Document:

(Multicurrency -- Cross Border)

                                 [ISDA(R) LOGO]

                   International Swap Dealers Association Inc.

                                MASTER AGREEMENT

                      dated as of the 21st of December 2004
                                      ---------------------

         ABSA BANK LIMITED        and        RANDGOLD RESOURCES LIMITED
 -------------------------------       ---------------------------------------

have entered and/or anticipate entering into one or more transaction (each a
"Transaction") that are or will be governed by this Master Agreement, which
includes the schedule (the "Schedule"), and the documents and other confirming
evidence (each a "Confirmation") exchanged between the parties confirming those
Transactions.

Accordingly, the parties agree as follows:-

1.   INTERPRETATION

(a)  DEFINITION. The terms defined in Section 14 and in the Schedule will have
     the meanings therein specified for the purpose of this Master Agreement.

(b)  INCONSISTENCY. In the event of any inconsistency between the provisions of
     the Schedule and the other provisions of this Master Agreement, the
     Schedule will prevail. In the event of any inconsistency between the
     provisions of any Confirmation and the Master Agreement (including the
     Schedule), such Confirmation will prevail for the purpose of the relevant
     Transactions.

(c)  SINGLE AGREEMENT. All Transactions are entered into in reliance on the fact
     that this Master Agreement and all Confirmations form a single agreement
     between the parties (collectively referred to as this "Agreement"), and the
     parties would not otherwise enter into any Transactions.

2.   OBLIGATIONS

(a)  GENERAL CONDITIONS

     (i)  Each party will make each payment or delivery specified in each
          confirmation to be made by it, subject to the other provisions of this
          Agreement.

     (ii) Payments under this Agreement will be made on the due date for value
          on that date in the place of the account specified in the relevant
          Confirmation or otherwise pursuant to this Agreement in freely
          transferable funds and in the manner customary for payments in the
          required currency. Where settlement is by delivery (that is, other
          than by payment), such delivery will be made for receipt on the due
          date in the manner customary for the relevant obligation unless
          otherwise specified in the relevant Confirmation or elsewhere in this
          Agreement.

         Copyright(C)1992 by International Swap Dealers Association Inc.

CERTIFIED A TRUE COPY            /s/ David John Haddon
        OF THE          ---------------------------------------
   ORIGINAL HEREOF      Commissioner of Oaths
                        DAVID JOHN HADDON
                        Seven Bridges Trading 14 (Pty) Ltd
                        Carse O'Gowrie Rd, Houghton Estate
                        JOHANNESBURG
                        Area of Appointment: Rep. of S.A.
                        Attorney Admitted in terms of Admission
                        of Attorneys Act No. 53 of 1979

     (iii) Each obligation of each party under Section 2(a)(i) is subject to (1)
          the condition precedent that no Event of Default or Potential Event of
          Default with respect to the other party has occurred and is
          continuing, (2) the condition precedent that no Early Termination Date
          in respect of the relevant Transaction has occurred or been
          effectively designated and (3) each other applicable condition
          precedent specified in this Agreement.

(b)  CHANGE OF ACCOUNT.

     Either party may change its account for receiving a payment or delivery by
     giving notice to the other party at least five Local Business Days prior to
     the scheduled date for the payment or delivery to which such change applies
     unless such other party gives timely notice of a reasonable objection to
     such change.

(c)  NETTING. If on any date amounts would otherwise be payable:-

     (i)  in the same currency; and

     (ii) in respect of the same Transaction

     by each party to the other, then on such date, each party's obligation to
     make payment of any such amount will be automatically satisfied and
     discharged and, if the aggregate amount that would otherwise have been
     payable by one party exceeds the aggregate amount that would otherwise have
     been payable by the other party, replaced by an obligation upon the party
     by whom the larger aggregate amount would have been payable to pay to the
     other party the excess of the larger aggregate amount over the smaller
     aggregate amount.

     The parties may elect in respect of two or more Transactions that a net
     amount will be determined in respect of all amounts payable on the same
     date in the same currency in respect of such Transactions, regardless of
     whether such amounts are payable in respect of the same Transaction. The
     election may be made in the Schedule or a Confirmation by specifying that
     subparagraph (ii) above will not apply to the Transactions identified as
     being subject to the election, together with starting date (in which case
     subparagraph (ii) above will not, or will cease to, apply to such
     Transactions from such date). This election may be made separately for
     different groups of Transactions and will apply separately to each pairing
     of Offices through which the parties make and receive payments or
     deliveries.

(d)  DEDUCTION OR WITHHOLDING FOR TAX.

     (i)  GROSS-UP. All payments under this Agreement will be made without any
          deduction or withholding for or on account of any Tax unless such
          deduction or withholding is required by any applicable law, as
          modified by the practice of any relevant governmental revenue
          authority, then in effect. If a party is so required to deduct or
          withhold, then that party ("X") will:-

          (1)  promptly notify the other party ("Y") of such requirements;

          (2)  pay to the relevant authorities the full amount required to be
               deducted or withheld (including the full amount required to be
               deducted or withheld from any additional amount paid by X to Y
               under this Section 2(d)) promptly upon the earlier of determining
               that such deduction or withholding is required or receiving
               notice that such amount has been assessed against Y;

          (3)  promptly forward to Y an official receipt (or a certified copy),
               or other documentation reasonably acceptable to Y, evidencing
               such payment to such authorities; and

          (4)  if such Tax is an Indemnifiable Tax, pay to Y, in addition to the
               payment to which Y is otherwise entitled under this Agreement,
               such additional amount as is necessary to ensure that the net
               amount actually received by Y (free and clear of Indemnifiable
               Taxes, whether assessed against X or Y) will equal the full
               amount Y would have received had no such deduction or withholding
               been required. However, X will not be required to pay any
               additional amount to Y to the extent that it would not be
               required to be paid but for -

               (A)  the failure by Y to comply with or perform any agreement
                    contained in Section 4(a)(i), 4(a)(iii) or 4(d); or

CERTIFIED A TRUE COPY            /s/ David John Haddon              ISDA(R) 1992
        OF THE          ---------------------------------------
   ORIGINAL HEREOF      Commissioner of Oaths
                        DAVID JOHN HADDON
                        Seven Bridges Trading 14 (Pty) Ltd
                        Carse O'Gowrie Rd, Houghton Estate
                        JOHANNESBURG
                        Area of Appointment: Rep. of S.A.
                        Attorney Admitted in terms of Admission
                        of Attorneys Act No. 53 of 1979

                                        2

               (B)  the failure of a representation made by Y pursuant to
                    Section 3(f) to be accurate and true unless such failure
                    would not have occurred but for (I) any action taken by a
                    taxing authority, or brought in a court of competent
                    jurisdiction, on or after the date on which a Transaction is
                    entered into (regardless of whether such action is taken or
                    brought with respect to a party to this Agreement) or (II) a
                    Change in Tax Law.

     (ii) LIABILITY. IF:-

          (1)  X is required by any applicable law, as modified by the practice
               of any relevant governmental revenue authority, to make any
               deduction of withholding in respect of which X would not be
               required to pay an additional amount to Y under Section
               2(d)(i)(4);

          (2)  X does not so deduct or withhold; and

          (3)  A liability resulting from such Tax is assessed directly against
               X,

          then, except to the extent Y has satisfied or then satisfies the
          liability resulting from such Tax, Y will promptly pay to X the amount
          of such liability (including any related liability for interest, but
          including any related liability for penalties only if Y has failed to
          comply with or perform any agreement contained in Section 4(a)(i),
          4(a)(iii) or 4(d)).

