Document:

Facilities Agreement

 Exhibit 4.21 
 AMENDED AND RESTATED FACILITIES AGREEMENT 
 Amongst 

NEDBANK LIMITED 
 and 
 HARMONY GOLD MINING COMPANY LIMITED 

and 
 THE
GUARANTORS LISTED IN SCHEDULE 2 
 

 
  

 TABLE OF CONTENTS 

 

							
	 1.
	  	 PARTIES
	  	 	1	  
	 2.
	  	 DEFINITIONS AND INTERPRETATION
	  	 	1	  
	 3.
	  	 INTRODUCTION
	  	 	33	  
	 4.
	  	 CONDITIONS TO ADVANCE
	  	 	33	  
	 5.
	  	 THE TERM FACILITIES
	  	 	35	  
	 6.
	  	 THE RCF FACILITY
	  	 	41	  
	 7.
	  	 VOLUNTARY PREPAYMENT
	  	 	48	  
	 8.
	  	 MANDATORY PREPAYMENT
	  	 	48	  
	 9.
	  	 PAYMENTS
	  	 	50	  
	 10.
	  	 BREAKAGE COSTS AND BREAKAGE GAINS
	  	 	51	  
	 11.
	  	 GUARANTEE AND INDEMNITY
	  	 	52	  
	 12.
	  	 CESSION IN SECURITY
	  	 	55	  
	 13.
	  	 WARRANTIES AND REPRESENTATIONS
	  	 	58	  
	 14.
	  	 FINANCIAL INFORMATION
	  	 	68	  
	 15.
	  	 POSITIVE UNDERTAKINGS
	  	 	73	  
	 16.
	  	 NEGATIVE UNDERTAKINGS
	  	 	75	  
	 17.
	  	 FINANCIAL COVENANTS
	  	 	77	  
	 18.
	  	 EVENTS OF DEFAULT
	  	 	79	  
	 19.
	  	 TAXES
	  	 	86	  
	 20.
	  	 TAX RECEIPTS
	  	 	88	  
	 21.
	  	 INCREASED COSTS
	  	 	88	  
	 22.
	  	 CERTIFICATE OF INDEBTEDNESS
	  	 	89	  
	 23.
	  	 SET-OFF
	  	 	90	  
	 24.
	  	 CHANGE OF PARTY
	  	 	90	  
	 25.
	  	 INTEREST ON ARREAR AMOUNTS AND INDEMNITY
	  	 	94	  
	 26.
	  	 FACILITY AGENT
	  	 	95	  
	 27.
	  	 CONFIDENTIALITY
	  	 	99	  
	 28.
	  	 FEES AND EXPENSES
	  	 	102	  
	 29.
	  	 NOTICES AND DOMICILIA
	  	 	104	  
	 30.
	  	 GOVERNING LAW
	  	 	106	  
	 31.
	  	 JURISDICTION
	  	 	106	  
	 32.
	  	 SEVERABILITY
	  	 	106	  
	 33.
	  	 GENERAL
	  	 	107	  

							
	 34.
	  	 COUNTERPARTS
	  	 	108	  
	 SCHEDULE 1 : CONDITIONS
	  	 	117	  
	 SCHEDULE 2 : THE GUARANTORS
	  	 	124	  
	 SCHEDULE 3 : DISCLOSED ENCUMBRANCES
	  	 	125	  
	 SCHEDULE 4 : DISCLOSED INDEBTEDNESS
	  	 	126	  
	 SCHEDULE 5 : DISCLOSED LOANS
	  	 	132	  
	 SCHEDULE 6 : DISCLOSED POTENTIAL ENVIRONMENTAL CLAIM
	  	 	133	  
	 SCHEDULE 7 : FORM OF COMPLIANCE CERTIFICATE
	  	 	134	  
	 SCHEDULE 8 : LAST TAX RETURN YEAR
	  	 	136	  
	 SCHEDULE 9 : FORM OF UTILISATION REQUEST
	  	 	137	  
	 SCHEDULE 10 : FORM OF TERM FACILITY B UTILISATION REQUEST
	  	 	139	  
	 SCHEDULE 11 : TERM FACILITY REPAYMENT SCHEDULE
	  	 	141	  
	 SCHEDULE 12 : FORM OF LENDER’S ACCESSION UNDERTAKING
	  	 	142	  
	 SCHEDULE 13 : AGREED FORM OF CESSION AND DELEGATION AGREEMENT
	  	 	144	  
	 SCHEDULE 14 : FORM OF CONFIDENTIALITY UNDERTAKING
	  	 	154	  

 AMENDED AND RESTATED FACILITIES AGREEMENT 

 

	1.	PARTIES 

  

	1.1	The Parties to this Agreement are: 

  

	1.1.1	NEDBANK LIMITED; 

  

	1.1.2	HARMONY GOLD MINING COMPANY LIMITED; and 

  

	1.1.3	THE GUARANTORS AS LISTED IN SCHEDULE 2. 

  

	1.2	The Parties agree as set out below. 

  

	2.	DEFINITIONS AND INTERPRETATION 

  

	2.1	The headings to the clauses and schedules of this Agreement are inserted for reference purposes only and shall in no way govern or affect the interpretation hereof nor
modify nor amplify the terms of this Agreement nor any clause or schedule hereof. 

  

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

  

	2.2.1	“Accession Undertaking” means in relation to a New Lender an undertaking substantially in the form set out in Schedule 12 (Form of Accession
Undertakings); 

  

	2.2.2	“Advance” means either a Term Facility Advance or an RCF Advance, as the case may be; 

 

	2.2.3	“Advance Date” means any date upon which the Lender makes an Advance hereunder; 

 

	2.2.4	 “Agreement” means the Original Facilities Agreement between the Parties dated 11 December 2009 as amended and restated by this

	 	
Amended and Restated Facilities Agreement read together with the Schedules hereto; 

  

	2.2.5	“Applicable RCF Margin” means 3.5% (three comma five percent) nacm (if the applicable RCF Interest Period is 1 (one) month), nacq (if the applicable
RCF Interest Period is 3 (three) months) or nacs (if the applicable RCF Interest Period is 6 (six) months), as specified in the Utilisation Request relating to each RCF Advance; 

 

	2.2.6	“Applicable Term Margin” means 3.5% (three comma five percent) nacq; 

 

	2.2.7	“ARM Cession and Pledge in Security” means the cession and pledge in security by African Rainbow Minerals Gold Limited (“ARMGold”) in
favour of the Finance Parties of the shares held by it in ARMGold / Harmony Joint Investment Company (Proprietary) Limited and ARMGold / Harmony Freegold Joint Venture Company (Proprietary) Limited and any claims ARMGold has against such companies
dated on or about the Signature Date, as amended by an addendum thereto dated on or about the New Facilities Signature Date; 

  

	2.2.8	“Auditors” means the Borrower’s auditors from time to time provided that the Borrower’s auditors shall only, save with the prior written
consent of the Facility Agent, be any one or more of Deloitte & Touche, KPMG Inc., Ernst & Young or PricewaterhouseCoopers Inc.; 

  

	2.2.9	“Authorised Signatory” means a person or persons duly authorised to bind the Borrower in terms of this Agreement and in respect of whom the Borrower
shall have delivered to the Facility Agent certified specimens of such person’s or persons’ signature(s) together with evidence satisfactory to the Facility Agent that such person is duly authorised to bind the Borrower;

	2.2.10	“Authorisation” means an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation or registration, as the case may be;

  

	2.2.11	“Availability Period” means, in relation to the RCF Facility, the period commencing on the date of Financial Close and ending on the earlier of:

  

	2.2.11.1	the date on which the Available RCF Facility is cancelled in terms of this Agreement; and 

 

	2.2.11.2	the date which is 1 (one) month prior to the Final Repayment Date relating to the RCF Facility; 

 

	2.2.12	“Available RCF Facility” means the RCF Facility Amount minus: 

 

	2.2.12.1	the amount of any outstanding RCF Loans; and 

  

	2.2.12.2	in relation to any proposed Utilisation under the RCF Facility, the amount of any RCF Loans that are due to be made on or before the proposed Utilisation Date,

 other than any RCF Loans that are due to be repaid or prepaid on or before the proposed Utilisation Date;

  

	2.2.13	“Available Term Facility” means the Term Facility B Amount minus: 

 

	2.2.13.1	the amount of any outstanding Term Loans made under Term Facility B; and 

  

	2.2.13.2	in relation to any proposed Advance under the Term Facility B, the amount of any Term Loans that are due to be made under Term Facility B on or before the proposed
Advance Date; 

  

	2.2.14	 “AVRD Loan Agreement” means the written agreement entitled “Loan Agreement” concluded between Nedbank and African
Vanguard Resources (Doornkop) (Proprietary) Limited (“AVRD”) on or about 30 July 2003 pursuant to which Nedbank agreed to lend and advance a loan of R116 215 000 (One Hundred and Sixteen Million Two Hundred and

	 	
Fifteen Thousand Rand) to AVRD, as amended by the First Amending Agreement, the Second Amending Agreement, the Third Amending Agreement, the Fourth Amending Agreement and the Fifth Amending
Agreement; 

  

	2.2.15	“Base Rate” means, subject to clause 6.4.1.3, JIBAR or where it is not possible to determine JIBAR on any Reset Date, SAR-JIBAR-Reference Rate, in
either case converted to a nacm/nacq/nacs rate; 

  

	2.2.16	“Borrower” means Harmony Gold Mining Company Limited (Registration No. 1950/038232/06), a public company duly incorporated in accordance with the
company laws of South Africa; 

  

	2.2.17	“Breakage Costs” means the amount (if any) by which: 

  

	2.2.17.1	the interest (excluding any margin) which a Lender should have received for the period from the date of receipt of all or any part of its participation in a Loan or
Unpaid Sum to the last day of the current Interest Period in respect of that Loan or Unpaid Sum, had the principal amount or Unpaid Sum received been paid on the last day of that Interest Period; 

exceeds: 
  

	2.2.17.2	the amount which a Lender would be able to obtain by placing an amount equal to the principal amount or Unpaid Sum received by it on deposit with a leading bank in the
Johannesburg interbank market for a period starting on the Business Day following receipt or recovery and ending on the last day of the current Interest Period; 

 

	2.2.18	“Breakage Gains” means the amount (if any) by which: 

  

	2.2.18.1	 the amount which a Lender would be able to obtain by placing an amount equal to the principal amount or Unpaid Sum received by it on deposit with a
leading bank in the Johannesburg interbank market 

	 	
for a period starting on the Business Day following receipt or recovery and ending on the last day of the current Interest Period; 

exceeds: 
  

	2.2.18.2	the interest (excluding any margin) which a Lender should have received for the period from the date of receipt of all or any part of its participation in a Loan or
Unpaid Sum to the last day of the current Interest Period in respect of that Loan or Unpaid Sum, had the principal amount or Unpaid Sum received been paid on the last day of that Interest Period; 

 

	2.2.19	“Business Day” means any day other than a Saturday, Sunday or an official public holiday in South Africa (in accordance with the Public Holidays Act,
1994) on which banks are open for business in South Africa; 

  

	2.2.20	“Cession and Delegation Agreement” means the written agreement so titled entered into between a Lender and a New Lender substantially in the form set
out in Schedule 13 (Agreed Form of Cession and Delegation Agreement), or any other form agreed to between the Borrower and the Facility Agent; 

  

	2.2.21	“Confidentiality Undertaking” means a confidentiality undertaking in the form set out in Schedule 14 (Form of Confidentiality Undertaking);

  

	2.2.22	“Companies Act” means the Companies Act, 1973 (as amended); 

 

	2.2.23	“Compliance Certificate” means a certificate substantially in the form of the letter set out in Schedule 7 (Form of Compliance Certificate);

  

	2.2.24	 “Constitutional Documents” means, in respect of any person at any time, the then current and up-to-date constitutional documents of
such person at such time (including, without limitation, such person’s memorandum and 

 
articles of association, certificate of incorporation and articles of incorporation); 
  

	2.2.25	“Control” means in relation to a company the shares of which are not listed on a stock exchange where another company or legal entity or person
(whether alone or pursuant to an agreement with others): 

  

	2.2.25.1	holds or controls more than 50% (fifty percent) of the voting rights (taking into account when such voting rights can be exercised) in that company; or

  

	2.2.25.2	has the right to appoint or remove the majority of that company’s board of directors; or 

 

	2.2.25.3	has the power to ensure the majority of that company’s board of directors will act in accordance with its wishes; 

or if the shares of the company are listed on a stock exchange, “Control” means: 

 

	2.2.25.4	the holding of shares or the aggregate of holdings of shares or other securities in a company entitling the holder thereof to exercise, or cause to be exercised 35%
(thirty-five percent) or more of the voting rights at shareholder meetings of the company irrespective of whether such holding or holdings confers de facto control, provided that should there be other shareholders holding more than 35%
(thirty-five percent), 35% (thirty-five percent) shall be read to refer to “the largest percentage shareholding held at the time”; or 

  

	2.2.25.5	the holding or control by a shareholder or member alone or pursuant to an agreement with other shareholders or members of more than 35% (thirty-five percent) of the
voting rights in the company irrespective of whether such holding or holdings confers de facto control, provided that should there be other shareholders holding more than 35% (thirty-five percent), 35% (thirty-five percent) shall

	 	
be read to refer to “the largest percentage shareholding held at the time”; 

  

	2.2.26	“Current Ratio” means, as at any Ratio Test Date: 

  

	2.2.26.1	the Borrower’s total current assets; 

  

	2.2.26.2	divided by the Borrower’s total current liabilities, 

 as set out in the Borrower’s balance sheet as at that date; 
  

	2.2.27	“Default” means an Event of Default or any event or circumstances which would (with the expiry of a grace period, the giving of notice, the making of
any determination under the Finance Documents or any combination of the foregoing) be an Event of Default; 

  

	2.2.28	“Default Interest Rate” means the Interest Rate plus 3% (three percent); 

 

	2.2.29	“Derivative Transaction” means a contract, agreement or transaction which is a rate swap, basis swap, forward rate transaction, bond option, interest
rate option, cap, collar or floor, or any other similar transaction and/or any combination of such transaction, in each case, whether on-exchange or otherwise; 

 

	2.2.30	“Discharge Date” means the date on which: 

  

	2.2.30.1	all the Liabilities (other than contingent liabilities in respect of continuing indemnities under the Finance Documents under which no claim has been made and which
remain undischarged and payments which may be set aside in terms of clause 2.2.73.3) have been fully paid and discharged; and 

  

	2.2.30.2	the Lenders have no commitment, obligation or liability (whether actual or contingent) to lend money or provide other financial accommodation to any Obligor under any
Finance Document; 

	2.2.31	“Disposal” means a sale, lease, licence, transfer, loan or other disposal by a person of any asset, undertaking or business (whether by a voluntary or
involuntary single transaction or series of transactions); 

  

	2.2.32	“Disposal Proceeds” means any proceeds realised by the Borrower by way of a Disposal of any of its assets; 

 

	2.2.33	“Distribution” means any payment by way of interest, principal, dividend, fee, royalty or other distribution or payment by or on behalf of the Borrower
to or for the account of any Shareholder or any person that directly or indirectly controls or is controlled by any Shareholder; 

  

	2.2.34	“EBIT” means, in respect of any person, and any period, the consolidated operating profit before income tax for such period: 

 

	2.2.34.1	(to the extent not already excluded) before interest received or receivable and interest paid or payable; 

 

	2.2.34.2	(to the extent not already excluded) adjusted to exclude any gain or loss realised on the disposal of fixed assets (whether tangible or intangible);

  

	2.2.34.3	(to the extent not already excluded) before deducting any extraordinary costs and before including extraordinary income; and 

 

	2.2.34.4	plus dividends received in cash from companies consolidated by the equity method to the extent not already taken into account; 

 

	2.2.35	“Encumbrance” means any mortgage, pledge, lien, assignment or cession conferring security, hypothecation, security interest, preferential right or
trust arrangement or any other agreement or arrangement, the effect of which is the creation of security; 

  

	2.2.36	“Event of Default” means any one or more of the events or circumstances described as an event of default as set out in clause 18 (Events of
Default); 

	2.2.37	“Environmental Claim” means any claim or proceedings by any person pursuant to an Environmental Law; 

 

	2.2.38	“Environmental Law” means any law applicable to the business conducted by the Group at the relevant time in any jurisdiction in which the Group
conducts business which relates to the pollution, degradation or protection of the environment or harm to or the protection of human health, animals or plants and including, without limitation, the National Environmental Management Act, 1998 and the
National Water Act, 1998; 

  

	2.2.39	“Environmental Permits” means any permit, licence, consent, approval and other authorisation and the filing of any notification, report or assessment
required under any Environmental Law for the operation of the business of the Group on or from the properties owned or used by the Group; 

  

	2.2.40	“Existing Facilities” means the Term Facility A and the RCF Facility; 

 

	2.2.41	“Existing Facilities Advance Condition Documents” means the documents listed in Part 1A of Schedule 1 (Advance Condition Documents);

  

	2.2.42	“Existing Facilities Advance Conditions” means the conditions to the making of the first Advance listed in Part 2A of Schedule 1 (Advance
Conditions); 

  

	2.2.43	“Facilities” means the Term Facility A, Term Facility B and the RCF Facility and “Facility” means any of them as required by the
context; 

  

	2.2.44	“Facility Agent” means Nedbank; 

  

	2.2.45	“Facility Outstandings” means the aggregate of all amounts of principal and accrued and unpaid interest due and payable to the Lenders under the
Finance Documents; 

	2.2.46	“Fee Letters” means: 

  

	2.2.46.1	the First Fee Letter; and 

  

	2.2.46.2	the Second Fee Letter; 

 setting
out the fees payable to Nedbank under clause 28.1 (Fees); 
  

	2.2.47	“Final Repayment Date” means: 

  

	2.2.47.1	in relation to the Term Facilities, 31 December 2014; and 

  

	2.2.47.2	 in relation to the RCF Facility, the 3rd (third) anniversary of the date of New Facilities Financial Close, 

or such earlier date upon which the Loans become repayable by the Borrower pursuant to the provisions of this Agreement; 

 

	2.2.48	“Finance Documents” means: 

  

	2.2.48.1	this Agreement; 

  

	2.2.48.2	the Fee Letters; 

  

	2.2.48.3	the Security Documents; 

  

	2.2.48.4	and any other agreement or document that may be designated as a “Finance Document” by written agreement between the Facility Agent and the Borrower;
and 

  

	2.2.48.5	any amendment agreement to any Finance Documents listed in 2.2.48.1 to 2.2.48.4, 

 and “Finance Document” means any of them as required by the context; 
  

	2.2.49	“Finance Parties” means: 

  

	2.2.49.1	the Lenders; and 

	2.2.49.2	the Facility Agent, 

 and
“Finance Party” means any of them as required by the context; 
  

	2.2.50	“Financial Close” means 14 December 2009; 

  

	2.2.51	“Financial Covenants” means the financial covenants referred to in clause 17 (Financial Covenants); 

 

	2.2.52	“Financial Indebtedness” means of any person, without duplication: 

 

	2.2.52.1	all Indebtedness of such person for borrowed money; 

  

	2.2.52.2	all Indebtedness of such person under acceptance or documentary credit facilities; 

 

	2.2.52.3	all Indebtedness of such person in respect of receivables sold or discounted (otherwise than on a non-recourse basis); 

 

	2.2.52.4	all Indebtedness of such person evidenced by bonds, debentures, notes or other similar instruments; 

 

	2.2.52.5	all Indebtedness of such person to pay the deferred purchase price of property or services if deferred for more than 60 (sixty) days or where such deferred amount is
primarily designed to raise finance, except, in any case, trade accounts payable arising in the ordinary course of business; 

  

	2.2.52.6	all Indebtedness of such person under any arrangements (including hire purchase and conditional sale agreements) treated as finance leases under IFRS;

  

	2.2.52.7	all Indebtedness of such person in connection with any Derivative Transaction and so that the amount of such Indebtedness shall be calculated on a marked-to-market
basis; 

	2.2.52.8	all Indebtedness of such person under any repurchase agreement, put options, call options or other transactions of any kind (whether or not recognised as borrowing
under IFRS) which have the commercial effect of a borrowing or obtaining of credit; 

  

	2.2.52.9	all obligations of such person under redeemable preference shares or equivalent equity; and 

 

	2.2.52.10	all Indebtedness of others falling within clauses 2.2.52.1 to 2.2.52.9 above which is guaranteed by such person; 

 

	2.2.53	“Financial Year” means, at any time, the annual accounting period of the Group ending on 30 June in each calendar year; 

 

	2.2.54	“First Fee Letter” means the letter dated on or about the Signature Date between the Borrower and Nedbank; 

 

	2.2.55	“First Term Facility A Advance” means a Term Facility A Advance in the amount of R650 000 000 (Six Hundred and Fifty Million Rand);

  

	2.2.56	“First Term Facility A Advance Date” means 15 December 2009; 

 

	2.2.57	“Group” means the Borrower and each Group Company from time to time; 

 

	2.2.58	“Group Company” means: 

  

	2.2.58.1	any subsidiary of the Borrower; and 

  

	2.2.58.2	any partnership, unincorporated joint venture or trust in which the Borrower has a, direct or indirect, partnership or beneficial interest of 50% (fifty percent) or
more; and 

  

	2.2.58.3	any company, partnership, unincorporated joint venture or trust which is Controlled by the Borrower, 

and “Group Companies” means, as the context requires, all of them; 

	2.2.59	“Guarantee” means the joint and several guarantee provided by each of the Guarantors in terms of clause 11 (Guarantee and Indemnity) in favour
of the Finance Parties for the obligations of the Borrower hereunder; 

  

	2.2.60	“Guarantors” means the companies listed in Schedule 2 (The Guarantors), and “Guarantor” means, as the context requires, any one
of them; 

  

	2.2.61	“Harmony Cession and Pledge in Security” means the cession and pledge in security by the Borrower in favour of the Finance Parties of the shares held
by the Borrower in each of the Guarantors and any claims the Borrower has against the Guarantors dated on or about the Signature Date, as amended by an addendum thereto dated on or about the New Facilities Signature Date; 

 

	2.2.62	“IFRS” means international accounting standards within the meaning of IAS Regulation 1606/2002 to the extent applicable to the relevant financial
statement; 

  

	2.2.63	“Indebtedness” shall be widely construed so as to include any obligation (whether incurred as principal or surety) for the payment or repayment of
money, whether present or future, actual or contingent; 

  

	2.2.64	“Intercreditor Agreement” means any intercreditor agreement concluded between the Original Lender and any New Lender(s) in relation to this Agreement;

  

	2.2.65	“Interest Cover Ratio” means, in respect of any Ratio Test Period: 

 

	2.2.65.1	EBIT; 

  

	2.2.65.2	divided by Total Interest; 

  

	2.2.66	 “Intellectual Property Rights” means any patents, trade marks, service marks, designs, trading or business names, copyrights, design
rights, moral rights, inventions, confidential information, know-how, domain names, 

	 	
topographical or similar rights, database or other intellectual property rights and interests and the benefit of all applications and rights to use (including by way of licence) such assets of
each Obligor, in each case whether registered or unregistered; 

  

	2.2.67	“Interest Payment Date” means: 

  

	2.2.67.1	in relation to the Term Facilities, each Term Interest Payment Date; and 

  

	2.2.67.2	in relation to the RCF Facility, the last day of each RCF Interest Period; 

 

	2.2.68	“Interest Period” means a Term Interest Period or an RCF Interest Period, as the case may be; 

 

	2.2.69	“Interest Rate” means: 

  

	2.2.69.1	in relation to the Term Facilities, the Base Rate plus the Applicable Term Margin; and 

 

	2.2.69.2	in relation to the RCF Facility, the Base Rate plus the Applicable RCF Margin; 

 

	2.2.70	“JIBAR” means, in relation to any Interest Period, the rate for the period which most closely approximates such Interest Period which appears on the
Reuters Screen SAFEY Page as at 11:00 Johannesburg time on the first day of such Interest Period; 

  

	2.2.71	“Legal Adviser” means Deneys Reitz Inc. of 15 Alice Lane, Sandton; 

 

	2.2.72	“Lenders” means: 

  

	2.2.72.1	the Original Lender; 

  

	2.2.72.2	any person who has become a Party as a Lender in accordance with the terms of clause 24 (Change of Party); 

 which in each case has not ceased to be a Party in accordance with the terms of this
Agreement and “Lender” means, as the context requires, any one of them; 
  

	2.2.73	“Liabilities” means all present and future liabilities and obligations at any time of an Obligor to the Finance Parties under the Finance Documents,
both actual and contingent and whether incurred solely or jointly or in any other capacity together with any of the following matters relating to or arising in respect of those liabilities or obligations: 

 

	2.2.73.1	any refinancing, novation, deferral or extension; 

  

	2.2.73.2	any claim for damages or restitution; and 

  

	2.2.73.3	any claim as a result of any recovery by that Obligor of a payment or discharge on the grounds of preference, and any amounts which would be included in any of the
above but for any discharge, non-provability or unenforceability of those amounts in any insolvency or other proceedings; 

  

	2.2.74	“Loan” means a loan made or to be made under a Facility or (as the context may require) the aggregate principal amount for the time being outstanding
under that loan; 

  

	2.2.75	“Loan Claim” means, in respect of each Obligor, all claims in excess of R50 000 000 (Fifty Million Rand) that such Obligor has against any Group
Company (other than another Obligor) in respect of any shareholder or intercompany loan made by that Obligor to that Group Company and “Loan Claims” means, as the context requires, all of them; 

 

	2.2.76	“Market Capitalisation” means the number of ordinary issued shares of the Borrower listed on the JSE Securities Exchange multiplied by the 30 (thirty)
day Volume Weighted Average Traded Share Price (as defined in the JSE Listing Requirements) of such shares; 

	2.2.77	“Market Capitalisation to Facilities Outstanding Ratio” means, at any Ratio Test Date: 

 

	2.2.77.1	Market Capitalisation; 

  

	2.2.77.2	divided by the aggregate Facility Outstandings; 

  

	2.2.78	“Material Adverse Change” means a change in the circumstances existing as at the Signature Date which in the reasonable opinion of the Facility Agent
has or will have a material adverse effect on: 

  

	2.2.78.1	the business, assets, operations, property or condition (consolidated financial or otherwise) of any of the Obligors or the Group taken as a whole;

  

	2.2.78.2	the ability of any Obligor to perform its obligations under any Finance Document to which it is a party; or 

 

	2.2.78.3	the validity, legality or enforceability of the material terms of any Finance Document or the rights or remedies of the Finance Parties thereunder;

  

	2.2.79	“Nedbank” means Nedbank Limited (Registration No 1951/000009/06)), a public company and registered bank duly incorporated in accordance with the
company and banking laws of South Africa; 

  

	2.2.80	“New Companies Act” means the Companies Act, 2008 (as amended); 

 

	2.2.81	“New Facilities” means Term Facility B and the increase in the RCF Facility Amount; 

 

	2.2.82	“New Facilities Advance Condition Documents” means the documents listed in Part 1B of Schedule 1 (Advance Condition Documents);

	2.2.83	“New Facilities Advance Conditions” means the conditions to the making of the first Advance under the New Facilities listed in Part 2B of Schedule 1
(Advance Conditions); 

  

	2.2.84	“New Facilities Financial Close” means the date on which the Facility Agent issues the confirmation referred to in clause 4.2 (Conditions to
Advance); 

  

	2.2.85	“New Facilities Signature Date” means the date of the signature of the Party signing this Amended and Restated Facility Agreement last in time;

  

	2.2.86	“New Lender” has the meaning given thereto in clause 24.2 (Assignment and Transfers by the Lenders); 

 

	2.2.87	“Obligors” means collectively, the Borrower and the Guarantors and “Obligor” shall be a reference to any one of them, as required by
the context; 

  

	2.2.88	“Original Facilities Agreement” means the facilities agreement entered into by the Parties on 11 December 2009; 

 

	2.2.89	“Original Financial Statements” means the consolidated financial statements of the Group for its financial year ended 30 June 2009, as provided by
the Borrower to the Facility Agent on or before the Signature Date; 

  

	2.2.90	“Original Lender” means Nedbank; 

  

	2.2.91	“Parties” means the Borrower, the Lenders, the Facility Agent and the Guarantors, and “Party” means, as the context requires, any one
of them; 

  

	2.2.92	“Permitted Disposal” means: 

  

	2.2.92.1	any Disposal made by any Group Company on arm’s length terms if that Disposal is not otherwise restricted by a term of any Finance Document; and

	2.2.92.2	any other Disposal approved in advance in writing by the Facility Agent; 

  

	2.2.93	“Permitted Encumbrances” means: 

  

	2.2.93.1	Encumbrances created over any asset or property to secure Indebtedness incurred for the purpose of financing the purchase, development, improvement or construction
thereof provided that such Indebtedness does not exceed R100 000 000 (One Hundred Million Rand); 

  

	2.2.93.2	Encumbrances created by operation of law and in the ordinary course of trading provided that the same are discharged in the ordinary course of trading or, in the
reasonable opinion of the Facility Agent, are being contested in good faith; 

  

	2.2.93.3	any Encumbrance which is existing prior to the Signature Date and which has been disclosed (i) in Schedule 3 (Disclosed Encumbrances) hereto, or
(ii) in the Original Financial Statements and in all circumstances securing only Indebtedness outstanding at the Signature Date if the principal amount or original facility thereby secured is not increased after the Signature Date;

  

	2.2.93.4	any netting or set-off arrangement entered into by the Borrower in the normal course of its banking arrangements for the purpose of netting debit and credit balances,
and only such arrangements that are in existence at the Signature Date; 

  

	2.2.93.5	any Encumbrance created in respect of Permitted Indebtedness; 

  

	2.2.93.6	any Encumbrance created in respect of Permitted Loans between Obligors; 

	2.2.93.7	any Encumbrance created in respect of Indebtedness incurred to prepay the Facilities in full in accordance with the provisions of clause 7 (Prepayment) below;

  

	2.2.93.8	any Encumbrance as contemplated in the Finance Documents; and 

  

	2.2.93.9	any other Encumbrance created with the prior written approval of the Facility Agent; 

 

	2.2.94	“Permitted Indebtedness” means: 

  

	2.2.94.1	any Indebtedness incurred for the purpose of acquiring new plant, machinery and equipment up to the market value thereof, and which will not once incurred cause any
Financial Covenant to be breached; and 

  

	2.2.94.2	any additional Indebtedness incurred by any of the Obligors which does not exceed R100 000 000 (One Hundred Million Rand) in aggregate per annum;

  

	2.2.94.3	any Indebtedness which is existing prior to the Signature Date and which has been (i) disclosed in Schedule 4 (Disclosed Indebtedness) hereto, or
(ii) in the Original Financial Statements; 

  

	2.2.94.4	any Indebtedness incurred to prepay the Facility in accordance with the provisions of clause 7 (Prepayment) below; 

 

	2.2.94.5	any Indebtedness created in respect of a Permitted Loan; 

  

	2.2.94.6	any Indebtedness incurred under the Finance Documents; 

  

	2.2.94.7	any commodity hedging transaction concluded in respect of the Group’s silver production at the Hidden Valley mine in Papua New Guinea; 

	2.2.94.8	any interest rate hedging transaction in respect of any Obligor’s exposure under the Finance Documents, provided that the counterparty in respect thereof is
Nedbank, provided that Nedbank will offer such transaction at pricing equal to the average of 3 (three) quotes obtained by the relevant Obligor (including a quote obtained from Nedbank) or, if Nedbank’s quote is lower, at the pricing quoted by
Nedbank; 

  

	2.2.94.9	any currency hedging transaction or any other Derivative Transaction, provided that the counterparty in respect thereof is Nedbank, provided that Nedbank will offer
such transaction at pricing equal to the average of 3 (three) quotes obtained by the relevant Obligor (including a quote obtained from Nedbank) or, if Nedbank’s quote is lower, at the pricing quoted by Nedbank; 

 

	2.2.94.10	any currency hedging transaction, interest rate hedging transaction or any other Derivative Transaction where Nedbank is not the counterparty, subject to a maximum
aggregate exposure thereunder (calculated on a marked-to-market basis) of R100 000 000 (One Hundred Million Rand) during the Term; 

  

	2.2.94.11	any operational guarantees provided by any Obligor in the ordinary course of business on behalf of any Group Company; 

 

	2.2.94.12	any other Indebtedness made with the prior written approval of the Facility Agent (which shall not be unreasonably withheld or delayed), 

provided that the aggregate Indebtedness of the Obligors (excluding any Indebtedness in respect of clauses 2.2.94.3, 2.2.94.4 and
2.2.94.5 (in respect of Permitted Loans between Obligors only)) shall not at any time during the Term exceed R3 000 000 000 (Three Billion Rand); 

	2.2.95	“Permitted Loans” means: 

  

	2.2.95.1	loans contemplated and permitted by the Finance Documents; 

  

	2.2.95.2	trade credit granted in the ordinary course of an Obligor’s day-to-day business upon terms usual for such trade; 

 

	2.2.95.3	loans made by an Obligor to another Obligor (but only if such loans are funded whilst no Default has occurred which is continuing); or 

 

	2.2.95.4	loans existing prior to the Signature Date and which have been (i) disclosed in Schedule 5 (Disclosed Loans) hereto, or (ii) in the Original Financial
Statements; 

  

	2.2.95.5	loans granted by any Obligor to any and all of the Group Companies, which do not exceed R50 000 000 (Fifty Million Rand) in aggregate during the Term;

  

	2.2.95.6	loans granted by any Obligor to any and all of the Group Companies, provided that the claims of the relevant Obligors thereunder in respect of such amounts in excess of
R50 000 000 (Fifty Million Rand) are ceded in securitatem debiti to the Finance Parties as security for the Obligors’ obligations to the Finance Parties under the Finance Documents pursuant to clause 12 (Cession in
Security); 

  

	2.2.95.7	any other loans made with the prior written approval of the Facility Agent; 

 

	2.2.96	“President Steyn Acquisition” means: 

  

	2.2.96.1	the acquisition by the Borrower of the PSGM Gold Plant from Pamodzi Gold Free State (Proprietary) Limited (in provisional liquidation) for R100 000 000 (One Hundred
Million Rand); 

	2.2.96.2	the acquisition by the Borrower of the South Steyn Shafts from Pamodzi Gold Free State (Proprietary) Limited (in provisional liquidation) for R180 000 000 (One Hundred
and Eighty Million Rand); and 

  

	2.2.96.3	the acquisition by Avgold Limited of the North Steyn Shafts from Pamodzi Gold Free State (Proprietary) Limited (in provisional liquidation) R100 000 000 (One Hundred
Million Rand),

 together with all upfront capital expenditure requirements relating to the acquisition thereof;

  

	2.2.97	“Ratio Test Date” means the last day of March, June, September and December; 

 

	2.2.98	“Ratio Test Period” means each period of 12 (twelve) months ending on a Ratio Test Date; 

 

	2.2.99	“RCF Additional Facility Amount” means R250 000 000 (Two Hundred and Fifty Million Rand) which, subject to the provisions of clause 4 (Conditions to
Advance), will be available to the Borrower from the date of New Facilities Financial Close to the Final Repayment Date; 

  

	2.2.100	“RCF Advance” means an advance made under the RCF Facility; 

 

	2.2.101	“RCF Facility” means the revolving credit facility in an amount equal to the RCF Facility Amount made available by the Original Lender to the Borrower
pursuant to clause 6 (RCF Facility); 

  

	2.2.102	“RCF Facility Amount” means the aggregate of R600 000 000 (Six Hundred Million Rand) and the RCF Additional Facility Amount; 

 

	2.2.103	“RCF Interest Period” means each period selected by the Borrower in accordance with the provisions of clause 6.4; 

	2.2.104	“RCF Facility Outstandings” means the Facility Outstandings relating to the RCF Facility; 

 

	2.2.105	“RCF Loan” means a loan under the RCF Facility and “RCF Loans” means all of them as the context requires; 

 

	2.2.106	“Reference Banks” means FirstRand Bank Limited, The Standard Bank of South Africa Limited, Nedbank Limited and Absa Bank Limited;

  

	2.2.107	“Related Party” means any Shareholder and any affiliate of any Shareholder; 

 

	2.2.108	“Repeating Representations” means each of those representations and warranties set out in clause 13 (Warranties and Representations);

  

	2.2.109	“Reset Date” means the first day of each Interest Period, being the date in each case upon which the relevant Base Rate is to be determined for such
Interest Period; 

  

	2.2.110	“Rollover Loans” means one or more RCF Loans: 

  

	2.2.110.1	made or to be made on the same day that a maturing RCF Loan is due to be repaid; 

 

	2.2.110.2	the aggregate amount of which is equal to or less than the maturing RCF Loan; and 

 

	2.2.110.3	made or to be made for the purpose of refinancing a maturing RCF Loan; 

  

	2.2.111	“SAFEX Overnight Deposit Rate” means: 

  

	2.2.111.1	on the relevant Reset Date, the overnight deposit rate designated as (“SFXROD”) which appears on the Reuters SAFEX Money Market Screen as of 11h00
Johannesburg time on that date, rounded to the third decimal point; or 

	2.2.111.2	where the SAFEX Overnight Deposit Rate cannot be determined on account of the relevant rate not appearing on the Reuters SAFEX Money Market Screen, an equivalent rate
determined by the Facility Agent, acting in a commercially reasonable manner; 

  

	2.2.112	“SAR-JIBAR-Reference Rate” means the mid-market rate between deposits and loans in Rand for an Interest Period quoted by the Reference Banks at
approximately 11am Johannesburg time on the relevant Reset Date. The Facility Agent will request the principal Johannesburg office of each of the Reference Banks to provide a quotation of its rate. If at least two quotations are provided, the rate
for that Reset Date will be the arithmetic means of the quotations. If fewer than two quotations are provided, the rate for that Reset Date will be determined by the Facility Agent, acting in a commercially reasonable manner, using a representative
rate; 

  

	2.2.113	“Second Term Facility A Advance” means a Term Facility Advance in the amount of R250 000 000 (Two Hundred and Fifty Million Rand);

  

	2.2.114	“Second Fee Letter” means the letter dated on or about the New Facilities Signature Date between the Borrower and Nedbank; 

 

	2.2.115	“Second Term Facility A Advance Date” means 31 March 2010; 

 

	2.2.116	“Security Documents” means the Guarantee, the Harmony Cession and Pledge in Security, the ARM Cession and Pledge in Security and any other agreement or
document that may be designated as a “Security Document” by written agreement between the Facility Agent and the Borrower; 

  

	2.2.117	“Shareholder” means any member of the Borrower from time to time; 

 

	2.2.118	“Signature Date” means 11 December 2009; 

  

	2.2.119	“South Africa” means the Republic of South Africa as constituted from time to time; 

	2.2.120	“Term” means the period from the first Advance Date to the Discharge Date; 

 

	2.2.121	“Term Facility” means Term Facility A or Term Facility B, as the context requires and “Term Facilities” means both of them;

  

	2.2.122	“Term Facility A” means the term facility in the amount of the Term Facility A Amount made available by the Original Lender to the Borrower pursuant to
clause 5 (The Term Facility A); 

  

	2.2.123	“Term Facility Advance” means an advance made under a Term Facility; 

 

	2.2.124	“Term Facility Advance Date” means the First Term Facility A Advance Date, the Second Term Facility A Advance Date or any date upon which an Advance is
made under the Term Facility B, as the case may be; 

  

	2.2.125	“Term Facility A Amount” means R900 000 000 (Nine Hundred Million Rand); 

 

	2.2.126	“Term Facility B” means the term facility in the amount of the Term Facility B Amount made available by the Original Lender to the Borrower pursuant to
clause 5 (The Term Facility B); 

  

	2.2.127	“Term Facility B Amount” means R500 000 000 (Five Hundred Million Rand); 

 

	2.2.128	“Term Facility B Availability Period” means, in relation to Term Facility B, the period commencing on the date of New Facilities Financial Close and
ending on the earlier of: 

  

	2.2.128.1	the date of which the Available Term Facility is cancelled in terms of this Agreement; 

 

	2.2.128.2	the date falling 6 (six) months after New Facilities Financial Close; and 

	2.2.128.3	30 April 2011; 

  

	2.2.129	“Term Facility B Drawdown Notice” means a Term Facility B Drawdown Notice substantially in the form set out in Schedule 10 (Form of Term Facility B
Drawdown Notice); 

  

	2.2.130	“Term Facility Outstandings” means the Facility Outstandings relating to the Term Facilities; 

 

	2.2.131	“Term Facilities Repayment Schedule” means the repayment schedule set out in Schedule 11 (Term Facility Repayment Schedule);

  

	2.2.132	“Term Interest Payment Date” means each 31 March, 30 June, 30 September and 31 December during the Term, commencing on
31 March 2010; 

  

	2.2.133	“Term Interest Period” means: 

  

	2.2.133.1	in relation to a Loan under a Term Facility each period commencing on a Term Interest Payment Date and ending on the day immediately preceding the next Term Interest
Payment Date, provided that: 

  

	2.2.133.1.1	the first Term Interest Period for the First Term Facility A Advance commenced on 15 December 2009 and end on 31 March 2010; 

 

	2.2.133.1.2	the first Term Interest Period for the Second Term Facility A Advance commenced on 31 March 2010 and end on 30 June 2010; and 

 

	2.2.133.1.3	the first Term Interest Period in respect of each Loan made under the Term Facility B shall commence on the Advance Date of that Loan and end on the next Interest
Payment Date; and 

	2.2.133.1.4	the final Term Interest Period shall end on the Final Repayment Date and commence on the Term Interest Payment Date immediately preceding the Final Repayment Date; and

  

	2.2.133.2	in relation to an Unpaid Sum, successive periods of 30 (thirty) days commencing: 

 

	2.2.133.2.1	in the case of the first such Interest Period, on the due date on which that Unpaid Sum becomes due; and 

 

	2.2.133.2.2	in the case of each such Interest Period, thereafter, on the last day of the Interest Period immediately preceding such Interest Period; 

 

	2.2.134	“Term Loan” means a Loan made under the Term Facilities or the principal amount outstanding under that Loan and “Term Loans” means as
the context requires all of them; 

  

	2.2.135	“Total Interest” means, in respect of any period, the aggregate accruing during such period (without duplication and whether or not paid or payable
within such period) of, in respect of the Group on a consolidated basis (and whether or not the principal or capital obligation by reference to which any of the following are determined is an obligation of the Group): 

 

	2.2.135.1	all interest, acceptance commission, guarantee fees and any other continuing, regular or periodic costs and expenses in the nature of interest (whether paid, payable or
capitalised) incurred in effecting, servicing or maintaining Financial Indebtedness; 

  

	2.2.135.2	amounts payable (as reduced by amounts receivable) in respect of any Derivatives Transaction which is an interest rate hedging arrangement entered into to hedge risks
arising in the normal course of business; 

	2.2.135.3	the interest element of, and ancillary fees payable under, any finance leases; 

 

	2.2.136	“Transaction Security” means the security interest created or expressed to be created in favour of the Finance Parties pursuant to the Security
Documents; 

  

	2.2.137	“Unpaid Sum” means any sum due and payable but unpaid by an Obligor under the Finance Documents; 

 

	2.2.138	“Utilisation” means a utilisation of the RCF Facility; 

  

	2.2.139	“Utilisation Date” means the date of a Utilisation being the date upon which the relevant Loan is made; 

 

	2.2.140	“Utilisation Request” means a Utilisation Request substantially in the form set out in Schedule 9 (Form of Utilisation Request);

  

	2.2.141	“VAT” means value added tax including any similar tax which may be imposed in place thereof from time to time. 

