Document:

Exhibit 10.1

 

FORM OF

UNITED STATES GASOLINE FUND, LP

AUTHORIZED PARTICIPANT AGREEMENT

 

This United States Gasoline Fund, LP Authorized Participant Agreement (the “Agreement”), dated
as of [ DATE], 2016, is entered into by and among United States Gasoline Fund, LP (the “Fund”), United States Commodity
Funds LLC, a Delaware limited liability company and the general partner of the Fund (the “General Partner”), on behalf
of itself and as General Partner of United States Gasoline Fund, LP, and [Insert name of Authorized Participant and type of company
(Corporation, LLC, Inc., LLP)], a [state of incorporation/formation] (the “Authorized Participant”).

 

SUMMARY

 

The General Partner serves in its capacity as General Partner of United States Gasoline Fund, LP (the “Fund”)
pursuant to the Limited Partnership Agreement dated as of the day the first Creation Basket is sold and the proceeds are invested
(substantially in the form attached hereto) between the General Partner and the Limited Partners of the Fund (the “Partnership
Agreement”). Brown Brothers Harriman Co. (the “Administrator” or “Custodian”) and ALPS Distributors
(the “Marketing Agent”) each serve as agents of the General Partner for all purposes of this Agreement, and all references
to agreements, obligations or duties of the Administrator, Custodian or Marketing Agent herein shall be deemed references to agreements,
obligations of duties of the General Partner acting through the relevant agent. As provided in the Partnership Agreement and described
in the Fund’s prospectus (the “Prospectus”), as supplemented and amended from time to time, Shares of fractional
undivided beneficial interest in and ownership of the limited partnership (the “Shares”) may be created or redeemed
through the Marketing Agent by the Authorized Participant in aggregations of fifty thousand (50,000) Shares (each aggregation,
a “Creation Basket” or “Redemption Basket,” respectively; collectively, “Baskets”). Creation
Baskets are offered only pursuant to the most recent registration statement of the Fund, as declared effective by the Securities
and Exchange Commission (the “SEC”) and as the same may be amended from time to time thereafter (collectively, the
“Registration Statement”). Authorized Participants are the only persons that may place orders to create and redeem
Creation Baskets or Redemption Baskets.

 

Capitalized terms used but not defined in this
Agreement shall have the meanings assigned to such terms in the Prospectus. To the extent there is a conflict between any provision
of this Agreement other than the indemnities provided in Section 9 and the provisions of the Prospectus, the provisions of the
Prospectus shall control.

 

To give effect to the foregoing premises and
in consideration of the mutual covenants and agreements set forth below, the parties hereto agree as follows:

 

Section 1. Order Placement.

 

To place an order for the creation or redemption
of one or more Baskets, an Authorized Participant must follow the procedures for creation and redemption referred to in Section
3 of this Agreement and attached to this Agreement as Exhibit A; provided, however, that in the case of an Authorized Participant’s
initial order to purchase one or more Creation Baskets on the first day the Baskets are to be offered and sold, the procedures
for creation will be as attached to this Agreement as Exhibit A-1.

 

    	 

     

    

Section 2. Status and Obligations of Authorized
Participant.

 

The Authorized Participant represents and warrants
and covenants the following:

 

(a)      The Authorized Participant is a participant
of the Depository Trust Company (“DTC”) (as such a participant, a “DTC Participant”). If the Authorized
Participant ceases to be a DTC Participant, the Authorized Participant shall give prompt notice to the General Partner of such
event, and this Agreement shall terminate immediately as of the date the Authorized Participant ceased to be a DTC Participant.

 

(b)      Unless Section 2(c) applies, the Authorized
Participant either (i) is registered as a broker-dealer under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), and is a member in good standing of the Financial Industry Regulatory Authority (“FINRA”), or (ii) is
exempt from being, or otherwise is not required to be, licensed as a broker-dealer or a member of FINRA, and in either case is
qualified to act as a broker or dealer in the states or other jurisdictions where the nature of its business so requires. The Authorized
Participant will maintain any such registrations, qualifications and membership in good standing and in full force and effect throughout
the term of this Agreement. The Authorized Participant will comply with all applicable federal law, the laws of the states or other
jurisdictions concerned, and the rules and regulations promulgated thereunder, including, but not limited to those applicable to
securities and commodities transactions, and with the Constitution, By-Laws and Conduct Rules of FINRA (if it is a FINRA member)
to the extent the foregoing relate to the Authorized Participant’s transactions in, and activities with respect to the Baskets.
The Authorized Participant will not directly or indirectly offer or sell Shares in or from any state or jurisdiction where they
may not lawfully be offered or sold.

 

(c)      If the Authorized Participant is offering
or selling Shares in jurisdictions outside the several states, territories and possessions of the United States and is not otherwise
required to be registered, qualified or a member of FINRA as set forth in Section 2(b) above, the Authorized Participant will (i)
observe the applicable laws of the jurisdiction in which such offer and/or sale is made, (ii) comply with the full disclosure requirements
of the Securities Act of 1933, as amended (the “1933 Act”) and the Commodities Exchange Act (the “CEA”),
and the rules and regulations promulgated thereunder, and (iii) conduct its business in accordance with the spirit of the FINRA
Conduct Rules, in each case to the extent the foregoing relate to the Authorized Participant’s transactions in, and activities
with respect to the Baskets.

 

(d)      The Authorized Participant has written
policies and procedures reasonably designed to comply with the money laundering and related provisions of the Uniting and Strengthening
America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (the “PATRIOT Act”),
and the regulations promulgated thereunder, if the Authorized Participant is subject to the requirements of the PATRIOT Act.

 

(e)      The Authorized Participant has the capability
to send and receive communications via an authenticated telecommunication facility to and from the General Partner and its agents,
ALPS Distributors, Inc. and Brown Brothers Harriman & Co. The Authorized Participant shall confirm such capability to the satisfaction
of the General Partner and the Marketing Agent by the end of the Business Day (as defined in Section 6) before placing its first
order with the Marketing Agent (whether such order is to create or to redeem Baskets). If required by the Marketing Agent, the
Administrator or the Custodian with respect to authorized telecommunications by telephonic facsimile, the Authorized Participant
shall enter into a separate agreement with the Marketing Agent, the Administrator or the Custodian, as the case may be, indemnifying
such party with respect to its communications by telephonic facsimile.

 

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(f)      Because new Baskets can be created and
Shares therein issued on an ongoing basis, at any point during the life of the partnership, a “distribution,” as such
term is used in the 1933 Act, may be occurring with respect to resales of these Shares. The Authorized Participant is cautioned
that some of its activities may result in its being deemed a participant in a distribution in a manner that would render it a statutory
underwriter and subject it to the prospectus-delivery and liability provisions of the 1933 Act. The Authorized Participant should
review the “What is the Plan of Distribution?” portion of the Prospectus and consult with its own counsel in connection
with entering into this Agreement and placing an Order (as defined in Section 3). In addition to satisfying the prospectus-delivery
and disclosure requirements of the 1933 Act, the Authorized Participant and any other participant in the distribution of the Shares
purchased by the Authorized Participant also has the obligation to comply with applicable disclosure delivery requirements under
the CEA. To the extent the Authorized Participant has distributed a Preliminary Prospectus to prospective investors, if the Authorized
Participant has been notified by the General Partner of material changes made to that document as compared to the final Prospectus,
the Authorized Participant shall give notice to any prospective investor who received the Preliminary Prospectus of such material
change prior to consummating a sale.

 

Section 3. Orders.

 

(a)      All orders to create or redeem Baskets
shall be made in accordance with the terms of the Prospectus, this Agreement and the creation and redemption procedures attached
hereto as Exhibit A (the “Procedures”), except in the case of an Authorized Participant’s initial order to purchase
one or more Creation Baskets on the first day the Baskets are to be offered and sold which will be governed by the procedures set
forth in Exhibit A-1. Each party will comply with such foregoing terms to the extent applicable to it. The General Partner may
issue additional or other procedures from time to time relating to the manner of creating or redeeming Baskets and the Authorized
Participant will comply with such procedures. The General Partner and Authorized Participant hereby consent to the use of recorded
telephone lines.

 

(b)      The Authorized Participant acknowledges
and agrees it is acting for its own account or on behalf of another party (whether such party is a customer or otherwise), and
that each order to create a Basket (a “Purchase Order”) and each order to redeem a Basket (a “Redemption Order,”
and each Purchase Order and Redemption Order, an “Order”) may not be withdrawn by the Authorized Participant. A form
of Purchase/Redemption Order is attached hereto as Exhibit B.

 

Section 4. Fees. 

 

In connection with each Order by an Authorized
Participant to create or redeem one or more Baskets, the General Partner shall charge, and the Authorized Participant shall pay
to the General Partner, the transaction fee (“Transaction Fee”) prescribed in the Prospectus applicable to such creation
or redemption. The initial Transaction Fee shall be one thousand dollars ($1,000). The Transaction Fee may be adjusted from time
to time as set forth in the Prospectus.

 

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Section 5. Authorized Persons. 

 

Concurrently with the execution of this Agreement
and as requested in writing from time to time thereafter, the Authorized Participant shall deliver to the General Partner and the
Marketing Agent, notarized and duly certified as appropriate by its secretary or other duly authorized official, a certificate
in the form of Exhibit C setting forth the names and signatures of all persons authorized to give instructions relating to activity
contemplated hereby or by any other notice, request or instruction given on behalf of the Authorized Participant (each, an “Authorized
Person”). The General Partner or the Marketing Agent may accept and rely upon such certificate as conclusive evidence of
the facts set forth therein and shall consider such certificate to be in full force and effect until the General Partner receives
a superseding certificate bearing a subsequent date. Upon the termination or revocation of authority of any Authorized Person by
the Authorized Participant, the Authorized Participant shall give immediate written notice of such fact to the General Partner
and the Marketing Agent, and such notice shall be effective upon receipt by the General Partner.

 

Section 6. Creation Procedures.

 

On any Business Day, an Authorized Participant
may place an order with the Marketing Agent to create one or more Creation Baskets in accordance with this Agreement and the Procedures.
For purposes of processing Purchase and Redemption Orders, a “Business Day” means any day other than a day when any
of the NYSE Arca, ICE Futures Exchange or the New York Stock Exchange is closed for regular trading. Purchase orders must be placed
by 12:00 PM New York time or the close of regular trading on NYSE Arca, whichever is earlier, except in the case of an Authorized
Participant’s initial order to purchase one or more Creation Baskets on the first day the Baskets are to be offered and sold,
when such orders shall be placed by 9:00 AM New York time on the day agreed to by the General Partner and the Authorized
Participant. The day on which the Marketing Agent receives a valid Purchase Order is the Purchase Order Date. By placing a Purchase
Order, an Authorized Participant agrees to (1) deposit Treasuries, cash, or a combination of Treasuries and cash with the Custodian
of the Fund, and (2) if required by the General Partner in its sole discretion, enter into or arrange for a block trade, an exchange
for physical or exchange for swap, or any other over-the-counter energy transaction (through itself or a designated acceptable
broker) with the Fund for the purchase of a number and type of futures contracts at the closing settlement price for such contracts
on the Purchase Order Date, as specified in the Purchase Order Form (see Exhibit B). Failure to consummate (1) and (2) above shall
result in the cancellation of the order. The number and type of contracts specified shall be determined by the General Partner,
in its sole discretion, to meet the Fund’s investment objective and shall be purchased as a result of the Authorized Participant’s
purchase of Shares.

 

Prior to the delivery of Baskets for a Purchase
Order, the Authorized Participant must also have wired to the Custodian the non-refundable transaction fee due for the Purchase
Order. “Treasuries” shall be any U.S. treasury security with two years or less remaining to maturity with an aggregate
market value, as determined in the sole discretion of the Administrator using the valuation procedures set forth in Exhibit D that
together with any cash amount, will equal the purchase price of the Creation Basket being purchased.

 

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The total deposit required to create each basket
(“Creation Basket Deposit”) will be an amount of Treasuries and/or cash that is in the same proportion to the total
assets of the Fund (net of estimated accrued but unpaid fees, expenses and other liabilities) on the date the order to purchase
is accepted as the number of Shares to be created under the Purchase Order is in proportion to the total number of Shares outstanding
on the date the order is received.

 

The General Partner determines, directly in
its sole discretion, or in consultation with the Administrator, the requirements for Treasuries and/or the amount of cash, including
the maximum permitted remaining maturity of a Treasury and the proportions of Treasuries and cash, that may be included in deposits
to create Baskets. The Marketing Agent will publish such requirements at the beginning of each business day. Unless otherwise determined
by the General Partner, if Treasuries and cash are to be deposited, the amount of the cash deposit required will be the difference
between (i) the aggregate market value of the Treasuries required to be included in a Creation Basket Deposit as of 4:00 PM New
York time on the Purchase Order Date and (ii) the total required deposit.

 

An Authorized Participant who places a Purchase
Order is responsible for transferring to the Fund’s account with the Custodian the required amount of Treasuries and/or cash
by the end of the third Business Day following the Purchase Order Date, except in the case of an Authorized Participant’s
initial order to purchase one or more Creation Baskets on the first day the Baskets are to be offered and sold when the Creation
Basket Deposit will be due by 12:00 PM New York time on the date the Purchase Order was accepted by the Marketing Agent. Upon receipt
of the deposit amount, the Administrator will cause DTC to credit the number of Baskets ordered to the Authorized Participant’s
DTC account on the third Business Day following the Purchase Order Date, except in the case of an Authorized Participant’s
initial order to purchase one or more Creation Baskets, when the Administrator will cause DTC to credit the number of Baskets so
ordered upon confirmation by the Custodian that the Creation Basket Deposit has been received by the Custodian. The expense and
risk of delivery and ownership of Treasuries until such Treasuries have been received by the Custodian on behalf of the Fund shall
be borne solely by the Authorized Participant.

 

Section 7. Redemption Procedures. 

 

On any Business Day, an Authorized Participant
may place an order with the Marketing Agent to redeem one or more Redemption Baskets in accordance with this Section 7 and the
Procedures. Redemption Orders must be placed by 12:00 PM New York time or the close of regular trading on NYSE Arca, whichever
is earlier. A Redemption Order so received is effective on the date it is received in satisfactory form by the Marketing Agent.
The day on which the Marketing Agent receives a valid Redemption Order is the “Redemption Order Date”. By placing a
Redemption Order, an Authorized Participant agrees to (1) deliver the Redemption Basket to be redeemed through DTC’s book-entry
system to the Fund’s account with the Custodian not later than 3:00 PM New York time on the third Business Day following
the effective date of the Redemption Order (“Redemption Distribution Date”), and (2) if required by the General Partner
in its sole discretion, enter into or arrange for a block trade, an exchange for physical or exchange for swap, or any other over-the-counter
energy transaction (through itself or a designated acceptable broker) with the Fund for the sale of a number and type of futures
contracts at the closing settlement price for such contracts on the Redemption Order Date, as specified in the Redemption Order
Form (see Exhibit B). Failure to consummate (1) and (2) above shall result in the cancellation of the order. The number and type
of contracts specified shall be determined by the General Partner, in its sole discretion, to meet the Fund’s investment
objective and shall be sold as a result of the Authorized Participant’s sale of Shares. Prior to the delivery of the redemption
distribution for a Redemption Order, the Authorized Participant must also have wired to the Fund’s account at the Custodian
the non-refundable Transaction Fee due for the Redemption Order.

 

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The redemption distribution from the Fund consists of a transfer
to the redeeming Authorized Participant of an amount of Treasuries and/or cash with a value that is in the same proportion to the
total assets of the Fund (net of estimated accrued but unpaid fees, expenses and other liabilities) on the date the order to redeem
is properly received as the number of Shares to be redeemed under the Redemption Order is in proportion to the total number of
Shares outstanding on the date the order is received. The General Partner, directly or in consultation with the Administrator,
will determine the requirements for Treasuries and/or the amount of cash, including the maximum permitted remaining maturity of
a Treasury, and the proportions of Treasuries and cash, that may be included in distributions to redeem Baskets. The
Marketing Agent will publish such requirements shortly after 4:00 p.m. New York time on the Redemption Order Date.

 

The redemption distribution due from the Fund
is delivered to the Authorized Participant on the Redemption Distribution Date if, by 3:00 PM New York time on such Redemption
Distribution Date, the Fund’s DTC account has been credited with the Baskets to be redeemed. If the Fund’s DTC account
has not been credited with all of the Baskets to be redeemed by such time, the redemption distribution is delivered to the extent
of whole Baskets received. Any remainder of the redemption distribution is delivered on the next Business Day to the extent of
remaining whole Baskets received if the Fund receives the fee applicable to the extension of the Redemption Distribution Date which
the General Partner may, from time to time, determine and the remaining Baskets to be redeemed are credited to the Fund’s
DTC account by 3:00 PM New York time on such next Business Day. Any further outstanding amount of the Redemption Order may be cancelled
at the election of the General Partner. Any further remaining amount of the redemption order shall be cancelled and the Participant
will indemnify the Partnership for any losses, if any, due to such cancellation, including but not limited to the difference in
the price of investments sold as a result of the redemption order and investments made to reflect that such order has been cancelled.
Pursuant to instruction from the General Partner, the Custodian may also deliver the redemption distribution notwithstanding that
the Baskets to be redeemed are not credited to the Fund’s DTC account by 3:00 PM New York time on the Redemption Distribution
Date if the Authorized Participant has collateralized its obligation to deliver the Baskets through DTC’s book entry system
on such terms as the General Partner may from time to time determine.

 

Section 8. Role of Authorized Participant.

 

(a)      The Authorized Participant acknowledges
that, for all purposes of this Agreement, the Authorized Participant is and shall be deemed to be an independent contractor and
has and shall have no authority to act as agent for the Fund, the Marketing Agent, the Administrator, the Custodian or the General
Partner in any matter or in any respect.

 

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(b)      The Authorized Participant will, to
the extent reasonably practicable, make itself and its employees available, upon request, during normal business hours to consult
with the General Partner and the Marketing Agent concerning the performance of the Authorized Participant’s responsibilities
under this Agreement; provided that the Authorized Participant shall be under no obligation to divulge or otherwise discuss any
information that the Authorized Participant believes (i) is confidential or proprietary in nature or (ii) the disclosure of which
to third parties would be prohibited.

 

(c)      Notwithstanding the provisions of Section
8(b), the Authorized Participant will maintain records of all sales of Creation Baskets made by or through it and, upon reasonable
request of the General Partner, except if prohibited by applicable law and subject to any privacy obligations or other obligations
arising under federal or state securities laws it may have to its customers, will furnish the General Partner with the names and
addresses of the Participants of such Creation Baskets and the number of Creation Baskets purchased if and to the extent that the
General Partner has been requested to provide such information to the Commodities Futures Trading Commission, Securities Exchange
Commission, Financial Industry Regulatory Authority, or Internal Revenue Service (“Fund Regulators”). For the avoidance
of doubt, all such information provided by the Authorized Participant shall be Confidential Information (as defined in Section
18) and shall not be used for any purpose other than to satisfy requests of Fund Regulators.

 

(d)      The Fund may from time to time be obligated
to deliver prospectuses, proxy materials, annual or other reports of the Fund or other similar information (“Fund Documents”)
to its limited partners. The Authorized Participant agrees (i) subject to any privacy obligations or other obligations arising
under federal or state securities laws it may have to its customers, to reasonably assist the General Partner in ascertaining certain
information regarding sales of Creation Baskets made by or through the Authorized Participant that is necessary for the Fund to
comply with such obligations upon written request of the General Partner or (ii) in lieu thereof, and at the option of the Authorized
Participant, the Authorized Participant may undertake to deliver Fund Documents to the Authorized Participant’s customers
that custody Shares with the Authorized Participant, after receipt from the Fund of sufficient quantities of such Fund Documents
to allow mailing thereof to such customers. The expenses associated with such transmissions shall be borne by the General Partner
in accordance with usual custom and practice in respect of such communications. The General Partner agrees that the names, addresses
and other information concerning the Authorized Participant’s customers are and shall remain the sole property of the Authorized
Participant, and none of the General Partner, the Fund or any of their respective affiliates shall use such names, addresses or
other information for any purposes except in connection with the performance of their duties and responsibilities hereunder and
except to the extent necessary for the Fund to meet its regulatory requirements as set forth in Section 8(b) and in this Section
8(c) of the Agreement.

 

Section 9. Indemnification. 

 

(a)      Indemnification of Authorized Participant.
The General Partner agrees to indemnify, defend and hold harmless the Authorized Participant, its partners, stockholders, members,
directors, officers, employees, affiliates, agents and any person who controls such persons within the meaning of Section 15 of
the 1933 Act or Section 20 of the Exchange Act, and the successors and assigns of all of the foregoing persons (each a “GP
Indemnified Person”), from and against any loss, damage, expense, liability or claim (including reasonable attorney fees
and the reasonable cost of investigation) which the Authorized Participant or any such person may incur under the 1933 Act, the
Exchange Act, the CEA, the common law or otherwise, insofar as such loss, damage, expense, liability or claim arises out of or
is based upon:

 

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		(1)	any untrue statement or alleged untrue statement of a material fact contained in the Registration
Statement (or in the Registration Statement as amended or supplemented) or in a Prospectus (the term Prospectus for the purpose
of this Section 9 being deemed to include the Prospectus and the Prospectus as amended or supplemented) or any omission or alleged
omission to state a material fact required to be stated in either such Registration Statement or such Prospectus or necessary to
make the statements made therein not misleading, except insofar as any such loss, damage, expense, liability or claim arises out
of or is based upon any untrue statement or alleged untrue statement of a material fact contained in and in conformity with information
concerning the Authorized Participant furnished in writing by or on behalf of the Authorized Participant to the General Partner
expressly for use in such Registration Statement;

 

		(2)	any untrue statement or alleged untrue statement of a material fact or breach by the General Partner
of any representation or warranty contained in this Agreement;

 

		(3)	the failure by the General Partner, the Fund or their respective agents to perform when and as
required, any agreement, obligation, duty or covenant contained herein;

 

		(4)	the failure by the General Partner, the Fund or their respective agents to comply with applicable
laws and the rules and regulations of any governmental entity or any self-regulatory organization to the extent the foregoing relates
to transactions in, and activities with respect to Baskets; or

 

		(5)	the Authorized Participant’s performance of its duties under this Agreement except in the
case of this clause (5), for any loss, damage, expense, liability or claim resulting from the gross negligence or willful misconduct
of the Authorized Participant.

 

In no case is the indemnity of the General
Partner in favor of the Authorized Participant and such other persons as are specified in this Section 9(a) to be deemed to protect
the Authorized Participant and such persons against any liability to the General Partner or the Fund to which the Authorized Participant
would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of its duties or
by reason of its reckless disregard of its obligations and duties under this Agreement.

