Document:

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                                                               EMM DRAFT 4-29-02

                            EXCHANGE AGENT AGREEMENT

         EXCHANGE AGENT AGREEMENT (this "Agreement") dated as of ______________,
2002 between RANDGOLD RESOURCES LIMITED, a corporation organized under the laws
of the Jersey (the "Company"), and THE BANK OF NEW YORK, a New York banking
corporation (the "Bank" or the "Exchange Agent").

                              W I T N E S S E T H:

         WHEREAS, the Company and the Bank, as Depositary (the "GDR
Depositary"), entered into a Deposit Agreement dated as of July 1, 1997, as
amended and restated as of ____________, 2002, providing for issuance of Rule
144A Global Depositary Receipts ("GDRs") subject to restrictions on transfer as
specified therein representing ordinary shares, nominal value $0.10 per share
("Shares"), of the Company; and

         WHEREAS, the Company and the Bank, as Depositary (the "Depositary"),
entered into a Deposit Agreement, dated as of ____________, 2002 (the "Deposit
Agreement"), providing for the issuance of American Depositary Receipts ("ADRs")
evidencing American Depositary Shares ("ADSs") representing Shares deposited
with the Depositary thereunder, which ADSs have been registered on Form F-6
under Registration Statement No. 333-______________ under the Securities Act of
1933, as amended; and

         WHEREAS, the Company is offering to provide for issuance of ADSs to be
issued pursuant to the Deposit Agreement in exchange for any and all of its GDRs
(the "Exchange Offer") pursuant to an Exchange Offer Prospectus dated
_____________, 2002 (the "Prospectus") and, in connection with the Exchange
Offer, has registered the Shares underlying the ADRs on Form F-4 under the
Securities Act of 1933, as amended, under Registration Statement No.
333-____________; and

         WHEREAS, the Company wishes to appoint the Exchange Agent as its agent
for the purpose of administering the Exchange Offer.

         NOW, THEREFORE, in consideration of the promises and the mutual
covenants contained herein, the parties agree as follows:

          1. Appointment of Exchange Agent; Performance of Duties. The Company
hereby appoints the Exchange Agent as its agent for the exchange of GDRs into
ADSs, and the Exchange Agent accepts such appointment subject to the terms and
conditions contained in this Agreement.

          2. Records of GDR Holders. The Company shall instruct the GDR
Depositary to provide to the Exchange Agent a list of the record holders of GDRs
(the

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"Holders") and of the participants (the "Participants") in The Depository Trust
Company ("DTC") shown on DTC's records as having GDRs credited to their
respective DTC accounts, in each case as of the date of the Exchange Offer
Prospectus (the "Effective Date").

          3. Documents. The Company shall provide the Exchange Agent with copies
of a letter of transmittal substantially in the form of Exhibit A attached
hereto (each a "Letter of Transmittal" and collectively the "Letter of
Transmittal"). The Exchange Agent shall take such action as my from time to time
be requested by the Company or its counsel to furnish copies of the Letters of
Transmittal to all persons requesting such documents.

          4. Exchange Agent Responsibilities. The Exchange Agent shall examine
any GDRs, Letters of Transmittal, and messages received through the DTC system
relating to tenders of GDRs stating, in substance, that the Participant has
received a copy of the Letter of Transmittal and that such Participant and its
tendering customer agree to be bound by the terms of the Letter of transmittal
(each such message, an "Agent's Message") and other documents received by it to
ascertain that (a) each Letter of Transmittal is completed and duly executed in
accordance with the instructions therefor, (b) any other document required by
the instructions accompanying the Letters of Transmittal is completed and duly
executed in accordance with such instructions, (c) the names shown on such GDRs
or on any confirmation received from DTC evidencing the transfer of GDRs to the
account of the Exchange Agent and the corresponding Letter of Transmittal or
Agent's Message correspond exactly with the names shown on the list supplied
pursuant to Paragraph 2 of this Agreement, and (d) no "stop transfer" notations
are in effect against the GDRs submitted for exchange. Except as otherwise
provided in this Paragraph 4, GDRs shall not be deemed to be properly tendered
unless all of the foregoing requirements are met prior to the Expiration Date
(to be be defined as per the Prospectus). The Exchange Agent shall take all
steps as it shall deem reasonable and appropriate to inform the person tendering
GDRs pursuant to the Exchange Offer to correct any defect that exists in any
Letter of Transmittal or accompanying document or Agent's Message. In the event
such defect is not cured by the tendering Holder or Participant, as the case may
be, the Exchange Agent shall promptly send to the Company any Letter of
Transmittal or Agent's Message or other document or copies thereof containing
any defect therein, which in its judgment would prevent acceptance thereof,
together with a request for instructions as to actions to be taken with respect
thereto in accordance with Paragraph 10(f) of this Agreement. A Letter of
Transmittal need not accompany GDRs tendered for exchange if the Exchange Agent
has received an Agent's Message in proper form with respect to such GDRs. The
Company reserves the right, if it so elects in its discretion, to waive the
failure of any delivery of GDRs, Letter of Transmittal or other document
pursuant to the Exchange Offer to comply with any requirement of this Paragraph
4 or the Letter of Transmittal.

                                      -2-
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         The Company reserves the right to terminate or, prior to the Expiration
Date, amend the Exchange Offer as provided in the Prospectus. If notified in
writing by the Company of termination of the Exchange Offer, the Exchange Agent
shall as promptly as practicable return all tendered GDRs to the tendering
Holder or Participant. If notified by the Company of an amendment of the
Exchange Offer, the Exchange Agent shall follow the reasonable instructions of
the Company contained in such notice to the extent consistent with this
Agreement.