 

	2.3	Any reference in this Agreement to: 

  

	2.3.1	an “affiliate” means, in relation to any person, a subsidiary of that person or a holding company of that person or any other subsidiary of that
holding company; 

  

	2.3.2	a “clause” shall, subject to any contrary indication, be construed as a reference to a clause hereof; 

 

	2.3.3	“continuing”, in the context of an Event of Default, means: 

 

	2.3.3.1	where the Event of Default or its consequences are incapable of remedy that Event of Default is deemed to be continuing unless it has been expressly waived in writing
by the Facility Agent and any conditions of such waiver have been fulfilled to the reasonable satisfaction of the Lender; 

	2.3.3.2	in any other case, that Event of Default is deemed to be continuing unless and until either: 

 

	2.3.3.2.1	it has been expressly waived in writing by the Facility Agent and any conditions of such waiver have been fulfilled to the reasonable satisfaction of the Facility
Agent; or 

  

	2.3.3.2.2	it has been remedied within the applicable remedy period by any person and the resulting position is that which it would have been if such Event of Default had not
occurred; 

  

	2.3.4	a “holding company” shall be construed in accordance with the Companies Act; 

 

	2.3.5	“law” shall be construed as any law (including common or customary law) or statute, constitution, decree, judgment, treaty, regulation, directive,
by-law, order or any other legislative measure of any government, supranational, local government, statutory or regulatory body or court; 

  

	2.3.6	“month” means unless the context otherwise requires, a period starting on one day in a calendar month and ending on the numerically corresponding day
in the next succeeding calendar month except that, where any such period would otherwise end on a day which is not a Business Day it shall end on the immediately preceding Business Day; provided that if a period starts on the last Business Day of a
calendar month or if there is no numerically corresponding days in the month in which that period ends, that period shall end on the last Business Day in that later month (and references to “months” shall be construed accordingly);

  

	2.3.7	“nacm” means nominal annual compounded monthly in arrears; 

 

	2.3.8	“nacq” means nominal annual compounded quarterly in arrears; 

 

	2.3.9	“nacs” means nominal annual compounded semi-annually in arrears; 

	2.3.10	“naca” means nominal annual compounded annually in arrears; 

 

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

  

	2.3.12	“repay” (or any derivative form thereof) shall, subject to any contrary indication, be construed to include “prepay” or, as the case may be,
the corresponding derivate form thereof; 

  

	2.3.13	a “Schedule” shall, subject to any contrary indication, be construed as a reference to a schedule hereof; 

 

	2.3.14	a “subsidiary” shall be construed in accordance with the Companies Act; 

 

	2.3.15	“tax” shall be construed so as to include any tax, levy, impost or other charge of a similar nature (including, without limitation, any penalty or
interest payable in connection with any failure to pay or delay in paying any of the same). 

  

	2.4	Unless inconsistent with the context or save where the contrary is expressly indicated: 

 

	2.4.1	if any provision in a definition is a substantive provision conferring rights or imposing obligations on any Party, notwithstanding that it appears only in this
interpretation clause, effect shall be given to it as if it were a substantive provision of this Agreement; 

  

	2.4.2	when any number of days is prescribed in this Agreement, same shall be reckoned inclusively of the first and exclusively of the last day unless the last day falls on a
day which is not a Business Day, in which case the last day shall be the next succeeding Business Day; 

	2.4.3	in the event that the day for payment of any amount due in terms of this Agreement should fall on a day which is not a Business Day, the relevant day for payment shall
be the previous Business Day; 

  

	2.4.4	in the event that the day for performance of any obligation to be performed in terms of this Agreement should fall on a day which is not a Business Day, the relevant
day for performance shall be the next succeeding Business Day; 

  

	2.4.5	any reference in this Agreement to an enactment is to that enactment as at the Signature Date and as amended or re-enacted from time to time; 

 

	2.4.6	any reference in this Agreement to this Agreement or any other agreement or document shall be construed as a reference to this Agreement or, as the case may be, such
other agreement or document as same may have been, or may from time to time be, amended, varied, novated or supplemented; 

  

	2.4.7	no provision of this Agreement constitutes a stipulation for the benefit of any person who is not a Party to this Agreement; 

 

	2.4.8	references to day/s, month/s or year/s shall be construed as Gregorian calendar day/s, month/s or year/s; 

 

	2.4.9	a reference to a Party includes that Party’s successors-in-title and permitted assigns; 

 

	2.4.10	a time of day shall be construed as a reference to Johannesburg time. 

  

	2.5	Unless inconsistent with the context, an expression which denotes: 

  

	2.5.1	any one gender includes the other genders; 

  

	2.5.2	a natural person includes an artificial person and vice versa; and 

  

	2.5.3	the singular includes the plural and vice versa. 

	2.6	The schedules or annexures 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 or annexures. To the extent that there is any conflict between the schedules or annexures to this Agreement and the provisions of this Agreement, the provisions of this Agreement shall prevail.

  

	2.7	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 same meaning as ascribed to it for all purposes in terms of this Agreement, notwithstanding that term has not been defined in this interpretation clause.

  

	2.8	The rule of construction that, in the event of ambiguity, the contract shall be interpreted against the Party responsible for the drafting thereof, shall not apply in
the interpretation of this Agreement. 

  

	2.9	The expiration or termination of this Agreement shall not affect such of the provisions of this Agreement as expressly provide that they will operate after any such
expiration or termination or which of necessity must continue to have effect after such expiration or termination, notwithstanding that the clauses themselves do not expressly provide for this. 

 

	2.10	This Agreement shall be binding on and enforceable by the administrators, trustees, permitted assigns or liquidators of the Parties as fully and effectually as if they
had signed this Agreement in the first instance and reference to any Party shall be deemed to include such Party’s administrators, trustees, permitted assigns or liquidators, as the case may be. 

 

	2.11	The use of any expression in this Agreement covering a process available under South African law such as winding-up (without limitation eiusdem generis) shall,
if any of the Parties to this Agreement is subject to the law of any other jurisdiction, be construed as including any equivalent or analogous proceedings under the law of such other jurisdiction. 

	2.12	Where figures are referred to in numerals and in words, if there is any conflict between the two, the words shall prevail. 

 

	3.	INTRODUCTION 

  

	3.1	The Borrower required finance to fund the President Steyn Acquisition, to fund the Group’s general corporate costs, working costs and ongoing capital expenditure
requirements and to pay all fees, costs and expenses due and payable on Financial Close. 

  

	3.2	The Original Lender made the Term Facility A and the RCF Facility available to the Borrower for the purposes set out in clause 3.1. 

 

	3.3	The Borrower wishes to raise further finance to fund the Group’s general corporate costs, working costs and ongoing capital expenditure requirements in line with
the Borrower’s approved capital expenditure programme. 

  

	3.4	The Original Lender is willing to make the Term Facility B available to the Borrower and to extend the RCF Facility for the purposes set out in clause 3.3 upon the
terms and conditions of this Agreement. 

  

	4.	CONDITIONS TO ADVANCE 

  

	4.1	It is recorded that: 

  

	4.1.1	the Existing Facilities Advance Condition Documents have been received by the Facility Agent; and 

 

	4.1.2	the Existing Facility Advance Conditions were fulfilled or waived, as the case may be; 

 

	4.2	Save as provided for in clause 4.3 or as the Facility Agent may otherwise agree in writing: 

 

	4.2.1	no Advance shall be made under Term Facility B; and 

	4.2.2	no Advance shall be made in respect of the RCF Additional Facility Amount, 

 unless the Facility Agent has confirmed to the Borrower in writing that: 
  

	4.2.3	it has received all of the New Facilities Advance Condition Documents and that each such document is, in form and substance, satisfactory to the Facility Agent; and

  

	4.2.4	all of the New Facilities Advance Conditions have been fulfilled to the satisfaction of, or waived by, the Facility Agent. 

 

	4.3	The Facility Agent may: 

  

	4.3.1	waive any of the conditions referred to in this clause 4 and in such event the Facility Agent may attach to such waiver such requirements and further or other
conditions as the Facility Agent (in its sole discretion) deems fit; 

  

	4.3.2	agree to make an Advance on terms (express or otherwise) that any condition may be converted to a term of this Agreement and that the obligation thereunder be
discharged after the date of making of such Advance, and in such event the Borrower shall ensure that such obligation is discharged within a period of 5 (five) Business Days after such Advance (or such other period as the Facility Agent may agree to
in writing), and the Facility Agent shall be entitled on written notice to the Borrower to treat any failure by the Borrower to ensure the discharge of such obligation as an Event of Default. 

 

	4.4	 In the event that the conditions set out in clause 4.2 are not fulfilled or waived in accordance with clause 4.3 by 15 December 2010, or such
later date as may be agreed in writing by the Facility Agent and the Borrower on or before that date, then this Agreement, other than this clause 4.4, shall have no force or effect and the Parties agree that the Original Facilities Agreement shall
remain of full force 

	 	
and effect as if this Amended and Restated Facilities Agreement had not been concluded by the Parties. 

 

	5.	THE TERM FACILITIES 

Subject to the provisions of clause 4 (Conditions to Advance), the Original Lender grants to the Borrower, upon the terms and
subject to the conditions of this Agreement, the Term Facilities. 
  

	5.1	Purpose 

  

	5.1.1	The Term Facility A was utilised by the Borrower to fund the President Steyn Acquisition, the settlement of the AVRD Loan, the Group’s general corporate costs,
working costs and ongoing capital expenditure requirements and all fees, costs and expenses due and payable in the amounts specified in the First Fee Letter on Financial Close, and accordingly, the Borrower shall continue to apply all amounts raised
by it hereunder in or towards satisfaction of such purposes. 

  

	5.1.2	The Term Facility B is intended to fund the Group’s general corporate costs, working costs and ongoing capital expenditure requirements in line with the
Borrower’s approved capital expenditure programme. 

  

	5.1.3	Without prejudice to the obligations of the Borrower under clauses 5.1.1 and 5.1.2, the Finance Parties shall not be obliged to concern themselves with the application
of amounts raised by the Borrower hereunder. 

  

	5.2	Advance of Term Facility A 

  

	5.2.1	Subject to the terms of this Agreement, the First Term Facility A Amount was advanced to the Borrower by the Original Lender as follows: 

 

	5.2.1.1	by way of electronic transfer of an amount equal to the First Term Facility Advance on the First Term Facility A Advance Date into the following bank account:

			
	Bank:	    	Absa;
		
	Branch:	    	Virginia;
		
	Account number:	    	40 4873 7227;
		
	Account name:	    	Harmony Treasury Account;

  

	5.2.1.2	by way of electronic transfer of an amount equal to the Second Term Facility A Advance on the Second Term Facility A Advance Date into the following bank account:

  

			
	Bank:	    	Absa;
		
	Branch:	    	Virginia;
		
	Account number:	    	40 4873 7227;
		
	Account name:	    	Harmony Treasury Account;

  

	5.2.2	Provided that on each Term Facility A Advance Date: 

  

	5.2.2.1	the requirements of clause 4 (Conditions to Advance) have been satisfied; 

 

	5.2.2.2	no Default has occurred and is continuing; 

  

	5.2.2.3	the representations and warranties set out in clause 13 (Warranties and Representations) are true; and 

 

	5.2.2.4	in respect of the Second Term Facility A Advance, the Facility Agent was satisfied in its sole discretion that the AVRD Loan Agreement had been repaid.

  

	5.2.3	The Borrower acknowledges and agrees that: 

  

	5.2.3.1	no portion of the Term Facility A repaid by the Borrower in accordance with the provisions of this Agreement or otherwise shall be available to be re-advanced to the
Borrower by the Lenders; 

  

	5.2.3.2	 the Finance Parties shall not incur any liability to the Borrower in the event of the Term Facility A not being utilised for the purposes

	 	
set out in clause 5.1 (Purpose) and in such an event, the portion of those payments made from the Term Facility A will nevertheless be regarded as constituting valid advances and
form part of the Term Loan; 

  

	5.2.3.3	if any monies are advanced in the mistaken belief that the Advance Conditions have been fulfilled or waived in accordance with this Agreement, and it is subsequently
determined that not all the Advance Conditions have been fulfilled or waived, this Agreement shall be valid and enforceable in respect of the monies advanced under the Term Facility, and the Facility Agent shall be entitled on written notice to the
Borrower, to demand immediate payment of the Term Facility Outstandings, without prejudice to any other rights or remedies that the Lenders may have in law. 

 

	5.3	Advance of Term Facility B 

  

	5.3.1	Subject to clause 4 (Conditions to Advance), the Borrower may utilise the Term Facility B during the Term Facility B Availability Period by delivering to the
Facility Agent a duly completed Term Facility B Drawdown Notice not later than 11h00 not less than 5 (five) Business Days prior to the proposed Advance Date. 

 

	5.3.2	Each Term Facility B Drawdown Notice is irrevocable and will not be regarded as having been duly completed unless: 

 

	5.3.2.1	the proposed Advance Date is a Business Day within the Term Facility B Availability Period; 

 

	5.3.2.2	the currency of the proposed Loan is Rand; 

  

	5.3.2.3	the amount of the proposed Loan is a minimum amount of R100 000 000 (One Hundred Million Rand) (or, if less, the Available Term Facility) and a multiple of
R50 000 000 (Fifty Million Rand); 

	5.3.2.4	it specifies a bank account in South Africa to which the Borrower wishes the proceeds of the Loan to be credited; and 

 

	5.3.2.5	the proposed Loan together with the aggregate of the Loans still outstanding on the proposed Advance Date shall not exceed the Available Term Facility.

  

	5.3.3	Only one Loan may be requested in each Term Facility B Drawdown Notice. 

  

	5.3.4	Only one Utilisation Request may be outstanding at any point in time. 

  

	5.3.5	The Borrower acknowledges and agrees that any Term Facility B Drawdown Notice signed by an authorised signatory on behalf of the Borrower shall be deemed to be a valid
Term Facility B Drawdown Notice issued by the Borrower and any Loan made pursuant to such Term Facility B Drawdown Notice to the Borrower shall constitute a valid Term Loan to the Borrower. 

 

	5.3.6	If the conditions set out in this Agreement have been met, each Lender shall make its participation in each Term Loan available on the relevant Advance Date.

  

	5.4	Interest on the Term Facilities 

  

	5.4.1	The Term Loans shall bear interest at the Interest Rate which shall: 

  

	5.4.1.1	accrue on a day to day basis over the Term; and 

  

	5.4.1.2	be calculated on the actual number of days elapsed and, for the purposes of calculation, based on a year of 365 (three hundred and sixty-five) days.

  

	5.4.2	All interest accrued on the Term Loans during the Term (including capitalised interest) shall be paid by the Borrower on each Interest Payment Date to the Lenders, in
accordance with clause 9 (Payments). 

	5.4.3	The Facility Agent shall promptly notify the Borrower of the applicable Interest Rate determined pursuant to the provisions of this Agreement promptly after
ascertaining the same. 

  

	5.5	Repayment of Term Facilities 

  

	5.5.1	The Borrower shall, subject to the provisions of clauses 7 (Voluntary Prepayment), 8 (Mandatory Prepayment) and 18 (Events of Default), repay the
Term Loan in the amounts and on the dates set out in the Term Facilities Repayment Schedule, provided that the Term Facility Advances together with all accrued but unpaid interest shall be repaid by no later than the Final Repayment Date, in
accordance with clause 9 (Payments). 

  

	5.5.2	The Borrower shall not repay all or any part of the Term Loan except at the times and in the manner expressly provided for in this Agreement and shall not be entitled
to reborrow any amount repaid. 

  

	5.6	Market disruption 

  

	5.6.1	If a Market Disruption Event described in clauses 5.6.3.1 or 5.6.3.2 occurs, then the rate of interest on the Term Loans for that Term Interest Period shall be the
percentage rate nacq which is the sum of: 

  

	5.6.1.1	the Applicable Term Margin; and 

  

	5.6.1.2	the rate notified by the Facility Agent as soon as practicable and in any event before interest is due to be paid in respect of that Term Interest Period, to be that
which expresses as a percentage rate per annum the cost to the Lenders of funding the Term Loan from whatever source it may reasonably select. 

  

	5.6.2	If a Market Disruption Event described in clause 5.6.3.3 occurs, then the Base Rate for that Term Interest Period shall be increased by the Market Disruption Premium.

 In this clause 5: 

 

	5.6.3	“Market Disruption Event” means: 

  

	5.6.3.1	at or about noon on the Reset Date for the relevant Term Interest Period JIBAR is not available on the relevant screen and none or only one of the Reference Banks
supplies a rate to the Facility Agent to determine the Base Rate for the relevant Term Interest Period; or 

  

	5.6.3.2	at or about noon on the Term Facility Advance Date the Lenders are unable to raise funding in the Johannesburg interbank market in the ordinary course of business to
fund the Term Loan; or 

  

	5.6.3.3	the Market Disruption Premium as at any Term Facility Advance Date is in excess of 0,25% (zero comma two five percent); 

 

	5.6.4	“Market Disruption Premium” means the difference between the Nedbank Liquidity Premium 1 (one) day prior to each Term Facility Advance Date and the
Nedbank Liquidity Premium as at the New Facilities Signature Date; 

  

	5.6.5	“Nedbank Liquidity Premium” means, at any date, the difference between the 1 (one) year NCD rate as quoted on the Reuters NEDMM screen, as a naca rate
and converted to a nacq rate, and the 1 (one) year swap rate as quoted on the Reuters NDIRS screen, as a nacq rate (in each case at 11h00 on the relevant date). 

 

	5.7	Alternative basis of interest or funding 

 If a Market Disruption Event occurs and the Facility Agent or the Borrower so requires, the Facility Agent and the Borrower shall enter into negotiations (for a period of not more than 30 (thirty days))
with a view to agreeing a substitute basis for determining the rate of interest, failing which the provisions of clause 5.6 shall continue to apply. 

	6.	THE RCF FACILITY 

 The
Original Lender agrees to make available to the Borrower a revolving credit facility in an aggregate amount equal to the RCF Facility Amount, on the terms and subject to the conditions of this Agreement. 

 

	6.1	Purpose of the RCF Facility 

  

	6.1.1	The Borrower shall utilise the RCF Facility for the purpose of funding the ongoing general corporate costs, working costs and working capital requirements of the Group.

  

	6.1.2	Without prejudice to the obligations of the Borrower under clause 6.1.1, the Lenders shall not be obliged to concern themselves with the application of amounts raised
by the Borrower hereunder. 

  

	6.2	Utilisation of the RCF Facility 

  

	6.2.1	Subject to clause 4 (Conditions to Advance), the Borrower may utilise the RCF Facility during the Availability Period by delivering to the Facility Agent a duly
completed Utilisation Request not later than 11h00 not less than 5 (five) Business Days prior to the proposed Utilisation Date. 

  

	6.2.2	Each Utilisation Request is irrevocable and will not be regarded as having been duly completed unless: 

 

	6.2.2.1	the proposed Utilisation Date is a Business Day within the Availability Period; 

 

	6.2.2.2	the currency of the proposed Loan is Rand; 

  

	6.2.2.3	the amount of the proposed Loan is a minimum amount of R50 000 000 (Fifty Million Rand) (or, if less, the Available Facility) and a maximum amount of
R425 000 000 (Four Hundred and Twenty-five Million Rand); 

	6.2.2.4	it specifies an Interest Period of one, three or six Months applicable to the proposed Loan; 

 

	6.2.2.5	it specifies a bank account in South Africa to which the Borrower wishes the proceeds of the Loan to be credited; and 

 

	6.2.2.6	the proposed Loan together with the aggregate of the Loans still outstanding on the proposed Utilisation Date shall not exceed the Available RCF Facility.

  

	6.2.3	Only one Loan may be requested in each Utilisation Request. 

  

	6.2.4	Only one Utilisation Request may be outstanding at any point in time. 

  

	6.2.5	A maximum of two Utilisation Requests may be delivered in any calendar month during the Availability Period. 

 

	6.2.6	A Borrower may not deliver a Utilisation Request if as a result of the proposed Utilisation more than 10 (ten) Loans would be outstanding at any point in time and to
this effect, the Lenders will consolidate 2 (two) or more outstanding Loans made to the Borrower maturing on the same date, such that the relevant Rollover Loan made to refinance such maturing Loans will be in respect of such outstanding Loans as
consolidated into 1 (one) Loan. 

  

	6.2.7	The Borrower acknowledges and agrees that any Utilisation Request signed by an authorised signatory on behalf of the Borrower shall be deemed to be a valid Utilisation
Request issued by the Borrower and any Loan made pursuant to such Utilisation Request to the Borrower shall constitute a valid Loan to the Borrower. 

  

	6.2.8	If the conditions set out in this Agreement have been met, each Lender shall make its participation in each Loan available on the Utilisation Date.

	6.3	Interest on RCF Facility 

  

	6.3.1	Calculation of interest 

The rate of interest on each RCF Loan for each RCF Interest Period is the Interest Rate. 

 

	6.3.2	Payment of interest 

 The
Borrower shall pay accrued interest on each RCF Loan on the last day of each RCF Interest Period. 
  

	6.3.3	Notification of rates of interest 

 The Facility Agent shall promptly notify the Borrower of the determination of a rate of interest under this Agreement. 
  

	6.3.4	Absence of quotations 

Subject to clause 6.3.5 (Market disruption), if the Base Rate is to be determined by reference to the Reference Banks but a
Reference Bank does not supply a quotation by 11h00 (Johannesburg time) on the Reset Date, the applicable Base Rate shall be determined on the basis of the quotations of the remaining Reference Banks. 

 

	6.3.5	Market disruption 

  

	6.3.5.1	If a Market Disruption Event described in clauses 6.3.5.3.1 or 6.3.5.3.2 occurs in relation to an RCF Loan for any RCF Interest Period, then the rate of interest on
that RCF Loan for the RCF Interest Period shall be the percentage rate nacm / nacq / nacs (depending on the applicable RCF Interest Period) which is the sum of: 

 

	6.3.5.1.1	the Applicable RCF Margin; and 

	6.3.5.1.2	the rate notified by the Facility Agent as soon as practicable and in any event before interest is due to be paid in respect of that RCF Interest Period, to be that
which expresses as a percentage rate per annum the cost to the Lenders of funding that RCF Loan from whatever source it may reasonably select. 

  

	6.3.5.2	If a Market Disruption Event described in clause 6.3.5.3.3 occurs in relation to any RCF Loan for any RCF Interest Period, then the Base Rate on that RCF Loan for such
RCF Interest Period shall be increased by the Market Disruption Premium. 

 In this clause 6: 

 

	6.3.5.3	“Market Disruption Event” means: 

  

	6.3.5.3.1	at or about noon on the Reset Date for the relevant RCF Interest Period JIBAR is not available on the relevant screen and none or only one of the Reference Banks
supplies a rate to the Facility Agent to determine the Base Rate for the relevant RCF Interest Period; or 

  

	6.3.5.3.2	at or about noon on a Utilisation Date the Lenders are unable to raise funding in the Johannesburg interbank market in the ordinary course of business to fund the
applicable RCF Loan; or 

  

	6.3.5.3.3	the Market Disruption Premium as at any Utilisation Date is in excess of 0,25% (zero comma two five percent); 

 

	6.3.5.4	“Market Disruption Premium” means the difference between the Nedbank Liquidity Premium 1 (one) day prior to each Utilisation Date and the Nedbank
Liquidity Premium as at the New Facilities Signature Date; 

	6.3.5.5	“Nedbank Liquidity Premium” means, at any date, the difference between the 1 (one) year NCD rate as quoted on the Reuters NEDMM screen, as a naca rate
and converted to a nacq rate, and the 1 (one) year swap rate as quoted on the Reuters NDIRS screen, as a nacq rate (in each case at 11h00 on the relevant date). 

 

	6.3.6	Alternative basis of interest or funding 

 If a Market Disruption Event occurs and the Facility Agent or the Borrower so requires, the Facility Agent and the Borrower shall enter into negotiations (for a period of not more than 30 (thirty days))
with a view to agreeing a substitute basis for determining the rate of interest, failing which the provisions of clause 6.3.5 shall continue to apply. 
  

	6.4	RCF Interest Periods 

  

	6.4.1	Selection of RCF Interest Periods 

  

	6.4.1.1	The Borrower shall select an RCF Interest Period for an RCF Loan under the RCF Facility in the Utilisation Request for that RCF Loan. 

 

	6.4.1.2	Subject to this clause 6.4 (RCF Interest Periods), the Borrower may select an RCF Interest Period of one, three or six Months, as specified in the
Utilisation Request. 

  

	6.4.1.3	An RCF Interest Period for an RCF Loan shall not extend beyond the Final Repayment Date. If an RCF Interest Period for an RCF Loan selected by the Borrower would, but
for this clause 6.4.1.3, extend beyond the Final Repayment Date (such RCF Interest Period, a “Broken Period”), then for that Broken Period the Base Rate shall be determined in accordance with the following formula:

 r = r1 + (t- t1) x (r2-r1) / (t2-t1) 

where: 

 r = the Base Rate to be determined, 

r1 = JIBAR or where it is not possible to determine JIBAR on any Reset Date, SAR-JIBAR-Reference Banks, in either case converted to a
nominal annual compounded monthly in arrear rate, for the period closest to but less than that Broken Period plus, if this would result in r1 being equal to SAFEX Overnight Deposit Rate, 0,01%; 

r2 = JIBAR or where it is not possible to determine JIBAR on any Reset Date, SAR-JIBAR-Reference Banks, in either case converted to a
nominal annual compounded monthly in arrear rate, for the period closest to but greater than that Broken Period; 
 t1 = the
number of days applicable to the period for which r1 is quoted on the first day of that Broken Period; 
 t2 = the number of
days applicable to the period for which r2 is quoted on the first day of that Broken Period; 
 t = the number of days in that
Broken Period. 
  

	6.4.1.4	Each RCF Interest Period for an RCF Loan shall start on the relevant Utilisation Date. 

 

	6.4.1.5	Subject to this clause 6.4 (RCF Interest Periods), the Borrower may select a different RCF Interest Period for a Rollover Loan than the RCF Interest Period
of the RCF Loan being refinanced by that Rollover Loan in the Utilisation Request delivered for that Rollover Loan. 

  

	6.4.1.6	If the Borrower fails to select an RCF Interest Period for an RCF Loan in the Utilisation Request for that RCF Loan, the RCF Interest Period for the applicable RCF Loan
shall be 3 (three) Months. 

	6.4.2	Non-Business Days 

 If an
RCF Interest Period would otherwise end on a day which is not a Business Day, that RCF Interest Period will instead end on the next Business Day in that calendar month (if there is one) or the preceding Business Day (if there is not). 

 

	6.4.3	Consolidation of RCF Loans 

 If two or more RCF Interest Periods relating to RCF Loans end on the same date, those RCF Loans will be consolidated into, and treated as, a single RCF Loan on the last day of the RCF Interest Period.

  

	6.4.4	Day Count Convention 

Any interest or fee accruing under a Finance Document will accrue from day to day and is calculated inclusive of the first day but
exclusive of the last day of an RCF Interest Period on the basis of the actual number of days elapsed and a year of 365 days (irrespective of whether the year is a leap year) or, in any case where the practice in the Johannesburg interbank market
differs, in accordance with that market practice. 
  

	6.5	Repayments 

  

	6.5.1	The Borrower shall repay each RCF Loan made to it on the last day of its RCF Interest Period such that all RCF Loans outstanding under the RCF Facility (including
accrued and unpaid interest thereon) shall be repaid in full by no later than the Final Repayment Date. 

  

	6.5.2	Any amount repaid or prepaid under the RCF Facility shall be capable of being re-borrowed by the Borrower on the terms and conditions set out in this clause 6 (RCF
Facility). 

  

	6.6	Cancellation of RCF Facility 

 The Borrower shall be entitled on 10 (ten) days’ written notice to the Facility Agent
to cancel all or part of the unutilised portion of the RCF Facility Amount (the “Cancelled Portion”), provided that if such cancellation takes place within 18 (eighteen) months after the date of New Facilities Financial Close the
Borrower shall, on the date upon which the cancellation takes effect, pay to the Lenders an amount equal to 2% (two percent) of the Cancelled Portion. 
  

	7.	VOLUNTARY PREPAYMENT 

  

	7.1	At any time during the Term, and provided that no Default has occurred that is continuing, the Borrower may, subject to the provisions of clause 28.2 (Exit
Fees), by giving to the Facility Agent not less than 5 (five) Business Days prior written notice to that effect, prepay the whole or part of the Term Facility Outstandings or the RCF Facility Outstandings on an Interest Payment Date relating to
the relevant Facility; provided that no such prepayment shall be in an amount of less than R50 000 000 (Fifty Million Rand) (or a greater amount thereof in increments of R10 000 000 (Ten Million Rand)) or the Term Facility
Outstandings or RCF Facility Outstandings, whichever is the lesser. 

  

	7.2	Any notice of prepayment pursuant to clause 7.1 shall: 

  

	7.2.1	be irrevocable; 

  

	7.2.2	specify a date upon which such prepayment is to be made, which date shall be an Interest Payment Date; 

 

	7.2.3	specify the amount of the prepayment; and 

  

	7.2.4	oblige the Borrower to make such prepayment on such date. 

  

	8.	MANDATORY PREPAYMENT 

  

	8.1	Illegality 

 If it becomes unlawful in any applicable jurisdiction for any Lender to perform any of its
obligations as contemplated by this Agreement or to fund or maintain its participation in any Loan: 
  

	8.1.1	that Lender shall promptly notify the Facility Agent thereof, which shall promptly notify the Borrower upon becoming aware of that event; 

 

	8.1.2	upon the Lender notifying the Borrower, the undrawn portion of any Facility relating to that Lender will be immediately cancelled; and 

 

	8.1.3	the Borrower shall repay that Lender’s Facility Outstandings on the last day of the Interest Period for each Loan occurring after the Facility Agent has notified
the Borrower or, if earlier, the date specified by the Facility Agent in the notice delivered to the Borrower (being no earlier than the last day of any applicable grace period permitted by law). 

 

	8.2	Mandatory Prepayment – Change in Control 

  

	8.2.1	If any person or group of persons acting in concert gains Control of the Borrower: 

 

	8.2.1.1	the Borrower shall promptly notify the Facility Agent upon becoming aware of that event; 

 

	8.2.1.2	the Lenders shall not be obliged to fund a Utilisation (except for a Rollover Loan) and the Lender and the Borrower shall consult about the change of control;

  

	8.2.1.3	 if the Lenders so require after a period of 45 (forty-five) days from receipt of the notice referred to in clause 8.2.1.1 above, the Facility Agent
shall by notice to the Borrower, (such notice to be delivered no later than 60 (sixty) days from receipt of the notice referred to in clause 8.2.1.1 above), cancel the undrawn portion of the Facilities and declare the Facility Outstandings
immediately due and payable, whereupon the undrawn portion of the Facilities will be cancelled 

	 	
and the Facility Outstandings will become immediately due and payable; 

  

	8.2.2	For the purpose of clause 8.2.1 above, “acting in concert” means, a group of persons who, pursuant to an agreement or understanding (whether formal or
informal), actively co-operate, through the acquisition by any of them, either directly or indirectly, of shares in the Borrower, to obtain or consolidate control of the Borrower. 

 

	9.	PAYMENTS 

  

	9.1	All payments to be made by the Obligors under any Finance Documents shall be governed by the following provisions: 

 

	9.1.1	all such payments shall be made to the Facility Agent, on the due date for such payment, to such account in South Africa as the Facility Agent specifies, and any such
payment shall discharge, pro tanto, the corresponding liability to the Finance Parties; 

  

	9.1.2	all such payments shall be made for value by no later than 12h00 on the due date for such payment; 

 

	9.1.3	the relevant Obligor shall advise the Facility Agent in writing once such repayment has been made; and 

 

	9.1.4	all such payments shall be made in immediately available, freely transferable, cleared funds free and clear of set-off, deduction or counterclaim.

  

	9.2	In the event of any payment not being made in full on its due date, appropriated in the first instance to the payment of any costs, charges or expenses, thereafter to
interest then due and payable, and thereafter in reduction of the principal amount of the Loan. 

	9.3	The Borrower shall not have the right to defer, adjust or withhold any payment due to the Finance Parties in terms of or arising out of this Agreement or to obtain
deferment of judgement for such amount or any execution of such judgement by reason of any set-off or counterclaim due to any other contractual or delictual claims or causes of whatsoever nature or howsoever arising. 

 

	9.4	If, at any time, it shall become impracticable (by reason of any action of any governmental authority or any change in law, exchange control regulations or any similar
event) for the Borrower to make any payments hereunder in the manner specified in this clause 8 (Payments), then the Borrower may agree with the Facility Agent alternative arrangements for such payment to be made; provided that, in the
absence of any such agreement, the Borrower shall be obliged to make all payments due to the Finance Parties in the manner specified herein. 

  

	10.	BREAKAGE COSTS AND BREAKAGE GAINS 

  

	10.1	If any Lender (or any person on its behalf) receives or recovers all or any part of the Facility Outstandings otherwise than on the Interest Payment Date of the
Interest Period relating to the relevant Advance: 

  

	10.1.1	the Borrower indemnifies and holds the Lender harmless and shall pay to the Lender on demand an amount equal to all Breakage Costs which the Lender sustains as a
consequence of such receipt or recovery on a day other than an Interest Payment Date; or 

  

	10.1.2	provided that no Event of Default has occurred which is continuing, the Lender shall pay to the Borrower on demand an amount equal to all Breakage Gains which the
Lender has actually realised as a consequence of such receipt or recovery on a day other than on an Interest Payment Date. 

  

	10.2	 A certificate signed by any director or manager of the Facility Agent (whose appointment need not be proved) as to the amount of any Breakage Costs or

 Breakage Gains, as the case may be, shall be prima facie proof of the amount thereof.