 

If any action, suit or proceeding (each, a
“Proceeding”) is brought against a GP Indemnified Person or any such person in respect of which indemnity may be sought
against the General Partner pursuant to the foregoing paragraph, such GP Indemnified Person shall promptly notify the General Partner
in writing of the institution of such Proceeding, provided, however, that the omission to so notify the General Partner shall not
relieve the General Partner or the Fund from any liability which it may have to the GP Indemnified Person except to the extent
that it has been materially prejudiced by such failure and has not otherwise learned of such Proceeding. The GP Indemnified Person
shall have the right to employ its own counsel in any such case and the fees and expenses of such counsel shall be borne by the
General Partner and the Fund and paid as incurred (it being understood, however, that the General Partner shall not be liable for
the expenses of more than one separate counsel (in addition to any local counsel) in any one Proceeding or series of related Proceedings
in the same jurisdiction representing the GP Indemnified Persons who are parties to such Proceeding) or for the expenses and fees
incurred with respect to matters that are not indemnifiable in accordance with the preceding paragraph. A GP Indemnified Person
shall give the General Partner reasonable prior notice of settlement of any Proceeding in respect of which indemnity may be sought
against the General Partner pursuant to this Section 9(a), provided, however that the omission to so notify the General Partner
shall not relieve the General Partner or the Fund from any liability which it may have to the GP Indemnified Person.

 

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(b)      The Authorized Participant agrees to
indemnify, defend and hold harmless each of the Fund, the General Partner and its partners, stockholders, members, directors, officers,
employees and any person who controls the General Partner within the meaning of Section 15 of the 1933 Act or Section 20 of the
Exchange Act, and the successors and assigns of all of the foregoing persons (each, an “AP Indemnified Person”), from
and against any loss, damage, expense, liability or claim (including reasonable attorney fees and the reasonable cost of investigation)
which the AP Indemnified Person may incur as a result of or in connection with any untrue statement or alleged untrue statement
of a material fact contained in and in conformity with information furnished in writing by or on behalf of the Authorized Participant
to the General Partner expressly for use in the Registration Statement (or in the Registration Statement as amended or supplemented
by any post-effective amendment thereof) or in a Prospectus, or arises out of or is based upon any omission or alleged omission
to state a material fact in connection with such information required to be stated in such Registration Statement or such Prospectus
or necessary to make such information not misleading.

 

The Authorized Participant
will also indemnify each AP Indemnified Person from and against any loss, damage, expense, liability or claim (including the reasonable
cost of investigation) which such AP Indemnified Person may incur as a result of or in connection with any actions of an AP Indemnified
Person in accordance with any instructions by the Authorized Participant except in the case of any loss, damage, expense, liability
or claim resulting from the gross negligence or willful misconduct of an AP Indemnified Person. In no case is the indemnity of
the Authorized Participant in favor of each AP Indemnified Person to be deemed to protect the AP Indemnified Person and such persons
against any liability to the Authorized Participant to which the AP Indemnified Person would otherwise be subject by reason of
willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of its reckless disregard of its
obligations and duties under this Agreement.

 

If any Proceeding is brought
against an AP Indemnified Person, such AP Indemnified Person shall promptly notify the Authorized Participant in writing of the
institution of such Proceeding; provided, however, that the omission to so notify the Authorized Participant shall not relieve
the Authorized Participant from any liability which it may have to such AP Indemnified Person except to the extent that it has
been materially prejudiced by such failure and has not otherwise learned of such Proceeding. The AP Indemnified Person or such
person shall have the right to employ its own counsel and the fees and expenses of such counsel shall be borne by the Authorized
Participant and paid as incurred (it being understood, however, that the Authorized Participant shall not be liable for the expenses
of more than one separate counsel (in addition to any local counsel) in any one Proceeding or series of related Proceedings in
the same jurisdiction representing the AP Indemnified Persons who are parties to such Proceeding) or for the expenses and fees
incurred with respect to matters that are not indemnifiable in accordance with the preceding paragraph. An AP Indemnified Person
shall give the Authorized Participant reasonable prior notice of settlement of any Proceeding in respect of which indemnity may
be sought against the Authorized participant pursuant to this Section 9(b), provided, however that the omission to so notify the
General Partner shall not relieve the General Partner or the Fund from any liability which it may have to the GP Indemnified Person.

 

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(c)      The indemnity agreements contained in
this Section 9 and the covenants, warranties and representations of the General Partner contained in this Agreement shall remain
in full force and effect regardless of any investigation made by or on behalf of the Authorized Participant, its partners, stockholders,
members, directors, officers, employees and or any person (including each partner, stockholder, member, director, officer or employee
of such person) who controls the Authorized Participant within the meaning of Section 15 of the 1933 Act or Section 20 of the Exchange
Act, or by or on behalf of each of the General Partner, the Fund, their partners, stockholders, members, directors, officers, employees
or any person who controls the General Partner or the Fund within the meaning of Section 15 of the 1933 Act or Section 20 of the
Exchange Act, and shall survive any termination of this Agreement or the initial issuance and delivery of the Shares. The General
Partner and the Authorized Participant agree promptly to notify each other of the commencement of any Proceeding against it and,
in the case of the General Partner, against any of the General Partner’s officers or directors in connection with the issuance
and sale of the Shares, or in connection with the Registration Statement or the Prospectus.

 

Section 10.

 

(a)      Limitation of Liability.

 

None of the General Partner, the Authorized
Participant, the Marketing Agent, the Administrator, or the Custodian, shall be liable to each other or to any other person, including
any party claiming by, through or on behalf of the Authorized Participant, for any losses, liabilities, damages, costs or expenses
arising out of any mistake or error in data or other information provided to any of them by each other or any other person or out
of any interruption or delay in the electronic means of communications used by them.

 

(b)      Tax Liability.

 

The Authorized Participant shall be responsible
for the payment of any transfer tax, sales or use tax, stamp tax, recording tax, value added tax and any other similar tax or government
charge applicable to the creation or redemption of any Basket made pursuant to this Agreement, regardless of whether or not such
tax or charge is imposed directly on the Authorized Participant. To the extent the General Partner or the Fund is required by law
to pay any such tax or charge, the Authorized Participant agrees to promptly indemnify such party for any such payment, together
with any applicable penalties, additions to tax or interest thereon.

 

    	 	10	 

     

    

Section 11. Acknowledgment. 

 

The Authorized Participant acknowledges receipt
of a copy of the Prospectus and represents that it has reviewed and understands such document.

 

Section 12. Effectiveness and Termination.

 

Upon the execution of this Agreement by the
parties hereto, this Agreement shall become effective in this form as of the date first set forth above, and may be terminated
at any time by any party upon thirty (30) days prior written notice to the other parties unless earlier terminated: (i) in accordance
with Section 2(a); (ii) upon notice to the Authorized Participant by the General Partner in the event of a breach by the Authorized
Participant of this Agreement or the procedures described or incorporated herein; or (iii) at such time as the Fund is terminated.

 

Section 13. Marketing Materials; Representations
Regarding Baskets; Identification in Registration Statement. 

 

(a)      The Authorized Participant represents,
warrants and covenants that, (i) without the written consent of the General Partner, the Authorized Participant will not make,
or permit any of its representatives to make, in connection with any sale or solicitation of a sale of Baskets any representations
concerning the Shares or the General Partner, the Fund or any AP Indemnified Person other than representations consistent with
(A) the then-current Prospectus of the Fund, (B) printed information approved by the General Partner as information supplemental
to such Prospectus or (C) any promotional materials or sales literature furnished to the Authorized Participant by the General
Partner, and (ii) the Authorized Participant will not furnish or cause to be furnished to any person or display or publish any
information or material relating to the Baskets, any AP Indemnified Person or the Fund that is not consistent with the Fund’s
then current Prospectus. Copies of the then-current Prospectus of the Fund and any such printed supplemental information will be
supplied by the General Partner to the Authorized Participant in reasonable quantities upon request.

 

(b)      The Authorized Participant agrees to
comply with applicable prospectus and disclosure delivery requirements of the federal securities and commodities laws. In connection
therewith, the Authorized Participant will provide, to the extent required, each prospective Participant, as required, with a copy
of the Fund’s Prospectus.

 

(c)      The Authorized Participant hereby agrees
that for the term of this Agreement the General Partner or its agent, the Marketing Agent, may deliver the then-current Prospectus,
and any supplements or amendments thereto or recirculation thereof, to the Authorized Participant in Portable Document Format (“PDF”)
via electronic mail to [_________________________] in lieu of delivering the Prospectus in paper form. The Authorized Participant
may revoke the foregoing agreement at any time by delivering written notice to the General Partner and, whether or not such agreement
is in effect, the Authorized Participant may, at any time, request reasonable quantities of the Prospectus, and any supplements
or amendments thereto or recirculation thereof, in paper form from the General Partner or its agent, the Marketing Agent. The Authorized
Participant acknowledges that it has the capability to access, view, save and print material provided to it in PDF and that it
will incur no appreciable extra costs by receiving the Prospectus in PDF instead of in paper form. The General Partner will, when
requested by the Authorized Participant, make available at no cost the software and technical assistance necessary to allow the
Authorized Participant to access, view and print the PDF version of the Prospectus.

 

    	 	11	 

     

    

(d)      For as long as this Agreement is effective,
the Authorized Participant agrees to be identified as an authorized Participant of the Fund at the General Partner’s discretion
(i) in the section of the Prospectus included within the Registration Statement entitled “Creation and Redemption of Shares,”
and in any other section as may be required by the SEC and (ii) on the Fund’s website. Upon the termination of this Agreement,
(i) during the period prior to when the General Partner qualifies and elects to file on Form S-3, the General Partner will remove
such identification from the Prospectus in the amendment of the Registration Statement next occurring after the date of the termination
of this Agreement and, during the period after when the General Partner qualifies and elects to file on Form S-3, the General Partner
will promptly file a current report on Form 8-K indicating the withdrawal of the Authorized Participant as an authorized Participant
of the Fund and (ii) the General Partner will promptly update the Fund’s website to remove any identification of the Authorized
Participant as an authorized Participant of the Fund.

 

Section 14. Certain Covenants of the General
Partner.

 

The General Partner, on its own behalf and
on behalf of the Fund, covenants and agrees:

 

(a)      to notify the Authorized Participant
promptly of the happening of any event during the term of this Agreement which could require the making of any change in the Prospectus
then being used so that the Prospectus would not include an untrue statement of material fact or omit to state a material fact
necessary to make the statements therein, in the light of the circumstances under which they are made, not misleading, and, during
such time, to prepare and deliver or otherwise make available, at the expense of the Fund, to the Authorized Participant copies
of such amendments or supplements to such Prospectus as may be necessary to reflect any such change at such time and in such numbers
as necessary to enable the Authorized Participant to comply with any obligation it may have to deliver such revised, supplemented
or amended Prospectus to customers.

 

(b)      to notify the Authorized Participant
when a revised, supplemented, or amended Prospectus is available and to deliver or otherwise make available to the Authorized Participant
copies of such revised, supplemented or amended Prospectus at such time and in such numbers as to enable the Authorized Participant
to comply with any obligation it may have to deliver such revised, supplemented or amended Prospectus to customers, provided that
as a general matter the General Partner will make such revised, supplemented or amended Prospectus available to the Authorized
Participant on or before its effective date;

 

(c)      to cause Spicer Jeffries, LLP, accountants
to the Fund, to deliver, at each time (i) the Registration Statement or the Prospectus is amended or supplemented by the filing
of a post-effective amendment, (ii) a new Registration Statement is filed to register additional Baskets in reliance on Rule 429
of the 1933 Act, and (iii) there is financial information incorporated by reference into the Registration Statement or the Prospectus,
letters dated such dates and addressed to the Authorized Participant, containing statements and information of the type ordinarily
included in accountants’ letters to underwriters with respect to the financial statements and other financial information
contained in or incorporated by reference into the Registration Statement and the Prospectus;

 

    	 	12	 

     

    

(d)      to deliver to the Authorized Participant,
at each time (i) the Registration Statement or the Prospectus is amended or supplemented by the filing of a post-effective amendment,
(ii) a new Registration Statement is filed to register additional Baskets in reliance on Rule 429 of the 1933 Act, and (iii) there
is financial information incorporated by reference into the Registration Statement or the Prospectus, a certification by a duly
authorized officer of the General Partner in the form attached hereto as Exhibit E. In addition, any certificate signed by any
officer of the General Partner and delivered to the Authorized Participant or counsel for the Authorized Participant pursuant hereto
shall be deemed to be a representation and warranty by the General Partner as to matters covered thereby to the Authorized Participant;

 

(e)      to furnish directly or through the Marketing
Agent to the Authorized Participant, at each time (i) the Registration Statement or the Prospectus is amended or supplemented by
the filing of a post-effective amendment, (ii) a new Registration Statement is filed to register additional Baskets in reliance
on Rule 429 of the 1933 Act, and (iii) there is financial information incorporated by reference into the Registration Statement
or the Prospectus, such documents and certificates in the form as reasonably requested; and

 

(f)      to cause the Fund to file a supplement
to the Registration Statement no less frequently than once per calendar quarter on or about the same time that the Fund files a
quarterly or annual report pursuant to Section 13 or 15(d) of the Exchange Act (including the information contained in such report),
until such time as the Fund’s reports filed pursuant to Section 13 or 15(d) of the Exchange Act are incorporated by reference
in the Registration Statement.

 

Section 15. Third Party Beneficiaries. 

 

Each AP Indemnified Person,
to the extent it is not a party to this Agreement, is a third-party beneficiary of this Agreement and may proceed directly against
the Authorized Participant (including by bringing proceedings against the Authorized Participant in its own name) to enforce any
obligation of the Authorized Participant under this Agreement which directly or indirectly benefits such AP Indemnified Person.
Each GP Indemnified Person, to the extent it is not a party to this Agreement, is a third-party beneficiary of this Agreement and
may proceed directly against the General Partner, the Fund or their respective agents (including by bringing proceedings against
the General Partner, the Fund or their respective agents in its own name) to enforce any obligation of the General Partner, the
Fund or their agents under this Agreement which directly or indirectly benefits such GP Indemnified Person.

 

Section 16. Force Majeure.

 

No party to this Agreement shall incur any
liability for any delay in performance, or for the non-performance, of any of its obligations under this Agreement by reason of
any cause beyond its reasonable control. This includes any act of God or war or terrorism, any breakdown, malfunction or failure
of transmission in connection with or other unavailability of any wire, communication or computer facilities, any transport, port,
or airport disruption, industrial action, acts and regulations and rules of any governmental or supra national bodies or authorities
or regulatory or self-regulatory organization or failure of any such body, authority or organization for any reason, to perform
its obligations.

 

    	 	13	 

     

    

Section 17. Miscellaneous.

 

(a)      Entire Agreement. This Agreement (including
any schedules and exhibits attached hereto and thereto) contains all of the agreements among the parties hereto (and thereto) with
respect to the transactions contemplated hereby (and thereby) and supersedes all prior agreements or understandings, whether written
or oral, among the parties with respect thereto.

 

(b)      Amendment and Modification. This Agreement
may be amended, modified or supplemented only by a written instrument executed by all the parties.

 

(c)      Successors and Assigns; Assignment.
All the terms and provisions of this Agreement shall be binding upon and inure to the benefit of the parties and their respective
successors and permitted assigns. This Agreement shall not be assigned by any party without the prior written consent of the other
parties and any assignment without such consent shall be null and void. Notwithstanding the foregoing, in the event that Authorized
Participant files for protection under the United States Bankruptcy Code, the trustee of Authorized Participant's bankruptcy estate
may assume this Agreement or any of its rights, duties and/or obligations hereunder or thereunder upon written notice to the Fund
and the General Partner hereby consent to such assumption. In addition, Authorized Participant may assign the Agreement or any
of its rights, duties and/or obligations hereunder or thereunder upon written notice to the Fund and the General Partner to (a) any
Authorized Participant Affiliate; (b) in the case of any merger or sale of its stock or assets, to the successor in a merger
of Authorized Participant or to any entity that acquires all or a substantial portion of its stock or assets, or (c) any service
provider contracted by Authorized Participant to perform data processing, facilities management or other outsourced services on
Authorized Participant’s behalf.

 

(d)      Waiver of Compliance. Except as otherwise
provided in this Agreement, any failure of any of the parties to comply with any obligation, covenant, agreement or condition herein
may be waived by the party entitled to the benefits thereof only by a written instrument signed by the party granting such waiver,
but any such waiver, or the failure to insist upon strict compliance with any obligation, covenant, agreement or condition herein,
shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure or breach.

 

(e)      Severability. The parties hereto desire
that the provisions of this Agreement be enforced to the fullest extent permissible under the law and public policies applied in
each jurisdiction in which enforcement is sought. Accordingly, in the event that any provision of this Agreement would be held
in any jurisdiction to be invalid, prohibited or unenforceable for any reason, such provision, as to such jurisdiction, shall be
ineffective, without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such
provision in any other jurisdiction. Notwithstanding the foregoing, if such provision could be more narrowly drawn so as not to
be invalid, prohibited or unenforceable in such jurisdiction, it shall, as to such jurisdiction, be so narrowly drawn, without
invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other
jurisdiction.

 

    	 	14	 

     

    

(f)      Notices. All notices, waivers, or other
communications pursuant to this Agreement shall be in writing and shall be deemed to be sufficient if delivered personally, by
facsimile (and, if sent by facsimile, followed by delivery by nationally-recognized express courier), sent by nationally-recognized
express courier or mailed by registered or certified mail (return receipt requested), postage prepaid, to the parties at the following
addresses (or at such other address for a party as shall be specified by like notice):

 

	 	(1)	if to General Partner, to:
	 	 	 
	 	 	United States Commodity Funds LLC
	 	 	c/o John Love
	 	 	1999 Harrison Street
	 	 	Suite 1530
	 	 	Oakland, CA 94612
	 	 	 
	 	(2)	if to the Authorized Participant, to:

 

[AUTHORIZED PARTICIPANT CONTACT AND ADDRESS]

 

All such notices and other communications shall
be deemed to have been delivered and received (i) in the case of personal delivery or delivery by facsimile or e-mail, on the date
of such delivery if delivered during business hours on a Business Day or, if not delivered during business hours on a Business
Day, the first Business Day thereafter, (ii) in the case of delivery by nationally-recognized express courier, on the first Business
Day following dispatch, and (iii) in the case of mailing, on the third Business Day following such mailing.

 

(g)      Governing Law; Jurisdiction.

 

		(1)	All questions concerning the construction, interpretation and validity of this Agreement and all
transactions hereunder shall be governed by and construed and enforced in accordance with the domestic laws of the State of New
York, without giving effect to any choice or conflict of law provision or rule (whether in the State of New York or any other jurisdiction)
that would cause the application of the laws of any jurisdiction other than the State of New York. In furtherance of the foregoing,
the internal law of the State of New York will control the interpretation and construction of this Agreement, even if under such
jurisdiction’s choice of law or conflict of law analysis, the substantive law of some other jurisdiction would ordinarily
or necessarily apply.

 

		(2)	Each party irrevocably consents and agrees, for the benefit of the other parties, that any legal
action, suit or proceeding against it with respect to its obligations, liabilities or any other matter arising out of or in connection
with this Agreement or any related agreement may be brought in the courts of the State of New York and hereby irrevocably consents
and submits to the non-exclusive jurisdiction of each such court in personam, generally and unconditionally with respect to any
action, suit or proceeding for itself and in respect of its properties, assets and revenues. Each party irrevocably waives any
immunity to jurisdiction to which it may otherwise be entitled or become entitled (including sovereign immunity, immunity to pre-judgment
attachment and execution) in any legal suit, action or proceeding against it arising out of or based on this Agreement or any related
agreement or the transactions contemplated hereby or thereby which is instituted in any court of the State of New York.

 

    	 	15	 

     

    

The provisions of this Section 17(g) shall
survive any termination of this Agreement, in whole or in part.

 

(h)      No Partnership. Nothing in this Agreement
is intended to, or will be construed to constitute the General Partner or the Fund, on the one hand, and the Authorized Participant
or any of its Affiliates, on the other hand, as partners or joint venturers; it being intended that the relationship between them
will at all times be that of independent contractors.

 

(i)      Interpretation. The article and section
headings contained in this Agreement are solely for the purpose of reference, are not part of the agreement of the parties and
shall not in any way affect the meaning or interpretation of this Agreement.

 

(j)      No Strict Construction. The language
used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rule of strict
construction will be applied against any party.

 

(k)       Counterparts; Facsimile Signatures.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which together
shall constitute one and the same instrument. Facsimile counterpart signatures to this Agreement shall be acceptable and binding.

 

(l)      Other Usages. The following usages shall
apply in interpreting this Agreement: (i) references to a governmental or quasigovernmental agency, authority or instrumentality
shall also refer to a regulatory body that succeeds to the functions of such agency, authority or instrumentality; and (ii) “including”
means “including, but not limited to.”

 

Section 18. Confidentiality.

 

(a)      The General Partner, the Fund and the
Authorized Participant shall maintain in confidence, use only for the purposes provided for in this Agreement, and not disclose
to any third party, without first obtaining the other party’s consent in writing, any and all Confidential Information (as
defined below) such party receives from the other party; provided, however, that either party may disclose Confidential Information
received from the other party to those of its internal and external representatives as may be necessary for such party to carry
out its obligations under this Agreement.

 

“Confidential Information”
shall mean all information or data of a party or its customers that is disclosed to or received by the other party, whether orally,
visually or in writing, in any form, including, without limitation, information or data which relates to such party’s business
or operations, research and development, marketing plans or activities, or actual or potential products.

 

    	 	16	 

     

    

(b)      Notwithstanding the provisions of this
Agreement to the contrary, a party shall have no liability to the other party for the disclosure or use of any Confidential Information
of the other party if the Confidential Information:

 

		(1)	is known to such party at the time of disclosure other than as the result of a breach of this Section
18 by such party;

 

		(2)	has been or becomes publicly known, other than as the result of a breach of this Section 18 by
such party, or has been or is publicly disclosed by the other party;

 

		(3)	is received by such party after the date of this Agreement from a third party (unless such third
party breaches an obligation of confidentiality to the other party); or

 

		(4)	is required to be disclosed by law or similar compulsion or in connection with any legal proceeding
or request for information on behalf of a governmental authority or self-regulatory organization, provided that such party shall
promptly inform the other party in writing of such requirement and that such disclosure shall be limited to the extent so required.

 

(c)      The parties recognize and acknowledge
that a breach or threatened breach by a party of the provisions of this Section 18 may cause irreparable and material loss and
damage to the other party which cannot be adequately remedied at law and that, accordingly, in addition to, and not in lieu of,
any damages or other remedy to which the non-breaching party may be entitled, the issuance of an injunction or other equitable
remedy (without the requirement that a bond or other security be posted) is an appropriate remedy for the non-breaching party for
any breach or threatened breach of the obligations set forth in this Section 18.

 

(d)      Each party agrees that it will use the
same degree of care, but no less than a reasonable degree of care, in safeguarding the Confidential Information of the other party
as it uses for its own Confidential Information of a similar nature. Each party shall promptly notify the other party in writing
of any misuse, misappropriation or unauthorized disclosure of the Confidential Information of the other party that may come to
such party’s attention.

 

(e)      Upon the termination of this Agreement,
if requested in writing by the other party, each party shall, at such party’s option, promptly destroy or return to the other
party all Confidential Information received from the other party, all copies and extracts of such Confidential Information and
all documents or other media containing any such Confidential Information.

 

    	 	17	 

     

    

IN WITNESS WHEREOF, the
Authorized Participant and the General Partner have caused this Agreement to be executed by their duly authorized representatives
as of the date first set forth above.

