is a
party or by which it is bound, or (iii) any order, judgment, decree or other
restriction applicable to it; and

1.1.5                                        it
will not be required to give any notice to or make any filing with or obtain
any permit, consent, waiver or other authorisation from any Government Agency
or other person in connection with the execution, delivery and performance of
this Agreement, other than as have been obtained as at the date of this
Agreement or as contemplated in Clause 2.1 of this Agreement.

1.2                           NAPL and NAPF Representations and Warranties

Each of NAPL and NAPF represents and warrants to GFBV
and GFF that as of the date of this Agreement and as at the Exercise Date, the
representations and warranties set forth in this Clause 1.2 are true and
correct (and such representations and warranties shall survive the execution
and delivery of this Agreement and the Exercise Date and continue in full force
and effect thereafter):

 31
 

 

1.2.1                                        each
of them has, at all times, conducted their business in compliance with all
Applicable Laws, regulations and applicable policies of securities regulatory
authorities;

1.2.2                                        NAPL
has given notice to each of the TSX and the AMEX of the issuance of the
Consideration Shares as contemplated under the terms of this Agreement in
accordance with the rules of each such exchange, each of the TSX and the AMEX
has accepted such notice, and such acceptance is not subject to any conditions
(other than customary conditions relating to the filing of documentation in
connection with the completion of the transaction contemplated by this
Agreement);

1.2.3                                        the
shares constituting the Consideration Shares shall be validly allotted and
issued to GFBV as fully paid up shares free of any Encumbrance and subject to
no commitment by NAPL to issue such shares (except pursuant to this Agreement)
or create an Encumbrance affecting such shares;

1.2.4                                        as
at 27 February 2006, the authorised share capital of NAPL consists of an
unlimited number of NAPL Shares, of which 52,216,770 have been issued and are
outstanding and an unlimited number of special shares, issuable in series, of
which none are issued and outstanding;

1.2.5                                        NAPL’s
public documents have been filed in accordance with Applicable Laws and contain
no untrue statement of a material fact and do not omit to state any material
fact necessary to make the statements contained therein, in light of the
circumstances under which made, not misleading;

1.2.6                                        the
statutory books of NAPL have been properly kept, are up-to-date and contain
complete and accurate details of all matters required by Applicable Laws to be
entered in them.  No notice or indication
that any of them is incorrect or should be rectified has been received;

1.2.7                                        NAPL
owns 100% of the shares in NAPF and no third party owns or has any option or
other right to acquire shares in NAPF and all shares in NAPF are free and clear
of any Encumbrance;

1.2.8                                        NAPF
is a single purpose company with the sole objective and business of undertaking
its obligations under this Agreement and NAPF does not have any obligations
other than in connection therewith;

1.2.9                                        neither
NAPL, nor any of its affiliates (as defined in Regulation D under the
Securities Act (“Regulation D”)),
nor any persons acting on its or their behalf, (i) has made or will make any
offers or sales of any security, or has solicited or will solicit offers to
buy, or otherwise has taken or will take any other action negotiated in respect
of, any security, under circumstances that would require the registration of
the Consideration Shares under the 1933 Act; or (ii) has engaged or will engage
in any form of “general solicitation” or “general advertising”

 32
 

 

(as defined in Regulation
D) in connection with the sale of the Consideration Shares in the United
States;

1.2.10                                      neither
NAPL, nor any of its affiliates (as defined in Rule 405 under the Securities
Act) (“Affiliates”), nor any persons acting on its or their behalf has engaged
or will engage in any “directed selling efforts” (as defined in Regulation S)
with respect to the Consideration Shares;

1.2.11                                      NAPL
has not distributed and none of its Affiliates have distributed and, prior to
the later to occur of (i) the closing and (ii) completion of the distribution
of the Consideration Shares, neither NAPL nor any of its Affiliates shall
distribute any offering material in connection with the offering and sale of
the Consideration Shares; and

1.2.12                                      there
are no legal or governmental proceedings pending or, to the knowledge of NAPL,
threatened that may prevent the sale of the Consideration Shares as
contemplated hereby or permit the unwinding of such sales and the clawback of
the Consideration Shares.

1.3                           GFF and GFBV Representations and Warranties

Each of GFBV and GFF
represents and warrants to NAPL and NAPF that as of the date of this Agreement
the representations and warranties set forth in this Clause 1.3 are true and
correct (and such representations and warranties shall survive the execution
and delivery of this Agreement and continue in full force and effect thereafter):

1.3.1                                        GFAP
has, at all times, conducted its business in compliance with all Applicable
Laws;

1.3.2                                        Each
of GFF and GFAP has good and valid title to all of its material properties and
assets, including without limitation in respect of the APP Property, free and
clear from any material claims and Encumbrances other than as set out in
Schedule 8;

1.3.3                                        GFBV
has all necessary corporate power to grant the Option and to perform its
obligations relating thereto;

1.3.4                                        The
Option constitutes the legal, valid and binding obligation of GFBV enforceable
against GFBV in accordance with its terms;

1.3.5                                        The
shares constituting the Purchased Interest and covered by the Option subject to
(i) purchase and sale, have been validly allotted and issued, are fully paid up
and are legally and beneficially owned by GFBV free of any Encumbrances, and no
commitment has been given by GFBV to sell, transfer or assign any ownership
interest in such shares (except pursuant to the Option) or create an
Encumbrance affecting such shares and no person has claimed any right in
connection with any of those things, and (ii) subject to subscription, shall be
validly allotted and issued as fully paid up shares free of any Encumbrance,
and subject to no commitment by GFF to issue such

 33
 

 

shares (except pursuant
to the Option) or create an Encumbrance affecting such shares;

1.3.6                                        GFBV
has made available to NAPL all relevant information in its possession and
control concerning GFF and GFAP and title to the APP Project Licenses and the
technical information, data, records, engineering, trade secrets, maps, plans
and drawings relating to the APP Project Licenses;

1.3.7                                        GFAP
holds the APP Project Licenses and Mineral Rights and such APP Project Licenses
and Mineral Rights are, to the extent described in Schedule 5, sufficient,
current and in full force and effect; 
Schedule 5 sets forth a true, complete and accurate listing of the
APP Project Licenses and Mineral Rights and the status thereof and NAPL has
been provided with a true and correct copies thereof;

1.3.8                                        to
the best of GFBV’s and GFF’s knowledge, the APP Project Licenses and Mineral
Rights attaching thereto (as described in Schedule 5) have been properly
staked or otherwise properly constituted, as applicable, and are valid and in
good standing to the date hereof, in accordance with Applicable Law;

1.3.9                                        Schedule
9 sets forth a true, complete and accurate listing of the Property Agreements;
NAPL has been provided with a true and correct copy of each of the Property
Agreements;

1.3.10                                      each
of GFBV, GFF and GFAP has not entered into any material agreements and has not
made any material commitment in respect of the APP Project Licenses other than
the Property Agreements, or other than those otherwise disclosed in writing to
NAPL;

1.3.11                                      to
the best of GFBV’s and GFF’s knowledge, and except as otherwise provided
herein, there is no judgment, decree, injunction, ruling or order of any court,
Governmental Authority, instrumentality or arbitrator and no claim, suit,
action, litigation, arbitration or governmental proceeding in progress, pending
or threatened against or relating to, and affecting any part of the land
covered by the APP Project Licenses which prevents or which seeks to prevent it
from entering into and performing its obligations hereunder and the transaction
contemplated hereby;

1.3.12                                      to
the best of GFBV’s and GFF’s knowledge, the APP Project Licenses and the
activities and operations that have been carried out thereon have been in
compliance in all material respects with all Applicable Laws and directives of
all Governmental Authorities and it has not received notice of non-compliance
from any such Government Authorities;

1.3.13                                      each
of GFF and GFAP has not entered into any labour contracts, collective
bargaining agreements, or any other labour-related obligations and liabilities
which may affect the APP Project Licenses

 34
 

 

or any operations
conducted thereon other than as disclosed to NAPL in writing;

1.3.14                                      to
the best of GFBV’s and GFF’s knowledge, all the lands covered by the APP
Project Licenses are free and clear of any hazardous substance, as such term is
defined under Applicable Law, and there is no judicial or administrative
proceeding pending and no environmental order has been issued or, to the best
of its knowledge, threatened, concerning the possible violation of any
Applicable Law or environmental orders in respect of the APP Project Licenses;

1.3.15                                      to
the best of GFBV’s and GFF’s knowledge, all environmental approvals required
with respect to current activities carried out by it on any part of the land
covered by the APP Project Licenses, have been obtained, are valid and in full
force and effect, have been complied with and there have been and are no
proceedings commenced or threatened to revoke or amend any such environmental approvals;
and

1.3.16                                      the
indebtedness of each of GFF and GFAP, other than the indebtedness owed to
Orogen, do not exceed the cash and cash equivalents of each of GFF and GFAP,
respectively.

1.4                           GFBV Representations and Warranties

GFBV represents and
warrants to NAPL that as of the date of issuance of the Consideration Shares
the representations and warranties set forth in this Clause 1.4 are true and
correct.

1.4.1                                        GFBV
understands that the Consideration Shares have not been registered under the
United States Securities Act of 1933, as amended (the “1933 Act”) or any
applicable state securities laws and that the contemplated issuance would be
made in reliance on a private placement exemption;

1.4.2                                        GFBV
has had access to such additional information, if any, concerning NAPL as it
has considered necessary in connection with its investment decision to acquire
the Consideration Shares pursuant to the terms of the Agreement;

1.4.3                                        GFBV
has such knowledge and experience in financial and business matters as to be
capable of evaluating the merits and risks of its investment in the
Consideration Shares pursuant to the terms of the Agreement, and is able to
bear the economic risks of such investment;

1.4.4                                        GFBV
is an “institutional” accredited investor within the meaning of Rule 501(a)(3)
of Regulation D under the 1933 Act and if it acquires the Consideration Shares
pursuant to the terms of the Agreement, it does so for its own account, and not
with a view to any resale, distribution or other disposition of the Consideration
Shares in violation of United States securities laws or applicable state
securities laws;

 35
 

 

1.4.5                                        GFBV
acknowledges that it has not agreed to acquire the Consideration Shares
pursuant to the terms of the Agreement as a result of any general solicitation
or general advertising (as those terms are used in Regulation D under the 1933
Act) including, but not limited to, any advertisements, articles, notices or
other communications published in any newspaper, magazine or similar media or
broadcast over radio or television or the Internet or any seminar or meeting
whose attendees have been invited by general solicitation or general
advertising;

1.4.6                                        GFBV
agrees that if it decides to offer, sell or otherwise transfer any of the
Consideration Shares issued to it pursuant to the terms of the Agreement, such
Consideration Shares may be offered, sold or otherwise transferred only (i) to
NAPL, (ii) in an offshore transaction complying with Rule 903 or 904 of
Regulation S under the 1933 Act (iii) within the United States in accordance
with an exemption from registration under the 1933 Act provided by Rule 144 or
144A thereunder, if available, (iv) in accordance with any other exemption from
registration under the 1933 Act or pursuant to an effective registration statement
that covers resales of securities and in compliance with any applicable state
securities laws;

1.4.7                                        GFBV
understands and acknowledges that upon the original issuance thereof, and until
such time as the same is no longer required under applicable requirements of
the 1933 Act or applicable state securities laws, certificates representing
Consideration Shares, and all certificates issued in exchange therefor or in
substitution thereof, shall bear the following legend:

“THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN
REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “1933
ACT”).  THE HOLDER HEREOF, BY PURCHASING
SUCH SECURITIES, AGREES FOR THE BENEFIT OF THE COMPANY THAT SUCH SECURITIES MAY
BE OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY (A) TO THE COMPANY, (B) IN AN
OFFSHORE TRANSACTION COMPLYING WITH RULE 903 OR 904 OF REGULATION S UNDER THE
1933 ACT (C) IN COMPLIANCE WITH AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS
UNDER THE 1933 ACT PROVIDED BY RULE 144 OR 144A THEREUNDER, IF AVAILABLE, AND
IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS (D) IN A TRANSACTION
THAT DOES NOT REQUIRE REGISTRATION UNDER THE 1933 ACT OR ANY APPLICABLE STATE
SECURITIES LAWS, AND THE HOLDER HAS, PRIOR TO SUCH SALE, FURNISHED TO THE
COMPANY AN OPINION OF COUNSEL OR OTHER EVIDENCE OF EXEMPTION, IN EITHER CASE
REASONABLY SATISFACTORY TO THE COMPANY, OR (E) PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT THAT COVERS RESALES OF SECURITIES.

 36
 

 

DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE “GOOD
DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA.  AT ANY TIME THAT THE COMPANY IS A “FOREIGN
ISSUER” WITHIN THE MEANING OF REGULATION S AT THE TIME OF SALE, A NEW
CERTIFICATE BEARING NO LEGEND, THE DELIVERY OF WHICH WILL CONSTITUTE “GOOD DELIVERY”MAY
BE OBTAINED FROM THE COMPANY’S TRANSFER AGENT, UPON DELIVERY OF THIS
CERTIFICATE AND A DULY EXECUTED DECLARATION, IN A FORM SATISFACTORY TO THE
COMPANY’S TRANSFER AGENT AND THE COMPANY, TO THE EFFECT THAT SUCH SALE IS BEING
MADE IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE 1933
ACT.  THE COMPANY OR ITS TRANSFER AGENT
MAY ALSO REQUIRE AN OPINION OF COUNSEL FROM THE SELLER IN CONNECTION WITH ANY
OFFER, SALE OR TRANSFER OF THE SECURITIES REPRESENTED HEREBY OR THE REMOVAL OF
THIS LEGEND IN CONNECTION THEREWITH”;

provided, that if Consideration Shares are being sold
pursuant to Rule 903 or Rule 904 of Regulation S under the 1933 Act, and
provided that the NAPL is a “foreign issuer” within the meaning of Regulation S
at the time of sale, any such legend may be removed by providing a declaration
to NAPL’s transfer agent, to the effect set forth in Annex A hereto (or as NAPL
may prescribe from time to time and, if required by the transfer agent, an
opinion of counsel of recognized standing reasonably satisfactory to the
transfer agent, that such legend is no longer required under applicable
requirements of the 1933 Act); and provided, further, that, if any such
Consideration Shares are being sold pursuant to Rule 144 under the 1933 Act, the
legend may be removed by delivery to NAPL’s transfer agent and NAPL an opinion
of counsel, of recognized standing reasonably satisfactory to NAPL, that such
legend is no longer required under applicable requirements of the 1933 Act or
state securities laws;

1.4.8                                        GFBV
consents to NAPL making a notation on its records or giving instructions to any
registrar or transfer agent of the Consideration Shares in order to implement
the restrictions on transfer set forth and described herein; and

1.4.9                                        if
required by applicable securities legislation, regulatory policy or order or by
any securities commission, stock exchange or other regulatory authority, GFBV
will execute, deliver and file and otherwise assist NAPL in filing reports,
questionnaires, undertakings and other documents with respect to the issue of
the Consideration Shares.

 37
 

 

ANNEX
A TO SCHEDULE 1

FORM
OF DECLARATION FOR REMOVAL OF LEGEND

TO:         Computershare Investor
Services Inc.,

as registrar and transfer
agent for the Common Shares of

North
American Palladium Ltd.

The undersigned:

·    acknowledges
that the sale of the securities of North American Palladium Ltd. to which this
declaration relates is being made in reliance on Rule [903][904] of Regulation
S under the United States Securities Act of 1933, as amended (the ‘‘U.S.
Securities Act’’), and

·    certifies
that:

1.             [If the transfer is to be made under
Rule 904, insert — it is not an affiliate of North American
Palladium Ltd. (as defined in Rule 405 under the U.S. Securities Act),]

2.             [If the transfer is to be made under
Rule 904, insert — the offer of the securities was not made to a
person in the United States and either (A) at the time the buy order was
originated, the buyer was outside the United States, or the seller and any
person acting on its behalf reasonably believes that the buyer was outside the
United States, or (B) the transaction was executed on or through the facilities
of the Toronto Stock Exchange, and neither the seller nor any person acting on
its behalf knows that the transaction has been prearranged with a buyer in the
United States,]

3.             [If the transfer is to be made under
Rule 903, insert — the offer of the securities was not made to a
person in the United States and at the time the buy order was originated, the
buyer was outside the United States, or the seller and any person acting on its
behalf reasonably believes that the buyer was outside the United States.]

4.             neither the seller nor
any affiliate of the seller nor any person acting on any of their behalf has
engaged or will engage in any directed selling efforts in the United States in
connection with the offer and sale of the securities,

5.             the sale is bona fide and not for the
purpose of ‘‘washing off’’ the resale restrictions imposed because the
securities are ‘‘restricted securities’’ (as that term is defined in Rule
144(a)(3) under the U.S. Securities Act),

6.
the seller does not intend to replace the securities sold in reliance on Rule [903][904] of Regulation S with fungible
unrestricted securities, and

7.
the contemplated sale is not a transaction, or part of a series of transactions
which, although in technical compliance with Regulation S, is part of a plan or
scheme to evade the registration provisions of the U.S. Securities Act.

 38
 

 

Terms
used in this declaration have the meanings given to them in Regulation S under
the Securities Act.

	
  

  	
  [NAME]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
  Dated:

  	
  Title:

  
					

 

 39
 

 

SCHEDULE
2

FORM OF SHAREHOLDERS’ AGREEMENT

Please see attached

 40
 

 

SCHEDULE
3

TRANSFER AND SUBSCRIPTION TERMS

The
following terms and conditions are the Transfer and Subscription Terms which
shall apply to issuances, sales and/or subscriptions of Consideration Shares,
Purchased Interests and other Interests, as applicable (in this Schedule, the “Interests”) as provided in the Agreement:

1.             Timing
- The completion of the issuance of, purchase and sale of, or subscription for,
the Interests shall occur as soon as practicable but in any event shall not
occur later than seven (7) Business Days after the obligation of issuance,
purchase and sale or subscription, as applicable, arises under the Agreement.

2.             Place
of Completion - The completion shall occur at the registered office for the
time being of GFAP (or such other place as may be agreed between the Parties).

3.             Delivery
Free of Encumbrances - The Interests shall be delivered by NAPL to GFBV,
GFF to NAPL or by GFF to any subscriber, as applicable, free and clear of any
Encumbrances.

4.             Documentation
- At completion, (i) in the case of a purchase and sale, the seller shall
deliver share certificates or other instruments representing the Interests
together with, in the case of shares, share transfer forms duly executed in
blank for transfer and such other documents as may, in the reasonable opinion
of purchaser, be necessary or desirable or required under Applicable Law in
order for the purchaser (or such Affiliate of the purchaser as may be nominated
by the purchaser by notice in writing delivered not less than two (2) Business
Days prior to completion) to become the registered and beneficial owner of the
purchased Interests free and clear of any Encumbrances; and (ii) in the case of
an allotment and issuance and/or subscription for Shares, NAPL or GFF, as
applicable,  shall deliver share
certificates representing the shares being issued and such other documents as
may, in the reasonable opinion the subscriber, be necessary or desirable or
required under Applicable Law in order for the subscriber (or such Affiliate of
the subscriber as may be nominated by the subscriber by notice in writing
delivered not less than two (2) Business Days prior to completion) to become
the registered and beneficial owner of the shares free and clear of any
Encumbrances.

5.             Recording
in Shareholders Register – In the case of Interests comprising shares, at
completion the Parties shall procure that the purchaser or subscriber (or such
Affiliate of the purchaser or subscriber as may be nominated by the purchaser
or subscriber by notice in writing delivered not less than two (2) Business
Days prior to completion) is recorded on the applicable shareholders register
as the registered owner of such shares and that new certificates in the name of
the purchaser or subscriber or such Affiliate of the purchaser or subscriber,
as the case may be, representing such shares is issued and delivered to the
purchaser, subscriber or such Affiliate.