  

	11.	GUARANTEE AND INDEMNITY 

  

	11.1	Guarantee and Indemnity 

Each Guarantor irrevocably and unconditionally jointly and severally: 

 

	11.1.1	guarantees to the Finance Parties the punctual performance by the Borrower of all the Borrower’s obligations under the Finance Documents; 

 

	11.1.2	undertakes to the Finance Parties that whenever the Borrower does not pay any amount when due under or in connection with any Finance Document, that Guarantor shall
directly on demand pay that amount as if it was the principal obligor; and 

  

	11.1.3	indemnifies the Finance Parties directly on demand against any cost, loss or liability suffered by the Finance Parties if any obligation guaranteed by it is or becomes
unenforceable, invalid or illegal. The amount of the cost, loss or liability shall be equal to the amount which the Finance Parties would otherwise have been entitled to recover. 

 

	11.2	Continuing Guarantee 

This guarantee is a continuing guarantee and will extend to the ultimate balance of sums payable by the Borrower under the Finance
Documents, regardless of any intermediate payment or discharge in whole or in part. 
  

	11.3	Reinstatement 

 If any
payment by the Borrower or any discharge given by the Finance Parties (whether in respect of the obligations of the Borrower or any security for those 

 
obligations or otherwise) is avoided or reduced as a result of insolvency or any similar event: 
  

	11.3.1	the liability of the Borrower shall continue as if the payment, discharge, avoidance or reduction had not occurred; and 

 

	11.3.2	the Finance Parties shall be entitled to recover the value or amount of that security or payment from the Borrower, as if the payment, discharge, avoidance or reduction
had not occurred. 

  

	11.4	Waiver of Defences 

 The
obligations of each Guarantor under this clause 11 (Guarantee and Indemnity) will, subject to applicable law, not be affected by an act, omission, matter or thing which, but for this clause, would reduce, release or prejudice any of its
obligations under this clause 11 (without limitation and whether or not known to it or the Finance Parties) including: 
  

	11.4.1	any time indulgence, waiver or consent granted to, or composition with, the Borrower or other person; 

 

	11.4.2	the release of the Borrower or any other person under the terms of any composition or arrangement with any creditor of any member of the Group;

  

	11.4.3	the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets
of, the Borrower or other person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security; 

 

	11.4.4	any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of the Borrower or any other person;

	11.4.5	any amendment (however fundamental) or replacement of a Finance Document or any other document or security; 

 

	11.4.6	an unenforceability, illegality or invalidity of any obligation of any person under any Finance Document or any other document or security; or 

 

	11.4.7	any insolvency or similar proceedings. 

  

	11.5	Direct Recourse 

 Each
Guarantor waives any right it may have of first requiring the Finance Parties to proceed against or enforce any other rights or security or claim payment from any person before claiming from that Guarantor under this clause 11 (Guarantee and
Indemnity); provided that prior to making any demand on any Guarantor under this clause 11 Guarantee and Indemnity) demand shall first have been made on the Borrower and the Borrower shall have failed to pay the sum or perform the
obligation demanded within the requisite period specified in such demand. This waiver applies irrespective of any law or any provision of a Finance Document to the contrary. 

 

	11.6	Appropriations 

 Until all
amounts which may be or become payable by the Borrower under or in connection with the Finance Documents have been irrevocably paid in full, the Finance Parties (or any agent on its behalf) may apply all monies, security or rights received by it on
account thereof in such manner and order as it sees fit. 
  

	11.7	Deferral of Guarantors’ Rights 

 Until all amounts which may be or become payable by the Borrower under or in connection with the Finance Documents have been irrevocably paid in full and unless the Facility Agent (acting reasonably)
otherwise directs, no Guarantor will exercise any rights which it may have by reason of performance by it of its obligations under the Finance Documents: 

	11.7.1	to be indemnified by the Borrower; 

  

	11.7.2	to claim any contribution from any Guarantor; and/or 

  

	11.7.3	to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of the rights of the Finance Parties under the Finance Documents, or of any
other guarantee or security taken pursuant to, or in connection with, the Finance Documents by the Finance Parties. 

  

	11.8	Additional Security 

 This
guarantee is in addition to and is not in any way prejudiced by any other guarantee or security now or subsequently held by the Finance Parties. 
  

	12.	CESSION IN SECURITY 

  

	12.1	As security for its obligations to the Finance Parties under the Finance Documents, each Obligor hereby cedes in securitatem debiti to the Finance Parties its
right, title and interest in and to the Loan Claims (the “Security Cession”). 

  

	12.2	The following terms and conditions shall apply to the Security Cession: 

  

	12.2.1	each Obligor agrees that the Security Cession shall constitute a continuing covering security and shall remain in force notwithstanding any fluctuation or the temporary
extinction of each Obligor’s indebtedness to the Finance Parties in respect of the Finance Documents; 

  

	12.2.2	each Obligor warrants and represents that prior to the Security Cession, the Loan Claims have not been ceded to any other person provided that, to the extent that each
Obligor has ceded the Loan Claims to any person prior to the Security Cession, the Security Cession shall constitute a cession of each Obligor’s reversionary rights in and to the Loan Claims; 

 

	12.2.3	 if an Obligor defaults and/or breaches any of its obligations under the Finance Documents and the Facility Agent has declared the Facility

	 	
Outstandings due and payable in accordance with clause 18.3 (Acceleration), the Finance Parties shall, subject to applicable law, be entitled to take over and/or to realise so much of the
proceeds of the Loan Claims as shall be necessary to discharge the Obligor’s obligations to the Finance Parties under the Finance Documents; provided that should the total amount recovered by the Finance Parties, after deducting therefrom all
costs, charges and expenses incurred by the Finance Parties in exercising its rights in terms of the Finance Documents, in discharge of the Obligors’ obligations in respect of the Finance Documents exceed the full amount owing by the Obligors
in respect of the Finance Documents, the Finance Parties shall be obliged to refund such excess to the Obligors; 

  

	12.2.4	if an Obligor defaults and/or breaches any of its obligations under the Finance Documents and the Facility Agent has declared the Facility Outstandings due and payable
in accordance with clause 18.3 (Acceleration), each Obligor nominates, constitutes and appoints the Facility Agent as its true and lawful agent irrevocably and in rem suam with power of substitution to exercise all the rights of action
and powers and rights accruing to it for the purpose of calling up, enforcing and collecting the Loan Claims and to institute against the relevant Group Company whatsoever legal proceedings the Facility Agent may consider necessary and to prove any
claim in any insolvent estate and generally to do that which is requisite and necessary just as if each Obligor were acting therein and in particular, to recover from the relevant Group Company all monies and rights due to each Obligor in respect of
the Loan Claims and to grant valid receipts and acquittances therefor in its name; 

  

	12.3	The Facility Agent shall be entitled without in any way limiting or affecting its rights against each Obligor or otherwise affecting each Obligor’s obligations to
the Finance Parties, to: 

  

	12.3.1	 release and abandon any other form of security which it may have securing the obligations owed by each Obligor in respect of the Finance

	 	
Documents, all such other forms of security, if any, being referred to as “Other Securities”; and/or 

 

	12.3.2	release Other Securities or any one or more of them, in each case in whole or in part; and/or 

 

	12.3.3	give time, compound, compromise or make any other arrangement in respect of the extent, amount, duration, reduction or postponement of liability to or with each
Obligor; and/or 

  

	12.3.4	allow or grant any latitude or indulgence to each Obligor and/or any other person who shall have furnished Other Securities. 

 

	12.4	The Security Cession shall remain of full force and effect until all of each Obligor’s obligations under the Finance Documents have been discharged by the Obligors
in full, and notwithstanding: 

  

	12.4.1	any variation or amendment of, addition to or deletion from, or consensual cancellation or determination of any agreement between any Obligor and the Finance Parties;
and/or 

  

	12.4.2	any waiver by the Finance Parties of some but not all of their rights against the Obligors; and/or 

 

	12.4.3	any waiver by the Finance Parties of any or all of their rights in respect of Other Securities; and/or 

 

	12.4.4	any latitude, indulgence or extension of time which may be allowed or shown by the Finance Parties to any Obligor or such other person who shall have furnished Other
Securities; and/or 

  

	12.4.5	the receipt by the Finance Parties of any dividend or benefit in any liquidation or judicial management, or any compromise whether in terms of any statutory enactment
or common law. 

	12.5	Each Obligor undertakes and warrants that it will do all things necessary to grant to the Finance Parties (or procure the granting to the Finance Parties of), and
perfect, the security set out in this clause 12. 

  

	13.	WARRANTIES AND REPRESENTATIONS 

  

	13.1	From the Signature Date, each Obligor hereby represents and warrants to the Finance Parties on a continuing basis that: 

 

	13.1.1	Status 

  

	13.1.1.1	It is a limited liability company, duly incorporated and in good standing and validly existing under the laws of South Africa. 

 

	13.1.1.2	It has the power to own its assets and carry on its business as it is being conducted or is contemplated to be conducted. 

 

	13.1.2	Power and Authority 

  

	13.1.2.1	It has the power to enter into and perform, and has taken all necessary action to authorise its entry into, and performance of, the Finance Documents to which it is
party and the transactions contemplated by those Finance Documents. 

  

	13.1.2.2	No limit on its powers will be exceeded as a result of the borrowings, grant of security or giving of guarantees or indemnities contemplated by the Finance Documents to
which it is a party. 

  

	13.1.3	Authorisations 

  

	13.1.3.1	All Authorisations required to enable it lawfully to enter into, exercise its rights and comply with its obligations under the Finance Documents to which it is a party
and to ensure that the obligations expressed to be assumed by it thereunder are legal, valid, binding and enforceable have been obtained or effected and are in full force and effect. 

	13.1.3.2	It is not necessary that any Finance Document be filed, recorded or enrolled with any court or other authority in South Africa or that any registration or similar tax
be paid on or in relation to any Finance Document. 

  

	13.1.3.3	All Authorisations necessary for the conduct of its business, trade and ordinary activities have been obtained or effected and are in full force and effect.

  

	13.1.4	Constitutional Documents  

The execution of the Finance Documents to which it is a party and its exercise of its rights and performance of its obligations
thereunder do not and will not conflict with its Constitutional Documents. 
  

	13.1.5	Binding Obligations 

 The
obligations expressed to be assumed by it in each Finance Document to which it is a party are, subject to any general principles of law as at the Signature Date limiting its obligations, which are specifically referred to in any legal opinion
delivered pursuant to clause 4 (Conditions to Advance) legal, valid, binding and enforceable obligations. 
  

	13.1.6	Non-conflict with Other Obligations 

 The entry into and performance by it of, and the transactions contemplated by, the Finance Documents to which it is a party and the granting of the Transaction Security pursuant to the Security Documents
to which it is a party do not and will not conflict with any agreement or instrument binding upon it or any of its assets. 

	13.1.7	No Default 

  

	13.1.7.1	No Default is continuing or might reasonably be expected to result from the making of a Loan or the entry into, the performance of, or any transaction contemplated by,
any Finance Document. 

  

	13.1.7.2	No event or circumstance is continuing which constitutes a breach or default under, or entitles another party to call for termination of, any material agreement or
material instrument which is binding on it. 

  

	13.1.8	No Encumbrances 

  

	13.1.8.1	No Encumbrance exists over any of its assets except for Permitted Encumbrances. 

 

	13.1.8.2	Other than the Encumbrances created or to be created under the Security Documents, no Encumbrance will arise solely as a result of the execution of and performance of
its rights and obligations under the Finance Documents. 

  

	13.1.9	Trading Activities 

 The
Borrower has no material trading activities or liabilities other than those disclosed in or contemplated by the Finance Documents or the Original Financial Statements. 
  

	13.1.10	Indebtedness 

 It has not
incurred any Financial Indebtedness except for Permitted Indebtedness. 
  

	13.1.11	No Proceedings Pending or Threatened 

 No investigation, litigation, arbitration or administrative proceedings of or before any court, arbitral body or government agency which, if adversely

 
determine, is reasonably likely to result in a Material Adverse Change have been started against it. 
  

	13.1.12	No Winding-Up 

 It has
not taken any corporate action, nor have any other steps been taken or legal proceedings started against it, for its winding-up, dissolution, or administration or for the enforcement of any security interest over all or any of its revenues or assets
or for the appointment of a receiver, administrator, administrative receiver, conservator, custodian, trustee or similar officer of it or of all or any of its assets. 
  

	13.1.13	Solvency 

  

	13.1.13.1	No Obligor is unable or has admitted its inability to pay its debts as they fall due or has suspended making payments on any of its debts or, by reason or actual or
anticipated financial difficulties, commenced negotiations with its creditors generally with a view to rescheduling its indebtedness. 

  

	13.1.13.2	A moratorium has not been declared in respect of any of the indebtedness of any Obligor. 

 

	13.1.14	Compliance with Laws 

Without detracting from any other provision of this clause 13, each Obligor is in compliance in all material respects with the laws of
the Republic of South Africa. 
  

	13.1.15	Environmental Compliance 

Each Obligor, to the extent applicable to it, has: 
  

	13.1.15.1	 performed and observed in all material respects all Environmental Law, Environmental Permits and all other material covenants, conditions, restrictions
or agreements directly or indirectly 

	 	
concerned with any contamination, pollution, degradation or waste or the release or discharge of any toxic or hazardous substance in connection with any real property which is or was at any time
owned, leased, occupied or controlled by it or on which it has conducted any activity where failure to do so is likely to result in a Material Adverse Change; and 

 

	13.1.15.2	obtained all Environmental Permits required by it which are material to properly conduct its business. 

 

	13.1.16	Environmental Claims 

Save to the extent disclosed in Schedule 6 (Disclosed Potential Environmental Claim), no Environmental Claim has been commenced
against any Obligor where that claim would be reasonably likely to be adversely determined and which, if so adversely determined against that Obligor, is likely to result in a Material Adverse Change. 

 

	13.1.17	Deduction of Tax 

 It is
not required to make any deduction for or on account of tax from any payment it may make under any Finance Documents to the Finance Parties. 
  

	13.1.18	Taxation 

  

	13.1.18.1	Each Obligor has duly and punctually paid and discharged all taxes imposed upon it or its assets within a time period allowed without incurring penalties except to the
extent that: 

  

	13.1.18.1.1	payment is being contested in good faith; 

  

	13.1.18.1.2	it has maintained adequate provisions for those taxes in accordance with IFRS; and 

 

	13.1.18.1.3	payment can be lawfully withheld. 

	13.1.18.2	Each Obligor is materially overdue in the filing of its tax returns since the years specified in Schedule 8 (Last Tax Return Year) for each
Obligor. Such late filing is due to bona fide queries having been raised by each of the Obligors with the South African Revenue Service and/or by the South African Revenue Service with all or any of the Obligors, and for which proper and adequate
provision has been made in the Original Financial Statements. 

  

	13.1.19	No Misleading Information 

  

	13.1.19.1	To the best of its knowledge and belief (having made due enquiry), all written information provided by it and supplied to the Facility Agent pursuant to the terms of
the Finance Documents and the transactions contemplated thereby is true and accurate in all material respects as at the date it was given and is not misleading in any material respects (whether because of information actually provided or which
should have been provided). 

  

	13.1.19.2	All written information referred to in this clause 13.1.19 (No Misleading Information) has been disclosed to the Facility Agent without breaching
any confidentiality obligation binding upon it or its assets. 

  

	13.1.19.3	It has not knowingly withheld any information which, if disclosed, would reasonably be expected materially and adversely to affect the decision of the Lenders to
provide finance to the Borrower. 

  

	13.1.20	No Breach of Finance Documents 

 It is not in breach of or in Default under any Finance Document. 

	13.1.21	No Material Adverse Change 

 Since the Signature Date, no event or series of events has occurred, commenced or is threatened which is (or the continuation of which is) likely to result in a Material Adverse Change. 

 

	13.1.22	Original Financial Statements 

  

	13.1.22.1	The Original Financial Statements were prepared in accordance with IFRS consistently applied, except to the extent expressly disclosed to the contrary therein.

  

	13.1.22.2	The Original Financial Statements fairly represent each Obligor’s financial condition and operations (consolidated in the case of the Group) during the relevant
financial period, unless expressly disclosed to the contrary therein. 

  

	13.1.22.3	There has been no material adverse change in the business, operations or financial condition of any of the Obligors (or the business or consolidated financial condition
of the Group) since the Signature Date. 

  

	13.1.22.4	Upon the Original Financial Statements being audited by the Auditors, there shall be no material changes thereto, and same shall not be qualified adversely by the
Auditors or in any material respect more severely than to the extent disclosed in the Original Financial Statements as at the Signature Date. 

  

	13.1.23	Financial Statements and Budgets 

  

	13.1.23.1	 The most recent financial statements delivered pursuant to clause 14.1 (Financial Statements) have been prepared in accordance
with IFRS as applied to the Original Financial Statements and give a true and fair view of (if audited) or fairly present (if unaudited) the Group’s consolidated financial condition and each Obligor’s

	 	
financial condition as at the end of, and consolidated results of operations for, the period to which they relate. 

 

	13.1.23.2	The budgets and forecasts supplied under this Agreement were arrived at after careful consideration and have been prepared in good faith on the basis of recent
historical information and on the basis of assumptions which were reasonable as at the date they were prepared and supplied. 

  

	13.1.23.3	Since the date of the most recent financial statements delivered pursuant to clause 14.1 (Financial Statements) there has been no Material Adverse
Change in the business, assets or financial condition of the Group. 

  

	13.1.24	Insurance 

 It maintains
insurances on and in relation to its business and assets against those risks and to the extent as is usual for companies in South Africa carrying on substantially similar business in South Africa. 

 

	13.1.25	Assets and Intellectual Property Rights 

  

	13.1.25.1	It has good title to or valid leases or licenses over all of the assets necessary and material to carry on its business. 

 

	13.1.25.2	It owns or has the legal right to use all the Intellectual Property Rights which are material to the conduct of its business, or are required by it in order for it to
carry on its business and, as far as it is aware, it will not nor will any of its subsidiaries, in carrying on its business, infringe any Intellectual Property Rights of any third party in any way which is likely to result in a Material Adverse
Change. 

  

	13.1.25.3	 None of the Intellectual Property Rights which are material in the context of its business are, to its knowledge, being infringed nor, to its
knowledge, is there any threatened infringement of those 

	 	
Intellectual Property Rights, by any third party which in any such case is likely to result in a Material Adverse Change. 

 

	13.1.25.4	All registered Intellectual Property Rights owned by it (or any subsidiary of it) and which are material to the conduct of its business are subsisting, and all actions
(including payment of all fees) required to maintain the same in full force and effect have been taken. 

  

	13.1.26	Pari Passu Ranking 

 Its payment obligations under the Finance Documents to which it is a party rank, subject to any general principles of law as at the Signature Date limiting its obligations, which are specifically referred
to in any legal opinion delivered pursuant to clause 4 (Conditions to Advance), at least pari passu with the claims of all its other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law applying
to companies generally. 
  

	13.1.27	Security Interest 

  

	13.1.27.1	Subject in each case to any registration specifically required by law, and subject to any general principles of law as at the Signature Date limiting its obligations,
which are specifically referred to in any legal opinion delivered pursuant to clause 4 (Conditions to Advance): 

  

	13.1.27.1.1	each Security Document validly creates the security interest which is expressed to be created by that Security Document; and 

 

	13.1.27.1.2	the Transaction Security created by each Security Document: 

  

	13.1.27.1.2.1	 ranks and will rank, in respect of all other security interests granted or to be granted by any Obligor in

	 	
favour of any person other than the Finance Parties, in the order of priority it is expressed to rank in the relevant Security Document; and 

 

	13.1.27.1.2.2	is not subject to avoidance in the event of any winding-up, dissolution or administration involving any Obligor. 

 

	13.1.27.2	Other than any assets which are either the subject of a Permitted Encumbrance or which are leased by the relevant Obligor, it is the sole, absolute, legal and, where
applicable, beneficial owner of all assets made subject to the Transaction Security created by each Security Document. 

  

	13.1.28	No Material Industrial Action 

 No industrial or similar action has been started or threatened against it which is likely to result in a Material Adverse Change. 

 

	13.1.29	Immunity from Suit 

  

	13.1.29.1	In any proceedings taken against it in South Africa in relation to the Finance Documents to which it is a party, it will not be entitled to claim for itself or any of
its assets immunity from suit, execution, attachment or other legal process. 

  

	13.1.29.2	The execution of the Finance Documents to which it is a party constitutes, and its exercise of its rights and performance of its obligations thereunder will constitute,
private and commercial acts done and performed for private and commercial purposes. 

  

	13.2	Each of the warranties given by each of the Obligors in terms of clause 13.1 shall: 

 

	13.2.1	prima facie be deemed to be a representation or fact inducing the Finance Parties to enter into the Finance Documents; 

	13.2.2	be presumed to be material unless the contrary is proved; 

  

	13.2.3	insofar as any of the warranties is promissory or relates to a future event, be deemed to have been given as at the due date for fulfilment of the promise or for the
happening of the event, as the case may be; and 

  

	13.2.4	be a separate warranty and in no way be limited or restricted by reference to or inference from the terms of any other warranty. 

 

	13.3	The Finance Parties are entering into this Agreement and the other Finance Documents relying upon the warranties given by the Borrower in clause 13.1.

  

	14.	FINANCIAL INFORMATION 

  

	14.1	Financial Statements 

  

	14.1.1	The Borrower shall: 

  

	14.1.1.1	as soon as the same become available, but in any event within 120 (one hundred and twenty) days after the end of each Financial Year during the Term, deliver to the
Facility Agent the consolidated audited annual financial statements of the Group for such Financial Year; and 

  

	14.1.1.2	as soon as the same become available, but in any event within 150 (one hundred and fifty) days after the end of each Financial Year during the Term, deliver to the
Facility Agent the audited annual financial statements of each Guarantor for such Financial Year; 

  

	14.1.1.3	as soon as the same become available, but in any event within 60 (sixty) days after the end of each quarter of each Financial Year during the Term, deliver to the
Facility Agent the consolidated interim quarterly financial statements of the Group (in the form as provided to the Borrower’s shareholders) for such period. 

	14.1.1.4	from time to time on the written request of the Facility Agent, furnish the Facility Agent with such information about the business and financial condition of the Group
and/or of each Obligor as the Facility Agent may reasonably require in order to assess the Borrower’s ability to perform its obligations under the Finance Documents. 

 

	14.1.2	The Borrower shall ensure that: 

  

	14.1.2.1	each set of financial statements delivered by it pursuant to clause 14.1 (Financial Statements) is prepared on the same basis as was used in the preparation of
the Original Financial Statements and in accordance with IFRS; 

  

	14.1.2.2	each set of financial statements delivered by it pursuant to this clause 14 (Financial Statements) is certified by the Group Managing Director or the Group
Financial Director of the Borrower as giving a true and fair view, if audited, or fairly present, if unaudited, of the financial condition of the Group (and each Obligor) as at the end of the period to which those financial statements relate and of
the result of its operations during such period; and 

  

	14.1.2.3	each set of financial statements delivered by it pursuant to clause 14.1.1.1 has been audited by the Auditors. 

 

	14.2	Compliance Certificate 

  

	14.2.1	The Borrower shall deliver to the Facility Agent with each set of financial statements delivered pursuant to clause 14.1 (Financial Statements), a Compliance
Certificate setting out (in reasonable detail) computations as to compliance with clause 17 (Financial Covenants) as at the Ratio Test Date; and 

  

	14.2.2	Each Compliance Certificate shall be signed by the chief financial officer or the financial director of the Borrower. 

	14.3	Requirements as to Financial Statements 

  

	14.3.1	The Borrower shall procure that each set of financial statements delivered pursuant to clause 14.1 (Financial Statements) is prepared in accordance with IFRS,
the requirements of the Companies Act and accounting practices and financial reference periods as promulgated by the Accounting Practices Board consistent with those applied in the preparation of the Original Financial Statements.

  

	14.3.2	Clause 14.3.1 shall not apply to the extent that, in relation to any sets of financial statements, the Borrower notifies the Facility Agent that there has been a change
in IFRS or the accounting practices or reference periods and the Auditors (in the case of its annual audited financial statements) or the Borrower (in the case of any of its other financial statements) delivers to the Facility Agent:

  

	14.3.2.1	a description of any change necessary for those financial statements to reflect IFRS, accounting practices and reference periods upon which the Original Financial
Statements were prepared; and 

  

	14.3.2.2	sufficient information, in form and substance as may be reasonably required by the Facility Agent to enable the Facility Agent to determine whether clause 17
(Financial Covenants) has been complied with and make an accurate comparison between the financial position indicated in those financial statements and the Original Financial Statements. 

 

	14.3.3	If the Borrower notifies the Facility Agent of a change in accordance with clause 14.3.2, then the Borrower and Facility Agent shall enter into negotiations in good
faith with a view to agreeing: 

  

	14.3.3.1	whether or not the change might result in material alteration in the commercial effect of any of the terms of this Agreement or any other Finance Document; and

	14.3.3.2	if so, any amendments to this Agreement or any other Finance Document which may be necessary to ensure that the change does not result in any material alteration in the
commercial effect of those terms, 

 and if any amendments are agreed they shall take effect and be binding on
each of the Parties in accordance with their terms. 
  

	14.3.4	Any reference in this Agreement to “financial statements” shall be construed as a reference to those financial statements as the same may be adjusted
under this clause 14.3 to reflect the basis upon which the Original Financial Statements were prepared. 

  

	14.4	Access to Records 

 If a
Default is continuing or the Facility Agent reasonably suspects that a Default is continuing, each Obligor shall, and the Borrower shall ensure that each Obligor will, permit the Facility Agent or any of its representatives and professional advisors
free access at all reasonable times and on reasonable notice (at the Borrower’s cost and expense) to that Obligor’s premises, records, accounts (including its general ledger), books and assets as that person may require at reasonable times
and upon reasonable notice. 
  

	14.5	Information: Miscellaneous 

The Borrower shall supply to the Facility Agent: 
  

	14.5.1	at the same time as they are despatched, copies of all documents despatched by any Obligor to its shareholders generally (or any class of them) or despatched by any
Obligor to its creditors generally (or any class of them); 

  

	14.5.2	 promptly upon becoming aware of them, the details of any litigation, arbitration or administrative proceedings which are current, threatened or

	 	
pending against any Obligor which, if adversely determined against it, would be reasonably likely to have a Material Adverse Change; 

 

	14.5.3	promptly, such further information (including an extract of its general ledger) regarding the financial condition, business and operations of any Group Company as the
Facility Agent may reasonably request; and 

  

	14.5.4	promptly upon it becoming aware of any transfer of shares in any Group Company (not being a publicly listed entity) and of any change in the beneficial ownership of any
Group Company (not being a publicly listed entity) affecting the Control of that Group Company, provide details thereof and an updated list of all the shareholders of any Group Company (not being a publicly listed entity). 

 

	14.6	Notification of Default 

  

	14.6.1	The Borrower shall notify the Facility Agent of any Default (and the steps, if any, being taken to remedy it) promptly upon becoming aware of its occurrence.

  

	14.6.2	Promptly upon a request by the Facility Agent, the Borrower shall supply to the Facility Agent a certificate signed by the chief financial officer or the financial
director of the Borrower certifying that no Default is continuing (or if a Default is continuing specifying the Default and the steps, if any, being taken to remedy it). 

 

	14.7	Delivery of Information 

  

	14.7.1	 Without prejudice to clause 29 (Notices and Domicilia), any documents to be delivered under this clause 14 may be delivered by the Borrower to
the Facility Agent (and by the Facility Agent to the Lenders) by e-mail where the Facility Agent has expressly agreed, by written notice to the Borrower, to receive such documents by e-mail and has informed the Borrower of an e-mail address pursuant
to clause 29 (Notices and Domicilia), provided 

	 	
that, for this purpose, any such notification shall also be followed-up by telefax. 

  

	14.7.2	If the Finance Parties request delivery to it of a paper copy of any document to be delivered by the Borrower under this clause 14 (Financial Information) in
place of an electronic copy of such document, it shall notify the Borrower accordingly. The Facility Agent shall request the Borrower in writing to provide such paper copies promptly upon receipt of any such notice and the Borrower shall be obliged
promptly to do so. 

  

	15.	POSITIVE UNDERTAKINGS 

Each Obligor hereby agrees and undertakes, until the Facility Outstandings have been repaid in full, that it shall: 

 

	15.1	Authorisations 

 Obtain,
comply with the terms of and do all that is necessary to maintain in full force and effect all authorisations, approvals, licences and consents required in or by the laws and regulations of South Africa to enable it lawfully to undertake its
business and to enter into and perform its obligations under the Finance Documents to which it is a party or to ensure the legality, validity, enforceability or admissibility in evidence in South Africa of the Finance Documents to which it is a
party; 
  

	15.2	Compliance with Laws 

Comply in all material respects with all laws to which it may be subject, and obtain and comply with all permits and licenses, in each
case, to the extent the same are material to its business. 
  

	15.3	Material Adverse Change  

Promptly inform the Facility Agent in writing of the occurrence of any Material Adverse Change forthwith upon becoming aware thereof and
from time to time, 

	 	
if so requested by the Facility Agent in writing, confirm to the Facility Agent in writing that, save as previously notified to the Facility Agent or as notified in such confirmation, no such
Material Adverse Change has occurred and/or is continuing. 

  

	15.4	Representations and Warranties 

 Notify the Facility Agent of the occurrence of any event which results in or may reasonably be expected to result in any of the representations and warranties contained in clause 13 (Warranties and
Representations) being untrue. 
  

	15.5	Insurance 

 Maintain
insurances on and in relation to its business and assets with reputable underwriters or insurance companies against those risks and to the extent as is usual for companies carrying on the same or substantially similar business. 

 

	15.6	Pari Passu Ranking 

 Ensure that at all times the claims of the Finance Parties against it under the Finance Documents to which it is a party rank at least pari passu with the claims of all its other unsecured
creditors save those whose claims are preferred by any bankruptcy, insolvency, liquidation or other similar laws of general application. 
  

	15.7	Environmental Compliance 

Comply in all material respects with all Environmental Law and obtain and maintain any Environmental Permits and take all reasonable steps
in anticipation of known or published future changes to or obligations under the same, if failure to do so would reasonably be expected to result in a Material Adverse Change. 

 

	15.8	Environmental Claims 

Inform the Facility Agent in writing as soon as reasonably practicable upon becoming aware of the same: 

	15.8.1	if any Environmental Claim has been commenced or (to the best of that Obligor’s knowledge and belief) is threatened against any member of the Group; or

  

	15.8.2	of any facts or circumstances which will or are reasonably likely to result in any Environmental Claim being commenced or threatened against any member of the Group,

 where the claim would, if adversely determined, be reasonably likely to result in a Material Adverse Change.

  

	15.9	Default 

 At any time
after the occurrence of a Default and for so long as it is continuing, upon the written request of the Facility Agent with reasonable prior notice, permit representatives of the Finance Parties during normal office hours, to visit and inspect any of
the premises where its business is conducted, to have access to (and copies of) accounts and records and shall afford reasonable co-operation at all times to the Finance Parties and such representatives. 

 

	16.	NEGATIVE UNDERTAKINGS 

Each Obligor hereby agrees and undertakes that, until the Facility Outstandings has been repaid in full none of the Obligors shall,
without the prior written consent of the Facility Agent: 
  

	16.1	Financial Indebtedness 

  

	16.1.1	Assume, incur or permit to have outstanding any Financial Indebtedness other than Permitted Indebtedness. 

 

	16.1.2	Release or waive any material Indebtedness owed to it by any Related Party other than for valuable market consideration. 

 

	16.2	Loans and Credit 

 Make any loans, grant any credit (save in the ordinary course of business) or give any
guarantee or indemnity for any loans or credit (except as required hereby) to or for the benefit of any person or otherwise voluntarily assume any liability, whether actual or contingent, in respect of any obligation of any other person
(collectively, “Credit”) other than: 
  

	16.2.1	Credit existing at the Signature Date and disclosed in the Original Financial Statements; 

 

	16.2.2	Permitted Loans; 

  

	16.2.3	any guarantee or indemnity given in respect of Permitted Indebtedness; or 

  

	16.2.4	Credit granted to any Obligor. 

  

	16.3	Disposals 

 Enter into a
single transaction or a series of transactions (whether related or not) and whether voluntarily or involuntarily to Dispose of any assets other than pursuant to a Permitted Disposal. 

 

	16.4	Distributions 

 The
Borrower shall not pay, make or declare, or resolve to pay, make or declare, any Distribution unless: 
  

	16.4.1	the Market Capitalisation to Facilities Outstanding Ratio is greater than 9 (nine) times; and 

 

	16.4.2	as at the previous Ratio Test Date, the requirements of clause 17.1.3 were satisfied. 

 

	16.5	Negative Pledge 

  

	16.5.1	Save as contemplated by the Finance Documents, not create or permit to subsist any Encumbrance over any of its assets. 

	16.5.2	Save as contemplated by the Finance Documents, not: 

  

	16.5.2.1	sell, transfer or otherwise dispose of any of its assets to any person who is not an Obligor on terms whereby they are or may be leased to or re-acquired by it or by
any other Group Company; 

  

	16.5.2.2	sell, transfer or otherwise dispose of any of its receivables on recourse terms; 

 

	16.5.2.3	enter into any arrangement under which money or the benefit of a bank or other account may be applied, set-off or made subject to a combination of accounts; or

  

	16.5.2.4	enter into any other preferential arrangement having a similar effect, 

 in circumstances where the arrangement or transaction is entered into primarily as a method of raising Financial Indebtedness or of financing the acquisition of an asset. 

 

	16.5.3	Clauses 16.5.1 and 16.5.2 and do not apply to Permitted Encumbrances or to Permitted Disposals. 

 

	16.6	Acquisitions 

 Not acquire
a company or any shares or securities or a business or undertaking (or, in each case, any interest in any of them) in excess of R100 000 000 (One Hundred Million Rand) in aggregate in any Financial Year, other than the President Steyn
Acquisition. 
  

	16.7	Gold Forward Sales 

 Not,
without the prior written consent of the Facility Agent, conclude any gold forward sales contracts. 
  

	17.	FINANCIAL COVENANTS 

  

	17.1	Financial Condition 

 The Borrower shall ensure that for so long as any amount is outstanding under a Finance
Document: 
  

	17.1.1	the Interest Cover Ratio shall not be less than 2 (two) times; 

  

	17.1.2	the Current Ratio shall not be less than 1 (one) time; 

  

	17.1.3	as at each Ratio Test Date cash flows from operating activities (excluding capital expenditure and as stated in the Borrower’s cash flow statement) for the
previous 6 (six) months shall at all times have been above R100 000 000 (One Hundred Million Rand); and 

  

	17.1.4	the Market Capitalisation to Facilities Outstanding Ratio shall not be less than 6 (six) times. 

 

	17.2	Financial Testing 

 The
Financial Covenants shall be tested on each Ratio Test Date by reference to the unaudited and/or audited consolidated financial statements of the Group, as applicable, in respect of the relevant Ratio Test Period. 

 

	17.3	Breach of a Financial Condition Undertaking 

  

	17.3.1	Immediately upon becoming aware of a breach of any of the Financial Covenants, each Obligor shall notify the Facility Agent (and provide such details about the breach
as the Facility Agent may request) (unless that Obligor is aware that a notification has already been provided by another Obligor). 

  

	17.3.2	In the event that the requirement set out in clause 17.1.3 is breached: 

  

	17.3.2.1	once, the Borrower shall not be entitled to utilise the RCF Facility or any available amount under the Term Facility B until such breach is remedied;

	17.3.2.2	on two consecutive Ratio Test Dates, such breach shall constitute an Event of Default: 

provided that in either circumstance the Borrower shall not be entitled to make, declare and/or pay any Distributions. 

 

	17.3.3	Should the Market Capitalisation to Facilities Outstanding Ratio be less than 9 (nine) times (but greater than 6 (six) times), the Borrower shall not be entitled to
make, declare and/or pay any Distributions until such time as the Market Capitalisation to Facilities Outstanding Ratio is in excess of 9 (nine) times. 

  

	18.	EVENTS OF DEFAULT 

  

	18.1	Events of Default 

 Each
of the events set out in this clause 18.1 is an Event of Default (whether or not caused by any reason whatsoever outside the control of the Borrower, any other Obligor or any other person). 

 

	18.1.1	Non-Payment 

 The
Borrower fails to pay any sum due from it hereunder at the time, in the currency and in the manner specified herein, unless: 
  

	18.1.1.1	its failure to pay is caused by an administrative or technical error; and 

  

	18.1.1.2	payment is made within 2 (two) Business Days of its due date. 

  

	18.1.2	Financial Covenant 

 Any
requirement of clause 17 (Financial Covenants) is not satisfied. 

	18.1.3	Other Obligations 

Subject to clause 18.2 (Remedy), an Obligor does not comply with any of its obligations when performance is due under the Finance
Documents (other than those referred to in clause 18.1.1 (Non-Payment), clause 18.1.2 (Financial Covenants) and clause 18.1.4 (Security)). 
  

	18.1.4	Security 

  

	18.1.4.1	Any Obligor fails to perform or comply with any of the material obligations assumed by it in a Security Document to which it is a party. 

 

	18.1.4.2	Any Finance Document becomes unenforceable unless, to the extent possible, the Obligors and the Facility Agent are able to agree within a period of 30 (thirty) days
after becoming aware thereof to the amendment or restructuring of such Finance Document in order to render it enforceable. 

  

	18.1.5	Misrepresentation 

 Any
representation or statement made or deemed to be made by any Obligor in the Finance Documents or any other document delivered by or on behalf of any Obligor under or in connection with any Finance Document is or proved to have been incorrect or
misleading when made or deemed to be made in any material respect. 
  

	18.1.6	Insolvency 

  

	18.1.6.1	Any Obligor is unable to pay its debts as they fall due, commences negotiations with any one or more of its creditors with a view to the general readjustment or
rescheduling of its Indebtedness or makes a general assignment for the benefit of or a composition, or compromise with its creditors. 

	18.1.6.2	Any Obligor takes any corporate action or other steps are taken or legal proceedings are started by that Obligor for its winding-up (whether provisional or final),
dissolution or administration or for the appointment of a liquidator, receiver, administrator, administrative receiver, trustee, business rescue practitioner or similar officer of it or of any or all of its revenues and assets.

  

	18.1.6.3	Any execution is levied against, or an encumbrancer takes possession of the whole or any part of, the property, undertaking or assets of any Obligor and Obligor fails
within 10 (ten) Business Days after becoming aware, or after it should reasonably have become aware, of such execution, and/or possession, as the case may be, to take the necessary steps to have such execution, and/or possession, as the case may be,
set aside and thereafter successfully pursue such steps with due diligence. 