 

 

UNITED STATES COMMODITY FUNDS LLC

 

	 	By:   	 	 
	 	 	Name: John Love	 
	 	 	Title: President and Chief Executive Officer	 
	 	 	Address: 1999 Harrison Street, Suite 1530, Oakland CA 94612	 
	 	 	Telephone: 510-522-9600	 
	 	 	Facsimile: 510-522-9604	 

 

 

UNITED STATES GASOLINE FUND, LP

 

	 	By:    	United States Commodity Funds LLC, as General Partner	 

 

	 	By:   	 	 
	 	 	Name: John Love	 
	 	 	Title:  President and Chief Executive Officer, USCF LLC 	 
	 	 	Address: 1999 Harrison Street, Suite 1530, Oakland CA 94612	 
	 	 	Telephone: 510-522-9600	 
	 	 	Facsimile: 510-522-9604	 

 

 

AUTHORIZED PARTICIPANT

 

	 	By:  	  	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	Address: 	 
	 	 	Telephone: 	 
	 	 	Facsimile: 	 

 

 

    	 	18	 

     

    

EXHIBIT A

 

UNITED STATES GASOLINE FUND, LP

 

PROCEDURES FOR PROCESSING

PURCHASE ORDERS AND REDEMPTION ORDERS

 

United States Gasoline Fund, LP. This
Exhibit A to the Authorized Participant Agreement (the “Agreement”) supplements the Prospectus with respect to the
procedures to be used by (i) the Transfer Agent and Marketing Agent in processing Purchase Orders and (ii) the Transfer Agent in
processing Redemption Orders and, together with Purchase Orders, “Orders”. Capitalized terms, unless otherwise defined
in this Annex II, have the meanings attributed to them in the Authorized Participant Agreement or the Prospectus.

 

An Authorized Participant
is required to have signed the Authorized Participant Agreement. Upon acceptance of the Agreement and execution thereof by the
Company and in connection with the initial Purchase Order submitted by the Authorized Participant, the Distributor will assign
a unique PIN Number to each Authorized Person authorized to act for an Authorized Participant. This will allow an Authorized Participant
through its Authorized Person(s) to place a Purchase Order or Redemption Order with respect to the purchase or redemption of Creation
Units of Shares of the Fund.

 

TO PLACE
AN ORDER FOR PURCHASE OR REDEMPTION OF CREATION UNITS

		1.	Placing an Order.

 

a.       
General. To the extent possible, Orders shall be submitted through the Internet (“Web Order Site” or
“Electronic Interface”) as described in section 1.b. below. If the Electronic Interface is not available, Orders may
be placed by telephone, as described in section 1.c. If a Purchase Order is not complete prior to the Order Cut-Off Time (as defined
below), the Order will not be processed. Redemption Orders that are not completed prior to the Order Cut-Off Time will be processed
on the next Business Day.

 

b.     Using
the Electronic Interface to Initiate the Order. An Authorized Person for the Authorized Participant will log in to the Electronic
Interface prior to the cut-off time for placing Orders with the Fund (the “Order Cut-Off Time”) set forth in the particular
Fund’s order form (“Order Form”) and enter the terms of the Order. An Order is not complete until it has been
approved by both the Authorized Participant and the Marketing Agent under the terms of the Prospectus and the Agreement, in accordance
with the procedures outlined below.

 

Orders submitted
through the Electronic Interface must be in accordance with the terms of this Agreement, the Prospectus, the Web Order Site, the
Electronic Interface User Agreement (the “Electronic Interface Agreement,” which must be separately entered into by
the Authorized Participant) and the applicable Electronic Interface User Guide (or any successor documents). To the extent that
any provision of this Agreement (including this Annex) is inconsistent with any provision of any Electronic Interface Agreement,
the Electronic Interface Agreement shall control with respect to Distributor’s provision of the Web Order Site; provided,
however, it is not the intention of the parties to otherwise modify the rights, duties and obligations of the parties under the
Agreement, which shall remain in full force and effect until otherwise expressly modified or terminated in accordance with its
terms. Notwithstanding the forgoing, the Authorized Participant acknowledges that references to the applicable Electronic Interface
User Guide (or any successor documents) contained herein are for instructional purposes only, and such Electronic Interface User
Guide (or any successor documents) does not contain any additional representations, warranties or obligations by the Fund, the
Transfer Agent, the Marketing Agent or their respective agents.

 

    	 	A-1	 

     

    

c.      Calling
to Initiate the Order. In the event the Electronic Interface service is unavailable, an Authorized Person for the Authorized
Participant may call the Marketing Agent’s telephone representative at the number listed on the Order Form prior to the
Order Cut-Off Time to receive an Order Number, as described further below. The telephone call must be answered and concluded,
and the Order must be complete, prior to the Order Cut-Off Time. Non-standard Orders generally must be arranged with the Fund
in advance of Order placement. The Order Form (as may be revised from time to time) is incorporated into and made a part of this
Agreement.

 

Upon verifying
the authenticity of the caller (as determined by the use of the appropriate PIN Number) and the terms of the Order, the telephone
representative will issue a unique order number (the “Order Number”) and record the terms of the Order in an electronic
mail version of the Order Form. All Orders with respect to the purchase or redemption of Creation Units are required to be in
writing (by email or, as provided below, by facsimile) and accompanied by the designated Order Number. During or following the
call, the telephone representative will transmit the written Order Form to the Authorized Participant by electronic mail, indicating
the approval of the Marketing Agent of the written Order Form.

 

To complete
an Order, the Authorized Participant must respond to the telephone representative with its approval of the written Order Form
by electronic mail prior to the Order Cut-Off Time. If the Authorized Participant detects an error or mistake in the written Order
Form, it must return a corrected written Order Form to the telephone representative by electronic mail prior to the Order Cut-Off
Time, indicating its approval of the corrected written Order Form. The telephone representative will review the corrected written
Order Form and notify the Authorized Participant of the approval or rejection thereof by the Marketing Agent. The Order will be
complete upon approval in writing by both the Authorized Participant and the Marketing Agent. If an Order is not complete prior
to the Order Cut-Off Time, the Order will be invalid and will not be processed.

 

If the Authorized
Participant is unable to send or receive electronic mail, it must inform the telephone representative when submitting the terms
of its Order or as soon as such inability arises. Communication by facsimile may then be substituted for electronic mail in the
steps described above, provided that each transmission is clearly marked with the time of transmission.

 

    	 	A-2	 

     

    

INCOMING
TELEPHONE CALLS ARE QUEUED AND WILL BE HANDLED IN THE SEQUENCE RECEIVED. ACCORDINGLY, DO NOT HANG UP AND REDIAL. CALLS
MUST BE CONCLUDED PRIOR TO THE ORDER CUT-OFF TIME. CALLS THAT ARE IN PROGRESS OR ARE UNANSWERED IN THE QUEUE AT OR AFTER
THE ORDER CUT-OFF TIME WILL BE VERBALLY DENIED. INCOMING CALLS THAT ARE RECEIVED AFTER
THE ORDER CUT-OFF TIME WILL NOT BE ANSWERED BY THE TELEPHONE REPRESENTATIVE. ALL TELEPHONE CALLS WILL BE RECORDED BY THE TELEPHONE
REPRESENTATIVE.

 

NOTE
THAT THE TELEPHONE CALL IN WHICH THE ORDER NUMBER IS ISSUED INITIATES THE ORDER PROCESS BUT DOES NOT ALONE CONSTITUTE THE ORDER.
AN ORDER IS ONLY COMPLETED AND PROCESSED UPON WRITTEN APPROVAL BY BOTH THE AUTHORIZED PARTICIPANT AND THE MARKETING AGENT.

 

d.      Settlement.

 

		(i)	CNS Clearing Process. In general,
the cash and or treasuries (collectively “cash”) as allowable pursuant to the
Fund’s registration statement making up a Creation Unit must be delivered through
the NSCC to a DTC account maintained at the Fund’s custodian on or before the Contractual Settlement Date (defined below).
The “Contractual Settlement Date” is the earlier of: (i) the date upon which the Cash is delivered to the Fund; and
(ii) trade date plus three (T +3) business days. Creation Units will be issued through the NSCC in accordance with the terms and
conditions of the NSCC systems from time to time adopted and communicated to NSCC participants. 

 

Any settlement outside
the CNS Clearing Process may be subject to additional requirements and fees as discussed in the Prospectus.

		(ii)	Outside the CNS Clearing Process.

 

		(a)	In general, the Cash making up a Creation Unit must be delivered to an account maintained at the
applicable local Subcustodian on or before the International Contractual Settlement Date (defined below). The “International
Contractual Settlement Date” will be the earlier of: (i) the date upon which the Cash is delivered to the Fund; and (ii)
t trade date plus three (T +3) business days.
	 	 	 
	 	 	Except as provided
in the next two paragraphs, a Creation Unit will not be issued outside of the CNS Clearing Process until the transfer of good title
to the Fund of the Cash and applicable fees have been completed. When the Subcustodian confirms to the Fund’s Custodian that
the Cash has been delivered to the account of the relevant Subcustodian, the Custodian shall cause the delivery of the Creation
Unit.

 

		(b)	Cash redeems shall be settled outside the CNS process.

 

    	 	A-3	 

     

    

 

		2.	Further Information Regarding the Placement of Orders by the Internet.

 

		a.	Certain Acknowledgements. The Authorized Participant acknowledges
and agrees (i) that the Fund, the General Partner, the Marketing Agent and their respective agents will review any Order placed
through the Web Order Site manually before it is executed and that such manual review may result in a delay in execution of such
Order; (ii) that during periods of heavy market activity or other times, it may be difficult to place Orders via the Web Order
Site and the Authorized Participant may place Orders as otherwise set forth in Exhibit B; and (iii) that any transaction information,
content, or data downloaded or otherwise obtained through the use of the Web Order Site are done at the Authorized Participant’s
own discretion and risk.

 

EXCEPT AS OTHERWISE
SPECIFICALLY PROVIDED IN THE ELECTRONIC INTERFACE AGREEMENT AND TO THE EXTENT PERMITTED BY APPLICABLE LAW, THE AUTHORIZED PARTICIPANT
ACKNOWLEDGES AND AGREES THAT THE WEB ORDER SITE IS PROVIDED “AS IS,” “AS AVAILABLE” WITH ALL FAULTS AND
WITHOUT ANY WARRANTY OF ANY KIND. SPECIFICALLY, WITHOUT LIMITING THE FOREGOING, ALL WARRANTIES, CONDITIONS, OTHER CONTRACTUAL TERMS,
REPRESENTATIONS, INDEMNITIES AND GUARANTEES WITH RESPECT TO THE WEB ORDER SITE, WHETHER EXPRESS, IMPLIED OR STATUTORY, ARISING
BY LAW, CUSTOM, PRIOR ORAL OR WRITTEN STATEMENTS BY THE FUND, THE GENERAL PARTNER, THE MARKETING AGENT OR THEIR RESPECTIVE AGENTS,
AFFILIATES, LICENSORS OR OTHERWISE (INCLUDING, BUT NOT LIMITED TO AS TO TITLE, SATISFACTORY QUALITY, ACCURACY, COMPLETENESS, UNINTERRUPTED
USE, NON-INFRINGEMENT, TIMELINESS, TRUTHFULNESS, SEQUENCE, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR PARTICULAR PURPOSE AND
ANY IMPLIED WARRANTIES, CONDITIONS AND OTHER CONTRACTUAL TERMS ARISING FROM TRADE USAGE, COURSE OF DEALING OR COURSE OF PERFORMANCE)
ARE HEREBY OVERRIDDEN, EXCLUDED AND DISCLAIMED.

		b.	Election to Terminate Placing Orders by Internet. The Authorized Participant
may elect at any time to discontinue placing Orders through the Web Order Site without providing notice under the Agreement.

 

		3.	Acknowledgment Regarding Telephone and Internet Transactions. During
periods of heavy market activity or other times, the Authorized Participant acknowledges it may be difficult to reach the Fund
by telephone or to transact business over the Internet via the Web Order Site. Technological irregularities may also make the use
of the Internet and Web Order Site slow or unavailable at times. The Fund may terminate the receipt of redemption or exchange Orders
by telephone or the Internet at any time, in which case the Authorized Participant may redeem or exchange Shares by communication
through facsimile. All Orders must be complete, including written approval by the Authorized Participant and the Marketing Agent,
prior to the Order Cut-Off Time.

 

    	 	A-4	 

     

    

EXHIBIT B

 

United States Gasoline Fund, LP

 

Purchase/Redemption Order Form

 

ALL ITEMS IN PART I MUST BE COMPLETED BY PARTICIPANT.
THE MARKETING AGENT, THE TRANSFER AGENT, AND/OR THE GENERAL PARTNER, IN THEIR DISCRETION, MAY REJECT ANY ORDER NOT SUBMITTED IN
COMPLETE FORM OR CONTAINING AMBIGUOUS INSTRUCTIONS. DEFINED TERMS SET FORTH BELOW SHALL HAVE THE MEANING AS SET FORTH IN THE PARTICIPANT
AGREEMENT.

 

CONTACT INFORMATION
FOR ORDER EXECUTION:

	Telephone:  1-844-ETF-ALPS     	     Fax: 303-824-3320

 

	CUT-OFF TIME FOR STANDARD ORDERS IS 12:00:00 ET (12:00 PM)

 

Part I: To Be Completed by Authorized Participant

 

Order Date:________     Time:_________(ET)
     Trade Date:________      Settlement Date:__________

	Firm Name: ___________________________	Your Name: __________________________________
	NSCC Participant Number: _______________	DTC Participant Number: _______________________
	Telephone Number:______________________	Fax Number:_________________________________

 

	o   United States Gasoline Fund, LP (Ticker) 	o   CREATION	o   REDEMPTION

 

	
        Settlement

        o   T+1

        o   T+2

        o   T+3
	
        Trade Type

        o   Block
        Order

        o   No
        Block Order

 

The Participant represents and warrants
that it will not redeem a Creation Basket unless it, or the party for which it is acting, as the case may be, first owns the requisite
number of Shares to be redeemed as a Creation Basket.

 

THIS TRANSACTION SHALL BE EFFECTED IN
ACCORDANCE WITH THE TERMS AND CONDITIONS OF THE GENERAL PARTNER’S CURRENT PROSPECTUS AND THE PARTICIPANT AGREEMENT

 

	# of Creation Units (CU) Transacted:	Number: _______________
	(One CU = 50,000 Shares) 	Number written out: ___________________
	 	 
	Order Number: ________________	Authorized Participant’s Signature:________________________

 

 

Part II: To Be Completed by Marketing
Agent

 

This Certifies that the above order has been:

o   Accepted
by the Marketing Agent 

o   Declined-Reason
_____________________________________________________________

 

Marketing Agent's Signature:_____________________________
Time:_________(ET) Date:___________

 

	PLEASE NOTE THAT YOU MAY PLACE ORDERS ON AVA Xchange-trade Platform Interface https://ava.alpsinc.com/ETFServices/OrderEntry.aspx 

 

    	 	B-1	 

     

    

EXHIBIT C

 

UNITED STATES GASOLINE FUND, LP

 

FORM OF CERTIFIED AUTHORIZED PERSONS

OF AUTHORIZED PARTICIPANT

 

The following are the names, titles and signatures of all persons (each an “Authorized Person”)
authorized to give instructions relating to any activity contemplated by the United States Gasoline Fund, LP Authorized Participant
Agreement or any other notice, request or instruction on behalf of the Authorized Participant pursuant to the aforementioned agreement.

 

Authorized Participant: _______________________
DTC Number:________

 

	Name:   	 	 
	Title:	 	 
	Signature: 	 	 
	Email:	 	 
	Telephone:   	 	 
	 	 	 
	 	 	 
	Name:   	 	 
	Title:	 	 
	Signature: 	 	 
	Email:	 	 
	Telephone:	 	 
	 	 	 
	 	 	 
	Name:   	 	 
	Title:	 	 
	Signature: 	 	 
	Email:	 	 
	Telephone:	 	 

 

The undersigned, ______________________ of
[            ], does hereby certify that the persons listed above have been duly elected to the offices set forth beneath their names, that
they presently hold such offices, that they have been duly authorized to act as Authorized Persons pursuant to the Authorized Participant
Agreement and that their signatures set forth above are their own true and genuine signatures.

 

 

Signature:       _________________________

Name:      

 

    	 	C-1	 

     

    

EXHIBIT D

 

BBH Pricing Policies

 

Futures, Forwards, Swaps, Options and Treasuries

 

The pricing policies stated below are used for all BBH clients,
including Mutual Fund Registered Investment Companies. These policies have been audited by numerous accounting firms during annual
fund audits. 

 

Futures

 

Futures traded on exchanges are valued using
the closing settlement prices quoted on the relevant exchange and obtained from pricing sources, typically Bloomberg or Reuters.

 

Forward Currency Contracts

 

BBH obtains the WM Reuters London Close closing
spot rates and the WM Reuters London Close forward point rates on a daily basis. The currency forward contract pricing model derives
the differential in point rates to the expiration date of the forward and calculates its present value. The forward is valued at
the net of the present value and the spot rate.

 

Swaps

 

Swaps and other similar derivative or contractual
type instruments are valued at a price provided by a single broker or dealer, typically the counterparty. If no such price is available,
the contract is valued at a price at which the counterparty to such contract would repurchase the instrument or terminate the contract.

 

Options

 

Option contracts on securities, currencies, indices, futures contracts,
commodities and other instruments shall be valued at the last sale price on the exchange or market that is the Primary Market.
If a contract did not trade on the Primary Market, it shall be valued at the last sale price on another exchange or market where
it did trade. If there is no such sale price, the value shall be the most recent bid quotation.

 

Sale prices and bid quotations indicated above shall be supplied
by a Pricing Service (Reuters, Bloomberg, IDC, etc.). If a Pricing Service is not able to provide such sale prices or bid quotations,
the value shall be determined by taking the mean between the bid and the asked quotations provided by a single broker or dealer,
unless the broker or dealer can only provide a bid quotation, in which case the value shall be such bid quotation.

 

Except as provided below, OTC currency options are valued by uploading
the applicable implied volatility rates from Reuters or Bloomberg. Other inputs are either uploaded (interest rates, spots) or
are specified when the ticker symbols are set up (expiration date, strike). OTC currency options are then priced by using the Garman-Kohlhagen
modified Black-Scholes formula, which adjusts for a constant yield versus a fixed dividend.

 

Except as provided below, OTC equity/index options are priced according
to the contract specifications (days to expiration, current spot index level, interest rates, dividends, strike price) using the
Black-Scholes pricing model, modified for dividends. The volatility input assumption is interpolated from the previous day’s
price.

 

US Treasuries

 

BBH uses an evaluated bid supplied by IDC for treasury prices.

 

    	 	D-1	 

     

    

EXHIBIT E

 

UNITED STATES GASOLINE FUND, LP

 

OFFICER’S CERTIFICATE

 

The undersigned, a duly authorized officer of United States Commodity Funds LLC, a Delaware limited liability
company (the “General Partner”), and pursuant to Section 13(d) of the United States Gasoline Fund, LP Authorized Participant
Agreement (the “Agreement”), dated as of [_____________] by and between the General Partner and [              ] (“the
Authorized Participant”), hereby certifies that:

 

1.      Each of the following representations
and warranties of the General Partner is true and correct in all material respects as of the date hereof:

 

(a)      the Prospectus does not contain an untrue
statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading; the Registration Statement complies in all material
respects with the requirements of the 1933 Act and the Prospectus complies in all material respects with the requirements of the
1933 Act and any statutes, regulations, contracts or other documents that are required to be described in the Registration Statement
or the Prospectus or to be filed as exhibits to the Registration Statement have been so described or filed; the conditions to the
use of Form S-1 or S-3, if applicable, have been satisfied; the Registration Statement does not contain an untrue statement of
a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not
misleading and the Prospectus does not contain an untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not
misleading; provided, however, that the General Partner makes no warranty or representation with respect to any statement contained
in the Registration Statement or any Prospectus in reliance upon and in conformity with information concerning the Authorized Participant
and furnished in writing by or on behalf of the Authorized Participant to the General Partner expressly for use in the Registration
Statement or such Prospectus; and neither the General Partner nor any person known to the General Partner acting on behalf of the
Fund has distributed nor will distribute any offering material other than the Registration Statement or the Prospectus;

 

(b)      the Fund has been duly formed and is
validly existing as an investment fund under the laws of the State of Delaware, as described in the Registration Statement and
the Prospectus, and as described in the Prospectus, the Marketing Agent is authorized to issue and deliver the Baskets to the Authorized
Participant;

 

(c)      the General Partner has been duly organized
and is validly existing as a limited liability company in good standing under the laws of the State of Delaware, with full power
and authority to conduct its business as described in the Registration Statement and the Prospectus, and has all requisite power
and authority to execute and deliver this Agreement;

 

    	 	E-1	 

     

    

(d)      the General Partner is duly qualified
and is in good standing in each jurisdiction where the conduct of its business requires such qualification; and the Fund is not
required to so qualify in any jurisdiction;

 

(e)      the outstanding Shares have been duly
and validly issued and are fully paid and non-assessable and free of statutory and contractual preemptive rights, rights of first
refusal and similar rights;

 

(f)      the Shares conform in all material respects
to the description thereof contained in the Registration Statement and the Prospectus and the holders of the Shares will not be
subject to personal liability by reason of being such holders;

 

(g)      this Agreement has been duly authorized,
executed and delivered by the General Partner and constitutes the valid and binding obligations of the General Partner, enforceable
against the General Partner in accordance with its terms;

 

(h)      the General Partner is not in breach
or violation of or in default under (nor has any event occurred which with notice, lapse of time or both would result in any breach
or violation of, constitute a default under or give the holder of any indebtedness (or a person acting on such holder’s behalf)
the right to require the repurchase, redemption or repayment of all or a part of such indebtedness under) its constitutive documents,
or any indenture, mortgage, deed of trust, bank loan or credit agreement or other evidence of indebtedness, or any license, lease,
contract or other agreement or instrument to which the General Partner is a party or by which any of them or any of their properties
may be bound or affected, and the execution, delivery and performance of this Agreement, the issuance and sale of Shares to the
Authorized Participant hereunder and the consummation of the transactions contemplated hereby does not conflict with, result in
any breach or violation of or constitute a default under (nor constitute any event which with notice, lapse of time or both would
result in any breach or violation of or constitute a default under), respectively, the amended and restated limited liability company
agreement of the General Partner, or any indenture, mortgage, deed of trust, bank loan or credit agreement or other evidence of
indebtedness, or any license, lease, contract or other agreement or instrument to which the General Partner is a party or by which,
respectively, the General Partner or any of its properties may be bound or affected, or any federal, state, local or foreign law,
regulation or rule or any decree, judgment or order applicable to the General Partner or the Fund;

 

(i)       no approval, authorization, consent
or order of or filing with any federal, state, local or foreign governmental or regulatory commission, board, body, authority or
agency is required in connection with the issuance and sale of Creation Baskets to the Authorized Participant hereunder or the
consummation by the General Partner or the Fund of the transactions contemplated hereunder other than registration of the Shares
under the 1933 Act and the filing of the Prospectus with the National Futures Association, which has been effected, and any necessary
qualification under the securities or blue sky laws of the various jurisdictions in which the Shares are being offered or under
the rules and regulations of NYSE Arca, Inc. (“NYSE Arca”);

 