 41
 

 

SCHEDULE 4

FORM OF MD AGREEMENT

Please see attached

 42

 

SCHEDULE
5

LICENSES AND MINERAL RIGHTS

LIST OF TENEMENTS AS AT 1
MARCH 2006

1.             Mining licences and mining licence applications

	
  Licence name

  	
   

  	
  Licence No.

  	
   

  	
  Project

  	
   

  	
  Date applied

  	
   

  	
  Valid until

  	
   

  	
  Status

  	
   

  	
  Area (ha)

  	
   

  	
  Remarks

  
	
  Konttijärvi

  	
   

  	
  4691/1a

  	
   

  	
  Suhanko

  	
   

  	
  24.9.1996

  	
   

  	
  8.10.2006

  	
   

  	
  Valid

  	
   

  	
  56.40

  	
   

  	
   

  
	
  Kilvenjärvi

  	
   

  	
  3556/1a

  	
   

  	
  Narkaus

  	
   

  	
  28.11.1991

  	
   

  	
  28.11.2006

  	
   

  	
  Valid

  	
   

  	
  20.21

  	
   

  	
  Extension granted 15.01.2002

  
	
  Sompuoja

  	
   

  	
  4689/1a

  	
   

  	
  Penikat

  	
   

  	
  8.10.1996

  	
   

  	
  8.10.2006

  	
   

  	
  Valid

  	
   

  	
  34.22

  	
   

  	
   

  
	
  Suhanko

  	
   

  	
   

  	
   

  	
  Suhanko

  	
   

  	
  23.4.2001

  	
   

  	
   

  	
   

  	
  Application

  	
   

  	
  4145.40

  	
   

  	
   

  
	
  Totals:

  	
   

  	
  3 valid mining licences

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  110.83

  	
  ha

  	
   

  
	
   

  	
   

  	
  1 mining licence application

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  4145.40

  	
  ha

  	
   

  

 

2.             Claims

	
  Claim name

  	
   

  	
  Claim No.

  	
   

  	
  Project

  	
   

  	
  Date granted

  	
   

  	
  Date of

  expiry

  	
   

  	
  Status

  	
   

  	
  Area (ha)

  	
   

  	
  Remarks

  
	
  Saukkosuo

  	
   

  	
  5426/1

  	
   

  	
  Suhanko

  	
   

  	
  23.8.1994

  	
   

  	
  31.12.2001

  	
   

  	
  Valid/frozen

  	
   

  	
  98.00

  	
   

  	
  Entirely covered by ML application

  
	
  Kilkka 1

  	
   

  	
  6998/1

  	
   

  	
  Penikat

  	
   

  	
  27.3.2000

  	
   

  	
  27.3.2008

  	
   

  	
  Valid/ext

  	
   

  	
  94.90

  	
   

  	
  Extension granted 30.03.2005

  
	
  Kilkka 2

  	
   

  	
  6998/2

  	
   

  	
  Penikat

  	
   

  	
  27.3.2000

  	
   

  	
  27.3.2008

  	
   

  	
  Valid/ext

  	
   

  	
  92.20

  	
   

  	
  Extension granted 30.03.2005

  
	
  Penikat 1

  	
   

  	
  7019/1

  	
   

  	
  Penikat

  	
   

  	
  11.5.2000

  	
   

  	
  11.5.2008

  	
   

  	
  Valid/ext

  	
   

  	
  92.50

  	
   

  	
  Extension granted 30.03.2005

  
	
  Penikat 10

  	
   

  	
  7019/10

  	
   

  	
  Penikat

  	
   

  	
  11.5.2000

  	
   

  	
  11.5.2008

  	
   

  	
  Valid/ext

  	
   

  	
  89.10

  	
   

  	
  Extension granted 30.03.2005

  
	
  Penikat 11

  	
   

  	
  7019/11

  	
   

  	
  Penikat

  	
   

  	
  11.5.2000

  	
   

  	
  11.5.2008

  	
   

  	
  Valid/ext

  	
   

  	
  94.20

  	
   

  	
  Extension granted 30.03.2005

  
	
  Penikat 12

  	
   

  	
  7019/12

  	
   

  	
  Penikat

  	
   

  	
  11.5.2000

  	
   

  	
  11.5.2008

  	
   

  	
  Valid/ext

  	
   

  	
  52.00

  	
   

  	
  Extension granted 30.03.2005

  
	
  Penikat 13

  	
   

  	
  7019/13

  	
   

  	
  Penikat

  	
   

  	
  11.5.2000

  	
   

  	
  11.5.2008

  	
   

  	
  Valid/ext

  	
   

  	
  18.30

  	
   

  	
  Extension granted 30.03.2005

  
	
  Penikat 14

  	
   

  	
  7019/14

  	
   

  	
  Penikat

  	
   

  	
  11.5.2000

  	
   

  	
  11.5.2008

  	
   

  	
  Valid/ext

  	
   

  	
  78.70

  	
   

  	
  Extension granted 30.03.2005

  
	
  Penikat 15

  	
   

  	
  7019/15

  	
   

  	
  Penikat

  	
   

  	
  11.5.2000

  	
   

  	
  11.5.2008

  	
   

  	
  Valid/ext

  	
   

  	
  29.10

  	
   

  	
  Extension granted 30.03.2005

  
	
  Penikat 16

  	
   

  	
  7019/16

  	
   

  	
  Penikat

  	
   

  	
  11.5.2000

  	
   

  	
  11.5.2008

  	
   

  	
  Valid/ext

  	
   

  	
  98.60

  	
   

  	
  Extension granted 30.03.2005

  
	
  Penikat 17

  	
   

  	
  7019/17

  	
   

  	
  Penikat

  	
   

  	
  11.5.2000

  	
   

  	
  11.5.2008

  	
   

  	
  Valid/ext

  	
   

  	
  100.00

  	
   

  	
  Extension granted 30.03.2005

  
	
  Penikat 18

  	
   

  	
  7019/18

  	
   

  	
  Penikat

  	
   

  	
  11.5.2000

  	
   

  	
  11.5.2008

  	
   

  	
  Valid/ext

  	
   

  	
  92.80

  	
   

  	
  Extension granted 30.03.2005

  
	
  Penikat 19

  	
   

  	
  7019/19

  	
   

  	
  Penikat

  	
   

  	
  11.5.2000

  	
   

  	
  11.5.2008

  	
   

  	
  Valid/ext

  	
   

  	
  99.70

  	
   

  	
  Extension granted 30.03.2005

  
	
  Penikat 2

  	
   

  	
  7019/2

  	
   

  	
  Penikat

  	
   

  	
  11.5.2000

  	
   

  	
  11.5.2008

  	
   

  	
  Valid/ext

  	
   

  	
  98.80

  	
   

  	
  Extension granted 30.03.2005

  
	
  Penikat 20

  	
   

  	
  7019/20

  	
   

  	
  Penikat

  	
   

  	
  11.5.2000

  	
   

  	
  11.5.2008

  	
   

  	
  Valid/ext

  	
   

  	
  82.20

  	
   

  	
  Extension granted 30.03.2005

  
	
  Penikat 21

  	
   

  	
  7019/21

  	
   

  	
  Penikat

  	
   

  	
  11.5.2000

  	
   

  	
  11.5.2008

  	
   

  	
  Valid/ext

  	
   

  	
  93.10

  	
   

  	
  Extension granted 30.03.2005

  
	
  Penikat 22

  	
   

  	
  7019/22

  	
   

  	
  Penikat

  	
   

  	
  11.5.2000

  	
   

  	
  11.5.2008

  	
   

  	
  Valid/ext

  	
   

  	
  58.00

  	
   

  	
  Extension granted 30.03.2005

  
	
  Penikat 23

  	
   

  	
  7019/23

  	
   

  	
  Penikat

  	
   

  	
  11.5.2000

  	
   

  	
  11.5.2008

  	
   

  	
  Valid/ext

  	
   

  	
  100.00

  	
   

  	
  Extension granted 30.03.2005

  
	
  Penikat 24

  	
   

  	
  7019/24

  	
   

  	
  Penikat

  	
   

  	
  11.5.2000

  	
   

  	
  11.5.2008

  	
   

  	
  Valid/ext

  	
   

  	
  93.20

  	
   

  	
  Extension granted 30.03.2005

  
	
  Penikat 25

  	
   

  	
  7019/25

  	
   

  	
  Penikat

  	
   

  	
  11.5.2000

  	
   

  	
  11.5.2008

  	
   

  	
  Valid/ext

  	
   

  	
  96.40

  	
   

  	
  Extension granted 30.03.2005

  
	
  Penikat 26

  	
   

  	
  7019/26

  	
   

  	
  Penikat

  	
   

  	
  11.5.2000

  	
   

  	
  11.5.2008

  	
   

  	
  Valid/ext

  	
   

  	
  97.90

  	
   

  	
  Extension granted 30.03.2005

  
	
  Penikat 27

  	
   

  	
  7019/27

  	
   

  	
  Penikat

  	
   

  	
  11.5.2000

  	
   

  	
  11.5.2008

  	
   

  	
  Valid/ext

  	
   

  	
  93.40

  	
   

  	
  Extension granted 30.03.2005

  
	
  Penikat 28

  	
   

  	
  7019/28

  	
   

  	
  Penikat

  	
   

  	
  11.5.2000

  	
   

  	
  11.5.2008

  	
   

  	
  Valid/ext

  	
   

  	
  98.00

  	
   

  	
  Extension granted 30.03.2005

  
	
  Penikat 29

  	
   

  	
  7019/29

  	
   

  	
  Penikat

  	
   

  	
  11.5.2000

  	
   

  	
  11.5.2008

  	
   

  	
  Valid/ext

  	
   

  	
  100.00

  	
   

  	
  Extension granted 30.03.2005

  
	
  Penikat 3

  	
   

  	
  7019/3

  	
   

  	
  Penikat

  	
   

  	
  11.5.2000

  	
   

  	
  11.5.2008

  	
   

  	
  Valid/ext

  	
   

  	
  97.20

  	
   

  	
  Extension granted 30.03.2005

  
	
  Penikat 30

  	
   

  	
  7019/30

  	
   

  	
  Penikat

  	
   

  	
  11.5.2000

  	
   

  	
  11.5.2008

  	
   

  	
  Valid/ext

  	
   

  	
  93.50

  	
   

  	
  Extension granted 30.03.2005

  
	
  Penikat 31

  	
   

  	
  7019/31

  	
   

  	
  Penikat

  	
   

  	
  11.5.2000

  	
   

  	
  11.5.2008

  	
   

  	
  Valid/ext

  	
   

  	
  100.00

  	
   

  	
  Extension granted 30.03.2005

  
	
  Penikat 32

  	
   

  	
  7019/32

  	
   

  	
  Penikat

  	
   

  	
  11.5.2000

  	
   

  	
  11.5.2008

  	
   

  	
  Valid/ext

  	
   

  	
  100.00

  	
   

  	
  Extension granted 30.03.2005

  
	
  Penikat 33

  	
   

  	
  7019/33

  	
   

  	
  Penikat

  	
   

  	
  11.5.2000

  	
   

  	
  11.5.2008

  	
   

  	
  Valid/ext

  	
   

  	
  91.70

  	
   

  	
  Extension granted 30.03.2005

  

 

 43
 

 

 

	
  Penikat 34

  	
   

  	
  7019/34

  	
   

  	
  Penikat

  	
   

  	
  11.5.2000

  	
   

  	
  11.5.2008

  	
   

  	
  Valid/ext

  	
   

  	
  100.00

  	
   

  	
  Extension granted 30.03.2005

  
	
  Penikat 35

  	
   

  	
  7019/35

  	
   

  	
  Penikat

  	
   

  	
  11.5.2000

  	
   

  	
  11.5.2008

  	
   

  	
  Valid/ext

  	
   

  	
  94.20

  	
   

  	
  Extension granted 30.03.2005

  
	
  Penikat 36

  	
   

  	
  7019/36

  	
   

  	
  Penikat

  	
   

  	
  11.5.2000

  	
   

  	
  11.5.2008

  	
   

  	
  Valid/ext

  	
   

  	
  100.00

  	
   

  	
  Extension granted 30.03.2005

  
	
  Penikat 37

  	
   

  	
  7019/37

  	
   

  	
  Penikat

  	
   

  	
  11.5.2000

  	
   

  	
  11.5.2008

  	
   

  	
  Valid/ext

  	
   

  	
  100.00

  	
   

  	
  Extension granted 30.03.2005

  
	
  Penikat 38

  	
   

  	
  7019/38

  	
   

  	
  Penikat

  	
   

  	
  11.5.2000

  	
   

  	
  11.5.2008

  	
   

  	
  Valid/ext

  	
   

  	
  97.30

  	
   

  	
  Extension granted 30.03.2005

  
	
  Penikat 39

  	
   

  	
  7019/39

  	
   

  	
  Penikat

  	
   

  	
  11.5.2000

  	
   

  	
  11.5.2008

  	
   

  	
  Valid/ext

  	
   

  	
  100.00

  	
   

  	
  Extension granted 30.03.2005

  
	
  Penikat 4

  	
   

  	
  7019/4

  	
   

  	
  Penikat

  	
   

  	
  11.5.2000

  	
   

  	
  11.5.2008

  	
   

  	
  Valid/ext

  	
   

  	
  72.80

  	
   

  	
  Extension granted 30.03.2005

  
	
  Penikat 40

  	
   

  	
  7019/40

  	
   

  	
  Penikat

  	
   

  	
  11.5.2000

  	
   

  	
  11.5.2008

  	
   

  	
  Valid/ext

  	
   

  	
  91.50

  	
   

  	
  Extension granted 30.03.2005

  
	
  Penikat 41

  	
   

  	
  7019/41

  	
   

  	
  Penikat

  	
   

  	
  11.5.2000

  	
   

  	
  11.5.2008

  	
   

  	
  Valid/ext

  	
   

  	
  97.50

  	
   

  	
  Extension granted 30.03.2005

  
	
  Penikat 42

  	
   

  	
  7019/42

  	
   

  	
  Penikat

  	
   

  	
  11.5.2000

  	
   

  	
  11.5.2008

  	
   

  	
  Valid/ext

  	
   

  	
  92.10

  	
   

  	
  Extension granted 30.03.2005

  
	
  Penikat 43

  	
   

  	
  7019/43

  	
   

  	
  Penikat

  	
   

  	
  11.5.2000

  	
   

  	
  11.5.2008

  	
   

  	
  Valid/ext

  	
   

  	
  96.40

  	
   

  	
  Extension granted 30.03.2005

  
	
  Penikat 44

  	
   

  	
  7019/44

  	
   

  	
  Penikat

  	
   

  	
  11.5.2000

  	
   

  	
  11.5.2008

  	
   

  	
  Valid/ext

  	
   

  	
  80.60

  	
   

  	
  Extension granted 30.03.2005

  
	
  Penikat 45

  	
   

  	
  7019/45

  	
   

  	
  Penikat

  	
   

  	
  11.5.2000

  	
   

  	
  11.5.2008

  	
   

  	
  Valid/ext

  	
   

  	
  85.80

  	
   

  	
  Extension granted 30.03.2005

  
	
  Penikat 46

  	
   

  	
  7019/46

  	
   

  	
  Penikat

  	
   

  	
  11.5.2000

  	
   

  	
  11.5.2008

  	
   

  	
  Valid/ext

  	
   

  	
  100.00

  	
   

  	
  Extension granted 30.03.2005

  
	
  Penikat 47

  	
   

  	
  7019/47

  	
   

  	
  Penikat

  	
   

  	
  11.5.2000

  	
   

  	
  11.5.2008

  	
   

  	
  Valid/ext

  	
   

  	
  95.00

  	
   

  	
  Extension granted 30.03.2005

  
	
  Penikat 48

  	
   

  	
  7019/48

  	
   

  	
  Penikat

  	
   

  	
  11.5.2000

  	
   

  	
  11.5.2008

  	
   

  	
  Valid/ext

  	
   

  	
  96.50

  	
   

  	
  Extension granted 30.03.2005

  
	
  Penikat 49

  	
   

  	
  7019/49

  	
   

  	
  Penikat

  	
   

  	
  11.5.2000

  	
   

  	
  11.5.2008

  	
   

  	
  Valid/ext

  	
   

  	
  99.10

  	
   

  	
  Extension granted 30.03.2005

  
	
  Penikat 5

  	
   

  	
  7019/5

  	
   

  	
  Penikat

  	
   

  	
  11.5.2000

  	
   

  	
  11.5.2008

  	
   

  	
  Valid/ext

  	
   

  	
  64.00

  	
   

  	
  Extension granted 30.03.2005

  
	
  Penikat 50

  	
   

  	
  7019/50

  	
   

  	
  Penikat

  	
   

  	
  11.5.2000

  	
   

  	
  11.5.2008

  	
   

  	
  Valid/ext

  	
   

  	
  92.90

  	
   

  	
  Extension granted 30.03.2005

  
	
  Penikat 51

  	
   

  	
  7019/51

  	
   

  	
  Penikat

  	
   

  	
  11.5.2000

  	
   

  	
  11.5.2008

  	
   

  	
  Valid/ext

  	
   

  	
  93.30

  	
   

  	
  Extension granted 30.03.2005

  
	
  Penikat 52

  	
   

  	
  7019/52

  	
   

  	
  Penikat

  	
   

  	
  11.5.2000

  	
   

  	
  11.5.2008

  	
   

  	
  Valid/ext

  	
   

  	
  99.60

  	
   

  	
  Extension granted 30.03.2005

  
	
  Penikat 53

  	
   

  	
  7019/53

  	
   

  	
  Penikat

  	
   

  	
  11.5.2000

  	
   

  	
  11.5.2008

  	
   

  	
  Valid/ext

  	
   

  	
  77.50

  	
   

  	
  Extension granted 30.03.2005

  
	
  Penikat 6

  	
   

  	
  7019/6

  	
   

  	
  Penikat

  	
   

  	
  11.5.2000

  	
   

  	
  11.5.2008

  	
   

  	
  Valid/ext

  	
   

  	
  72.60

  	
   

  	
  Extension granted 30.03.2005

  
	
  Penikat 7

  	
   

  	
  7019/7

  	
   

  	
  Penikat

  	
   

  	
  11.5.2000

  	
   

  	
  11.5.2008

  	
   

  	
  Valid/ext

  	
   

  	
  91.60

  	
   

  	
  Extension granted 30.03.2005

  
	
  Penikat 8

  	
   

  	
  7019/8

  	
   

  	
  Penikat

  	
   

  	
  11.5.2000

  	
   

  	
  11.5.2008

  	
   

  	
  Valid/ext

  	
   

  	
  57.10

  	
   

  	
  Extension granted 30.03.2005

  
	
  Penikat 9

  	
   

  	
  7019/9

  	
   

  	
  Penikat

  	
   

  	
  11.5.2000

  	
   

  	
  11.5.2008

  	
   

  	
  Valid/ext

  	
   

  	
  56.60

  	
   

  	
  Extension granted 30.03.2005

  
	
  Ahma 1

  	
   

  	
  7022/1

  	
   

  	
  Suhanko

  	
   

  	
  18.4.2000

  	
   

  	
  18.4.2005

  	
   

  	
  Valid/frozen

  	
   

  	
  83.10

  	
   

  	
  Entirely covered by ML application

  
	
  Ahma 2

  	
   