  

	18.1.6.4	Any Obligor commits an act defined in terms of Section 344 of the Companies Act or any analogous or equivalent act under the New Companies Act.

  

	18.1.7	Insolvency Proceedings 

Any corporate action, legal proceedings or other similar procedure or steps are taken in relation to: 

 

	18.1.7.1	 the suspension of payments, a moratorium of any indebtedness, winding-up, the entering into of business rescue proceedings, dissolution or
administration (by way of voluntary arrangement, scheme of arrangement or otherwise) of or in relation to any Obligor other than (in respect of any service of an application, or taking of any similar step for the liquidation, bankruptcy, judicial
management, winding-up, dissolution or administration of the Obligor) where such action is dismissed, withdrawn or discharged within 5 (five) Business Days of its presentation or such step being

	 	
taken (or, if the Obligor demonstrates to the Facility Agent’s satisfaction within such 5 (five) Business Days period that such action is frivolous or vexatious (by way of an opinion by a
Senior Counsel of at least 10 (ten) years standing, that the relevant Obligor has a reasonable prospect of defending that action)); 

  

	18.1.7.2	the implementation of any business rescue proceedings (or any similar proceedings in respect of it or all or a material part of its assets); 

 

	18.1.7.3	a composition, compromise, assignment or arrangement with the creditors of any Obligor; 

 

	18.1.7.4	the appointment of a liquidator, receiver, administrator, administrative receiver, judicial manager, compulsory manager, business rescue practitioner or other similar
officer in respect of any Obligor or any of its assets; or 

  

	18.1.7.5	enforcement of any security interest over any assets of any Obligor, 

 or any analogous procedure or step is taken in any jurisdiction. 
  

	18.1.8	Failure to comply with Final Judgement 

 Any Obligor fails within 10 (ten) Business Days of the due date to comply with or pay any sum due from it under any final judgement or any final order made or given by any court of competent jurisdiction.

  

	18.1.9	Cessation of Business 

  

	18.1.9.1	Any Obligor permanently suspends, is unable to or ceases for any reason whatsoever to conduct its normal line of business in the ordinary and regular manner.

  

	18.1.9.2	 Any Obligor sells, transfers or otherwise disposes of in any one transaction or a series of transactions (whether or not related), a

	 	
material portion of its business or changes its asset structure and as a result of the disposal, it would in the reasonable opinion of the Facility Agent be unable to perform or observe its
obligations under any Finance Document to which it is a party. 

  

	18.1.10	Cross-Default 

  

	18.1.10.1	Any Financial Indebtedness of any Obligor is not paid when due nor within any originally applicable grace period. 

 

	18.1.10.2	Any Financial Indebtedness of any Obligor is declared to be or otherwise becomes due and payable prior to a specified maturity as a result of an event of default
(however described). 

  

	18.1.10.3	Any commitment for any Financial Indebtedness of any Obligor is cancelled or suspended by a creditor of that Obligor as a result of an event of default (however
described). 

  

	18.1.10.4	Any creditor of any Obligor becomes entitled to declare any Financial Indebtedness of any Obligor due and payable prior to its specified maturity as a result of an
event of default (however described). 

  

	18.1.11	Governmental Intervention 

By or under the authority of any government: 
  

	18.1.11.1	the management of any Obligor is wholly or substantially replaced or the authority of any Obligor in the conduct of its business is wholly or substantially curtailed;
or 

  

	18.1.11.2	all or a majority of the issued shares of any Obligor, or the whole or any part of its revenues or assets is seized, nationalised, expropriated or compulsorily
acquired. 

	18.1.12	Repudiation 

 Any Obligor
repudiates any Finance Document to which it is a party. 
  

	18.1.13	Failure to Maintain Authorisations 

 At any time any Authorisation, act, condition or thing required to be done, fulfilled or performed in order: 
  

	18.1.13.1	to enable any Obligor lawfully conduct its business, or to enter into, exercise its rights under and perform the obligations expressed to be assumed by it in any
Finance Document to which it is a party; 

  

	18.1.13.2	to ensure that the obligations expressed to be assumed by any Obligor in any Finance Document to which it is a party are legal, valid and binding; or

  

	18.1.13.3	to make any Finance Document to which any Obligor is a party admissible in evidence in South Africa, 

is not done, fulfilled or performed. 
  

	18.1.14	Unlawfulness 

 It is or
becomes unlawful for any Obligor to perform any of its obligations under the Finance Documents to which it is a party other than any obligations which the Facility Agent considers to be not material or which it is satisfied is adequately provided
for in any other Finance Document (including a Finance Document which is entered into in replacement of the document under which it was unlawful for such Obligor to perform its obligations) or unless the Obligor and the Facility Agent agree within a
period of 30 (thirty) days after the occurrence of such unlawfulness or such unlawfulness comes to the attention of the Facility Agent, whichever is the earlier, to the amendment or restructuring of such Finance Document in order to avoid such
unlawfulness. 

	18.1.15	Material Adverse Change 

Any event (or any series of events) or circumstances occurs (or any existing circumstance continued) which is likely to result in a
Material Adverse Change. 
  

	18.2	Remedy 

  

	18.2.1	No Event of Default under clause 18.1 (Events of Default) (other than those referred to in clauses 18.1.1 (Non-Payment), 18.1.2 (Financial
Covenants) and 18.1.4 (Security)) will occur if the failure to comply or circumstance giving rise to the same is capable of remedy and is remedied within 10 (ten) Business Days, or such further period as the Facility Agent may agree, of
the Facility Agent giving notice to the Borrower or any Obligor becoming aware of the failure to comply. 

  

	18.2.2	For the purposes of clause 18.2.1, the events or circumstances referred to in clause 18.1.6 (Insolvency), clause 18.1.8 (Failure to comply with Final
Judgement), clause 18.1.9 (Cessation of Business), clause 18.1.11 (Governmental Intervention), clause 18.1.14 (Unlawfulness) and clause 18.1.15 (Material Adverse Change) shall be deemed to be incapable of remedy save
to the extent set out therein. 

  

	18.3	Acceleration 

 If any
Event of Default occurs which is continuing, the Facility Agent shall be entitled, in its sole discretion and without prejudice to any other rights or remedies which the Finance Parties may have under any of the Finance Documents or otherwise in
terms of South African law, by written notice to the Borrower: 
  

	18.3.1	 to claim immediate payment of all Facility Outstandings (including but not limited to capital and interest and amounts in respect of duties, fees and
charges owing by the Borrower to the Finance Parties under the Finance Documents) regardless of whether or not such amounts are then otherwise 

	 	
due and payable, all of which amounts shall, upon the delivery of such a notice, immediately become due and payable; and/or 

 

	18.3.2	to declare the Facility Outstandings to be due and payable upon demand; and/or 

 

	18.3.3	demand and be entitled to receive specific performance of the relevant obligation of the Finance Documents (if any) breached by the Obligor; and/or

  

	18.3.4	take all steps which it regards as desirable in order to enforce, or perfect the security interest created or evidenced by any one or more Security Document; and/or

  

	18.3.5	cancel the whole or part of the Facilities; and/or 

  

	18.3.6	claim payment from the Borrower of any and all Breakage Costs, damages, costs and other amounts incurred directly as a result of such Event of Default less the amount
of any Breakage Gains. 

  

	18.4	If pursuant to clause 18.3.2 the Facility Agent declares the Facility Outstandings to be due and payable on demand of the Facility Agent then, and at any time
thereafter, the Facility Agent may by written notice to the Borrower call for repayment of the Facility Outstandings mutatis mutandis in accordance with clause 18.3 on such date as it may specify in such notice (whereupon the same shall
become due and payable on such date), or withdraw its declaration with effect from such date as it may specify in such notice. 

  

	19.	TAXES 

  

	19.1	 All payments to be made by the Borrower to the Lenders under the Finance Documents shall be made free and clear of and without deduction for or on
account of tax unless the Borrower is required to make such a payment subject to the deduction or withholding of tax, in which case the sum payable by the Borrower in respect of which such deduction or withholdings is required to be

 
made shall be increased to the extent necessary to ensure that, after the making of the required deduction or withholding, the Finance Parties receive and retains (free from any liability in
respect of any such deduction or withholding) a net sum equal to the sum which it would have received and so retained had no such deduction or withholding been made or required to be made. 

 

	19.2	Without prejudice to the provisions of clause 19.1, if the Finance Parties are required to make any payment on account of tax (not being a tax imposed on the net income
of the Finance Parties by the jurisdiction in which it is incorporated) or otherwise on or in relation to any sum received or receivable by it hereunder (including, without limitation, any sum received or receivable under this clause 19) or any
liability in respect of any such payment is asserted, imposed, levied or assessed against the Finance Parties, the Borrower shall, upon demand, promptly indemnify the Finance Parties against such payment or liability, together with any interest,
penalties and expenses payable or incurred in connection therewith. 

  

	19.3	If the Finance Parties intend to make a claim pursuant to clause 19.2, it shall notify the Borrower of the event by reason of which it is entitled to make such claim;
provided that nothing herein shall require the Finance Parties to disclose any confidential information relating to the organisation of its affairs. 

  

	19.4	 The liability of the Borrower to the Finance Parties in terms of this clause 19 (Taxes) will be reduced by any tax credit granted to the Finance
Parties in respect of the tax liabilities referred to in this clause 19. The Finance Parties undertake to diligently pursue the granting of any such tax credits; provided that, if in the opinion of the Finance Parties they will not be successful in
obtaining such tax credits, the Finance Parties will be obliged, on written request by the Borrower to obtain an opinion, at the Borrower’s cost by Senior Counsel of at least 10 (ten) years’ standing regarding whether there is a reasonable
prospect of success in any such proceedings. In the event that the aforesaid Senior Counsel’s opinion states that there is a reasonable prospect of success the Finance Parties shall be obliged to pursue the granting of such tax credits. The

	 	
Borrower hereby indemnifies and holds the Finance Parties harmless against, and shall on written demand pay to the Finance Parties, all reasonable costs incurred by it in pursuing the granting of
such tax credits. 

  

	20.	TAX RECEIPTS 

  

	20.1	If, at any time, the Borrower is required by law to make any deduction or withholding from any sum payable by it hereunder (or if thereafter there is any change in the
rates at which or the manner in which such deductions or withholdings are calculated), the Borrower shall promptly notify the Facility Agent. 

  

	20.2	If the Borrower makes any payment hereunder in respect of which it is required to make any deduction or withholding, it shall pay the full amount required to be
deducted or withheld to the relevant taxation or other authority within the time allowed for such payment under applicable law and shall deliver to the Facility Agent, within 30 (thirty) days after it has made such payment to the applicable
authority, an original receipt (or a certified copy thereof) issued by such authority evidencing the payment to such authority of all amounts so required to be deducted or withheld in respect of such payment. 

 

	21.	INCREASED COSTS 

  

	21.1	Increased costs 

  

	21.1.1	Subject to clause 21.3 (Exceptions) the Borrower shall, within 5 (five) Business Days of a demand by the Facility Agent, pay for the account of a Finance
Party the amount of any Increased Costs incurred by that Finance Party or any of its affiliates as a result of (i) the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation or
(ii) compliance with any law or regulation made after the Signature Date. 

  

	21.1.2	In this Agreement “Increased Costs” means: 

	21.1.2.1	a reduction in the rate of return from a Facility or on a Finance Party’s (or its affiliate’s) overall capital; 

 

	21.1.2.2	an additional or increased cost; or 

  

	21.1.2.3	a reduction of any amount due and payable under any Finance Document, 

 which is incurred or suffered by a Finance Party or any of its affiliates to the extent that it is attributable to that Finance Party funding or performing its obligations under any Finance Document.

  

	21.2	Increased cost claims 

  

	21.2.1	A Finance Party intending to make a claim pursuant to clause 21.1 (Increased costs) shall notify the Facility Agent of the event giving rise to the claim,
following which the Facility Agent shall promptly notify the Borrower. 

  

	21.2.2	Each Finance Party shall, as soon as practicable after a demand by the Facility Agent, provide a certificate in accordance with clause 22 (Certificate of
Indebtedness) confirming the amount of its Increased Costs. 

  

	21.3	Exceptions 

Clause 21.1 (Increased costs) does not apply to the extent any Increased Cost is: 

 

	21.3.1	attributable to a tax deduction required by law to be made by an Obligor; 

  

	21.3.2	compensated for by clause 19 (Taxes) or clause 20 (Tax Receipts); or 

 

	21.3.3	attributable to the wilful breach by the relevant Finance Party or its affiliates of any law or regulation. 

 

	22.	CERTIFICATE OF INDEBTEDNESS 

 A certificate signed by any director or manager of the Facility Agent (whose appointment need not be proved) as to the existence of and the amount of

 
Indebtedness by the Borrower to the Finance Parties, that such amount is due and payable, the amount of interest accrued thereon and as to any other fact, matter or thing related to the
Borrower’s Indebtedness to the Finance Parties in terms of this Agreement, shall be sufficient proof of the contents and correctness thereof for the purposes of provisional sentence, summary judgment or any other proceedings, shall be valid as
a liquid document for such purpose and shall, in addition, be prima facie proof for purposes of pleading or trial in any action instituted by the Finance Parties arising herefrom. 

 

	23.	SET-OFF 

 The Borrower
authorises the Finance Parties to apply any credit balance to which an Obligor is entitled on any account of an Obligor with the Finance Parties in satisfaction of any sum due and payable by the Borrower to the Finance Parties hereunder but unpaid.
The Finance Parties shall not be obliged to exercise any rights given to it by this clause 23. 
  

	24.	CHANGE OF PARTY 

  

	24.1	No Cession, Delegation or Assignment 

 No Party may cede or assign any of its rights or delegate or transfer any of its obligations in respect of any Finance Documents or the Facility Outstandings except as permitted under this clause 24.

  

	24.2	Assignments and Transfers by the Lenders 

  

	24.2.1	 Subject to clause 24.3 (Conditions of Cession or Delegation), a Lender (the “Existing Lender”) may (at no expense to any
Obligor) cede any of its rights and/or delegate any of its obligations under this Agreement and any corresponding rights or obligations under any other Finance Document to any financial institution without the consent of any Obligor or any other
Party (the “New Lender”), and the Obligors hereby expressly consent to any such cession of rights and/or delegation of obligations as contemplated herein. To the extent that any splitting of claims arises as a

	 	
consequence of any such cession, assignment and/or delegation, as the case may be, the Obligors hereby consents to such splitting of claims. 

 

	24.3	Conditions of Cession or Delegation 

  

	24.3.1	A cession or delegation as contemplated in clause 24.2 (Assignment and Transfers by the Lenders) will only be effective if the procedure set out in clause 24.5
(Procedure for Transfer) is complied with. 

  

	24.3.2	If: 

  

	24.3.2.1	a Lender cedes, assigns or transfers any of its rights or obligations under the Finance Documents; and 

 

	24.3.2.2	as a result of circumstances existing as at the date on which the cession, assignment, transfer or change occurs, an Obligor would be obliged to make payment to the New
Lender under clause 19 (Taxes) and clause 21 (Increased Costs), 

 then the New Lender is only
entitled to receive payment under that clause or to enforce or require performance of such obligation to the same extent as the Existing Lender would have been if the cession, assignment, transfer or change had not occurred. 

 

	24.4	Limitation of Responsibility of Existing Lenders 

  

	24.4.1	Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no responsibility to a New Lender for:

  

	24.4.1.1	the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents or any other documents; 

 

	24.4.1.2	the financial condition of any Obligor; 

	24.4.1.3	the performance and observance by any Obligor of its obligations under the Finance Documents or any other documents; or 

 

	24.4.1.4	the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document or any other document, 

and any representations or warranties implied by law are excluded. 

 

	24.4.2	Each New Lender confirms to the Existing Lender and the other Finance Parties that it: 

 

	24.4.2.1	has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of each Obligor and its related entities
in connection with its participation in the Finance Documents and has not relied on any information provided to it by the Existing Lender or any other Finance Party in connection with any Finance Documents; and 

 

	24.4.2.2	will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related entities whilst any amount is or may be outstanding under
the Finance Documents. 

  

	24.4.3	Nothing in any Finance Document obliges an Existing Lender to: 

  

	24.4.3.1	accept a re-transfer from a New Lender of any of the rights and obligations assigned or transferred under this clause 24; or 

 

	24.4.3.2	support any losses directly or indirectly incurred by the New Lender by reason of the non-performance by any Obligor of its obligations under the Finance Documents or
otherwise. 

  

	24.5	Procedure for Transfer 

  

	24.5.1	Subject to the conditions set out in clause 24.3 (Conditions of Cession or Delegation) a transfer is effected in accordance with clause 24.5.2 when the Facility
Agent: 

	24.5.1.1	executes an otherwise duly completed Cession and Delegation Agreement delivered to it by the Existing Lender; and 

 

	24.5.1.2	a duly completed Accession Undertaking is delivered to it by the Existing Lender (“Transfer Date”). 

 

	24.5.2	On the Transfer Date: 

  

	24.5.2.1	to the extent that in the Cession and Delegation Agreement the Existing Lender seeks to transfer by cession and delegation its rights and obligations in whole or part
(“Transferred Rights and Obligations”) under the Finance Documents, the Existing Lender shall be released from the Transferred Rights and Obligations ; 

 

	24.5.2.2	each of the Obligors and the New Lender shall assume the Transferred Rights and Obligations towards one another; 

 

	24.5.2.3	the Facility Agent, the New Lender and the other Lenders shall acquire the same rights and assume the same obligations between themselves as they would have acquired
and assumed had the New Lender been an Original Lender with the rights and/or obligations acquired or assumed by it as a result of the transfer and to that extent the Existing Lenders shall each be released from further obligations to each other
under the Finance Documents; and 

  

	24.5.2.4	the New Lender shall become a party to the relevant Finance Documents as a “Lender”. 

 

	24.6	Copy of Cession and Delegation Agreement to the Borrower 

 The Facility Agent shall, as soon as reasonably practicable after it has executed a Cession and Delegation Agreement, send to the Borrower a copy of that Cession and Delegation Agreement and Accession
Undertaking. 
  

	24.7	Disclosure of Information 

	24.8	Any Lender may disclose to any of its affiliates and any other person: 

  

	24.8.1	to (or through) whom that Lender cedes, assigns or transfers (or may potentially assign or transfer) all or any of its rights and obligations under the Finance
Documents; 

  

	24.8.2	with (or through) whom that Lender enters into (or may potentially enter into) any sub-participation in relation to, or any other transaction under which payments are
to be made by reference to, the Finance Documents or any Obligor; or 

  

	24.8.3	to whom, and to the extent that, information is required to be disclosed by any applicable law or regulation, 

any information about an Obligor, the Group and the Finance Documents as that Lender shall (acting reasonably) consider appropriate for
the purpose of that actual or potential cession, assignment, transfer or sub-participation if, in relation to clauses 24.8.1 and 24.8.2, the person to whom the information is to be given has entered into a Confidentiality Undertaking in favour of
the relevant Obligor(s) or Group Company(ies). 
  

	24.9	No Change of Obligor 

 No
Obligor shall cede, assign or transfer any of its rights or delegate any of its obligations under any Finance Document. 
  

	25.	INTEREST ON ARREAR AMOUNTS AND INDEMNITY 

  

	25.1	Interest calculated at the Default Interest Rate shall accrue on the outstanding balance of all Unpaid Sums. Such interest shall be calculated on a daily basis from the
due date of each such Unpaid Sum to (but excluding) date of payment thereof, shall be compounded monthly in arrears and shall be paid by the Borrower on demand. 

	25.2	The Borrower hereby indemnifies and holds the Finance Parties harmless against any costs, claim, loss, expense (including legal fees on the scale as between attorney
and own client) or liability together with any VAT thereon, which they may sustain or incur as a consequence of the occurrence of any Default by the Borrower in the performance of any of the obligations expressed to be assumed by it in this
Agreement. 

  

	26.	FACILITY AGENT 

  

	26.1	Appointment of the Facility Agent 

  

	26.1.1	Each of the Lenders appoints the Facility Agent to act as its agent under and in connection with the Finance Documents, and authorises the Facility Agent to exercise
the rights, powers, authorities and discretions specifically given to the Facility Agent under or in connection with the Finance Documents together with any other incidental rights, powers, authorities and discretions. 

 

	26.1.2	Notwithstanding anything to the contrary in this Agreement, the Finance Parties shall, act through the Facility Agent as contemplated in this clause 26.

  

	26.1.3	There shall be no change to the Facility Agent without the Borrower’s written consent. 

 

	26.2	Duties of the Facility Agent 

  

	26.2.1	The Facility Agent shall promptly forward to a Party the original or a copy of any document which is delivered to the Facility Agent for that Party by any other Party.

  

	26.2.2	Except where a Finance Document specifically provides otherwise, the Facility Agent is not obliged to review or check the adequacy, accuracy or completeness of any
document it forwards to another Party. 

	26.2.3	If the Facility Agent receives notice from a Party referring to this Agreement, describing a Default and stating that the circumstance described is a Default, it shall
promptly notify the other Finance Parties. 

  

	26.2.4	If the Facility Agent is aware of the non-payment of any principal, interest or fee payable to a Finance Party (other than the Facility Agent) under this Agreement it
shall promptly notify the other Finance Parties. 

  

	26.2.5	The Facility Agent’s duties under the Finance Documents are solely mechanical and administrative in nature. 

 

	26.2.6	Nothing in this Agreement constitutes the Facility Agent as a fiduciary of any other person. 

 

	26.2.7	The Facility Agent shall not be bound to account to any Lender for any sum or the profit element of any sum received by it for its own account.

  

	26.3	Business with the Group 

The Facility Agent may accept deposits from, lend money to and generally engage in any kind of banking or other business with any member
of the Group. 
  

	26.4	Rights and discretions 

  

	26.4.1	The Facility Agent may rely on: 

  

	26.4.1.1	any representation, notice or document believed by it to be genuine, correct and appropriately authorised; and 

 

	26.4.1.2	any statement made by a director, authorised signatory or employee of any person regarding any matters which may reasonably be assumed to be within his knowledge or
within his power to verify. 

  

	26.5	The Facility Agent may assume (unless it has received notice to the contrary in its capacity as agent for the Lenders) that: 

 

	26.5.1	no Default has occurred (unless it has actual knowledge of a Default); 

	26.5.2	any notice or request made by the Borrower is made on behalf of and with the consent and knowledge of all the Obligors. 

 

	26.6	The Facility Agent may engage, pay for and rely on the advice or services of any lawyers, accountants, surveyors or other experts. 

 

	26.7	The Facility Agent may act in relation to the Finance Documents through its personnel and agents. 

 

	26.8	The Facility Agent may disclose to any other Party any information it reasonably believes it has received as agent under this Agreement. 

 

	26.9	Notwithstanding any other provision of any Finance Document to the contrary, the Facility Agent is not obliged to do or omit to do anything if it would or might in its
reasonable opinion constitute a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality. 

  

	26.10	Majority Lenders’ instructions 

  

	26.10.1	Unless a contrary indication appears in a Finance Document, the Facility Agent shall: 

 

	26.10.1.1	exercise any right, power, authority or discretion vested in it as Facility Agent in accordance with any instructions given to it by the Majority Lenders (or, if so
instructed by the Majority Lenders (as defined in the Intercreditor Agreement), refrain from exercising any right, power, authority or discretion vested in it as Facility Agent); and 

 

	26.10.1.2	not be liable for any act (or omission) if it acts (or refrains from taking any action) in accordance with an instruction of the Majority Lenders;

	26.10.2	Until the Intercreditor Agreement is entered into, all references to “Majority Lenders” in clause 26.10.1 shall be deemed to be a reference to the
Original Lender. 

  

	26.10.3	Unless a contrary indication appears in a Finance Document, any instructions given by the Majority Lenders will be binding on all the Lenders. 

 

	26.10.4	The Facility Agent may refrain from acting in accordance with the instructions of the Majority Lenders (or, if appropriate, the Lenders) until it has received such
security as it may require for any cost, loss or liability (together with any associated VAT) which it may incur in complying with the instructions. 

  

	26.10.5	In the absence of instructions from the Majority Lenders, (or, if appropriate, the Lenders) the Facility Agent may act (or refrain from taking action) as it considers
to be in the best interest of the Lenders. 

  

	26.10.6	The Facility Agent is not authorised to act on behalf of a Lender (without first obtaining that Lender’s consent) in any legal or arbitration proceedings relating
to any Finance Document. This clause 26.10.6 shall not apply to any legal or arbitration proceeding relating to the perfection, preservation or protection of rights under the Transaction Security Documents or enforcement of the Transaction Security
or Transaction Security Documents. 

  

	26.11	Responsibility for documentation 

 The Facility Agent is not: 
  

	26.11.1	responsible for the adequacy, accuracy and/or completeness of any information (whether oral or written) supplied by the Facility Agent, or an Obligor or any other
person given in or in connection with any Finance Document or the transactions contemplated in the Finance Documents; or 

	26.11.2	responsible for the legality, validity, effectiveness, adequacy or enforceability of any Finance Document or the Transaction Security or any other agreement,
arrangement or document entered into, made or executed in anticipation of or in connection with any Finance Document or the Transaction Security. 

  

	26.12	Exclusion of liability 

  

	26.12.1	The Facility Agent will not be liable for any action taken by it under or in connection with any Finance Document or the Transaction Security, unless directly caused by
its gross negligence or wilful misconduct. 

  

	26.12.2	Nothing in this Agreement shall oblige the Facility Agent to carry out any “know your customer” or other checks required pursuant to the Financial
Intelligence Centre Act, 2002 in relation to any person on behalf of any Lender and each Lender confirms to the Facility Agent that it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement in
relation to such checks made by the Facility Agent. 

  

	27.	CONFIDENTIALITY 

  

	27.1	Save with the prior written consent of the Borrower to the contrary, the Finance Parties will keep confidential and will not disclose to any person:

  

	27.1.1	the details of any Finance Document, the details of the negotiations leading to any Finance Document, and the information handed over to such Party during the course of
negotiations and the Term, as well as the details of all the transactions or Agreements contemplated in any Finance Document; and 

  

	27.1.2	all information relating to the business or the operations and affairs of the Group, 

(together “Confidential Information”). 

	27.2	The Finance Parties agree to keep all Confidential Information confidential and to disclose it only to its officers, directors, employees, consultants, shareholders,
professional advisers and any person to whom the Finance Parties wish to cede any of its rights or delegate any of its obligations under any of the Finance Documents who: 

 

	27.2.1	have a need to know (and then only to the extent that each such person has a need to know); 

 

	27.2.2	are aware that the Confidential Information should be kept confidential; 

  

	27.2.3	are aware of the disclosing Party’s undertaking in relation to such information in terms of this Agreement; and 

 

	27.2.4	have been directed by the disclosing Party to keep the Confidential Information confidential and have undertaken to keep the Confidential Information confidential.

  

	27.3	The Finance Parties confirm that all employees, officers and directors are contractually bound to maintain confidentiality and shall procure that each consultant,
shareholder and/or professional advisor enters in a confidentiality undertaking in favour of the Borrower on substantially the same terms and conditions as this clause 27. 

 

	27.4	The obligations of the Finance Parties in relation to the maintenance and non-disclosure of Confidential Information in terms of this Agreement do not extend to
information that: 

  

	27.4.1	is disclosed to the receiving Party in terms of this Agreement but at the time of such disclosure such information is known to be in the lawful possession or control of
that Party and not subject to an obligation of confidentiality; or 

	27.4.2	is or becomes public knowledge, otherwise than pursuant to a breach of this Agreement by the Finance Parties (or its offices, directors or employee) who received such
Confidential Information; or 

  

	27.4.3	is required by the provisions of any law, statute or regulation or during any court proceedings, or by the rules or regulations of any recognised stock exchange to be
disclosed and subject to the provisions of clause 27.5, the Party required to make the disclosure has taken all reasonable steps to oppose or prevent the disclosure of and to limit, as far as reasonably possible, the extent of such disclosure and
has consulted with the other Parties prior to making such disclosure. 

  

	27.5	The Finance Parties agree to notify the Borrower in the event of a disclosure of the Confidential Information under clause 27.4.3, or upon a breach of this clause 27
coming to the Finance Parties’ knowledge. 

  

	27.6	If so requested by the Borrower in writing, the Finance Parties shall use reasonable endeavours to enforce their rights against any offices, director, employee and/or
representative who breaches clause 27.2. 

  

	27.7	The provisions of this clause 26 shall survive the termination of this Agreement, but shall terminate 24 (twenty-four) months from the termination of this Agreement.

  

	27.8	The Finance Parties acknowledge that some or all of the Confidential Information is or may be price-sensitive information and that the use of such information may be
regulated or prohibited by applicable legislation relating to insider dealing, and the Finance Parties shall not use any of the Confidential Information for unlawful purposes. 

	28.	FEES AND EXPENSES 

  

	28.1	Fees 

 The Borrower shall
pay to the Lenders the fees contemplated in the Fee Letters, in the amounts agreed and on the dates stipulated therein. 
  

	28.2	Exit Fees 

  

	28.2.1	Should the Borrower pre-pay any sum pursuant to clause 7 (Voluntary Prepayment) within: 

 

	28.2.1.1	24 (twenty four) months of Financial Close, where such prepayment is in respect of the Term Facility A; or 

 

	28.2.1.2	24 (twenty four) months of New Facilities Financial Close, where such prepayment is in respect of the Term Facility B or the RCF Facility, 

and such prepayment is not funded by way of: 
  

	28.2.1.3	cash generated by the business operations of the Group; and/or 

  

	28.2.1.4	a Permitted Disposal; and/or 

  

	28.2.1.5	the raising of ordinary share capital, 

 the Borrower shall pay to the Lenders an exit fee in an amount equal to 2% (two percent) of the Facility Outstandings, plus VAT thereon on the date of such prepayment pursuant to clause 7
(Prepayment). 
  

	28.2.2	Notwithstanding clause 28.2.1, should the Borrower elect to prepay the Facility Outstandings as contemplated by clause 28.2.1 following the occurrence of a Market
Disruption Event, no exit fee will be payable by the Borrower, provided that such prepayment is financed by a financial institution on terms and conditions (including interest rates) better than those offered by the Original Lender.

	28.3	Expenses 

  

	28.3.1	The Borrower shall pay to, or at the direction of, the Facility Agent all reasonable expenses (including legal expenses on the scale as between attorney and own client,
printing and out-of-pocket expenses) incurred by the Finance Parties in connection with the negotiation, preparation and completion of the Finance Documents and any related documents, including without limitation all fees and expenses payable to the
Legal Adviser, within 30 (thirty) days of invoice. 

  

	28.3.2	The Borrower shall on demand pay to, or at the direction of, the Facility Agent all expenses (including legal and out-of-pocket expenses on the attorney and own client
scale), charges and disbursements and fees of a like nature, including all taxes, incurred by the Finance Parties in preserving, enforcing or defending, or attempting to preserve, enforce or defend, any of their rights under the Finance Documents or
any such related documents, save where the Borrower successfully disputes that the Finance Parties are entitled to enforce any such rights. 

  

	28.4	Stamp Duty 

 The Borrower
shall pay all stamp, documentary and other similar duties and taxes to which any of the Finance Documents or any such related documents may be subject or give rise and indemnifies the Finance Parties from and against any losses or liabilities which
the Finance Parties may incur as a result of any delay or omission by the Borrower to pay any such duties or taxes. 
  

	28.5	Value Added Tax 

 The
amounts stated in the Finance Documents to be payable by the Borrower are exclusive of VAT and accordingly the Borrower shall pay on demand: 
  

	28.5.1	any VAT properly chargeable in respect of services to the Borrower as contemplated by any of the Finance Documents (including any VAT chargeable by the Finance Parties
under the Finance Documents); and 

	28.5.2	any VAT chargeable in the case of goods or services supplied to, or other costs, fees and expenses incurred by, the Finance Parties in connection with the Finance
Documents and which are to be met by the Borrower or in respect of which the Borrower has agreed to indemnify the Finance Parties. 

  

	29.	NOTICES AND DOMICILIA 

  

	29.1	Notices 

  

	29.1.1	Each Party chooses the addresses set out opposite its name below as its addresses to which any written notice in connection with the Finance Documents may be addressed.

  

	29.1.1.1	Original Lender: 

 Nedbank Limited 
 Block F, 4th Floor 

135 Rivonia Road 
 SANDOWN 
 2196 

Telefax No: (011) 295-2746 
 Attention: Head of Transaction Management 
  

	29.1.1.2	Facility Agent: 

 Nedbank Limited 
 Block F, 4th Floor 

135 Rivonia Road 
 SANDOWN 
 2196 

Telefax No: (011) 295-2746 
 Attention: Head of Transaction Management 
  

	29.1.1.3	Obligors: 

Block 27 
 Randfontein Office Park 
 Cnr Main Reef Road and Ward Avenue

 RANDFONTEIN 

 Telefax No: 011 684 0188 

Attention: The Company Secretary 
  

	29.1.2	Any notice or communication required or permitted to be given in terms of the Finance Documents shall be valid and effective only if in writing but it shall be
competent to give notice by telefax transmitted to its telefax number set out opposite its name above. 

  

	29.1.3	 Any Party may by written notice to the other Parties change its chosen physical addresses and/or telefax number for the purposes of clause 29.1.1 to
any other address(es) and/or telefax number, provided that the change shall become effective on the 14th (fourteenth) day after the receipt of the notice by the addressee. 

  

	29.1.4	Any notice given in terms of this Agreement shall: 

  

	29.1.4.1	 if sent by a courier service be deemed to have been received by the addressee on the 7th (seventh) Business Day following the date of such sending; 

 

	29.1.4.2	if delivered by hand be deemed to have been received by the addressee on the date of delivery; 

 

	29.1.4.3	 if transmitted by facsimile be deemed to have been received by the addressee on the 1st (first) Business Day after the date of transmission, 

unless the contrary is proved. 
  

	29.1.5	Notwithstanding anything to the contrary herein contained, a written notice or communication actually received by a Party shall be an adequate written notice or
communication to it, notwithstanding that it was not sent to or delivered at its chosen address and/or telefax number. 

	29.2	Domicilia 

  

	29.2.1	Each of the Parties chooses its physical address referred to in clause 29.1.1 as its domicilium citandi et executandi at which documents in legal proceedings in
connection with this Agreement may be served. 

  

	29.2.2	 Any Party may by written notice to the other Party change its domicilium from time to time to another address, not being a post office box or a
poste restante, in South Africa; provided that any such change shall only be effective on the 14th (fourteenth) day after deemed receipt of the notice by the other Party pursuant to clause 29.1.5. 

  

	30.	GOVERNING LAW 

 The entire
provisions of this Agreement shall be governed by and construed in accordance with the laws of South Africa. 
  

	31.	JURISDICTION 

 The Parties
hereby irrevocably and unconditionally consent to the non-exclusive jurisdiction of the South Gauteng High Court (Johannesburg) in regard to all matters arising from this Agreement. 

 

	32.	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 aforegoing, 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. 

	33.	GENERAL 

  

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

 

	33.2	No Party shall be bound by any express or implied term, representation, warranty, promise or the like, not recorded herein. 

 

	33.3	No addition to, variation or consensual cancellation of this Agreement and no extension of time, waiver or relaxation or suspension of any of the provisions or terms of
this Agreement shall be of any force or effect unless in writing and signed by or on behalf of all the Parties. 

  

	33.4	No latitude, extension of time or other indulgence which may be given or allowed by any Party to any other Party in respect of the performance of any obligation
hereunder or enforcement of any right arising from this Agreement and no single or partial exercise of any right by any Party shall under any circumstances be construed to be an implied consent by such Party or operate as a waiver or a novation of,
or otherwise affect any of that Party’s rights in terms of or arising from this Agreement or estop such Party from enforcing, at any time and without notice, strict and punctual compliance with each and every provision or term hereof.

  

	33.5	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. 

 

	33.6	Save as is specifically provided in this Agreement, no Party shall be entitled to cede, assign or delegate any of its rights or obligations under this Agreement without
the prior written consent of the other Parties affected by such transfer of rights or obligations, which consent may not unreasonably be withheld or delayed. 

	34.	COUNTERPARTS 

 This
Agreement may be executed in any number of counterparts and by different Parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same
Agreement. 
 THE NEXT PAGE IS THE SIGNATURE PAGE 

 SIGNED at SANDTON on this the 30th day of NOVEMBER 2010 

 

	
	For and on behalf of
	NEDBANK LIMITED (acting through its NEDBANK CAPITAL division)
	
	  

	Name:
	Capacity:
	Who warrants his authority hereto
	
	  

	Name:
	Capacity:
	Who warrants his authority hereto
	
	For and on behalf of
	NEDBANK LIMITED (acting through its NEDBANK CORPORATE division)
	
	  

	Name:
	Capacity:
	Who warrants his authority hereto
	
	  

	Name:
	Capacity:
	Who warrants his authority hereto

 SIGNED at SANDTON on this the 30th day of NOVEMBER 2010 

 

	
	For and on behalf of
	HARMONY GOLD MINING COMPANY LIMITED
	
	  

	Name:
	Capacity:
	Who warrants his authority hereto

 SIGNED at SANDTON on this the 30th day of NOVEMBER 2010 

 

	
	For and on behalf of
	AFRICAN RAINBOW MINERALS GOLD LIMITED
	
	  

	Name:
	Capacity:
	Who warrants his authority hereto

 SIGNED at SANDTON on this the 30th day of NOVEMBER 2010 

 

	
	For and on behalf of
	EVANDER GOLD MINES LIMITED
	
	  

	Name:
	Capacity:
	Who warrants his authority hereto

 SIGNED at SANDTON on this the 30th day of NOVEMBER 2010 

 

	
	For and on behalf of
	ARMGOLD/HARMONY JOINT INVESTMENT COMPANY (PROPRIETARY) LIMITED
	
	  

	Name:
	Capacity:
	Who warrants his authority hereto

 SIGNED at SANDTON on this the 30th day of NOVEMBER 2010 

 

	
	For and on behalf of
	ARMGOLD/HARMONY FREEGOLD JOINT VENTURE COMPANY (PROPRIETARY) LIMITED
	
	  

	Name:
	Capacity:
	Who warrants his authority hereto

 SIGNED at SANDTON on this the 30th day of NOVEMBER 2010 

 

	
	For and on behalf of
	RANDFONTEIN ESTATES LIMITED
	
	  

	Name:
	Capacity:
	Who warrants his authority hereto

 SIGNED at SANDTON on this the 30th day of NOVEMBER 2010 

 

	
	For and on behalf of
	AVGOLD LIMITED
	
	  

	Name:
	Capacity:
	Who warrants his authority hereto

 SCHEDULE 1 
 CONDITIONS 
 Part 1 A: Existing Facility Advance Condition Documents 

 

	1.	The Borrower 

  

	1.1	A copy of a resolution of the board of directors of the Borrower: 

  

	1.1.1	approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and resolving to execute those Finance Documents;

  

	1.1.2	authorising a specified person or persons to execute the Finance Documents to which it is a party on its behalf; and 

 

	1.1.3	authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices to be signed and/or despatched by it under or in connection
with the Finance Documents to which it is a party. 