(j)      except as set forth in the Registration
Statement and the Prospectus (i) no person has the right, contractual or otherwise, to cause the Fund to issue or sell to it any
Shares or other equity interests of the Fund, and (ii) no person has the right to act as an underwriter or as a financial advisor
to the Fund in connection with the offer and sale of the Shares, in the case of each of the foregoing clauses (i), and (ii), whether
as a result of the filing or effectiveness of the Registration Statement or the sale of the Shares as contemplated thereby or otherwise;
no person has the right, contractual or otherwise, to cause the General Partner on behalf of the Fund or the Fund to register under
the 1933 Act any other equity interests of the Fund, or to include any such shares or interests in the Registration Statement or
the offering contemplated thereby, whether as a result of the filing or effectiveness of the Registration Statement or the sale
of the Shares as contemplated thereby or otherwise;

 

    	 	E-2	 

     

    

(k)      each of the General Partner and the
Fund has all necessary licenses, authorizations, consents and approvals and has made all necessary filings required under any federal,
state, local or foreign law, regulation or rule, and has obtained all necessary authorizations, consents and approvals from other
persons, in order to conduct its respective business; the General Partner is not in violation of, or in default under, or has not
received notice of any proceedings relating to revocation or modification of, any such license, authorization, consent or approval
or any federal, state, local or foreign law, regulation or rule or any decree, order or judgment applicable to the General Partner;

 

(l)      all legal or governmental proceedings,
affiliate transactions, off-balance sheet transactions, contracts, licenses, agreements, leases or documents of a character required
to be described in the Registration Statement or the Prospectus or to be filed as exhibits to the Registration Statement have been
so described or filed as required;

 

(m)      except as set forth in the Registration
Statement and the Prospectus, there are no actions, suits, claims, investigations or proceedings pending or threatened or contemplated
to which the General Partner or the Fund, or any of the General Partner’s directors or officers, is or would be a party or
of which any of their respective properties are or would be subject at law or in equity, before or by any federal, state, local
or foreign governmental or regulatory commission, board, body, authority or agency;

 

(n)      Spicer Jeffries LLP, whose report on
the audited financial statements of the Fund is filed with the SEC as part of the Registration Statement and the Prospectus, are
independent public accountants as required by the 1933 Act;

 

(o)      the audited financial statement(s) included
in the Prospectus, together with the related notes and schedules, presents fairly the financial position of the Fund as of the
date indicated and has been prepared in compliance with the requirements of the 1933 Act and in conformity with generally accepted
accounting principles; there are no financial statements (historical or pro forma) that are required to be included in the Registration
Statement and the Prospectus that are not included as required; and the Fund does not have any material liabilities or obligations,
direct or contingent (including any off-balance sheet obligations), not disclosed in the Registration Statement and the Prospectus;

 

(p)      subsequent to the respective dates as
of which information is given in the Registration Statement and the Prospectus, there has not been (i) any material adverse change,
(ii) any transaction which is material to the General Partner or the Fund taken as a whole, (iii) any obligation, direct or contingent
(including any off-balance sheet obligations), incurred by the General Partner or the Fund, which is material to the Fund, (iv)
any change in the Shares purchased by the Authorized Participant or outstanding indebtedness of the General Partner or the Fund
or (v) any dividend or distribution of any kind declared, paid or made on such Shares;

 

(q)      the Fund is not and, after giving effect
to the offering and sale of the Shares, will not be an “investment company” or an entity “controlled” by
an “investment company,” as such terms are defined in the Investment Company Act;

 

    	 	E-3	 

     

    

(r)      except as set forth in the Registration
Statement and the Prospectus, the General Partner and the Fund own, or have obtained valid and enforceable licenses for, or other
rights to use, the inventions, patent applications, patents, trademarks (both registered and unregistered), tradenames, copyrights,
trade secrets and other proprietary information described in the Registration Statement and the Prospectus as being owned or licensed
by them or which are necessary for the conduct of their respective businesses, (collectively, “Intellectual Property”);

 

(i) to the knowledge of the General Partner
or the Fund, there are no third parties who have or will be able to establish rights to any Intellectual Property, except for the
ownership rights of the owners of the Intellectual Property which is licensed to the General Partner or the Fund;

 

(ii) to the knowledge of the General Partner
or the Fund, there is no infringement by third parties of any Intellectual Property;

 

(iii) there is no pending or, to the knowledge
of the General Partner or the Fund, threatened action, suit, proceeding or claim by others challenging the General Partner or the
Fund’s rights in or to any Intellectual Property, and the General Partner and the Fund are unaware of any facts which could
form a reasonable basis for any such claim;

 

(iv) there is no pending or, to the knowledge
of the General Partner or the Fund, threatened action, suit, proceeding or claim by others challenging the validity or scope of
any Intellectual Property as to which the General Partner and the Fund have no knowledge of any such pending or threatened claims,
and the General Partner and the Fund are unaware of any facts which could form a reasonable basis for any such claim;

 

(v) there is no pending or, to the knowledge
of the General Partner or the Fund, threatened action, suit, proceeding or claim by others that the General Partner or the Fund
infringes or otherwise violates any patent, trademark, copyright, trade secret or other proprietary rights of others, and the General
Partner and the Fund are unaware of any facts which could form a reasonable basis for any such claim; and

 

(vi) to the knowledge of the General Partner
or the Fund, there is no patent or patent application that contains claims that interfere with the issued or pending claims of
any of the Intellectual Property; and

 

(s)      all tax returns required to be filed
by the General Partner have been filed, and all taxes and other assessments of a similar nature (whether imposed directly or through
withholding) including any interest, additions to tax or penalties applicable thereto due or claimed to be due from such entities
have been paid; and no tax returns or tax payments are due with respect to the Fund as of the date of this Agreement;

 

    	 	E-4	 

     

    

(t)      the General Partner has not sent or
received any communication regarding termination of, or intent not to renew, any of the contracts or agreements referred to or
described in, or filed as an exhibit to, the Registration Statement, and no such termination or non-renewal has been threatened
by the General Partner or any other party to any such contract or agreement;

 

(u)      on behalf of the Fund, the General Partner
has established and maintains disclosure controls and procedures (as such term is defined in Rule 13a-14 and 15d-14 under the Exchange
Act, giving effect to the rules and regulations, and SEC staff interpretations (whether or not public), thereunder)); such disclosure
controls and procedures are designed to ensure that material information relating to the Fund, is made known to the General Partner,
and such disclosure controls and procedures are effective to perform the functions for which they were established; on behalf of
the Fund, the General Partner has been advised of: (i) any significant deficiencies in the design or operation of internal controls
which could adversely affect the Fund’s ability to record, process, summarize, and report financial data; and (ii) any fraud,
whether or not material, that involves management or other employees who have a role in the Fund’s internal controls; any
material weaknesses in internal controls have been identified for the Fund’s auditors;

 

(w)      any statistical and market-related data
included in the Registration Statement and the Prospectus are based on or derived from sources that the General Partner believes
to be reliable and accurate, and the General Partner has obtained the written consent to the use of such data from such sources
to the extent required; and

 

(x)      neither the General Partner, nor any
of the General Partner’s directors, members, officers, affiliates or controlling persons has taken, directly or indirectly,
any action designed, or which has constituted or might reasonably be expected to cause or result in, under the Exchange Act or
otherwise, the stabilization or manipulation of the price of any security or asset of the Fund to facilitate the sale or resale
of the Shares.

 

For purposes hereof, the term “ Registration
Statement” shall mean the Registration Statement as amended or supplemented from time to time to the date hereof, the term
“Preliminary Prospectus” shall mean the preliminary prospectus dated ______________, relating to the Shares and any
other prospectus dated prior to effectiveness of the Registration Statement relating to the Shares, and the term “Prospectus”
shall mean the Prospectus as amended or supplemented from time to time to the date hereof.

 

2.      Each of the obligations of the General
Partner to be performed by it on or before the date hereof pursuant to the terms of the Agreement, and each of the provisions thereof
to be complied with by the General Partner on or before the date hereof, has been duly performed and complied with in all material
respects. Capitalized terms used, but not defined herein shall have the meanings assigned to such terms in the Agreement.

 

    	 	E-5	 

     

    

IN WITNESS WHEREOF, I have hereunto, on behalf
of the General Partner, subscribed my name this ____ day of _____________________.

 

 

	 	By: 	 	 
	 	Name: 	 	 
	 	Title: 	 	 

 

 

I, [___________________], in my capacity as
Secretary, hereby certify that [________________] is the duly elected President of the General Partner, and that the signature
set forth immediately above is his genuine signature.

 

IN WITNESS WHEREOF, I have hereunto set my
hand as of the date first set forth above.

 

 

	 	By: 	 	 
	 	Name: 	 	 
	 	Title: 	Secretary	 

 

    	 	E-6	 

     

    

EXHIBIT F

 

ORDER ENTRY SYSTEM TERMS AND CONDITIONS

 

This Exhibit shall govern
use by Authorized Participant of the electronic order entry system for placing Orders for Creation Baskets (the “System”).
Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the Authorized Participant
Agreement (the “AP Agreement”). In the event of any conflict between the terms of this Exhibit F and the main body
of the AP Agreement with respect to the placing of Orders, the terms of this Exhibit F shall control.

 

1.      (a) Authorized
Participant shall provide to the Marketing Agent a duly executed authorization letter, in a form satisfactory to Marketing Agent,
identifying those Authorized Persons who will access the System. Authorized Participant shall notify the Marketing Agent in writing
in the event that any person’s status as an Authorized Person is revoked or terminated as soon as possible, in order to give
the Marketing Agent a reasonable opportunity to terminate such Authorized Person’s access to the System.

         (b) It is understood
and agreed that each Authorized Person shall be designated as an authorized user of Authorized Participant for the purpose of the
AP Agreement. Upon termination of the AP Agreement, the Authorized Participant’s and each Authorized Person’s access
rights with respect to System shall be immediately revoked.

2.      Marketing
Agent grants to Authorized Participant a personal, nontransferable and nonexclusive license to use the System solely for the purpose
of transmitting Orders and otherwise communicating with Marketing Agent in connection with the same. Authorized Participant shall
use the System solely for its own internal and proper business purposes. Except as set forth herein, no license or right of any
kind is granted to Authorized Participant with respect to the System. Authorized Participant acknowledges that Marketing Agent
and its suppliers retain and have title and exclusive proprietary rights to the System. Authorized Participant further acknowledges
that all or a part of the System may be copyrighted or trademarked (or a registration or claim made therefor) by Marketing Agent
or its suppliers. Authorized Participant shall not take any action with respect to the System inconsistent with the foregoing acknowledgments.
Authorized Participant may not copy, distribute, sell, lease or provide, directly or indirectly, the System or any portion thereof
to any other person or entity without Marketing Agent’s prior written consent. Authorized Participant may not remove any
statutory copyright notice or other notice included in the System. Authorized Participant shall reproduce any such notice on any
reproduction of any portion of the System and shall add any statutory copyright notice or other notice upon Marketing Agent’s
request.

    	 	F-1	 

     

    

3.      (a) Authorized
Participant acknowledges that any user manuals or other documentation (whether in hard copy or electronic form) (collectively,
the “Material”), which is delivered or made available to Authorized Participant regarding the System is the exclusive
and confidential property of Marketing Agent. Authorized Participant shall keep the Material confidential by using the same care
and discretion that Authorized Participant uses with respect to its own confidential property and trade secrets, but in no event
less than reasonable care. Authorized Participant may make such copies of the Material as is reasonably necessary for Authorized
Participant to use the System and shall reproduce Marketing Agent’s proprietary markings on any such copy. The foregoing
shall not in any way be deemed to affect the copyright status of any of the Material which may be copyrighted and shall apply to
all Material whether or not copyrighted. MARKETING AGENT AND ITS SUPPLIERS MAKE NO WARRANTIES, EXPRESS OR IMPLIED, CONCERNING THE
MATERIAL OR ANY PRODUCT OR SERVICE, INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.

         (b) Upon termination
of the Agreement for any reason, Authorized Participant shall return to Marketing Agent all copies of the Material which is in
Authorized Participant’s possession or under its control.

4.      Authorized
Participant agrees that it shall have sole responsibility for maintaining adequate security and control of the user IDs, passwords
and codes for access to the System, which shall not be disclosed to any third party without the prior written consent of Marketing
Agent. Marketing Agent shall be entitled to rely on the information received by it from the Authorized Participant and Marketing
Agent may assume that all such information was transmitted by or on behalf of an Authorized Person regardless of by whom it was
actually transmitted.

5.      Marketing
Agent shall have no liability in connection with the use of the System, the access granted to the Authorized Participant and its
Authorized Persons hereunder, or any transaction effected or attempted to be effected by the Authorized Participant hereunder,
except for damages incurred by the Authorized Participant as a direct result of Marketing Agent’s gross negligence or willful
misconduct. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, IT IS HEREBY AGREED THAT IN NO EVENT SHALL MARKETING AGENT OR ANY
MANUFACTURER OR SUPPLIER OF EQUIPMENT, SOFTWARE OR SERVICES BE RESPONSIBLE OR LIABLE FOR ANY SPECIAL, INDIRECT, OR CONSEQUENTIAL
DAMAGES WHICH THE AUTHORIZED PARTICIPANT MAY INCUR OR EXPERIENCE BY REASON OF ITS HAVING ENTERED INTO OR RELIED ON THIS AGREEMENT,
OR IN CONNECTION WITH THE ACCESS GRANTED TO AUTHORIZED PARTICIPANT HEREUNDER, OR ANY TRANSACTION EFFECTED OR ATTEMPTED TO BE EFFECTED
BY AUTHORIZED PARTICIPANT HEREUNDER, EVEN IF MARKETING AGENT OR SUCH MANUFACTURER OR SUPPLIER HAS BEEN ADVISED OF THE POSSIBILITY
OF SUCH DAMAGES, NOR SHALL MARKETING AGENT OR ANY SUCH MANUFACTURER OR SUPPLIER BE LIABLE FOR ACTS OF GOD, MACHINE OR COMPUTER
BREAKDOWN OR MALFUNCTION, INTERRUPTION OR MALFUNCTION OF COMMUNICATION FACILITIES, LABOR DIFFICULTIES OR ANY OTHER SIMILAR OR DISSIMILAR
CAUSE BEYOND SUCH PERSON’S REASONABLE CONTROL.

6.      Marketing
Agent reserves the right to revoke Authorized Participant’s access to the System immediately and without notice upon any
breach by the Authorized Participant of the terms and conditions of this Exhibit F.

    	 	F-2	 

     

    

7.      Marketing
Agent shall acknowledge through the System its receipt of each Order communicated through the System, and in the absence of such
acknowledgment Marketing Agent shall not be liable for any failure to act in accordance with such orders and Authorized Participant
may not claim that such Order was received by Marketing Agent. Marketing Agent may in its discretion decline to act upon any instructions
or communications that are insufficient or incomplete or are not received by Marketing Agent in sufficient time for Marketing Agent
to act upon, or in accordance with such instructions or communications.

8.      Authorized
Participant agrees to use reasonable efforts to prevent the transmission through the System of any software or file which contains
any viruses, worms, harmful component or corrupted data and agrees not to use any device, software, or routine to interfere or
attempt to interfere with the proper working of the Systems.

9.      Authorized Participant
acknowledges and agrees that encryption may not be available for every communication through the System, or for all data. Authorized
Participant agrees that Marketing Agent may deactivate any encryption features at any time, without notice or liability to Authorized
Participant, for the purpose of maintaining, repairing or troubleshooting its systems.

 

    	 	F-3Exhibit 4.15

 

Strictly private and confidential

 

Randgold Resources Limited

3rd Floor, Unity Chambers

28 Halkett Street

St Helier

Jersey

JE2 4WJ

CHANNEL ISLANDS

 

For the attention of: Dr D Mark
Bristow

 

16 September 2015

 

Dear Sirs,

 

Joint Venture Agreement dated
16 July 2009 between AngloGold Ashanti Limited and Randgold Resources Limited relating to Kibali Goldmines SA (formerly Kibali
Goldmines SPRL) (the “Kibali JVA”)

 

Words and expressions used but
not defined in this letter shall, unless otherwise stated, have the meanings given to them in the Kibali JVA, and references to
clauses are to clauses of the Kibali JVA.

 

In consideration of the mutual
covenants herein, the parties to the Kibali JVA (the “Parties”) have agreed pursuant to clause 32.3 to amend
the Kibali JVA (a conformed copy of which (excluding Schedule 1) is included in the Appendix to this letter) as set out in this
letter with effect from the date of Randgold Resources Limited’s acknowledgment of the terms of this letter.

 

	1.	
        The final sentence of clause 8.2 (“The
        Parties agree that...Non-Operating Party”) shall be deleted and replaced with:

         

        “The Parties agree that the posts
        of General Manager/Chief Executive Officer (“Directeur Général”), the Chief Operating Officer (“Directeur de
        I’Exploitation”) and the Chief Financial Officer (“Directeur Financier”) of Kibali shall be recommended
        by the Operating Party subject to the approval of the Kibali Board. AngloGold shall have the right to request that the Chief Financial
        Officer (“Directeur Financier”) of Kibali be removed if it considers it necessary (acting reasonably) and within a
        reasonable period of such request the Company shall procure that the Chief Financial Officer (“Directeur Financier”)
        is so removed.”.

	 	 
	2.	
        Clause 8.3 shall be deleted in full and
        replaced with the following new clause 8.3:

         

        “The Parties further agree that if the
        Company is at any time entitled to appoint more than three directors to the Kibali Board, the fourth director appointed to the
        Kibali Board shall be proposed by the Non-Operating Party, the fifth director appointed to the Kibali Board shall be proposed by
        the Operating Party and any additional directors appointed

 

     

     

    

 

	 	to the Kibali Board shall be proposed by the Non-Operating Party and the Operating Party, alternating for each additional director.”
	 	 
	3.	
        After clause 8.3 there shall be added the
        following, as a new clause 8.3A:

         

        “The Parties further agree that
        if the Company is at any time entitled to recommend nominees to fill more than three executive committee posts, the Operating Party
        shall recommend nominees to fill such additional executive posts subject to the approval of the Kibali Board.”

	 	 
	4.	In clause 13.3.24 the words “and/or dismissal” shall be deleted.
	 	 
	5.	Clauses 17.4, 17.5 and 17.6 shall be deleted in their entirety, and any references to those clauses shall be ignored and shall have no effect.
	 	 
	6.	After clause 17.3 there shall be added the following, as a new clause 17.4: 

 

	 	“17.4 	If:

 

	 	17.4.1	there is a Change of Control of a Party, or if applicable an Affiliate of a Party, pursuant to clause 23.17A in either case that is the then current Operator; or
	 	 	 
	 	17.4.2	the Operator ceases to be controlled by AngloGold or RRL (as the context requires) pursuant to clause 23.17A;

 

then the Non-Operating Party
(or one of its Affiliates) shall have the right to immediately become the Operator without compensation to the then existing Operator.”

 

	7.	After clause 23.17 there shall be added the following, as a new clause 23.17A:

 

	 	“23.17A	Clauses 23.17.2 and 23.18 shall not apply (and any guarantee given pursuant to clause 23.17.3 shall cease to apply) if, at the time the relevant transferee and its subsidiaries (the “Transferee Group”) cease to be members of the AngloGold Group or the Randgold Group, as the case may be:

 

	 	23.17A.1	an undertaking or guarantee in relation to the AngloGold Group’s or Randgold Group’s payment obligations under this Agreement is provided on terms reasonably satisfactory to AngloGold or RRL (as the case may be) by the ultimate parent undertaking of the Transferee Group;
	 	 	 
	 	23.17A.2	the net asset value of the Company and its subsidiaries does not constitute more than 50 per cent. of the net asset value of the Transferee Group; and
	 	 	 
	 	23.17A.3	the ultimate parent undertaking of the Transferee Group is or will be listed on a recognised stock exchange other than the main market of the London Stock Exchange, the Transferee Group has provided

 

    	 	2	 

     

    

 

AngloGold or RRL, as the case may be,
at its reasonable request, and in all other circumstances in which the Transferee Group will cease to be members of the AngloGold
Group or Randgold Group, as the case may be, the Transferee Group has provided AngloGold or RRL, as the case may be, with a working
capital report from an internationally recognised firm of accountants which states that the Transferee Group will be able to meet
all of its payment obligations as contemplated by the then current budget of Kibali or its subsidiaries for at least a two year
period from the date of such proposed transfer. The provisions of this clause 23.17.3 do not apply where the ultimate parent undertaking
of the Transferee Group is or will be listed on the main market of the London Stock Exchange.

 

If this clause 23.17A applies in relation
to a transfer under clause 23.17 (i) by a member of the AngloGold Group; or (ii) by a member of the Randgold Group, references
in this agreement to AngloGold or RRL, as the case may be, shall be read as references to the ultimate parent undertaking of the
Company following such transfer.”

 

Clauses 27 to 33 shall apply mutatis
mutandis to this letter. The Parties have also agreed to make any cross-referencing amendments to the Kibali JVA consequent
on the amendments set out in paragraphs 1 to 7 above.

 

The Parties agree to work together and
use their reasonable endeavours to effect any changes that might be required to the articles of association of Kibali Goldmines
SA and/or the 2014 Restated Contract of Association consequent on the amendments set out in paragraphs 1 to 7 above.

 

Please confirm your acceptance of the terms
of this letter by signing and returning to us the enclosed copy of this letter.

 

Yours faithfully,

 

		 
	for and on behalf of
	AngloGold Ashanti Limited

 

    	 	3	 

     

    

 

	To:	AngloGold Ashanti Limited

 

We agree to the matters set out in your letter dated 16 September
2015 (of which this is a copy).

 

Dated 16 September 2015

 

		 
	for and on behalf of 
	Randgold Resources Limited

 

    	 	4	 

     

    

 

Appendix

 

Conformed copy of the Kibali JVA

 

    	 	5	 

     

    

 

AMENDED VERSION

 

Amended on 16 September 2015 by agreement between the Parties

 

Date: 16 July 2009

 

JOINT VENTURE AGREEMENT

 

Between

 

ANGLOGOLD ASHANTI LIMITED

 

and

 

RANDGOLD RESOURCES LIMITED

 

     

     

    

 

TABLE OF CONTENTS

 

	1.	THE PARTIES	1
	 	 	 
	2.	INTERPRETATION	1
	 	 	 
	3.	INTRODUCTION	8
	 	 	 
	4.	[INTENTIONALLY OMITTED]	8
	 	 	 
	5.	EFFECTIVE DATE	8
	 	 	 
	6.	THE COMPANY BOARD	9
	 	 	 
	7.	COMPANY BOARD MEETINGS	10
	 	 	 
	8.	THE KIBALI BOARD AND EXECUTIVE COMMITTEE	10
	 	 	 
	9.	SHAREHOLDERS’ MEETINGS	11
	 	 	 
	10.	BUSINESS OF THE COMPANY	12
	 	 	 
	11.	FUNDING OF THE COMPANY	12
	 	 	 
	12.	DEFAULT	13
	 	 	 
	13.	CONSENSUS MATTERS	17
	 	 	 
	14.	BANKERS, AUDITORS, REGISTERED OFFICE AND YEAR END OF THE COMPANY	20
	 	 	 
	15.	ACCOUNTING POLICY	20
	 	 	 
	16.	VOTING SUPPORT	20
	 	 	 
	17.	ADMINISTRATION OF THE COMPANY	20
	 	 	 
	18.	ANNUAL BUDGET	21
	 	 	 
	19.	[INTENTIONALLY OMITTED]	22
	 	 	 
	20.	[INTENTIONALLY OMITTED]	22
	 	 	 
	21.	EMPLOYEES	22
	 	 	 
	22.	CALL OPTION	22
	 	 	 
	23.	PRE-EMPTIVE RIGHTS	22
	 	 	 
	24.	BOOKS AND ACCOUNTS	27

 

     

     

    

 

	25.	COSTS	27
	 	 	 
	26.	RELATIONSHIP OF THE PARTIES	27
	 	 	 
	27.	NOTICES	28
	 	 	 
	28.	GOVERNING LAW	29
	 	 	 
	29.	CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999	29
	 	 	 
	30.	DISPUTE RESOLUTION	29
	 	 	 
	31.	CONFIDENTIALITY	30
	 	 	 
	32.	GENERAL	31
	 	 	 
	33.	SEVERABILITY	32

 

	[Schedule 1 Operator Agreement] [Not included]	 
	 	 
	Schedule 2 Minimum Form Confidentiality Agreement	34
	 	 
	Schedule 3 Form of Deed of Adherence	43

 

     

     

    

 

JOINT VENTURE
AGREEMENT (this “Agreement”)

 

		1.	THE PARTIES

 

		1.1	ANGLOGOLD ASHANTI LIMITED

 

		1.2	RANDGOLD RESOURCES LIMITED

 

		2.	INTERPRETATION

 

		2.1	The headnotes to the clauses of this Agreement are inserted for reference purposes only and shall in no way govern or affect
the interpretation hereof.