(e)  DEFAULT INTEREST; OTHER AMOUNTS. Prior to the occurrence or effective
     designation of an Early Termination Date in respect of the relevant
     Transaction, a party that defaults in the performance of any payment
     obligation will, to the extent permitted by law and subject to Section
     6(c), be required to pay interest (before as well as after judgment) on the
     overdue amount to the other party on demand in the same currency as such
     overdue amount, for the period from (and including) the original due date
     for payment to (but excluding) the date of actual payment, at the Default
     Rate. Such interest will be calculated on the basis of daily compounding
     and the actual number of days elapsed. If, prior to the occurrence or
     effective designation of an Early Termination Date in respect of the
     relevant Transaction, a party defaults in the performance of any obligation
     required to be settled by delivery, it will compensate the other party on
     demand if and to the extent provided for in the relevant Confirmation or
     elsewhere in this Agreement.

3.   REPRESENTATIONS

     Each party represents to the other party (which representations will be
     deemed to be repeated by each party on each date on which a Transaction is
     entered into and, in the case of the representations in Section 3(f), at
     all times until the termination of this Agreement) that:-

(a)  BASIC REPRESENTATIONS

     (i)  STATUS. It is duly organised and validly existing under the laws of
          the jurisdiction of its organisation or incorporation and, if relevant
          under such laws, in good standing;

     (ii) POWERS. It has the power to execute this Agreement and any other
          documentation relating to this Agreement to which it is a party, to
          deliver this Agreement and any other documentation relating to this
          Agreement that it is required by this Agreement to deliver and to
          perform its obligations under this Agreement and any obligations is
          has under any Credit Support Document to which it is a party and has
          taken all necessary action to authorise such execution, delivery and
          performance;

     (iii) NO VIOLATION OR CONFLICT. Such execution, delivery and performance do
          not violate or conflict with any law applicable to it, any provision
          of its constitutional documents, any order or judgment of any court or
          other agency of government applicable to it or any of its assets or
          any contractual restriction binding on or affecting it or any of its
          assets;

     (iv) CONSENTS. All governmental and other consents that are required to
          have been obtained by it with respect to this Agreement or any Credit
          Support Document to which it is a party have been obtained and are in
          full force and effect and all conditions of any such consents have
          been complied with; and

CERTIFIED A TRUE COPY            /s/ David John Haddon              ISDA(R) 1992
        OF THE          ---------------------------------------
   ORIGINAL HEREOF      Commissioner of Oaths
                        DAVID JOHN HADDON
                        Seven Bridges Trading 14 (Pty) Ltd
                        Carse O'Gowrie Rd, Houghton Estate
                        JOHANNESBURG
                        Area of Appointment: Rep. of S.A.
                        Attorney Admitted in terms of Admission
                        of Attorneys Act No. 53 of 1979

                                        3

     (v)  OBLIGATIONS BINDING. Its obligations under this Agreement and any
          Credit Support Document to which it is a party constitute its legal,
          valid and binding obligations, enforceable in accordance with their
          respective terms (subject to applicable bankruptcy, reorganisation,
          insolvency, moratorium or similar laws affecting creditors' rights
          generally and subject, as to enforceability, to equitable principles
          of general application (regardless of whether enforcement is sought in
          a proceeding in equity or at law)).

(b)  ABSENCE OF CERTAIN EVENTS. No Event of Default or Potential Event of
     Default or, to its knowledge, Termination Event with respect to it has
     occurred and is continuing and no such event or circumstance would occur as
     a result of its entering into or performing its obligations under this
     Agreement or any Credit Support Document to which it is a party.

(c)  ABSENCE OF LITIGATION. There is not pending or, to its knowledge,
     threatened against it or any of its Affiliates any action, suit or
     proceeding at law or in equity or before any court, tribunal, governmental
     body, agency or official or any arbitrator that is likely to affect the
     legality, validity or enforceability against it of this Agreement or any
     Credit Support Document to which it is a party or its ability to perform
     its obligations under this Agreement or such Credit Support Document.

(d)  ACCURACY OF SPECIFIED INFORMATION. All applicable information that is
     furnished in writing by or on behalf of it to the other party and is
     identified for the purpose of this Section 3(d) in the Schedule is, as of
     the date of the information, true, accurate and complete in every material
     respect.

(e)  PAYER TAX REPRESENTATION. Each representation specified in the Schedule as
     being made by it for the purpose of this Section 3(e) is accurate and true.

(f)  PAYEE TAX REPRESENTATIONS. Each representation specified in the Schedule as
     being made by it for the purpose of this Section 3(f) is accurate and true.

4.   AGREEMENTS

Each party agrees with the other that, so long as either party has or may have
any obligation under this Agreement or under any Credit Support Document to
which it is a party:-

(a)  FURNISH SPECIFIED INFORMATION. It will deliver to the other party or, in
     certain cases under subparagraph (iii) below, to such government or taxing
     authority as the other party reasonably directs:-

     (i)  any forms, documents or certificates relating to taxation specified in
          the Schedule or any confirmation;

     (ii) any other documents specified in the Schedule or any Confirmations;
          and

     (iii) upon reasonable demand by such other party, any form or document that
          may be required or reasonably requested in writing in order to allow
          such other party or its Credit Support Provider to make a payment
          under this Agreement or any applicable Credit Support Document without
          any deduction or withholding for or on account of any Tax or with such
          deduction or withholding at a reduced rate (so long as the completion,
          execution or submission of such form or document would not materially
          prejudice the legal or commercial position of the party in receipt of
          such demand), with any such form or document to be accurate and
          completed in a manner reasonably satisfactory to such other party and
          to be executed and to be delivered with any reasonably required
          certification.

     in each case by the date specified in the Schedule or such Confirmation or,
     if none is specified, as soon as reasonably practicable.

(b)  MAINTAIN AUTHORISATIONS. It will use all reasonable efforts to maintain in
     full force and effect all consents of any governmental or other authority
     that are required to be obtained by it with respect to this Agreement or
     any Credit Support Document to which it is a party and will use all
     reasonable efforts to obtain any that may become necessary in the future.

CERTIFIED A TRUE COPY            /s/ David John Haddon              ISDA(R) 1992
        OF THE          ---------------------------------------
   ORIGINAL HEREOF      Commissioner of Oaths
                        DAVID JOHN HADDON
                        Seven Bridges Trading 14 (Pty) Ltd
                        Carse O'Gowrie Rd, Houghton Estate
                        JOHANNESBURG
                        Area of Appointment: Rep. of S.A.
                        Attorney Admitted in terms of Admission
                        of Attorneys Act No. 53 of 1979

                                       4

(c)  COMPLY WITH LAWS. It will comply in all material respects with all
     applicable laws and orders to which it may be subject if failure so to
     comply would materially impair its ability to perform its obligations under
     this Agreement or any Credit Support Document to which it is a party.

(d)  TAX AGREEMENT. It will give notice of any failure of a representation made
     by it under Section 3(f) to be accurate and true promptly upon learning of
     such failure.

(e)  PAYMENT OF STAMP TAX. Subject to Section 11, it will pay any Stamp Tax
     levied or imposed upon it or in respect of its execution or performance of
     this Agreement by a jurisdiction in which it is incorporated, organised,
     managed and controlled, or considered to have its seat, or in which a
     branch or office through which it is acting for the purpose of this
     Agreement is located ("Stamp Tax Jurisdiction") and will indemnify the
     other party against any Stamp Tax levied or imposed upon the other party or
     in respect of the other party's execution or performance of this Agreement
     by any such Stamp Tax Jurisdiction which is not also a Stamp Tax
     Jurisdiction with respect to the other party.