  

	1.2	A specimen of the signature of each person authorised by the resolution referred to in paragraph 1.1. 

 

	1.3	A certificate signed by an Authorised Signatory of the Borrower confirming that borrowing the Available Facility would not cause any borrowing or similar limit in its
Constitutional Documents binding on it to be exceeded. 

  

	1.4	A certificate by an Authorised Signatory of the Borrower certifying that the copy of each document referred to in paragraphs 1.1 to 1.3 (both inclusive) is correct,
complete and in full force and effect as at a date no earlier than the Signature Date, and certifying that the Constitutional Documents of the Borrower delivered pursuant to the Senior Facility Agreement (as defined in the Harmony Cession and Pledge
in Security) remain in full force and effect and have not subsequently been amended. 

  

	1.5	A certificate of an Authorised signatory of the Borrower stating that: 

	1.5.1	the representations and warranties given by the Borrower in clause 13 (Warranties and Representations) of this Agreement shall be correct in all material
respects at Financial Close; and 

  

	1.5.2	no Default shall have occurred at the date of Financial Close which is continuing. 

 

	2.	The Guarantors 

  

	2.1	A copy of a resolution of the board of directors of each Guarantor: 

  

	2.1.1	approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and resolving to execute those Finance Documents;

  

	2.1.2	authorising a specified person or persons to execute the Finance Documents to which it is a party on its behalf; and 

 

	2.1.3	authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices to be signed and/or despatched by it under or in connection
with the Finance Documents to which it is a party. 

  

	2.2	A specimen of the signature of each person authorised by the resolution referred to in paragraph 2.1. 

 

	2.3	A certificate signed by an Authorised Signatory of each Guarantor confirming that guaranteeing the Facility Outstandings would not cause any guaranteeing or similar
limit in its Constitutional Documents binding on it to be exceeded. 

  

	2.4	A certificate by an Authorised Signatory of each Guarantor certifying that the copy of each document referred to in paragraphs 2.1 to 2.3 (both inclusive) is correct,
complete and in full force and effect as at a date no earlier than the Signature Date, and certifying that the Constitutional Documents of that Guarantor delivered pursuant to the Senior Facility Agreement (as defined in the ARM Cession and Pledge
in Security) remain in full force and effect and have not subsequently been amended. 

  

	2.5	A certificate by an Authorised Signatory of each Guarantor stating that the representations and warranties given by that Guarantor in clause 13 (Warranties and
Representations) of this Agreement shall be correct in all material respects at Financial Close. 

  

	3.	Legal opinions 

  

	3.1	A legal opinion from Cliffe Dekker Inc. addressed to the Facility Agent relating, inter alia, to the due execution by each Obligor of the Finance Documents to
which it is a party, and the authority of each Obligor to enter into the Finance Documents to which it is a party. 

	3.2	A legal opinion from the Legal Adviser addressed to the Facility Agent relating, inter alia, to the validity, legality and enforceability of the Finance
Documents. 

  

	4.	Finance Documents 

  

	4.1	A duly executed original of each of the following: 

  

	4.1.1	this Agreement; 

  

	4.1.2	the Harmony Cession and Pledge in Security; 

  

	4.1.3	the ARM Cession and Pledge in Security; 

  

	4.1.4	the First Fee Letter. 

  

	4.2	Each of the following in relation to shares pledged pursuant to the Security Documents: 

 

	4.2.1	the original share certificates in respect of such shares; 

  

	4.2.2	an original share transfer form duly signed by the pledgor of such shares and blank as to transferee; and 

 

	4.2.3	a resolution of the directors of the company, the shares of which are pledged, acknowledging such pledge and agreeing to give effect to any transfer of such shares
pursuant to the terms of such pledge. 

  

	4.3	All notices required to be delivered and all acknowledgements required to be received under the terms of any Security Document. 

 

	5.	Financial Information 

 A
copy of the Original Financial Statements. 

 Part 1 B: New Facility Advance Condition Documents 

 

	1.	The Borrower 

  

	1.1	A copy of a resolution of the board of directors of the Borrower: 

  

	1.1.1	approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and resolving to execute those Finance Documents;

  

	1.1.2	authorising a specified person or persons to execute the Finance Documents to which it is a party on its behalf; and 

 

	1.1.3	authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices to be signed and/or despatched by it under or in connection
with the Finance Documents to which it is a party. 

  

	1.2	A specimen of the signature of each person authorised by the resolution referred to in paragraph 1.1. 

 

	1.3	A certificate signed by an Authorised Signatory of the Borrower confirming that borrowing the Available Facility would not cause any borrowing or similar limit in its
Constitutional Documents binding on it to be exceeded. 

  

	1.4	A certificate by an Authorised Signatory of the Borrower certifying that the copy of each document referred to in paragraphs 1.1 to 1.3 (both inclusive) is correct,
complete and in full force and effect as at a date no earlier than the Signature Date, and certifying that the Constitutional Documents of the Borrower delivered pursuant to the Senior Facility Agreement (as defined in the Harmony Cession and Pledge
in Security) remain in full force and effect and have not subsequently been amended. 

  

	1.5	A certificate of an Authorised signatory of the Borrower stating that: 

	1.5.1	the representations and warranties given by the Borrower in clause 13 (Warranties and Representations) of this Agreement shall be correct in all material
respects at Financial Close; and 

  

	1.5.2	no Default shall have occurred at the date of Financial Close which is continuing. 

 

	2.	The Guarantors 

  

	2.1	A copy of a resolution of the board of directors of each Guarantor: 

  

	2.1.1	approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and resolving to execute those Finance Documents;

  

	2.1.2	authorising a specified person or persons to execute the Finance Documents to which it is a party on its behalf; and 

 

	2.1.3	authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices to be signed and/or despatched by it under or in connection
with the Finance Documents to which it is a party. 

  

	2.2	A specimen of the signature of each person authorised by the resolution referred to in paragraph 2.1. 

 

	2.3	A certificate signed by an Authorised Signatory of each Guarantor confirming that guaranteeing the Facility Outstandings would not cause any guaranteeing or similar
limit in its Constitutional Documents binding on it to be exceeded. 

  

	2.4	A certificate by an Authorised Signatory of each Guarantor certifying that the copy of each document referred to in paragraphs 2.1 to 2.3 (both inclusive) is correct,
complete and in full force and effect as at a date no earlier than the Signature Date, and certifying that the Constitutional Documents of that Guarantor delivered pursuant to the Senior Facility Agreement (as defined in the ARM Cession and Pledge
in Security) remain in full force and effect and have not subsequently been amended. 

  

	2.5	A certificate by an Authorised Signatory of each Guarantor stating that the representations and warranties given by that Guarantor in clause 13 (Warranties and
Representations) of this Agreement shall be correct in all material respects at Financial Close. 

  

	3.	Legal opinions 

  

	3.1	A legal opinion from Cliffe Dekker Inc. addressed to the Facility Agent relating, inter alia, to the due execution by each Obligor of the Finance Documents to
which it is a party, and the authority of each Obligor to enter into the Finance Documents to which it is a party. 

	3.2	A legal opinion from the Legal Adviser addressed to the Facility Agent relating, inter alia, to the validity, legality and enforceability of the Finance
Documents. 

  

	4.	Finance Documents 

  

	4.1	A duly executed original of each of the following: 

  

	4.1.1	this Agreement; 

  

	4.1.2	the first addendum to the Harmony Cession and Pledge in Security; 

  

	4.1.3	the first addendum to the ARM Cession and Pledge in Security; 

  

	4.1.4	the Second Fee Letter. 

  

	4.2	Each of the following in relation to shares pledged pursuant to the Security Documents: 

 

	4.2.1	the original share certificates in respect of such shares; 

  

	4.2.2	an original share transfer form duly signed by the pledgor of such shares and blank as to transferee; and 

 

	4.2.3	a resolution of the directors of the company, the shares of which are pledged, acknowledging such pledge and agreeing to give effect to any transfer of such shares
pursuant to the terms of such pledge. 

  

	4.3	All notices required to be delivered and all acknowledgements required to be received under the terms of any Security Document. 

 

	5.	Financial Information 

 A
copy of the Original Financial Statements. 
 Part 2 A: Existing Facility Advance Conditions 

The Lenders shall only be obliged to make the Advance in terms of this Agreement if: 

 

	1.	no Default shall have occurred or be continuing; 

  

	2.	the warranties and representations made in clause 13 (Warranties and Representations) of this Agreement shall be correct and will be correct in all material
respects immediately after the making of the Advance; 

  

	3.	in the reasonable opinion of the Facility Agent there has been no Material Adverse Change in either the Borrower or any of the Obligors since the date of the Original
Financial Statements which could be expected to affect the ability of the Borrower to fulfil its obligations in terms of the Finance Documents in an adverse manner; 

	4.	in the reasonable opinion of the Facility Agent there has been no Material Adverse Change since the Signature Date; 

 

	5.	the Original Lender has obtained all internal approvals necessary in order to conclude the Finance Documents, including but not limited to the approvals of the
Lender’s board of directors and credit committee; and 

  

	6.	the Facility Agent is satisfied that the Borrower has obtained all relevant regulatory approvals (if any) in relation to the Finance Documents.

 Part 2 B: New Facility Advance Conditions 
 The Lenders shall only be obliged to make the Advance in terms of this Agreement if: 
  

	1.	no Default shall have occurred or be continuing; 

  

	2.	the warranties and representations made in clause 13 (Warranties and Representations) of this Agreement shall be correct and will be correct in all material
respects immediately after the making of the Advance; 

  

	3.	in the reasonable opinion of the Facility Agent there has been no Material Adverse Change in either the Borrower or any of the Obligors since the date of the Original
Financial Statements which could be expected to affect the ability of the Borrower to fulfil its obligations in terms of the Finance Documents in an adverse manner; 

 

	4.	in the reasonable opinion of the Facility Agent there has been no Material Adverse Change since the Signature Date; 

 

	5.	the Original Lender has obtained all internal approvals necessary in order to conclude the Finance Documents, including but not limited to the approvals of the
Lender’s board of directors and credit committee; and 

  

	6.	the Facility Agent is satisfied that the Borrower has obtained all relevant regulatory approvals (if any) in relation to the Finance Documents.

 SCHEDULE 2 
 THE GUARANTORS 
  

	1.	African Rainbow Minerals Gold Limited (Registration No. 1997/015869/06); 

 

	2.	Evander Gold Mines Limited (Registration No. 1963/006226/06); 

  

	3.	ARMgold/Harmony Joint Investment Company (Proprietary) Limited (Registration No. 2002/032163/07); 

 

	4.	ARMgold/Harmony Freegold Joint Venture Company (Proprietary) Limited (Registration No. 2001/029602/07); 

 

	5.	Randfontein Estates Limited (Registration No. 1889/000251/06); 

  

	6.	Avgold Limited (Registration No. 1990/007025/06). 

 SCHEDULE 3 
 DISCLOSED ENCUMBRANCES 
  

	1.	R21 625 964 of cash is pledged as collateral to Standard Bank for other environmental guarantees issued. 

 SCHEDULE 4 
 DISCLOSED INDEBTEDNESS 
  

	1.	Current environmental guarantees issued by Nedbank in the amount of R285 622 920. 

 

	2.	Remainder of smaller guarantee as per attached list. 

 HARMONY GOLD MINING COMPANY LIMITED 

REGISTER OF GUARANTEES 
 Jun-09 
  

																									
	 	 	 	 	 	 	 	 	 	 	 	 	 	 Environmental
	 	 	 Other
	 
	 Company
	 	 Project
	 	 Tenement
Number
	 	 Beneficiary
	 	Issued	 	 	 Expires
	 	 Amount
AU$
	 	Amount R	 	 	 Amount
AU$
	 	Amount R	 
										
	 Harmony Gold Mining Company
	 		 	 85909929320
	 	 AECI Limited
	 	 	30-Nov-00	  	 		 		 				 		 	 	248,794.00	  
	 Harmony Gold Mining Company
	 		 	 810200502259
	 	 Department of Mineral and Energy
	 	 	30-Nov-02	  	 		 		 	 	40,000.00	  	 		 			
	 Harmony Gold Mining Company
	 		 	 81020206926
	 	 Department of Mineral and Energy
	 	 	25-Jun-02	  	 		 		 	 	21,500,000.00	  	 		 			
	 Harmony Gold Mining Company
	 		 	 81020206930
	 	 Department of Mineral and Energy
	 	 	25-Jun-02	  	 		 		 	 	3,700,000.00	  	 		 			
	 Harmony Gold Mining Company
	 		 	 81020206931
	 	 Department of Mineral and Energy
	 	 	25-Jun-02	  	 		 		 	 	2,300,000.00	  	 		 			
										
	 Harmony Gold Mining Company
	 		 	 NED-CON-4140(1)
	 	 Department of Mineral and Energy
	 	 	17-Nov-09	  	 		 		 	 	201,422,436.00	  	 		 			
										
	 Kalplats
	 		 	 81020209977
	 	 Department of Mineral and Energy
	 	 	28-Aug-02	  	 		 		 	 	650,000.00	  	 		 			
										
	 Randfontein Estates Limited
	 		 	 M326752
	 	 Eskom
	 	 	28-Feb-98	  	 		 		 				 		 	 	31,000.00	  
	 Randfontein Estates Limited
	 		 	 M326753
	 	 Eskom
	 	 	02-Feb-98	  	 		 		 				 		 	 	77,000.00	  
	 Randfontein Estates Limited
	 		 		 	 Telkom
	 	 	31-Oct-90	  	 		 		 				 		 	 	136,332.00	  
	 Randfontein Estates Limited
	 		 		 	 Snyman Van Der Heever Heyns Incorporated
	 	 	20-Mar-97	  	 		 		 				 		 	 	431,399.60	  
	 Randfontein Estates Limited
	 		 	 M333565
	 	 Randfontein Municipality
	 	 	12-Jan-89	  	 		 		 				 		 	 	16,129.00	  

																									
	 Randfontein Estates Limited
	 		 	 M351158
	 	 South African Transport Services
	 	 	02-May-84	  	 		 		 				 		 	 	200,000.00	  
	 Randfontein Estates Limited
	 		 	 M354951
	 	 City of Johannesburg
	 	 	07-Jul-89	  	 		 		 				 		 	 	4,000.00	  
	 Randfontein Estates Limited
	 		 	 M359617
	 	 Department of Mineral and Energy
	 	 	12-Apr-99	  	 		 		 	 	20,000.00	  	 		 			
	 Randfontein Estates Limited (new)
	 		 	 M432371 /M312525
	 	 Department of Mineral and Energy
	 	 	23-Feb-04	  	 		 		 	 	25,000.00	  	 		 			
	 Randfontein Estates Limited
	 		 	 M490598
	 	 Department of Mineral and Energy
	 	 	23-Apr-08	  	 		 		 	 	22,427.00	  	 		 			
	 Randfontein Estates Limited
	 		 	 29108209
	 	 Department of Mineral and Energy
	 	 	08-Jul-08	  	 		 		 	 	43,414,170.00	  	 		 			
	 Randfontein Estates Limited
	 		 	 29108306
	 	 Department of Mineral and Energy
	 	 	08-Jul-08	  	 		 		 	 	87,027,019.00	  	 		 			
	 Randfontein Estates Limited
	 		 	 NED-CON-4140(2)
	 	 Department of Mineral and Energy
	 	 	17-Nov-09	  	 		 		 	 	11,687,387.00	  	 		 			
										
	 West Rand Consolidated Mines
	 		 	 M300820
	 	 Department of Mineral and Energy
	 	 	24-Oct-96	  	 		 		 	 	10,000.00	  	 		 			
	 West Rand Consolidated Mines
	 		 	 M379315
	 	 Department of Mineral and Energy
	 	 	05-May-00	  	 		 		 	 	30,000.00	  	 		 			
	 West Rand Consolidated Mines
	 		 	 M312525
	 	 Department of Mineral and Energy
	 	 	28-Jul-97	  	 		 		 	 	25,000.00	  	 		 			
	 West Rand Consolidated Mines
	 		 	 M312457
	 	 Department of Mineral and Energy
	 	 	28-Jul-97	  	 		 		 	 	10,000.00	  	 		 			
	 West Rand Consolidated Mines
	 		 		 	 Eskom
	 	 	01-Oct-98	  	 		 		 				 		 	 	700,000.00	  
										
	 Winkelhaak Mines Limited
	 		 	 S13615 / MS GRV 4232957
	 	 Council of Nuclear Safety
	 	 	10-Jul-03	  	 		 		 				 		 	 	250,000.00	  
	 Winkelhaak Mines Limited
	 		 	 S13616 / MS GRV 4232987
	 	 Eskom
	 	 	10-Jul-03	  	 		 		 				 		 	 	246,500.00	  
	 Winkelhaak Mines Limited
	 		 	 S13617 / MS GRV 4232983
	 	 Eskom
	 	 	10-Jul-03	  	 		 		 				 		 	 	268,900.00	  
	 Winkelhaak Mines Limited
	 		 	 S13618 / MS GRV 4233989
	 	 Eskom
	 	 	10-Jul-03	  	 		 		 				 		 	 	64,000.00	  
	 Winkelhaak Mines Limited
	 		 	 S13619 /MS GRV 4233002
	 	 Eskom
	 	 	10-Jul-03	  	 		 		 				 		 	 	1,117,450.00	  
	 Winkelhaak Mines Limited
	 		 	 S13620 / MS GRV 4233009
	 	 Eskom
	 	 	10-Jul-03	  	 		 		 				 		 	 	301,050.00	  
	 Winkelhaak Mines Limited
	 		 	 S13621 / MS GRV 4233013
	 	 Eskom
	 	 	10-Jul-03	  	 		 		 				 		 	 	1,346,600.00	  
	 Winkelhaak Mines Limited
	 		 	 S13622 / MS GRV
	 	 Eskom
	 	 	10-Jul-03	  	 		 		 				 		 	 	868,850.00	  

																									
		 		 	 4233018
	 		 				 		 		 				 		 			
	 Winkelhaak Mines Limited
	 		 	 S13623 / MS GRV 4233021
	 	 Eskom
	 	 	10-Jul-03	  	 		 		 				 		 	 	272,000.00	  
	 Winkelhaak Mines Limited
	 		 	 S13624 / MS GRV 4233048
	 	 Eskom
	 	 	10-Jul-03	  	 		 		 				 		 	 	45,500.00	  
	 Winkelhaak Mines Limited*
	 		 	 208617 / S15065
	 	 Eskom
	 	 	25-Apr-02	  	 		 		 				 		 	 	370,600.00	  
	 Winkelhaak Mines Limited*
	 		 	 208618 / S15064
	 	 Eskom
	 	 	25-Apr-02	  	 		 		 				 		 	 	1,269,818.00	  
	 Leslie Golg Mines Limited
	 		 	 S13625 / MS GRV 4233050
	 	 Eskom
	 	 	10-Jul-03	  	 		 		 				 		 	 	624,400.00	  
	 Leslie Golg Mines Limited
	 		 	 S13626 / MS GRV 4233053
	 	 Eskom
	 	 	10-Jul-03	  	 		 		 				 		 	 	334,100.00	  
	 Leslie Golg Mines Limited
	 		 	 S13627 / MS GRV 4233055
	 	 Eskom
	 	 	10-Jul-03	  	 		 		 				 		 	 	89,800.00	  
	 Leslie Golg Mines Limited
	 		 	 S13628 / MS GRV 4233067
	 	 Eskom
	 	 	10-Jul-03	  	 		 		 				 		 	 	371,460.00	  
	 Leslie Golg Mines Limited
	 		 	 S13629 / MS GRV 4233070
	 	 Eskom
	 	 	10-Jul-03	  	 		 		 				 		 	 	2,019,750.00	  
	 Leslie Golg Mines Limited
	 		 	 S13630 / MS GRV 4233074
	 	 Eskom
	 	 	10-Jul-03	  	 		 		 				 		 	 	1,750,000.00	  
	 Leslie Golg Mines Limited
	 		 	 S13631 / MS GRV 4233080
	 	 Eskom
	 	 	10-Jul-03	  	 		 		 				 		 	 	558,700.00	  
	 Leslie Golg Mines Limited*
	 		 	 75B0296
	 	 Council of Nuclear Safety
	 	 	14-Nov-95	  	 		 		 				 		 	 	250,000.00	  
										
	 Evander Gold Mining Company
	 		 	 S13632 / MS GRV 4233083
	 	 Els Chester & Louw
	 	 	10-Jul-03	  	 		 		 				 		 	 	170,894.09	  
	 Evander Gold Mining Company
	 		 	 20650708534
	 	 Department of Minerals & Energy
	 	 	20-Nov-07	  	 		 		 	 	120,000.00	  	 		 			
	 Evander Gold Mining Company
	 		 	 NED-CON-4140(3)
	 	 Department of Minerals & Energy
	 	 	17-Nov-09	  	 		 		 	 	27,194,482.00	  	 		 			
										
	 Kalahari Goldridge Mining Company Ltd
	 		 	 M486532
	 	 Department of Minerals & Energy
	 	 	06-Dec-07	  	 		 		 	 	4,182,379.00	  	 		 			
	 Kalahari Goldridge Mining Company Ltd
	 		 	 M489674
	 	 Department of Minerals & Energy
	 	 	25-Mar-08	  	 		 		 	 	55,000.00	  	 		 			
	 Kalahari Goldridge Mining Company Ltd
	 		 	 M489663
	 	 Department of Minerals & Energy
	 	 	26-Mar-08	  	 		 		 	 	100,505.00	  	 		 			
	 Kalahari Goldridge Mining Company Ltd
	 		 	 8920806641
	 	 Department of Minerals & Energy
	 	 	04-Feb-08	  	 		 		 	 	8,617,864.66	  	 		 			
	 Kalahari Goldridge Mining Company Ltd
	 		 	 NED-CON-4140 (4)
	 	 Department of Minerals & Energy
	 	 	17-Nov-09	  	 		 		 	 	10,123,630.00	  	 		 			

																									
										
	 Avgold Ltd
	 		 		 	 Barberton Municipality
	 				 		 		 				 		 	 	3,570.00	  
	 Avgold Ltd
	 		 		 	 Barberton Municipality
	 				 		 		 				 		 	 	3,380.00	  
	 Avgold Ltd
	 		 		 	 Barberton Municipality
	 				 		 		 				 		 	 	2,780.00	  
	 Avgold Ltd
	 		 		 	 ESKOM
	 				 		 		 				 		 	 	629,650.00	  
	 Avgold Ltd
	 		 		 	 ESKOM
	 				 		 		 				 		 	 	2,450,000.00	  
	 Avgold Ltd
	 		 		 	 ESKOM
	 				 		 		 				 		 	 	1,220,000.00	  
	 Avgold Ltd
	 		 		 	 ESKOM
	 				 		 		 				 		 	 	610,000.00	  
	 Avgold Ltd
	 		 		 	 ESKOM
	 				 		 		 				 		 	 	19,000.00	  
	 Avgold Ltd
	 		 		 	 ESKOM
	 				 		 		 				 		 	 	4,050.00	  
	 Avgold Ltd
	 		 		 	 ESKOM
	 				 		 		 				 		 	 	2,000,000.00	  
	 Avgold Ltd
	 		 	 NED-CON-4140(7)
	 	 Department of Minerals & Energy
	 	 	17-Nov-09	  	 		 		 	 	7,944,938.00	  	 		 			
										
	 African Rainbow Minerals Golg Ltd
	 		 	 M486531
	 	 Department of Minerals & Energy
	 	 	07-Dec-07	  	 		 		 	 	17,743,585.00	  	 		 			
	 African Rainbow Minerals Golg Ltd
	 		 	 93045812784
	 	 Department of Minerals & Energy
	 				 		 		 	 	2,600,000.00	  	 		 			
	 African Rainbow Minerals Golg Ltd
	 		 	 80559924348
	 	 ESKOM
	 				 		 		 				 		 	 	3,085,043.00	  
	 African Rainbow Minerals Golg Ltd
	 		 	 NED-CON-4140(6)
	 	 Department of Minerals & Energy
	 	 	17-Nov-09	  	 		 		 	 	13,883,259.00	  	 		 			
										
	 Armgold/ Harmony Freegold Joint Venture Co [Pty] Ltd
	 	 Free State prospecting rights
	 	 20650707075
	 	 Department of Minerals and Energy
	 	 	27-Oct-07	  	 		 		 	 	80,000.00	  	 		 			
	 Armgold/ Harmony Freegold Joint Venture Co [Pty] Ltd
	 	 Free State prospecting rights
	 	 8920903737
	 	 Department of Minerals and Energy
	 	 	01-Jul-09	  	 		 		 	 	20,000.00	  	 		 			
	 Armgold/ Harmony Freegold Joint Venture Co [Pty] Ltd
	 		 	 NED-CON-4140(5)
	 	 Department of Minerals and Energy
	 	 	17-Nov-09	  	 		 		 	 	13,366,788.00	  	 		 			
										
	 Musuku Beneficiation Systems (Pty) Ltd
	 		 	 81020409661
	 	 SARS - CUSTOMS AND EXCISE
	 				 		 		 				 		 	 	600,000.00	  

																							
										
	 Free Gold - St Helena (new)
	 		 	 81020211331
	 	 Department of Mineral and Energy
	 		 		 		 	 	35,000,000.00	  	 		 			
	 Free Gold - St Helena (new)
	 		 	 81020211331
	 	 Department of Mineral and Energy
	 		 		 		 	 	13,400,000.00	  	 		 			
		 		 		 		 		 		 	  
	 	  
	  
	 	 	  
	 	  
	  
	 
		 		 		 		 		 		 	—  	 	 	526,315,869.66	  	 	—  	 	 	25,062,499.69	  
		 		 		 		 		 		 	  
	 	  
	  
	 	 	  
	 	  
	  
	 

 SCHEDULE 5 
 DISCLOSED LOANS 
  

	1.	Rand Uranium (Proprietary) Limited shareholder loan. Balance of R62 941 146 at the end of September 2009. The loan bears interest at JIBAR plus 250 basis points and is
repayable within 7 years. 

  

	2.	Pamodzi Gold Limited (in liquidation) Loan of R115 724 554. Fully written off in the Borrower’s accounts. 

 

	3.	Intergroup loan from the Borrower to Harmony Gold Australia of R480 528 619 as at 30 November 2009. 

 SCHEDULE 6 
 DISCLOSED POTENTIAL ENVIRONMENTAL CLAIM 
  

	1.	The Borrower has been advised that the Department of Water Affairs (“DWA”) may issue a directive in terms of the National Water Act, 1998 to entities
who are conducting or who have conducted mining activities in the Wonderfontein Catchment area, which entities may include the Borrower and/or one or more Group Companies, relating to the alleged contamination of Wonderfontein Spruit and the
rehabilitation and remediation thereof. 

  

	2.	Dispute between the Group and Mr Pitas in the Free State. Mr Pitas has lodged an application to revoke one of the Group’s mining rights in the Free State and has
claimed R45m damages, arising out of an alleged failure by the Group to comply with its rehabilitation obligations. 

  

	3.	A group of farmers have indicated that they may institute a claim against the Group arising out of alleged pollution in the Dankbaarpan area resulting in the farmers
allegedly not being able to use surface or groundwater for irrigation. 

 SCHEDULE 7 
 FORM OF COMPLIANCE CERTIFICATE 
  

			
	To:	    	Nedbank Limited (as “Lender”)
		    	135 Rivonia Road
		    	Sandown
		    	2196
		    	Attention: [—]

 [Date] 
 Dear
Sirs 
 AMENDED AND RESTATED FACILITIES AGREEMENT ENTERED INTO BETWEEN inter alia NEDBANK LIMITED, HARMONY GOLD MINING
COMPANY LIMITED (“BORROWER”) AND VARIOUS SUBSIDIARIES OF THE BORROWER DATED [    ] 2010 (the “Facilities Agreement”) 
  

	1.	We refer to the Facilities Agreement. This is a Compliance Certificate, and terms used in this Compliance Certificate have the same meaning as in the Facilities
Agreement. 

  

	2.	This Compliance Certificate is in respect of the Ratio Test Period ended [    ] (being the Ratio Test Date), pursuant to clause 17 (Financial
Covenants) of the Facilities Agreement. 

  

	3.	We confirm that in respect of the Ratio Test Date: 

  

							
	 	  	As Calculated	  	Covenant	  	Compliance
(Yes/No)
	 Interest Cover Ratio
	  		  		  	
	 Current Ratio
	  		  		  	
	 Cash Flows
	  		  		  	
	 Market Capitalisation to Facilities Outstanding
	  		  		  	

	4.	We confirm that the representations and warranties given by the Borrower in clause 13 (Warranties and Representations) of the Facilities Agreement are true and
correct. 

  

	5.	 [We confirm that no Default is continuing.]* 

  

	
	For and on behalf of
	HARMONY GOLD MINING COMPANY LIMITED
	
	  

	Name:
	Capacity:
	Who warrants his authority hereto

  

	*	If this statement cannot be made, the Certificate should identify any Default that is continuing and the steps, if any, being taken to remedy it.

 SCHEDULE 8 
 LAST TAX RETURN YEAR 
  

							
	 Company
	  	Latest submitted returns	 
	 1       Harmony Gold Mining Company Limited
	  	 	2007	  
	 2       ARMgold
	  	 	2008	  
	 3       Evander
	  	 	2008	  
	 4       ARMgold / Harmony Joint Investment Company
	  	 	2009	  
	 5       ARMgold / Harmony Freegold Joint Venture Company
	  	 	2008	  
	 6       Avgold Limited
	  	 	2008	  
	 7       Randfontein Estate Limited
	  	 	2006	  

 SCHEDULE 9 
 RCF FORM OF UTILISATION REQUEST 
 (To appear on the letterhead of a
Borrower) 
  

			
	To:	    	Nedbank Limited (as “Lender”)
		    	135 Rivonia Road
		    	Sandown
		    	2196

 Date: 

Attention: [insert] 
 Dear Sirs

 AMENDED AND RESTATED FACILITIES AGREEMENT DATED [INSERT DATE] (the “FACILITIES AGREEMENT”): UTILISATION REQUEST 

 

	1.	We refer to the Facilities Agreement. 

  

	2.	This is a Utilisation Request. 

  

	3.	The terms defined in the Facility Agreement shall have the same meanings where used in this Utilisation Request. 

 

	4.	This Utilisation Request is irrevocable. 

	5.	We hereby give you notice that, pursuant to the Facility Agreement and on [insert date], we wish to borrow a Loan in an amount of R[insert] ([insert] Rand) upon the
terms and subject to the conditions contained therein. 

  

	6.	We elect an Interest Period of [insert] months. 

  

	7.	We confirm that as of the date hereof : 

  

	7.1	the Repeating Representations set out in the Facility Agreement are true and correct in all material respects; and 

 

	7.2	no Default has occurred and/or is continuing. 

  

	8.	The proceeds of the Loan must be credited to the following bank account: 

  

					
	8.1	 	Bank:	 	[insert];
			
	8.2	 	Branch:	 	[insert];
			
	8.3	 	Account Name:	 	[insert];
			
	8.4	 	Account Number:	 	[insert];
			
	8.5	 	Branch Code:	 	[insert].

 Yours faithfully 
  

	
	For and on behalf of
	HARMONY GOLD MINING COMPANY LIMITED
	
	  

	Name:
	Capacity:
	Who warrants his authority hereto

 SCHEDULE 10 
 FORM OF TERM FACILITY B DRAWDOWN NOTICE 
 (To appear on the letterhead of
a Borrower) 
  

			
	To:	    	Nedbank Limited (as “Lender”)
		    	135 Rivonia Road
		    	Sandown
		    	2196

 Date:

 Attention: [insert] 
 Dear
Sirs 
 AMENDED AND RESTATED FACILITIES AGREEMENT DATED [INSERT DATE] (the “FACILITIES AGREEMENT”): TERM FACILITY B DRAWDOWN NOTICE

  

	1.	We refer to the Facilities Agreement. 

  

	2.	This is a Term Facility B Drawdown Notice. 

  

	3.	The terms defined in the Facility Agreement shall have the same meanings where used in this Term Facility B Drawdown Notice. 

 

	4.	This Term Facility B Drawdown Notice is irrevocable. 

	5.	We hereby give you notice that, pursuant to the Facility Agreement and on [insert date], we wish to borrow a Loan in an amount of R[insert] ([insert] Rand) upon the
terms and subject to the conditions contained therein. 

  

	6.	We confirm that as of the date hereof : 

  

	6.1	the Repeating Representations set out in the Facility Agreement are true and correct in all material respects; and 

 

	6.2	no Default has occurred and/or is continuing. 

  

	7.	The proceeds of the Loan must be credited to the following bank account: 

  

					
	7.1	 	Bank:	 	[insert];
			
	7.2	 	Branch:	 	[insert];
			
	7.3	 	Account Name:	 	[insert];
			
	7.4	 	Account Number:	 	[insert];
			
	7.5	 	Branch Code:	 	[insert].

 Yours faithfully 
  

	
	For and on behalf of
	HARMONY GOLD MINING COMPANY LIMITED
	
	  

	Name:
	Capacity:
	Who warrants his authority hereto

 SCHEDULE 11 
 TERM FACILITIES REPAYMENT SCHEDULE 
  

					
	Date	  	Capital payment	 
	 30 June 2010
	  	 	90,000,000	  
	 31 December 2010
	  	 	90,000,000	  
	 30 June 2011
	  	 	152,500,000	  
	 31 December 2011
	  	 	152,500,000	  
	 30 June 2012
	  	 	152,500,000	  
	 31 December 2012
	  	 	152,500,000	  
	 30 June 2013
	  	 	152,500,000	  
	 31 December 2013
	  	 	152,500,000	  
	 30 June 2014
	  	 	152,500,000	  
	 31 December 2014
	  	 	152,500,000	  

 SCHEDULE 12 
 FORM OF LENDER’S ACCESSION UNDERTAKING 
 ACCESSION UNDERTAKING

  

			
	To:	    	Nedbank Limited
		    	(as “Facility Agent”)
		    	135 Rivonia Road
		    	Sandown
		    	2196
		    	Attention: [—]
		
	 From:
	    	[Insert full name of New Lender] (the “New Lender”)
		
	[Date]	    	

 Dear Sirs 

AMENDED AND RESTATED FACILITIES AGREEMENT ENTERED INTO BETWEEN inter alia NEDBANK LIMITED, HARMONY GOLD MINING COMPANY LIMITED
(“BORROWER”) AND VARIOUS SUBSIDIARIES OF THE BORROWER DATED [    ] 2010 (the “Facility Agreement”) 
  

	1.	We refer to the Facility Agreement. 

  

	2.	This is an Accession Undertaking, and terms used in this Accession Undertaking have the same meaning as in the Facility Agreement. 

 

	3.	This Accession Undertaking is delivered to Nedbank as the Facility Agent pursuant to clause 24 (Change of Party) of the Facility Agreement.

  

	4.	In consideration of the New Lender being accepted as a Lender for the purposes of the Facility Agreement, and the other relevant Finance Documents (if any) pursuant to
the Facility Agreement, the New Lender hereby confirms that, as from the date of acceptance of this Accession Undertaking by the Existing Lenders, it: 

  

	4.1	intends to be Party to the Facility Agreement and the other relevant Finance Documents as a Lender; 

 

	4.2	 undertakes to perform all the obligations expressed in the Facility Agreement,

	 	
and the other relevant Finance Documents (if any) to be assumed by a Lender to the extent that such obligations have been delegated to the New Lender as described in the Cession and Delegation
Agreement relating to this Accession Undertaking; 

  

	4.3	agrees that it shall be bound by all the provisions of the Facility Agreement and the other relevant Finance Documents (if any) as if it had been an original party to
those Finance Documents as a Lender; and 

  

	4.4	accepts the benefits conferred upon the Lenders under the Finance Documents, including in particular the Security Documents. 

 

	5.	This Accession Undertaking may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of
this Accession Undertaking. 

  

	6.	This Accession Undertaking shall be governed by and construed in accordance with the laws of South Africa. 

 

	
	For and on behalf of
	 [NEW LENDER]

	
	  

	Name:
	Capacity:
	Who warrants his authority hereto
	
	For and on behalf of
	 NEDBANK LIMITED

	 (as “Facility Agent”)

	
	  

	 Name:

	 Capacity:

	 Who warrants his authority hereto

 DRAFT FOR DISCUSSION PURPOSES ONLY 

SCHEDULE 13 

AGREED FORM OF CESSION AND DELEGATION AGREEMENT 
 THIS SALE, CESSION AND DELEGATION AGREEMENT is dated                      and made
BETWEEN: 
  

	(1)	[—] (the “Existing Lender”); and 

 

	(2)	[—] (the “New Lender”); and 

 

	(3)	NEDBANK LIMITED (as “Facility Agent”). 