  	
  7022/2

  	
   

  	
  Suhanko

  	
   

  	
  18.4.2000

  	
   

  	
  18.4.2005

  	
   

  	
  Valid/frozen

  	
   

  	
  95.40

  	
   

  	
  Entirely covered by ML application

  
	
  Ahma 3

  	
   

  	
  7022/3

  	
   

  	
  Suhanko

  	
   

  	
  18.4.2000

  	
   

  	
  18.4.2005

  	
   

  	
  Valid/frozen

  	
   

  	
  74.30

  	
   

  	
  Entirely covered by ML application

  
	
  Ahma 4

  	
   

  	
  7022/4

  	
   

  	
  Suhanko

  	
   

  	
  18.4.2000

  	
   

  	
  18.4.2005

  	
   

  	
  Valid/frozen

  	
   

  	
  99.60

  	
   

  	
  Entirely covered by ML application

  
	
  Ahma 5

  	
   

  	
  7022/5

  	
   

  	
  Suhanko

  	
   

  	
  18.4.2000

  	
   

  	
  18.4.2005

  	
   

  	
  Valid/frozen

  	
   

  	
  94.80

  	
   

  	
  Partly covered by ML application

  
	
  Ahma 6

  	
   

  	
  7022/6

  	
   

  	
  Suhanko

  	
   

  	
  18.4.2000

  	
   

  	
  18.4.2005

  	
   

  	
  Valid/frozen

  	
   

  	
  54.10

  	
   

  	
  Partly covered by ML application

  
	
  Ahma 7

  	
   

  	
  7022/7

  	
   

  	
  Suhanko

  	
   

  	
  18.4.2000

  	
   

  	
  18.4.2005

  	
   

  	
  Valid/frozen

  	
   

  	
  95.10

  	
   

  	
  Entirely covered by ML application

  
	
  Ahma 8

  	
   

  	
  7022/8

  	
   

  	
  Suhanko

  	
   

  	
  18.4.2000

  	
   

  	
  18.4.2005

  	
   

  	
  Valid/frozen

  	
   

  	
  89.50

  	
   

  	
  Partly covered by ML application

  
	
  Kämä 1

  	
   

  	
  7044/1

  	
   

  	
  Narkaus

  	
   

  	
  4.7.2000

  	
   

  	
  4.7.2008

  	
   

  	
  Valid/ext

  	
   

  	
  99.10

  	
   

  	
  Extension granted 09.08.2005

  
	
  Kämä 2

  	
   

  	
  7044/2

  	
   

  	
  Narkaus

  	
   

  	
  4.7.2000

  	
   

  	
  4.7.2008

  	
   

  	
  Valid/ext

  	
   

  	
  74.30

  	
   

  	
  Extension granted 09.08.2005

  
	
  Kämä 3

  	
   

  	
  7044/3

  	
   

  	
  Narkaus

  	
   

  	
  4.7.2000

  	
   

  	
  4.7.2008

  	
   

  	
  Valid/ext

  	
   

  	
  37.30

  	
   

  	
  Extension granted 09.08.2005

  
	
  Kämä 4

  	
   

  	
  7044/4

  	
   

  	
  Narkaus

  	
   

  	
  4.7.2000

  	
   

  	
  4.7.2008

  	
   

  	
  Valid/ext

  	
   

  	
  66.20

  	
   

  	
  Extension granted 09.08.2005

  
	
  Kämä 5

  	
   

  	
  7044/5

  	
   

  	
  Narkaus

  	
   

  	
  4.7.2000

  	
   

  	
  4.7.2008

  	
   

  	
  Valid/ext

  	
   

  	
  90.84

  	
   

  	
  Extension granted 09.08.2005

  
	
  Kämä 6

  	
   

  	
  7044/6

  	
   

  	
  Narkaus

  	
   

  	
  4.7.2000

  	
   

  	
  4.7.2008

  	
   

  	
  Valid/ext

  	
   

  	
  97.01

  	
   

  	
  Extension granted 09.08.2005

  
	
  Narkaus 1

  	
   

  	
  7045/1

  	
   

  	
  Narkaus

  	
   

  	
  4.7.2000

  	
   

  	
  4.7.2008

  	
   

  	
  Valid/ext

  	
   

  	
  99.23

  	
   

  	
  Extension granted 09.08.2005

  
	
  Narkaus 10

  	
   

  	
  7045/10

  	
   

  	
  Narkaus

  	
   

  	
  4.7.2000

  	
   

  	
  4.7.2008

  	
   

  	
  Valid/ext

  	
   

  	
  99.70

  	
   

  	
  Extension granted 09.08.2005

  
	
  Narkaus 11

  	
   

  	
  7045/11

  	
   

  	
  Narkaus

  	
   

  	
  4.7.2000

  	
   

  	
  4.7.2008

  	
   

  	
  Valid/ext

  	
   

  	
  98.70

  	
   

  	
  Extension granted 09.08.2005

  
	
  Narkaus 12

  	
   

  	
  7045/12

  	
   

  	
  Narkaus

  	
   

  	
  4.7.2000

  	
   

  	
  4.7.2008

  	
   

  	
  Valid/ext

  	
   

  	
  85.00

  	
   

  	
  Extension granted 09.08.2005

  
	
  Narkaus 13

  	
   

  	
  7045/13

  	
   

  	
  Narkaus

  	
   

  	
  4.7.2000

  	
   

  	
  4.7.2008

  	
   

  	
  Valid/ext

  	
   

  	
  99.60

  	
   

  	
  Extension granted 09.08.2005

  
	
  Narkaus 14

  	
   

  	
  7045/14

  	
   

  	
  Narkaus

  	
   

  	
  4.7.2000

  	
   

  	
  4.7.2008

  	
   

  	
  Valid/ext

  	
   

  	
  99.40

  	
   

  	
  Extension granted 09.08.2005

  
	
  Narkaus 15

  	
   

  	
  7045/15

  	
   

  	
  Narkaus

  	
   

  	
  4.7.2000

  	
   

  	
  4.7.2008

  	
   

  	
  Valid/ext

  	
   

  	
  98.30

  	
   

  	
  Extension granted 09.08.2005

  
	
  Narkaus 16

  	
   

  	
  7045/16

  	
   

  	
  Narkaus

  	
   

  	
  4.7.2000

  	
   

  	
  4.7.2008

  	
   

  	
  Valid/ext

  	
   

  	
  94.70

  	
   

  	
  Extension granted 09.08.2005

  
	
  Narkaus 17

  	
   

  	
  7045/17

  	
   

  	
  Narkaus

  	
   

  	
  4.7.2000

  	
   

  	
  4.7.2008

  	
   

  	
  Valid/ext

  	
   

  	
  95.40

  	
   

  	
  Extension granted 09.08.2005

  
	
  Narkaus 18

  	
   

  	
  7045/18

  	
   

  	
  Narkaus

  	
   

  	
  4.7.2000

  	
   

  	
  4.7.2008

  	
   

  	
  Valid/ext

  	
   

  	
  98.40

  	
   

  	
  Extension granted 09.08.2005

  
	
  Narkaus 19

  	
   

  	
  7045/19

  	
   

  	
  Narkaus

  	
   

  	
  4.7.2000

  	
   

  	
  4.7.2008

  	
   

  	
  Valid/ext

  	
   

  	
  43.20

  	
   

  	
  Extension granted 09.08.2005

  

 

 44
 

 

 

	
  Narkaus 2

  	
   

  	
  7045/2

  	
   

  	
  Narkaus

  	
   

  	
  4.7.2000

  	
   

  	
  4.7.2008

  	
   

  	
  Valid/ext

  	
   

  	
  99.30

  	
   

  	
  Extension granted 09.08.2005

  
	
  Narkaus 3

  	
   

  	
  7045/3

  	
   

  	
  Narkaus

  	
   

  	
  4.7.2000

  	
   

  	
  4.7.2008

  	
   

  	
  Valid/ext

  	
   

  	
  97.90

  	
   

  	
  Extension granted 09.08.2005

  
	
  Narkaus 4

  	
   

  	
  7045/4

  	
   

  	
  Narkaus

  	
   

  	
  4.7.2000

  	
   

  	
  4.7.2008

  	
   

  	
  Valid/ext

  	
   

  	
  93.80

  	
   

  	
  Extension granted 09.08.2005

  
	
  Narkaus 5

  	
   

  	
  7045/5

  	
   

  	
  Narkaus

  	
   

  	
  4.7.2000

  	
   

  	
  4.7.2008

  	
   

  	
  Valid/ext

  	
   

  	
  96.50

  	
   

  	
  Extension granted 09.08.2005

  
	
  Narkaus 6

  	
   

  	
  7045/6

  	
   

  	
  Narkaus

  	
   

  	
  4.7.2000

  	
   

  	
  4.7.2008

  	
   

  	
  Valid/ext

  	
   

  	
  95.10

  	
   

  	
  Extension granted 09.08.2005

  
	
  Narkaus 7

  	
   

  	
  7045/7

  	
   

  	
  Narkaus

  	
   

  	
  4.7.2000

  	
   

  	
  4.7.2008

  	
   

  	
  Valid/ext

  	
   

  	
  100.00

  	
   

  	
  Extension granted 09.08.2005

  
	
  Narkaus 8

  	
   

  	
  7045/8

  	
   

  	
  Narkaus

  	
   

  	
  4.7.2000

  	
   

  	
  4.7.2008

  	
   

  	
  Valid/ext

  	
   

  	
  99.90

  	
   

  	
  Extension granted 09.08.2005

  
	
  Narkaus 9

  	
   

  	
  7045/9

  	
   

  	
  Narkaus

  	
   

  	
  4.7.2000

  	
   

  	
  4.7.2008

  	
   

  	
  Valid/ext

  	
   

  	
  99.90

  	
   

  	
  Extension granted 09.08.2005

  
	
  Kuohunki 1

  	
   

  	
  7060/1

  	
   

  	
  Narkaus

  	
   

  	
  22.8.2000

  	
   

  	
  22.8.2008

  	
   

  	
  Valid/ext

  	
   

  	
  77.10

  	
   

  	
  Extension granted 09.08.2005

  
	
  Kuohunki 2

  	
   

  	
  7060/2

  	
   

  	
  Narkaus

  	
   

  	
  22.8.2000

  	
   

  	
  22.8.2008

  	
   

  	
  Valid/ext

  	
   

  	
  84.00

  	
   

  	
  Extension granted 09.08.2005

  
	
  Kuohunki 3

  	
   

  	
  7060/3

  	
   

  	
  Narkaus

  	
   

  	
  22.8.2000

  	
   

  	
  22.8.2008

  	
   

  	
  Valid/ext

  	
   

  	
  95.40

  	
   

  	
  Extension granted 09.08.2005

  
	
  Kuohunki 4

  	
   

  	
  7060/4

  	
   

  	
  Narkaus

  	
   

  	
  22.8.2000

  	
   

  	
  22.8.2008

  	
   

  	
  Valid/ext

  	
   

  	
  57.90

  	
   

  	
  Extension granted 09.08.2005

  
	
  Yliportimo 1

  	
   

  	
  7103/1

  	
   

  	
  Suhanko

  	
   

  	
  15.11.2000

  	
   

  	
  15.11.2008

  	
   

  	
  Valid/ext

  	
   

  	
  94.20

  	
   

  	
  Extension granted 11.11.2005

  
	
  Yliportimo 10

  	
   

  	
  7103/10

  	
   

  	
  Suhanko

  	
   

  	
  15.11.2000

  	
   

  	
  15.11.2008

  	
   

  	
  Valid/ext

  	
   

  	
  100.00

  	
   

  	
  Extension granted 11.11.2005

  
	
  Yliportimo 11

  	
   

  	
  7103/11

  	
   

  	
  Suhanko

  	
   

  	
  15.11.2000

  	
   

  	
  15.11.2008

  	
   

  	
  Valid/ext

  	
   

  	
  98.20

  	
   

  	
  Extension granted 11.11.2005

  
	
  Yliportimo 12

  	
   

  	
  7103/12

  	
   

  	
  Suhanko

  	
   

  	
  15.11.2000

  	
   

  	
  15.11.2005

  	
   

  	
  Valid/frozen

  	
   

  	
  100.00

  	
   

  	
  Partly covered by ML application

  
	
  Yliportimo 13

  	
   

  	
  7103/13

  	
   

  	
  Suhanko

  	
   

  	
  15.11.2000

  	
   

  	
  15.11.2005

  	
   

  	
  Valid/frozen

  	
   

  	
  100.00

  	
   

  	
  Partly covered by ML application

  
	
  Yliportimo 14

  	
   

  	
  7103/14

  	
   

  	
  Suhanko

  	
   

  	
  15.11.2000

  	
   

  	
  15.11.2008

  	
   

  	
  Valid/ext

  	
   

  	
  93.30

  	
   

  	
  Extension granted 11.11.2005

  
	
  Yliportimo 15

  	
   

  	
  7103/15

  	
   

  	
  Suhanko

  	
   

  	
  15.11.2000

  	
   

  	
  15.11.2008

  	
   

  	
  Valid/ext

  	
   

  	
  94.20

  	
   

  	
  Extension granted 11.11.2005

  
	
  Yliportimo 16

  	
   

  	
  7103/16

  	
   

  	
  Suhanko

  	
   

  	
  15.11.2000

  	
   

  	
  15.11.2005

  	
   

  	
  Valid/frozen

  	
   

  	
  100.00

  	
   

  	
  Partly covered by ML application

  
	
  Yliportimo 17

  	
   

  	
  7103/17

  	
   

  	
  Suhanko

  	
   

  	
  15.11.2000

  	
   

  	
  15.11.2005

  	
   

  	
  Valid/frozen

  	
   

  	
  100.00

  	
   

  	
  Partly covered by ML application

  
	
  Yliportimo 18

  	
   

  	
  7103/18

  	
   

  	
  Suhanko

  	
   

  	
  15.11.2000

  	
   

  	
  15.11.2008

  	
   

  	
  Valid/ext

  	
   

  	
  100.00

  	
   

  	
  Extension granted 11.11.2005

  
	
  Yliportimo 19

  	
   

  	
  7103/19

  	
   

  	
  Suhanko

  	
   

  	
  15.11.2000

  	
   

  	
  15.11.2008

  	
   

  	
  Valid/ext

  	
   

  	
  100.00

  	
   

  	
  Extension granted 11.11.2005

  
	
  Yliportimo 2

  	
   

  	
  7103/2

  	
   

  	
  Suhanko

  	
   

  	
  15.11.2000

  	
   

  	
  15.11.2008

  	
   

  	
  Valid/ext

  	
   

  	
  87.10

  	
   

  	
  Extension granted 11.11.2005

  
	
  Yliportimo 20

  	
   

  	
  7103/20

  	
   

  	
  Suhanko

  	
   

  	
  15.11.2000

  	
   

  	
  15.11.2008

  	
   

  	
  Valid/ext

  	
   

  	
  91.80

  	
   

  	
  Extension granted 11.11.2005

  
	
  Yliportimo 21

  	
   

  	
  7103/21

  	
   

  	
  Suhanko

  	
   

  	
  15.11.2000

  	
   

  	
  15.11.2005

  	
   

  	
  Valid/frozen

  	
   

  	
  93.10

  	
   

  	
  Partly covered by ML application

  
	
  Yliportimo 22

  	
   

  	
  7103/22

  	
   

  	
  Suhanko

  	
   

  	
  15.11.2000

  	
   

  	
  15.11.2008

  	
   

  	
  Valid/ext

  	
   

  	
  92.80

  	
   

  	
  Extension granted 11.11.2005

  
	
  Yliportimo 23

  	
   

  	
  7103/23

  	
   

  	
  Suhanko

  	
   

  	
  15.11.2000

  	
   

  	
  15.11.2008

  	
   

  	
  Valid/ext

  	
   

  	
  100.00

  	
   

  	
  Extension granted 11.11.2005

  
	
  Yliportimo 24

  	
   

  	
  7103/24

  	
   

  	
  Suhanko

  	
   

  	
  15.11.2000

  	
   

  	
  15.11.2008

  	
   

  	
  Valid/ext

  	
   

  	
  69.60

  	
   

  	
  Extension granted 11.11.2005

  
	
  Yliportimo 25

  	
   

  	
  7103/25

  	
   

  	
  Suhanko

  	
   

  	
  15.11.2000

  	
   

  	
  15.11.2008

  	
   

  	
  Valid/ext

  	
   

  	
  82.00

  	
   

  	
  Extension granted 11.11.2005

  
	
  Yliportimo 26

  	
   

  	
  7103/26

  	
   

  	
  Suhanko

  	
   

  	
  15.11.2000

  	
   

  	
  15.11.2008

  	
   

  	
  Valid/ext

  	
   

  	
  83.00

  	
   

  	
  Extension granted 11.11.2005

  
	
  Yliportimo 27

  	
   

  	
  7103/27

  	
   

  	
  Suhanko

  	
   

  	
  15.11.2000

  	
   

  	
  15.11.2008

  	
   

  	
  Valid/ext

  	
   

  	
  40.50

  	
   

  	
  Extension granted 11.11.2005

  
	
  Yliportimo 3

  	
   

  	
  7103/3

  	
   

  	
  Suhanko

  	
   

  	
  15.11.2000

  	
   

  	
  15.11.2008

  	
   

  	
  Valid/ext

  	
   

  	
  92.00

  	
   

  	
  Extension granted 11.11.2005

  
	
  Yliportimo 4

  	
   

  	
  7103/4

  	
   

  	
  Suhanko

  	
   

  	
  15.11.2000

  	
   

  	
  15.11.2008

  	
   

  	
  Valid/ext

  	
   

  	
  88.70

  	
   

  	
  Extension granted 11.11.2005

  
	
  Yliportimo 5

  	
   

  	
  7103/5

  	
   

  	
  Suhanko

  	
   

  	
  15.11.2000

  	
   

  	
  15.11.2008

  	
   

  	
  Valid/ext

  	
   

  	
  95.60

  	
   

  	
  Extension granted 11.11.2005

  
	
  Yliportimo 6

  	
   

  	
  7103/6

  	
   

  	
  Suhanko

  	
   

  	
  15.11.2000

  	
   

  	
  15.11.2008

  	
   

  	
  Valid/ext

  	
   

  	
  95.80

  	
   

  	
  Extension granted 11.11.2005

  
	
  Yliportimo 7

  	
   

  	
  7103/7

  	
   

  	
  Suhanko

  	
   

  	
  15.11.2000

  	
   

  	
  15.11.2008

  	
   

  	
  Valid/ext

  	
   

  	
  95.80

  	
   

  	
  Extension granted 11.11.2005

  
	
  Yliportimo 8

  	
   

  	
  7103/8

  	
   

  	
  Suhanko

  	
   

  	
  15.11.2000

  	
   

  	
  15.11.2008

  	
   

  	
  Valid/ext

  	
   

  	
  96.00

  	
   

  	
  Extension granted 11.11.2005

  
	
  Yliportimo 9

  	
   

  	
  7103/9

  	
   

  	
  Suhanko

  	
   

  	
  15.11.2000

  	
   

  	
  15.11.2008

  	
   

  	
  Valid/ext

  	
   

  	
  93.40

  	
   

  	
  Extension granted 11.11.2005

  
	
  Saunakivalo 1

  	
   

  	
  7104/1

  	
   

  	
  Narkaus

  	
   

  	
  3.11.2000

  	
   

  	
  3.11.2008

  	
   

  	
  Valid/ext

  	
   

  	
  100.00

  	
   

  	
  Extension granted 11.11.2005

  
	
  Saunakivalo 10

  	
   

  	
  7104/10

  	
   