5.   EVENTS OF DEFAULT AND TERMINATION EVENTS

(a)  EVENTS OF DEFAULT. The occurrence at any time with respect to a party or,
     if applicable, any Credit Support Provider of such party or any Specified
     Entity of such party of any of the following events constitutes an event of
     default (an "Event of Default") with respect to such party:-

     (i)  FAILURE TO PAY OR DELIVER. Failure by the party to make, when due, any
          payment under this Agreement or delivery under Section 2(a)(i) or 2(e)
          required to be made by it if such failure is not remedied on or before
          the third Local Business Day after notice of such failure is given to
          the party;

     (ii) BREACH OF AGREEMENT. Failure by the party to comply with or perform
          any agreement or obligation (other than an obligation to make any
          payment under this Agreement or delivery under Section 2(a)(i) or 2(e)
          or to give notice of a Termination Event or any agreement or
          obligation under Section 4(a)(i), 4(a)(iii) or 4(d)) to be complied
          with or performed by the party in accordance with this Agreement if
          such failure is not remedied on or before the thirtieth day after
          notice of such failure is given to the party;

     (iii) CREDIT SUPPORT DEFAULT.

          (1)  Failure by the party or any Credit Support Provider of such party
               to comply with or perform any agreement or obligation to be
               complied with or performed by it in accordance with any Credit
               Support Document if such failure is continuing after any
               applicable grace period has elapsed;

          (2)  the expiration or termination of such Credit Support Document or
               the failing or ceasing of such Credit Support Document to be in
               full force and effect for the purpose of this Agreement (in
               either case other than in accordance with its terms) prior to the
               satisfaction of all obligations of such party under each
               Transaction to which such Credit Support Document relates without
               the written consent of the other party; or

          (3)  the party or such Credit Support Provider disaffirms, disclaims,
               repudiates or rejects, in whole or in part, or challenges the
               validity of, such Credit Support Document.

     (iv) MISREPRESENTATION. A representation (other than a representation under
          Section 3(e) or (f) made or repeated or deemed to have been made or
          repeated by the party or any Credit Support Provider of such party in
          this Agreement or any Credit Support Document proves to have been
          incorrect or misleading in any material respect when made or repeated
          or deemed to have been made or repeated.

     (v)  DEFAULT UNDER SPECIFIED TRANSACTION. The party, any Credit Support
          Provider of such party or any applicable Specified Entity of such
          party (1) defaults under a Specified Transaction and, after giving
          effect to any applicable notice requirement or grace period, there
          occurs a liquidation of, and acceleration of obligations under, or an
          early termination of, that Specified Transaction, (2) defaults, after
          giving effect to any applicable notice requirement or grace period, in
          making any payment or delivery due on the last payment, delivery of
          exchange date of, or any payment on early termination

CERTIFIED A TRUE COPY            /s/ David John Haddon              ISDA(R) 1992
        OF THE          ---------------------------------------
   ORIGINAL HEREOF      Commissioner of Oaths
                        DAVID JOHN HADDON
                        Seven Bridges Trading 14 (Pty) Ltd
                        Carse O'Gowrie Rd, Houghton Estate
                        JOHANNESBURG
                        Area of Appointment: Rep. of S.A.
                        Attorney Admitted in terms of Admission
                        of Attorneys Act No. 53 of 1979

                                       5

          of, a Specified Transaction (or such default continues for at least
          three Local Business Days if there is no applicable notice requirement
          or grace period) or (3) disaffirms, disclaims, repudiates or rejects,
          in whole or in part, a Specified Transaction (or such action is taken
          by any person or entity appointed or empowered to operate it or act on
          its behalf);

     (vi) CROSS DEFAULT. If "Cross Default" is specified in the schedule as
          applying to the party, the occurrence or existence of (1) a default,
          event of default or other similar condition or event (however
          described) in respect of such party, any Credit Support Provider of
          such party or any applicable Specified Entity of such party under one
          or more agreements or instruments relating to Specified Indebtedness
          of any of them (individually or collectively) in an aggregate amount
          of not less than the applicable Threshold Amount (as specified in the
          Schedule) which has resulted in such Specified Indebtedness becoming,
          or becoming capable at such time of being declared, due and payable
          under such agreements or instruments, before it would otherwise have
          been due and payable or (2) a default by such party, such Credit
          Support Provider or such Specified Entity (individually or
          collectively) in making one or more payments on the due date thereof
          in an aggregate amount of not less than the applicable Threshold
          Amount under such agreements or instruments (after giving effect to
          any applicable notice requirement or grace period);

     (vii) BANKRUPTCY. The party, any Credit Support Provider of such party or
          any applicable Specified Entity of such party:-

          (1)  is dissolved (other than pursuant to a consolidation,
               amalgamation or merger); (2) becomes insolvent or is unable to
               pay its debts or fails or admits in writing its inability
               generally to pay its debts as they become due; (3) makes a
               general assignment, arrangement or composition with or for the
               benefit of its creditors; (4) institutes or has instituted
               against it a proceeding seeking a judgment of insolvency or
               bankruptcy or any other relief under any bankruptcy or insolvency
               law or other similar law affecting creditors' rights, or a
               petition is presented for its winding-up or liquidation, and, in
               the case of any such proceeding or petition instituted or
               presented against it, such proceeding or petition (A) results in
               a judgment of insolvency or bankruptcy or the entry of an order
               for relief or the making of an order for its winding-up or
               liquidation or (B) is not dismissed, discharged, stayed or
               restrained in each case within 30 days of the institution or
               presentation thereof; (5) has a resolution passed for its
               winding-up, official management or liquidation (other than
               pursuant to consolidation, amalgamation or merger); (6) seeks or
               becomes subject to the appointment of an administrator,
               provisional liquidator, conservator, receiver, trustee, custodian
               or other similar official for it or for all or substantially all
               its assets; (7) has a secured party take possession of all or
               substantially all its assets or has a distress, execution,
               attachment, sequestration or other legal process levied, enforced
               or sued on or against all or substantially all its assets and
               such secured party maintains possession, or any such process is
               not dismissed, discharged, stayed or restrained, in each case
               within 30 days thereafter; (8) causes or is subject to any event
               with respect to it which, under the applicable laws of any
               jurisdiction, has an analogous effect to any of the events
               specified in clauses (1) to (7) (inclusive); or (9) takes any
               action in furtherance of, or indicating its consent to approval
               of, or acquiescence in, any of the foregoing acts; or

     (viii) MERGER WITHOUT ASSUMPTION. The party or any Credit Support Provider
          of such party consolidates or amalgamates with, or merges with or
          into, or transfers all or substantially all its assets to, another
          entity and, at the time of such consolidation, amalgamation, merger or
          transfer:-

          (1)  the resulting, surviving or transferee entity fails to assume all
               the obligations of such party or such Credit Support Provider
               under this Agreement or any Credit Support Document to which it
               or its predecessor was a party by operation of law or pursuant to
               an agreement reasonably satisfactory to the other party to this
               Agreement; or

          (2)  the benefits of any Credit Support Document fail to extend
               (without the consent of the other party) to the performance by
               such resulting, surviving or transferee entity of its obligations
               under this Agreement.