          5. Withdrawal Rights. It is understood that Holders and Participants,
on behalf of their customers which beneficially own GDRs, tendering pursuant to
the Exchange Offer are not entitled to withdraw their tenders.

          6. Acceptance and Exchange.

                (a) At any time after the Expiration Date, upon receiving a
notice from the Company directing the exchange of properly tendered GDRs, the
Exchange Agent shall, as agent of the Company and subject to all the conditions
of the Exchange Offer, accept for exchange all GDRs properly tendered in
accordance with this Agreement which are not properly withdrawn prior to the
Expiration Date. Thereafter, unless notified otherwise by the Company, the
Exchange Agent shall continue to accept for exchange all GDRs which are properly
delivered to the Exchange Agent pursuant to Notices of Guaranteed Delivery (as
defined in the Prospectus) but shall not accept any other GDRs for exchange.

               (b) Following such acceptance of GDRs, the Exchange Agent shall
promptly present all such GDRs to the GDR Depositary with instructions that the
GDR Depositary (1) cancel such GDRs and (2) instruct its custodian that the
Shares represented by such GDRs shall be held for the Depositary under the
Deposit Agreement. The Exchange Agent properly shall notify the Depositary of
(A) the names of the Holders and Participants on whose behalf GDRs have been so
presented and the number of GDRs so presented on behalf of each and (B) the
instructions for delivery of ADSs provided in the Letter of Transmittal or
Agent's Message submitted by each such Holder and Participant.

               (c) Each day upon which the Exchange Agent receives one or more
Letters of Transmittal or Agent's Messages, the Exchange Agent shall provide the
Company with a written account of the following information: (1) the number of
properly tendered GDRs submitted that day; and (2) the cumulative number of
properly tendered GDRs submitted and not properly withdrawn through such day.
Upon the request of the Company, the Exchange Agent shall provide the Company
with a written account of (1) the number of GDRs covered by defective tenders
submitted up to the date of such request; and (2) the cumulative number of GDRs
covered by uncorrected defective tenders up to the date of such request.

                                      -3-
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               (d) The Exchange Agent shall request the Depositary to deliver
such ADSs as are required for delivery hereunder.

          7. Assignees; Signatures. If an ADR or beneficial ownership thereof is
to be delivered to or reflected on DTC's records as belonging to an assignee of
the Holder or beneficial owner of the surrendered GDRs, the Exchange Agent shall
first require a check from the assignee or the Holder or beneficial owner in the
amount of any stock transfer taxes applicable to such transfer unless
satisfactory evidence of the payment of such tax, or exemption therefrom, is
submitted.

         The signature (or signatures, in the case of any GDRs owned by two or
more joint holders) on a Letter of Transmittal must correspond exactly with the
name(s) appearing on the list furnished pursuant to Paragraph 2 of this
Agreement.

          8. Records. The Exchange Agent shall maintain, on a continuing basis,
in addition to the information required by Paragraph 6 of this Agreement, a
record showing the following: (i) the names and addresses of all Holders and
Participants who have tendered GDRs for exchange and of all Holders and
Participants to whom ADSs have been issued or to whose DTC account ADSs have
been credited, (ii) the number of GDRs held by each such Holder or Participant,
(iii) the number of GDRs tendered by and ADSs issued to each such Holder or
Participant, (iv) the number, if any, of GDRs not tendered by such Holder or
Participant, and (v) the names of all Holders and Participants who have not
tendered their GDRs for exchange and the number of such untendered GDRs held by
each such Holder or Participant. Upon the request of the Company, the Exchange
Agent shall provide the Company with a report setting forth the information
maintained pursuant to this Paragraph 8 of this Agreement, together with such
other information as may from time to time be reasonably requested.

          9. Fees.

             (a) In consideration of the services to be rendered pursuant to
this Agreement, the Company shall compensate the Exchange Agent in accordance
with and pursuant to a written Fee Schedule as may be agreed upon by the Company
and the Exchange Agent from time to time plus the Exchange Agent's reasonable
and necessary disbursements, charges and out-of-pocket expenses and counsel fees
and expenses incurred in connection with the preparation and execution of this
Agreement and the services rendered by the Exchange Agent hereunder.

             (b) No provision of this Agreement shall require the Exchange
Agent to expend or risk the Exchange Agent's own funds or otherwise incur any
financial liability in the performance of any of the Exchange Agent's duties
hereunder or in the exercise of the Exchange Agent's rights.

             (c) It is understood that the GDR Depositary will waive surrender
fees for GDRs accepted in the Exchange Offer, but that the Depositary and the
GDR

                                      -4-
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Depositary may charge presenting brokers or holders any and all other fees and
charges provided under the deposit agreements including, without limitation, the
Depositary's fee for the issuance of ADSs.