  	
  Narkaus

  	
   

  	
  3.11.2000

  	
   

  	
  3.11.2008

  	
   

  	
  Valid/ext

  	
   

  	
  100.00

  	
   

  	
  Extension granted 11.11.2005

  
	
  Saunakivalo 11

  	
   

  	
  7104/11

  	
   

  	
  Narkaus

  	
   

  	
  3.11.2000

  	
   

  	
  3.11.2008

  	
   

  	
  Valid/ext

  	
   

  	
  99.40

  	
   

  	
  Extension granted 11.11.2005

  
	
  Saunakivalo 12

  	
   

  	
  7104/12

  	
   

  	
  Narkaus

  	
   

  	
  3.11.2000

  	
   

  	
  3.11.2008

  	
   

  	
  Valid/ext

  	
   

  	
  99.90

  	
   

  	
  Extension granted 11.11.2005

  
	
  Saunakivalo 13

  	
   

  	
  7104/13

  	
   

  	
  Narkaus

  	
   

  	
  3.11.2000

  	
   

  	
  3.11.2008

  	
   

  	
  Valid/ext

  	
   

  	
  92.70

  	
   

  	
  Extension granted 11.11.2005

  
	
  Saunakivalo 14

  	
   

  	
  7104/14

  	
   

  	
  Narkaus

  	
   

  	
  3.11.2000

  	
   

  	
  3.11.2008

  	
   

  	
  Valid/ext

  	
   

  	
  85.40

  	
   

  	
  Extension granted 11.11.2005

  
	
  Saunakivalo 15

  	
   

  	
  7104/15

  	
   

  	
  Narkaus

  	
   

  	
  3.11.2000

  	
   

  	
  3.11.2008

  	
   

  	
  Valid/ext

  	
   

  	
  99.50

  	
   

  	
  Extension granted 11.11.2005

  
	
  Saunakivalo 16

  	
   

  	
  7104/16

  	
   

  	
  Narkaus

  	
   

  	
  3.11.2000

  	
   

  	
  3.11.2008

  	
   

  	
  Valid/ext

  	
   

  	
  31.00

  	
   

  	
  Extension granted 11.11.2005

  
	
  Saunakivalo 2

  	
   

  	
  7104/2

  	
   

  	
  Narkaus

  	
   

  	
  3.11.2000

  	
   

  	
  3.11.2008

  	
   

  	
  Valid/ext

  	
   

  	
  100.00

  	
   

  	
  Extension granted 11.11.2005

  
	
  Saunakivalo 3

  	
   

  	
  7104/3

  	
   

  	
  Narkaus

  	
   

  	
  3.11.2000

  	
   

  	
  3.11.2008

  	
   

  	
  Valid/ext

  	
   

  	
  100.00

  	
   

  	
  Extension granted 11.11.2005

  
	
  Saunakivalo 4

  	
   

  	
  7104/4

  	
   

  	
  Narkaus

  	
   

  	
  3.11.2000

  	
   

  	
  3.11.2008

  	
   

  	
  Valid/ext

  	
   

  	
  99.80

  	
   

  	
  Extension granted 11.11.2005

  
	
  Saunakivalo 5

  	
   

  	
  7104/5

  	
   

  	
  Narkaus

  	
   

  	
  3.11.2000

  	
   

  	
  3.11.2008

  	
   

  	
  Valid/ext

  	
   

  	
  100.00

  	
   

  	
  Extension granted 11.11.2005

  

 

 45
 

 

 

	
  Saunakivalo 6

  	
   

  	
  7104/6

  	
   

  	
  Narkaus

  	
   

  	
  3.11.2000

  	
   

  	
  3.11.2008

  	
   

  	
  Valid/ext

  	
   

  	
  99.40

  	
   

  	
  Extension granted 11.11.2005

  
	
  Saunakivalo 7

  	
   

  	
  7104/7

  	
   

  	
  Narkaus

  	
   

  	
  3.11.2000

  	
   

  	
  3.11.2008

  	
   

  	
  Valid/ext

  	
   

  	
  100.00

  	
   

  	
  Extension granted 11.11.2005

  
	
  Saunakivalo 8

  	
   

  	
  7104/8

  	
   

  	
  Narkaus

  	
   

  	
  3.11.2000

  	
   

  	
  3.11.2008

  	
   

  	
  Valid/ext

  	
   

  	
  100.00

  	
   

  	
  Extension granted 11.11.2005

  
	
  Peräjärvi 1

  	
   

  	
  7105/1

  	
   

  	
  Narkaus

  	
   

  	
  3.11.2000

  	
   

  	
  3.11.2008

  	
   

  	
  Valid/ext

  	
   

  	
  43.40

  	
   

  	
  Extension granted 11.11.2005

  
	
  Peräjärvi 2

  	
   

  	
  7105/2

  	
   

  	
  Narkaus

  	
   

  	
  3.11.2000

  	
   

  	
  3.11.2008

  	
   

  	
  Valid/ext

  	
   

  	
  92.60

  	
   

  	
  Extension granted 11.11.2005

  
	
  Peräjärvi 3

  	
   

  	
  7105/3

  	
   

  	
  Narkaus

  	
   

  	
  3.11.2000

  	
   

  	
  3.11.2008

  	
   

  	
  Valid/ext

  	
   

  	
  92.60

  	
   

  	
  Extension granted 11.11.2005

  
	
  Peräjärvi 4

  	
   

  	
  7105/4

  	
   

  	
  Narkaus

  	
   

  	
  3.11.2000

  	
   

  	
  3.11.2008

  	
   

  	
  Valid/ext

  	
   

  	
  100.00

  	
   

  	
  Extension granted 11.11.2005

  
	
  Peräjärvi 5

  	
   

  	
  7105/5

  	
   

  	
  Narkaus

  	
   

  	
  3.11.2000

  	
   

  	
  3.11.2008

  	
   

  	
  Valid/ext

  	
   

  	
  99.30

  	
   

  	
  Extension granted 11.11.2005

  
	
  Peräjärvi 6

  	
   

  	
  7105/6

  	
   

  	
  Narkaus

  	
   

  	
  3.11.2000

  	
   

  	
  3.11.2008

  	
   

  	
  Valid/ext

  	
   

  	
  91.20

  	
   

  	
  Extension granted 11.11.2005

  
	
  Kämä 7

  	
   

  	
  7106/1

  	
   

  	
  Narkaus

  	
   

  	
  15.11.2000

  	
   

  	
  15.11.2008

  	
   

  	
  Valid/ext

  	
   

  	
  76.70

  	
   

  	
  Extension granted 11.11.2005

  
	
  Kämä 16

  	
   

  	
  7106/10

  	
   

  	
  Narkaus

  	
   

  	
  15.11.2000

  	
   

  	
  15.11.2008

  	
   

  	
  Valid/ext

  	
   

  	
  99.10

  	
   

  	
  Extension granted 11.11.2005

  
	
  Kämä 17

  	
   

  	
  7106/11

  	
   

  	
  Narkaus

  	
   

  	
  15.11.2000

  	
   

  	
  15.11.2008

  	
   

  	
  Valid/ext

  	
   

  	
  87.00

  	
   

  	
  Extension granted 11.11.2005

  
	
  Kämä 18

  	
   

  	
  7106/12

  	
   

  	
  Narkaus

  	
   

  	
  15.11.2000

  	
   

  	
  15.11.2008

  	
   

  	
  Valid/ext

  	
   

  	
  55.90

  	
   

  	
  Extension granted 11.11.2005

  
	
  Kämä 19

  	
   

  	
  7106/13

  	
   

  	
  Narkaus

  	
   

  	
  15.11.2000

  	
   

  	
  15.11.2008

  	
   

  	
  Valid/ext

  	
   

  	
  95.10

  	
   

  	
  Extension granted 11.11.2005

  
	
  Kämä 8

  	
   

  	
  7106/2

  	
   

  	
  Narkaus

  	
   

  	
  15.11.2000

  	
   

  	
  15.11.2008

  	
   

  	
  Valid/ext

  	
   

  	
  54.80

  	
   

  	
  Extension granted 11.11.2005

  
	
  Kämä 9

  	
   

  	
  7106/3

  	
   

  	
  Narkaus

  	
   

  	
  15.11.2000

  	
   

  	
  15.11.2008

  	
   

  	
  Valid/ext

  	
   

  	
  93.80

  	
   

  	
  Extension granted 11.11.2005

  
	
  Kämä 10

  	
   

  	
  7106/4

  	
   

  	
  Narkaus

  	
   

  	
  15.11.2000

  	
   

  	
  15.11.2008

  	
   

  	
  Valid/ext

  	
   

  	
  100.00

  	
   

  	
  Extension granted 11.11.2005

  
	
  Kämä 11

  	
   

  	
  7106/5

  	
   

  	
  Narkaus

  	
   

  	
  15.11.2000

  	
   

  	
  15.11.2008

  	
   

  	
  Valid/ext

  	
   

  	
  62.00

  	
   

  	
  Extension granted 11.11.2005

  
	
  Kämä 12

  	
   

  	
  7106/6

  	
   

  	
  Narkaus

  	
   

  	
  15.11.2000

  	
   

  	
  15.11.2008

  	
   

  	
  Valid/ext

  	
   

  	
  98.10

  	
   

  	
  Extension granted 11.11.2005

  
	
  Kämä 13

  	
   

  	
  7106/7

  	
   

  	
  Narkaus

  	
   

  	
  15.11.2000

  	
   

  	
  15.11.2008

  	
   

  	
  Valid/ext

  	
   

  	
  94.80

  	
   

  	
  Extension granted 11.11.2005

  
	
  Kämä 14

  	
   

  	
  7106/8

  	
   

  	
  Narkaus

  	
   

  	
  15.11.2000

  	
   

  	
  15.11.2008

  	
   

  	
  Valid/ext

  	
   

  	
  100.00

  	
   

  	
  Extension granted 11.11.2005

  
	
  Kämä 15

  	
   

  	
  7106/9

  	
   

  	
  Narkaus

  	
   

  	
  15.11.2000

  	
   

  	
  15.11.2008

  	
   

  	
  Valid/ext

  	
   

  	
  95.20

  	
   

  	
  Extension granted 11.11.2005

  
	
  Kontti 1

  	
   

  	
  7107/1

  	
   

  	
  Suhanko

  	
   

  	
  15.11.2000

  	
   

  	
  15.11.2005

  	
   

  	
  Valid/frozen

  	
   

  	
  82.70

  	
   

  	
  Entirely covered by ML application

  
	
  Kontti 2

  	
   

  	
  7107/2

  	
   

  	
  Suhanko

  	
   

  	
  15.11.2000

  	
   

  	
  15.11.2005

  	
   

  	
  Valid/frozen

  	
   

  	
  86.00

  	
   

  	
  Entirely covered by ML application

  
	
  Portimo 80

  	
   

  	
  7119/1

  	
   

  	
  Narkaus

  	
   

  	
  3.10.2001

  	
   

  	
  3.10.2006

  	
   

  	
  Valid

  	
   

  	
  80.20

  	
   

  	
   

  
	
  Portimo 107

  	
   

  	
  7119/10

  	
   

  	
  Narkaus

  	
   

  	
  3.10.2001

  	
   

  	
  3.10.2006

  	
   

  	
  Valid

  	
   

  	
  58.30

  	
   

  	
   

  
	
  Portimo 108

  	
   

  	
  7119/11

  	
   

  	
  Narkaus

  	
   

  	
  3.10.2001

  	
   

  	
  3.10.2006

  	
   

  	
  Valid

  	
   

  	
  99.40

  	
   

  	
   

  
	
  Portimo 115

  	
   

  	
  7119/12

  	
   

  	
  Narkaus

  	
   

  	
  3.10.2001

  	
   

  	
  3.10.2006

  	
   

  	
  Valid

  	
   

  	
  100.00

  	
   

  	
   

  
	
  Portimo 116

  	
   

  	
  7119/13

  	
   

  	
  Narkaus

  	
   

  	
  3.10.2001

  	
   

  	
  3.10.2006

  	
   

  	
  Valid

  	
   

  	
  99.00

  	
   

  	
   

  
	
  Portimo 117

  	
   

  	
  7119/14

  	
   

  	
  Narkaus

  	
   

  	
  3.10.2001

  	
   

  	
  3.10.2006

  	
   

  	
  Valid

  	
   

  	
  99.10

  	
   

  	
   

  
	
  Portimo 121

  	
   

  	
  7119/15

  	
   

  	
  Narkaus

  	
   

  	
  3.10.2001

  	
   

  	
  3.10.2006

  	
   

  	
  Valid

  	
   

  	
  99.40

  	
   

  	
   

  
	
  Portimo 122

  	
   

  	
  7119/16

  	
   

  	
  Narkaus

  	
   

  	
  3.10.2001

  	
   

  	
  3.10.2006

  	
   

  	
  Valid

  	
   

  	
  99.30

  	
   

  	
   

  
	
  Portimo 123

  	
   

  	
  7119/17

  	
   

  	
  Narkaus

  	
   

  	
  3.10.2001

  	
   

  	
  3.10.2006

  	
   

  	
  Valid

  	
   

  	
  99.20

  	
   

  	
   

  
	
  Portimo 124

  	
   

  	
  7119/18

  	
   

  	
  Narkaus

  	
   

  	
  3.10.2001

  	
   

  	
  3.10.2006

  	
   

  	
  Valid

  	
   

  	
  100.00

  	
   

  	
   

  
	
  Portimo 128

  	
   

  	
  7119/19

  	
   

  	
  Narkaus

  	
   

  	
  3.10.2001

  	
   

  	
  3.10.2006

  	
   

  	
  Valid

  	
   

  	
  100.00

  	
   

  	
   

  
	
  Portimo 81

  	
   

  	
  7119/2

  	
   

  	
  Narkaus

  	
   

  	
  3.10.2001

  	
   

  	
  3.10.2006

  	
   

  	
  Valid

  	
   

  	
  97.20

  	
   

  	
   

  
	
  Portimo 129

  	
   

  	
  7119/20

  	
   

  	
  Narkaus

  	
   

  	
  3.10.2001

  	
   

  	
  3.10.2006

  	
   

  	
  Valid

  	
   

  	
  99.70

  	
   

  	
   

  
	
  Portimo 130

  	
   

  	
  7119/21

  	
   

  	
  Narkaus

  	
   

  	
  3.10.2001

  	
   

  	
  3.10.2006

  	
   

  	
  Valid

  	
   

  	
  100.00

  	
   

  	
   

  
	
  Portimo 135

  	
   

  	
  7119/23

  	
   

  	
  Narkaus

  	
   

  	
  3.10.2001

  	
   

  	
  3.10.2006

  	
   

  	
  Valid

  	
   

  	
  96.60

  	
   

  	
   

  
	
  Portimo 141

  	
   

  	
  7119/24

  	
   

  	
  Narkaus

  	
   

  	
  3.10.2001

  	
   

  	
  3.10.2006

  	
   

  	
  Valid

  	
   

  	
  34.60

  	
   

  	
   

  
	
  Portimo 145

  	
   

  	
  7119/25

  	
   

  	
  Narkaus

  	
   

  	
  3.10.2001

  	
   

  	
  3.10.2006

  	
   

  	
  Valid

  	
   

  	
  98.70

  	
   

  	
   

  
	
  Portimo 146

  	
   

  	
  7119/26

  	
   

  	
  Narkaus

  	
   

  	
  3.10.2001

  	
   

  	
  3.10.2006

  	
   

  	
  Valid

  	
   

  	
  100.00

  	
   

  	
   

  
	
  Portimo 148

  	
   

  	
  7119/27

  	
   

  	
  Narkaus

  	
   

  	
  3.10.2001

  	
   

  	
  3.10.2006

  	
   

  	
  Valid

  	
   

  	
  100.00

  	
   

  	
   

  
	
  Portimo 162

  	
   

  	
  7119/29

  	
   

  	
  Narkaus

  	
   

  	
  3.10.2001

  	
   

  	
  3.10.2006

  	
   

  	
  Valid

  	
   

  	
  46.60

  	
   

  	
   

  
	
  Portimo 82

  	
   

  	
  7119/3

  	
   

  	
  Narkaus

  	
   

  	
  3.10.2001

  	
   

  	
  3.10.2006

  	
   

  	
  Valid

  	
   

  	
  99.40

  	
   

  	
   

  
	
  Portimo 163

  	
   

  	
  7119/30

  	
   

  	
  Narkaus

  	
   

  	
  3.10.2001

  	
   

  	
  3.10.2006

  	
   

  	
  Valid

  	
   

  	
  9.00

  	
   

  	
   

  
	
  Kuohunki - 1

  	
   

  	
  7119/31

  	
   

  	
  Narkaus

  	
   

  	
  3.10.2001

  	
   

  	
  3.10.2006

  	
   

  	
  Valid

  	
   

  	
  35.60

  	
   

  	
   

  
	
  Portimo 89

  	
   

  	
  7119/4

  	
   

  	
  Narkaus

  	
   

  	
  3.10.2001

  	
   

  	
  3.10.2006

  	
   

  	
  Valid

  	
   

  	
  99.80

  	
   

  	
   

  
	
  Portimo 90

  	
   

  	
  7119/5

  	
   

  	
  Narkaus

  	
   

  	
  3.10.2001

  	
   

  	
  3.10.2006

  	
   

  	
  Valid

  	
   

  	
  98.80

  	
   

  	
   

  
	
  Portimo 101

  	
   

  	
  7119/6

  	
   

  	
  Narkaus

  	
   

  	
  3.10.2001

  	
   

  	
  3.10.2006

  	
   

  	
  Valid

  	
   

  	
  99.00

  	
   

  	
   

  
	
  Portimo 102

  	
   

  	
  7119/7

  	
   

  	
  Narkaus

  	
   

  	
  3.10.2001

  	
   

  	
  3.10.2006

  	
   

  	
  Valid

  	
   

  	
  98.80

  	
   

  	
   

  

 

 46
 

 

 

	
  Portimo 105

  	
   

  	
  7119/8

  	
   

  	
  Narkaus

  	
   

  	
  3.10.2001

  	
   

  	
  3.10.2006

  	
   

  	
  Valid

  	
   

  	
  100.00

  	
   

  	
   

  
	
  Portimo 106

  	
   

  	
  7119/9

  	
   

  	
  Narkaus

  	
   

  	
  3.10.2001

  	
   

  	
  3.10.2006

  	
   

  	
  Valid

  	
   

  	
  98.70

  	
   

  	
   

  
	
  KPP 38

  	
   

  	
  7197/1

  	
   

  	
  Suhanko N

  	
   

  	
  28.8.2001

  	
   

  	
  28.8.2006

  	
   

  	
  Valid

  	
   

  	
  90.5

  	
   

  	
   

  
	
  KPP 39

  	
   

  	
  7197/2

  	
   

  	
  Suhanko N

  	
   

  	
  28.8.2001

  	
   

  	
  28.8.2006

  	
   

  	
  Valid

  	
   

  	
  97.8

  	
   

  	
   

  
	
  KPP 40

  	
   

  	
  7197/3

  	
   

  	
  Suhanko N

  	
   

  	
  28.8.2001

  	
   

  	
  28.8.2006

  	
   

  	
  Valid

  	
   

  	
  98.3

  	
   

  	
   

  
	
  KPP 60

  	
   

  	
  7198/3

  	
   

  	
  Suhanko N

  	
   

  	
  28.8.2001

  	
   

  	
  28.8.2006

  	
   

  	
  Valid

  	
   

  	
  72.2

  	
   

  	
   

  
	
  KPP 61

  	
   

  	
  7198/4

  	
   

  	
  Suhanko N

  	
   