CERTIFIED A TRUE COPY            /s/ David John Haddon              ISDA(R) 1992
        OF THE          ---------------------------------------
   ORIGINAL HEREOF      Commissioner of Oaths
                        DAVID JOHN HADDON
                        Seven Bridges Trading 14 (Pty) Ltd
                        Carse O'Gowrie Rd, Houghton Estate
                        JOHANNESBURG
                        Area of Appointment: Rep. of S.A.
                        Attorney Admitted in terms of Admission
                        of Attorneys Act No. 53 of 1979

                                       6

(b)  TERMINATION EVENTS. The occurrence at any time with respect to a party or,
     if applicable, any Credit Support Provider of such party or any Specified
     Entity of such party of any event specified below constitutes an Illegality
     if the event is specified in (i) below, a Tax Event if the event is
     specified in (ii) below, a Tax Event Upon Merger if the event is specified
     in (iii) below, and, if specified to be applicable, a Credit Event Upon
     Merger if the event is specified pursuant to (iv) below or an Additional
     Termination Event if the event is specified pursuant to (v) below:-

     (i)  ILLEGALITY. Due to the adoption of, or any change in, any applicable
          law after the date on which a Transaction is entered into, or due to
          the promulgation of, or any change in, the interpretation by any
          court, tribunal or regulatory authority with competent jurisdiction of
          any applicable law after such date, it becomes unlawful (other than a
          result of a breach by the party of Section 4(b)) for such party (which
          will be the Affected Party):-

          (1)  to perform any absolute or contingent obligation to make a
               payment or delivery or to receive a payment or delivery in
               respect of such Transaction or to comply with any other material
               provision of this Agreement relating to such Transaction; or

          (2)  to perform, or for any Credit Support Provider of such party to
               perform, any contingent or other obligation which the party (or
               such Credit Support Provider) has under any Credit Support
               Document relating to such Transaction;

     (ii) TAX EVENT. Due to (x) any action taken by a taxing authority, or
          brought in a court of competent jurisdiction, on or after the date on
          which a Transaction is entered into (regardless of whether such action
          is taken or brought with respect to a party to this Agreement) or (y)
          a Change in Tax Law, the party (which will be the Affected Party)
          will, or there is a substantial likelihood that it will, on the next
          succeeding Scheduled Payment Date (1) be required to pay to the other
          party an additional amount in respect of an Indemnifiable Tax under
          Section 2(d)(i)(4) (except in respect of interest under Section 2(e),
          6(d)(ii) or 6(e)) or (2) receive a payment from which an amount is
          required to be deducted or withheld for or on account of a Tax (except
          in respect of interest under Section 2(e), 6(d)(ii) or 6(e)) and no
          additional amount is required to be paid in respect of such Tax under
          Section 2(d)(i)(4) (other than by reason of Section 2(d)(i)(4)(A) or
          (B));

     (iii) TAX EVENT UPON MERGER. The party (the "Burdened Party") on the next
          succeeding Scheduled Payment Date will either (1) be required to pay
          an additional amount in respect of an Indemnifiable Tax under Section
          2(d)(i)(4) (except in respect of interest under Section 2(e), 6(d)(ii)
          or 6(e)) or (2) receive a payment from which an amount has been
          deducted or withheld for or on account of any Indemnifiable Tax in
          respect of which the other party is not required to pay an additional
          amount (other than by reason of Section 2(d)(i)(4)(A) or (B)) in
          either case as a result of a party consolidating or amalgamating with,
          or merging with or into, or transferring all or substantially all its
          assets to, another entity (which will be the Affected Party) where
          such action does not constitute an event described in Section
          5(a)(viii);

     (iv) CREDIT EVENT UPON MERGER. If "Credit Event Upon Merger" is specified
          in the Schedule as applying to the party, such party ("X"), any Credit
          Support Provider of X or any applicable Specified Entity of X
          consolidates or amalgamates with, or merges with or into, or transfers
          all or substantially all its assets to, another entity and such action
          does not constitute an event described in Section 5(a)(viii) but the
          creditworthiness of the resulting, surviving or transferee entity is
          materially weaker than that of X, such Credit Support Provider or such
          Specified Entity, as the case may be, immediately prior to such action
          (and, in such event, X or its successor or transferee, as appropriate,
          will be the Affected Party); or

     (v)  ADDITIONAL TERMINATION EVENT. If any "Additional Termination Event" is
          specified in the Schedule or any Confirmation as applying, the
          occurrence of such event (and, in such event, the Affected Party or
          Affected Parties shall be as specified for such Additional Termination
          Event in the Schedule or such Confirmation).

(c)  EVENT OF DEFAULT AND ILLEGALITY. If an event or circumstance which would
     otherwise constitute or give rise to an Event of Default also constitutes
     an Illegality, it will be treated as an Illegality and will not constitute
     and Event of Default.

CERTIFIED A TRUE COPY            /s/ David John Haddon              ISDA(R) 1992
        OF THE          ---------------------------------------
   ORIGINAL HEREOF      Commissioner of Oaths
                        DAVID JOHN HADDON
                        Seven Bridges Trading 14 (Pty) Ltd
                        Carse O'Gowrie Rd, Houghton Estate
                        JOHANNESBURG
                        Area of Appointment: Rep. of S.A.
                        Attorney Admitted in terms of Admission
                        of Attorneys Act No. 53 of 1979

                                        7

6.   EARLY TERMINATION

(a)  RIGHT TO TERMINATE FOLLOWING EVENT OF DEFAULT. If at any time an Event of
     Default with respect to a party (the "Defaulting Party") has occurred and
     is then continuing, the other party (the "Non-defaulting Party") may, by
     not more than 20 days notice to the Defaulting Party specifying the
     relevant Event of Default, designate a day not earlier than the day such
     notice is effective as an Early Termination Date in respect of all
     outstanding Transactions. If, however, "Automatic Early Termination" is
     specified in the Schedule as applying to a party, then an Early Termination
     Date in respect of all outstanding Transactions will occur immediately upon
     the occurrence with respect to such party of an Event of Default specified
     in Section 5(a)(vii)(l), (3), (5), (6) or, to the extent analogous thereto,
     (8) and as of the time immediately preceding the institution of the
     relevant proceeding or the presentation of the relevant petition upon the
     occurrence with respect to such party of an Event of Default specified in
     Section 5(a)(vii)(4) or to the extent analogous thereof (8).

(b)  RIGHT TO TERMINATE FOLLOWING TERMINATION EVENT.

     (i)  NOTICE. If a Termination Event occurs, an Affected Party will,
          promptly upon becoming aware of it, notify the other party, specifying
          the nature of that Termination Event and each Affected Transaction and
          will also give such other information about that Termination Event as
          the other party may reasonably require.

     (ii) TRANSFER TO AVOID TERMINATION EVENT. If either an Illegality under
          Section 5(b)(i)(l) or a Tax Event occurs and there is only one
          Affected Party, or if a Tax Event Upon Merger occurs and the Burdened
          Party is the Affected Party, the Affected Party will, as a condition
          to its right to designate an Early Termination Date under Section
          6(b)(iv), use all reasonable efforts (which will not require such
          party to incur a loss, excluding immaterial, incidental expenses) to
          transfer within 20 days after it gives notice under Section 6(b)(i)
          all its rights and obligations under this Agreement in respect of the
          Affected Transactions to another of its Offices or Affiliates so that
          such Termination Event ceases to exist.

          If the Affected Party is not able to make such a transfer it will give
          notice to the other party to that effect within such 20 day period,
          whereupon the other party may effect such a transfer within 30 days
          after the notice is given under Section 6(b)(i).

          Any such transfer by a party under this Section 6(b)(ii) will be
          subject to and conditional upon the prior written consent of the other
          party, which consent will not be withheld if such other party's
          policies in effect at such time would permit it to enter into
          transactions with the transferee on the terms proposed.

     (iii) TWO AFFECTED PARTIES. If an Illegality under Section 5(b)(i)(l) or a
          Tax Event occurs and there are two Affected Parties, each party will
          use all reasonable efforts to reach agreement within 30 days after the
          notice thereof is given under Section 6(b)(i) on action to avoid that
          Termination Event.