     10. Limitation of Duties. As Exchange Agent hereunder, the Exchange Agent:

          (a) shall have no duties or obligations other than those specifically
set forth herein;

          (b) will be regarded as making no representations and having no
responsibilities with regard to determining the validity, sufficiency, value or
genuineness of any GDRs or ADSs or any Letter of Transmittal or Agent's Message
or other documents deposited with or delivered to the Exchange Agent hereunder
or any signature or endorsement in connection therewith and will not be required
and will make no representations as to their validity, value or genuineness;

          (c) shall not be obligated to take any legal action hereunder which
might in the judgment of the Exchange Agent involve any expense or liability
unless the Exchange Agent shall have been furnished with indemnity satisfactory
to it as often as may be required;

          (d) may apply to the Company for written instructions with respect to
any matter arising in connection with the Exchange Agent's duties and
obligations arising under this Agreement (which application shall be made via
facsimile to the Company's facsimile number set forth in Section 14 below), and
such application by the Exchange Agent for written instructions from the Company
may, at the option of the Exchange Agent, set forth in writing any action
proposed to be taken or omitted by the Exchange Agent with respect to its duties
or obligations under this Agreement and the date or dates on or after which such
action shall be taken. The Exchange Agent shall not be liable for any delay in
acting while waiting for those instructions nor shall the Exchange Agent be
liable for any action taken or omitted in accordance with a proposal included in
any such application on or after the date specified therein (which date shall
not, without the Company's consent, be less than two business days after the
Company is deemed to have received such application) unless, prior to taking or
omitting any such action, the Exchange Agent has received written instructions
from the Company in response to such application specifying the action to be
taken or omitted. The right conferred by this Paragraph 10(f) shall be limited
by the requirement in Paragraph 4 of this Agreement that, with respect to
defects in any Letter of Transmittal or accompanying document, the Exchange
Agent shall take such steps as it shall deem reasonable and appropriate to
correct the same before applying to the Company under this Paragraph 10(f) for
instructions.

          (e) may reasonably act upon any tender, statement, request, comment,
agreement or other instrument whatsoever not only as to its due execution and
validity

                                      -5-
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and effectiveness of its provisions, but also as to the truth and accuracy of
any information contained therein, which you shall in good faith believe to be
genuine or to have been signed or represented by a proper person or persons;

          (f) may rely on and shall be protected in acting upon written or oral
instructions from any officer of the Company;

          (g) may consult with the Company's counsel with respect to any
questions relating to your duties and responsibilities and the opinion of such
counsel shall be full and complete authorization and protection in respect of
any action taken, suffered or omitted to be taken by you hereunder in good faith
and in accordance with the advice or opinion of such counsel; and

          (h) may rely upon and comply with, and shall incur no liability for
relying upon and complying with, any Letter of Transmittal, certificate,
instrument, opinion of counsel, notice, letter, telegram or other document or
security delivered to it in connection with this Agreement, and shall have no
duties, responsibilities or obligations with respect to determining the
validity, sufficiency or genuineness of such document or security;

          (i) may consult with counsel for the Company or its own counsel (which
may be in-house counsel) and rely upon any opinion of such counsel, and shall
have no liability in respect of any action taken, omitted or suffered by the
Exchange Agent hereunder in reliance upon, and in accordance with, any such
opinion;

          (j) shall escheat any property held by the Exchange Agent in
accordance with applicable law; and

          (k) may perform any duties hereunder either directly or by of through
the Exchange Agent's nominees, correspondents, designees, agents, subagents or
subcustodians and the Exchange Agent shall not be responsible for any misconduct
or negligence on the part of any nominee, correspondent, designee, agent,
subagent or subcustodian.

          (l) shall not advise any person tendering GDRs pursuant to the
Exchange Offer as to the wisdom of making such tender or as to the market value
or decline or appreciation in market value of any GDRs.

     11. Court Orders. If any property subject hereto is at any time attached,
garnished or levied upon under any court order or in case the payment,
assignment, transfer, conveyance or delivery of any such property shall be
stayed or enjoined by any court order, or in case any order, judgment or decree
shall be made or entered by any court affecting such property or any part
thereof, then and in any such event the

                                      -6-
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Exchange Agent is authorized, in its sole discretion, to rely upon and comply
with any such order, writ, judgment or decree which it is advised by legal
counsel of its own choosing is binding upon it; and, if it complies with any
such order, writ, judgment or decree, it shall not be liable to any of the
parties hereto or to any other person, firm or corporation by reason of such
compliance even though such order, writ, judgment or decree may be subsequently
reversed, modified, annulled, set aside or vacated.

12.      Indemnification.

          (a) The Exchange Agent shall not be liable for any Losses (as defined
below) or action taken or omitted or for any loss or injury resulting from its
actions or performance or lack of performance of its duties hereunder in the
absence of gross negligence or willful misconduct on its part, in which case it
shall be liable for only those Losses caused by such conduct. In no event shall
the Exchange Agent be liable for (i) acting in accordance with the instructions
from the Company or its counsel or any agent appointed by the Company to act on
behalf of the Company, (ii) special, consequential or punitive damages, for lost
profits or for loss of business, or (iii) any Losses due to forces beyond the
control of the Exchange Agent, including without limitation, strikes, work
stoppages, acts of war or terrorism, insurrection, revolution, nuclear or
natural catastrophes or acts of God, and interruptions, loss or malfunctions of
utilities, communications or computer (software and hardware) services.

          (b) The Company shall be liable for and shall indemnify hold harmless
the Exchange Agent from and against any and all claims, losses, liabilities,
damages, expenses or judgments (including attorneys' fees and expenses)
(collectively referred to herein as "LOSSES") howsoever arising from or in
connection with this Agreement or the performance of the Exchange Agent's duties
hereunder, the enforcement of this Agreement and disputes between the parties
hereto; provided, however, that nothing contained herein shall require that the
Exchange Agent be indemnified for the liability it has accepted under the
preceding paragraph 12(a).

     13. Amendments. This Agreement may be amended only by an instrument in
writing executed by the parties hereto or their successors and assigns.