  	
  28.8.2001

  	
   

  	
  28.8.2006

  	
   

  	
  Valid

  	
   

  	
  79.5

  	
   

  	
   

  
	
  KPP 75

  	
   

  	
  7199/10

  	
   

  	
  Konttijärvi W

  	
   

  	
  10.8.2001

  	
   

  	
  30.11.2002

  	
   

  	
  Valid/frozen

  	
   

  	
  86.9

  	
   

  	
  Entirely covered by ML application

  
	
  KPP 71

  	
   

  	
  7199/6

  	
   

  	
  Konttijärvi W

  	
   

  	
  10.8.2001

  	
   

  	
  30.11.2002

  	
   

  	
  Valid/frozen

  	
   

  	
  86.9

  	
   

  	
  Partly covered by ML application

  
	
  KPP 72

  	
   

  	
  7199/7

  	
   

  	
  Konttijärvi W

  	
   

  	
  10.8.2001

  	
   

  	
  30.11.2002

  	
   

  	
  Valid/frozen

  	
   

  	
  95.6

  	
   

  	
  Partly covered by ML application

  
	
  KPP 73

  	
   

  	
  7199/8

  	
   

  	
  Konttijärvi W

  	
   

  	
  10.8.2001

  	
   

  	
  30.11.2002

  	
   

  	
  Valid/frozen

  	
   

  	
  82.7

  	
   

  	
  Entirely covered by ML application

  
	
  KPP 74

  	
   

  	
  7199/9

  	
   

  	
  Konttijärvi W

  	
   

  	
  10.8.2001

  	
   

  	
  30.11.2002

  	
   

  	
  Valid/frozen

  	
   

  	
  95.0

  	
   

  	
  Entirely covered by ML application

  
	
  KPP 76

  	
   

  	
  7200/1

  	
   

  	
  Narkaus E

  	
   

  	
  28.8.2001

  	
   

  	
  28.8.2006

  	
   

  	
  Valid

  	
   

  	
  97.6

  	
   

  	
   

  
	
  KPP 85

  	
   

  	
  7200/10

  	
   

  	
  Narkaus E

  	
   

  	
  28.8.2001

  	
   

  	
  28.8.2006

  	
   

  	
  Valid

  	
   

  	
  93.6

  	
   

  	
   

  
	
  KPP 86

  	
   

  	
  7200/11

  	
   

  	
  Narkaus E

  	
   

  	
  28.8.2001

  	
   

  	
  28.8.2006

  	
   

  	
  Valid

  	
   

  	
  98.6

  	
   

  	
   

  
	
  KPP 87

  	
   

  	
  7200/12

  	
   

  	
  Narkaus E

  	
   

  	
  28.8.2001

  	
   

  	
  28.8.2006

  	
   

  	
  Valid

  	
   

  	
  99.9

  	
   

  	
   

  
	
  KPP 90

  	
   

  	
  7200/15

  	
   

  	
  Narkaus E

  	
   

  	
  28.8.2001

  	
   

  	
  28.8.2006

  	
   

  	
  Valid

  	
   

  	
  99.8

  	
   

  	
   

  
	
  KPP 91

  	
   

  	
  7200/16

  	
   

  	
  Narkaus E

  	
   

  	
  28.8.2001

  	
   

  	
  28.8.2006

  	
   

  	
  Valid

  	
   

  	
  99.8

  	
   

  	
   

  
	
  KPP 92

  	
   

  	
  7200/17

  	
   

  	
  Narkaus E

  	
   

  	
  28.8.2001

  	
   

  	
  28.8.2006

  	
   

  	
  Valid

  	
   

  	
  87.0

  	
   

  	
   

  
	
  KPP 77

  	
   

  	
  7200/2

  	
   

  	
  Narkaus E

  	
   

  	
  28.8.2001

  	
   

  	
  28.8.2006

  	
   

  	
  Valid

  	
   

  	
  99.0

  	
   

  	
   

  
	
  KPP 78

  	
   

  	
  7200/3

  	
   

  	
  Narkaus E

  	
   

  	
  28.8.2001

  	
   

  	
  28.8.2006

  	
   

  	
  Valid

  	
   

  	
  99.2

  	
   

  	
   

  
	
  KPP 79

  	
   

  	
  7200/4

  	
   

  	
  Narkaus E

  	
   

  	
  28.8.2001

  	
   

  	
  28.8.2006

  	
   

  	
  Valid

  	
   

  	
  99.0

  	
   

  	
   

  
	
  KPP 80

  	
   

  	
  7200/5

  	
   

  	
  Narkaus E

  	
   

  	
  28.8.2001

  	
   

  	
  28.8.2006

  	
   

  	
  Valid

  	
   

  	
  64.3

  	
   

  	
   

  
	
  KPP 81

  	
   

  	
  7200/6

  	
   

  	
  Narkaus E

  	
   

  	
  28.8.2001

  	
   

  	
  28.8.2006

  	
   

  	
  Valid

  	
   

  	
  98.0

  	
   

  	
   

  
	
  KPP 82

  	
   

  	
  7200/7

  	
   

  	
  Narkaus E

  	
   

  	
  28.8.2001

  	
   

  	
  28.8.2006

  	
   

  	
  Valid

  	
   

  	
  99.8

  	
   

  	
   

  
	
  KPP 83

  	
   

  	
  7200/8

  	
   

  	
  Narkaus E

  	
   

  	
  28.8.2001

  	
   

  	
  28.8.2006

  	
   

  	
  Valid

  	
   

  	
  99.7

  	
   

  	
   

  
	
  KPP 84

  	
   

  	
  7200/9

  	
   

  	
  Narkaus E

  	
   

  	
  28.8.2001

  	
   

  	
  28.8.2006

  	
   

  	
  Valid

  	
   

  	
  99.6

  	
   

  	
   

  
	
  KPP 104

  	
   

  	
  7201/12

  	
   

  	
  Narkaus E

  	
   

  	
  4.9.2001

  	
   

  	
  4.9.2006

  	
   

  	
  Valid

  	
   

  	
  99.0

  	
   

  	
   

  
	
  KPP 107

  	
   

  	
  7201/15

  	
   

  	
  Narkaus E

  	
   

  	
  4.9.2001

  	
   

  	
  4.9.2006

  	
   

  	
  Valid

  	
   

  	
  87.4

  	
   

  	
   

  
	
  KPP 110

  	
   

  	
  7201/18

  	
   

  	
  Narkaus E

  	
   

  	
  4.9.2001

  	
   

  	
  4.9.2006

  	
   

  	
  Valid

  	
   

  	
  99.9

  	
   

  	
   

  
	
  KPP 94

  	
   

  	
  7201/2

  	
   

  	
  Narkaus E

  	
   

  	
  4.9.2001

  	
   

  	
  4.9.2006

  	
   

  	
  Valid

  	
   

  	
  99.9

  	
   

  	
   

  
	
  KPP 95

  	
   

  	
  7201/3

  	
   

  	
  Narkaus E

  	
   

  	
  4.9.2001

  	
   

  	
  4.9.2006

  	
   

  	
  Valid

  	
   

  	
  84.8

  	
   

  	
   

  
	
  KPP 97

  	
   

  	
  7201/5

  	
   

  	
  Narkaus E

  	
   

  	
  4.9.2001

  	
   

  	
  4.9.2006

  	
   

  	
  Valid

  	
   

  	
  99.8

  	
   

  	
   

  
	
  KPP 98

  	
   

  	
  7201/6

  	
   

  	
  Narkaus E

  	
   

  	
  4.9.2001

  	
   

  	
  4.9.2006

  	
   

  	
  Valid

  	
   

  	
  90.3

  	
   

  	
   

  
	
  KPP 100

  	
   

  	
  7201/8

  	
   

  	
  Narkaus E

  	
   

  	
  4.9.2001

  	
   

  	
  4.9.2006

  	
   

  	
  Valid

  	
   

  	
  99.7

  	
   

  	
   

  
	
  KPP 101

  	
   

  	
  7201/9

  	
   

  	
  Narkaus E

  	
   

  	
  4.9.2001

  	
   

  	
  4.9.2006

  	
   

  	
  Valid

  	
   

  	
  98.9

  	
   

  	
   

  
	
  KPP 120

  	
   

  	
  7202/10

  	
   

  	
  Narkaus E

  	
   

  	
  4.9.2001

  	
   

  	
  4.9.2006

  	
   

  	
  Valid

  	
   

  	
  82.7

  	
   

  	
   

  
	
  KPP 122

  	
   

  	
  7202/12

  	
   

  	
  Narkaus E

  	
   

  	
  4.9.2001

  	
   

  	
  4.9.2006

  	
   

  	
  Valid

  	
   

  	
  100.0

  	
   

  	
   

  
	
  KPP 123

  	
   

  	
  7202/13

  	
   

  	
  Narkaus E

  	
   

  	
  4.9.2001

  	
   

  	
  4.9.2006

  	
   

  	
  Valid

  	
   

  	
  60.3

  	
   

  	
   

  
	
  KPP 125

  	
   

  	
  7202/15

  	
   

  	
  Narkaus E

  	
   

  	
  4.9.2001

  	
   

  	
  4.9.2006

  	
   

  	
  Valid

  	
   

  	
  99.8

  	
   

  	
   

  
	
  KPP 114

  	
   

  	
  7202/4

  	
   

  	
  Narkaus E

  	
   

  	
  4.9.2001

  	
   

  	
  4.9.2006

  	
   

  	
  Valid

  	
   

  	
  100.0

  	
   

  	
   

  
	
  KPP 116

  	
   

  	
  7202/6

  	
   

  	
  Narkaus E

  	
   

  	
  4.9.2001

  	
   

  	
  4.9.2006

  	
   

  	
  Valid

  	
   

  	
  99.4

  	
   

  	
   

  
	
  KPP 117

  	
   

  	
  7202/7

  	
   

  	
  Narkaus E

  	
   

  	
  4.9.2001

  	
   

  	
  4.9.2006

  	
   

  	
  Valid

  	
   

  	
  99.9

  	
   

  	
   

  
	
  KPP 119

  	
   

  	
  7202/9

  	
   

  	
  Narkaus E

  	
   

  	
  4.9.2001

  	
   

  	
  4.9.2006

  	
   

  	
  Valid

  	
   

  	
  98.8

  	
   

  	
   

  
	
  Portimo - 1

  	
   

  	
  7206/1

  	
   

  	
  Suhanko

  	
   

  	
  22.10.2001

  	
   

  	
  22.10.2006

  	
   

  	
  Valid

  	
   

  	
  45.90

  	
   

  	
  Partly covered by ML application

  
	
  Portimo - 10

  	
   

  	
  7206/10

  	
   

  	
  Suhanko

  	
   

  	
  22.10.2001

  	
   

  	
  22.10.2006

  	
   

  	
  Valid

  	
   

  	
  12.20

  	
   

  	
  Entirely covered by ML application

  
	
  Portimo - 11

  	
   

  	
  7206/11

  	
   

  	
  Suhanko

  	
   

  	
  22.10.2001

  	
   

  	
  22.10.2006

  	
   

  	
  Valid

  	
   

  	
  99.90

  	
   

  	
  Entirely covered by ML application

  
	
  Portimo - 12

  	
   

  	
  7206/12

  	
   

  	
  Suhanko

  	
   

  	
  22.10.2001

  	
   

  	
  22.10.2006

  	
   

  	
  Valid

  	
   

  	
  98.70

  	
   

  	
  Entirely covered by ML application

  
	
  Portimo - 14

  	
   

  	
  7206/13

  	
   

  	
  Suhanko

  	
   

  	
  22.10.2001

  	
   

  	
  22.10.2006

  	
   

  	
  Valid

  	
   

  	
  99.90

  	
   

  	
  Entirely covered by ML application

  
	
  Portimo - 15

  	
   

  	
  7206/14

  	
   

  	
  Suhanko

  	
   

  	
  22.10.2001

  	
   

  	
  22.10.2006

  	
   

  	
  Valid

  	
   

  	
  97.60

  	
   

  	
  Entirely covered by ML application

  
	
  Portimo - 16

  	
   

  	
  7206/15

  	
   

  	
  Suhanko

  	
   

  	
  22.10.2001

  	
   

  	
  22.10.2006

  	
   

  	
  Valid

  	
   

  	
  97.20

  	
   

  	
  Entirely covered by ML application

  

 

 47
 

 

 

	
  Portimo - 17

  	
   

  	
  7206/16

  	
   

  	
  Suhanko

  	
   

  	
  22.10.2001

  	
   

  	
  22.10.2006

  	
   

  	
  Valid

  	
   

  	
  86.60

  	
   

  	
  Entirely covered by ML application

  
	
  Portimo - 18

  	
   

  	
  7206/17

  	
   

  	
  Suhanko

  	
   

  	
  22.10.2001

  	
   

  	
  22.10.2006

  	
   

  	
  Valid

  	
   

  	
  60.30

  	
   

  	
   

  
	
  Portimo - 19

  	
   

  	
  7206/18

  	
   

  	
  Suhanko

  	
   

  	
  22.10.2001

  	
   

  	
  22.10.2006

  	
   

  	
  Valid

  	
   

  	
  77.60

  	
   

  	
  Partly covered by ML application

  
	
  Portimo - 20

  	
   

  	
  7206/19

  	
   

  	
  Suhanko

  	
   

  	
  22.10.2001

  	
   

  	
  22.10.2006

  	
   

  	
  Valid

  	
   

  	
  90.60

  	
   

  	
  Partly covered by ML application

  
	
  Portimo - 2

  	
   

  	
  7206/2

  	
   

  	
  Suhanko

  	
   

  	
  22.10.2001

  	
   

  	
  22.10.2006

  	
   

  	
  Valid

  	
   

  	
  99.10

  	
   

  	
  Entirely covered by ML application

  
	
  Portimo - 21

  	
   

  	
  7206/20

  	
   

  	
  Suhanko

  	
   

  	
  22.10.2001

  	
   

  	
  22.10.2006

  	
   

  	
  Valid

  	
   

  	
  82.50

  	
   

  	
  Partly covered by ML application

  
	
  Portimo - 22

  	
   

  	
  7206/21

  	
   

  	
  Suhanko

  	
   

  	
  22.10.2001

  	
   

  	
  22.10.2006

  	
   

  	
  Valid

  	
   

  	
  99.40

  	
   

  	
  Entirely covered by ML application

  
	
  Portimo - 23

  	
   

  	
  7206/22

  	
   

  	
  Suhanko

  	
   

  	
  22.10.2001

  	
   

  	
  22.10.2006

  	
   

  	
  Valid

  	
   

  	
  97.70

  	
   

  	
  Entirely covered by ML application

  
	
  Portimo - 24

  	
   

  	
  7206/23

  	
   

  	
  Suhanko

  	
   

  	
  22.10.2001

  	
   

  	
  22.10.2006

  	
   

  	
  Valid

  	
   

  	
  79.60

  	
   

  	
  Partly covered by ML application

  
	
  Portimo - 25

  	
   

  	
  7206/24

  	
   

  	
  Suhanko

  	
   

  	
  22.10.2001

  	
   

  	
  22.10.2006

  	
   

  	
  Valid

  	
   

  	
  99.00

  	
   

  	
  Partly covered by ML application

  
	
  Portimo - 26

  	
   

  	
  7206/25

  	
   

  	
  Suhanko

  	
   

  	
  22.10.2001

  	
   

  	
  22.10.2006

  	
   

  	
  Valid

  	
   

  	
  99.90

  	
   

  	
  Partly covered by ML application

  
	
  Portimo - 27

  	
   

  	
  7206/26

  	
   

  	
  Suhanko

  	
   

  	
  22.10.2001

  	
   

  	
  22.10.2006

  	
   

  	
  Valid

  	
   

  	
  99.90

  	
   

  	
  Partly covered by ML application

  
	
  Portimo - 28

  	
   

  	
  7206/27

  	
   

  	
  Suhanko

  	
   

  	
  22.10.2001

  	
   

  	
  22.10.2006

  	
   

  	
  Valid

  	
   

  	
  100.00

  	
   

  	
  Partly covered by ML application

  
	
  Portimo - 29

  	
   

  	
  7206/28

  	
   

  	
  Suhanko

  	
   

  	
  22.10.2001

  	
   

  	
  22.10.2006

  	
   

  	
  Valid

  	
   

  	
  99.40

  	
   

  	
   

  
	
  Portimo - 30

  	
   

  	
  7206/29

  	
   

  	
  Suhanko

  	
   

  	
  22.10.2001

  	
   

  	
  22.10.2006

  	
   

  	
  Valid

  	
   

  	
  99.70

  	
   

  	
   

  
	
  Portimo - 3

  	
   

  	
  7206/3

  	
   

  	
  Suhanko

  	
   

  	
  22.10.2001

  	
   

  	
  22.10.2006

  	
   

  	
  Valid

  	
   

  	
  99.00

  	
   

  	
  Entirely covered by ML application

  
	
  Portimo - 31

  	
   

  	
  7206/30

  	
   

  	
  Suhanko

  	
   

  	
  22.10.2001

  	
   

  	
  22.10.2006

  	
   

  	
  Valid

  	
   

  	
  94.70

  	
   

  	
   

  
	
  Portimo - 32

  	
   

  	
  7206/31

  	
   

  	
  Suhanko

  	
   

  	
  22.10.2001

  	
   

  	
  22.10.2006

  	
   

  	
  Valid

  	
   

  	
  36.20

  	
   

  	
   

  
	
  Portimo - 33

  	
   

  	
  7206/32

  	
   

  	
  Suhanko

  	
   

  	
  22.10.2001

  	
   

  	
  22.10.2006

  	
   

  	
  Valid

  	
   

  	
  100.00

  	
   

  	
   

  
	
  Portimo - 38

  	
   

  	
  7206/33

  	
   

  	
  Suhanko

  	
   

  	
  22.10.2001

  	
   

  	
  22.10.2006

  	
   

  	
  Valid

  	
   

  	
  93.60

  	
   

  	
  Partly covered by ML application

  
	
  Portimo - 40

  	
   

  	
  7206/34

  	
   

  	
  Suhanko

  	
   

  	
  22.10.2001

  	
   

  	
  22.10.2006

  	
   

  	
  Valid

  	
   

  	
  48.50

  	
   

  	
   

  
	
  Portimo - 41

  	
   

  	
  7206/35

  	
   

  	
  Suhanko

  	
   

  	
  22.10.2001

  	
   

  	
  22.10.2006

  	
   

  	
  Valid

  	
   

  	
  94.60

  	
   

  	
   

  
	
  Portimo - 42

  	
   

  	
  7206/36

  	
   

  	
  Suhanko

  	
   

  	
  22.10.2001

  	
   

  	
  22.10.2006

  	
   

  	
  Valid

  	
   

  	
  93.30

  	
   

  	
   

  
	
  Portimo - 43

  	
   

  	
  7206/37

  	
   

  	
  Suhanko

  	
   

  	
  22.10.2001

  	
   

  	
  22.10.2006

  	
   

  	
  Valid

  	
   

  	
  92.90

  	
   

  	
   

  
	
  Portimo - 44

  	
   

  	
  7206/38

  	
   

  	
  Suhanko

  	
   

  	
  22.10.2001

  	
   

  	
  22.10.2006

  	
   

  	
  Valid

  	
   

  	
  61.40

  	
   

  	
   

  
	
  Portimo - 45

  	
   

  	
  7206/39

  	
   

  	
  Suhanko

  	
   

  	
  22.10.2001

  	
   

  	
  22.10.2006

  	
   

  	
  Valid

  	
   

  	
  81.80

  	
   

  	
   

  
	