     (iv) RIGHT TO TERMINATE. IF:-

          (1)  a transfer under Section 6(b)(ii) or an agreement under Section
               6(b)(iii), as the case may be, has not been effected with respect
               to all Affected Transactions within 30 days after an Affected
               Party gives notice under Section 6(b)(i); or

          (2)  an Illegality under Section 5(b)(i)(2), a Credit Event Upon
               Merger or an Additional Termination Event occurs, or a Tax Event
               Upon Merger occurs and the Burdened Party is not the Affected
               Party,

          either party in the case of an Illegality, the Burdened Party in the
          case of a Tax Event Upon Merger, any Affected Party in the case of a
          Tax Event or an Additional Termination Event if there is more than one
          Affected Party, or the party which is not the Affected Party in the
          case of a Credit Event Upon Merger or an Additional Termination Event
          if there is only one Affected Party may, by not more than 20 days
          notice to the other party and provided that the relevant Termination
          Event is then continuing, designate a day not earlier than the day
          such notice is effective as an Early Termination Date in respect of
          all Affected Transactions.

CERTIFIED A TRUE COPY            /s/ David John Haddon              ISDA(R) 1992
        OF THE          ---------------------------------------
   ORIGINAL HEREOF      Commissioner of Oaths
                        DAVID JOHN HADDON
                        Seven Bridges Trading 14 (Pty) Ltd
                        Carse O'Gowrie Rd, Houghton Estate
                        JOHANNESBURG
                        Area of Appointment: Rep. of S.A.
                        Attorney Admitted in terms of Admission
                        of Attorneys Act No. 53 of 1979

                                        8

(c)  EFFECT OF DESIGNATION

     (i)  If notice designating an Early Termination Date is given under Section
          6(a) or (b), the Early Termination Date will occur on the date so
          designated, whether or not the relevant Event of Default or
          Termination Event is then continuing.

     (ii) Upon the occurrence or effective designation of an Early Termination
          Date, no further payments or deliveries under Section 2(a)(i) or 2(e)
          in respect of the Terminated Transactions will be required to be made,
          but without prejudice to the other provisions of this Agreement. The
          amount, if any, payable in respect of an Early Termination Date shall
          be determined pursuant to Section 6(e).

(d)  CALCULATIONS

     (i)  STATEMENT. On or as soon as reasonably practicable following the
          occurrence of an Early Termination Date, each party will make the
          calculations on its part, if any, contemplated by Section 6(e) and
          will provide to the other party a statement (1) showing, in reasonable
          detail, such calculations (including all relevant quotations and
          specifying any amount payable under Section 6(e)) and (2) giving
          details of the relevant account to which any amount payable to it is
          to be paid. In the absence of written confirmation from the source of
          a quotation obtained in determining a Market Quotation, the records of
          the party obtaining such quotation will be conclusive evidence of the
          existence and accuracy of such quotation.

     (ii) PAYMENT DATE. An amount calculated as being due in respect of any
          Early Termination Date under Section 6(e) will be payable on the day
          that notice of the amount payable is effective (in the case of an
          Early Termination Date which is designated or occurs as a result of an
          Event of Default) and on the day which is two Local Business Days
          after the day on which notice of the amount payable is effective (in
          the case of an Early Termination Date which is designated as a result
          of a Termination Event). Such amount will be paid together with (to
          the extent permitted under applicable law) interest thereon (before as
          well as after judgment) in the Termination Currency, from (and
          including) the relevant Early Termination Date to (but excluding) the
          date such amount is paid, at the Applicable Rate. Such interest will
          be calculated on the basis of daily compounding and the actual number
          of days elapsed.

(e)  PAYMENTS ON EARLY TERMINATION. If an Early Termination Date occurs, the
     following provisions shall apply based on the parties' election in the
     Schedule of a payment measure, either "Market Quotation" or "Loss", and a
     payment method either the "First Method" or the "Second Method". If the
     parties fail to designate a payment measure or payment method in the
     Schedule, it will be deemed that "Market Quotations" or the "Second
     Method", as the case may be, shall apply. The amount, if any, payable in
     respect of an Early Termination Date and determined pursuant to this
     Section will be subject to any Set-off.

     (i)  EVENTS OF DEFAULT. If the Early Termination Date results from an Event
          of Default:-

          (1)  First Method and Market Quotations. If the First Method and
               Market Quotation apply, the Defaulting Party will pay to the
               Non-defaulting Party the excess, if a positive number, of (A) the
               sum of the Settlement Amount (determined by the Non-defaulting
               Party) in respect of the Terminated Transactions and the
               Termination Currency Equivalent of the Unpaid Amounts owing to
               the Non-defaulting Party over (B) the Termination Currency
               Equivalent of the Unpaid Amounts owing to the Defaulting Party.

          (2)  First Method and Loss. If the First Method and Loss apply, the
               Defaulting Party will pay to the Non-defaulting Party, if a
               positive number, the Non-defaulting Party's Loss in respect of
               this Agreement.

          (3)  Second Method and Market Quotations. If the Second Method and
               Market Quotation apply, an amount will be payable equal to (A)
               the sum of the Settlement Amount (determined by the
               Non-defaulting Party) in respect of the Terminated Transactions
               and the Termination Currency Equivalent of the Unpaid Amounts
               owing to the Non-defaulting Party less (B) the

CERTIFIED A TRUE COPY            /s/ David John Haddon              ISDA(R) 1992
        OF THE          ---------------------------------------
   ORIGINAL HEREOF      Commissioner of Oaths
                        DAVID JOHN HADDON
                        Seven Bridges Trading 14 (Pty) Ltd
                        Carse O'Gowrie Rd, Houghton Estate
                        JOHANNESBURG
                        Area of Appointment: Rep. of S.A.
                        Attorney Admitted in terms of Admission
                        of Attorneys Act No. 53 of 1979

                                        9

                    Termination Currency Equivalent of the Unpaid Amounts owing
                    to the Defaulting Party. If that amount is a positive
                    number, the Defaulting Party will pay it to the
                    Non-defaulting Party; if it is a negative number, the
                    Non-defaulting Party will pay the absolute value of that
                    amount to the Defaulting Party.

               (4)  Second Method and Loss. If the Second Method and Loss apply,
                    an amount will be payable equal to the Non-defaulting
                    Party's Loss in respect of this Agreement. If that amount is
                    a positive number, the Defaulting Party will pay it to the
                    Non-defaulting Party; if it is a negative number, the
                    Non-defaulting Party will pay the absolute value of that
                    amount to the Defaulting Party.

     (ii) TERMINATION EVENTS. If the Early Termination Date results from a
          Termination Event:-

          (1)  One Affected Party. If there is one Affected Party, the amount
               payable will be determined in accordance with Section 6(e)(i)(3),
               if Market Quotation applies, or Section 6(e)(i)(4), if Loss
               applies, except that, in either case, references to the
               Defaulting Party and to the Non-defaulting Party will be deemed
               to be references to the Affected Party and the party which is not
               the Affected Party respectively, and if Loss applies and fewer
               than all the Transactions are being terminated, Loss shall be
               calculated in respect of all Terminated Transactions.

          (2)  Two Affected Parties. If there are two Affected Parties:-

               (A)  if Market Quotations applies, each party will determine a
                    Settlement Amount in respect of the Terminated Transactions,
                    and an amount will be payable equal to (I) the sum of (a)
                    one-half of the difference between the Settlement Amount of
                    the party with the higher Settlement Amount ("X") and the
                    Settlement Amount of the party with the lower Settlement
                    Amount ("Y") and (b) the Termination Currency Equivalent of
                    the Unpaid Amounts owing to X less (II) the Termination
                    Currency Equivalent of the Unpaid Amounts owing to Y; and

               (B)  if Loss applies, each party will determine its Loss in
                    respect of this Agreement (or if fewer than all the
                    Transactions are being terminated, in respect of all
                    Terminated Transactions) and an amount will be payable equal
                    to one-half of the difference between the Loss of the party
                    with the higher Loss ("X") and the Loss of the party with
                    the lower Loss ("Y").

               If the amount payable is a positive number, Y will pay it to X:
               if it is a negative number, X will pay the absolute value of that
               amount to Y.