     14. Reports; Notices. All reports, notices, applications (including
applications for instructions in accordance with Paragraph 10(f) of this
Agreement) and other communications required or permitted hereunder shall be in
writing and shall be deemed given when addressed and delivered by facsimile
transmission, which delivery may be followed by delivery by hand or overnight
delivery service, to the address for the party set forth below or at such other
address as a party may furnish by like notice to the other parties hereto.

                                      -7-
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                           If to the Company:

                           Randgold Resources Limited
                           Attention: Director (Finance)
                           Facsimile: 91-11-331-9543

                           If to the Exchange Agent:

                           The Bank of New York

                           Attention: [ADR Administration]
                           Facsimile No.: (646) 885-3043

     Delivery of a notice sent by facsimile transmission shall be deemed to be
effective when delivery has been confirmed by telephone.

     15. Lost , Stolen or Destroyed Certificates. If any Holder reports to the
Exchange Agent that such Holder's failure to surrender a GDR registered in such
Holder's name prior to the Expiration Date is due to the loss or destruction of
such Holder's GDR, the Exchange Agent will require such Holder to furnish an
affidavit of loss in a form satisfactory to the Exchange Agent and a bond of
indemnity on the Exchange Agent's standard loss security blanket bond form. Upon
receipt of such affidavit of loss and bond of indemnity, the Exchange Agent will
effect an exchange for the Holder as though such Holder had surrendered its GDR.

     16. Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be deemed to be an original but all of which
together shall constitute but one agreement.

     17. Instructions. The Exchange Agent may rely upon and comply with any
written instructions signed by _____________________________ of the Company or
by counsel to the Company with respect to matters pertaining to this Agreement
and to all of the transactions contemplated hereby.

     18. Termination. This Agreement shall terminate on _______________, 200[2]
or on such earlier date as may be agreed in a signed writing between the Company
and the Exchange Agent.

     Upon termination, copies of all information maintained by the Exchange
Agent for the Company under this Agreement shall be delivered to the Company as
soon as practicable following the Company's request for such information. The
right of the Exchange Agent to be reimbursed for out-of-pocket expenses as
provided in Paragraph 9 of this Agreement and the indemnification provisions of
Paragraph 12 of this Agreement shall survive termination of this Agreement.

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     19. Entire Agreement; Amendment. This Agreement shall constitute the entire
agreement of the parties with respect to the subject matter and supersedes all
prior oral or written agreements in regard thereto. References to the Prospectus
or any other document or agreement shall not incorporate by reference such other
document or agreement into this Agreement and shall not impose any duties or
responsibilities, obligations or liabilities on the Exchange Agent under such
other document or agreement. Except as otherwise specifically provided herein,
this Agreement may be amended only by an instrument in writing duly executed by
both parties hereto.

     20. Representations and Warranties. The Company hereby represents, warrants
and covenants that:

          (a) The Company is a corporation duly organized and validly existing
under the laws of [Jersey].

          (b) This Agreement has been duly authorized, executed and delivered on
its behalf and constitutes the legal, valid and binding obligation of the
Company. The execution, delivery and performance of this Agreement by the
Company does not and will not violate any applicable law or regulation and does
not require the consent of any governmental or other regulatory body except for
such consents and approvals as have been obtained and are in full force and
effect. For the avoidance of doubt, all the Company Shares to be issued and
deposited with the Depositary against the issuance of ADSs to be delivered
hereunder have been registered with the Securities and Exchange Commission and
all transactions contemplated by this Agreement are in compliance with, and not
in violation of, the Securities Act of 1933, as amended, and the Securities
Exchange Act of 1934, as amended.

     21. No Third Party Beneficiaries. This Agreement is for the exclusive
benefit of the parties hereto and shall not be deemed to give any legal or
equitable right, remedy or claim whatsoever to any other person.

     22. Governing Law.

          (a) This Agreement shall be interpreted and construed in accordance
with the internal substantive laws of the State of New York. All actions and
proceedings brought by the Exchange Agent relating to or arising from, directly
or indirectly, this Agreement may be litigated in courts located within the
State of New York. The Company hereby submits to the personal jurisdiction of
such courts; hereby waives personal service of process and consents that any
such service of process may be made by certified or registered mail, return
receipt requested, directed to the Company at its address last specified for
notices hereunder; and hereby waives the right to a trial by jury in any action
or proceeding with the Exchange Agent. All actions and proceedings brought by
the Company against the Exchange Agent relating to or arising from,

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directly or indirectly, this Agreement shall be litigated only in courts located
within the State of New York.

                  (b) The invalidity, illegality or unenforceability of any
provision of this Agreement shall in no way affect the validity, legality or
enforceability of any other provision; and if any provision is held to be
unenforceable as a matter of law, the other provisions shall not be affected
thereby and shall remain in full force and effect.

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         IN WITNESS WHEREOF, RANDGOLD RESOURCES LIMITED and THE BANK OF NEW YORK
have duly executed this Agreement as of the date first set forth above.

                                           RANDGOLD RESOURCES LIMITED

                                           By:_________________________________

                                               Name:___________________________

                                               Title:__________________________

                                           THE BANK OF NEW YORK

                                           By:_________________________________

                                               Name:___________________________

                                               Title:__________________________

                                      -11-
<PAGE>

                                                                       EXHIBIT A
                                                 [Form of Letter of Transmittal]<PAGE>

                          GRAHAM PACKAGING COMPANY INC.