  Portimo - 4

  	
   

  	
  7206/4

  	
   

  	
  Suhanko

  	
   

  	
  22.10.2001

  	
   

  	
  22.10.2006

  	
   

  	
  Valid

  	
   

  	
  76.00

  	
   

  	
  Partly covered by ML application

  
	
  Portimo - 47

  	
   

  	
  7206/40

  	
   

  	
  Suhanko

  	
   

  	
  22.10.2001

  	
   

  	
  22.10.2006

  	
   

  	
  Valid

  	
   

  	
  96.20

  	
   

  	
   

  
	
  Portimo - 48

  	
   

  	
  7206/41

  	
   

  	
  Suhanko

  	
   

  	
  22.10.2001

  	
   

  	
  22.10.2006

  	
   

  	
  Valid

  	
   

  	
  91.60

  	
   

  	
   

  
	
  Portimo - 49

  	
   

  	
  7206/42

  	
   

  	
  Suhanko

  	
   

  	
  22.10.2001

  	
   

  	
  22.10.2006

  	
   

  	
  Valid

  	
   

  	
  96.20

  	
   

  	
   

  
	
  Portimo - 50

  	
   

  	
  7206/43

  	
   

  	
  Suhanko

  	
   

  	
  22.10.2001

  	
   

  	
  22.10.2006

  	
   

  	
  Valid

  	
   

  	
  89.90

  	
   

  	
   

  
	
  Portimo - 51

  	
   

  	
  7206/44

  	
   

  	
  Suhanko

  	
   

  	
  22.10.2001

  	
   

  	
  22.10.2006

  	
   

  	
  Valid

  	
   

  	
  95.70

  	
   

  	
   

  
	
  Portimo - 53

  	
   

  	
  7206/45

  	
   

  	
  Suhanko

  	
   

  	
  22.10.2001

  	
   

  	
  22.10.2006

  	
   

  	
  Valid

  	
   

  	
  95.10

  	
   

  	
   

  
	
  Portimo - 54

  	
   

  	
  7206/46

  	
   

  	
  Suhanko

  	
   

  	
  22.10.2001

  	
   

  	
  22.10.2006

  	
   

  	
  Valid

  	
   

  	
  98.20

  	
   

  	
   

  
	
  Portimo - 55

  	
   

  	
  7206/47

  	
   

  	
  Suhanko

  	
   

  	
  22.10.2001

  	
   

  	
  22.10.2006

  	
   

  	
  Valid

  	
   

  	
  91.70

  	
   

  	
   

  
	
  Portimo - 56

  	
   

  	
  7206/48

  	
   

  	
  Suhanko

  	
   

  	
  22.10.2001

  	
   

  	
  22.10.2006

  	
   

  	
  Valid

  	
   

  	
  95.70

  	
   

  	
   

  
	
  Portimo - 57

  	
   

  	
  7206/49

  	
   

  	
  Suhanko

  	
   

  	
  22.10.2001

  	
   

  	
  22.10.2006

  	
   

  	
  Valid

  	
   

  	
  98.10

  	
   

  	
   

  
	
  Portimo - 5

  	
   

  	
  7206/5

  	
   

  	
  Suhanko

  	
   

  	
  22.10.2001

  	
   

  	
  22.10.2006

  	
   

  	
  Valid

  	
   

  	
  100.00

  	
   

  	
  Entirely covered by ML application

  
	
  Portimo - 58

  	
   

  	
  7206/50

  	
   

  	
  Suhanko

  	
   

  	
  22.10.2001

  	
   

  	
  22.10.2006

  	
   

  	
  Valid

  	
   

  	
  91.40

  	
   

  	
   

  
	
  Portimo - 59

  	
   

  	
  7206/51

  	
   

  	
  Suhanko

  	
   

  	
  22.10.2001

  	
   

  	
  22.10.2006

  	
   

  	
  Valid

  	
   

  	
  91.10

  	
   

  	
   

  
	
  Portimo - 60

  	
   

  	
  7206/52

  	
   

  	
  Suhanko

  	
   

  	
  22.10.2001

  	
   

  	
  22.10.2006

  	
   

  	
  Valid

  	
   

  	
  100.00

  	
   

  	
   

  
	
  Portimo - 61

  	
   

  	
  7206/53

  	
   

  	
  Suhanko

  	
   

  	
  22.10.2001

  	
   

  	
  22.10.2006

  	
   

  	
  Valid

  	
   

  	
  90.50

  	
   

  	
   

  
	
  Portimo - 62

  	
   

  	
  7206/54

  	
   

  	
  Suhanko

  	
   

  	
  22.10.2001

  	
   

  	
  22.10.2006

  	
   

  	
  Valid

  	
   

  	
  64.70

  	
   

  	
   

  
	
  Portimo - 63

  	
   

  	
  7206/55

  	
   

  	
  Suhanko

  	
   

  	
  22.10.2001

  	
   

  	
  22.10.2006

  	
   

  	
  Valid

  	
   

  	
  37.70

  	
   

  	
   

  
	
  Portimo - 65

  	
   

  	
  7206/56

  	
   

  	
  Suhanko

  	
   

  	
  22.10.2001

  	
   

  	
  22.10.2006

  	
   

  	
  Valid

  	
   

  	
  97.70

  	
   

  	
   

  
	
  Portimo - 67

  	
   

  	
  7206/57

  	
   

  	
  Suhanko

  	
   

  	
  22.10.2001

  	
   

  	
  22.10.2006

  	
   

  	
  Valid

  	
   

  	
  96.90

  	
   

  	
   

  
	
  Portimo - 69

  	
   

  	
  7206/58

  	
   

  	
  Suhanko

  	
   

  	
  22.10.2001

  	
   

  	
  22.10.2006

  	
   

  	
  Valid

  	
   

  	
  100.00

  	
   

  	
   

  
	
  Portimo - 70

  	
   

  	
  7206/59

  	
   

  	
  Suhanko

  	
   

  	
  22.10.2001

  	
   

  	
  22.10.2006

  	
   

  	
  Valid

  	
   

  	
  95.60

  	
   

  	
   

  
	
  Portimo - 6

  	
   

  	
  7206/6

  	
   

  	
  Suhanko

  	
   

  	
  22.10.2001

  	
   

  	
  22.10.2006

  	
   

  	
  Valid

  	
   

  	
  99.50

  	
   

  	
  Entirely covered by ML application

  
	
  Portimo - 160

  	
   

  	
  7206/60

  	
   

  	
  Suhanko

  	
   

  	
  22.10.2001

  	
   

  	
  22.10.2006

  	
   

  	
  Valid

  	
   

  	
  38.20

  	
   

  	
   

  
	
  Portimo - 161

  	
   

  	
  7206/61

  	
   

  	
  Suhanko

  	
   

  	
  22.10.2001

  	
   

  	
  22.10.2006

  	
   

  	
  Valid

  	
   

  	
  35.00

  	
   

  	
   

  

 

 48
 

 

 

	
  Portimo - 7

  	
   

  	
  7206/7

  	
   

  	
  Suhanko

  	
   

  	
  22.10.2001

  	
   

  	
  22.10.2006

  	
   

  	
  Valid

  	
   

  	
  98.70

  	
   

  	
  Entirely covered by ML application

  
	
  Portimo - 8

  	
   

  	
  7206/8

  	
   

  	
  Suhanko

  	
   

  	
  22.10.2001

  	
   

  	
  22.10.2006

  	
   

  	
  Valid

  	
   

  	
  100.00

  	
   

  	
  Entirely covered by ML application

  
	
  Portimo - 9

  	
   

  	
  7206/9

  	
   

  	
  Suhanko

  	
   

  	
  22.10.2001

  	
   

  	
  22.10.2006

  	
   

  	
  Valid

  	
   

  	
  100.00

  	
   

  	
  Entirely covered by ML application

  
	
  Penikat 57

  	
   

  	
  7208/1

  	
   

  	
  Penikat

  	
   

  	
  21.9.2001

  	
   

  	
  21.9.2006

  	
   

  	
  Valid

  	
   

  	
  98.00

  	
   

  	
   

  
	
  Penikat 94

  	
   

  	
  7208/10

  	
   

  	
  Penikat

  	
   

  	
  21.9.2001

  	
   

  	
  21.9.2006

  	
   

  	
  Valid

  	
   

  	
  99.80

  	
   

  	
   

  
	
  Penikat 99

  	
   

  	
  7208/11

  	
   

  	
  Penikat

  	
   

  	
  21.9.2001

  	
   

  	
  21.9.2006

  	
   

  	
  Valid

  	
   

  	
  95.90

  	
   

  	
   

  
	
  Penikat 100

  	
   

  	
  7208/12

  	
   

  	
  Penikat

  	
   

  	
  21.9.2001

  	
   

  	
  21.9.2006

  	
   

  	
  Valid

  	
   

  	
  79.70

  	
   

  	
   

  
	
  Penikat 105

  	
   

  	
  7208/13

  	
   

  	
  Penikat

  	
   

  	
  21.9.2001

  	
   

  	
  21.9.2006

  	
   

  	
  Valid

  	
   

  	
  94.30

  	
   

  	
   

  
	
  Penikat 106

  	
   

  	
  7208/14

  	
   

  	
  Penikat

  	
   

  	
  21.9.2001

  	
   

  	
  21.9.2006

  	
   

  	
  Valid

  	
   

  	
  97.00

  	
   

  	
   

  
	
  Penikat 110

  	
   

  	
  7208/15

  	
   

  	
  Penikat

  	
   

  	
  21.9.2001

  	
   

  	
  21.9.2006

  	
   

  	
  Valid

  	
   

  	
  100.00

  	
   

  	
   

  
	
  Penikat 111

  	
   

  	
  7208/16

  	
   

  	
  Penikat

  	
   

  	
  21.9.2001

  	
   

  	
  21.9.2006

  	
   

  	
  Valid

  	
   

  	
  97.70

  	
   

  	
   

  
	
  Penikat 116

  	
   

  	
  7208/17

  	
   

  	
  Penikat

  	
   

  	
  21.9.2001

  	
   

  	
  21.9.2006

  	
   

  	
  Valid

  	
   

  	
  70.30

  	
   

  	
   

  
	
  Penikat 117

  	
   

  	
  7208/18

  	
   

  	
  Penikat

  	
   

  	
  21.9.2001

  	
   

  	
  21.9.2006

  	
   

  	
  Valid

  	
   

  	
  69.70

  	
   

  	
   

  
	
  Penikat 123

  	
   

  	
  7208/19

  	
   

  	
  Penikat

  	
   

  	
  21.9.2001

  	
   

  	
  21.9.2006

  	
   

  	
  Valid

  	
   

  	
  98.80

  	
   

  	
   

  
	
  Penikat 65

  	
   

  	
  7208/2

  	
   

  	
  Penikat

  	
   

  	
  30.1.2002

  	
   

  	
  31.12.2006

  	
   

  	
  Valid

  	
   

  	
  91.60

  	
   

  	
   

  
	
  Penikat 165

  	
   

  	
  7208/20

  	
   

  	
  Penikat

  	
   

  	
  21.9.2001

  	
   

  	
  21.9.2006

  	
   

  	
  Valid

  	
   

  	
  42.60

  	
   

  	
   

  
	
  Penikat 66

  	
   

  	
  7208/3

  	
   

  	
  Penikat

  	
   

  	
  30.1.2002

  	
   

  	
  31.12.2006

  	
   

  	
  Valid

  	
   

  	
  85.90

  	
   

  	
   

  
	
  Penikat 67

  	
   

  	
  7208/4

  	
   

  	
  Penikat

  	
   

  	
  21.9.2001

  	
   

  	
  21.9.2006

  	
   

  	
  Valid

  	
   

  	
  100.00

  	
   

  	
   

  
	
  Penikat 72

  	
   

  	
  7208/5

  	
   

  	
  Penikat

  	
   

  	
  30.1.2002

  	
   

  	
  31.12.2006

  	
   

  	
  Valid

  	
   

  	
  83.10

  	
   

  	
   

  
	
  Penikat 80

  	
   

  	
  7208/6

  	
   

  	
  Penikat

  	
   

  	
  30.1.2002

  	
   

  	
  31.12.2006

  	
   

  	
  Valid

  	
   

  	
  92.90

  	
   

  	
   

  
	
  Penikat 81

  	
   

  	
  7208/7

  	
   

  	
  Penikat

  	
   

  	
  21.9.2001

  	
   

  	
  21.9.2006

  	
   

  	
  Valid

  	
   

  	
  99.80

  	
   

  	
   

  
	
  Penikat 82

  	
   

  	
  7208/8

  	
   

  	
  Penikat

  	
   

  	
  21.9.2001

  	
   

  	
  21.9.2006

  	
   

  	
  Valid

  	
   

  	
  99.60

  	
   

  	
   

  
	
  Penikat 93

  	
   

  	
  7208/9

  	
   

  	
  Penikat

  	
   

  	
  21.9.2001

  	
   

  	
  21.9.2006

  	
   

  	
  Valid

  	
   

  	
  98.10

  	
   

  	
   

  
	
  KPP 176

  	
   

  	
  7213/11

  	
   

  	
  Konttijärvi W

  	
   

  	
  10.8.2001

  	
   

  	
  10.8.2006

  	
   

  	
  Valid

  	
   

  	
  98.6

  	
   

  	
   

  
	
  KPP 177

  	
   

  	
  7213/12

  	
   

  	
  Konttijärvi W

  	
   

  	
  10.8.2001

  	
   

  	
  10.8.2006

  	
   

  	
  Valid

  	
   

  	
  97.2

  	
   

  	
   

  
	
  KPP 178

  	
   

  	
  7213/13

  	
   

  	
  Konttijärvi W

  	
   

  	
  10.8.2001

  	
   

  	
  10.8.2006

  	
   

  	
  Valid

  	
   

  	
  96.2

  	
   

  	
   

  
	
  KPP 179

  	
   

  	
  7213/14

  	
   

  	
  Konttijärvi W

  	
   

  	
  10.8.2001

  	
   

  	
  10.8.2006

  	
   

  	
  Valid

  	
   

  	
  98.5

  	
   

  	
   

  
	
  KPP 180

  	
   

  	
  7213/15

  	
   

  	
  Konttijärvi W

  	
   

  	
  10.8.2001

  	
   

  	
  10.8.2006

  	
   

  	
  Valid

  	
   

  	
  97.5

  	
   

  	
   

  
	
  KPP 168

  	
   

  	
  7213/3

  	
   

  	
  Konttijärvi W

  	
   

  	
  10.8.2001

  	
   

  	
  10.8.2006

  	
   

  	
  Valid

  	
   

  	
  97.1

  	
   

  	
   

  
	
  KPP 169

  	
   

  	
  7213/4

  	
   

  	
  Konttijärvi W

  	
   

  	
  10.8.2001

  	
   

  	
  10.8.2006

  	
   

  	
  Valid

  	
   

  	
  100.0

  	
   

  	
   

  
	
  KPP 170

  	
   

  	
  7213/5

  	
   

  	
  Konttijärvi W

  	
   

  	
  10.8.2001

  	
   

  	
  10.8.2006

  	
   

  	
  Valid

  	
   

  	
  99.5

  	
   

  	
   

  
	
  KPP 171

  	
   

  	
  7213/6

  	
   

  	
  Konttijärvi W

  	
   

  	
  10.8.2001

  	
   

  	
  10.8.2006

  	
   

  	
  Valid

  	
   

  	
  96.9

  	
   

  	
   

  
	
  KPP 172

  	
   

  	
  7213/7

  	
   

  	
  Konttijärvi W

  	
   

  	
  10.8.2001

  	
   

  	
  10.8.2006

  	
   

  	
  Valid

  	
   

  	
  99.6

  	
   

  	
   

  
	
  KPP 173

  	
   

  	
  7213/8

  	
   

  	
  Konttijärvi W

  	
   

  	
  10.8.2001

  	
   

  	
  10.8.2006

  	
   

  	
  Valid

  	
   

  	
  98.7

  	
   

  	
   

  
	
  KPP 181

  	
   

  	
  7214/1

  	
   

  	
  Konttijärvi W

  	
   

  	
  10.8.2001

  	
   

  	
  10.8.2006

  	
   

  	
  Valid

  	
   

  	
  99.5

  	
   

  	
   

  
	
  KPP 190

  	
   

  	
  7214/10

  	
   

  	
  Konttijärvi W

  	
   

  	
  10.8.2001

  	
   

  	
  10.8.2006

  	
   

  	
  Valid

  	
   

  	
  97.4

  	
   

  	
   

  
	
  KPP 191

  	
   

  	
  7214/11

  	
   

  	
  Konttijärvi W

  	
   

  	
  10.8.2001

  	
   

  	
  10.8.2006

  	
   

  	
  Valid

  	
   

  	
  97.0

  	
   

  	
   

  
	
  KPP 182

  	
   

  	
  7214/2

  	
   

  	
  Konttijärvi W

  	
   

  	
  10.8.2001

  	
   

  	
  10.8.2006

  	
   

  	
  Valid

  	
   

  	
  99.4

  	
   

  	
   

  
	
  KPP 187

  	
   

  	
  7214/7

  	
   

  	
  Konttijärvi W

  	
   

  	
  10.8.2001

  	
   

  	
  10.8.2006

  	
   

  	
  Valid

  	
   

  	
  100.0

  	
   

  	
   

  
	
  KPP 188

  	
   

  	
  7214/8

  	
   

  	
  Konttijärvi W

  	
   

  	
  10.8.2001

  	
   

  	
  10.6.2006

  	
   

  	
  Valid

  	
   

  	
  99.3

  	
   

  	
   

  
	
  KPP 189

  	
   

  	
  7214/9

  	
   

  	
  Konttijärvi W

  	
   

  	
  10.8.2001

  	
   

  	
  10.8.2006

  	
   

  	
  Valid

  	
   

  	
  100.0

  	
   

  	
   

  
	
  KPP 195

  	
   

  	
  7215/2

  	
   

  	
  Konttijärvi W

  	
   

  	
  10.8.2001

  	
   

  	
  30.11.2002

  	
   

  	
  Valid/frozen

  	
   

  	
  99.4

  	
   

  	
  Partly covered by ML application

  
	
  KPP 196

  	
   

  	
  7215/3

  	
   

  	
  Konttijärvi W

  	
   

  	
  10.8.2001

  	
   

  	
  30.11.2002

  	
   

  	
  Valid/frozen

  	
   

  	
  92.3

  	
   

  	
  Partly covered by ML application

  
	
  KPP 197

  	
   

  	
  7215/4

  	
   

  	
  Konttijärvi W

  	
   

  	
  10.8.2001

  	
   

  	
  30.11.2002

  	
   

  	
  Valid/frozen

  	
   

  	
  68.3

  	
   

  	
  Partly covered by ML application

  
	
  KPP 198

  	
   

  	
  7215/5

  	
   

  	
  Konttijärvi W

  	
   

  	
  10.8.2001

  	
   

  	
  30.11.2002

  	
   

  	
  Valid/frozen

  	
   

  	
  94.4

  	
   

  	
  Partly covered by ML application

  
	
  KPP 199

  	
   

  	
  7215/6

  	
   

  	
  Konttijärvi W

  	
   

  	
  10.8.2001

  	
   

  	
  30.11.2002

  	
   

  	
  Valid/frozen

  	
   

  	
  33.5

  	
   

  	
  Partly covered by ML application

  
	
  KPP 200

  	
   

  	
  7215/7

  	
   

  	
  Konttijärvi W

  	
   

  	
  10.8.2001

  	
   

  	
  30.11.2002

  	
   

  	
  Valid/frozen

  	
   

  	
  95.6

  	
   