     (iii) ADJUSTMENT FOR BANKRUPTCY. In circumstances where an Early
          Termination Date occurs because "Automatic Early Termination" applies
          in respect of a party, the amount determined under this Section 6(e)
          will be subject to such adjustments as are appropriate and permitted
          by law to reflect any payments or deliveries made by one party to the
          other in this Agreement (and retained by such other party) during the
          period from the relevant Early Termination Date to the date for
          payment determined under Section 6(d)(ii).

     (iv) PRE-ESTIMATE. The parties agree that if Market Quotations applies an
          amount recoverable under this Section 6(e) is a reasonable
          pre-estimate of loss and not a penalty. Such amount is payable for the
          loss of bargain and the loss of protection against future risks and
          except as otherwise provided in this Agreement neither party will be
          entitled to recover any additional damages as a consequence of such
          losses.

7.   TRANSFER

Subject to Section 6(b)(ii), neither this Agreement nor any interest or
obligation in or under this Agreement may be transferred (whether by way of
security or otherwise) by either party without the prior written consent of the
other party, except that:-

CERTIFIED A TRUE COPY            /s/ David John Haddon              ISDA(R) 1992
        OF THE          ---------------------------------------
   ORIGINAL HEREOF      Commissioner of Oaths
                        DAVID JOHN HADDON
                        Seven Bridges Trading 14 (Pty) Ltd
                        Carse O'Gowrie Rd, Houghton Estate
                        JOHANNESBURG
                        Area of Appointment: Rep. of S.A.
                        Attorney Admitted in terms of Admission
                        of Attorneys Act No. 53 of 1979

                                       10

(a)  a party may make such a transfer of this Agreement pursuant to a
     consolidation or amalgamation with, or merger with or into, or transfer of
     all or substantially all its assets to, another entity (but without
     prejudice to any other right or remedy under this Agreement); and

(b)  a party may make such a transfer of all or any part of its interest in any
     amount payable to it from a Defaulting Party under Section 6(e).

Any purported transfer that is not in compliance with this Section will be void.

8.   CONTRACTUAL CURRENCY

(a)  PAYMENT IN THE CONTRACTUAL CURRENCY. Each payment under this Agreement will
     be made in the relevant currency specified in this Agreement for that
     payment (the "Contractual Currency"). To the extent permitted by applicable
     law, any obligation to make payments under this Agreement in the
     Contractual Currency will not be discharged or satisfied by any tender in
     any currency other than the Contractual Currency, except to the extent such
     tender results in the actual receipt by the party to which payment is owed,
     acting in a reasonable manner and in good faith in converting the currency
     so tendered into the Contractual Currency, of the full amount in the
     Contractual Currency of all amounts payable in respect of this Agreement.
     If for any reason the amount in the Contractual Currency so received falls
     short of the amount in the Contractual Currency payable in respect of this
     Agreement, the party required to make the payment will, to the extent
     permitted by applicable law, immediately pay such additional amount in the
     Contractual Currency as may be necessary to compensate for the shortfall.
     If for any reason the amount in the Contractual Currency so received
     exceeds the amount in the Contractual Currency payable in respect of this
     Agreement, the party receiving the payment will refund promptly the amount
     of such excess.

(b)  JUDGMENTS. To the extent permitted by applicable law, if any judgment or
     order expressed in a currency other than the Contractual Currency is
     rendered (i) for the payment of any amount owing in respect of this
     Agreement, (ii) for the payment of any amount relating to any early
     termination in respect of this Agreement or (iii) in respect of a judgment
     or order of another court for the payment of any amount described in (i) or
     (ii) above, the party seeking recovery, after recovery in full of the
     aggregate amount to which such party is entitled pursuant to the judgment
     or order, will be entitled to receive immediately from the other party the
     amount of any shortfall of the Contractual Currency received by such party
     as a consequence of sums paid in such other currency and will refund
     promptly to the other party any excess of the Contractual Currency received
     by such party as a consequence of sums paid in such other currency if such
     shortfall or such excess arises or results from any variation between the
     rate of exchange at which the Contractual Currency is converted into the
     currency of the judgment or order for the purposes of such judgment or
     order and the rate of exchange at which such party is able, acting in a
     reasonable manner and in good faith in converting the currency received
     into the Contractual Currency, to purchase the Contractual Currency with
     the amount of the currency of the judgment or order actually received by
     such party. The term "rate of exchange" includes, without limitation, any
     premiums and costs of exchange payable in connection with the purchase of
     or conversion into the Contractual Currency.

(c)  SEPARATE INDEMNITIES. To the extent permitted by applicable law, these
     indemnities constitute separate and independent obligations from the other
     obligations in this Agreement, will be enforceable as separate and
     independent causes of action, will apply notwithstanding any indulgence
     granted by the party to which any payment is owed and will not be affected
     by judgment being obtained or claim or proof being made for any other sums
     payable in respect of this Agreement.

(d)  EVIDENCE OF LOSS. For the purpose of this Section 8, it will be sufficient
     for a party to demonstrate that it would have suffered a loss had an actual
     exchange or purchase been made.

9.   MISCELLANEOUS

(a)  ENTIRE AGREEMENT. This Agreement constitutes the entire agreement and
     understanding of the parties with respect to its subject matter and
     supersedes all oral communication and prior writings with respect thereto.

(b)  AMENDMENTS. No amendment, modification or waiver in respect of this
     Agreement will be effective unless in writing (including a writing
     evidenced by a facsimile transmission) and executed by each of the parties
     or confirmed by an exchange of telexes or electronic messages on an
     electronic messaging system.

CERTIFIED A TRUE COPY            /s/ David John Haddon              ISDA(R) 1992
        OF THE          ---------------------------------------
   ORIGINAL HEREOF      Commissioner of Oaths
                        DAVID JOHN HADDON
                        Seven Bridges Trading 14 (Pty) Ltd
                        Carse O'Gowrie Rd, Houghton Estate
                        JOHANNESBURG
                        Area of Appointment: Rep. of S.A.
                        Attorney Admitted in terms of Admission
                        of Attorneys Act No. 53 of 1979

                                       11

(c)  SURVIVAL OF OBLIGATIONS. Without prejudice to Sections 2(a)(iii) and
     6(c)(ii), the obligations of the parties under this Agreement will survive
     the termination of any Transaction.

(d)  REMEDIES CUMULATIVE. Except as provided in this Agreement, the rights,
     powers, remedies and privileges provided in this Agreement are cumulative
     and not exclusive of any rights, powers, remedies and privileges provided
     by law.

(e)  COUNTERPARTS AND CONFIRMATIONS.

     (i)  This Agreement (and each amendment, modification and waiver in respect
          of it) may be executed and delivered in counterparts (including by
          facsimile transmission), each of which will be deemed an original.

     (ii) The parties intend that they are legally bound by the terms of each
          Transaction from the moment they agree to those terms (whether orally
          or otherwise). A Confirmation shall be entered into as soon as
          practicable and may be executed and delivered in counterparts
          (including by facsimile transmission) or be created by an exchange of
          telexes or by an exchange of electronic messages on an electronic
          messaging system, which in each case will be sufficient for all
          purposes to evidence a binding supplement to this Agreement. The
          parties will specify therein or through another effective means that
          any such counterpart, telex or electronic message constitutes a
          Confirmation.

(f)  NO WAIVER OF RIGHTS. A failure or delay in exercising any right, power or
     privilege in respect of this Agreement will not be presumed to operate as a
     waiver, and a single or partial exercise of any right, power or privilege
     will not be presumed to preclude any subsequent or further exercise, of
     that right, power or privilege or the exercise of any other right, power or
     privilege.