                            2002 STOCK INCENTIVE PLAN

1.       PURPOSE OF THE PLAN

                  The purpose of the Plan is to aid the Company and its
Affiliates in recruiting and retaining key employees, directors or consultants
of outstanding ability and to motivate such employees, directors or consultants
to exert their best efforts on behalf of the Company and its Affiliates by
providing incentives through the granting of Awards. The Company expects that it
will benefit from the added interest which such key employees, directors or
consultants will have in the welfare of the Company as a result of their
proprietary interest in the Company's success.

2.       DEFINITIONS

                  The following capitalized terms used in the Plan have the
respective meanings set forth in this Section:

                  (a)      Act: The Securities Exchange Act of 1934, as amended,
                           or any successor thereto.

                  (b)      Affiliate: With respect to the Company, any entity
                           directly or indirectly controlling, controlled by ,
                           or under common control with, the Company or any
                           other entity designated by the Board in which the
                           Company or an Affiliate has an interest.

                  (c)      Award: An Option, Stock Appreciation Right or Other
                           Stock-Based Award granted pursuant to the Plan.

                  (d)      Beneficial Owner: A "beneficial owner", as such term
                           is defined in Rule 13d-3 under the Act (or any
                           successor rule thereto).

                  (e)      Board: The Board of Directors of the Company.

                  (f)      Change in Control: The occurrence of any of the
                           following events:

                           (i) the sale or disposition, in one or a series of
                           related transactions, of all or substantially all, of
                           the assets of the Company to any "person" or "group"
                           (as such terms are defined in Sections 13(d)(3) or
                           14(d)(2) of the Act) other than the Permitted
                           Holders;

                           (ii) any person or group, other than the Permitted
                           Holders, is or becomes the Beneficial Owner (except
                           that a person shall be deemed to have "beneficial
                           ownership" of all shares that any such person has the
                           right to acquire, whether such right is exercisable
                           immediately or only after the passage of time),
                           directly or indirectly, of more than 50% of the total
                           voting power of the voting stock of the Company (or
                           any entity which

<PAGE>

                                                                               2

                           controls the Company), including by way of merger,
                           consolidation, tender or exchange offer or otherwise;
                           or

                           (iii) during any period of two consecutive years,
                           individuals who at the beginning of such period
                           constituted the Board (together with any new
                           directors whose election by such Board or whose
                           nomination for election by the shareholders of the
                           Company was approved by a vote of a majority of the
                           directors of the Company, then still in office, who
                           were either directors at the beginning of such period
                           or whose election or nomination for election was
                           previously so approved) cease for any reason to
                           constitute a majority of the Board, then in office.

                  (g)      Code: The Internal Revenue Code of 1986, as amended,
                           or any successor thereto.

                  (h)      Committee: The Compensation Committee of the Board.

                  (i)      Company: Graham Packaging Company Inc., a Delaware
                           corporation.

                  (j)      Effective Date: The date the Board approves the Plan,
                           or such later date as is designated by the Board.

                  (k)      Employment: The term "Employment" as used herein
                           shall be deemed to refer to (i) a Participant's
                           employment if the Participant is an employee of the
                           Company or any of its Affiliates, (ii) a
                           Participant's services as a consultant, if the
                           Participant is consultant to the Company or its
                           Affiliates and (iii) a Participant's services as an
                           non-employee director, if the Participant is a
                           non-employee member of the Board.

                  (l)      Fair Market Value: On a given date, (i) if there
                           should be a public market for the Shares on such
                           date, the arithmetic mean of the high and low prices
                           of the Shares as reported on such date on the
                           Composite Tape of the principal national securities
                           exchange on which such Shares are listed or admitted
                           to trading, or, if the Shares are not listed or
                           admitted on any national securities exchange, the
                           arithmetic mean of the per Share closing bid price
                           and per Share closing asked price on such date as
                           quoted on the National Association of Securities
                           Dealers Automated Quotation System (or such market in
                           which such prices are regularly quoted)(the
                           "NASDAQ"), or, if no sale of Shares shall have been
                           reported on the Composite Tape of any national
                           securities exchange or quoted on the NASDAQ on such
                           date, then the immediately preceding date on which
                           sales of the Shares have been so reported or quoted
                           shall be used, and (ii) if there should not be a
                           public market for the Shares on such date, the Fair
                           Market Value shall be the value established by the
                           Committee in good faith.

                  (m)      ISO: An Option that is also an incentive stock option
                           granted pursuant to Section 6(d) of the Plan.
<PAGE>
                                                                               3

                  (n)      LSAR: A limited stock appreciation right granted
                           pursuant to Section 7(d) of the Plan.

                  (o)      Other Stock-Based Awards: Awards granted pursuant to
                           Section 8 of the Plan.

                  (p)      Option: A stock option granted pursuant to Section 6
                           of the Plan.

                  (q)      Option Price: The purchase price per Share of an
                           Option, as determined pursuant to Section 6(a) of the
                           Plan.

                  (r)      Participant: An employee, director or consultant who
                           is selected by the Committee to participate in the
                           Plan.

                  (s)      Permitted Holder means, as of the date of
                           determination, any and all of (i) an employee benefit
                           plan (or trust forming a part thereof) maintained by
                           (A) the Company or (B) any corporation or other
                           Person of which a majority of its voting power of its
                           voting equity securities or equity interest is owned,
                           directly or indirectly, by the Company and (ii) The
                           Blackstone Group, L.P. or any of its Affiliates.

                  (t)      Person: A "person", as such term is used for purposes
                           of Section 13(d) or 14(d) of the Act (or any
                           successor section thereto).