 IT IS AGREED as follows: 
  

	1.	INTERPRETATION 

  

	1.1	In this Agreement, unless inconsistent with the context, all capitalised terms shall have the respective meanings assigned to such terms below, all capitalised terms
for which no meanings have been assigned herein shall have the meanings assigned to them in the Facilities Agreement, and cognate terms shall have corresponding meanings: 

 

	1.1.1	“this Agreement” means this Agreement, together with all schedules and appendices hereto and any written and signed amendments to the aforementioned;

  

	1.1.2	“the Borrower” means Harmony Gold Mining Company Limited (Registration No. 1950/038232/06), a public company, incorporated under the laws of South
Africa; 

  

	1.1.3	“the Effective Date” means, notwithstanding the Signature Date [—]; 

 

	1.1.4	“Effective Date Facility Outstandings” means the aggregate principal amount owing by the Borrower to the Existing Lender under the Facilities Agreement
as at the Effective Date which has not been prepaid or repaid irrevocably, unconditionally and in full; 

  

	1.1.5	“Existing Lender” means [—], (Registration No. [INSERT]), a [public] company incorporated
under the laws of South Africa; 

  

	1.1.6	“Facilities Agreement” means the written agreement titled the “Facilities Agreement”, entered into between Nedbank, the Borrower and
the Guarantors as listed in Schedule 2 thereto on or about [            ] 2009; 

	1.1.7	“Facility Agent” means Nedbank; 

  

	1.1.8	“nacm” means nominal annual compounded monthly in arrear; 

 

	1.1.9	“Nedbank” means Nedbank Limited (Registration No. 1951/000009/06), a public company incorporated under the laws of South Africa, which is
registered as a bank in terms of the Banks Act, 1990; 

  

	1.1.10	“the New Lender” means [—] (Registration No. [—]),
a [public] company incorporated under the laws of South Africa; 

  

	1.1.11	“Parties” means the Existing Lender and the New Lender and “Party” means, as the context requires, either of them;

  

	1.1.12	“the Prime Rate” means the nacm prime overdraft rate of interest from time to time publicly quoted as such by Nedbank, calculated on a 365 (three
hundred and sixty five) day factor, irrespective of whether or not the year is a leap year, as certified by any manager of Nedbank, whose appointment as such it shall not be necessary to prove, which certificate shall serve as prima facie
proof of its contents; 

  

	1.1.13	“the Signature Date” means the date of last signature of this Agreement; 

 

	1.1.14	“the Sold Rights and Obligations” means that amount of the Existing Lender’s right, title and interest: 

 

	1.1.14.1	under the Finance Documents insofar as they relate to the Facility; 

  

	1.1.14.2	to the Effective Date Facility Outstandings; 

 as stipulated in Annexure “A” as being sold by the Existing Lender to the New Lender; 
  

	1.1.15	“South Africa” means the Republic of South Africa; 

  

	1.1.15.1	any reference to the singular includes the plural and vice versa; 

  

	1.1.15.2	any reference to natural persons includes legal persons and vice versa; 

  

	1.1.15.3	any reference to a gender includes the other genders; 

  

	1.1.15.4	any reference to an enactment is to that enactment as at the Signature Date and as amended or re-enacted from time to time. 

 

	1.2	If any definition contains a substantive provision conferring rights or imposing obligations on any party, effect shall be given to it as if it were a substantive
provision in the body of this Agreement, notwithstanding that it is only in the definition clause. 

	1.3	Words and expressions defined in any sub-clause shall, for the purposes of the clause of which that sub-clause forms part, bear the meaning assigned to such words and
expressions in that sub-clause. 

  

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

  

	1.5	When any number of days is prescribed, same shall be reckoned inclusively of the first and exclusively of the last day. 

 

	1.6	Reference to day/s shall be construed as any day, irrespective of whether or not it is a Business Day. 

 

	1.7	Reference to month/s means a period starting on one day in a calendar month and ending on the day preceding the numerically corresponding day in the next calendar
month, except that: 

  

	1.7.1	if the day preceding such numerically corresponding day is not a Business Day, that period shall end on the next Business Day in that next calendar month if there is
one, or if there is not, on the immediately preceding Business Day; and 

  

	1.7.2	if there is no numerically corresponding day in the next calendar month, that period shall end on the last Business Day in such next calendar month;

  

	1.8	Reference to calendar month/s shall be construed as one or more of the twelve named periods into which a year is divided in terms of the Gregorian calendar.

  

	1.9	Where any act is to be performed on a day which is not a Business Day, such act shall be performed on the Business Day immediately preceding such day.

  

	1.10	Where figures are referred to in numerals and in words, if there is any conflict between the two, the words shall prevail. 

 

	2.	SALE AND PURCHASE 

 The
Existing Lender hereby sells to the New Lender, which hereby purchases from the Existing Lender, with effect from the Effective Date, the Sold Rights and Obligations. 
  

	3.	PURCHASE PRICE 

  

	3.1	As consideration for the sale of the Sold Rights and Obligations, the New Lender shall pay to the Existing Lender the amount of R[insert] ([insert])
(“the purchase price”) which shall be paid by the New Lender to the Existing Lender on the Effective Date in immediately available funds, free of any deductions, exchange or other charges by electronic transfer into the following
bank account: 

  

			
	Account name	  	:

			
	Bank	  	:
		
	Branch	  	:
		
	Code	  	:
		
	Account Number	  	:            .

  

	3.2	The purchase price shall, if it is not paid on the Effective Date, bear interest from the Effective Date to the date of payment at the Prime Rate.

  

	3.3	The Parties record that the sale of the Sold Rights and Obligations pursuant to this Agreement is the transfer of a “debt security” (as defined in
Section 2(2) of the VAT Act) and is accordingly exempt from VAT under Section 12(a) of the VAT Act. 

  

	3.4	Notwithstanding the provisions of clause 3.3, if the sale of the Sold Rights and Obligations is subject to VAT, the purchase price shall be deemed to be exclusive of
VAT, which shall be payable by the New Lender to the Existing Lender against delivery by the Existing Lender to the New Lender of a valid tax invoice in respect thereof. 

 

	4.	DELIVERY 

  

	4.1	Against payment by the New Lender to the Existing Lender of the purchase price as provided for in clause 3, and with effect on the Effective Date, the Existing Lender
hereby: 

  

	4.1.1	cedes, assigns and transfers the Sold Rights and Obligations to the New Lender; and 

 

	4.1.2	delegates to the New Lender all of the Existing Lender’s obligations under the Finance Documents to the extent related to the Sold Rights and Obligations,

 without recourse to the Existing Lender. 

 

	4.2	The New Lender hereby accepts: 

  

	4.2.1	the cession, assignment and transfer of the Sold Rights and Obligations to the New Lender; and 

 

	4.2.2	the delegation to the New Lender of the Existing Lender’s obligations under the Finance Documents to the extent related to the Sold Rights and Obligations, which
obligations the New Lender hereby assumes; 

 without recourse to the Existing Lender. 

 

	4.3	 The New Lender hereby irrevocably binds itself in favour of the parties to each of the Finance Documents to the terms of the Finance Documents, as if
it had been a party thereto and any Finance Party shall be entitled to accept the benefit 

	 	
of this clause 4.3 and any other benefits conferred on it in terms of this Agreement at any time. 

  

	4.4	It is recorded that the Obligors have, in terms of clause 24.2 (Change of Party) of the Facilities Agreement, consented to the cession and delegation herein
recorded. 

  

	5.	DELIVERY OF NOTICE 

 The
Facility Agent shall, within 5 (five) Business Days from the Effective Date, despatch written notices to the Obligors and to any Lender which is not a party hereto of the sale, cession, assignment and transfer of the Sold Rights and Obligations
pursuant to this Agreement. 
  

	6.	REPRESENTATIONS AND WARRANTIES 

  

	6.1	Each party represents and warrants to the other party on the Signature Date, the Effective Date and on each day between those dates that: 

 

	6.1.1	it is a company duly organised and existing under the laws of the jurisdiction in which it is incorporated; 

 

	6.1.2	it has the power to enter into and to exercise its rights and perform its obligations under this Agreement; 

 

	6.1.3	all corporate and other actions required to authorise the execution of this Agreement by it and the performance by it of its obligations under this Agreement have been
duly taken; 

  

	6.1.4	the obligations expressed to be assumed by it in this Agreement are legal and valid obligations binding on it in accordance with the respective terms thereof;

  

	6.1.5	the execution of this Agreement and the exercise by it of its rights and the performance of its obligations under this Agreement do not and will not conflict with:

  

	6.1.5.1	any agreement to which it is a party or which is binding on it or any of its assets; 

 

	6.1.5.2	its constitutive documents and rules and regulations; or 

  

	6.1.5.3	any applicable law, regulation or official or judicial order. 

  

	6.2	The Existing Lender hereby represents and warrants to the New Lender on the Signature Date, the Effective Date and on each day between those dates that:

  

	6.2.1	to the best of its knowledge and belief, the Finance Documents have not been terminated or cancelled and are of full force and effect; it has the right to sell and
cede, assign and transfer the Sold Rights and Obligations to the New Lender; 

	6.2.2	the Sold Rights and Obligations are capable of being sold and ceded, assigned and transferred to the New Lender free of any encumbrances; 

 

	6.2.3	prior to the cession, assignment and transfer of the Sold Rights and Obligations recorded in this Agreement, it has not ceded, assigned or transferred any of the Sold
Rights and Obligations to any person; 

  

	6.2.4	no Obligor has been released by it from its obligations under the Finance Documents, 

provided that, save as set out in this clause 6.2, the Existing Lender gives no representations or warranties express or implied in
connection with the sale of the Sold Rights and Obligations pursuant to this Agreement. 
  

	7.	LIMITATIONS 

  

	7.1	Unless expressly agreed to the contrary in this Agreement, the Existing Lender makes no representation or warranty and assumes no responsibility to the New Lender for:

  

	7.1.1	the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents or any other documents; 

 

	7.1.2	the financial condition or creditworthiness of any Obligor; 

  

	7.1.3	the performance and observance by any Obligor of its obligations under the Finance Documents or any other documents; 

 

	7.1.4	the accuracy of any representations, warranties or statements (whether written or oral) by any Obligor made in or in connection with any of the Finance Documents or any
other document. 

 and any representations or warranties implied by law are excluded. 

 

	7.2	The New Lender confirms to the Existing Lender that it: 

  

	7.2.1	has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of the Obligors in connection with its
participation in the Finance Documents and has not relied on any information provided to it by the Existing Lender in connection with any of the Finance Documents or on any representation or warranty made by the Existing Lender other than those set
out in clause 6; and 

  

	7.2.2	will continue to make its own independent appraisal of the creditworthiness of the Obligors whilst any amount is or may be outstanding under the Finance Documents.

  

	7.3	Nothing in any of the Finance Documents or this Agreement obliges the Existing Lender to: 

	7.3.1	accept a re-transfer from the New Lender of any of the rights ceded, assigned and transferred and obligations delegated under this Agreement; 

 

	7.3.2	support any losses directly or indirectly incurred by the New Lender by reason of the non-performance by any Obligor of its obligations under the Finance Documents or
otherwise; or 

  

	7.3.3	provide the New Lender with any credit or other information concerning the affairs, financial condition or business of any Obligor or any other third party.

  

	8.	NOTICES AND DOMICILIA 

  

	8.1	The parties choose domicilia citandi et executandi for all purposes under this Agreement, whether in respect of court process, notices or other documents or
communications of whatsoever nature, the following, addresses: 

  

	8.1.1	the Existing Lender at
[                                         
                                         
                                         
  

                    
                                         
                                         
                                         
                     ]; 
  

	8.1.2	the New Lender at
[                                         
                                         
                                         
     ]. 

  

	8.2	A party may change that party’s address for this purpose to another physical address in South Africa, by notice in writing. 

 

	8.3	All notices shall be in writing and be deemed (unless the contrary is proved) to have been duly given - 

 

	8.3.1	on delivery, if delivered to the addressee’s physical address; on the Business Day after dispatch, if sent to the party’s then telefax number;

  

	8.3.2	1 (one) Business Day after delivery, if delivered by a recognised international courier service to the addressee’s physical address. 

 

	8.4	Notwithstanding anything to the contrary contained in this Agreement, a written notice or communication actually received by one of the parties from another including
by way of telex or facsimile transmission shall be adequate written notice or communication to such party. 

  

	9.	GENERAL 

  

	9.1	No variation of this Agreement shall be of any force and effect unless reduced to writing and signed by the parties or their authorised Facility Agents.

  

	9.2	No failure or delay on the part of a party to exercise any power, right or remedy under this Agreement shall operate as a waiver thereof, nor shall any single or
partial exercise by a party of any power, right or remedy preclude other or further exercise thereof or the exercise of any power, right or remedy. The remedies provided in this Agreement are cumulative and are not exclusive of any remedies provided
by law. 

	9.3	This Agreement, together with all the annexures and schedules thereto, constitutes the whole agreement between the parties and there are no warranties, promises,
representations or inducements, whatsoever, which have been made by or on behalf of any party regarding the subject matter hereof, unless such warranties, promises, representations are contained herein. 

 

	9.4	All legal costs, charges and disbursements incurred by any party in successfully enforcing or defending any provisions of this Agreement or any claim or action
thereunder, shall be payable by the unsuccessful party on the scale as between attorney and his own client. 

  

	9.5	Each party shall bear its own costs and expenses in connection with the negotiation and drafting of this Agreement. 

 

	10.	GOVERNING LAW 

This Agreement and all matters or disputes incidental thereto or arising therefrom shall in all respects be governed by and construed in
accordance with the laws of South Africa, including all matters of construction, validity and performance. 
  

	11.	COUNTERPARTS 

 If
any of the parties or the signatories of any of the parties signs this Agreement in counterparts, the counterparts, taken together, shall constitute one agreement. 
  

	12.	SEVERABILITY 

 Each
phrase, sentence, paragraph and clause in this Agreement is severable, the one from the other, notwithstanding the manner in which they may be linked together or grouped grammatically and if in terms of any judgment or order any phrase, sentence,
paragraph or clause is found to be defective or unenforceable for any reason the remaining phrases, sentences, paragraphs and clauses as the case may be, shall nevertheless be and continue to be of full force and effect. 

 

	13.	COSTS 

  

	13.1	If, in any legal or arbitration proceedings relating to the enforcement by either party of its rights in terms of this Agreement, a court or arbitrator awards costs to
any party, such costs shall be determined and recoverable on the scale as between an attorney and own client and shall include collection charges, the costs incurred by such party in endeavouring to enforce such rights prior to the institution of
legal or arbitration proceedings and the costs incurred in connection with the satisfaction or enforcement of any judgment or arbitration award in favour of such party in relation to its rights in terms of or arising out of this Agreement.

  

	13.2	Each of the parties shall bear its own costs of and incidental to the negotiation, preparation and signature of this Agreement. 

 SIGNED at
                     on this the      day of              2010

  

	
	  

	
	Name:
	Capacity:
	Who warrants his authority hereto

 SIGNED at
                     on this the      day of              2010

  

	
	  

	
	Name:
	Capacity:
	Who warrants his authority hereto

 DRAFT FOR DISCUSSION PURPOSES ONLY 

ANNEXURE “A” 
 ANNEXURE “A” TO CESSION AND DELEGATION AGREEMENT 
 Effective Date Facility
Outstandings        :        R [—] 
 Sold Rights and Obligations to New
Lender                                  :      
  R [—] 
 Commitment of Existing Lender after the Effective
Date              :        R [—] 

 DRAFT FOR DISCUSSION PURPOSES ONLY 

 

 SCHEDULE 14 

FORM OF CONFIDENTIALITY UNDERTAKING 
  

			
	To:	    	[Insert name of Potential New Lender.]
		
	Re:	    	 The Agreement:

		    	 Borrower:

		    	 Date:

		    	 Amount:

		    	 Agent:

 Dear Sirs 

AMENDED AND RESTATED FACILITY AGREEMENT (the “FACILITY AGREEMENT”) ENTERED INTO BETWEEN inter alia NEDBANK LIMITED,
HARMONY GOLD MINING COMPANY LIMITED (the “BORROWER”) AND VARIOUS SUBSIDIARIES OF THE BORROWER DATED [    ] 2010 
 We understand that you are considering [acquiring]1 /[arranging the acquisition of]2 an interest in the Facility Agreement (the “Acquisition”). In consideration of us agreeing to make available to you certain information, by your signature of a copy of this letter you agree as
follows: 
  

	1.	In this letter, terms defined in the Facility Agreement shall, unless the context otherwise requires, have the same meaning and the words and expressions set forth
below shall bear the following meanings and cognate expressions shall bear corresponding meanings: 

  

	1.1	“Confidential Information” means any information relating to the Borrower, the Group, the Facility Agreement and/or the Acquisition provided to you by
us or any of our affiliates or advisers, in whatever form, and includes information given orally and any document, electronic file or any other way of representing or recording information which contains or is derived or copied from such information
but excludes information that: 

  

	1.1.1	is or becomes public knowledge other than as a direct or indirect result of any breach of this letter; or 

 

	1 	Delete if addressee is acting as broker or agent. 

	2 	Delete if addressee is acting as principal. 

  
 Page 154.

 DRAFT FOR DISCUSSION PURPOSES ONLY 

 

	1.1.2	is known by you before the date the information is disclosed to you by us or any of our affiliates or advisers or is lawfully obtained by you thereafter, other than
from a source which is connected with the Group and which, in either case, as far as you are aware, has not been obtained in violation of, and is not otherwise subject to, any obligation of confidentiality; 

 

	1.2	 “Permitted Purpose” means [subject to the terms of this letter, passing on information to a prospective purchaser for the purpose
of]3 considering and evaluating whether to enter into the Acquisition; and 

 

	1.3	“Purchaser Group” means you, and each of your affiliates. 

 

	2.	Confidentiality Undertaking 

 You undertake: 
  

	2.1	to keep the Confidential Information confidential and not to disclose it to anyone except as provided for by paragraph 2.2 and to ensure that the Confidential
Information is protected with security measures and a degree of care that would apply to your own confidential information; 

  

	2.2	to use the Confidential Information only for the Permitted Purpose; 

  

	2.3	 to use all reasonable endeavours to ensure that any person to whom you pass any Confidential Information (unless disclosed under paragraph [2.2 or]
4 2.3) acknowledges and complies with the provisions of this letter as if that person were also a party to I;, and 

 

	2.4	to confirm that all of your employees, officers and directors are contractually bound to maintain confidentiality and shall procure that should any employee, officer or
director not be so bound that such employee enters into a confidentiality undertaking in favour of the Borrower on substantially the same terms and conditions set out in this letter; 

 

	2.5	to procure that each professional advisor, shareholder and/or consultant enters into a confidentiality undertaking in favour of the Borrower on substantially the same
terms and conditions as set out in this letter. 

  

	3.	Permitted Disclosure 

 We
agree that you may disclose Confidential Information: 
  

	3.1	to members of the Purchaser Group and their officers, directors, employees and professional advisers to the extent necessary for the Permitted Purpose and to

  

	3 	Delete if addressee is acting as principal. 

	4 	Delete as applicable. 

  
 Page 155.

 DRAFT FOR DISCUSSION PURPOSES ONLY 

 

	 	
any auditors of members of the Purchaser Group, to the extent that they have undertaken to keep the Information Confidential; 

 

	3.2	[subject to the requirements of the Facility Agreement, in accordance with the Permitted Purpose so long as any prospective purchaser has delivered a letter to you
in equivalent form to this letter.] 

  

	3.3	subject to the requirements of the Facility Agreement, to any person to (or through) whom you assign or transfer (or may potentially assign or transfer) all or any of
the rights, benefits and obligations which you may acquire under the Facility Agreement or with (or through) whom you enter into (or may potentially enter into) any sub-participation in relation to, or any other transaction under which payments are
to be made by reference to, the Facility Agreement or the Borrower or any member of the Group so long as that person has delivered a letter to you in equivalent form to this letter; and 

 

	3.4	where requested or required by any court of competent jurisdiction or any competent judicial, governmental, supervisory or regulatory body; 

 

	3.5	where required by the rules of any stock exchange on which the shares or other securities of any member of the Purchaser Group are listed or; 

 

	3.6	where required by the laws or regulations of any country with jurisdiction over the affairs of any member of the Purchaser Group. 

 

	4.	Notification of Required or Unauthorised Disclosure 

 You agree (to the extent permitted by law) to inform us of the full circumstances of any disclosure under paragraph 2.4 or upon becoming aware that Confidential Information has been disclosed in breach of
this letter. 
  

	5.	Return of Copies 

 If we
so request in writing, you shall return all Confidential Information supplied to you by us and destroy or permanently erase all copies of Confidential Information made by you and use all reasonable endeavours to ensure that anyone to whom you have
supplied any Confidential Information destroys or permanently erases such Confidential Information and any copies made by them, in each case save to the extent that you or the recipients are required to retain any such Confidential Information by
any applicable law, rule or regulation or by any competent judicial, governmental, supervisory or regulatory body or in accordance with internal policy, or where the Confidential Information has been disclosed under paragraph 2.4. 

 

	6.	Continuing Obligations 

The obligations in this letter are continuing and, in particular, shall survive the termination of any discussions or negotiations between
you and us. Notwithstanding the previous sentence, the obligations in this letter shall cease: 

  
 Page 156.

 DRAFT FOR DISCUSSION PURPOSES ONLY 

 

	6.1	if you become a party to or otherwise acquire (by assignment or sub-participation) an interest, direct or indirect, in the Facility Agreement; 

 

	6.2	24 (twenty-four) months from the date of this letter. 

  

	7.	No Representation, Consequences of Breach, etc 

 You acknowledge and agree that neither we [nor our principal]5 nor any member of the Group nor any of our or their
respective officers, employees or advisers (each a “Relevant Person”): 
  

	7.1	make any representation or warranty, express or implied, as to, or assume any responsibility for the accuracy, reliability or completeness of any of the Confidential
Information or any other information supplied by us or the assumptions on which it is based or 

  

	7.2	shall be under any obligation to update or correct any inaccuracy in the Confidential Information or any other information supplied by us or be otherwise liable to you
or any other person in respect to the Confidential Information or any such information; and 

  

	7.3	 we [or our
principal]6 or members of the Group may be irreparably harmed by the breach of the terms hereof and damages may not be an adequate remedy; each Relevant
Person may be granted an injunction or specific performance for any threatened or actual breach of the provisions of this letter by you. 

 

	8.	Sole Agreement, No Implied Terms, No Variation, Extensions and Waivers 

 

	8.1	This letter constitutes the sole record of the agreement between us and you (each, a “Party”, and collectively the “Parties”) in
regard to the subject matter hereof. 

  

	8.2	No Party shall be bound by any express or implied term, representation, warranty, promise or the like, not recorded in this letter. 

 

	8.3	No addition to, variation or consensual cancellation of this letter and no extension of time, waiver or relaxation or suspension of any of the provisions or terms
hereof shall be of any force or effect unless in writing and signed by or on behalf of all the Parties. 

  

	8.4	No latitude, extension of time or other indulgence which may be given or allowed by any Party to any other Party in respect of the performance of any obligation
hereunder or enforcement of any right arising from this letter and no single or partial exercise of any right by any Party shall under any circumstances be construed to be an implied consent by such Party or operate as a waiver or
a    

  

	5 	Delete if letter is sent out by the Seller rather than the Seller’s broker or agent. 

	6 	 Delete if letter is sent out by the Seller rather than the Seller’s broker or agent.

  
 Page 157.

 DRAFT FOR DISCUSSION PURPOSES ONLY 

 

	 	
novation of, or otherwise affect any of that Party’s rights in terms of or arising from this letter or estop such Party from enforcing, at any time and without notice, strict and punctual
compliance with each and every provision or term hereof. 

  

	9.	Inside Information 

 You
acknowledge that some or all of the Confidential Information is or may be price-sensitive information and that the use of such information may be regulated or prohibited by applicable legislation relating to insider dealing and you undertake not to
use any Confidential Information for any unlawful purpose. 
  

	10.	Nature of Undertakings 

The undertakings given by you under this letter are given to us and (without implying any fiduciary obligations on our part) are also
given by the benefit of [our principal]7 the
Borrower and each other member of the Group. 
  

	11.	Governing Law and Jurisdiction 

  

	11.1	This letter (including the agreement constituted by your acknowledgment of its terms) shall be governed by and construed in accordance with the laws of South Africa and
the parties submit to the non-exclusive jurisdiction of the South Gauteng High Court (Johannesburg) (or any successor to that Division) in regard to all matters arising from this letter. 

 

	11.2	Please acknowledge your agreement to the above by signing and returning the enclosed copy. 

 

			
	Yours faithfully
	
	  

	For and on behalf of
	[Seller/Seller’s agent/broker]

			
		
	To:	 	[Seller]
	[Seller’s agent/broker]
	The Borrower and each other member of the Group
	
	We acknowledge and agree to the above.

  

	7 	Delete if letter is sent out by the Seller rather than the Seller’s broker or agent. 

  
 Page 158.

 DRAFT FOR DISCUSSION PURPOSES ONLY 

 

	
	  

	For and on behalf of
	[Potential Purchaser/Purchaser’s agent/broker]

  
 Page 159.Amended and Restated Sale Agreement

 Exhibit 4.22 
 SALE AGREEMENT 
 between 

EVANDER GOLD MINES LIMITED 
 and 
 HARMONY GOLD MINING COMPANY LIMITED 

and 

PLURICLOX (PROPRIETARY) LIMITED 
 and 
 TAUNG GOLD LIMITED 

and 
 CLIDET
NO. 790 (PROPRIETARY) LIMITED 
 and 
 CLIDET NO. 791 (PROPRIETARY) LIMITED 
 

        

 

 TABLE OF CONTENTS 

 

							
	 1
	  	 PARTIES
	  	 	1	  
	 2
	  	 INTERPRETATION
	  	 	1	  
	 3
	  	 INTRODUCTION
	  	 	12	  
	 4
	  	 TERMINATION
	  	 	12	  
	 5
	  	 CONDITIONS PRECEDENT
	  	 	13	  
	 6
	  	 SALE
	  	 	17	  
	 7
	  	 DEPOSIT
	  	 	17	  
	 8
	  	 PAYMENT OF THE PURCHASE CONSIDERATION
	  	 	18	  
	 9
	  	 INTEREST
	  	 	18	  
	 10
	  	 CLOSING
	  	 	19	  
	 11
	  	 SALE LIABILITIES
	  	 	19	  
	 12
	  	 DEED OF CESSION AND DEED OF AMENDMENT
	  	 	21	  
	 13
	  	 SURFACE RIGHT PERMITS
	  	 	21	  
	 14
	  	 SASOL AGREEMENT
	  	 	21	  
	 15
	  	 FLOODING
	  	 	22	  
	 16
	  	 ELECTRICITY
	  	 	23	  
	 17
	  	 INTERIM PERIOD ACTIVITIES
	  	 	24	  
	 18
	  	 WARRANTIES
	  	 	25	  
	 19
	  	 LIMITATION OF LIABILITY
	  	 	26	  
	 20
	  	 GENERAL WARRANTIES
	  	 	28	  
	 21
	  	 GUARANTEE BY TAUNG
	  	 	29	  
	 22
	  	 CONFIDENTIALITY
	  	 	29	  
	 23
	  	 PUBLICITY
	  	 	31	  
	 24
	  	 SUPPORT
	  	 	32	  
	 25
	  	 BREACH
	  	 	32	  
	 26
	  	 DISPUTE RESOLUTION
	  	 	33	  
	 27
	  	 NOTICES AND DOMICILIA
	  	 	34	  
	 28
	  	 BENEFIT OF THE AGREEMENT
	  	 	35	  
	 29
	  	 APPLICABLE LAW AND JURISDICTION
	  	 	35	  
	 30
	  	 NEW LAWS
	  	 	36	  
	 31
	  	 GENERAL
	  	 	36	  
	 32
	  	 COSTS
	  	 	38	  
	 33
	  	 SIGNATURE
	  	 	38	  

 ANNEXURES 
 ANNEXURE “1”: DEED OF AMENDMENT 
 ANNEXURE “2”: DEED OF CESSION

 ANNEXURE “3”: PURCHASER’S POWER OF ATTORNEY 
 ANNEXURE “4”: SELLER’S POWER OF ATTORNEY 
 ANNEXURE “5”:
SPECIFIED MINING AREA DIAGRAM 
 ANNEXURE “6”: WARRANTIES 

  
 

 

  

	1	PARTIES 

  

	1.1	The Parties to this Agreement are – 

  

	1.1.1	Evander Gold Mines Limited; 

  

	1.1.2	Harmony Gold Mining Company Limited; 

  

	1.1.3	Pluriclox (Proprietary) Limited; 

  

	1.1.4	Taung Gold Limited; 

  

	1.1.5	Clidet No. 790 (Proprietary) Limited; and 

  

	1.1.6	Clidet No. 791 (Proprietary) Limited. 

  

	1.2	The Parties agree as set out below. 

  

	2	INTERPRETATION 

  

	2.1	In this Agreement, unless the context indicates a contrary intention, the following words and expressions bear the meanings assigned to them and cognate expressions
bear corresponding meanings – 

  

	2.1.1	“2008 Agreements” means – 

  

	2.1.1.1	the sale of assets agreement entered into between the Seller and Clidet No. 790 (Proprietary) Limited on 29 February 2008; 

 

	2.1.1.2	the sale of assets agreement entered into between the Seller and Clidet No. 791 (Proprietary) Limited on 29 February 2008; 

 

	2.1.1.3	the right of access and use agreement entered into between the Seller, Taung and Clidet No. 790 (Proprietary) Limited on 29 September 2008;

  

	2.1.1.4	the right of access and use agreement entered into between the Seller, Taung and Clidet No. 791 (Proprietary) Limited on 29 September 2008;

  

	2.1.1.5	the subscription agreement entered into between the Seller, Taung and Clidet No. 790 (Proprietary) Limited on 29 February 2008; 

 

	2.1.1.6	the subscription agreement entered into between the Seller, Taung and Clidet No. 791 (Proprietary) Limited on 29 February 2008; 

  
 

 

  
 1 

	2.1.1.7	the shareholders agreement entered into between the Seller, Taung and Clidet No. 790 (Proprietary) Limited on 29 February 2008; 

 

	2.1.1.8	the shareholders agreement entered into between the Seller, Taung and Clidet No. 791 (Proprietary) Limited on 29 February 2008; and 

 

	2.1.1.9	the joint venture agreement entered into between the Seller and Taung on 29 February 2008; 

 

	2.1.2	“AFSA” means the Arbitration Foundation of Southern Africa; 

 

	2.1.3	“Agreement” means this sale agreement; 

  

	2.1.4	“Conditions Precedent” means the conditions precedent set out in clause 5; 

 

	2.1.5	“Consent” means the approval of the Minister for the transfer of the Specified Portion from the Seller to the Purchaser in terms of section 11 of the
MPRDA; 

  

	2.1.6	“Deed of Amendment” means a notarial deed of amendment giving effect to the Mining Right Amendment, substantially similar to the draft attached hereto
as annexure “1”; 

  

	2.1.7	“Deed of Cession” means a notarial deed of cession in respect of the Specified Portion, substantially similar to the draft attached hereto as annexure
“2”; 

  

	2.1.8	“Deposit” means an amount of R20,000,000 (twenty million rand); 

 

	2.1.9	“DMR” means the Department of Mineral Resources, formerly the Department of Minerals and Energy; 

 

	2.1.10	 “Effective Date” means the 5th (fifth) business day after the date on which the last of the Conditions Precedent is fulfilled or waived, as the case
may be; 

  

	2.1.11	“Environment” means the surroundings within which humans exist and that are made up of the land, water and atmosphere of the earth, all forms of life,
ecological systems and the physical, chemical, aesthetic and cultural properties and conditions of the foregoing that influence human health and well-being; 

 

	2.1.12	“Environmental Law” means and includes all - 

  

	2.1.12.1	common law duties and rules, national, provincial and municipal legislation 

  
 

 

  
 2 

	 	
(including regulations and other subsidiary legislation) and self-executing provisions of international agreements approved by the Parliament of the Republic of South Africa, that are concerned
with the protection or rehabilitation of the Environment, the use of natural resources (including land), and the maintenance of an Environment conducive to human health and well-being; 

 

	2.1.12.2	directives, orders or other instructions lawfully given by an organ of state or state functionary exercising powers under any provision referred to in clause 2.1.12.1;
and 

  

	2.1.12.3	permits, authorisations and exemptions issued under any provision referred to in clause 2.1.12.1; 

 

	2.1.13	“Environmental Liabilities” means all and any liabilities and obligations in relation to – 

 

	2.1.13.1	all environmental disturbances and degradation, including the reclamation and remediation of all such environmental disturbances and degradation of whatsoever nature or
kind, whether existing within or outside the Specified Mining Area, arising pursuant to or in connection with the conduct of mining and/or prospecting operations within the Specified Mining Area, of whatsoever nature or kind and whether the cause of
action in respect thereof arose prior to or after the Effective Date; 

  

	2.1.13.2	water, whether existing within or outside the Specified Mining Area, arising pursuant to or in connection with the conduct of mining and/or prospecting operations
within the Specified Mining Area, of whatsoever nature or kind, and whether the cause of action in respect thereof arose prior to or after the Effective Date; and 

 

	2.1.13.3	all claims of third parties in relation to the Environmental Liabilities, of whatsoever nature or kind, and whether the cause of action in respect thereof arose prior
to or after the Effective Date; 

  

	2.1.14	“Eskom” means Eskom Holdings Limited, registration number 2002/015527/06, a limited liability public company duly incorporated in the Republic of South
Africa; 

  

	2.1.15	“Evander 2 and/or 5 Shaft Operations” means the mining operations conducted by the Seller in respect of the shafts in, on and under the areas

  
 

 

  
 3 

	 	
covered by the Evander Mining Right known as “Evander 2 Shaft” and “Evander 5 Shaft”; 

 

	2.1.16	“Evander 6 Shaft” means the mine owned by the Seller shaded in pink on the Specified Mining Area Diagram, known as “Evander 6 Shaft” and
includes the shafts described as “Evander No. 6 Shaft” and “No. 6 Vent Shaft” on the Specified Mining Area Diagram respectively and the underground excavations; 

 

	2.1.17	“Evander 6 Shaft Surface Area” means the area covered by the Evander 6 Shaft Surface Right Permits; 

 

	2.1.18	“Evander 6 Shaft Surface Right Permits” means - 

  

	2.1.18.1	surface right permit number 5/97 re-registered on 14 April 2005 under registration number 626/05; and 

 

	2.1.18.2	surface right permit number 135/93 re-registered on 14 April 2005 under registration number 627/05; 

 

	    	in respect of Evander 6 Shaft; 

  

	2.1.19	“Evander Infrastructure and Equipment” means all buildings and associated fixtures and fittings and all mining related equipment on the Specified
Mining Area on the Signature Date, but specifically excludes the Excluded Sale Assets; 

  

	2.1.20	“Evander Mining Right” means the mining right with file number MP30/5/1/1/2/126MR which was granted to Evander in terms of section 23 of the MPRDA,
read together with item 7 of schedule II to the MPRDA, and which was notarially executed in Witbank on 29 April 2008 before William Daniel Nortje, a copy of which has been provided to the Purchaser; 

 

	2.1.21	“Excluded Assets” means the headgears and winder house on the Specified Mining Area, which have been disposed of to, and are accordingly owned by,
Impala; 

  

	2.1.22	“Excluded Assets Sale Agreements” means an agreement between the Seller and – 

 

	2.1.22.1	Impala for the sale of the Excluded Assets by Impala to the Seller; and 

  
 

 

  
 4 

	2.1.22.2	the Purchaser for the sale of the Excluded Assets by the Seller to the Purchaser; 

 

	2.1.23	“Harmony” means Harmony Gold Mining Company Limited, registration number 1950/038232/06, a limited liability public company duly incorporated in the
Republic of South Africa, and which is the holding company of Evander; 

  

	2.1.24	“Harmony Trust” means the Harmony Gold Environmental Trust, MR No. 8785/99; 

 

	2.1.25	“Impala” means Impala Platinum Limited, registration number 1952/071942/06, a limited liability public company duly incorporated in the Republic of
South Africa; 

  

	2.1.26	“Mining Right Amendment” means the amendment of the Evander Mining Right by the deletion therefrom of the Specified Portion; 

 

	2.1.27	“Mining Titles Office” means the Mining Titles Office contemplated in section 2 of the MTRA; 

 

	2.1.28	“Minister” means the Minister of Mineral Resources, and includes any person to whom the Minister has delegated powers and functions in terms of section
103 of the MPRDA; 

  

	2.1.29	“MPRDA” means the Mineral and Petroleum Resources Development Act, 2002; 

 

	2.1.30	“MTRA” means the Mining Titles Registration Act, 1967; 

  

	2.1.31	“New Rehabilitation Trust” means the new rehabilitation trust to be established by the Purchaser to make provision for the Rehabilitation Liabilities
as set out in clause 11; 

  

	2.1.32	“Parties” means the parties to this Agreement; 

  

	2.1.33	“Prime Rate” means the publicly quoted basic rate of interest, compounded monthly in arrears and calculated on a 365 (three hundred and sixty five) day
year irrespective of whether or not the year is a leap year, from time to time published by Absa Bank Limited as being its prime overdraft rate, as certified by any representative of that bank whose appointment and designation it shall not be
necessary to prove; 

  
 

 

  
 5 

	2.1.34	“Purchase Consideration” means an amount of R225,000,000 (two hundred and twenty five million rand), plus VAT thereon, payable by the Purchaser to the
Seller in accordance with the provisions of clause 8; 

  

	2.1.35	“Purchaser” means Pluriclox (Proprietary) Limited, registration number 2010/014581/07, a limited liability private company duly incorporated in the
Republic of South Africa; 

  

	2.1.36	“Purchaser’s Designated Account” means the bank account nominated by the Purchaser, the details of which are set out below, or such other account
as the Purchaser may designate in writing on 5 (five) business days notice to the Seller – 

  

			
	Name of Account:	  	Taung Gold Limited
	Bank:	  	Absa Bank Limited
	Branch:	  	Centurion
	Branch Code:	  	632 005
	Account Number:	  	407 199 5648

  

	2.1.37	“Purchaser’s Power of Attorney” means a power of attorney authorising an employee of the Seller’s Attorneys (on behalf of the Purchaser) to
execute the Deed of Cession and all or any other document(s) necessary in order to procure the transfer of the Sale Assets from the Seller to the Purchaser, substantially in the form attached hereto as annexure “3”;

  

	2.1.38	“Rehabilitation Guarantee” means the existing guarantee issued by the Seller in favour of the DMR in respect of, inter alia, the
rehabilitation of the Specified Mining Area; 

  

	2.1.39	“Rehabilitation Liabilities” means the Seller’s obligations to rehabilitate all environmental disturbances, including health and pollution, and
degradation existing in, on and under the Specified Mining Area and the Evander 6 Shaft Surface Right Area, whether such obligations arose prior to or after the Effective Date, and shall include - 

 

	2.1.39.1	all restoration, anti-pollution measures, anti-flooding measures, making safe, rehabilitation, compliance with the terms of any rehabilitation plans and/or programs
approved by the DMR; 

  

	2.1.39.2	compliance with all Environmental Laws; and 

  
 

 

  
 6 

	2.1.39.3	the obtaining of the relevant certificate in terms of section 43 of the MPRDA. 