 

		2.2	Unless inconsistent with the context, the expressions set forth below shall bear the following meanings:

 

	 	“Acquiring Party”	has the meaning set forth in clause 22.1;
	 	 	 
	 	“acting in concert”	in relation to a company or any of its direct or indirect holding companies are persons who actively co-operate pursuant to an agreement or understanding (whether formal or informal) with a view to obtaining or consolidating a Change of Control of that company or any of its direct or indirect holding companies;
	 	 	 
	 	“Affiliate”	in respect of any company, its holding company and the direct and indirect subsidiaries of its holding company;
	 	 	 
	 	“Agreed Business”	the carrying out of the Project and all matters reasonably necessary in connection with the Project;
	 	 	 
	 	“AngloGold”	AngloGold Ashanti Limited, a company registered in the Republic of South Africa;
	 	 	 
	 	“AngloGold Group”	AngloGold and its subsidiaries and Affiliates;
	 	 	 
	 	“Annual Budget”	the budgets of each of the Project and Kibali in respect of each Financial Year which shall include the Projected Cash Flow Statement;
	 	 	 
	 	“Approved Programme”	a Programme which has been approved by the Company Board;
	 	 	 
	 	“Area”	the exploitation area more fully described in the Exploitation Permit;

 

     

     

    

 

	 	“Auditors”	the auditors of the Company from time to time;
	 	 	 
	 	“Bid Agreement”	the agreement dated as of July •, 2009 between AngloGold and RRL entered into concurrently with this Agreement;
	 	 	 
	 	“Business Day”	every day except Saturdays, Sundays and official public holidays in the Democratic Republic of the Congo or the Republic of South Africa;
	 	 	 
	 	“Call Option”	has the meaning set forth in clause 22.1;
	 	 	 
	 	“Called Sum”	has the meaning set forth in clauses 11.3.3 and 11.4;
	 	 	 
	 	“Called Sum Interest”	has the meaning set forth in clause 12.2;
	 	 	 
	 	“Capital Budget”	the capital programme and budget in respect of the development, construction and operation of each of the Project and Kibali, which, in the case of the Project, shall be consistent with the Mining Plan;
	 	 	 
	 	“Capital Costs”	all costs of the Project or Kibali which are treated as capital costs in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board;
	 	 	 
	 	“Capital Project”	any work of a special nature, including (without limitation) shafts and all ancillaries, open pits, capital development, mining and underground equipment, all plant, machinery, vehicles, service installations, equipment, all housing units of whatsoever nature and all general and special purpose buildings (whether temporary or permanent) and all additions, alterations and improvements thereto and all maintenance and operational work carried and all capital spares and stores procured, in each case, during the construction period;
	 	 	 
	 	“Cash Purchase Price Range”	has meaning set forth in clause 23.9.2;
	 	 	 
	 	“Change of Control”	shall arise at any time after the date hereof if: (i) any third party (acting alone or with persons acting in concert (as defined above)) is or becomes, directly or indirectly, the beneficial owner of such proportion of the issued share capital of a Party, entitling it (together with persons acting in concert) to exercise more than

 

    	 	2	 

     

    

 

	 	 	one half of the votes at that time capable of being cast ordinarily in general meeting; or (ii) more than 50 per cent. of the members of the board of directors of a Party shall be individuals appointed by a new third party shareholder and/or by one or more persons acting in concert;
	 	 	 
	 	“Company”	a company to be registered in Jersey to hold the interest of the Parties in Moto;
	 	 	 
	 	“Company Board”	the board of directors of the Company as constituted from time to time;
	 	 	 
	 	“Deed of Adherence”	a deed in the form set out in Schedule 3;
	 	 	 
	 	“Default Date”	has the meaning set forth in clause 12.1;
	 	 	 
	 	“Defaulting Party”	has the meaning set forth in clause 12.1.1;
	 	 	 
	 	“Development”	all preparation for the removal and recovery of ore and the generation of production, the construction of the Mine, and the construction and maintenance of all facilities required in respect of mining, handling, milling, processing and/or other beneficiation of production;
	 	 	 
	 	“Dilution Date”	has the meaning set forth in clause 12.10;
	 	 	 
	 	“Dilution Notice”	has the meaning set forth in clause 12.8;
	 	 	 
	 	“Dilution Option”	has the meaning set forth in clause 12.7;
	 	 	 
	 	“Due Date”	has the meaning set forth in clauses 11.3.3 and 11.4;
	 	 	 
	 	“Effective Date”	if the acquisition is completed by means of (i) a plan of arrangement (as described in the Bid Agreement), then upon the completion of the acquisition of 100% of the outstanding shares of Moto by BidCo (as defined in the Bid Agreement) or (ii) a takeover offer (as described in the Bid Agreement), then upon completion of the acquisition of at least 66 2/3% of the outstanding shares of Moto by BidCo, or such later date as the Parties may agree in writing;
	 	 	 
	 	“Excess”	has the meaning set forth in clause 22.3;
	 	 	 
	 	“Exploitation”	exploitation by Kibali in accordance with the

 

    	 	3	 

     

    

 

	 	 	Exploitation Permit;
	 	 	 
	 	“Exploitation Permit”	the exploitation permits (“Permis d’Exploitation”) entitling Kibali to exploit and mine for Metals in, on and under the Area as set out in Annex 3 to the Kibali JVA;
	 	 	 
	 	“Fair Value”	has the meaning set forth in clause 12.16;
	 	 	 
	 	“Feasibility Study”	the feasibility study undertaken in respect of the Project;
	 	 	 
	 	“Final Notice”	has the meaning set forth in clause 23.9.3;
	 	 	 
	 	“Final Offer”	has the meaning set forth in clause 23.11.3;
	 	 	 
	 	“Final Offer Price”	has the meaning set forth in clause 23.11.2;
	 	 	 
	 	“Financial Year”	the financial year of the Company or Kibali, as the case may be, ending on 31 December of every year;
	 	 	 
	 	“Initial Offer”	has the meaning set forth in clause 23.4.2;
	 	 	 
	 	“Initial Offer Price”	has the meaning set forth in clause 23.4.2;
	 	 	 
	 	“Interest”	has the meaning set forth in clause 23.4;
	 	 	 
	 	“Key Decisions”	has the meaning set forth in clause 13.3;
	 	 	 
	 	“Kibali”	Kibali Mining s.p.r.l., a company registered in the Democratic Republic of the Congo, previously known as Borgakim Mining SPRL, the company that shall carry on the Agreed Business;
	 	 	 
	 	“Kibali Board”	the board of directors (“Conseil d’Administration”)
    of Kibali as constituted from time to time;
	 	 	 
	 	“Kibali Deposit”	all deposits of Metals in the Area, including (but not limited to) the deposits of Metals identified by the Feasibility Study;
	 	 	 
	 	“Kibali JVA”	the Joint Venture Agreement dated 10 March 2009 among Moto, OKIMO, Border Energy Pty Limited and Borgakim Mining SPRL in respect of the establishment and conduct of business by Kibali;
	 	 	 
	 	“Libor”	the London Interbank Offered Rate of interest, nominal annual compounded monthly in arrears,

 

    	 	4	 

     

    

 

	 	 	as quoted by Citibank for deposits in US$, ruling from time to time, as certified by any manager of Citibank, whose certificate shall, in the absence of manifest error, be final and binding on the Parties;
	 	 	 
	 	“Life of Mine Plan”	the Mining Plan and Projected Cash Flow Statement for each Financial Year over the remaining Life of the Mine as prepared during each Financial Year together with the Annual Budget for each of the Project and Kibali;
	 	 	 
	 	“Life of the Mine”	in relation to the Project, the expected term of mining operations and subsequent rehabilitation and remediation activities;
	 	 	 
	 	“Metals”	gold, silver, platinum group metals, and all associated metals, including the ores thereof;
	 	 	 
	 	“Mine”	the mine workings and access thereto to be established in respect of the Exploitation of the Kibali Deposit, including (but not limited to) open pits, underground mine workings and facilities (whether underground or not), machinery, equipment, housing, oxide and/or sulphide plants and tailings dams, transport facilities, and all other facilities relating to and connected with the exploitation by Kibali of the Kibali Deposit;
	 	 	 
	 	“Mining Code”	Law No. 007/2002 of 11 July 2002 relating to the mining code of the Democratic Republic of the Congo, as amended from time to time;
	 	 	 
	 	“Mining Plan”	a time related schedule of tonnages and grade of ore to be extracted from the Mine, together with the proposed sequence of waste removal and ore exposure, the tonnages and grade of ore to be processed by oxide and sulphide plants of the Mine and the tonnages and grades of ore to be stockpiled, as envisaged on an annual basis, from the Mine over the remaining Life of the Mine as included in the Annual Budget and the Life of Mine Plan;
	 	 	 
	 	“Minority Interest”	has the meaning set forth in clause 22.2;
	 	 	 
	 	“Moto”	Moto Goldmines Limited, a company incorporated under the laws of the Province of British Columbia;

 

    	 	5	 

     

    

 

	 	“Non-Defaulting Party”	the Party that is not the Defaulting Party;
	 	 	 
	 	“Non-Material Assets”	has the meaning set forth in clause 3.1;
	 	 	 
	 	“Non-Operating Party”	has the meaning set forth in clause 8.1;
	 	 	 
	 	“Offer”	has the meaning set forth in clause 23.9.1;
	 	 	 
	 	“Offeree”	has the meaning set forth in clause 23.4;
	 	 	 
	 	“OKIMO”	L’Office des Mines d’or de Kilo-Moto, a Congolese public corporation created pursuant to Order-law no. 66-419 of 15 July 1966, registered at the Trade Registry of BUNIA under number NRC022;
	 	 	 
	 	“Operating Costs”	all costs of the Project or Kibali which are treated as operating costs in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board;
	 	 	 
	 	“Operating Party”	has the meaning set forth in clause 8.1;
	 	 	 
	 	“Operator”	the company initially appointed as operator in accordance with clause 17.6, and each person subsequently appointed from time to time to manage Kibali in accordance with the terms of this Agreement;
	 	 	 
	 	“Operator Agreement”	the Operator Agreement to be concluded between the Operator and, if possible, Kibali, substantially in the form attached hereto as Schedule 1;
	 	 	 
	 	“Parties”	AngloGold and RRL, and “Party” shall mean either of them;
	 	 	 
	 	“Percentage Interest”	as of any date, the percentage obtained by dividing the number of shares in the issued share capital of the Company owned by a Party as of such date by the total number of shares issued by the Company to all shareholders as of such date;
	 	 	 
	 	“Programme”	any programme to carry out Exploitation and Development in the Area including, if applicable, a written document setting out reasonable detail of and in connection with:

 

	 	 	(i)	the outline of any and all research, exploration, evaluation, Development, construction, mining and/or other work

 

    	 	6	 

     

    

 

	 	 	 	proposed to be carried out during any Programme; and
	 	 	 	 
	 	 	(ii)	the estimated cost of such work;

 

	 	“Project”	Exploitation, Development, production and marketing of Metals, and generally the operation of the Mine by Kibali;
	 	 	 
	 	“Projected Cash Flow Statement”	a detailed estimate of all revenue receipts and cash expenses (including all Capital Costs as covered by the Capital Budget as well as Operating Costs, applicable taxes and royalties payable under the Mining Code and/or the Kibali JVA) in respect of each of the Project and Kibali for each Financial Year of the Life of Mine Plan;
	 	 	 
	 	“Randgold Group”	RRL and its subsidiaries and Affiliates;
	 	 	 
	 	“RRL”	Randgold Resources Limited, a company registered in Jersey, Channel Islands;
	 	 	 
	 	“Sale Notice”	has the meaning set forth in clause 23.4;
	 	 	 
	 	“Sale Period”	has the meaning set forth in clause 23.8;
	 	 	 
	 	“Seller”	has the meaning set forth in clause 23.4;
	 	 	 
	 	“Selling Party”	has the meaning set forth in clause 22.1;
	 	 	 
	 	“Signature Date”	the date of last signature of this Agreement;
	 	 	 
	 	“Third Party Purchaser”	has the meaning set forth in clause 23.11.5;
	 	 	 
	 	“Unpaid Called Sum”	a Called Sum which remains unpaid by a Party or any other person on its behalf (other than another Party) after the date on which it was due for payment; and
	 	 	 
	 	“Update Notice”	has the meaning set forth in clause 23.9;
	 	 	 
	 	“Valuer”	has the meaning set forth in clause 12.16.3.

 

	2.3	If any provision in a definition is a substantive provision conferring rights or imposing obligations on any Party, notwithstanding that it is only in the definition clause, effect shall be given to it as if it were a substantive provision of this Agreement.
	 	 
	2.4	Any reference to an enactment is to that enactment as at the Signature Date.
	 	 
	2.5	Unless inconsistent with the context, an expression which denotes:

 

    	 	7	 

     

    

 

	 	2.5.1	any gender includes the other genders;
	 	 	 
	 	2.5.2	a natural person includes an artificial person and vice versa;
	 	 	 
	 	2.5.3	the singular includes the plural and vice versa.

 

	2.6	Where any term is defined within the context of any particular clause in this Agreement, the term so defined, unless it is clear from the clause in question that the term so defined has limited application to the relevant clause, shall bear the meaning ascribed to it for all purposes in terms of this Agreement, notwithstanding that that term has not been defined in this interpretation clause.
	 	 
	2.7	The schedules to this Agreement form an integral part hereof and words and expressions defined in this Agreement shall bear, unless the context otherwise requires, the same meaning in such schedules.
	 	 
	3.	INTRODUCTION
	 	 
	 	The Parties:
	 	 
	3.1	are the shareholders of the Company, which in
    turn indirectly holds 70% of the issued share capital of Kibali together with certain other assets (the “Non-Material
    Assets”) as described in the Annual Information Form of Moto dated 20 April 2009;
	 	 
	3.2	wish to co-operate with each other as joint venturers in respect of the Project;
	 	 
	3.3	wish to use the Company as the vehicle in respect of their co-operation; and
	 	 
	3.4	wish to record the terms and conditions of their relationship as shareholders of the Company in writing.
	 	 
	4.	[INTENTIONALLY OMITTED]
	 	 
	5.	EFFECTIVE DATE
	 	 
	 	On the Effective Date:
	 	 
	5.1	the authorised share capital of the Company shall be such number of ordinary shares of US$1.00 (one dollar) each as the Parties may determine;
	 	 
	5.2	the issued share capital of the Company shall consist of such number of ordinary shares of US$1.00 (one dollar) each fully paid up as the Parties may determine and shall be owned by the Parties equally;
	 	 
	5.3	Kibali shall:

 

	 	5.3.1	hold the Exploitation Permit; and
	 	 	 
	 	5.3.2	carry on the Agreed Business; and

 

    	 	8	 

     

    

 

	5.4	The Operator and, if possible, Kibali shall conclude the Operator Agreement agreed and approved by the Parties.
	 	 
	5.5	The Parties shall endeavour to re-constitute the Kibali Board in accordance with clause 8.
	 	 
	6.	THE COMPANY BOARD
	 	 
	6.1	The Company Board shall consist of six directors or such other number as the Parties may agree from time to time.
	 	 
	6.2	The Parties shall be entitled to appoint the directors of the Company pro-rata to their Percentage Interests in the Company from time to time, to remove those directors and to replace those directors who are so removed or who cease for any other reason to be directors of the Company.
	 	 
	6.3	The chairman of the Company Board, who shall also be a director of the Company, shall be appointed by the Operator and pending appointment of the Operator, shall be appointed by RRL.
	 	 
	6.4	Each of the directors of the Company shall be entitled to appoint any other director to act as his proxy in such director’s absence. The appointment as proxy shall be recorded in the minute book of the Company. An alternate director, whilst acting as the proxy of the director who appointed him, shall exercise and discharge all the duties and functions of the director he represents.
	 	 
	6.5	All appointments and removals of directors or proxies shall be by written notice to the Company and to the other shareholders of the Company from the Party by whom such appointment or removal is being effected.
	 	 
	6.6	Company Board meetings shall be held at such times as the directors of the Company may from time to time decide. Any director of the Company shall have the right to convene a Board meeting of the Company at any time upon due notice in accordance with clause 6.7. The directors of the Company may meet together for the dispatch of business, adjourn and otherwise regulate their meetings as they think fit.
	 	 
	6.7	Ten Business Days notice (exclusive of the day of receipt) at least shall be given of each Company Board meeting unless all directors agree to a shorter period of notice. The secretary for the time being of the Company shall send such notice together with an agenda for each meeting to all the directors of the Company. The secretary shall also circulate minutes of each Company Board meeting to all the directors of the Company within a reasonable period after the date of each such meeting.
	 	 
	6.8	The Parties shall procure that a majority of directors on the Company Board and use reasonable endeavours to procure that a majority of directors on the Kibali Board at any given time are not residents of the Republic of South Africa.

 

    	 	9	 

     

    

 

	7.	COMPANY BOARD MEETINGS
	 	 
	7.1	Subject to clause 7.6, a quorum for all Company Board meetings shall be four, provided that two directors (or their alternates) appointed by each of AngloGold and RRL shall be present at the commencement of and throughout the meeting. Resolutions of the Company Board shall be considered and passed subject to clause 13.
	 	 
	7.2	The chairman of the Company Board shall not have a second or casting vote.
	 	 
	7.3	The provisions of 7.1 and 7.2 shall apply, mutatis mutandis, to any round robin or written resolution of the directors of the Company. Any round robin or written resolution shall be valid only if signed by the directors having a majority of all the votes which may be cast at a meeting of the Company Board.
	 	 
	7.4	There shall be at least two meetings of the Company Board each year, and all meetings of the Company Board, subject to clause 7.5 or unless the Parties shall agree otherwise, shall be held in such place as the Company Board shall from time to time determine.
	 	 
	7.5	Meetings of the Company Board and of all committees of the Company Board may be held by means of such telephone, electronic or other communication facility as permits all persons participating in the meeting to communicate with each other simultaneously and instantaneously.
	 	 
	7.6	If, within ten minutes from the time appointed for a meeting of the Company Board, a quorum is not present, the meeting shall stand adjourned until the same day at the same time in the next week (or, if that day is not a Business Day, then the next Business Day). If at the adjourned meeting a quorum is not present within ten minutes of the time appointed for the holding of that adjourned meeting, the directors present at such adjourned meeting shall constitute a quorum. The only business which shall be transacted at any adjourned meeting as envisaged in terms of this clause 7.6 shall be the business in respect of which the original meeting shall have been convened.
	 	 
	8.	THE KIBALI BOARD AND EXECUTIVE COMMITTEE
	 	 
	8.1	The Parties acknowledge that under the terms
    of the Kibali JVA, the Company is entitled to appoint three directors to the Kibali Board, to remove those directors and to
    replace those directors who are so removed and who cease for any reason to be directors of the Kibali Board. For as long as
    the Company is only entitled to appoint three directors to the Kibali Board, two such directors shall be nominees of the Party
    that is the Operator or an Affiliate of the Operator (the “Operating Party”) and one such director shall
    be a nominee of the other Party (the “Non-Operating Party”).
	 	 
	8.2	The Parties further acknowledge that under the terms of the Kibali JVA, the executive committee posts of General Manager/Chief Executive Officer (“Directeur Général”), Chief Financial Officer (“Directeur Financier”) and Chief Operating Officer (“Directeur de /‘Exploitation”) shall be filled by persons recommended by the Company, which persons shall be full-time employees of Kibali. The Parties agree that the posts of General Manager/Chief Executive Officer (“Directeur Général”), the Chief Operating Officer (“Directeur de I’Exploitation”) and the Chief Financial Officer (“Directeur Financier”) of

 

    	 	10	 

     

    

 

	 	Kibali shall be recommended by the Operating Party subject to the approval of the Kibali Board. AngloGold shall have the right to request that the Chief Financial Officer (“Directeur Financier”) of Kibali be removed if it considers it necessary (acting reasonably) and within a reasonable period of such request the Company shall procure that the Chief Financial Officer (“Directeur Financier”) is so removed.
	 	 
	8.3	The Parties further agree that if the Company is at any time entitled to appoint more than three directors to the Kibali Board, the fourth director appointed to the Kibali Board shall be proposed by the Non-Operating Party, the fifth director appointed to the Kibali Board shall be proposed by the Operating Party and any additional directors appointed to the Kibali Board shall be proposed by the Non-Operating Party and the Operating Party, alternating for each additional director.
	 	 
	8.3A	The Parties further agree that if the Company is at any time entitled to recommend nominees to fill more than three executive committee posts, the Operating Party shall recommend nominees to fill such additional executive posts subject to the approval of the Kibali Board.
	 	 
	8.4	Each director on the Kibali Board appointed by the Company shall vote at all meetings of the Kibali Board and assent to any written resolutions of the Kibali Board in accordance with the instructions of the Company Board.
	 	 
	9.	SHAREHOLDERS’ MEETINGS
	 	 
	9.1	Subject to clause 9.4, a quorum at meetings of the shareholders of the Company shall be the duly authorized representative (whose authority shall be in writing) or proxy appointed by a shareholder (whose appointment and authority shall be in writing), present at the commencement of and throughout the meeting. Notwithstanding anything to the contrary contained in the Articles of Association of the Company, a proxy shall be entitled to speak at any meeting and to vote on a show of hands.
	 	 
	9.2	There shall be at least one shareholders’ meeting during the course of each Financial Year.
	 	 
	9.3	Resolutions of the shareholders shall be considered and passed subject to clause 13.
	 	 
	9.4	If, within ten minutes from the time appointed for a shareholders’ meeting, a quorum is not present, the meeting shall stand adjourned until the same day at the same time in the next week (or, if that day is not a Business Day, then the next Business Day). If at the adjourned meeting a quorum is not present within ten minutes of the time appointed for the holding of that adjourned meeting and if the shareholders, whose absence prevented the obtaining of a quorum at the original meeting are again not present, the shareholder or shareholders present at such adjourned meeting shall constitute a quorum. In all other circumstances, a new meeting shall be convened. The only business which shall be transacted at any adjourned meeting as envisaged in terms of this clause 9.4 shall be the business in respect of which the original meeting shall have been convened.