  	
  Partly covered by ML application

  
	
  Portimo 164

  	
   

  	
  7409/1

  	
   

  	
  Narkaus

  	
   

  	
  7.5.2002

  	
   

  	
  7.5.2007

  	
   

  	
  Valid

  	
   

  	
  100.00

  	
   

  	
   

  
	
  Portimo 165

  	
   

  	
  7409/2

  	
   

  	
  Narkaus

  	
   

  	
  7.5.2002

  	
   

  	
  7.5.2007

  	
   

  	
  Valid

  	
   

  	
  99.90

  	
   

  	
   

  
	
  Saariaapa 1

  	
   

  	
  7518/1

  	
   

  	
  Narkaus

  	
   

  	
  20.1.2003

  	
   

  	
  31.12.2007

  	
   

  	
  Valid

  	
   

  	
  96.70

  	
   

  	
   

  
	
  Saariaapa 2

  	
   

  	
  7518/2

  	
   

  	
  Narkaus

  	
   

  	
  20.1.2003

  	
   

  	
  31.12.2007

  	
   

  	
  Valid

  	
   

  	
  98.20

  	
   

  	
   

  

 

 

 49
 

 

 

	
  Saariaapa 3

  	
   

  	
  7518/3

  	
   

  	
  Narkaus

  	
   

  	
  20.1.2003

  	
   

  	
  31.12.2007

  	
   

  	
  Valid

  	
   

  	
  97.80

  	
   

  	
   

  
	
  Ristiaapa 1

  	
   

  	
  7545/1

  	
   

  	
  Narkaus

  	
   

  	
  20.1.2003

  	
   

  	
  31.12.2007

  	
   

  	
  Valid

  	
   

  	
  99.00

  	
   

  	
   

  
	
  Ristiaapa 2

  	
   

  	
  7545/2

  	
   

  	
  Narkaus

  	
   

  	
  20.1.2003

  	
   

  	
  31.12.2007

  	
   

  	
  Valid

  	
   

  	
  98.50

  	
   

  	
   

  
	
  Takakangas 2

  	
   

  	
  7631/1

  	
   

  	
  Penikat

  	
   

  	
  20.8.2003

  	
   

  	
  20.8.2008

  	
   

  	
  Valid

  	
   

  	
  44.40

  	
   

  	
  Renewed claim

  
	
  Vihvilöjänkä 2

  	
   

  	
  7631/2

  	
   

  	
  Penikat

  	
   

  	
  20.8.2003

  	
   

  	
  20.8.2008

  	
   

  	
  Valid

  	
   

  	
  42.70

  	
   

  	
  Renewed claim

  
	
  A total
  of

  	
   

  	
   

  	
  341 valid claims

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  30 446.4

  	
  ha

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  This
  includes:

  	
   

  	
   

  	
  66 GFAP - South Atlantic
  Resources JV claims (KPP-)

  	
   

  	
  6
  176.8

  	
  ha

  	
   

  

 

 50
 

 

SCHEDULE
6

EFFECT OF TERMINATION

In
the event of termination of the Agreement in accordance with Clause 2.4 of the
Agreement, GFBV shall purchase and NAPL shall sell all of the issued and
outstanding shares of NAPF for the nominal consideration of one Euro upon and
in accordance with the Transfer and Subscription Terms and NAPL shall give the
representations and warranties set out in paragraphs 1.2.7 and 1.2.8 of
Schedule 1, as well as a representation and warranty that NAPF has no
liabilities, actual or contingent (such representations and warranties to be
true and correct as at the date of transfer of the NAPF shares to GFBV and to
survive the date of such transfer and to remain in full force and effect
thereafter) .

For
greater certainty, any amount of Approved Earn-in Expenditures funded by
Advances prior to such date of termination in accordance with Clause 7.2 of the
Agreement shall not be reimbursed to any member of the NAPL Group.

 51
 

 

SCHEDULE
7

TRANSFER OF PURCHASED INTEREST

In
the event that NAPL has exercised the Option to acquire the Purchased Interest,
the acquisition thereof shall be implemented in accordance with the following
steps, it being recognized that the Transfer and Subscription Terms apply to
the subscriptions and transfers set out in Steps 1 and 2 below:

1.                                       NAPL
will subscribe for newly issued ordinary shares of GFF for a cash consideration
equal to the full amount of all Advances made by NAPL (through its subsidiary
NAPF) pursuant to the terms of Clause 7.2 (in this Schedule, the “Advanced Amount”).

2.                                       NAPL
will acquire such number of GFF Shares from GFBV as would result in NAPL
owning, in combination with the shares of GFF subscribed for in step 1 of this
Schedule 7, such number of GFF Shares as would equal 50% or 60%, as applicable,
of the issued and outstanding GFF Shares.

3.                                       GFF
will use the Advanced Amount of cash received from the share subscription in
step 1 to subscribe for additional ordinary shares of GFAP.

4.                                       GFAP
will use the Advanced Amount of cash received from the share subscription in
step 3 to repay the full amount of the Advances made by NAPF pursuant to the
terms of Clause 7.2.

5.                                       NAPF
will distribute the proceeds received on the repayment of its loan in step 4 to
NAPL as a reduction of its share capital.

 52
 

 

SCHEDULE
8

ENCUMBRANCES

1.             Certain of the APP Project Licenses
are subject to the terms and conditions of the Purchase Agreement dated 9 April
2002 by and between South Atlantic Resources Limited, North Atlantic Resources
Ab and the Arctic Platinum Partnership (now GFAP).

 53
 

 

SCHEDULE
9

PROPERTY AGREEMENTS

LIST OF
ESTATES PURCHASED FROM THE LANDOWNERS

	
  Estate
  registration No.

  	
   

  	
  Seller

  	
   

  	
  Buyer

  	
   

  	
  Area bought (Ha)

  	
   

  	
  Date of Sale

  
	
  683-874-1-0

  	
   

  	
  The Heinisuo Forest Collective

  	
   

  	
  GF AP

  	
   

  	
  2415

  	
   

  	
  17.2.2005

  
	
  699-401-11-4

  	
   

  	
  Mäenalainen Heikki Juhani

  	
   

  	
  GF AP

  	
   

  	
  1.2

  	
   

  	
  22.12.2005

  
	
  683-404-24-7

  	
   

  	
  Ilola Mitja Anton

  	
   

  	
  GF AP

  	
   

  	
  1.6

  	
   

  	
  21.6.2005

  
	
  683-404-24-5

  	
   

  	
  Kuisma Markku Tapio

  	
   

  	
  GF AP

  	
   

  	
  4.91

  	
   

  	
  9.6.2005

  
	
  683-404-24-6

  	
   

  	
  Kuisma Markku Tapio

  	
   

  	
  GF AP

  	
   

  	
  4.3

  	
   

  	
  9.6.2005

  
	
  683-404-4-4

  	
   

  	
  Impiö Antti aned Anna-Liisa

  	
   

  	
  GF AP

  	
   

  	
  13.4

  	
   

  	
  20.5.2005

  
	
  683-404-68-1

  	
   

  	
  Juntara etc:parties to an estate

  	
   

  	
  GF AP

  	
   

  	
  29.7

  	
   

  	
  10.5.2005

  
	
  683-404-24-4

  	
   

  	
  Palovaara Saimi and Erkki

  	
   

  	
  GF AP

  	
   

  	
  4.3

  	
   

  	
  28.4.2005

  
	
  683-404-24-8

  	
   

  	
  Palovaara Johan Henrik

  	
   

  	
  GF AP

  	
   

  	
  5.1

  	
   

  	
  28.4.2005

  
	
  683-404-23-7

  	
   

  	
  Palovaara Kalevi Antero

  	
   

  	
  GF AP

  	
   

  	
  20.7

  	
   

  	
  28.4.2005

  
	
  683-893-10-1

  	
   

  	
  State of Finland; Metsähallitus

  	
   

  	
  GF AP

  	
   

  	
  888

  	
   

  	
  27.5.2005

  
	
  845-893-12-1

  	
   

  	
  State of Finland; Metsähallitus

  	
   

  	
  GF AP

  	
   

  	
  260

  	
   

  	
  27.5.2005

  

 

 54
 

 

SCHEDULE
10

FORM OF SERVICES AGREEMENT

Please see attached

 55

 

[W&C Draft:
(Johannesburg) 22 May, 2006]

DEED OF
AMENDMENT NO. 1 TO THE

ACQUISITION
AND FRAMEWORK AGREEMENT

between

GOLD
FIELDS EXPLORATION B V

and

GOLD
FIELDS FINLAND OY

and

NORTH
AMERICAN PALLADIUM LIMITED

and

NORTH
AMERICAN PALLADIUM FINLAND OY

Dated

12 May 2006

 

THIS DEED
OF AMENDMENT NO. 1 to The Acquisition and Framework Agreement (this
“Amendment”) dated 12 May 2006 among:

(1)           GOLD FIELDS EXPLORATION B V (“GFBV”), a limited liability company,
registration no. 27123830, organised and existing under the laws of The
Netherlands;

(2)           GOLD FIELDS FINLAND OY (“GFF”), a limited liability company,
registration no. 1606318-8, organised and existing under the laws of Finland;

(3)           NORTH AMERICAN PALLADIUM LTD. (“NAPL”), a corporation, registration no.
275053-8, organised and existing under the laws of Canada;

(4)           NORTH AMERICAN PALLADIUM FINLAND OY (“NAPF”), a limited liability company,
registration no. 2005591-4, organised and existing under the laws of Finland.

each a “Party” and together the “Parties”.

WHEREAS

(A)          On 24 March 2006, the
Parties entered into a Acquisition and Framework Agreement (the “Acquisition and Framework Agreement”), in terms of which,
inter alia, the parties agreed to co-operate in the further development of the
APP Project and GFBV granted to NAPL an option to acquire an Interest in the
APP Project subject to and according to the terms of the Acquisition and
Framework Agreement.

(B)           The Acquisition and
Framework Agreement provided for certain terms and time frames for the
appointment of directors to the board of directors of GFAP.  As a result of unexpected circumstances,
there have been certain changes in the nominees of NAP to such board of
directors and as a consequence, the Parties have not been able to appoint
directors of GFAP within 30 days of the Effective Date as contemplated by
Clause 3.1.  The Parties therefore wish
to extend the period for the organisation of GFAP for a further 20 days.

(C)           The Parties hereby
agree that the Acquisition and Framework Agreement shall be amended pursuant to
the following terms and conditions and wish to record their agreement in
writing.

1.                IT IS THEREFORE
AGREED AS FOLLOWS:

1.1                           All capitalised words and
phrases not specifically defined herein shall be interpreted, unless the
context otherwise requires, in accordance with clause 1 of the Acquisition and
Framework Agreement.

2.                AMENDMENT OF THE
ACQUISITION AND FRAMEWORK AGREEMENT

2.1                           The Acquisition and
Framework Agreement is amended as follows:

 

Clause 3.1(Organisation of GFAP):

Clause 3.1 of the Acquisition and Framework Agreement is hereby amended
by the deletion of “30 days” and the insertion of “50 days” so that the amended
Clause 3.1 shall read:

3.1          Organisation
of GFAP:

Within 50 days of the Effective Date:

3.1.1     GFF shall procure that the
Memorandum and Articles of Association (new) are duly adopted by GFAP in
accordance with Applicable Law;

3.1.2     the Parties shall procure
that the directors of GFAP, including the Managing Director, be appointed (in
accordance with Clause 7.1); and

3.1.3     GFAP shall open and maintain
an account in its name with an account bank approved by GFF into which all
Advances funded by NAPL, through its subsidiary NAPF, pursuant to Clause 7.2
shall be deposited.

3.                GOVERNING LAW AND
DISPUTE RESOLUTION

3.1                           This Amendment shall be
governed and construed in accordance with English law.

3.2                           The provisions of clause
11.13 (Dispute Resolution) of the
Acquisition and Framework Agreement shall be deemed to be incorporated into
this Amendment as if such clause was set out in full save that references in
the Acquisition and Framework Agreement to “this Agreement” shall be construed
as references to this Amendment and references to “Parties” shall be construed
as references to the Parties to this Amendment.

4.                GENERAL

4.1                           Except as specifically amended
by the terms of this Amendment, the Acquisition and Framework Agreement shall
continue in full force and effect in accordance with its terms and the
Acquisition and Framework Agreement and this Amendment shall be read and
construed as one instrument.

4.2                           This Amendment may be
executed in one or more counterparts, each of which shall be deemed an
original, and all of which together shall constitute one and the same agreement
as at the date of signature of the Party last signing one of the counterparts.  The Parties undertake to take whatever steps
may be necessary to ensure that each counterpart is duly signed by each of them
without delay.

 3
 

 

IN
WITNESS WHEREOF the Parties, acting through their duly
authorised representatives, have entered into this Deed with the intention that
it be delivered on the day and year written above

	
  EXECUTED as a Deed on behalf of

  
	
  NORTH
  AMERICAN PALLADIUM LTD.,

  
	
  acting by

  
	
   

  
	
   

  	
   

  
	
   

  
	
  Authorised
  Signatory

  
	
  and

  
	
   

  
	
   

  	
   

  
	
   

  
	
  Authorised
  Signatory

  
	
  EXECUTED
  as a Deed on behalf of

  
	
  NORTH
  AMERICAN PALLADIUM FINLAND OY,

  
	
  acting by

  
	
   

  
	
   

  	
   

  
	
   

  
	
  Authorised
  Signatory

  
	
  and

  
	
   

  
	
   

  	
   

  
	
   

  
	
  Authorised
  Signatory

  
	
  EXECUTED
  as a Deed on behalf of

  
	
  GOLD
  FIELDS EXPLORATION B.V.

  
	
  acting by

  
	
   

  
	
   

  	
   

  
	
   

  
	
  Authorised
  Signatory

  
	
  and

  
	
   

  
	
   

  	
   

  
	
   

  
	
  Authorised Signatory

  
	
  EXECUTED
  as a Deed on behalf of

  
	
  GOLD
  FIELDS FINLAND OY

  
	
  acting by

  
	
   

  
	
   

  	
   

  
	
   

  
	
  Authorised
  Signatory

  
	
  and

  
	
   

  
	
   

  	
   

  
	
   

  
	
  Authorised
  Signatory

  

 

 4Exhibit 4.28

 

SERVICES
AGREEMENT

(Arctic Platinum
Project - Finland)

THIS SERVICES
AGREEMENT (the “Services Agreement”), made as of
March     , 2006 (the “Effective Date”),
is made between Gold Fields Arctic Platinum Oy (“GFAP”),
North American Palladium Ltd. (“NAPL”) and
North American Palladium Arctic Services Oy (“NAPFS”),
pursuant to an acquisition and framework agreement (the “Acquisition
Agreement”) dated March 24, 2006 between NAPL, Gold Fields
Exploration BV (“GFBV”), Gold Fields Finland Oy (“GFF”) and North American Palladium Finland Oy (“NAPF”)

WHEREAS:

	
  A.

  	
  GFAP is a wholly-owned subsidiary of GFF and GFAP
  owns the APP Project, as defined in the Acquisition Agreement;

  
	
   

  	
   

  
	
  B.

  	
  NAPL has acquired from
  GFBV an option (the “Option”) to
  acquire up to a 60% interest in the APP Project through the acquisition of
  and subscription for shares of GFF;

  
	
   

  	
   

  
	
  C.

  	
  Upon NAPL satisfying
  certain conditions described in the Acquisition Agreement by August 31, 2008
  (the “Option Period”), NAPL, GFBV, GFF and
  GFAP will enter into a shareholders agreement (the “Shareholders’
  Agreement”) which sets out the terms and conditions under which
  NAPL and GFBV will hold their shares of GFF and other related matters;

  
	
   

  	
   

  
	
  D.

  	
  During the Option
  Period, GFAP shall appoint a managing director (the “Managing
  Director”) nominated by NAPL;

  
	
   

  	
   

  
	
  E.

  	
  GFAP and the Managing
  Director shall enter into an agreement (the “MD
  Agreement”) pursuant to which the Managing Director will perform
  certain management functions and other duties for GFAP in connection with the
  APP Project;

  
	
   

  	
   

  
	
  F.

  	
  All Programmes and
  Budgets, as defined in the Acquisition Agreement, will be implemented by GFAP
  under the management authority granted to the Managing Director pursuant to
  the MD Agreement; 

  
	
   

  	
   

  
	
  G.

  	
  Certain of the services
  required to prepare and implement the Programmes and Budgets will be
  performed by NAPFS under the terms hereof with the assistance and support of
  NAPL through, inter alia, various executives
  and management personnel of NAPL;

  
	
   

  	
   

  
	
  H.

  	
  NAPL and NAPFS have
  agreed that NAPL will second employees from time to time to NAPFS to provide
  certain technical services required to prepare and implement the Programmes
  and Budgets and to assist and support the Managing Director.

  

 

NOW,
THEREFORE, for and in consideration of the foregoing premises
and the mutual promises hereinafter set forth, GFAP, NAPL and NAPFS hereby
agree as follows.

 

1.             DEFINITIONS

	
  “Expenses”

  	
  shall have the meaning assigned thereto in section
  6;

  
	
   

  	
   

  
	
  “Services”

  	
  shall have the meaning assigned thereto in section
  2;

  
	
   

  	
   

  
	
  “Services
  Agreement”

  	
  this Services Agreement between GFAP, NAPL and
  NAPFS;

  

 

All capitalised
terms used herein, unless otherwise defined herein, shall have the meaning assigned
thereto in the Acquisition Agreement.  

2.             SERVICES AND ACCESS

Subject to the terms of this Services Agreement, as an
independent contractor NAPFS shall, and NAPL shall procure that NAPFS, perform
the following services:

(a)           assist in drafting
exploration and development programmes and budgets for the cost of completing
the programmes which comprise the Re-Scoping Study and Exploration Programme,
the Feasibility Study and the First Development Proposal and Budget;

(b)           review
the Programmes and Budgets with the GFAP Board and management and recommend
revisions the Programmes and Budgets;

(c)           carry
out any work that the parties agree will be conducted by NAPFS, in accordance
with Programmes and Budgets approved by the GFAP board of directors;

(d)           retain
any subcontractors, consultants, advisors or technical contractors, that the
parties by consent deem appropriate, in order to conduct any activities in
relation to the Programmes and Budget except that, to the extent practicable,
all third party contracts will be entered into directly between the third party
and GFAP; 

(e)           assist with arranging
for licences, permits and approvals on behalf of GFAP required to carry out
Programmes and Budgets;

(f)            if so directed by
GFAP, apply for mining leases, water rights, easements, mining rights, or other
forms of tenure for mineral exploration, development or mining; and

(g)           undertake all other
activities reasonably necessary to fulfill the foregoing.

 2
 

 

(the “Services”)

Each of NAPL and NAPFS, subject to GFAP safety regulations
(including execution of any required waiver of liability form), shall have
access to the APP Project and to records and information in connection with the
APP Project at all reasonable times, in order that each of NAPL and NAPFS may
fulfil its obligations hereunder.