 

	2.1.40	“Sale” means the sale of the Sale Assets by the Seller to the Purchaser in terms of this Agreement; 

 

	2.1.41	“Sale Assets” means - 

  

	2.1.41.1	the Evander 6 Shaft; 

  

	2.1.41.2	the Evander Infrastructure and Equipment and all associated diagrams and plans (if any); 

 

	2.1.41.3	all geological data in respect of the Specified Mining Area including all available reports and drill cores; 

 

	2.1.41.4	the Specified Portion; 

  

	2.1.41.5	the Evander 6 Shaft Surface Right Permits; and 

  

	2.1.41.6	all plans required to be maintained by the Seller in terms of the Mine, Health and Safety Act, 1996 in respect of the Specified Mining Area (if any),

  

	    	but specifically excludes the Excluded Assets; 

  

	2.1.42	“Sale Liabilities” means the – 

  

	2.1.42.1	Rehabilitation Liabilities; and 

  

	2.1.42.2	Environmental Liabilities; 

  

	2.1.43	“Sasol” means Sasol Group Services (Proprietary) Limited, registration number 2006/011591/07, a limited liability private company duly incorporated in
the Republic of South Africa; 

  

	2.1.44	“Sasol Agreement” means the agreement of lease entered into between Harmony and Sasol during June 2010, a copy of which has been provided to the
Purchaser; 

  

	2.1.45	“Seller” means Evander Gold Mines Limited, registration number 1963/006226/06, a limited liability public company duly incorporated in the Republic of
South Africa, and which is a wholly owned subsidiary of Harmony; 

  
 

 

  
 7 

	2.1.46	“Seller’s Attorneys” means Cliffe Dekker Hofmeyr Incorporated, registration number 2008/018923/21, a firm of attorneys duly incorporated as a
private company in the Republic of South Africa; 

  

	2.1.47	“Seller’s Attorneys Designated Account” means the following account of the Seller’s Attorneys – 

 

			
	Name of Account:	  	Cliffe Dekker Hofmeyr Inc.
	Bank:	  	Nedbank Limited
	Branch:	  	Johannesburg
	Branch Code:	  	1979 05
	Account Number:	  	1979 312 176

  

	2.1.48	“Seller’s Designated Account” means the bank account nominated by the Seller, the details of which are set out below, or such other account as the
Seller may designate in writing on 5 (five) business days notice to the Purchaser – 

  

			
	Name of Account:	  	Harmony Gold Mining Company Current Account
	Bank:	  	Nedbank Limited
	Branch:	  	Corporate Client Services
	Branch Code:	  	145405
	Account Number:	  	1454115866

  

	2.1.49	“Seller’s Power of Attorney” means a power of attorney authorising an employee of the Seller’s Attorneys (on behalf of the Seller) to execute
the Deed of Cession and Deed of Amendment and all or any other document(s) necessary in order to procure the transfer of the Sale Assets from the Seller to the Purchaser, substantially in the form attached hereto as annexure “4”;

  

	2.1.50	“Signature Date” means the date of signature of this Agreement by the Party last signing; 

 

	2.1.51	“Specified Mining Area” means the area outlined in red on the Specified Mining Area Diagram; 

 

	2.1.52	“Specified Mining Area Diagram” means the diagram attached hereto as annexure “5”; 

 

	2.1.53	 “Specified Portion” means that portion of the Evander Mining Right which

  
 

 

  
 8 

	 	
covers the Specified Mining Area; 

  

	2.1.54	“Taung” means Taung Gold Limited, registration number 2004/023942/06, previously known as Taung Gold Holdings (Proprietary) Limited, a limited
liability public company duly incorporated in the Republic of South Africa; 

  

	2.1.55	“TD5 Form” means a TD5 form completed by or on behalf of the Purchaser and the Seller, in terms of which application is made to the South African
Revenue Service for an exemption from the payment of transfer duty in regard to the transfer of the Sale Assets from the Seller to the Purchaser; 

  

	2.1.56	“VAT” means value-added tax as levied from time to time in terms of the VAT Act; 

 

	2.1.57	“VAT Act” means the Value-Added Tax Act 89 of 1991; 

  

	2.1.58	“Warranties” means the warranties in annexure “6” and otherwise expressly given by the Seller to the Purchaser in terms of this Agreement;
and 

  

	2.1.59	“Winkelhaak” means Winkelhaak Mines Limited, registration number 1955/003606/06, a limited liability public company duly incorporated in the Republic
of South Africa, and which is a wholly owned subsidiary of the Seller. 

  

	2.2	In this Agreement - 

  

	2.2.1	clause headings and the heading of the Agreement are for convenience only and are not to be used in its interpretation; 

 

	2.2.2	an expression which denotes - 

  

	2.2.2.1	any gender includes the other genders; 

  

	2.2.2.2	a natural person includes a juristic person and vice versa; 

  

	2.2.2.3	the singular includes the plural and vice versa; and 

  

	2.2.2.4	a Party includes a reference to that Party’s successors in title and assigns allowed at law. 

 

	2.3	Any reference in this Agreement to – 

  

	2.3.1	 “business hours” shall be construed as being the hours between 08h30 and 17h00 on any business day. Any reference to time shall be
based upon South 

  
 

 

  
 9 

	 	
African Standard Time; 

  

	2.3.2	“days” shall be construed as calendar days unless qualified by the word “business”, in which instance a “business day” will be any
day other than a Saturday, Sunday or public holiday as gazetted by the government of the Republic of South Africa from time to time; 

  

	2.3.3	“law” means any law of general application and includes the common law and any statute, constitution, decree, treaty, regulation, directive, ordinance,
by-law, order or any other enactment of legislative measure of government (including local and provincial government) statutory or regulatory body which has the force of law; 

 

	2.3.4	“person” means any person, company, close corporation, trust, partnership or other entity whether or not having separate legal personality; and

  

	2.3.5	“writing” means legible writing and in English and excludes any form of electronic communication contemplated in the Electronic Communications and
Transactions Act, No 25 of 2002. 

  

	2.4	The words “include” and “including” mean “include without limitation” and “including without limitation”. The use
of the words “include” and “including” followed by a specific example or examples shall not be construed as limiting the meaning of the general wording preceding it. 

 

	2.5	Any substantive provision, conferring rights or imposing obligations on a Party and appearing in any of the definitions in this clause 2 or elsewhere in this Agreement,
shall be given effect to as if it were a substantive provision in the body of the Agreement. 

  

	2.6	The terms “holding company” and “subsidiary” shall bear the meanings assigned thereto in the Companies Act, 1973.

  

	2.7	Words and expressions defined in any clause shall, unless the application of any such word or expression is specifically limited to that clause, bear the meaning
assigned to such word or expression throughout this Agreement. 

  

	2.8	Unless otherwise provided, defined terms appearing in this Agreement in title case shall be given their meaning as defined, while the same terms appearing in lower case
shall be interpreted in accordance with their plain English meaning. 

  
 

 

  
 10 

	2.9	A reference to any statutory enactment shall be construed as a reference to that enactment as at the Signature Date and as amended or substituted from time to time.

  

	2.10	Unless specifically otherwise provided, any number of days prescribed shall be determined by excluding the first and including the last day or, where the last day falls
on a day that is not a business day, the next succeeding business day. 

  

	2.11	if the due date for performance of any obligation in terms of this Agreement is a day which is not a business day then (unless otherwise stipulated) the due date for
performance of the relevant obligation shall be the immediately succeeding business day. 

  

	2.12	Where figures are referred to in numerals and in words, and there is any conflict between the two, the words shall prevail, unless the context indicates a contrary
intention. 

  

	2.13	The rule of construction that this Agreement shall be interpreted against the Party responsible for the drafting of this Agreement, shall not apply.

  

	2.14	The expiration or termination of this Agreement shall not affect such of the provisions of this Agreement as expressly provide that they will operate after any such
expiration or termination or which of necessity must continue to have effect after such expiration or termination, notwithstanding that the clauses themselves do not expressly provide for this. 

 

	2.15	No provision of this Agreement shall (unless otherwise stipulated) constitute a stipulation for the benefit of any person (stipulatio alteri) who is not a Party
to this Agreement. 

  

	2.16	The use of any expression in this Agreement covering a process available under South African law, such as winding-up, shall, if any of the Parties to this Agreement is
subject to the law of any other jurisdiction, be construed as including any equivalent or analogous proceedings under the law of such other jurisdiction. 

  

	2.17	Any reference in this Agreement to “this Agreement” or any other agreement or document shall be construed as a reference to this Agreement or, as the
case may be, such other agreement or document, as amended, varied, novated or supplemented from time to time. 

  
 

 

  
 11 

	2.18	This Agreement incorporates the annexures which annexures shall have the same force and effect as if set out in the body of this Agreement. In this Agreement the words
“clause” or “clauses” and “annexure” or “annexures” refer to clauses of and annexures to this Agreement. 

 

	3	INTRODUCTION 

  

	3.1	The Seller is the holder of the Specified Portion and the Evander 6 Shaft Surface Right Permits and the owner of the other Sale Assets. 

 

	3.2	The Purchaser wishes to purchase the Sale Assets from the Seller and the Seller has agreed to sell the Sale Assets to the Purchaser with effect from the Effective Date,
on the terms and subject to the conditions herein contained. 

  

	3.3	The Parties wish to record in writing their agreement in respect of the above and matters ancillary thereto. 

 

	4	TERMINATION 

  

	4.1	The Parties acknowledge that the implementation of both this Agreement and the 2008 Agreements will not be possible. 

 

	4.2	The 2008 Agreements (other than the right of access and use agreements referred to in clauses 2.1.1.3 and 2.1.1.4) are hereby suspended with effect from the Signature
Date, save that Taung will still be obliged to exercise its rights, and will likewise be obliged to perform its obligations, in respect of the PFS and the BFS (as those terms are described in the 2008 Agreements) (“Taung Rights and
Obligations”). 

  

	4.3	In the event that the date for fulfilment of the Condition Precedent contained in clause 5.1.13 is extended in terms of clause 5.8, 5.9 or 5.10, the date of
implementation of the 2008 Agreements will, unless otherwise agreed in writing between the Parties, be extended for the same period. 

  

	4.4	In the event that this Agreement – 

  

	4.4.1	fails to become unconditional in accordance with its terms, the suspension of the 2008 Agreements will be automatically lifted and the parties to the relevant 2008
Agreements will be obliged to forthwith comply with all of their obligations, and will be entitled to exercise all of their rights, under such agreements; or 

  
 

 

  
 12 

	4.4.2	becomes unconditional in accordance with its terms, the 2008 Agreements will be automatically terminated with effect from the Effective Date and the parties to the 2008
Agreements will have no further rights or obligations under those agreements. 

  

	5	CONDITIONS PRECEDENT 

  

	5.1	Save for clauses 1 to 5, clause 15 and clauses 17 and 19 to 33, all of which will become effective immediately, this Agreement is subject to the fulfilment of the
Conditions Precedent that – 

  

	5.1.1	 on or before 17h00 on the
3rd (third) business day after the Signature Date, the
Purchaser has paid the Deposit into the Seller’s Attorneys Designated Account; 

  

	5.1.2	 by not later than 17h00 on the 20th (twentieth) business day after the Signature Date, the Seller has received a copy of resolutions of the boards of
directors of the Purchaser and Taung, in a form and substance reasonably acceptable to the Seller - 

  

	5.1.2.1	approving and, where applicable, ratifying the entering into of this Agreement; 

 

	5.1.2.2	authorising a specified person or persons to execute this Agreement and, where applicable, ratifying the execution of this Agreement by such specified person or
persons; and 

  

	5.1.2.3	authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices to be signed and/or despatched by it under or in connection
with this Agreement, including, where applicable, the Purchaser’s Power of Attorney and the TD5 Form; 

  

	5.1.3	 by not later than 17h00 on the 20th (twentieth) business day after the Signature Date, the Purchaser has received a copy of resolutions of the board of
directors of the Seller, in a form and substance reasonably acceptable to the Purchaser - 

  

	5.1.3.1	approving and, where applicable, ratifying the entering into of this Agreement; 

 

	5.1.3.2	 authorising a specified person or persons to execute this Agreement and, where applicable, ratifying the execution of this Agreement by such

  
 

 

  
 13 

	 	
specified person or persons; and 

  

	5.1.3.3	authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices to be signed and/or despatched by it under or in connection
with this Agreement, including the Seller’s Power of Attorney and the TD5 Form; 

  

	5.1.4	 by not later than 17h00 on the 20th (twentieth) business day after the Signature Date, the Purchaser’s Power of Attorney has been signed by the
Purchaser’s duly appointed representative; 

  

	5.1.5	 by not later than 17h00 on the 20th (twentieth) business day after the Signature Date, the Seller’s Power of Attorney has been signed by the
Seller’s duly appointed representative; 

  

	5.1.6	 by not later than 17h00 on the 20th (twentieth) business day after the Signature Date, the TD5 Form has been signed on behalf of the Seller and the
Purchaser; 

  

	5.1.7	 by not later than 17h00 on the 60th (sixtieth) day after the Signature Date, the Seller has procured the transfer of the Surface Right Permits from
Winkelhaak to the Seller; 

  

	5.1.8	 by not later than 17h00 on the 60th (sixtieth) day after the Signature Date, the Purchaser has acquired the Excluded Assets; 

 

	5.1.9	 by not later than 17h00 on the 120th (one hundred and twentieth) day after the Signature Date, the Seller’s certificate of registration granted under
the National Nuclear Regulator Act, 1999 has been amended to exclude the Specified Mining Area; 

  

	5.1.10	 by not later than 17h00 on the 120th (one hundred and twentieth) day after the Signature Date, the Purchaser has been granted a certificate of registration
under the National Nuclear Regulator Act, 1999 in respect of the Specified Mining Area; 

  

	5.1.11	 by not later than 17h00 on 180th (one hundred and eightieth) day after the Signature Date, the New Rehabilitation Trust has been established and
letters of authority have been issued to its trustees by the Master of the High Court; 

  
 

 

  
 14 

	5.1.12	 by not later than 17h00 on the 1st (first) anniversary of the Signature Date, the Minister has consented to the transfer of the Rehabilitation
Liabilities from the Seller to the Purchaser in terms of section 43 of the MPRDA; and 

  

	5.1.13	 by not later than the
1st (first) anniversary of the Signature Date, the Consent
has been granted by the Minister. 

  

	5.2	The Condition Precedent contained in clause 5.1.8 will be deemed to have been fulfilled and the Purchaser will be obliged to acquire the Excluded Assets from the
Seller, on the same terms and conditions as those on which the Seller acquired the Excluded Assets from Impala, whether or not the Excluded Assets Sale Agreements have been entered into, provided that the purchase consideration payable by the
Purchaser to the Seller for the Excluded Assets is not more than R5,000,000 (five million rand), excluding VAT. 

  

	5.3	The Purchaser shall use commercially reasonable endeavours to procure the fulfilment of the Conditions Precedent contained in clauses 5.1.1, 5.1.2, 5.1.4, 5.1.10 and
5.1.11 as soon as reasonably possible after the Signature Date. 

  

	5.4	The Seller shall use commercially reasonable endeavours to procure the fulfilment of the Conditions Precedent contained in clauses 5.1.3, 5.1.5, 5.1.7 and 5.1.9 as soon
as reasonably possible after the Signature Date. 

  

	5.5	The Purchaser and the Seller shall use their commercially reasonable endeavours and will co-operate in good faith to procure the fulfilment of the Condition Precedent
contained in clauses 5.1.6, 5.1.8, 5.1.12 and 5.1.13 as soon as reasonably possible after the Signature Date. 

  

	5.6	In complying with its obligation to use commercially reasonable endeavours to procure the fulfilment of the Condition Precedent contained in clause 5.1.8, the Purchaser
shall endeavour to procure that the Excluded Assets Sale Agreements are entered into. However, in the event that Impala insists on a purchase consideration in excess of R5,000,000 (five million rand), excluding VAT, for the Excluded Assets, the
Purchaser shall be obliged to negotiate directly with Impala for the acquisition of the Excluded Assets and the Seller shall have no further obligation to use commercially reasonable endeavours to procure the fulfilment of the said Condition
Precedent. 

  

	5.7	The Conditions Precedent set out in – 

  

	5.7.1	 clauses 5.1.1, 5.1.2, 5.1.9, 5.1.11 and 5.1.12 have been inserted for the 

  
 

 

  
 15 

	 	
benefit of the Seller which will be entitled to waive fulfilment of any or all of the said Conditions Precedent, in whole or in part, on written notice to the Purchaser prior to the expiry of the
relevant time period set out in those clauses (or such later date or dates as may be extended in terms of clause 5.8 and/or such later date or dates as may be agreed in writing between the Purchaser and the Seller before the aforesaid date or
dates); 

  

	5.7.2	clauses 5.1.3, 5.1.8 and 5.1.10 have been inserted for the benefit of the Purchaser which will be entitled to waive fulfilment of either or both of the said Conditions
Precedent, in whole or in part, on written notice to the Seller prior to the expiry of the relevant time period set out in those clauses (or such later date or dates as may be extended in terms of clause 5.8 and/or such later date or dates as may be
agreed in writing between the Purchaser and the Seller before the aforesaid dates); 

  

	5.7.3	clauses 5.1.4 to 5.1.7 (both inclusive) have been inserted for the benefit of the Purchaser and the Seller who will be entitled to waive fulfilment of such Conditions
Precedent, in whole or in part, by written agreement prior to the expiry of the relevant time period set out in those clauses (or such later date or dates as may be extended in terms of clause 5.8 and/or such later date or dates as may be agreed in
writing between the Purchaser and the Seller before the aforesaid date or dates); and 

  

	5.7.4	clause 5.1.13 is not capable of being waived. 

  

	5.8	The Seller shall be entitled from time to time to extend the due date for fulfilment of any or all of the Conditions Precedent by written notice to that effect to the
Purchaser, provided however that the aggregate of such extensions in respect of any of the Conditions Precedent shall not be more than 60 (sixty) business days. 

 

	5.9	The Purchaser shall be entitled from time to time to extend the due date for fulfilment of the Condition Precedent contained in clause 5.1.13 by written notice to that
effect to the Seller, provided however that the aggregate of such extensions in respect of such Condition Precedent shall not be more than 60 (sixty) business days. 

 

	5.10	 Unless all the Conditions Precedent have been fulfilled or waived by not later than the relevant dates for fulfilment thereof set out in clause 5.1 (or
such later date or dates as may be extended in terms of clause 5.8 and/or such later date or dates as may be agreed in writing between the Purchaser and the Seller 

  
 

 

  
 16 

	 	
before the aforesaid date or dates) the provisions of this Agreement, save for clauses 1 to 5 and clauses 19 to 23 and clauses 25 to 33 which will remain of full force and effect, will never
become of any force or effect and the status quo ante will be restored as near as may be possible and none of the Parties will have any claim against the others in terms hereof or arising from the failure of the Conditions Precedent, save for
any claims arising from a breach of clause 5.3, 5.4 and/or clause 5.5. 

  

	6	SALE 

  

	6.1	The Seller hereby sells to the Purchaser, which hereby purchases, the Sale Assets, as one indivisible transaction, for the Purchase Consideration.

  

	6.2	Notwithstanding the Signature Date, the Sale will take place on the Effective Date and ownership of and risk in, and benefit attaching to, the Sale Assets, will,
against payment by the Purchaser of the Purchase Consideration in terms of clause 8 and against compliance by the Parties with the provisions of clause 10, pass to the Purchaser on the Effective Date. 

 

	7	DEPOSIT 

  

	7.1	The Deposit shall be held in trust in an interest bearing trust account pending fulfilment of the Conditions Precedent. This clause 7 constitutes the mandate to the
Seller’s Attorneys in terms of section 78(2A) of the Attorneys Act, 1979. 

  

	7.2	The Deposit shall be paid by the Purchaser by electronic transfer of immediately available and freely transferable funds into the Seller’s Attorneys Designated
Account. 

  

	7.3	In the event that the Conditions Precedent are fulfilled or, where applicable, waived, by the due dates for fulfilment thereof and the Purchaser fails to comply with
its obligations under clauses 8 and 10 on the due date therefor, the Purchaser shall forfeit the Deposit and all interest accrued thereon, which shall be paid to the Seller, without prejudice to the Seller’s rights in law, by way of
pre-estimated liquidated damages, it being specifically recorded that, in such circumstance, the Seller shall be entitled to unilaterally instruct the Seller’s Attorneys in writing to pay the Deposit, and all interest accrued thereon, to the
Seller. 

  

	7.4	The Seller shall be obliged to provide the Purchaser with a copy of any instruction to the Seller’s Attorneys given by it under the provisions of clause 7.3.

  
 

 

  
 17 

	7.5	The Seller’s Attorneys shall be entitled to pay the Deposit, and all accrued interest, to the Seller in accordance with the Seller’s written instruction,
provided that the Seller’s Attorneys has given the Purchaser at least 48 (forty eight) hours written notice that it intends to pay the Deposit and interest to the Seller and the Purchaser has not objected to such payment by written notice to
the Seller’s Attorneys prior to the expiry of the said 48 (forty eight) hours. If the Purchaser has objected as contemplated in this clause 7.5, the resultant dispute may be referred by the Purchaser or the Seller for resolution in terms of
clause 26. 

  

	7.6	If the Seller’s Attorneys receive a notice from the Purchaser in accordance with the provisions of clause 7.5, it shall be obliged to retain the Deposit and the
interest accrued thereon until such time as the Seller’s Attorneys receive written notification signed on behalf of both Parties to release the Deposit and interest accrued thereon to the Seller. 

 

	7.7	In the event that the Conditions Precedent are fulfilled or, where applicable, waived, by the due dates for fulfilment thereof and the Purchaser complies with its
obligations under clauses 8 and 10 on the due date therefor, the Seller’s Attorneys shall return an amount equal to the Deposit and ail interest accrued thereon to the Purchaser, within 5 (five) business days of the Effective Date, by
electronic transfer of immediately available and freely transferable funds into the Purchaser’s Designated Account free of any deductions or set-off whatsoever, in the currency of the Republic of South Africa. 

 

	8	PAYMENT OF THE PURCHASE CONSIDERATION 

  

	8.1	The Purchase Consideration shall be paid by the Purchaser to the Seller on the Effective Date. 

 

	8.2	All payments to be made by the Purchaser to the Seller in terms of this Agreement will be made by electronic transfer of immediately available and freely transferable
funds to the Seller’s Designated Account, free of any deductions or set-off whatsoever, in the currency of the Republic of South Africa. 

  

	9	INTEREST 

 Should any
payment under or arising from this Agreement fail to be made on the due date thereof then, without prejudice to such other rights as may accrue to the payee consequent upon such failure, such overdue amounts will bear interest at the

  
 

 

  
 18 

 
Prime Rate, from the due date for payment to the date of actual payment, both dates inclusive. 
  

	10	CLOSING 

  

	10.1	On the Effective Date, representatives of the Purchaser and the Seller shall meet with the Seller’s Attorneys at 10h00 at the offices of the Seller’s
Attorneys, or such other place as the Parties may agree, at which meeting – 

  

	10.1.1	to the extent that it has not done so already, the Purchaser shall provide the Seller’s Attorneys with the following – 

 

	10.1.1.1	originals or certified copies of such board resolution(s) in respect of the Purchaser as the Seller’s Attorneys may deem necessary in order to procure the transfer
of the Sale Assets from the Seller to the Purchaser; 

  

	10.1.1.2	the original duly executed Purchaser’s Power of Attorney; and 

  

	10.1.1.3	an original duly completed and signed TD5 Form; 

  

	10.1.2	to the extent that it has not done so already, the Seller shall provide the Seller’s Attorneys with the following – 

 

	10.1.2.1	originals or certified copies of such board resolution(s) in respect of the Seller as the Seller’s Attorneys may deem necessary in order to procure the transfer of
the Specified Portion from the Seller to the Purchaser; 

  

	10.1.2.2	the original duly executed Seller’s Power of Attorney; and 

  

	10.1.2.3	an original or certified copy of the Consent and any other document required by the Seller’s Attorneys to procure the transfer of the Sale Assets from the Seller
to the Purchaser. 

  

	11	SALE LIABILITIES 

  

	11.1	The Seller hereby delegates the Sale Liabilities to the Purchaser, and the Purchaser hereby assumes the Sale Liabilities, with effect from the Effective Date.

  

	11.2	The Purchaser undertakes to discharge the Sale Liabilities as and when they fall due. 

 

	11.3	 The Seller will, as soon as possible after the Effective Date, and in any event by

  
 

 

  
 19 

	 	
no later than 60 (sixty) days thereafter, procure the transfer from the Harmony Trust to New Rehabilitation Trust, the full amount which has been provided in the Harmony Trust for the
Rehabilitation Liabilities, together with any growth in such amount between the Signature Date and the date of transfer of the amount, subject to the following - 

 

	11.3.1	the New Rehabilitation Trust shall be a separate fund in respect of the Rehabilitation Liabilities and shall not be used for any other purpose;

  

	11.3.2	the trust deed of the New Rehabilitation Trust will not be amended without the Seller’s prior written approval; 

 

	11.3.3	 the Seller shall have the right from time to time, until the 1st (first) anniversary of the Effective Date, to appoint a trustee to the New Rehabilitation Trust and, for so long as
the Seller has an appointed trustee, no payment shall be made from the New Rehabilitation Trust unless the trustee appointed by the Seller consents thereto in writing, which consent shall not be unreasonably withheld; 

 

	11.3.4	the Purchaser will deposit amounts into the New Rehabilitation Trust as agreed with the DMR. To the extent that any contributions to the New Rehabilitation Trust are in
arrears after the Effective Date, the Purchaser hereby undertakes that it shall not distribute any cash from its business, in any form or manner whatsoever, until such arrears have been extinguished; and 

 

	11.3.5	the Purchaser will provide the Seller, on an annual basis, with an estimate of the Rehabilitation Liabilities, details of all amounts paid into or by the New
Rehabilitation Trust and a copy of the accounts of the New Rehabilitation Trust. 

  

	11.4	The Seller warrants that, as at 30 June 2010, the amount which has been provided in the Harmony Trust for the Rehabilitation Liabilities is not less than
R10,339,590 (ten million three hundred and thirty nine thousand five hundred and ninety rand). 

  

	11.5	The Purchaser hereby indemnifies the Seller against and shall hold it harmless from all claims, liability, damage, loss, penalty, expense and cost (including legal
costs on an attorney and own client scale, clean-up costs and reasonable expert fees) of any nature whatsoever which the Seller may sustain as a result of or attributable to all or any Sale Liabilities and/or in respect of the Rehabilitation
Guarantee, with effect from the Effective Date. 

  
 

 

  
 20 

	12	DEED OF CESSION AND DEED OF AMENDMENT 

 The Seller shall notify the Seller’s Attorneys forthwith after having received payment of the Purchase Consideration in accordance with the provisions of clause 8.2 (“Payment Date”)
and shall procure that, the Deed of Cession and the Deed of Amendment are – 
  

	12.1	executed on the later of the Payment Date and the date on which the provisions of clause 10 have been fully complied with; and 

 

	12.2	lodged for registration in terms of the MTRA within the 30 (thirty) day period contemplated in section 11(4) of the MPRDA. 

 

	13	SURFACE RIGHT PERMITS 

Transfer of the Evander 6 Shaft Surface Right Permits into the name of the Purchaser shall be given to the Purchaser as soon as reasonably
possible after the Effective Date, provided the Purchaser has paid the costs of and incidental to the transfer of the Evander 6 Shaft Surface Right Permits into the name of the Purchaser. Transfer shall be effected by the Seller’s Attorneys.
The Purchaser and the Seller shall on request from the Seller’s Attorneys, sign all documents required to be signed by the Seller’s Attorneys in order that transfer of the Surface Right Permits may be effected. 

 

	14	SASOL AGREEMENT 

  

	14.1	It is recorded that the storage tanks which are leased to Sasol in terms of the Sasol Agreement form part of the Evander infrastructure and Equipment.

  

	14.2	Harmony hereby assigns its rights and obligations under the Sasol Agreement to the Purchaser with effect from the Effective Date, which will take over and complete the
Sasol Agreement for its own account. The Purchaser hereby irrevocably and unconditionally accepts such assignment. 

  

	14.3	The Purchaser undertakes, prior to the Effective Date, to use its reasonable endeavours to procure the consent of Sasol to the assignment of the Sasol Agreement to the
Purchaser, with effect from the Effective Date. 

  

	14.4	The Purchaser shall fully comply with the Sasol Agreement from the Effective Date, at its cost. 

 

	14.5	 Should Sasol fail or refuse to give its consent as aforesaid where such consent is

  
 

 

  
 21 

	 	
a requirement for such assignment – 

  

	14.5.1	Harmony hereby, with effect from the Effective Date, appoints the Purchaser as its sub-contractor on the basis that the Purchaser will indemnify and hold harmless
Harmony against all and any claims which may be made against Harmony arising from any act or omission of the Purchaser in respect of such sub-contracted work. Any work so performed by the Purchaser shall be for the profit or loss of the Purchaser;
and 

  

	14.5.2	the Sasol Agreement shall not be amended or extended without Harmony’s prior written consent, it being agreed that the Sasol Agreement shall terminate on
31 March 2013, as provided for therein. 

  

	14.6	Should for any reason it not be possible for the Parties to implement clause 14.5, the Parties shall forthwith meet and in good faith agree an alternative solution
which will achieve the same or substantially the same commercial result for the Purchaser and Harmony. 

  

	14.7	The Purchaser hereby indemnifies Harmony and holds it harmless against any and all claims which may be made against it and all liabilities which may be incurred by
Harmony under the Sasol Agreement, but only in respect of claims, the cause of action of which arises after the Effective Date. 

  

	15	FLOODING 

  

	15.1	The Seller has closed the Evander 2 and 5 Shaft Operations, which closure has resulted in the cessation of water pumping activities in respect of the Evander 2 and 5
Shaft Operations (“Water Pumping Activities”), which may in turn cause, inter alia, the flooding of the unused underground operations in the Specified Mining Area. 

 

	15.2	The Purchaser shall be entitled within a period of 30 (thirty) business days commencing on the Signature Date, to investigate and/or assess the necessity of
recommencing the Water Pumping Activities insofar as it relates to the Sale Assets. 

  

	15.3	In the event that, on or before the expiry of the aforesaid 30 (thirty) business day period, the Purchaser has requested the Seller in writing to recommence the Water
Pumping Activities and has specified the duration for which the Water Pumping Activities are required to continue, which duration shall not be longer than 12 (twelve) months – 

  
 

 

  
 22 

	15.3.1	the Seller shall recommence the Water Pumping Activities for the duration specified by the Purchaser; and 

 

	15.3.2	the Purchaser shall be liable for all reasonable costs incurred by the Seller in connection with the Water Pumping Activities for the duration of the Water Pumping
Activities, including the electricity costs referred to in clause 16, which reasonable costs shall, subject to the provisions of clause 16, be paid by the Purchaser to the Seller within 5 (five) business days of receipt of an invoice from the
Seller. 

  

	15.4	The Purchaser hereby, irrevocably and unconditionally - 

  

	15.4.1	accepts all risk, insofar as it relates to the Specified Mining Area, and in particular the unused underground operations of the Specified Mining Area;

  

	15.4.2	indemnifies the Seller against and shall hold it harmless from all claims, liability, damage, loss, penalty, expense and cost (including legal costs on an attorney and
own client scale, clean-up costs and reasonable expert fees) of any nature whatsoever which the Purchaser may sustain as a result of the closure of the Evander 2 and 5 Shaft Operations by the Seller and/or the cessation of the Water Pumping
Activities; and 

  

	15.4.3	undertakes not to lodge any objection, of any nature whatsoever in respect of the closure of the Evander 2 and 5 Shaft Operations by the Seller and/or the cessation of
the Water Pumping Activities. 

  

	16	ELECTRICITY 

  

	16.1	As a result of the decision to close the Evander 2 and 5 Shaft Operations, the Seller intends reducing the amount of electricity supplied in respect of the Evander 2
and 5 Shaft Operations. 

  

	16.2	The Seller shall, in the event that the Purchaser has requested that the Seller recommence the Water Pumping Activities in accordance with clause 15.3, continue the
supply of the electricity for so long as the Water Pumping Activities continue. 

  

	16.3	The Purchaser shall following written demand by the Seller, and for so long as the electricity supply to Evander 2 and Evander 5 Shaft continues at the request of the
Purchaser, reimburse the Seller for - 

  

	16.3.1	 the pro rata direct cost (calculated based on the applicable number of months)

  
 

 

  
 23 

	 	
incurred by the Seller in maintaining the supply by Eskom of electricity to the Evander 5 Shaft point of distribution for the period from the Signature Date to the end of the calendar year during
which the Effective Date falls, which direct cost shall be paid on demand made by the Seller at any time after the Signature Date; 

  

	16.3.2	the direct cost incurred by the Seller in maintaining the supply by Eskom of electricity to the Evander 5 Shaft point of distribution for every calendar year after the
calendar year referred to in clause 16.3.1, which direct costs shall be paid annually in advance; 

  

	16.3.3	the costs of consumption of electricity incurred by the Seller in respect of the Evander 6 Shaft, which consumption costs shall be paid monthly in arrears; and

  

	16.3.4	any additional costs payable by the Seller to Eskom in respect of the electricity supply to the Evander 2 and/or 5 Shaft Operations, including all costs in respect of
the refurbishment of the electricity supply system which supplies the Evander 2 and/or 5 Shaft Operations. 

  

	16.4	The Seller undertakes that it shall advise the Purchaser of any notification received from Eskom of its intention to proceed with the refurbishment referred to in
clause 16.3.4, within 5 (five) business days of receiving such notification. 

  

	17	INTERIM PERIOD ACTIVITIES 

  

	17.1	The Seller shall procure that from the Signature Date until the Effective Date, no activities shall be conducted on or under the Specified Mining Area (save to the
extent required by law, in terms of the provisions of this Agreement, the Evander Mining Right or any mining works programme or environmental management programme in respect of the Evander Mining Right and/or the Specified Mining Area) without
obtaining the prior written consent of the Purchaser, which consent may not be unreasonably withheld or delayed. 

  

	17.2	 The Seller and the Purchaser hereby agree not to submit any written document to the DMR, local authorities or public utilities in respect of this
Agreement and/or the Sale Assets without first having furnished a draft of the document to the other Party and thereafter having consulted with the other Party at least 2 (two) business days prior to submission of the documentation to the DMR, local
authorities or public utilities in order to enable them in good faith to attempt to 

  
 

 

  
 24 

	 	
agree the content of such written document, provided that, if agreement is not reached within the said 2 (two) business day period, the Party wishing to submit the written document shall be
entitled in any event to do so. 

  

	18	WARRANTIES 

  

	18.1	Subject to the limitations and qualifications set out in this clause 18, the Seller hereby gives to and in favour of the Purchaser the Warranties more fully set out in
this Agreement and in annexure “6”. Each Warranty will – 

  

	18.1.1	be a separate Warranty and, except as expressly provided in this Agreement, will in no way be limited or restricted by reference to or inference from the terms of any
other Warranty or by any other words in this Agreement; 

  

	18.1.2	insofar as it is promissory or relates to a future event, be deemed to have been given as at the date of fulfilment of the promise or future happening of the event, as
the case may be; and 

  

	18.1.3	be given as at the Signature Date and the Effective Date. 

  

	18.2	The Warranties are limited and qualified – 

  

	18.2.1	to the extent to which disclosure of any fact or circumstance giving rise to such limitation or qualification has been made in – 

 

	18.2.1.1	any other document provided by the Seller or any of its officers, employees, agents or advisers to the Purchaser or any of its representatives in respect of the Sale
Assets; and 

  

	18.2.1.2	any publicly available information; 

  

	18.2.2	by anything which arises as a result of any change in any applicable law or in its interpretation; and 

 

	18.2.3	by anything to the extent that it is within the actual knowledge of the Purchaser or that the Purchaser ought reasonably have known after making due enquiries.

  

	18.3	The Purchaser acknowledges and warrants that – 

  

	18.3.1	as at the Signature Date, it does not know of, or have any ground to suspect, anything which may be, or would with the lapse of time or giving of notice, or both, be
likely to become, a breach of any Warranty; 

  
 

 

  
 25 

	18.3.2	it and its representatives have been afforded the opportunity to make requests for further information, and such information has been supplied;

  

	18.3.3	it has made, and relies on, its own searches, investigations and enquiries in respect of the Sale Assets; 

 

	18.3.4	it has had independent legal, financial and technical advice relating to the purchase of the Sale Assets and to the provisions of this Agreement and to the agreements
and other documents to be executed pursuant to this Agreement; and 

  

	18.3.5	it has made and is relying on its own independent investigation, analysis and evaluation of the information provided by the Seller and of other information which it
considers relevant. 

  

	18.4	Save for those Warranties and representations expressly given or made in this Agreement or in annexure “6”, no warranties or representations are given or
made, in respect of the Sale Assets, or any other matter whatsoever, whether express, tacit or implied, and the Sale Assets are being sold on a voetstoots basis. 

 

	19	LIMITATION OF LIABILITY 

  

	19.1	Notwithstanding the Warranties, representations, undertakings and indemnifications given by the Seller, no liability shall attach to the Seller in respect of any breach
of this Agreement in relation to claims, losses or liabilities – 

  

	19.1.1	for any loss of profit or any other indirect, special or consequential loss; 

 

	19.1.2	which are less than R10,000,000 (ten million rand) in aggregate, provided that when such aggregate or individual claims or loss exceed the said amount, the Seller
shall, subject to clause 19.1.3 and clause 19.1.4, be liable for the full amount of such claim/s and/or loss and/or liabilities and not only for the amount in excess of the said amount; 

 

	19.1.3	 if the Purchaser has not issued summons or commenced arbitration proceedings against the Seller for recovery of such claims, losses or liabilities
within a period of 12 (twelve) months after the Effective Date, provided that if the Purchaser has, before such date, given written notice in respect of any claim which it may have to the Seller and has within 6 (six) months after such

  
 

 

  
 26 

	 	
date issued summons or commenced arbitration proceedings for the recovery thereof, the Warranties and indemnities given in respect of such notified matter shall survive as long as may be
necessary to permit the final resolution of such matter; or 

  

	19.1.4	which in aggregate exceed an amount equal to the Purchase Consideration on the basis that the aggregate amount recoverable from the Seller, exclusive of interest and
costs, from whatever cause arising, shall be limited to the aforesaid amount. 

  

	19.2	The Purchaser shall have no claim whatsoever against the Seller in respect of any breach of any of the Warranties or representations contained in this Agreement and
annexure “6” hereto if and to the extent that – 

  

	19.2.1	such breach or claim occurs as a result of any legislation not in force at the Signature Date which takes effect retrospectively; or 

 

	19.2.2	such breach or claim would not have arisen but for any voluntary act or omission on the part of the Purchaser or any person connected with it otherwise than in the
ordinary course of business. 