 

    	 	11	 

     

    

 

	10.	BUSINESS OF THE COMPANY
	 	 
	10.1	The Parties shall procure that:

 

	 	10.1.1	the only business conducted by the Company and Kibali shall be the Agreed Business;
	 	 	 
	 	10.1.2	the Company Board and the directors of the Kibali Board appointed by the Company shall be acquainted with the contents of this Agreement and shall give effect thereto; and
	 	 	 
	 	10.1.3	the Agreed Business shall be conducted in accordance with sound and good business practice and the highest ethical standards.

 

	10.2	As soon as possible after the Effective Date, the Company Board shall determine how to deal with the Non-Material Assets.
	 	 
	11.	FUNDING OF THE COMPANY
	 	 
	11.1	The obligation of the Parties in respect of the future funding (including, but not limited to, Operating Costs, Capital Costs and other costs) of the Company, Kibali and/or the Project shall be pro-rata in proportion to their respective Percentage Interests in the Company at the time any such future funding is required.
	 	 
	11.2	The Parties acknowledge that, in accordance with the Kibali JVA, Kibali will be funded by the Company via intercompany loans.
	 	 
	11.3	Based upon the Annual Budget approved by the Company Board and any Approved Programme, the Operator shall submit, on or before the tenth day of each month to each Party a current cash estimate for the next ensuing month for Kibali, which cash estimate must be in accordance with policies, procedures and Instructions approved by the Company Board and must show:

 

	 	11.3.1	separately the estimated cash disbursements which the Operator will be required to make during the relevant month for (i) Capital Costs and (ii) Operating Costs;
	 	 	 
	 	11.3.2	the extent, if any, to which such disbursements will be satisfied by cash on hand after allowing for any cash balance predicted to be on hand at the end of the previous month; and
	 	 	 
	 	11.3.3	the share of such amounts which each Party will be required to pay to the Company, to then be advanced by the Operator from the Company, directly or indirectly, to Kibali (collectively, a “Called Sum”), and the date or dates on which the Operator requires the same to be paid to the Company (the “Due Date”).

 

	11.4	The Operator may from time to time, by not less than five Business Days’ notice to each Party, call upon the Parties to make payment to the Company, pro-rata in proportion to their respective Percentage Interests in the Company, of any other expenditure of the Company in relation to Kibali for which no provision is made in the Annual Budget

 

    	 	12	 

     

    

 

approved by the Company Board or any Approved Programme
to enable the Company to meet any cost or other liability relating to the Project, the payment of which is authorised in accordance
with this Agreement; provided, however, that the aggregate of any such expenditures in any given Financial Year
shall not exceed US$ 5 million without the prior approval of the Company Board. Each Party must pay to the Company, to then be
advanced by the Operator from the Company, directly or indirectly, to Kibali, the amounts payable by it pursuant to this clause
11.4 by the date or dates (the “Due Date”) specified by the Operator (which must be not less than five Business
Days after the date of the notice), and each such amount will also constitute a “Called Sum” for the purposes
of this Agreement.

 

		11.5	The Parties agree that any Called Sums paid to the Company may be funded by way of non-interest bearing shareholder loan or
by way of equity contribution, in the sole discretion of the Party providing such funding to the Company. All shareholder loans
provided by the Parties shall rank pari passu unless otherwise agreed by the Parties in writing.

 

		11.6	Without limiting any other express provision of this Agreement, each Party will bear all costs incurred by it in representing
its own interests in respect of the Company.

 

		12.	DEFAULT

 

		12.1	Subject to the provisions of this clause 12, each Called Sum remaining
                                         unpaid on the date (the “Default Date”) which is five Business Days
                                         after the Due Date, together with the amounts prescribed in clause 12.2, will:

 

		12.1.1	constitute a debt due and payable to the Company by the
                                         Party obligated to pay that Unpaid Called Sum (the “Defaulting Party”);
                                         and

 

		12.1.2	be recoverable by the Company or by the Operator for the benefit of the Company (without prejudice to any other means of enforcement
available to the Company or the Operator) in any court of competent jurisdiction.

 

		12.2	Where an Unpaid Called Sum remains unpaid by a Defaulting Party on and after the relevant Default Date under clause 12.1, the
total amount due and payable by the Defaulting Party will also include interest payable to the Company calculated on the Unpaid
Called Sum at Libor plus 4% from the Due Date up to and including the date upon which the Called Sum is paid under clause 12.3
or until the default in payment is remedied, such interest to be calculated on a daily basis and compounded calendar monthly (“Called
Sum Interest”).

 

		12.3	When a Party defaults in the payment of a Called Sum and the default remains unremedied on or after the Default Date, the Operator
shall promptly give notice of the default to the Chief Financial Officer of the Defaulting Party. The Non-Defaulting Party must,
within 30 days after the Default Date pay the Unpaid Called Sum to the Company. Should the Unpaid Called Sum remain unpaid 20 days
after the Default Date in respect of a Called Sum, the Operator will provide a further final notice of the default to the Chief
Financial Officer of the Defaulting Party on such date.

 

    	 	13	 

     

    

 

		12.4	Any amount paid by a Non-Defaulting Party in accordance with clause 12.3, together with interest on that amount, constitutes
a debt due and payable to that Non-Defaulting Party by the Defaulting Party and, without prejudice to any other means of recovery
available to the Non-Defaulting Party, may be recovered in any court of competent jurisdiction.

 

		12.5	For the purposes of clause 12.4, interest will be calculated at Libor plus 4% from the date on which a Non-Defaulting Party
makes payment in accordance with clause 12.3 up to and including the date on which the default in respect of such Unpaid Called
Sum is remedied, such interest to be calculated on a daily basis and compounded calendar monthly.

 

		12.6	For the avoidance of doubt, where all or part of a default in the payment of a Called Sum remains unremedied for 30 days after
the Default Date, the Non-Defaulting Party can exercise the Dilution Option (in accordance with clause 12.7).

 

		12.7	If, at the end of the period of 30 days after the Default Date
                                         in respect of a Called Sum, a default by the Defaulting Party in the payment of the whole
                                         or any part of an Unpaid Called Sum remains unremedied, the Non-Defaulting Party will,
                                         in addition to any other remedies which may be available to it, have the option to elect,
                                         in accordance with this clause 12.7, that the Percentage Interest of the Defaulting Party
                                         in the Company be reduced (in accordance with the mechanism set forth in clause 12.11)
                                         by an amount determined by reference to the Non-Defaulting Party’s Percentage Interest
                                         in the Company in accordance with this clause 12.7 (the “Dilution Option”).
                                         For the avoidance of doubt, the Dilution Option will apply by reference to the Fair Value
                                         of the Percentage Interest in the Company of the Defaulting Party, as determined in accordance
                                         with clause 12.16. If the Non-Defaulting Party exercises the Dilution Option In accordance
                                         with this clause 12.7, any debt due and payable to the Non-Defaulting Party or to the
                                         Company by the Defaulting Party shall be immediately discharged and no longer due and
                                         payable.

 

		12.8	The Dilution Option may only be exercised during the period of
                                         30 days commencing on the date that is 30 days after the relevant Default Date by notice
                                         given to the Defaulting Party and the Operator (a “Dilution Notice”).

 

		12.9	If a Non-Defaulting Party gives a Dilution Notice under clause 12.8, the Percentage Interest of the Defaulting Party in the
Company will be reduced in accordance with clause 12.10 on the Dilution Date, irrespective of whether the relevant default or defaults
by the Defaulting Party have been remedied after the giving of that notice.

 

		12.10	If the Non-Defaulting Party gives a Dilution Notice under clause
                                         12.8, then, with effect on and from the final day of the month in which the latest possible
                                         Dilution Notice may be given in respect of the relevant Unpaid Called Sum (the
                                         “Dilution Date”), the Defaulting Party’s Percentage Interest
                                         in the Company will, subject to clause 12.13 through clause 12.15, be reduced to a Percentage
                                         Interest determined in accordance with the following formula:

 

 

    	 	14	 

     

    

 

where:

 

		E	is the Defaulting Party’s Percentage Interest in the Company immediately after the reduction;

 

		F	is the Defaulting Party’s Percentage Interest in the Company immediately before the reduction
(disregarding for purposes of this variable (i) all Unpaid Called Sums in respect of which the Dilution Notice has been issued
and any subsequent Called Sums which, as at the Dilution Date, are due and payable by the Defaulting Party, and (ii) all corresponding
Called Sums paid or, as at the Dilution Date, due and payable by the Non-Defaulting Party);

 

		G	is the Fair Value of the Defaulting Party’s shares in and claims against the Company immediately
before the reduction (disregarding for purposes of this variable (i) all Unpaid Called Sums in respect of which the Dilution Notice
has been Issued and any subsequent Called Sums which, as at the Dilution Date, are due and payable by the Defaulting Party, and
(ii) all corresponding Called Sums paid or, as at the Dilution Date, due and payable by the Non-Defaulting Party); and

 

		H	is the total of all Unpaid Called Sums in respect of which the Dilution Notice has been issued and any subsequent Called Sums
which, as at the Dilution Date, are due and payable by the Defaulting Party, along with all associated Called Sum Interest.

 

		12.11	Subject to clause 12.13 through clause 12.15, on the Dilution Date, the Parties shall cause (and shall take all actions required
to cause, including approving an increase in the authorized share capital of the Company if necessary) the Company to issue such
number of additional shares of the Company (for an amount equal to their aggregate nominal value and rounded up to the nearest
whole number of shares) to the Non-Defaulting Party as causes the Percentage Interest of the Non-Defaulting Party that has exercised
the Dilution Option to be increased by an amount equal to the amount that the Percentage Interest of the Defaulting Party is reduced,
as determined by the formula set forth in clause 12.10.

 

		12.12	The Parties acknowledge that, notwithstanding any other provision of this clause 12, the shareholding in the Company of the
Defaulting Party may only be reduced in accordance with clause 12.7 through clause 12.11 if the Defaulting Party was the recipient
of the original call or request for payment from the Operator in respect of the relevant Called Sum.

 

		12.13	Where dilution is to occur pursuant to clause 12.7 through clause 12.12, the Called Sums which would have been payable by the
Defaulting Party, and all other amounts which were included in the determination of variable “H” in the application
of clause 12.10, will, save to the extent already paid pursuant to clause 12.3, be payable to the Company by the Non-Defaulting
Party that has exercised the Dilution Option, such payment to be effected on or within three Business Days following the Dilution
Date.

 

		12.14	For the avoidance of doubt, any increase in the Percentage Interest of a Non-Defaulting Party pursuant to clause 12.11, and
the corresponding reduction in the Percentage

 

    	 	15	 

     

    

 

Interest of the Defaulting Party, is only effective
upon satisfaction by the Non-Defaulting Party of the payment obligations set out in clause 12.13.

 

		12.15	Subject to clause 12.13, effective from a Dilution Date, the obligations of a Party to pay Called Sums falling due after such
Dilution Date will be measured by reference to its Percentage Interest as increased or reduced on that Dilution Date.

 

		12.16	Where a determination of the fair value in respect of a Party’s
                                         interest in the Company is required (a “Fair Value”), the following
                                         provisions will apply:

 

		12.16.1	Each Party will, within ten Business Days, determine (A) its own valuation of the Company (being the value of the assets of
the Company net of all liabilities of the Company other than shareholder loans provided to the Company by the Parties) based on
the Life of Mine Plan, excluding any Unpaid Called Sums and (B) its estimate of each Party’s Fair Value. Fair Value will
be determined as the sum of (Y) each Party’s equity interest in the Company (determined by the value of the Company, as described
in sub-clause (A) above, less all shareholder loans provided to the Company by the Parties and multiplied by the relevant Party’s
Percentage Interest) and (Z) all shareholder loans provided to the Company by the relevant Party.

 

		12.16.2	Each Party will provide its own estimate of the Fair Value to the other Party at the end of this
ten Business Day period. If the two valuations are within 10% of each other, the “Fair Value” shall be the arithmetic
mean of the two valuations.

 

		12.16.3	If either Party’s estimate of Fair Value is 110%
                                         or greater of the other Party’s valuation, the Parties shall promptly jointly appoint
                                         an independent, appropriately qualified independent valuer (who shall be a “suitably
                                         qualified and experienced independent expert” for the purposes of the recommendations
                                         for the consistent implementation of the European Commission’s Regulation on Prospectuses
                                         no 809/2004 published by the Committee of European Securities Regulators and who, in
                                         any event, shall be appropriately qualified from both a technical and a financial standpoint)
                                         for the purposes of making the determination of Fair Value (a “Valuer”).

 

		12.16.4	If the Parties cannot agree on a Valuer, either may request the President of the Institute of Chartered Accountants in England
and Wales to nominate one Valuer and must use all reasonable endeavours to procure the nomination and appointment of the Valuer
within 30 days of making the request to the President of the Institute of Chartered Accountants in England and Wales.

 

		12.16.5	For purposes of clause 12.10, the Fair Value will be determined as at immediately before the reduction as described in the
definition of “G”, and, for purposes of clause 22.3, the Fair Value will be determined as at the first day of the month
following the appointment of the Valuer.

 

		12.16.6	In determining his valuation the Fair Value, the Valuer:

 

		12.16.6.1	may consult with the Parties, which will provide the Valuer with all the information he may reasonably require;

 

    	 	16	 

     

    

 

		12.16.6.2	may consult with experts on the market for gold and the mineral products to be or being produced by the Parties and who are
engaged in making price forecasts on a regular basis, and may also consult other experts as he thinks fit;

 

		12.16.6.3	will be entitled to rely in good faith upon the opinions of any experts or other persons so consulted;

 

		12.16.6.4	will value the Company based solely on the basis of a discounted cash flow analysis based on (i) the Life of Mine Plan most
recently approved by the Company Board and the Kibali Board; (ii) the simple arithmetic average of gold price forecasts, as stated
in US$ per ounce terms for each calendar year of the Life of Mine Plan, as most recently published, prior to the date the Fair
Value is to be determined, by internationally recognised gold analyst firms that cover senior producing gold companies and that
provide forecast gold prices, for the first three years including the year that the Fair Value is determined, as well as a real
long term gold price forecast. (For the avoidance of doubt, the Parties will each select 10 gold analyst firms for the purposes
of determining the simple arithmetic average from these 20 gold price forecasts and determine such arithmetic average by using
the gold price forecasts presented or translated on consistent, i.e. real or nominal, monetary terms and the long term gold price
forecast shall be deemed effective for all years subsequent to the third year gold price forecast published by each gold analyst
firm); (iii) a real discount rate of 5 per cent; and (iv) valuation principles established by the Joint Ore Reserves Committee
(JORC);

 

		12.16.6.5	must make his determination independently and without consultation with any other valuer (other than any expert referred to
in clause 12.16.6.2); and

 

		12.16.6.6	will act as an expert and not as an arbitrator,

 

		12.16.7	The determination of the Valuer, and the resultant determination of the Fair Value, will be final and binding on the Parties.

 

		12.16.8	The Parties will instruct the Valuer to complete his valuation within 30 days of the date of his appointment, and to deliver
a copy of the valuation to each Party by no later than the end of that 30 day period.

 

		12.16.9	The fees and expenses of the Valuer will be borne equally by the Parties.

 

		13.	CONSENSUS MATTERS

 

		13.1	The Parties shall procure that, subject to 13.2, no decision may be taken or done by or in connection
with the Company or Kibali without the unanimous consent of the Parties.

 

		13.2	If either Party’s Percentage is 45% or less:

 

    	 	17	 

     

    

 

		13.2.1	any action of the Company in respect of any matter that is not a Key Decision shall be decided by majority vote of the Company
Board; and

 

		13.2.2	no Key Decision may be taken or done by or in connection with the Company or Kibali without the unanimous consent of the Parties,
which consent can be provided in writing or at a meeting of the Parties.

 

		13.3	The Parties shall procure that none
                                         of the following actions may be taken or done by or in connection with the Company or
                                         Kibali without the unanimous consent of the Parties, which consent can be provided in
                                         writing or at a meeting of the Parties (“Key Decisions”):

 

		13.3.1	any sale or disposal or encumbrance or hypothecation in any manner whatsoever of any of the Company’s
or Kibali’s assets (subject to the provisions of the Kibali JVA), otherwise than in the ordinary course of business, in excess
of a transaction value of US$2 million in respect of any one transaction, and in excess of an aggregate transaction value of US$5
million in any Financial Year;

 

		13.3.2	any alteration or variation in the statutes of the Company or Kibali;

 

		13.3.3	any change to the share capital structure of the Company or Kibali;

 

		13.3.4	any change in the issued share capital of the Company or Kibali (except in the circumstances provided in clauses 12.11-12.15,
in which case such consent shall be deemed to have been given);

 

		13.3.5	the formation or acquisition of any subsidiaries of the Company or Kibali;

 

		13.3.6	the entering into any agreement, the making of any offer or the granting of any right capable of becoming an agreement to allot
or issue any shares of the Company or Kibali or the issue of any securities convertible into shares or debentures of the Company
or Kibali or the issue of any warrants or options with respect to shares of the Company or Kibali;

 

		13.3.7	the borrowing of any money (other than from the Company’s or Kibali’s bankers in the
ordinary course of the Company’s or Kibali’s business, respectively) in excess of US$2 million in respect of any one
borrowing, and in excess of US$5 million in the aggregate in any Financial Year;

 

		13.3.8	the giving of any security (other than by operation of law) on the assets of the Company or Kibali, except for the purpose
of securing any indebtedness incurred by the Company or Kibali, respectively, to its bankers in the ordinary course of its business;

 

		13.3.9	the incurring of capital expenses which, in the aggregate, are in excess of US$5 million in any Financial Year;

 

		13.3.10	the giving of any guarantee or indemnity to secure the liabilities or obligations of any person (other than a subsidiary of
Kibali);

 

    	 	18	 

     

    

 

		13.3.11	the taking of any steps to wind up or terminate the corporate existence of the Company or Kibali or to place it under judicial
management (whether provisionally or finally);

 

		13.3.12	the sale, lease, exchange or disposal of the entire undertaking or assets of the Company or Kibali or any substantial part
thereof;

 

		13.3.13	the entering into of any lease or licence, or agreement for, or in the nature of, a lease or licence as lessor or licensor,
as the case may be, the aggregate value of which shall be in excess of US$5 million;

 

		13.3.14	the entering into of a partnership or of any arrangement for the sharing of profits, union of interests, joint venture or reciprocal
concession with any person;

 

		13.3.15	any change in the identity of the bankers or auditors of the Company or Kibali;

 

		13.3.16	any change in the year-end and/or the registered office of the Company or Kibali;

 

		13.3.17	the entering into of any amalgamation, merger or consolidation with any other body corporate;

 

		13.3.18	the amendment of the dividend policy of the Company or Kibali;

 

		13.3.19	the approval of the Annual Budget, the Approved Programme, the Capital Budget and/or the Life of Mine Plan, and/or any material
deviation therefrom;

 

		13.3.20	the entering into of any contract by the Company or Kibali relating to the refining of gold, the treatment of gold ore, gold
doré or any similar off-take contract or agreement;

 

		13.3.21	the entering into of any contract by the Company or Kibali outside the ordinary course of the business of the Company or Kibali,
respectively;

 

		13.3.22	subject to clause 17.3 through clause 17.4, the appointment, removal or termination of the Operator;

 

		13.3.23	the appointment and removal of the appointees of the Company to the Kibali Board;

 

		13.3.24	the appointment by Kibali of the Chief Executive Officer, Chief Operating Officer or Chief Financial Officer of Kibali;

 

		13.3.25	the conclusion and/or amendment of any agreement, other than the Operator Agreement; and

 

		13.3.26	any further and/or other matter as shall be agreed between the Parties in writing from time to time.

 

    	 	19	 

     

    

 

		13.4	The Parties acknowledge that, under the terms of section 19 of the Kibali JVA, in the event that OKIMO wishes to sell all or
any part of its shares in Kibali, Moto has a preemptive right to purchase such shares. The Parties agree that in the event such
preemptiv-e right is triggered they will promptly meet to determine whether the Company, through Moto, should exercise such preemptive
right, and if they agree to exercise such right, shall take all necessary steps to acquire such shares.

 

		14.	BANKERS, AUDITORS, REGISTERED OFFICE AND YEAR END OF
THE COMPANY

 

The Parties shall procure that the Financial Year
end of the Company shall be the last day of December in each year and the Company Board shall determine the bankers and Auditors
of the Company.

 

		15.	ACCOUNTING POLICY

 

The Parties will procure that:

 

		15.1	the Company and Kibali shall adopt consistent and, as far as possible, uniform policies in the preparation of their statutory
annual accounts based on sound and generally accepted accounting principles and practice in their jurisdiction of incorporation
and on the basis of international accounting standards;

 

		15.2	the Company and Kibali operate on a sound commercial basis designed
                                         to generate the maximum achievable and maintainable profits available for distribution.

 

		16.	VOTING SUPPORT

 

The Parties mutually undertake each in favour of the
other to exercise their respective voting rights in the Company to implement, observe, maintain and support the provisions of this
Agreement.

 

		17.	ADMINISTRATION OF THE COMPANY

 

		17.1	Subject always to the overriding control of the Company Board and the Kibali Board, the business and affairs of the Company
and, to the extent possible, Kibali will be administered by the Operator, on the basis of and in accordance with the provisions
of the Operator Agreement. The Parties acknowledge that the Kibali JVA does not currently contemplate Kibali being managed by an
operator, but agree that they will propose through the Kibali Board that Kibali enter into the Operator Agreement or an agreement
on substantially similar terms with the Operator to ensure that the Project will be developed in the most efficient manner.

 

		17.2	In carrying out its administration duties, the Operator shall ensure and procure that at all times:

 

		17.2.1	it will comply with the provisions of this Agreement (including the Operator Agreement included as Schedule 1 to this Agreement);

 

    	 	20	 

     

    

 

		17.2.2	the Company complies with the provisions of this Agreement and (through its subsidiaries) with the provisions of the Kibali
JVA and with any resolution of the Company Board and/or shareholders’ resolutions properly passed;

 

		17.2.3	the Company and Kibali shall comply with their statutory obligations (including obligations in favour of all and any relevant
revenue authorities) as well as any other material obligation to any person and, without derogating from the provisions hereof,
that the Company and Kibali cause their books to be audited and comply with all the provisions of the laws of Jersey and the Democratic
Republic of the Congo; and

 

		17.2.4	the business and affairs of the Company and Kibali are carried on in a prudent, efficient, diligent and conservative manner,
which includes sound corporate governance.

 

		17.3	If the Percentage Interest of the Party that is the Operator is 45% or less, the other Party shall have the right to immediately
become the Operator without compensation to the then existing Operator.

 

		17.4	If:

 

		17.4.1	there is a Change of Control of a Party, or if applicable an Affiliate of a Party, pursuant to clause 23.17A in either case
that is the then current Operator; or

 

		17.4.2	the Operator ceases to be controlled by AngloGold or RRL (as the context requires) pursuant to clause 23.17A,

 

then the Non-Operating Party (or one of its Affiliates)
shall have the right to immediately become the Operator without compensation to the then existing Operator.

 

		17.5	If a Party that is the Operator sells, disposes of, alienates or transfers its shares in the Company subject to the provisions
of clause 23, the other Party shall have the right to immediately become the Operator without compensation to the then existing
Operator.