(g)  HEADINGS. The headings used in this Agreement are for convenience of
     reference only and are not to affect the construction of or to be taken
     into consideration in interpreting this Agreement.

10.  OFFICES; MULTIBRANCH PARTIES

(a)  If Section 10(a) is specified in the Schedule as applying, each party that
     enters into a Transaction through an Office other than its head or home
     office represents to the other party that, notwithstanding the place of
     booking office or jurisdiction or incorporation or organisation of such
     party, the obligations of such party are the same as if it had entered into
     the Transaction through its head or home office. This representation will
     be deemed to be repeated by such party on each date on which a Transaction
     is entered into.

(b)  Neither party may change the Office through which it makes and receives
     payments or deliveries for the purpose of a Transaction without the prior
     written consent of the other party.

(c)  If a party is specified as a Multibranch Party in the Schedule, such
     Multibranch Party may make and receive payments or deliveries under any
     Transaction through any Office listed in the Schedule, and the Office
     though which it makes and receives payments or deliveries with respect to a
     Transaction will be specified in the relevant Confirmation.

11.  EXPENSES

A Defaulting Party will, on demand, indemnify and hold harmless the other party
for and against all reasonable out-of-pocket expenses, including legal fees and
Stamp Tax, incurred by such other party by reason of the enforcement and
protection of its rights under this Agreement or any Credit Support Documents to
which the Defaulting Party is a party or by reason of the early termination of
any Transaction, including, but not limited to, costs of collection.

12.  NOTICES

(a)  EFFECTIVENESS. Any notice or other communication in respect of this
     Agreement may be given in any manner set forth below (except that a notice
     or other communication under Section 5 or 6 may not be given by facsimile
     transmission or electronic messaging system) to the address or number or in
     accordance with the electronic messaging system details provided (see the
     Schedule) and will be deemed effective as indicated:-

CERTIFIED A TRUE COPY            /s/ David John Haddon              ISDA(R) 1992
        OF THE          ---------------------------------------
   ORIGINAL HEREOF      Commissioner of Oaths
                        DAVID JOHN HADDON
                        Seven Bridges Trading 14 (Pty) Ltd
                        Carse O'Gowrie Rd, Houghton Estate
                        JOHANNESBURG
                        Area of Appointment: Rep. of S.A.
                        Attorney Admitted in terms of Admission
                        of Attorneys Act No. 53 of 1979

                                       12

     (i)  if in writing and delivered in person or by courier, on the date it is
          delivered;

     (ii) if sent by telex, on the date the recipient's answer back is received;

     (iii) if sent by facsimile transmission, on the date that transmission is
          received by a responsible employee of the recipient in legible form
          (it being agreed that the burden of proving receipt will be on the
          sender and will not be met by a transmission report generated by the
          sender's facsimile machine);

     (iv) if sent by certified or registered mail (airmail, if overseas) or the
          equivalent (return receipt requested), on the date that mail is
          delivered or its delivery is attempted; or

     (v)  if sent by electronic messaging system, on the date that electronic
          message is received.

     Unless the date of that delivery (or attempted delivery) or that receipt,
     as applicable, is not a Local Business Day or that communication is
     delivered (or attempted) or received, as applicable, after the close of
     business on a Local Business Day, in which case that communication shall be
     deemed given and effective on the first following day that is a Local
     Business Day.

(b)  CHANGE OF ADDRESSES. Either party may by notice to the other change the
     address, telex or facsimile number or electronic messaging system details
     at which notices or other communication are to be given to it.

13.  GOVERNING LAW AND JURISDICTION

(a)  GOVERNING LAW. This Agreement will be governed by and construed in
     accordance with the law specified in the Schedule.

(b)  JURISDICTION. With respect to any suit, action or proceedings relating to
     this Agreement ("Proceedings"), each party irrevocably:-

     (i)  submits to the jurisdiction of the English courts, if this Agreement
          is expressed to be governed by English law, or to the non-exclusive
          jurisdiction of the courts of the State of New York and the United
          States District Court located in the Borough of Manhattan in New York
          City, if this Agreement is expressed to be governed by the laws of the
          State of New York; and

     (ii) waives any objection which it may have at any time to the laying of
          venue of any Proceedings brought in any such court, waives any claim
          that such Proceedings have been brought in an inconvenient forum and
          further waives the right to object, with respect to such Proceedings,
          that such court does not have any jurisdiction over such party.

     Nothing in this Agreement precludes either party from bringing Proceedings
     in any other jurisdiction (outside if this Agreement is expressed to be
     governed by English law, the Contracting States, as defined in Section 1
     (3) of the Civil Jurisdiction and Judgments Act 1982 or any modification,
     extension or re-enactment thereof for the time being in force) nor will the
     bringing of Proceedings in any one or more jurisdictions preclude the
     bringing of Proceedings in any other jurisdiction.

(c)  SERVICE OF PROCESS. Each party irrevocably appoints the Process Agent (if
     any) specified opposite its name in the Schedule to receive, for it and on
     its behalf, service of process in any Proceedings. If for any reason any
     party's Process Agent is unable to act as such, such party will promptly
     notify the other party and within 30 days appoint a substitute process
     agent acceptable to the other party. The parties irrevocably consent to
     service of process given in the manner provided for notices in Section 12.
     Nothing in this Agreement will affect the right of either party to service
     process in any other manner permitted by law.

(d)  WAIVER OF IMMUNITIES. Each party irrevocably waives, to the fullest extent
     permitted by applicable law, with respect to itself and its revenues and
     assets (irrespective of their use or intended use), all immunity on the
     grounds of sovereignty or other similar grounds from (i) suit, (ii)
     jurisdiction of any court, (iii) relief by way of injunction, order for
     specific performance or for recovery of property, (iv) attachment of its
     assets (whether before or after judgment) and (v) execution or enforcement
     of any judgment to which it or its revenues or assets might otherwise be
     entitled in any Proceedings in the court of any jurisdiction and
     irrevocably agrees, to the extent permitted by applicable law, that it will
     not claim any such immunity in any Proceedings.

CERTIFIED A TRUE COPY            /s/ David John Haddon              ISDA(R) 1992
        OF THE          ---------------------------------------
   ORIGINAL HEREOF      Commissioner of Oaths
                        DAVID JOHN HADDON
                        Seven Bridges Trading 14 (Pty) Ltd
                        Carse O'Gowrie Rd, Houghton Estate
                        JOHANNESBURG
                        Area of Appointment: Rep. of S.A.
                        Attorney Admitted in terms of Admission
                        of Attorneys Act No. 53 of 1979

                                       13

14.  DEFINITIONS

As used in this Agreement:-

"ADDITIONAL TERMINATION EVENT" has the meaning specified in Section 5(b).

"AFFECTED PARTY" has the meaning specified in Section 5(b).

"AFFECTED TRANSACTIONS" means (a) with respect to any Termination Event
consisting of an Illegality, Tax Event or Tax Event Upon Merger, all
Transactions affected by the occurrence of such Termination Event and (b) with
respect to any other Termination Event, all Transactions.

"AFFILIATE" means, subject to the Schedule, in relation to any person, any
entity controlled, directly or indirectly, by the person, any entity that
controls, directly or indirectly, the person or any entity directly or
indirectly under common control with the person. For this purpose, "control" of
any entity or person means ownership of a majority of the voting power of the
entity or person.

"APPLICABLE RATE: means:-

(a)  in respect of obligations payable or deliverable (or which would have been
     but for Section 2(a)(iii)) by a Defaulting Party, the Default Rate;

(b)  in respect of an obligation to pay an amount under Section 6(e) of either
     party from and after the date (determined in accordance with Section
     6(d)(ii)) on which that amount is payable, the Default Rate;

(c)  in respect of all other obligations payable or deliverable (or which would
     have been but for Section 2(a)(iii)) by a Non-defaulting Party, the
     Non-default Rate; and

(d)  in all other cases, the Termination Rate.