                  (u)      Plan: The Graham Packaging Company Inc. 2002 Stock
                           Incentive Plan.

                  (v)      Shares: Shares of common stock of the Company.

                  (w)      Stock Appreciation Right: A stock appreciation right
                           granted pursuant to Section 7 of the Plan.

                  (x)      Subsidiary: A subsidiary corporation, as defined in
                           Section 424(f) of the Code (or any successor section
                           thereto).

3.       SHARES SUBJECT TO THE PLAN

                  The total number of Shares which may be issued under the Plan
is [ ]. The Shares may consist, in whole or in part, of unissued Shares or
treasury Shares. The issuance of Shares or the payment of cash upon the exercise
of an Award or in consideration of the cancellation or termination of an Award
shall reduce the total number of Shares available under the Plan, as applicable.
Shares which are subject to Awards which terminate or lapse without the payment
of consideration may be granted again under the Plan.
<PAGE>
                                                                               4

4.       ADMINISTRATION

                  The Plan shall be administered by the Committee, which may
delegate its duties and powers in whole or in part as it determines; provided,
however, that the Board may, in its sole discretion, take any action designated
to the Committee under this Plan as it may deem necessary. Awards may, in the
discretion of the Committee, be made under the Plan in assumption of, or in
substitution for, outstanding awards previously granted by the Company or its
affiliates or a company acquired by the Company or with which the Company
combines. The number of Shares underlying such substitute awards shall be
counted against the aggregate number of Shares available for Awards under the
Plan. The Committee is authorized to interpret the Plan, to establish, amend and
rescind any rules and regulations relating to the Plan, and to make any other
determinations that it deems necessary or desirable for the administration of
the Plan. The Committee may correct any defect or supply any omission or
reconcile any inconsistency in the Plan in the manner and to the extent the
Committee deems necessary or desirable. Any decision of the Committee in the
interpretation and administration of the Plan, as described herein, shall lie
within its sole and absolute discretion and shall be final, conclusive and
binding on all parties concerned (including, but not limited to, Participants
and their beneficiaries or successors). The Committee shall have the full power
and authority to establish the terms and conditions of any Award consistent with
the provisions of the Plan and to waive any such terms and conditions at any
time (including, without limitation, accelerating or waiving any vesting
conditions). The Committee shall require payment of any amount it may determine
to be necessary to withhold for federal, state, local or other taxes as a result
of the exercise, grant or vesting of an Award. Unless the Committee specifies
otherwise, the Participant may elect to pay a portion or all of such withholding
taxes by (a) delivery in Shares; provided, that such Shares have been held by
the Participant for no less than six months (or such other period as established
from time to time by the Committee in order to avoid adverse accounting
treatment applying generally accepted accounting principles) or (b) having
Shares with a Fair Market Value equal to the statutory minimum withholding
liability withheld by the Company from any Shares that would have otherwise been
received by the Participant.

5.       LIMITATIONS

                  No Award may be granted under the Plan after the tenth
anniversary of the Effective Date, but Awards theretofore granted may extend
beyond that date.

6.       TERMS AND CONDITIONS OF OPTIONS

                  Options granted under the Plan shall be, as determined by the
Committee, non-qualified or incentive stock options for federal income tax
purposes, as evidenced by the related Award agreements, and shall be subject to
the foregoing and the following terms and conditions and to such other terms and
conditions, not inconsistent therewith, as the Committee shall determine:

                  (a)      Option Price. The Option Price per Share shall be
                           determined by the Committee.

                  (b)      Exercisability. Options granted under the Plan shall
                           be exercisable at such time and upon such terms and
                           conditions as may be determined by the

<PAGE>
                                                                               5

                           Committee, but in no event shall an Option be
                           exercisable more than ten years after the date it is
                           granted.

                  (c)      Exercise of Options. Except as otherwise provided in
                           the Plan or in an Award agreement, an Option may be
                           exercised for all, or from time to time any part, of
                           the Shares for which it is then exercisable. For
                           purposes of Section 6 of the Plan, the exercise date
                           of an Option shall be the later of the date a notice
                           of exercise is received by the Company and, if
                           applicable, the date payment is received by the
                           Company pursuant to clauses (i), (ii), (iii) or (iv)
                           in the following sentence. The purchase price for the
                           Shares as to which an Option is exercised shall be
                           paid to the Company in full at the time of exercise
                           at the election of the Participant (i) in cash or its
                           equivalent (e.g., by check), (ii) to the extent
                           permitted by the Committee, in Shares having a Fair
                           Market Value equal to the aggregate Option Price for
                           the Shares being purchased and satisfying such other
                           requirements as may be imposed by the Committee;
                           provided, that such Shares have been held by the
                           Participant for no less than six months (or such
                           other period as established from time to time by the
                           Committee in order to avoid adverse accounting
                           treatment applying generally accepted accounting
                           principles), (iii) partly in cash and, to the extent
                           permitted by the Committee, partly in such Shares or
                           (iv) to the extent permitted by the Committee,
                           through the delivery of irrevocable instructions to a
                           broker to sell Shares obtained upon the exercise of
                           the Option and to deliver promptly to the Company an
                           amount out of the proceeds of such Sale equal to the
                           aggregate Option Price for the Shares being
                           purchased. No Participant shall have any rights to
                           dividends or other rights of a stockholder with
                           respect to Shares subject to an Option until the
                           Participant has given written notice of exercise of
                           the Option, paid in full for such Shares and, if
                           applicable, has satisfied any other conditions
                           imposed by the Committee pursuant to the Plan.