 

		17.6	The initial Operator shall be RRL or an Affiliate of RRL.

 

		17.7	Upon any change of the Operator, the Parties agree that this Agreement shall continue in full force and effect.

 

		18.	ANNUAL BUDGET

 

The Parties acknowledge that the Annual Budget as
it applies to Kibali must be prepared in compliance with the timetable and other requirements of the Kibali JVA. In accordance
with clause 13.1, the approval of the Annual Budget, the Approved Programme, the Capital Budget, the Life of Mine Plan and any
material deviation therefrom, requires the unanimous consent of the Parties. In the event that the Annual Budget, the Approved
Programme, the Capital Budget, the Life of Mine Plan or any material deviation therefrom are not approved by the Parties within
30 days of first being presented to the Parties for approval, then a deadlock shall be declared and the Parties shall resolve the
deadlock in accordance with clause 30.

 

    	 	21	 

     

    

  

		19.	[INTENTIONALLY OMITTED]

 

		20.	[INTENTIONALLY OMITTED]

 

		21.	EMPLOYEES

 

The Parties shall meet as soon as possible after the
Signature Date to discuss and finalise the staffing requirements of Kibali, and shall give due consideration to the employment
by Kibali of such employees of Moto who are currently seconded to Kibali.

 

		22.	CALL OPTION

 

		22.1	In the event that the Percentage Interest of either Party is 35%
                                         or less as a result of failure to fund one or more Called Sums and the resulting exercise
                                         of the Dilution Option by the Non-Defaulting Party, such Party (the “Selling
                                         Party”) hereby irrevocably grants to the other Party (the “Acquiring
                                         Party”) the right to acquire and to require the Selling Party to sell to the
                                         Acquiring Party all but not less than all of the shares in and claims against the Company
                                         owned by the Selling Party for cash (the “Call Option”).

 

		22.2	The Call Option may be exercised by the Acquiring Party by providing written notice to the Selling Party and the Operator at
any time in the 30 day period beginning on the date on which the Selling Party’s Percentage Interest was 35% or less. Upon
receipt of such written notice, the Selling Party shall be obligated to sell all of its shares in and claims against the Company
(the “Minority Interest”) to the Acquiring Party as promptly as practicable.

 

		22.3	The purchase price for the Minority Interest shall be its Fair Value, as determined in accordance with clause 12.16 (however,
if RRL is the Selling Party, it may only receive (without approval of its shareholders) such amount of the purchase price which
is less than 25% of the market capitalisation of RRL at the time the Call Option is exercised. If the purchase price is above 24.9%
of such market capitalisation (the amount of such purchase price in excess of 24.9% being the “Excess”), then
RRL may only receive the Excess following approval of its shareholders (if required)).

 

		23.	PRE-EMPTIVE RIGHTS

 

		23.1	Either Party shall have the absolute right to sell or otherwise dispose of or alienate or transfer its shares in and claims
against the Company provided that such sale, disposal, alienation or transfer is conducted in accordance with the provisions of
this clause 23.

 

		23.2	In connection with any potential sale, disposal, alienation or transfer of its shares in or claims against the Company, either
Party shall have the right to provide confidential information about the Company, Kibali and the Project to any potential third
party acquiror or transferee provided that such third party acquiror or transferee enters into an appropriate confidentiality agreement
with the Company on no less restrictive terms than as provided in the form annexed hereto as Schedule 2.

 

		23.3	Neither Party shall be entitled to dispose of any of its shares in the Company unless it shall, in one and the same transaction
dispose of all of its shares in and all of its claims (in the form of shareholder loans) against the Company.

 

    	 	22	 

     

    

  

		23.4	If either of the Parties (the “Seller”) intends to sell or otherwise dispose of or alienate or transfer
its shares in and its claims against the Company (the “Interest”), the Seller shall in good faith approach and
deliver to the other Party (the “Offeree”) a written notice (the “Sale Notice”) stating:

 

		23.4.1	such intention to dispose of its Interest; and

 

		23.4.2	that it is willing to sell the Interest to the Offeree for consideration wholly in cash at the price (the “Initial
Offer Price”) specified in the Sale Notice (the “Initial Offer”).

 

		23.5	The Initial Offer Price shall be determined by the Seller, acting reasonably and in good faith in anticipation of the value
it anticipates to realise for the Interest and based on the most recently approved Life of Mine Plan and the Seller’s view,
in its sole discretion, of the potential upside of the Project, the gold price and economic parameters.

 

		23.6	The Offeree may, at any time within 30 days following the receipt of the Sale Notice, irrevocably accept the Initial Offer
contained in the Sale Notice in full and not in part only by giving written notice to that effect to the Seller, but subject to
obtaining all necessary regulatory or third party approvals or consents. The Seller and the Offeree shall, within a period to be
mutually agreed between the Seller and the Offeree acting reasonably, following the irrevocable acceptance by the Offeree of the
Initial Offer, and in any event as promptly as practicable, complete the purchase and sale of the Interest for the cash consideration
specified in the Sale Notice, which completion shall include the delivery of the Interest by the Seller to the Offeree together
with a share transfer form and an assignment (if applicable) of the loan accounts, duly signed by the Seller as transferor and
assignor and left blank as to transferee and assignee, against payment of the purchase price in an amount equal to the cash consideration
specified in the Sale Notice in the form of cleared funds received in the Seller’s bank accounts. Such period may be extended
by mutual agreement of the Parties, acting reasonably, in the event of unforeseen circumstances. The Offeree shall undertake all
commercially reasonable endeavours to obtain all necessary regulatory or third party approvals or consents as specified in its
acceptance of the Initial Offer as promptly as practicable.

 

		23.7	During the 30 day period referred to in clause 23.6 the Initial Offer shall be irrevocable. The Offeree shall not be entitled
to withdraw its acceptance of the Initial Offer following its acceptance thereof, but the obligation to complete the purchase of
the Interest shall be subject to obtaining all necessary regulatory or third party approvals or consents within the period as agreed
between the Seller and the Offeree in accordance with clause 23.6.

 

		23.8	If the Offeree rejects or does not accept the Initial Offer in full within 30 days of the receipt of the Sale Notice, or if
the Offeree fails to complete the purchase of the Interest within the period mutually agreed between the Seller and the Offeree
following the irrevocable acceptance by the Offeree of the Initial Offer, as referred to in clause 23.6 (other than in the event
of unforeseen circumstances, in which case the Parties may mutually agree, acting reasonably, to extend the period as per clause
23.6), the Seller shall be entitled to seek offers to acquire the Interest at any time in the 180 day period commencing on the
date that Offeree rejects the Initial Offer (the “Sale Period”) from any third party acquiror.

 

    	 	23	 

     

    

  

		23.9	If the Seller elects to sell the Interest in the Sale Period, it shall, no later than the 180th day of the Sale Period, deliver
to the Offeree a written notice (the “Update Notice”) stating:

 

		23.9.1	that the Seller has received one or more irrevocable cash offers (which offers may be subject only to obtaining all necessary
regulatory or third party approvals or consents and financing) from one or more unidentified third party acquirors for the Interest
(each, an “Offer”). An Offer shall include an irrevocable undertaking by the third party acquiror that it shall
as a condition of the acquisition execute a Deed of Adherence confirming that such third party acquiror will be bound by this Agreement
as a Party;

 

		23.9.2	the cash purchase price range for the Interest, setting out the cash value of each Offer received (the “Cash Purchase
Price Range”), and

 

		23.9.3	the date (which shall be 30 days from the date of the Update Notice) on which it will deliver to the Offeree a written notice
confirming its final acceptance of an Offer subject to clause 23.11 (the “Final Notice”).

 

		23.10	The Seller shall be required to revise any Update Notice between the date of serving such initial Update Notice to the Offeree
and the date of providing the Final Notice to the Offeree should there be any revision in the Cash Purchase Price Range.

 

		23.11	The Seller shall be entitled to deliver the Final Notice to the Offeree at any time within the Sale Period, provided that an
Update Notice has been delivered to the Offeree at least 30 days prior to the delivery of the Final Notice. The Final Notice shall
state:

 

		23.11.1	that the Seller has received an Offer including the irrevocable undertaking in relation to the Deed of Adherence referred to
in clause 23.9.1;

 

		23.11.2	the cash purchase price for the Interest in the Offer (the “Final Offer Price”);

 

		23.11.3	that the Seller is willing to sell the Interest to the Offeree, for consideration wholly in cash at the Final Offer Price (the
“Final Offer”);

 

		23.11.4	that the Offer is fully financed or such funding is fully guaranteed, subject only to receipt of all necessary regulatory or
third party approvals and consents, which may include shareholder approval, all approvals required within the Democratic Republic
of the Congo for the acquisition of the Interest and other regulatory approvals (to be obtained within the period referred in to
in clause 23.14) and the Offeree rejecting the Final Offer; and

 

		23.11.5	the name of the third party whose Offer has been accepted
                                         subject to clause 23.11.4 (the “Third Party Purchaser”).

 

		23.12	The Offeree may, at any time within 10 Business Days following the receipt of the Final Notice, irrevocably accept the Final
Offer contained in the Final Notice in full and not in part only by giving written notice to that effect to the Seller, but subject
to obtaining all necessary regulatory or third party approvals or consents. The Seller and the Offeree shall, within a period to
be mutually agreed between the Seller and the Offeree acting

 

    	 	24	 

     

    

  

reasonably following the irrevocable acceptance by
the Offeree of the Final Offer and in any event as promptly as practicable, complete the purchase and sale of the Interest for
the consideration specified in the Final Notice, which completion shall include the delivery of the Interest by the Seller to the
Offeree together with a share transfer form and an assignment (if applicable) of the loan accounts, duly signed by the Seller as
transferor and assignor and left blank as to transferee and assignee, against payment by the Offeree of the purchase price in an
amount equal to the cash consideration specified in the Final Notice in the form of cleared funds received in the Seller’s
bank accounts. Such period may be extended by mutual agreement of the Parties, acting reasonably, in the event of unforeseen circumstances.
The Offeree shall undertake all commercially reasonable endeavours to obtain all necessary regulatory or third party approvals
and consents as specified in its acceptance of the Final Offer as promptly as practicable.

 

		23.13	During the 10 Business Day period referred to in clause 23.12
                                         the Final Offer shall be irrevocable. The Offeree shall not be entitled to withdraw its
                                         acceptance of the Final Offer following its acceptance thereof, but the obligation to
                                         complete the purchase of the Interest shall be subject to obtaining all necessary regulatory
                                         or third party approvals or consents within the period as agreed between the Seller and
                                         the Offeree in accordance with clause 23.12. If the Offeree accepts the Final Offer but
                                         does not complete the purchase of the Interest within the period as agreed between the
                                         Seller and the Offeree in accordance with clause 23.12 (other than in the event of unforeseen
                                         circumstances, in which case the Parties may mutually agree, acting reasonably, to extend
                                         the period as per clause 23.12), then the Seller shall be entitled to sell the Interest
                                         to a third party acquiror for a cash consideration without further recourse to the Offeree
                                         under the provisions of this clause 23.

 

		23.14	If the Offeree rejects or does not accept the Final Offer in full within the 10 Business Day period referred to in clause 23.12,
the Seller shall be entitled to sell the Interest to the Third Party Purchaser. The Seller and the Third Party Purchaser shall,
within a period to be mutually agreed between the Seller, the Third Party Purchaser and the Offeree acting reasonably, following
the rejection by the Offeree of the Final Notice and in any event as promptly as practicable, complete the purchase by the Third
Party Purchaser, and sale by the Offeree, of the Interest for the consideration specified in the Final Notice, which completion
shall include the delivery of the Interest by the Seller to the Third Party Purchaser together with a share transfer form and an
assignment (if applicable) of the loan accounts, duly signed by the Seller as transferor and assignor and left blank as to transferee
and assignee, against payment by the Third Party Purchaser of the purchase price in an amount equal to the cash consideration specified
in the Final Notice in the form of cleared funds received in the Seller’s bank accounts and delivery of the Deed of Adherence
to the Offeree. Such period may be extended by mutual agreement of the Parties, acting reasonably, in the event of unforeseen circumstances.
The Third Party Purchaser and the Seller shall undertake all commercially reasonable endeavours to obtain all necessary regulatory
and third party approvals or consents as specified in its Final Offer per clause 23.11.4 as promptly as practicable.

 

		23.15	If the Third Party Purchaser fails to complete the purchase of the Interest within the period mutually agreed between the Seller,
the Third Party Purchaser and the Offeree acting reasonably as referred to in clause 23.14 (other than in the event of unforeseen

 

    	 	25	 

     

    

  

circumstances, in which case the Parties may mutually
agree, acting reasonably, to extend the period), the sale process set out in this clause 23 shall be terminated.

 

		23.16	The Offeree agrees, and the Parties agree that they shall procure the Company, the Operator and, to the extent possible, Kibali,
to fully cooperate with, and shall not disrupt or act in any way to adversely influence, any sale process initiated by the Seller
in accordance with the terms of this clause 23. The Parties further agree that the sale process will be conducted in good faith
and in a manner that will minimize site visits to the Project and disruption to the normal business of Kibali.

 

		23.17	Notwithstanding the other provisions of this clause 23, any member of the AngloGold Group or of the Randgold Group shall be
entitled freely and without complying with the provisions of this clause 23 to transfer its shares in or claims against the Company
to any other member of the AngloGold Group or the Randgold Group, as the case may be and any transferee shall similarly be entitled
to transfer such shares in and claims against the Company to any other member of the AngloGold Group or the Randgold Group, as
the case may be; provided that:

 

		23.17.1	any such transferee shall as a condition of the transfer execute a Deed of Adherence confirming that such transferee will be
bound by this Agreement as a Party;

 

		23.17.2	should any transferee cease to be a member at any time of the AngloGold Group or the Randgold Group, as the case may be, then
prior to such cessation, such transferee shall be obliged, and RRL and AngloGold, as the case may be, shall procure that such transferee
transfers the shares in and claims against the Company to another company which is then a member of the AngloGold Group or the
Randgold Group, as the case may be; and

 

		23.17.3	RRL and AngloGold, as the case may be, guarantee the due and proper performance by any such transferee of its obligations in
terms of this Agreement.

 

		23.17A	Clauses 23.17.2 and 23.18 shall not apply (and any guarantee given pursuant to clause 23.17.3 shall cease to apply) if, at
the time the relevant transferee and its subsidiaries (the “Transferee Group”) cease to be members of the AngloGold
Group or the Randgold Group, as the case may be:

 

		23.17A.1	an undertaking or guarantee in relation to the AngloGold Group’s or Randgold Group’s payment obligations under
this Agreement is provided on terms reasonably satisfactory to AngloGold or RRL (as the case may be) by the ultimate parent undertaking
of the Transferee Group;

 

		23.17A.2	the net asset value of the Company and its subsidiaries does not constitute more than 50 per cent. of the net asset value of
the Transferee Group; and

 

		23.17A.3	the ultimate parent undertaking of the Transferee Group is or will be listed on a recognised stock exchange other than the
main market of

 

    	 	26	 

     

    

 

the London Stock Exchange, the
Transferee Group has provided AngloGold or RRL, as the case may be, at its reasonable request, and in all other circumstances in
which the Transferee Group will cease to be members of the AngloGold Group or Randgold Group, as the case may be, the Transferee
Group has provided AngloGold or RRL, as the case may be, with a working capital report from an internationally recognised firm
of accountants which states that the Transferee Group will be able to meet all of its payment obligations as contemplated by the
then current budget of Kibali or its subsidiaries for at least a two year period from the date of such proposed transfer. The provisions
of this clause 23.17A.3 do not apply where the ultimate parent undertaking of the Transferee Group is or will be listed on the
main market of the London Stock Exchange.

 

If this clause 23.17A applies in relation to a transfer
under clause 23.17 (i) by a member of the AngloGold Group; or (ii) by a member of the Randgold Group, references in this agreement
to AngloGold or RRL, as the case may be, shall be read as references to the ultimate parent undertaking of the Company following
such transfer.

 

		23.18	No Party shall intentionally avoid its obligations under this clause 23 by (i) transferring its shares in or claims against
the Company to one or more Affiliates and then transferring all or part of its Interest in such Affiliate or Affiliates to a third
party or (ii) indirectly transferring its shares in or claims against the Company by selling, transferring or otherwise disposing
of entities that have a beneficial interest in the shares in or claims against the Company.

 

		24.	BOOKS AND ACCOUNTS

 

The Parties shall each be entitled to examine the
separate books and accounts kept by the Company and Kibali and to be supplied with all relevant information, including, without
limiting the generality of the foregoing, monthly management accounts and operating statistics and such other trading and financial
information in such form as they may reasonably require, to keep each of them properly informed about the business of the Company
and any subsidiary of the Company and generally to protect their interests. In addition, upon five Business Days’ notice,
the Company shall provide to any Party such specific financial information concerning the Company, Kibali and the Project to the
extent reasonably required in connection with the accounting or tax filing obligations of any Party.

 

		25.	COSTS

 

The Parties shall each bear their own costs incidental
to the negotiation and preparation of this Agreement.

 

		26.	RELATIONSHIP OF THE PARTIES

 

The relationship of the Parties shall be governed
by the terms of this agreement and nothing contained herein shall be deemed to constitute a partnership, or the like between them
and neither shall they by reason of the actions of any one of them incur

 

    	 	27	 

     

    

  

any personal liability as co-partners to any third
party and neither of them shall be entitled or authorised to represent or hold out to any third party that the relationship between
them is that of a partnership, or the like as aforesaid.

 

		27.	NOTICES

 

		27.1	A notice or other communication under or in connection with this Agreement shall be:

 

		27.1.1	in writing;

 

		27.1.2	in the English language; and

 

		27.1.3	delivered personally or sent by first class post pre-paid recorded delivery (and air mail if overseas) or by email to the Party
due to receive the notice to the address or email address (as applicable) set out in or clause 27.3 or to an alternative address
or email address (as applicable) notified to the other Party in accordance with this clause 27 by that Party, such notification
having been received by the other Party not less than seven days before the notice was dispatched.

 

		27.2	Unless there is evidence that it was received earlier, a notice is deemed given if:

 

		27.2.1	delivered personally, when left at the address referred to in clause 27.3;

 

		27.2.2	sent by mail, except air mail, two Business Days after posting it;

 

		27.2.3	sent by air mail, six Business Days after posting it; and

 

		27.2.4	sent by email, 48 hours after being sent.

 

		27.3	The address referred to in clause 27.1.3, other than in respect of notice pursuant to clause 12.3, is:

 

	 	Name of

party	 	Address	 	Email address	 	Marked for the

attention of
	 	 	 	 	 	 	 	 
	 	AngloGold	 	
        76 Jeppe Street

Newtown

Johannesburg,

2001

South Africa
	 	
        LEatwell@

        AngloGoldAshanti.com
	 	The Company Secretary
	 	 	 	 	 	 	 	 
	 	RRL	 	La Motte

Chambers

La Motte Street

St. Helier

Jersey JE1 1BJ

Channel Islands	 	
        dhaddon@

        randgoldresources.com
	 	The Company Secretary

 

		27.4	The address referred to in clause 27.1.3 in respect of notice pursuant to clause 12.3 is:

 

    	 	28	 

     

    

  

	 	Name of

party	 	Address	 	Email address	 	Marked for the

attention of
	 	 	 	 	 	 	 	 
	 	AngloGold	 	
        76 Jeppe Street

Newtown

Johannesburg,

2001

        South Africa
	 	
        SVenkat@

        AngloGoldAshanti.com
	 	Srinivasan Venkat
	 	 	 	 	 	 	 	 
	 	RRL	 	La Motte

Chambers

La Motte Street

St. Helier

Jersey JE1 1BJ

Channel Islands	 	
        SGhuttleworth@

        randgoldresources.com
	 	
        Graham

        Shuttleworth

 

		28.	GOVERNING LAW

 

This Agreement and the relationship
between the Parties shall be governed by, and interpreted in accordance with, English law. Any non-contractual obligations arising
out of or in connection with this Agreement are governed by English law.

 

		29.	CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999

 

A person who is not a party to
this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Agreement.

 

		30.	DISPUTE RESOLUTION

 

		30.1	Any dispute or deadlock between the parties in regard to:

 

		30.1.1	the interpretation of;

 

		30.1.2	the effect of;

 

		30.1.3	the Parties’ respective rights and obligations under;

 

		30.1.4	a breach of; or

 

		30.1.5	any matter arising out of

 

		30.1.6	this Agreement shall be referred to the Chief Executive Officers of each Party. The Chief Executive Officers shall meet (in
person or by teleconference) as soon as possible and in any event within ten Business Days after referral of the dispute to them,
and shall use their respective reasonable endeavours to resolve the dispute or deadlock.

 

		30.2	If an amicable resolution is not reached between the Chief Executive Officers at such meeting (or at subsequent meetings if
agreed between both Chief Executive Officers), then as quickly as possible and in any event within 30 days after such meeting,
the

 

    	 	29	 

     

    

  

Company Board shall select an independent expert to
review and make a final determination of the dispute or deadlock.

 

		30.3	The expert shall be selected unanimously by all of the directors in accordance with the following guidelines: if the matter
in dispute substantially or predominately concerns (w) a technical issue, then the Company Board shall in good faith attempt to
appoint as expert an appropriate independent mining or technical consultant reasonably satisfactory to the directors, (x) a legal
issue, then the Company Board shall in good faith attempt to appoint as expert an independent lawyer or law firm reasonably satisfactory
to the directors, (y) a financial issue, then the Company Board shall in good faith attempt to appoint as expert a financial advisor
or investment bank satisfactory to the directors, and (z) an accounting issue, then the Company Board shall in good faith attempt
to appoint as expert an accounting firm or advisor satisfactory to the directors, in each case to act in relation to such dispute
or deadlock and to render a decision in respect thereof. If the matter in dispute substantially or predominately concerns more
than one issue listed in the immediately preceding sentence or other issues, then the Company Board shall in good faith attempt
to appoint an expert with sufficient expertise to render a decision with respect to such matter. If the directors are unable to
unanimously select an expert in accordance with the forgoing within such 30 day period, then the Company Board shall make a formal
submission under the Rules of Arbitration of the International Chamber of Commerce to appoint a single arbitrator who shall be
appointed to select an expert to resolve the matter in dispute or deadlock.

 

		30.4	Any decision of the expert shall be final and binding on the Parties.

 

		30.5	The expert may take such advice and assistance from professional advisers or other third parties as he or she reasonably considers
appropriate to enable him or her to reach a determination. The costs of any adviser(s) shall be borne by the Parties equally.

 

		30.6	The costs of the expert shall be borne by the Parties equally.

 

		30.7	Judgment on the decision of the expert may be entered in any court having jurisdiction thereof or having jurisdiction over
the Parties or their assets. The Parties further undertake to carry out without delay the provisions of any decision of the expert.

 

		30.8	If the decision of the expert requires a Party to provide additional funding to the Company and that Party does not wish to
or is not able to provide such funding, then the other Party shall be entitled to trigger the Dilution Option within a period ending
30 days after the date on which the expert provides his decision in respect of the dispute or deadlock to the Parties. Dilution
will be based on the proportion that the amount of additional funding required as determined by the expert bears to the Fair Value
as defined and determined in in accordance with clause 12.16.