3.             DUTIES OF NAPFS

In performing the Services, NAPFS shall:

(a)           comply with all
Applicable Laws;

(b)           comply with all
reasonable directions of the Managing Director in relation to Programmes and
Budgets;

(c)           notify GFAP promptly of
any allegations of material violation of Applicable Laws by NAPFS. In the event
of any such violation, NAPFS shall do all things necessary including
performance, payment of fines and/or penalties, to timely cure or dispose of
such violation and the cost thereof shall be an Expense as defined herein,
provided that NAPFS has discharged its duties in accordance with section 9(b);

(d)           prepare and file all
reports or notices required for or as a result of Services provided at the
request of GFAP;

(e)           keep and maintain
accurate accounting and financial records of all spent by NAPFS in conducting
the Services in accordance with customary cost accounting practices in the
mining industry and in compliance with all Applicable Laws;

(f)            keep and maintain
accurate technical records of all Services and the results thereof in
accordance with customary practices in the mining industry and in full
compliance with all Applicable Laws; and

(g)           advise GFAP of all
Services completed and planned by submitting in writing to the Managing
Director, the GFAP Board and the GFBV Observers:

(i)            quarterly progress
reports that include statements of expenditures and comparisons of such work
and expenditures to the corresponding work and expenditures in the adopted
Programme and Budget;

(ii)           periodic summaries of
data acquired;

(iii)          copies of reports
concerning Services; and

(iv)          such other reports as
GFAP may reasonably request;

 3
 

 

(h)           provide GFAP access to,
and the right to inspect at all reasonable times, and, at GFAP’s cost and
expense, to obtain written and/or electronic copies of all data relating to the
Services, including underlying and supporting data relating to the reports and
summaries referred to in sub-section (g) above, all maps, drill logs and other
drilling data, core, pulps, reports, surveys, assays, analyses, production
reports, operations, technical, accounting and financial records; 

(i)            provide GFAP with
prompt notice of any information, results or facts that may require disclosure
by GFAP or its affiliates; and

(j)            conduct all Services
in a good and workmanlike manner.

4.             EMERGENCY AND
UNEXPECTED EXPENDITURES

Notwithstanding anything contained herein to the
contrary, in the event of an emergency, which event involves (i) substantial
damage to the APP Project and/or GFAP, or (ii) injury or loss of life,
(collectively an “Emergency Event”), NAPL and/or NAPFS, as the case may be,
shall take all reasonable action deemed necessary to protect life or property
or to comply with Applicable Laws.  NAPL
shall immediately notify GFAP of an Emergency Event and all reasonable costs of
emergency actions shall be added to Expenses, provided that such Emergency
Event is not as a result of the negligence, wilful default or material breach
by NAPL and/or NAPFS, as the case may be, of its obligations hereunder.  

5.             UNAVOIDABLE DELAYS

If any
Party is prevented or delayed in exercising or complying with any of its rights
or obligations under this Agreement by reason of events, whether foreseeable or
unforseeable, beyond its reasonable control, other than a lack of funds, such
Party may give notice to the other Parties of the event and upon giving of such
notice all relevant times herein provided for will be extended by the period
necessary to allow such circumstances to cease to exist or be overcome and in
any such event the Party so affected will use all reasonable commercial efforts
to do so promptly.  In the event that
such circumstances continue for 180 days or more, GFAP shall have the right to
terminate this Services Agreement provided that GFBV undertakes not to exercise
its right to terminate for a further period not exceeding 90 days in the event
that NAPFS or NAPL may reasonably request so, provided further that NAPFS
and/or NAPL may only make one such request. 

6.             COMPENSATION AND
REIMBURSEMENT OF EXPENSES

(a)           Fees and Expenses

GFAP shall:

(i)            reimburse to NAPFS:

 4
 

 

a.             all amounts paid by
NAPFS to third parties pursuant to contracts contemplated in section 2 of this
Agreement, in the conduct of Services;

b.             all reasonable
amounts paid by NAPFS to NAPFS technical staff for services performed in
conducting Services; 

c.             all reasonable
overhead, transportation and accounting costs incurred by NAPFS in connection
with the APP Project; 

d.             all amounts paid by
NAPFS to the Managing Director of GFAP; and

(“Expenses”)

(ii)           pay to NAPL a fee (the “Overhead Fee”) equal to 5% of all Earn-in
Expenditures,  to cover overhead incurred
by NAPL in providing oversight, and technical (mining, metallurgical and
environmental) and administrative support in connection with the Services.  

(b)           Payments

Services for (a)(i) shall be billed as performed on a monthly
basis.  NAPFS will issue an invoice to
GFAP within ten (10) Business Days of the end of the month in which the
Services are provided.  Payment of the
invoice shall be due within twenty (20) Business Days of the issuance of the
invoice.  The monthly invoice will
include any Expenses incurred in the month. 
The Overhead Fee shall be billed quarterly, payable within twenty (20)
Business Days of the end of the quarter in which the overhead expenditure was
incurred and for which an Advance was made by NAPL pursuant to Article 7.2.3 of
the Acquisition Agreement.

Each invoice will include reasonable documentation or information
supporting the amounts billed to GFAP.

All payments will be made to NAPL or NAPFS, as appropriate, by wire
transfer, electronic funds transfer or such other reasonable method as payee
may direct in writing from time to time.

7.             TERMINATION

(a)           This Service Agreement
will automatically terminate immediately: 

(i)            if the Shareholders’
Agreement is entered into; or 

(ii)           the
Acquisition Agreement is terminated.  

(b)           NAPL and NAPFS may
terminate this Services Agreement:

 5
 

 

(i)            immediately if GFAP
commences a voluntary case or an involuntary case is commenced under any
applicable bankruptcy, insolvency or similar law now or hereafter in effect; a
receiver, liquidator, assignee, custodian, trustee, sequestrator or similar
official for a substantial part of GFAP’s assets is appointed and such
appointment is neither made ineffective nor discharged within forty (40)
Business Days after the making thereof, or such appointment is consented to,
requested by, or acquiesced to by GFAP, GFAP makes a general assignment for the
benefit of creditors; or takes corporate or other action in furtherance of any
of the foregoing; or

(ii)           immediately if GFAP
loses title to substantially the whole of the APP Project other than through
action or inaction by NAPL or NAPFS which constitutes negligence or wilful
misconduct or breach of any of its obligations under this Agreement; 

(iii)          immediately if GFAP
fails to pay an invoice when due and does not remedy the failure within twenty
(20) Business Days after written notice from NAPL or NAPFS of such default is
given and GFAP has failed to pay the invoice;

(c)           GFAP may terminate this
Services Agreement:

(i)            immediately if either
NAPL or NAPFS fails to perform a material obligation imposed upon it under this
Services Agreement and such failure continues for a period of twenty (20) Business
Days after written notice from GFAP demanding performance and NAPL or NAPFS, as
the case may be, has failed to perform for reasons not permitted in section 5;

(ii)           immediately
if either NAPL or NAPFS commences a voluntary case or an involuntary case is
commenced under any applicable bankruptcy, insolvency or similar law now or
hereafter in effect; a receiver, liquidator, assignee, custodian, trustee,
sequestrator or similar official for a substantial part of NAPL’s or NAPFS’s
assets, as the case may be, is appointed and such appointment is neither made
ineffective nor discharged within forty (40) Business Days after the making
thereof, or such appointment is consented to, requested by, or acquiesced to by
NAPL or NAPFS, as the case may be; NAPL or NAPFS makes a general assignment for
the benefit of creditors; or takes corporate or other action in furtherance of
any of the foregoing;

(iii)          immediately if entry is
made against NAPL or NAPFS of a judgment, decree or order for relief materially
adversely affecting its ability to provide Services hereunder; 

(d)           Following the
termination of this Services Agreement, the parties hereto shall have no
further obligations hereunder, except:

 6
 

 

(i)            for the payment of
amounts accrued and remaining unpaid on the effective date of the termination;

(ii)           obligations
of the parties under subsections 8(a), 8(b), 9(a), 9(d), 9(k)) each of which
provisions shall survive the termination of this Services Agreement; and

to enforce the rights and obligations of the parties
hereto which arise (i) before termination hereof or (ii) pursuant to subsection
7(d)(ii).

Immediately upon the termination of this Services Agreement NAPL and
NAPFS will turn over to GFAP all property, assets, books or records relating to
the Services and the APP Project then held by it, including all data in
electronic format.

8.             INDEMNIFICATION

(a)           NAPL and NAPFS agree to
indemnify and hold harmless GFAP and its respective officers, directors,
employees, agents and attorneys (each an “GFAP Indemnified Party”) from and
against any Claims of any kind which may be imposed upon, incurred by, or
asserted by third parties against such GFAP Indemnified Party relating to or
arising out of the negligence, willful misconduct or breach by NAPL or NAPFS of
any of its obligations under this Services Agreement; provided that where NAPL
or NAPFS engages the services of a third party subcontractor, any claim under
this indemnity arising out of the actions of such third party subcontractor,
shall be subject to a maximum amount equal to the value of any insurance, that
in terms of prevailing North America industry practice, ought to have been
procured by such third party subcontractor. 

In no event shall NAPL and NAPFS be liable for any consequential
(including loss of profits), special, indirect, incidental or punitive damages
resulting from its acts or omissions in performing its duties and obligations
hereunder. 

(b)           GFAP hereby agrees to
indemnify and hold harmless NAPL and NAPFS, and each of their respective
officers, directors, employees, agents and attorneys (each an “NAP Indemnified Party”) from and against any Claims of any
kind which may be imposed upon, incurred by, or asserted by third parties
against such NAP Indemnified Party relating to or arising out of the
negligence, wilful misconduct or breach by GFAP of any of its obligations under
this Services Agreement.  

In no event shall GFAP be liable for any consequential (including loss
of profits), special, indirect, incidental or punitive damages resulting from
its acts or omissions in performing its duties and obligations hereunder. 

(c)           In connection with the
foregoing indemnities, the parties hereto agree that neither of them shall
enter into any settlement of any Claims for which it is indemnified, whether in
full or in part, by the other party hereto, in an amount in excess of
US$25,000, without the prior written consent of the other party. Each of GFAP, 

 7
 

 

NAPL and NAPFS further
agrees that promptly after receipt by it of notice of any Claims, it shall, if
a claim for indemnification in respect thereof is to be made against the other
party hereto, notify such other party of the same in writing; provided that the
failure to provide such notification shall not relieve such other party from
any liability it may have under this section 8.

9.             MISCELLANEOUS

(a)           Confidentiality

In performing the Services, each of NAPL and NAPFS may have access to
and receive information with respect to matters relating to APP Project,
including without limitation, accounting, financial, economic, technical, and
engineering, data and drill results (“Confidential Information”).
While this Services Agreement remains in effect and for 2 years following its
termination, each of NAPL and NAPFS shall, and shall cause each of its
employees, officers, directors, agents, contractors and representatives to,
safeguard and strictly treat as confidential this Services Agreement and all
Confidential Information, except that each of NAPL and NAPFS shall have the
right to use Confidential Information only for the lawful performance of NAPL’s
and NAPFS’s obligations hereunder, subject to this Services Agreement. Each of
NAPL and NAPFS may release Confidential Information as may be required by judicial,
administrative or governmental proceeding pursuant to a valid subpoena or other
applicable order, by Applicable Laws or by the applicable rules of a stock
exchange, provided that each of
NAPL and NAPFS shall immediately upon receipt provide written notice to GFAP of
any action requiring disclosure of Confidential Information. Confidential
Information which is released to the public domain other than through breach of
this agreement by NAPL or NAPFS, its employees, agents or subcontractors will
cease to be Confidential Information for the purposes of this Services Agreement.

(b)           Standard of Care

Each of NAPL and NAPFS shall discharge its duties hereunder in a good,
workmanlike and efficient manner, in accordance with applicable North American
mining and industry standards and practices, and in accordance with all
Applicable Laws and with the terms and provisions of any and all leases,
licenses, permits, contracts and other agreements pertaining to the APP
Project. Neither NAPL nor NAPFS shall be in default of any of its duties
hereunder if its inability or failure to perform results from the failure of
GFAP to perform acts or to contribute amounts required of it by this Services
Agreement.

(c)           Competing Businesses

Nothing in this Services Agreement shall prevent either NAPL or NAPFS at
any time and without notice to or agreement of GFAP from entering or continuing
any 

 8
 

 

business outside of the APP Property and the Area of Interest, as
defined in the Acquisition Agreement, whether or not competitive with GFAP.

(d)           Dispute Resolution

The parties hereto shall use reasonable, good faith efforts to resolve
any differences, disputes, or claims arising out of or relating to this
Services Agreement in an amicable manner. Any controversy or claim arising out
of or relating to this Services Agreement, or the breach hereof, that cannot be
amicably resolved by NAPL, NAPFS and GFAP shall be settled by binding
arbitration in accordance with the Rules of Arbitration of the International
Chamber of Commerce (the “Rules of Arbitration”).  In connection with any such arbitration, NAPL
and NAPFS will appoint one arbitrator and GFAP will appoint one arbitrator and
such arbitrators will agree on and appoint a third arbitrator.  The arbitration will be conducted in the
English language, and the arbitration will take place in London, England.  Any award made pursuant to this section will
be final and binding on both parties hereto and may be enforced in any court of
competent jurisdiction.  Any report
prepared by any arbitration panel constituted hereunder will be delivered to
each of the parties hereto.  Costs of the
arbitration will be borne by the parties in accordance with the Rules of
Arbitration.

(e)           Notices

All notices, payments, and other required or permitted communications (“Notices”) to either party hereto shall be in writing and
shall be addressed respectively as follows:

	
  If to:

  
	
   

  
	
  North American
  Palladium Arctic Services Oy

  
	
  c/o Gold Fields
  Arctic Platinum Oy

  
	
  Ahjotie, 96320
  Rovaniemi

  
	
   

  
	
  Attention:

  	
  Managing Director

  
	
   

  	
   

  
	
  Facsimile:

  	
  +358 207 511 201

  
	
   

  
	
  and

  
	
   

  
	
  North American
  Palladium Ltd.

  
	
  Suite 2116, 130
  Adelaide Street West

  
	
  Toronto, Ontario
  M5H 3P5

  
	
  Attention:

  	
  President

  
	
  Telephone:

  	
  (416) 360-2656

  
	
  Facsimile:

  	
  (416) 360-7709

  

 

 9
 

 

 

	
  If to:

  
	
   

  
	
  Gold Fields
  Arctic Platinum Oy

  
	
  Ahjotie, 96320
  Rovaniemi

  
	
   

  
	
  Attention:

  	
  Managing Director

  
	
   

  
	
  Facsimile:

  	
  +358 207 511 201

  
	
   

  
	
  with a copy to:

  
	
  Gold Fields
  Limited

  
	
  24 St Andrews
  Road

  
	
  Parktown, 2193

  
	
  Postnet Suite
  252

  
	
  Private Bag
  X30500

  
	
  Houghton, 2041

  
	
   

  
	
  Attention:

  	
  Mari Heydenrych

  
	
   

  	
  Legal
  Administrator

  
	
  Facsimile:

  	
  +27 11 484 0627

  

 

All notices shall be given (i) by personal delivery, including by
courier, to NAPL, NAPFS or GFAP, or (ii) by electronic communication capable of
producing a printed transmission, with receipt confirmed by telephone. All
Notices shall be effective and shall be deemed given on the date of receipt at
the principal address if received during normal business hours, and, if not
received during normal business hours, on the next business day following
receipt, or if by electronic communication, on the date of such communication.
Any Party may change its address by Notice to the other Party.

(f)            Counterparts

This Services Agreement may be executed in any number of counterparts,
and it shall not be necessary that the signatures of both parties hereto be
contained on any counterpart. Each counterpart shall be deemed an original, but
all counterparts together shall constitute one and the same instrument.

(g)           Headings

The headings herein are for convenience only, do not constitute a part
of this Services Agreement, and shall not be deemed to limit or affect any of
the provisions hereof.

(h)           Assignment

Neither party may assign this Services Agreement or any of its rights or
obligations hereunder without the prior written consent of the other party,
such 

 10
 

 

consent not to unreasonably withheld, and any purported assignments in
violation thereof shall be null and void and shall have no effect.

(i)            Severability

If any one or more of the provisions of this Services Agreement for any
reason are held to be illegal or invalid, then such illegality or invalidity
will not affect any other provision hereof, and this Services Agreement will be
construed and enforced as if such illegal or invalid provision or provisions
had never been contained herein; provided, however, (i) if the deletion of such
illegal or invalid provision creates a material economic hardship on a party
hereto, or (ii) if the remaining provisions of this Services Agreement are so
essentially and inseparably connected with, and so dependent upon, the void
provision that it cannot be presumed that the parties hereto would have agreed
to the valid provisions without the void provision, or (iii) unless the valid
provisions, standing alone, are incomplete and are incapable of being executed
in accordance with the intent of the parties hereto, then either party hereto
may elect to terminate this Services Agreement within twenty (20) Business Days
of such provision being held to be illegal or invalid.

(j)            Successors and
Assigns

This Services Agreement shall inure to the benefit of, and be binding
upon, the parties hereto and their respective successors and permitted assigns.

(k)           Governing Law, Forum

This Services Agreement shall be governed by and interpreted in
accordance with the laws of the Finland without regard for any conflict of laws
or choice of law principles that would permit or require the application of the
laws of any other jurisdiction. The provisions of this Section 9(k) shall
survive termination of this Services Agreement.

(l)            Waiver

The failure of any party hereto to insist on the strict performance of
any provision of this Services Agreement or to exercise any right, power or
remedy upon a breach hereof shall not constitute a waiver of any provision of
this Services Agreement or limit such party’s right thereafter to enforce any
provision or exercise any right.

(m)          Amendment

No amendment, modification waiver or other change of this Services
Agreement shall be valid unless made in writing and duly executed by the
parties hereto, except that a waiver may be executed only by the party to be
bound thereby.

 11
 

 

(n)           Currency

All amounts to be paid hereunder or pursuant hereto shall be paid in the
legal and lawful currency of Canada, the United States or the European Union,
as requested by NAPL or NAPFS in its invoice.

(o)           Liens and
Encumbrances

Each of NAPL and NAPFS hereby expressly agrees and acknowledges that it
shall not be entitled to a lien or encumbrance of any kind over any property or
assets of GFAP to secure payment of any amount due it pursuant hereto. To the
extent, if any, applicable law grants either NAPL or NAPFS any such lien or
encumbrance or has such an effect, each of NAPL and NAPFS hereby waives and
disclaims its rights and remedies under such law.

(p)           Relationship of the
Parties, No Implied Authority

This Services Agreement does not create any agency (except to the extent
expressly set forth herein), partnership, joint venture arrangement or
relationship, employee/employer relationship or master/servant relationship of
any kind between the parties hereto. Each of NAPL and NAPFS shall be solely
responsible for its acts, conducts and expenses and the acts, conduct and
expenses of its agents, employees, representatives, officers and directors.
Likewise, GFAP shall be solely responsible for its acts, conduct and expenses
and the acts, conduct and expenses of its agents, employees, representatives,
officers and directors.

The authority and powers of NAPL and NAPFS are specifically limited by this
Services Agreement, and NAPL and NAPFS has no authority or power except as
expressly set forth in this Services Agreement.

(q)           Entire Agreement

This Services Agreement contains the entire understanding of NAPL, NAPFS
and GFAP and supersedes all prior agreements and understandings between them
relating to the subject matter hereof; however, any capitalized terms not
defined herein shall have the meaning ascribed thereto in the Acquisition
Agreement.

IN
WITNESS WHEREOF, the parties hereto have executed this
Services Agreement as of March     , 2006.

	
  Executed on behalf of Gold Fields Arctic
  Services 

  Oy by its authorized signatory

  
	
   

  
	
   

  	
   

  
	
  authorized signatory

  

 

 12
 

 

 

	
  Executed on behalf of North American Palladium

  Ltd. by its authorized signatory

  
	
   

  
	
   

  	
   

  
	
  authorized signatory

  

 

 

	
  Executed on behalf of North American Palladium

  Arctic Services Oy by its authorized signatory

  
	
   

  
	
   

  	
   

  
	
  authorized signatory

  

 

 13

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