                  (d)      ISOs. The Committee may grant Options under the Plan
                           that are intended to be ISOs. Such ISOs shall comply
                           with the requirements of Section 422 of the Code (or
                           any successor section thereto). No ISO may be granted
                           to any Participant who at the time of such grant,
                           owns more than ten percent of the total combined
                           voting power of all classes of stock of the Company
                           or of any Subsidiary, unless (i) the Option Price for
                           such ISO is at least 110% of the Fair Market Value of
                           a Share on the date the ISO is granted and (ii) the
                           date on which such ISO terminates is a date not later
                           than the day preceding the fifth anniversary of the
                           date on which the ISO is granted. Any Participant who
                           disposes of Shares acquired upon the exercise of an
                           ISO either (i) within two years after the date of
                           grant of such ISO or (ii) within one year after the
                           transfer of such Shares to the Participant, shall
                           notify the Company of such disposition and of the
                           amount realized upon such disposition. All Options
                           granted under the Plan are intended to be
                           nonqualified stock options, unless the applicable
                           Award agreement expressly states that the Option is
                           intended to be an ISO. If an Option is intended to be
                           an ISO, and if for any reason such

<PAGE>
                                                                               6

                           Option (or portion thereof) shall not qualify as an
                           ISO, then, to the extent of such nonqualification,
                           such Option (or portion thereof) shall be regarded as
                           a nonqualified stock option granted under the Plan;
                           provided that such Option (or potion thereof)
                           otherwise complies with the Plan's requirements
                           relating to nonqualified stock options. In no event
                           shall any member of the Committee, the Company or any
                           of its Affiliates (or their respective employees,
                           officers or directors) have any liability to any
                           Participant (or any other Person) due to the failure
                           of an Option to qualify for any reason as an ISO.

                  (e)      Attestation. Wherever in this Plan or any agreement
                           evidencing an Award a Participant is permitted to pay
                           the exercise price of an Option or taxes relating to
                           the exercise of an Option by delivering Shares, the
                           Participant may, subject to procedures satisfactory
                           to the Committee, satisfy such delivery requirement
                           by presenting proof of beneficial ownership of such
                           Shares, in which case the Company shall treat the
                           Option as exercised without further payment and shall
                           withhold such number of Shares from the Shares
                           acquired by the exercise of the Option.

7.       TERMS AND CONDITIONS OF STOCK APPRECIATION RIGHTS

                  (a)      Grants. The Committee also may grant (i) a Stock
                           Appreciation Right independent of an Option or (ii) a
                           Stock Appreciation Right in connection with an
                           Option, or a portion thereof. A Stock Appreciation
                           Right granted pursuant to clause (ii) of the
                           preceding sentence (A) may be granted at the time the
                           related Option is granted or at any time prior to the
                           exercise or cancellation of the related Option, (B)
                           shall cover the same number of Shares covered by an
                           Option (or such lesser number of Shares as the
                           Committee may determine) and (C) shall be subject to
                           the same terms and conditions as such Option except
                           for such additional limitations as are contemplated
                           by this Section 7 (or such additional limitations as
                           may be included in an Award agreement).

                  (b)      Terms. The exercise price per Share of a Stock
                           Appreciation Right shall be an amount determined by
                           the Committee. Each Stock Appreciation Right granted
                           independent of an Option shall entitle a Participant
                           upon exercise to an amount equal to (i) the excess of
                           (A) the Fair Market Value on the exercise date of one
                           Share over (B) the exercise price per Share, times
                           (ii) the number of Shares covered by the Stock
                           Appreciation Right. Each Stock Appreciation Right
                           granted in conjunction with an Option, or a portion
                           thereof, shall entitle a Participant to surrender to
                           the Company the unexercised Option, or any portion
                           thereof, and to receive from the Company in exchange
                           therefore an amount equal to (i) the excess of (A)
                           the Fair Market Value on the exercise date of one
                           Share over (B) the Option Price per Share, times (ii)
                           the number of Shares covered by the Option, or
                           portion thereof, which is surrendered. The date a
                           notice of exercise is received by the Company shall
                           be the exercise date. Payment shall be made in Shares
                           or in cash, or partly in Shares and partly in cash

<PAGE>
                                                                               7

                           (any such Shares valued at such Fair Market Value),
                           all as shall be determined by the Committee. Stock
                           Appreciation Rights may be exercised from time to
                           time upon actual receipt by the Company of written
                           notice of exercise stating the number of Shares with
                           respect to which the Stock Appreciation Right is
                           being exercised. No fractional Shares will be issued
                           in payment for Stock Appreciation Rights, but instead
                           cash will be paid for a fraction or, if the Committee
                           should so determine, the number of Shares will be
                           rounded downward to the next whole Share.

                  (c)      Limitations. The Committee may impose, in its
                           discretion, such conditions upon the exercisability
                           or transferability of Stock Appreciation Rights as it
                           may deem fit.

                  (d)      Limited Stock Appreciation Rights. The Committee may
                           grant LSARs that are exercisable upon the occurrence
                           of specified contingent events. Such LSARs may
                           provide for a different method of determining
                           appreciation, may specify that payment will be made
                           only in cash and may provide that any related Awards
                           are not exercisable while such LSARs are exercisable.
                           Unless the context otherwise requires, whenever the
                           term "Stock Appreciation Right" is used in the Plan,
                           such term shall include LSARs.