 

		31.	CONFIDENTIALITY

 

		31.1	Each Party shall treat as strictly confidential all information received or obtained as a result of entering into or performing
this Agreement which relates to:

 

		31.1.1	the provisions of this Agreement;

 

    	 	30	 

     

    

  

		31.1.2	the negotiations relating to this Agreement;

 

		31.1.3	the subject matter of this Agreement; and/or

 

		31.1.4	the other Party.

 

		31.2	Either of the Parties may disclose information which would otherwise be confidential if and to the extent:

 

		31.2.1	required by law;

 

		31.2.2	required by any securities exchange or regulatory or governmental body to which such Party is subject, wherever situated, whether
or not the requirement for information has the force of law;

 

		31.2.3	required to vest the full benefit of this Agreement in each of the Parties;

 

		31.2.4	disclosed to the professional advisors, auditors and bankers of each of the Parties;

 

		31.2.5	the information has come into the public domain through no fault of any of the Parties;

 

		31.2.6	as permitted by clause 23.2 of this Agreement; or

 

		31.2.7	the other Party has given prior written approval to the disclosure, such approval not to be unreasonably withheld or delayed.

 

		32.	GENERAL

 

		32.1	This document constitutes the sole record of the agreement between the Parties in regard to the subject matter thereof.

 

		32.2	Neither Party shall be bound by any express or implied term, representation, warranty, promise or the like, not recorded herein.

 

		32.3	No addition to, variation or consensual cancellation of this Agreement shall be of any force or effect unless in writing and
signed by or on behalf of all the Parties.

 

		32.4	No indulgence which either of the Parties (“the grantor”) may grant to any other of them (“the grantee”)
shall constitute a waiver of any of the rights of the grantor, who shall not thereby be precluded from exercising any rights against
the grantee which might have arisen in the past or which might arise in the future.

 

		32.5	The Parties undertake at all times to do all such things, to perform all such acts and to take all such steps and to procure
the doing of all such things, the performance of all such actions and the taking of all such steps as may be open to them and necessary
for or incidental to the putting into effect or maintenance of the terms, conditions and import of this Agreement.

 

    	 	31	 

     

    

  

		32.6	This Agreement may be executed in any number of counterparts, each of which when executed and delivered is an original and
all of which together evidence the same agreement.

 

		33.	SEVERABILITY

 

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

 

    	 	32	 

     

    

  

	EXECUTED by the Parties as
    of July       , 2009:	 	 
	 	 	 
	Signed by	 	)
	for and on behalf of	 	)
	ANGLOGOLD ASHANTI LIMITED:	 	)
	 	 	 	 
	Dated:	 	 	 
	 	 	 	 
	Signed by	 	)
	for and on behalf of	 	)
	RANDGOLD RESOURCES LIMITED:	 	)
	 	 	 
	Dated:	 	 	 

 

    	 	33	 

     

    

  

Schedule 2

Minimum Form Confidentiality Agreement

 

PRIVATE & CONFIDENTIAL

 

[Insert date]

 

PARTIES

 

		(1)	[•], a company incorporated in accordance with the laws of
                                         [•] under registration number [•] (the “Recipient”);

 

		(2)	[•], a company incorporated in accordance with the laws of
                                         [Jersey] under registration number [•] (the “Disclosing Party”);

 

		(3)	[•], a company incorporated in accordance with the laws of
                                         [•] under registration number [•] (the “Selling Shareholder”).

 

Hereinafter each defined as “Party”
or collectively as “Parties” or “the Parties”

 

BACKGROUND

 

The Disclosing Party wishes to disclose to the Recipient Confidential
Information in relation to the Transaction. The Disclosing Party wishes to ensure that the Recipient maintains the confidentiality
of its Confidential Information. In consideration of the benefits to the Recipient of the disclosure of the Confidential Information,
the Recipient has agreed to comply with the following terms in connection with the use and disclosure of Confidential Information.

 

AGREED TERMS

 

		1.	DEFINITIONS AND INTERPRETATION

 

The definitions and rules of interpretation in this
clause apply in this agreement.

 

“Affiliate” means any person, partnership,
joint venture, company or other form of enterprise which directly or indirectly controls, or is controlled by, or is under common
control with, a party;

 

“Agents” means
in relation to the Parties, their respective directors, officers, employees, professional and financial advisers, and subsidiaries
and directors, officers, employees and professional and financial advisers and other representatives of such subsidiaries;

 

“Confidential Information”
means such information as pertains to the Disclosing Party or its Affiliates and is the property of the Disclosing Party and its
Affiliates, and includes (without limitation):

 

		(i)	information of whatever nature relating to the Transaction or the Disclosing Party or its Affiliates, which the Recipient or
any of its Agents obtain, whether in writing, in disk or electronic form, orally or pursuant to visits to premises and in

 

    	 	34	 

     

    

  

any form or medium in which such information may be
recorded or kept, as received from the Disclosing Party or any of its Affiliates or any of their Agents;

 

		(ii)	notes, analyses, compilations, studies and other documents prepared by the Recipient or any of its Affiliates or any of their
respective Agents which contain or otherwise reflect any such information of whatever nature relating to the Transaction or the
Disclosing Party, as applicable; and

 

		(iii)	the existence and contents of this agreement and the existence and contents of the discussions between the Parties or any member
of their respective organisations, in relation to the Transaction.

 

The obligations set out in the following paragraphs
do not apply to Confidential Information:

 

		(i)	which was otherwise available in the public domain at the time of the disclosure thereof by the
Disclosing Party, any of its Affiliates or any of their respective Agents; and/or

 

		(ii)	which after disclosure comes into the public domain, otherwise than by reason of a breach of this
undertaking; and/or

 

		(iii)	which was in the possession of the Recipient, its Affiliates or their respective Agents, prior
to the date hereof, in circumstances in which such Recipient is not bound by or subject to any duties of confidentiality which
would prohibit the use by such Recipient of such Confidential Information for the purposes outlined in paragraph 2.1.1; and/or

 

		(iv)	which is disclosed or provided to the Recipient, its Affiliates or their respective Agents by a
third party which, to the knowledge of such Recipient, after due inquiry, is not prohibited from disclosing such Confidential Information
in terms of any confidentiality agreement with the Disclosing Party or in terms of any fiduciary or other duty of confidentiality
owed to any member of the Disclosing Party, any member of any Affiliate to the Disclosing Party or any of their respective Agents;
and/or

 

		(v)	which is Independently developed by the Recipient, its Affiliates or their respective Agents without
reference to Confidential Information furnished to such Recipient;

 

“Control” means possession, directly
or indirectly, of the power to direct or cause direction of management and policies through ownership of voting securities, contract,
voting trust or otherwise;

 

“Recipient Group” means
the Recipient and its Affiliates;

 

the “Transaction”
means the possible acquisition of the Selling Shareholder’s shares in and claims against the Disclosing Party by the Recipient
or by the Recipient and one or more third parties; and

 

    	 	35	 

     

    

  

“subsidiary” means any person, partnership,
joint venture, company or other form of enterprise which is directly or indirectly controlled by a Party.

 

		2.	OBLIGATIONS OF CONFIDENTIALITY

 

		2.1	In consideration for the Disclosing Party making available Confidential Information to the Recipient, or (in accordance with
paragraph 7) to any of its Agents, the Recipient undertakes in favour of the Selling Shareholder, the Disclosing Party and its
Affiliates that it and its Agents will:

 

		2.1.1	use the Confidential Information only for the purpose of evaluating the Transaction and without prejudice to the generality
of the foregoing will not use any Confidential Information so as to procure a commercial advantage over the Disclosing Party or
any of its Affiliates;

 

		2.1.2	treat and safeguard as private and confidential all Confidential Information received at any time
pursuant to this agreement by the Recipient or such Agents (as the case may be);

 

		2.2	not at any time during the term of this agreement, without the prior written consent of the Disclosing Party:

 

		2.2.1	disclose or reveal the Confidential Information to any person or other party whatsoever, other than such of the Recipient’s
Agents as are required in the course of their duties to receive and consider the same for the purpose of the Transaction, all of
whom the Recipient undertakes to inform of the confidential nature of the Confidential Information;

 

		2.2.2	disclose to any person either the fact that discussions or negotiations are taking place between the parties or any of the
terms, conditions or other facts with respect to the Transaction including the status thereof; and/or

 

		2.2.3	permit or procure any other person to act on or use any of the Confidential Information other than as contemplated herein;

 

		2.3	procure that if disclosure of Confidential Information is made (in accordance with this agreement) to any third party (including,
without limitation, the Recipient’s Agents), such party agrees to be bound by the obligations of the Recipient under this
agreement as if it were party hereto.

 

		3.	RETURN OF INFORMATION

 

		3.1	The Recipient undertakes in favour of the Selling Shareholder and the Disclosing Party (for itself and on behalf of its Affiliates
and their Agents) with regard to Confidential Information, as follows:

 

		3.1.1	promptly on written demand by the Disclosing Party, the Recipient will procure that it and/or its Agents will either:

 

    	 	36	 

     

    

  

		3.1.2	return to the Disclosing Party all Confidential Information, in written or printed form, as well as all copies or reproductions
of such documents; and/or

 

		3.1.3	destroy or cause to be destroyed all Confidential Information including any copies or reproductions of same and other documents
containing or reflecting or generated from any Confidential Information, provided, however, that this paragraph 3.1 shall not apply
to the extent that the Recipient or any person to whom the information has been passed is required to retain any such Confidential
Information by any applicable law, rule or regulation or by any competent judicial, governmental, supervisory or regulatory body.

 

		3.2	If the negotiations related to the Transaction are terminated, the Recipient and/or its Affiliates and their Agents shall take
all reasonable efforts to expunge all Confidential Information including any copies or reproductions of same and other documents
containing or reflecting or generated from any Confidential Information from any computer, word processor or other device containing
such Confidential Information provided, however, that this paragraph 3.2 shall not apply to the extent that the Recipient or any
person to whom the information has been passed is required to retain any such Confidential Information by any applicable law, rule
or regulation or by any competent judicial, governmental, supervisory or regulatory body.

 

		3.3	If required by the Selling Shareholder or the Disclosing Party, the Recipient will confirm in writing to the Selling Shareholder
and the Disclosing Party that the Recipient and/or its Affiliates and their Agents, have complied with the provisions of this paragraph
3.

 

		3.4	The return of Confidential Information by the Recipient and/or its Affiliates and their Agents to the Disclosing Party shall
not release the Recipient from its obligations under this agreement.

 

		3.5	The Recipient acknowledges that it is aware that certain documents comprising Confidential Information contain confidentiality
clauses. If such documents are made available to the Recipient for the purpose of considering the Transaction, then the Recipient
undertakes to the Selling Shareholder and the Disclosing Party to use all reasonable endeavours not to undertake any act which
would result in the Disclosing Party and/or its Affiliates being in breach of such confidentiality clauses (other than the use
of such information for the purposes referred to in this agreement and the disclosure of it to other persons in accordance with
this agreement).

 

		4.	AUTHORISED CONTACTS

 

		4.1	The Recipient undertakes that it and its Agents will not directly or indirectly (unless the Disclosing Party has given prior
written consent) approach, initiate, engage or have any contact of any kind with:

 

		4.1.1	any officer, employee, director, shareholder, consultant, adviser, bank, supplier, customer or sub contractors of the Disclosing
Party or any of its Affiliates, in any case in connection with the Transaction or the Confidential Information; or

 

    	 	37	 

     

    

  

		4.1.2	any person at the operations or properties owned or occupied by the Disclosing Party or any of its Affiliates without the prior
written consent of, and subject to the terms and conditions as specified by, the Disclosing Party; or

 

		4.1.3	any other person in circumstances that are likely to give rise to knowledge that the Transaction is being contemplated.

 

		4.2	All requests by the Recipient for Confidential Information from the Disclosing Party or general enquiries relating to the Transaction
should be made to [•] (or to such other persons as the Disclosing Party may nominate from time to time) and to no other person.

 

		5.	NON-SOLICITATION

 

The Recipient agrees that without
the prior written consent of the Disclosing Party, neither it nor any of its Affiliates will for a period of one year from the
date on which the discussions and/or negotiations between the parties in respect of and/or in connection with the Transaction shall
have finally terminated, directly or indirectly solicit for employment any person who is employed by the Disclosing Party or any
of its Affiliates or in respect of and/or in connection with such transaction, as of the date hereof or at any time hereafter and
prior to the termination of discussions between the parties with respect to the Transaction; provided, however, that the term “solicit
for employment” shall not be deemed to include general solicitations of employment not specifically directed toward employees
of the Disclosing Party or any of its Affiliates.

 

		6.	PERMITTED DISCLOSURE

 

		6.1	Nothing in this agreement shall prohibit disclosure to the extent that such disclosure is compelled by law, rule or regulation,
including by way of example and not by way of limitation, any rules or other requirements of any relevant stock exchange or of
any government department or agency or other relevant regulatory requirements or by any order of a court of competent jurisdiction.

 

		6.2	If the Recipient determines that, by reason of any of the matters referred to in paragraph 6.1, it is or may be required to
make any announcement or other disclosure as to any matter within the scope of this agreement, it will use its reasonable endeavours
promptly to give written notice to the Selling Shareholder and the Disclosing Party of the information the Recipient proposes to
disclose (being the minimum amount of information consistent with satisfying the Recipient Party’s obligations), with a view
to the Selling Shareholder and the Disclosing Party consenting, to the extent practicable, to the timing and content of such announcement
or disclosure.

 

		6.3	If the Recipient determines that, by reason of any of the matters referred to in paragraph 6.1, it is or may be required (by
deposition, interrogatories, requests for information or documents in legal proceedings, subpoenas, civil investigative demand
or other similar process) to disclose any Confidential Information, the Recipient agrees that it shall provide the Selling Shareholder
and the Disclosing Party with prompt written notice of such request or requirement in order to afford the Selling Shareholder and
the Disclosing Party a reasonable opportunity either to seek an appropriate remedy to prevent such disclosure, to take steps to
resist or narrow the scope of such disclosure or to waive compliance, in whole or in part, with the provisions of this agreement.
In the event that such protective order or other remedy is not obtained, or that the Selling Shareholder and the Disclosing Party
waive compliance, in whole or in part, with the terms of this agreement, the Recipient or its Agents, as the case may be, will:

 

    	 	38	 

     

    

  

		6.3.1	disclose only that portion of the Confidential Information which the Recipient is advised by written opinion of outside counsel,
that it is legally required to disclose; and

 

		6.3.2	use its reasonable endeavours to ensure that all Confidential Information so disclosed will be accorded confidential treatment.

 

		6.4	The Recipient shall take such steps as the Selling Shareholder and the Disclosing Party may reasonably require for the purpose
contemplated by paragraphs 6.2 and 6.3, provided that nothing in this paragraph 6 shall prevent the Recipient from making such
disclosure if notice has been given and the Recipient has taken all such steps as aforesaid, but the Selling Shareholder or the
Disclosing Party is incapable of preventing or has failed to prevent such disclosure or (as the case may be) refused to waive such
compliance and the Recipient or its Agents is or are still so compelled to make disclosure. Nothing contained herein shall obligate
the Recipient, in attempting to comply with the aforesaid provisions of this paragraph 6, to assume any risk of sanction, penalty
or other loss of any sort as determined in the reasonable opinion of its counsel.

 

		7.	ACCURACY OF INFORMATION

 

Except as set forth in a definitive agreement in respect
of the Transaction, neither the Selling Shareholder, the Disclosing Party, nor any of their respective Affiliates, nor their Agents
make any representation or warranty as to the accuracy or completeness of the Confidential Information as provided by the Disclosing
Party, its Affiliates or their Agents to the Recipient (and, in particular, makes no representation or warranty as to the achievement
or reasonableness of any management estimates, prospects or forecasts which may form part of such Confidential Information) and
the Disclosing Party shall have no obligation to update or correct any inaccuracies in any Confidential Information which may be
provided to the Recipient, and the Recipient irrevocably and unconditionally agrees that neither the Selling Shareholder, the Disclosing
Party, nor any of their respective Affiliates, nor their Agents shall have any liability to the Recipient, its Affiliates or their
Agents resulting from the use of such Confidential Information and waives any right to rescission and/or to claim damages for any
misrepresentation contained herein or therein unless made fraudulently. The Recipient moreover acknowledges and agrees that nothing
contained in such Confidential Information constitutes or shall be construed as constituting any representation or warranty by
the Selling Shareholder, the Disclosing Party and/or their respective Affiliates or their respective Agents as to the accuracy
or completeness thereof or any statement or other matter contained therein.

 

		8.	RESERVATION OF RIGHTS AND ACKNOWLEDGEMENT

 

The Recipient acknowledges and agrees that:

 

    	 	39	 

     

    

  

		8.1	the Selling Shareholder, the Disclosing Party and their respective Affiliates would be irreparably harmed by a breach of any
of the provisions of this agreement;

 

		8.2	damages alone would not be an adequate remedy for any such breach;

 

		8.3	the Selling Shareholder and the Disclosing Party shall be entitled to the remedies of injunction, specific performance and
other equitable relief for any threatened or actual breach of the provisions of this agreement by the Recipient, its Affiliates
or their Agents, without prejudice to any of their respective rights to claim damages arising hereunder or in law;

 

		8.4	each of its obligations under this agreement is severable and distinct and to the extent that any
particular provision is held to be unenforceable all the remaining provisions shall continue to apply;

 

		8.5	access to the Confidential Information is granted to the Recipient, its Affiliates or their Agents without waiver of confidentiality
and/or legal professional privilege and/or common interest privilege which attaches to any of the Confidential Information and
that neither the Recipient, nor its Affiliates, nor their Agents shall, at any time, assign or compromise privilege or confidentiality
in relation to the Confidential Information in any way; and

 

		8.6	its obligations under this agreement shall continue in accordance with the terms hereof notwithstanding any decision which
it may take to terminate the discussions or negotiations related to the Transaction as referred to in this agreement.

 

		9.	AFFILIATES AND AGENTS

 

The Recipient will ensure that its Affiliates and
their Agents (whether an individual, body corporate or adviser) to whom any Confidential Information is disclosed is aware of and
adheres to the terms of this agreement as if he, she or it were a party hereto. The Recipient shall be responsible for any breach
of any of the terms of this agreement by the Recipient or by any of its Affiliates and their Agents. The Recipient shall procure
that its Affiliates and their Agents comply with its obligations hereunder and any action by any of them shall be treated as the
Recipient’s action for the purposes of this agreement.

 

		10.	NO WAIVER

 

Any failure by the Selling Shareholder or the Disclosing
Party to exercise any rights, power or privilege hereunder shall not constitute a waiver hereunder, nor shall any single or partial
exercise thereof preclude any further exercise of any right, power or privilege.

 

		11.	DURATION

 

Unless otherwise stated, all the obligations of the
Recipient, its Affiliates and Agents, in terms of this agreement shall terminate eighteen (18) months from the date on which the
discussions and/or negotiations between the parties in respect of and/or in connection with the Transaction shall have finally
terminated.

 

    	 	40	 

     

    

  

		12.	GOVERNING LAW AND SUBMISSION TO JURISDICTION

 

		12.1	This agreement shall be governed by and construed in accordance with the laws of England and Wales. The parties hereby agree
to the exclusive jurisdiction of the courts of England and Wales, which shall have jurisdiction to settle any disputes which may
arise out of or in connection with the agreement.

 

		12.2	The Disclosing Party irrevocably appoints [•] as its agent for service of process in England and Wales and irrevocably
consents to service of process on such person at such address.

 

		12.3	The Selling Shareholder irrevocably appoints [•] as its agent for service of process in England and Wales and irrevocably
consents to service of process on such person at such address.

 

		12.4	The Recipient irrevocably appoints [•] as its agent for service of process in England and Wales and irrevocably consents
to service of process on such person at such address.

 

		13.	COSTS

 

Each party will be responsible for its respective
professional and other costs incurred in relation to the Transaction.

 

		14.	GENERAL

 

		14.1	The Recipient represents to the Selling Shareholder and the Disclosing Party that:

 

		14.1.1	it is authorised to enter into and perform its obligations under this agreement; and

 

		14.1.2	this agreement is enforceable against it in accordance with its terms.

 

		14.2	Except as provided in this clause and other than by Affiliates of the Selling Shareholder or the Disclosing Party, no term
of this agreement is enforceable under the Contracts (Rights of Third Parties) Act 1999.

 

		14.3	This agreement is personal to each party and may not be assigned or transferred to any third party without the other party’s
prior written consent.

 

		14.4	This agreement constitutes the entire agreement and understanding
                                         of the parties in respect of the subject matter of this agreement and supersedes all
                                         prior and written agreements, understandings and arrangements between the parties relating
                                         to the subject matter of this letter. Nothing in this paragraph operates to limit or
                                         exclude any liability for fraud.

 

		14.5	This agreement and the supply of Confidential Information does not constitute an offer to sell, dispose, alienate or transfer
its shares in, or claims against, the Disclosing Party to the Recipient and does not impose an obligation on either party to continue
discussions or negotiations in connection with the Transaction.

 

    	 	41	 

     

    

  

		14.6	This agreement may be executed in any number of counterparts, and each of the executed counterparts, when duly exchanged or
delivered, shall be deemed to be an original, but, taken together, they shall constitute one instrument.

 

	Dated	We agree to the above terms.
	 	 
	 	For and on behalf of [•] [Recipient] 
	 	Title:
	 	 
	Witness: 1.	Witness: 2.
	 	 
	Dated	We agree to the above terms.
	 	 
	 	For and on behalf of [•] [Disclosing Party] 
	 	Title:
	 	 
	Witness: 1.	Witness: 2.
	 	 
	Dated	We agree to the above terms.
	 	 
	 	For and on behalf of [•] [Selling Shareholder] 
	 	Title:
	 	 
	Witness: 1.	Witness: 2.

 

    	 	42	 

     

    

  

Schedule 3

Form of Deed of Adherence

 

TO:    [Non-transferring Party at address specified in clause
27]

 

This Deed of Adherence (this “Deed”) relates to
the Joint Venture Agreement dated July •, 2009 between AngloGold Ashanti Limited and Randgold Resources Limited (the “Agreement”)
and is entered into pursuant to clause 23 of the Agreement. Terms defined in the Agreement shall have the same meanings in this
Deed unless the context otherwise requires.

 

[Name of Third Party Purchaser or AngloGold Group/Randgold Group
transferee] (the “Transferee”) hereby:

 

		1)	confirms that it has received a copy of the Agreement together with such other documents and information as it has
                                                          requested in connection with the transfer to it of (a) the Interest by the Seller (in the case of a transfer to a Third
                                                          Party                                                           Purchaser), or (b) the shares in or claims against the
                                                          Company                                                           (in the case of a transfer to a member of the AngloGold
                                                          Group                                                           or
                                                          Randgold Group);

 

		2)	agrees to become a party to the Agreement and be bound by, and perform all obligations under, the Agreement in substitution
for the transferring Party from the date of this Deed; and

 

		3)	confirms that its details for notice in clause 27 are as follows:

 

[to be inserted]

 

This Deed shall be governed by, and interpreted in accordance
with, English law.

 

	Dated:	 	 	 
	 	 	 	 
	Executed and unconditionally	 	)
	Delivered as a deed by	 	)
	 	 	)
	 	 	)
	 	 	 	)
	 	 	 	 
	[Insert Transferee’s name]	 	 

 

    	 	43

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