  

	19.3	Any claim by the Purchaser against the Seller based on a breach of a representation, undertaking, Warranty or indemnity contained in this Agreement shall be reduced by
the aggregate of – 

  

	19.3.1	an amount equal to any tax benefit received by the Purchaser as a result thereof, based on the nominal tax rate applicable at the time; 

 

	19.3.2	any amount recovered from any third party in respect thereof, including all insurance proceeds recovered; and 

 

	19.3.3	any amount by which the subject matter of the claim has been or is made good or otherwise compensated for without cost to the Purchaser. 

 

	19.4	If and to the extent that the Purchaser is entitled in law to recover any amount from any third party as contemplated in clause 19.3.2, the Purchaser shall be obliged
to take all reasonable steps available to it to recover such amounts before proceeding against the Seller. 

  

	19.5	 All amounts available for set-off or otherwise liable to be deducted pursuant to clauses 19.2 or 19.3, shall first be taken into account for the
purpose of 

  
 

 

  
 27 

	 	
determining the amount of loss sustained in connection with the limits referred to in clause 19.1. 

  

	19.6	Nothing in this clause 19 shall in any way diminish the Purchaser’s common law obligation to mitigate its loss. 

 

	19.7	If any potential claim arises by reason of liability which is contingent only, then the Seller shall not be under any obligation to make any payment pursuant to such
claim until such time as the contingent liability ceases to be contingent and becomes actual. 

  

	19.8	Subject to the Warranties, the Purchaser hereby indemnifies the Seller against and shall hold it harmless from all claims, liability, damage, loss, penalty, expense and
cost (including legal costs on an attorney and own client scale) of any nature whatsoever which the Seller may sustain as a result of or attributable to any past, present or future liability(ies) incurred or to be incurred in respect of the Sale
Assets, with effect from the Effective Date. 

  

	20	GENERAL WARRANTIES 

  

	20.1	Each of the Parties hereby warrants to and in favour of the other that – 

 

	20.1.1	it has the legal capacity and has taken all necessary corporate action required to empower and authorise it to enter into this Agreement; 

 

	20.1.2	this Agreement constitutes an agreement valid and binding on it and enforceable against it in accordance with its terms; 

 

	20.1.3	the execution of this Agreement and the performance of its obligations hereunder does not and shall not – 

 

	20.1.3.1	contravene any law or regulation to which that Party is subject; 

  

	20.1.3.2	contravene any provision of that Party’s constitutional documents; or 

 

	20.1.3.3	conflict with, or constitute a breach of any of the provisions of any other agreement, obligation, restriction or undertaking which is binding on it; and

  

	20.1.4	to the best of its knowledge and belief, it is not aware of the existence of any fact or circumstance that may impair its ability to comply with all of its obligations
in terms of this Agreement; 

  
 

 

  
 28 

	20.1.5	it is entering into this Agreement as principal (and not as agent or in any other capacity); 

 

	20.1.6	the natural person who signs and executes this Agreement on its behalf is validly and duly authorised to do so; 

 

	20.1.7	no other party is acting as a fiduciary for it; and 

  

	20.1.8	it is not relying upon any statement or representation by or on behalf of any other party, except those expressly set forth in this Agreement. 

 

	20.2	Each of the representations and warranties given by the Parties in terms of this clause 20 shall – 

 

	20.2.1	be a separate warranty and, except as expressly provided in this Agreement, will in no way be limited or restricted by inference from the terms of any other warranty or
by any other words in this Agreement; 

  

	20.2.2	continue and remain in force notwithstanding the completion of any or all the transactions contemplated in this Agreement; and 

 

	20.2.3	prima facie be deemed to be material and to be a material representation inducing the other Parties to enter into this Agreement. 

 

	21	GUARANTEE BY TAUNG 

 Taung
hereby, irrevocably and unconditionally, guarantees the due and proper performance by the Purchaser of all its obligations contained herein, including the Purchaser’s obligation to pay the Purchase Consideration to the Seller on the Effective
Date in accordance with clause 8. 
  

	22	CONFIDENTIALITY 

  

	22.1	The Parties undertake that during the operation of, and after the expiration, termination or cancellation of, this Agreement for any reason, they will keep confidential
– 

  

	22.1.1	any information which any Party (“Disclosing Party”) communicates to any other Party (“Recipient”) and which is stated to be or by its
nature is intended to be confidential; and 

  

	22.1.2	 all other information of the same confidential nature concerning the business of a Disclosing Party which comes to the knowledge of any Recipient
whilst it 

  
 

 

  
 29 

	 	
is engaged in negotiating the terms of this Agreement or after its conclusion. 

  

	22.2	If a Recipient is uncertain about whether any information is to be treated as confidential in terms of this clause 22, it shall be obliged to treat it as such until
written clearance is obtained from the Disclosing Party. 

  

	22.3	Each Party undertakes, subject to clause 22.4 and clause 23.3, not to disclose any information which is to be kept confidential in terms of this clause 21, nor to use
such information for any purpose other than the performance of its obligations in terms of this Agreement. 

  

	22.4	Notwithstanding the provisions of clause 22.3, a Recipient shall be entitled to disclose any information to be kept confidential if and to the extent only that the
disclosure is bona fide and necessary for the purposes of carrying out its duties in terms of this Agreement. 

  

	22.5	The obligation of confidentiality placed on the Parties in terms of this clause 22 shall cease to apply to a Recipient in respect of any information which –

  

	22.5.1	is or becomes generally available to the public other than by the negligence or default of the Recipient or by the breach of this Agreement by the Recipient;

  

	22.5.2	the Disclosing Party confirms in writing is disclosed on a non-confidential basis; 

 

	22.5.3	has lawfully become known by or come into the possession of the Recipient on a non-confidential basis from a source other than the Disclosing Party having the legal
right to disclose same; or 

  

	22.5.4	is disclosed pursuant to a requirement or request by operation of law, regulation or court order, to the extent of compliance with such requirement or request only and
not for any other purpose, 

 provided that – 

 

	22.5.5	the onus shall at all times rest on the Recipient to establish that information falls within the exclusions set out in clauses 22.5.1 to 22.5.4;

  

	22.5.6	information will not be deemed to be within the foregoing exclusions merely because such information is embraced by more general information in the public domain or in
the Recipient’s possession; and 

  
 

 

  
 30 

	22.5.7	any combination of features will not be deemed to be within the foregoing exclusions merely because individual features are in the public domain or in the
Recipient’s possession, but only if the combination itself and its principle of operation are in the public domain or in the Recipient’s possession. 

 

	22.6	In the event that the Recipient is required to disclose confidential information of the Disclosing Party as contemplated in clause 22.5.4, the Recipient will –

  

	22.6.1	advise the Disclosing Party thereof in writing prior to disclosure, if possible; 

 

	22.6.2	take such steps to limit the disclosure to the minimum extent required to satisfy such requirement and to the extent that it lawfully and reasonably can;

  

	22.6.3	afford the Disclosing Party a reasonable opportunity, if possible, to intervene in the proceedings; 

 

	22.6.4	comply with the Disclosing Party’s reasonable requests as to the manner and terms of any such disclosure; and 

 

	22.6.5	notify the Disclosing Party of the recipient of, and the form and extent of, any such disclosure or announcement immediately after it is made. 

 

	23	PUBLICITY 

  

	23.1	Subject to clause 23.3 each Party undertakes to keep confidential and not to disclose to any third party, save as may be required in law (including, where applicable,
by the rules of any securities exchange on which the shares of any of the Parties, or the shares of a holding company of any of the Parties, may be listed) or permitted in terms of this Agreement, the nature, content or existence of this Agreement.

  

	23.2	 No announcements of any nature whatsoever will be made by or on behalf of a Party relating to this Agreement without the prior written consent of the
other Parties, save for any announcement or other statement required to be made in terms of the provisions of any law (or, where applicable, by the rules of any securities exchange on which the shares of any of the Parties, or the shares of a
holding company of any of the Parties, may be listed), in which event the Party obliged to make such statement will first consult with the other Parties in order to enable them in good faith to attempt to agree the content of such announcement,
which (unless agreed) must go no further than is required in terms of such law or rules. This will not apply to a Party wishing to respond to one of the other Parties 

  
 

 

  
 31 

	 	
which has made an announcement of some nature in breach of this clause 23.2. 

  

	23.3	This clause 23 and the confidentiality undertakings contained in clause 22 shall not apply to any disclosure made by a Party to its employees, professional advisors or
consultants, provided that they have agreed to the same confidentiality undertakings, or to any judicial or arbitral tribunal or officer, in connection with any matter relating to this Agreement or arising out of it. 

 

	24	SUPPORT 

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

	25	BREACH 

  

	25.1	If a Party (“Defaulting Party”) commits any breach of this Agreement and fails to remedy such breach within 5 (five) business days (“Notice
Period”) of written notice requiring the breach to be remedied, then the Party giving the notice (“Aggrieved Party”) will be entitled, at its option – 

 

	25.1.1	to claim immediate specific performance of any of the Defaulting Party’s obligations under this Agreement, with or without claiming damages, whether or not such
obligation has fallen due for performance; or 

  

	25.1.2	subject to the provisions of clause 25.5, to cancel this Agreement, with or without claiming damages, in which case written notice of the cancellation shall be given to
the Defaulting Party, and the cancellation shall take effect on the giving of the notice. 

  

	25.2	A Party shall not be entitled to cancel this Agreement unless the breach is a material breach. A breach will be deemed to be a material breach if -

  

	25.2.1	it is capable of being remedied, but is not so remedied within the Notice Period; or 

 

	25.2.2	it is incapable of being remedied or is not remedied within the Notice Period, and payment in money will compensate for such breach but such payment is not made within
the Notice Period. 

  
 

 

  
 32 

	25.3	The Parties agree that any costs awarded will be recoverable on an attorney-and-own-client scale unless the Court specifically determines that such scale shall not
apply, in which event the costs will be recoverable in accordance with the High Court tariff, determined on an attorney-and-client scale. 

  

	25.4	The Aggrieved Party’s remedies in terms of this clause 25 are without prejudice to any other remedies to which the Aggrieved Party may be entitled in law.

  

	25.5	Notwithstanding the aforegoing, after the closing in full of the Sale in accordance with clause 10, neither of the Parties will have the right to cancel this Agreement
as a result of a breach thereof, and the Parties’ only remedies thereafter will be to claim specific performance of all the Defaulting Party’s obligations, together with damages, if any. 

 

	26	DISPUTE RESOLUTION 

  

	26.1	In the event of there being any dispute or difference between the Parties arising out of this Agreement, the said dispute or difference shall on written demand by any
Party be submitted to arbitration in Johannesburg in accordance with the AFSA rules, which arbitration shall be administered by AFSA. 

  

	26.2	Should AFSA, as an institution, not be operating at that time or not be accepting requests for arbitration for any reason, then the arbitration shall be conducted in
accordance with the AFSA rules for commercial arbitration (as last applied by AFSA) before an arbitrator appointed by agreement between the parties to the dispute or failing agreement within 10 (ten) business days of the demand for arbitration, then
any party to the dispute shall be entitled to forthwith call upon the chairperson of the Johannesburg Bar Council to nominate the arbitrator, provided that the person so nominated shall be an advocate of not less than 10 (ten) years standing as
such. The person so nominated shall be the duly appointed arbitrator in respect of the dispute. In the event of the attorneys of the parties to the dispute failing to agree on any matter relating to the administration of the arbitration, such matter
shall be referred to and decided by the arbitrator whose decision shall be final and binding on the parties to the arbitration. 

  

	26.3	Any Party may appeal the decision of the arbitrator or arbitrators in terms of the AFSA rules for commercial arbitration. 

  
 

 

  
 33 

	26.4	Nothing herein contained shall be deemed to prevent or prohibit any Party from applying to the appropriate court for urgent relief or for judgment in relation to a
liquidated claim. 

  

	26.5	Any arbitration in terms of this clause 26 (including any appeal proceedings) shall be conducted in camera and the parties to the dispute shall treat as
confidential details of the dispute submitted to arbitration, the conduct of the arbitration proceedings and the outcome of the arbitration. 

  

	26.6	This clause 26 will continue to be binding on the Parties notwithstanding any termination or cancellation of the Agreement. 

 

	26.7	The Parties agree that the written demand by any Party in terms of clause 26.1 that the dispute or difference be submitted to arbitration, is to be deemed to be a legal
process for the purpose of interrupting extinctive prescription in terms of the Prescription Act, 1969. 

  

	27	NOTICES AND DOMICILIA 

  

	27.1	The Parties select as their respective domicilia citandi et executandi the following physical addresses, and for the purposes of giving or sending any notice
provided for or required under this Agreement, the said physical addresses as well as the following telefax numbers - 

  

							
	 Name
	 	 Physical Address
	 	 Telefax
	 	  
	 Seller, Harmony,
 Clidet
No. 790
 (Proprietary)
 Limited
and Clidet
 No. 791

(Proprietary)
 Limited
	 	 Block 27
 Randfontein Office
Park
 Cnr Main Reef Road & Ward

Avenue
 Randfontein
	 	 +27 (0) 86 628
 2332
	 	

 Marked for the attention of: The Company Secretary

  

							
	 Name
	  	 Physical Address
	 	 Telefax
	 	  
	Purchaser and Taung	  	 Ground Floor, Block C
 Little
Fourways Office Park
 1 Leslie Avenue East
 Fourways
	 	+27 11 705 2343	 	

 Marked for the attention of: The Chief Operating Officer: Legal 

provided that a Party may change its domicilium or its address for the purposes of notices to any other physical address or telefax
number by written notice to the other Parties to that effect. Such change of address will be effective 5 (five) 

  
 

 

  
 34 

 
business days after receipt of the notice of the change. 
  

	27.2	All notices to be given in terms of this Agreement will be given in writing and will - 

 

	27.2.1	be delivered by hand or sent by telefax; 

  

	27.2.2	if delivered by hand during business hours, be presumed to have been received on the date of delivery. Any notice delivered after business hours or on a day which is
not a business day will be presumed to have been received on the following business day; and 

  

	27.2.3	if sent by telefax during business hours, be presumed to have been received on the date of successful transmission of the telefax. Any telefax sent after business hours
or on a day which is not a business day will be presumed to have been received on the following business day. 

  

	27.3	Notwithstanding the above, any notice given in writing, and actually received by the Party to whom the notice is addressed, will be deemed to have been properly given
and received, notwithstanding that such notice has not been given in accordance with this clause 27. 

  

	28	BENEFIT OF THE AGREEMENT 

This Agreement will also be for the benefit of and be binding upon the successors in title and permitted assigns of the Parties or any of
them. 
  

	29	APPLICABLE LAW AND JURISDICTION 

  

	29.1	This Agreement will in all respects be governed by and construed under the laws of the Republic of South Africa. 

 

	29.2	For the purpose of clause 26.4 or for the purpose of making the arbitration award an order of court, the Parties hereby consent and submit to the non-exclusive
jurisdiction of the South Gauteng High Court, Johannesburg in any dispute arising from or in connection with this Agreement. The Parties agree that any costs awarded will be recoverable on an attorney-and-own-client scale unless the Court
specifically determines that such scale shall not apply, in which event the costs will be recoverable in accordance with the High Court tariff, determined on an attorney-and-client scale. 

  
 

 

  
 35 

	30	NEW LAWS 

 If any law
comes into operation subsequent to the signature of this Agreement which law affects any aspect or matter or issue contained in this Agreement, the Parties undertake to enter into negotiations in good faith regarding a variation of this Agreement in
order to ensure that neither this Agreement nor its implementation constitutes a contravention of such law. 
  

	31	GENERAL 

  

	31.1	Whole Agreement 

  

	31.1.1	This Agreement constitutes the whole of the agreement between the Parties relating to the matters dealt with herein and, save to the extent otherwise provided herein,
no undertaking, representation, term or condition relating to the subject matter of this Agreement not incorporated in this Agreement shall be binding on any of the Parties. 

 

	31.1.2	Subject to the provisions of clause 4, this Agreement supersedes and replaces the 2008 Agreements and all other agreements between the Parties (and other persons, as
may be applicable) and undertakings given to or on behalf of the Parties (and other persons, as may be applicable) in relation to the subject matter hereof. 

 

	31.2	Variations to be in Writing 

 No addition to or variation, deletion, or agreed cancellation of all or any clauses or provisions of this Agreement will be of any force or effect unless in writing and signed by the Parties. 

 

	31.3	No indulgences 

 No
latitude, extension of time or other indulgence which may be given or allowed by any Party to any other Party in respect of the performance of any obligation hereunder, and no delay or forbearance in the enforcement of any right of any Party arising
from this Agreement and no single or partial exercise of any right by any Party under this Agreement, shall in any circumstances be construed to be an implied consent or election by such Party or operate as a waiver or a novation of or otherwise
affect any of the Party’s rights in terms of or arising from this Agreement or estop or preclude any such Party from enforcing at any time and without notice, strict and punctual compliance with each and every provision or 

  
 

 

  
 36 

 
term hereof. Failure or delay on the part of any Party in exercising any right, power or privilege under this Agreement will not constitute or be deemed to be a waiver thereof, nor will any
single or partial exercise of any right, power or privilege preclude any other or further exercise thereof or the exercise of any other right, power or privilege. 
  

	31.4	No Waiver or Suspension of Rights 

 No waiver, suspension or postponement by any Party of any right arising out of or in connection with this Agreement shall be of any force or effect unless in writing and signed by such Party. Any such
waiver, suspension or postponement will be effective only in the specific instance and for the purpose given. 
  

	31.5	Provisions Severable 

 All
provisions and the various clauses of this Agreement are, notwithstanding the manner in which they have been grouped together or linked grammatically, severable from each other. Any provision or clause of this Agreement which is or becomes
unenforceable in any jurisdiction, whether due to voidness, invalidity, illegality, unlawfulness or for any other reason whatever, shall, in such jurisdiction only and only to the extent that it is so unenforceable, be treated as pro non
scripto and the remaining provisions and clauses of this Agreement shall remain of full force and effect. The Parties declare that it is their intention that this Agreement would be executed without such unenforceable provision if they
were aware of such unenforceability at the time of execution hereof. 
  

	31.6	Continuing Effectiveness of Certain Provisions 

 The expiration or termination of this Agreement shall not affect such of the provisions of this Agreement as expressly provide that they will operate after any such expiration or termination or which of
necessity must continue to have effect after such expiration or termination, notwithstanding that the clauses themselves do not expressly provide for this. 
  

	31.7	No Assignment 

 Neither
this Agreement nor any part, share or interest herein nor any rights or obligations hereunder may be ceded, delegated or assigned by any Party without the prior written consent of the other Parties. 

  
 

 

  
 37 

	32	COSTS 

 Each Party will
bear and pay its own legal costs and expenses of and incidental to the negotiation, drafting, preparation and implementation of this Agreement, provided that the Purchaser shall be obliged to refund the Seller in respect of all costs paid by the
Seller to the Seller’s Attorneys in connection with the registration of the Deed of Cession. 
  

	33	SIGNATURE 

  

	33.1	This Agreement is signed by the Parties on the dates and at the places indicated below. 

 

	33.2	This Agreement may be executed in counterparts, each of which shall be deemed an original, and all of which together shall constitute one and the same Agreement as at
the date of signature of the Party last signing one of the counterparts. 

  

	33.3	The persons signing this Agreement in a representative capacity warrant their authority to do so. 

 

	33.4	The Parties record that it is not required for this Agreement to be valid and enforceable that a Party shall initial the pages of this Agreement and/or have its
signature of this Agreement verified by a witness. 

 SIGNED at Sandton on 10th September 2010 

 

	
	 For and on behalf of

EVANDER GOLD MINES LIMITED

	
	 

	Signature
	 

	Name of Signatory
	 Executive

	Designation of Signatory

  
 

 

  
 38 

 SIGNED at Sandton on 10th September 2010 

 

	
	 For and on behalf of

HARMONY GOLD MINING COMPANY LIMITED

	
	 

	Signature
	 

	Name of Signatory
	 Executive

	Designation of Signatory

 SIGNED at SANDTON on 10TH SEPTEMBER 2010 

 

	
	 For and on behalf of

PLURICLOX (PROPRIETARY) LIMITED

	
	 

	Signature
	 

	Name of Signatory
	 COO : LEGAL

	Designation of Signatory

 SIGNED at SANDTON on 10TH SEPTEMBER 2010 

 

	
	 For and on behalf of

TAUNG GOLD LIMITED

	
	 

	Signature
	 

	Name of Signatory
	 COO : LEGAL

	Designation of Signatory

  
 

 

  
 39 

 SIGNED at Sandton on 10th September 2010 

 

	
	 For and on behalf of

CLIDET NO. 790 (PROPRIETARY) LIMITED

	
	 

	Signature
	 

	Name of Signatory
	 Executive

	Designation of Signatory

 SIGNED at Sandton on 10th September 2010 
  

	
	 For and on behalf of

CLIDET NO. 791 (PROPRIETARY) LIMITED

	
	 

	Signature
	 

	Name of Signatory
	 Executive

	Designation of Signatory

  
 

 

  
 40 

 ANNEXURE “1” 

DEED OF AMENDMENT 
 NOTARIAL AMENDMENT OF MINING RIGHT 
 BE IT HEREBY MADE KNOWN: 

THAT on the [—] day of [—], before me,

 [NOTARY PUBLIC] 
 Notary Public, duly admitted and sworn, residing and practising at Johannesburg in the Province of Gauteng, and in the presence of the subscribing witnesses, personally came and appeared - 

[APPEARER] 
 in his/her
capacity as the attorney and agent of 
  

	1.	EVANDER GOLD MINES LIMITED 

(registration number 1963/006226/06) 
 (hereinafter referred to as the “Holder”), 
 [s/he], the said Appearer,
being duly authorised hereto under and by virtue of a power of attorney granted in [his/her] favour on the [—] day of [—] by [—], in his capacity as the duly authorised representative of the Holder under and by virtue of a resolution of the directors of the Holder passed on the
[—] day of [—], 
 and 

 

	2	The Minister of Mineral Resources represented by the Regional Manager: Mpumalanga, he being duly authorised by a power of attorney signed by the Acting Deputy
Director-General: Mineral Regulation, he being duly authorised by virtue of a delegation of powers dated [—], 

 which powers of attorney and certified copy of which resolution have this day been exhibited to me, the Notary, and now remain filed in my Protocol; 

  
 

 

 AND THE APPEARERS DECLARED THAT WHEREAS: 

 

	A	the Holder holds a mining right with file number MP30/5/1/1/2/126MR granted in terms of section 23 of the Mineral and Petroleum Resources Development Act, 2002
(“MPRDA”), read together with item 7 of schedule II to the MPRDA, which was notarially executed in Witbank on 29 April 2008 before William Daniel Nortje in respect of [INSERT AREA] (“Mining Right”); and

  

	B	the Holder wishes to amend the Mining Right, as set out below. 

  

	1.	INTRODUCTION 

 Consequent
upon the grant of an application under section 11 of the MPRDA by the Minister of Mineral Resources on [—], the Holder has transferred a portion of the Mining Right (“Cession”) with
effect from the date of execution of this deed, as set out below. 
  

	2.	AMENDMENT 

 The Mining
Right, in accordance with the Cession is amended with effect from the date of notarial execution of this notarial amendment by excluding [—], such that the Mining Area referred to in clause [—] of the Mining Right, as a result of this amendment, is [—], 
 THUS DONE AND EXECUTED at Sandton on the day, month and year first aforewritten in the presence of the undersigned witnesses. 
 AS WITNESSES 
  

							
	 1.
	 	  
	 		 	  

		 		 		 	q.q. HOLDER
				
	 2.
	 	  
	 		 	  

		 		 		 	q.q. MINISTER OF MINERALS RESOURCES
				
		 		 		 	  

		 		 		 	QUOD ATTESTOR
		 		 		 	NOTARY PUBLIC

  
 

 

 ANNEXURE “2” 

DEED OF CESSION 
 NOTARIAL DEED OF CESSION (PORTION OF MINING RIGHT) 
 BE IT HEREBY MADE KNOWN:

 THAT on the [—] day of [—], before me, 
 [NOTARY PUBLIC] 

Notary Public, duly admitted and sworn, residing and practising at Johannesburg in the Province of Gauteng, and in the presence of the subscribing
witnesses, personally came and appeared - 
 [APPEARER] 
 in [his/her] capacity as the attorney and agent of - 
  

	1	EVANDER GOLD MINES LIMITED 

(registration number 1963/006226/06) 
 (hereinafter referred to as the “Cedent”) 
 [s/he], the said
Appearer, being duly authorised hereto under and by virtue of a power of attorney granted in [his/her] favour on the [—] day of [—] by [—], in his capacity as the duly authorised representative of the Cedent under and by virtue of a resolution of the directors of the Cedent passed on the
[—] day of [—]; 
 and 

 

	2	[—] 

 (registration number [—]) 

(hereinafter referred to as the “Cessionary”) 
 [s/he], the said Appearer, being duly authorised hereto under and by virtue of a power of attorney granted in [his/her] favour on the [—] day of [—] by [—], in [his/her] capacity as the duly authorised representative of the Cessionary under 

  
 

 

 
and by virtue of a resolution of the directors of the Cessionary passed on the [—] day of [—];

 which powers of attorney and certified copies of which resolutions have this day been exhibited to me, the Notary, and now remain filed in my
Protocol; 
 AND THE APPEARERS DECLARED THAT WHEREAS: 
  

	A	the Cedent is the holder of [—] ([—]) portion of a mining right with
file number MP30/5/1/1/2/126MR granted in terms of section 23 of the Mineral and Petroleum Resources Development Act, 2002 (“MPRDA”), read together with item 7 of schedule II to the MPRDA, which was notarially executed in Witbank on
29 April 2008 before William Daniel Nortje in respect of [INSERT AREA] (“Portion of Mining Right”); 

  

	B	in terms of a sale agreement entered into between the Cessionary and the Cedent dated [—], as amended from time to
time (“Sale Agreement”), the Cedent agreed to cede its right, title and interest in and to the Portion of Mining Right to the Cessionary, which cession the Cessionary is prepared to accept; and 

 

	C	the Director-General of the Department of Mineral Resources, by virtue of the powers delegated to him, consented to the cession on
[—], in terms of section 11(2) of the Mineral and Petroleum Resources Development Act, No 28 of 2002 and clause [—] of the Mining Right.

 NOW THEREFORE THESE PRESENTS WITNESS: 
  

	4	CESSION 

 The Cedent
hereby cedes, assigns, transfers and makes over its right, title and interest in the Portion of Mining Right to the Cessionary, its successors in title or assigns, subject to such terms and conditions as are mentioned or referred to in the Mining
Right, and the Cessionary hereby accepts the cession and assignment of the Cedent’s right, title, interest and obligations in and to the Portion of Mining Right. 

  
 

 

	5	COMPENSATION 

Compensation for the cession of the Cedent’s right, title and interest in and to the Portion of Mining Right, in an amount equal to R
[—] ([—]) will be payable by the Cessionary to the Cedent in terms of the provisions of the Sale Agreement. 

 

	6	COSTS 

 Each party will
bear and pay its own legal costs and expenses of and incidental to the preparation and registration of this cession. 
 THUS DONE AND
EXECUTED at Sandton on the day, month and year first aforewritten in the presence of the undersigned witnesses. 
  

							
	AS WITNESSES	 		 	
				
	 1.
	 	  
	 		 	  

		 		 		 	q.q. CEDENT
				
	 2.
	 	  
	 		 	  

		 		 		 	q.q. CESSIONARY
				
		 		 		 	  

		 		 		 	QUOD ATTESTOR
		 		 		 	NOTARY PUBLIC

  
 

 

 ANNEXURE “3” 

SPECIAL POWER OF ATTORNEY 

I, the undersigned - 
 [—] 
 duly authorised hereto by a resolution of the Directors of –

 [—] 

(registration number [—]) 
 DO HEREBY DECLARE that I have read the attached draft notarial deed of cession in respect of the cession by Evander Gold Mines Limited of its right, title and interest in and to the portion of a
mining right with file number MP30/5/1/1/2/126MR granted in terms of section 23 of the Mineral and Petroleum Resources Development Act, 2002 (“MPRDA”), read together with item 7 of schedule II to the MPRDA, which was notarially
executed in Witbank on 29 April 2008 before William Daniel Nortje to Pluriclox (Proprietary) Limited, and that I am fully acquainted with the contents thereof, in witness whereof I have initialled each page thereof for identification purposes;
and I nominate, constitute and appoint – 
 MELANIE JEANETTE SPEICH or LAUREN DOREEN WILLIAMS or SIAN ROTH or MARC RICHARD FRIEDMAN or IAN
KEITH HAYES or ALLAN GARTH REID or JACQUELINE DUNCAN or GIADA MASINA or ROELOF EMILE BONNET, 
 as my attorney and agent, irrevocably and in
rem suam, jointly and severally, each with power of substitution, for me and on my behalf and in my name, place and stead to appear before a notary public anywhere in the Republic of South Africa or elsewhere, and on my behalf to sign and
execute the said notarial deed, to have same registered and to amend same as may be necessary for the purpose of registration; 
 AND
generally to do whatsoever shall be necessary or requisite in order to make the said notarial deed valid and effectual in every respect, and to fulfill the purposes of this authority as fully and effectually to all intents and purposes whatsoever as
I could do if personally present, and acting herein, hereby ratifying, allowing and confirming, and promising and agreeing to ratify, allow and confirm all and whatsoever my said attorney and agent, or any of them, shall lawfully do or cause to be
done by virtue of these presents. 

  
 

 

 SIGNED at [PLACE] on the [DAY] day of [MONTH] [YEAR]. 

 

							
	 AS WITNESSES
	 		 	
				
	 1.
	 	  
	 		 	  

		 		 		 	[—]
	 2.
	 	  
	 		 	

  
 

 

 ANNEXURE “4” 

SPECIAL POWER OF ATTORNEY 

I, the undersigned - 
 [—] 
 duly authorised hereto by a resolution of the Directors of –

 EVANDER GOLD MINES LIMITED 
 (registration number 1963/006226/06) 
 DO HEREBY DECLARE that I have read the attached
draft notarial deed of cession in respect of the cession by Evander Gold Mines Limited of its right, title and interest in and to the portion of a mining right with file number MP30/5/1/1/2/126MR granted in terms of section 23 of the Mineral and
Petroleum Resources Development Act, 2002 (“MPRDA”), read together with item 7 of schedule II to the MPRDA, which was notarially executed in Witbank on 29 April 2008 before William Daniel Nortje to Pluriclox (Proprietary)
Limited, and that I am fully acquainted with the contents thereof, in witness whereof I have initialled each page thereof for identification purposes; and I nominate, constitute and appoint – 

MELANIE JEANETTE SPEICH or LAUREN DOREEN WILLIAMS or SIAN ROTH or MARC RICHARD FRIEDMAN or IAN KEITH HAYES or ALLAN GARTH REID or JACQUELINE DUNCAN or
GIADA MASINA or ROELOF EMILE BONNET, 
 as my attorney and agent, irrevocably and in rem suam, jointly and severally, each with power of
substitution, for me and on my behalf and in my name, place and stead to appear before a notary public anywhere in the Republic of South Africa or elsewhere, and on my behalf to sign and execute the said notarial deed, to have same registered and to
amend same as may be necessary for the purpose of registration; 
 AND generally to do whatsoever shall be necessary or requisite in order to
make the said notarial deed valid and effectual in every respect, and to fulfill the purposes of this authority as fully and effectually to all intents and purposes whatsoever as I could do if personally present, and acting herein, hereby ratifying,
allowing and confirming, and promising and agreeing to ratify, allow and confirm all and whatsoever my said attorney and agent, or any of them, shall lawfully do or cause to be done by virtue of these presents. 

  
 

 

 SIGNED at [PLACE] on the [DAY] day of [MONTH] [YEAR]. 

 

							
	AS WITNESSES	 		 	
				
	1.	 	  
	 		 	  

		 		 		 	[—]
				
	2.	 	  
	 		 	

  
 

 

  
 Page 2

 ANNEXURE “5” 

SPECIFIED MINING AREA DIAGRAM 

  
 

 

 

 

 ANNEXURE “6” 

WARRANTIES 
 The
Warranties contained in this annexure “6” are given by the Seller on the basis set out in clause 18 of the Agreement to which this annexure “6” is attached. 
 To the extent that the Agreement may have been signed on a date which results in the use of any tense being inappropriate, the Warranties shall be read in the appropriate tense. 

 

	1	The Seller is the holder of the Evander Mining Right and the Evander 6 Shaft Surface Right Permits and the owner of the other Sale Assets. 

 

	2	Subject to the fulfilment of the Conditions Precedent, the Seller will be entitled and able to give free and unencumbered title in the Sale Assets to the Purchaser.

  

	3	To the best of the Seller’s knowledge and belief, no person has any right whatsoever (whether pursuant to any option, right of first refusal or otherwise) to
acquire the Sale Assets other than the Purchaser in terms of this Agreement. 

  

	4	To the best of the Seller’s knowledge and belief, the Seller is not subject to or party to any legal restriction, law, claim or encumbrance or any other
restriction which would prevent or have an adverse affect on the transactions contemplated by this Agreement or its obligations in terms of this Agreement. 

 

	5	There is no pending litigation to which the Seller is a party in respect of the Sale Assets and, to the best of the Seller’s knowledge and belief, no demands or
other claims have been made against the Seller in respect of the Sale Assets. 

  
 

 

 FOURTH ADDENDUM TO THE SALE AGREEMENT 

between 

EVANDER GOLD MINES LIMITED 
 and 
 HARMONY GOLD MINING COMPANY LIMITED 

and 

PLURICLOX (PROPRIETARY) LIMITED 
 and 
 TAUNG GOLD LIMITED 

and 
 CLIDET
NO. 790 (PROPRIETARY) LIMITED 
 and 
 CLIDET NO. 791 (PROPRIETARY) LIMITED 

  
 

 

	1	PARTIES 

  

	1.1	The Parties to this Addendum are – 

  

	1.1.1	Evander Gold Mines Limited; 

  

	1.1.2	Harmony Gold Mining Company Limited; 

  

	1.1.3	Pluriclox (Proprietary) Limited; 

  

	1.1.4	Taung Gold Limited; 

  

	1.1.5	Clidet No. 790 (Proprietary) Limited; and 

  

	1.1.6	Clidet No. 791 (Proprietary) Limited. 

  

	1.2	The Parties agree as set out below. 

  

	2	INTERPRETATION 

 In this
Addendum – 
  

	2.1	“Addendum” means this fourth addendum to the Sale Agreement; 

 

	2.2	“Sale Agreement” means the sale agreement entered into between the Parties on 10 September 2010, as amended by – 

 

	2.2.1	the first addendum to the Sale Agreement entered into between the Parties on or about 8 November 2010; and 

 

	2.2.2	the second addendum to the Sale Agreement entered into between the Parties on or about 3 January 2011; and 

 

	2.2.3	the third addendum to the Sale Agreement entered into between the Parties on or about 9 March 2011. 

 

	2.3	unless otherwise defined herein or the context indicates otherwise, words and expressions defined in the Sale Agreement will have the same meanings and any reference to
the word “clause” refers to a clause of the Sale Agreement. 

  
 

 

  
 1 

	3	INTRODUCTION 

  

	3.1	The Parties have agreed to (i) amend the terms of payment of the Purchase Consideration and (ii) extend the date for fulfilment of one of the Conditions
Precedent. 

  

	3.2	The Parties wish to record their agreement in writing. 

  

	4	PAYMENT 

 Clause 8.1 of
the Sale Agreement shall be deleted in its entirety and replaced with the following: 
 “The Purchaser undertakes to pay a
portion of the Purchase Consideration, namely an amount of R100,000,000 (one hundred million rand) (hereinafter referred to as the “Prepayment”) to the Seller on or before 29 April 2011, and further undertakes to pay the
balance of the Purchase Consideration to the Seller on the Effective Date, provided that should the Condition Precedent contained in clause 5.1.13 fail to be fulfilled on or before the date specified for fulfilment of same, the Seller shall, unless
otherwise agreed by the Parties in writing, forthwith refund the Prepayment to the Purchaser in full, by means of electronic transfer of immediately available and freely transferable funds in the currency of the Republic of South Africa into a bank
account nominated by the Purchaser, free of any deductions or set-off whatsoever.” 
  

	5	EXTENSION 

 The date for
fulfilment of the Condition Precedent contained in clause 5.1.13 is hereby extended to 31 December 2011 in accordance with the provisions of clause 5.10. 
  

	6	SAVINGS CLAUSE 

 Save to
the extent specifically or by necessary implication modified in or inconsistent with the provisions of this Addendum, all the terms and conditions of the Sale Agreement shall mutatis mutandis continue in full force and effect. 

 

	7	COSTS 

 Each Party will
bear and pay its own legal costs and expenses of and incidental to the negotiation, drafting, preparation and implementation of this Addendum. 

  
 

 

  
 2 

	8	SIGNATURE 

  

	8.1	This Addendum may be executed in counterparts, each of which shall be deemed an original, and all of which together shall constitute one and the same agreement as at
the date of signature of the Party last signing one of the counterparts. 

  

	8.2	Signed on behalf of the Parties, each signatory hereto warranting that he/she has due authority to do so. 

SIGNED at RANDFONTEIN on 21 APRIL 2011. 
  

	
	 For and on behalf of

EVANDER GOLD MINES LIMITED

	
	 

	Signature
	 

	Name of Signatory
	 DIRECTOR

	Designation of Signatory

  
 

 

  
 3 

 SIGNED at RANDFONTEIN on 21 APRIL 2011. 

 

	
	For and on behalf of
	 HARMONY GOLD MINING COMPANY
 LIMITED

	
	 

	Signature
	 

	Name of Signatory
	 CEO

	Designation of Signatory

 SIGNED at FOURWAYS on 21 APRIL 2011. 

 

	
	For and on behalf of
	PLURICLOX (PROPRIETARY) LIMITED
	
	 

	Signature
	 

	Name of Signatory
	 CEO

	Designation of Signatory

 SIGNED at FOURWAYS on 21 APRIL 2011. 

 

	
	For and on behalf of
	TAUNG GOLD LIMITED
	
	 

	Signature
	 

	Name of Signatory
	 CEO

	Designation of Signatory

 SIGNED at RANDFONTEIN on 21 APRIL 2011. 

 

	
	For and on behalf of
	CLIDET NO. 790 (PROPRIETARY) LIMITED

  
 

 

  
 4 

	
	
	 

	Signature
	 

	Name of Signatory
	 DIRECTOR

	Designation of Signatory

 SIGNED at RANDFONTEIN on 21 APRIL 2011. 
  

	
	For and on behalf of
	CLIDET NO. 791 (PROPRIETARY) LIMITED
	
	 

	Signature
	 

	Name of Signatory
	 DIRECTOR

	Designation of Signatory

  
 

 

  
 5

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