8.       OTHER STOCK-BASED AWARDS

                  The Committee, in its sole discretion, may grant or sell
Awards of Shares, Awards of restricted Shares and Awards that are valued in
whole or in part by reference to, or are otherwise based on the Fair Market
Value of, Shares ("Other Stock-Based Awards"). Such Other Stock-Based Awards
shall be in such form, and dependent on such conditions, as the Committee shall
determine, including, without limitation, the right to receive, or vest with
respect to, one or more Shares (or the equivalent cash value of such Shares)
upon the completion of a specified period of service, the occurrence of an event
and/or the attainment of performance objectives. Other Stock-Based Awards may be
granted alone or in addition to any other Awards granted under the Plan. Subject
to the provisions of the Plan, the Committee shall determine to whom and when
Other Stock-Based Awards will be made, the number of Shares to be awarded under
(or otherwise related to) such Other Stock-Based Awards; whether such Other
Stock-Based Awards shall be settled in cash, Shares or a combination of cash and
Shares; and all other terms and conditions of such Awards (including, without
limitation, the vesting provisions thereof and provisions ensuring that all
Shares so awarded and issued shall be fully paid and non-assessable).

9.       ADJUSTMENTS UPON CERTAIN EVENTS

                  Notwithstanding any other provisions in the Plan to the
contrary, the following provisions shall apply to all Awards granted under the
Plan:

                  (a)      Generally. In the event of any change in the
                           outstanding Shares after the Effective Date by reason
                           of any Share dividend or split, reorganization,
                           recapitalization, merger, consolidation, spin-off,
                           combination,

<PAGE>
                                                                               8

                           combination or transaction or exchange of Shares or
                           other corporate exchange, or any distribution to
                           shareholders of Shares other than regular cash
                           dividends or any transaction similar to the
                           foregoing, the Committee in its sole discretion and
                           without liability to any person may make such
                           substitution or adjustment, if any, as it deems to be
                           equitable, as to (i) the number or kind of Shares or
                           other securities issued or reserved for issuance
                           pursuant to the Plan or pursuant to outstanding
                           Awards, (ii) the Option Price or exercise price of
                           any stock appreciation right and/or (iii) any other
                           affected terms of such Awards.

                  (b)      Change in Control. In the event of a Change in
                           Control after the Effective Date, the Committee may,
                           in its sole discretion, provide for the (i)
                           termination of an Award upon the consummation of the
                           Change in Control, but only if such Award has vested
                           and been paid out or the Participant has been
                           permitted to exercise the Option or Stock
                           Appreciation Right in full for a period of not less
                           than 30 days prior to the Change in Control, (ii)
                           acceleration of all or any portion of an Award, (iii)
                           payment of a cash amount in exchange for the
                           cancellation of an Award, which, in the case of
                           Options and Stock Appreciation Rights, may equal the
                           excess, if any, of the Fair Market Value of the
                           Shares subject to such Option or Stock Appreciation
                           Right over the aggregate Option Price or exercise
                           price of such Award, and/or (iv) issuance of
                           substitute Awards that will substantially preserve
                           the otherwise applicable terms of any affected Awards
                           previously granted hereunder.

10.      NO RIGHT TO EMPLOYMENT OR AWARDS

                  The granting of an Award under the Plan shall impose no
obligation on the Company or any Affiliate to continue the Employment of a
Participant and shall not lessen or affect the Company's or Affiliate's right to
terminate the Employment of such Participant. No Participant or other Person
shall have any claim to be granted any Award, and there is no obligation for
uniformity of treatment of Participants, or holders or beneficiaries of Awards.
The terms and conditions of Awards and the Committee's determinations and
interpretations with respect thereto need not be the same with respect to each
Participant (whether or not such Participants are similarly situated).

11.      SUCCESSORS AND ASSIGNS

                  The Plan shall be binding on all successors and assigns of the
Company and a Participant, including without limitation, the estate of such
Participant and the executor, administrator or trustee of such estate, or any
receiver or trustee in bankruptcy or representative of the Participant's
creditors.

12.      NONTRANSFERABILITY OF AWARDS

                  Unless otherwise determined by the Committee, an Award shall
not be transferable or assignable by the Participant otherwise than by will or
by the laws of descent and

<PAGE>
                                                                               9

distribution. An Award exercisable after the death of a Participant may be
exercised by the legatees, personal representatives or distributees of the
Participant.

13.      AMENDMENTS OR TERMINATION

                  The Board may amend, alter or discontinue the Plan, but no
amendment, alteration or discontinuation shall be made, (a) without the approval
of the shareholders of the Company, if such action would (except as is provided
in Section 9 of the Plan), increase the total number of Shares reserved for the
purposes of the Plan or (b) without the consent of a Participant, if such action
would diminish any of the rights of the Participant under any Award theretofore
granted to such Participant under the Plan; provided, however, that the
Committee may amend the Plan in such manner as it deems necessary to permit the
granting of Awards meeting the requirements of the Code or other applicable
laws.

14.      INTERNATIONAL PARTICIPANTS

                  With respect to Participants who reside or work outside the
United States of America, the Committee may, in its sole discretion, amend the
terms of the Plan or Awards with respect to such Participants in order to
conform such terms with the requirements of local law.

15.      CHOICE OF LAW

                  The Plan shall be governed by and construed in accordance with
the laws of the State of Delaware without regard to conflicts of laws provisions
thereof.

16.      EFFECTIVENESS OF THE PLAN

                  The Plan shall be effective as of the Effective Date.

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