"BURDENED PARTY" has the meaning specified in Section 5(b).

"CHANGE IN TAX LAW" means the enactment, promulgation, execution or ratification
of, or any change in or amendment to, any law (or in the application or official
interpretation of any law) that occurs on or after the date on which the
relevant Transaction is entered into.

"CONSENT" includes a consent, approval, action, authorisation, exemption, notice
filing, registration or exchange control consent.

"CREDIT EVENT UPON MERGER" has the meaning specified in Section 5(b).

"CREDIT SUPPORT DOCUMENT" means any agreement or instrument that is specified as
such in this Agreement.

"CREDIT SUPPORT PROVIDER" has the meaning specified in the Schedule.

"DEFAULT RATE" means a rate per annum equal to the cost (without proof or
evidence of any actual cost) to the relevant payee (as certified by it) if it
were to fund or of funding the relevant amount plus 1% per annum.

"DEFAULTING PARTY" has the meaning specified in Section 6(a).

"EARLY TERMINATION DATE" means the date determined in accordance with Section
6(a) or 6(b)(iv).

"EVENT OF DEFAULT" has the meaning specified in Section 5(a) and, if applicable,
in the Schedule.

"ILLEGALITY" has the meaning specified in Section 5(b).

"INDEMNIFIABLE TAX" means any Tax other than a Tax that would not be imposed in
respect of a payment under this Agreement but for a present or former connection
between the jurisdiction of the government or taxation authority imposing such
Tax and the recipient of such payment or a person related to such recipient
(including, without limitation, a connection arising from such recipient or
related person being or having been a citizen or resident of such jurisdiction,
or being or having been organised, present or engaged in a trade or business in
such jurisdiction, or having

CERTIFIED A TRUE COPY            /s/ David John Haddon              ISDA(R) 1992
        OF THE          ---------------------------------------
   ORIGINAL HEREOF      Commissioner of Oaths
                        DAVID JOHN HADDON
                        Seven Bridges Trading 14 (Pty) Ltd
                        Carse O'Gowrie Rd, Houghton Estate
                        JOHANNESBURG
                        Area of Appointment: Rep. of S.A.
                        Attorney Admitted in terms of Admission
                        of Attorneys Act No. 53 of 1979

                                       14

or having had a permanent establishment or fixed place of business in such
jurisdiction, but excluding a connection arising solely from such recipient or
related person having executed, delivered, performed its obligations or received
a payment under, or enforced, this Agreement or a Credit Support Document).

"LAW" includes any treaty, law, rule or regulation (as modified, in the case of
tax matters, by the practice of any relevant governmental revenue authority) and
"LAWFUL" and "UNLAWFUL" will be construed accordingly.

"LOCAL BUSINESS DAY" means, subject to the Schedule, a day on which commercial
banks are open for business (including dealings in foreign exchange and foreign
currency deposits) (a) in relation to any obligation under Section 2(a)(i), in
the place(s) specified in the relevant Confirmation or, if not so specified, as
otherwise agreed by the parties in writing or determined pursuant to provisions
contained, or incorporated by reference, in this Agreement, (b) in relation to
any other payment, in the place where the relevant account is located and, if
different, in the principal financial centre, if any, of the currency or such
payment, (c) in relation to any notice or other communication, including notice
contemplated under Section 5(a)(i), in the city specified in the address for
notice provided by the recipient and, in the case of a notice contemplated by
Section 2(b), in the place where the relevant new account is to be located and
(d) in relation to Section 5(a)(v)(2), in the relevant locations for performance
with respect to such Specified Transaction.

"LOSS" means, with respect to this Agreement or one or more Terminated
Transactions, as the case may be, and a party, the Termination Currency
Equivalent of an amount that party reasonably determines in good faith to be its
total losses and costs (or gain, in which case expresses as a negative number)
in connection with this Agreement or that Terminated Transaction or group of
Terminated Transactions, as the case may be, including any loss of bargain, cost
of funding or, at the election of such party but without duplication, loss or
cost incurred as a result of its terminating, liquidating, obtaining or
reestablishing any hedge or related trading position (or any gain resulting from
any of them ). Loss includes losses and costs (or gains) in respect of any
payment or delivery required to have been made (assuming satisfaction of each
applicable condition precedent) on or before the relevant Early Termination Date
and not made, except, so as to avoid duplication, if Section 6(e)(i)(l) or (3)
or 6(e)(ii)(2)(A) applies. Loss does not include a party's legal fees and
out-of-pocket expenses referred to under Section 11. A party will determine its
Loss as of the relevant Early Termination Date, or, if that is not reasonably
practicable, as of the earliest date thereafter as is reasonably practicable. A
party may (but need not) determine its Loss by reference to quotations of
relevant rates or prices from one or more leading dealers in the relevant
markets.

"MARKET QUOTATION" means, with respect to one or more Terminated Transactions
and a party making the determination, an amount determined on the basis of
quotations from Reference Market-makers. Each quotation will be for an amount,
if any, that would be paid to such party (expressed as a negative number) or by
such party (expressed as a positive number) in consideration of an agreement
between such party (taking into account any existing Credit Support Document
with respect to the obligations of such party) and the quoting Reference
Market-maker to enter into a transaction (the "Replacement Transaction") that
would have the effect of preserving for such party the economic equivalent of
any payment of delivery (whether the underlying obligation was absolute or
contingent and assuming the satisfaction of each applicable condition precedent)
by the parties under Section 2(a)(i) in respect of such Terminated Transaction
or group of Terminated Transactions that would, but for the occurrence of the
relevant Early Termination Date, have been required after that date. For this
purpose, Unpaid Amounts in respect of the Terminated Transaction or group of
Terminated Transactions are to be excluded but, without limitation, any payment
or delivery that would, but for the relevant Early Termination Date, have been
required (assuming satisfaction of each applicable condition precedent) after
that Early Termination Date is to be included. The Replacement Transaction would
be subject to such documentation as such party and the Reference Market-maker
may, in good faith agree. The party making the determination (or its agent) will
request each Reference Market-maker to provide its quotation to the extent
reasonably practicable as of the same day and time (without regard to different
time zones) on or as soon as reasonably practicable after the relevant Early
Termination Date. The day and time as of which those quotations are to be
obtained will be selected in good faith by the party obliged to make a
determination under Section 6(e) and, if each party is so obliged, after
consultation with the other. If more than three quotations are provided, the
Market Quotation will be the arithmetic mean of the quotations, without regard
to the quotations having the highest and lowest values. If exactly three such
quotations are provided, the Market Quotation will be the quotation remaining
after disregarding the highest and lowest quotations. For the purpose, if more
than one quotation has the same highest value or lowest value, then one of such
quotations shall be disregarded. If fewer than three quotations are provided, it
will be deemed that the Market Quotation in respect of such Terminated
Transaction or group of Terminated Transactions cannot be determined.

"NON-DEFAULT RATE" means a rate per annum equal to the cost (without proof or
evidence of any actual cost) to the Non-defaulting Party (as certified by it) if
it were to fund the relevant amount.

CERTIFIED A TRUE COPY            /s/ David John Haddon              ISDA(R) 1992
        OF THE          ---------------------------------------
   ORIGINAL HEREOF      Commissioner of Oaths
                        DAVID JOHN HADDON
                        Seven Bridges Trading 14 (Pty) Ltd
                        Carse O'Gowrie Rd, Houghton Estate
                        JOHANNESBURG
                        Area of Appointment: Rep. of S.A.
                        Attorney Admitted in terms of Admission
                        of Attorneys Act No. 53 of 1979

                                       15

"NON-DEFAULTING PARTY" has the meaning specified in Section 6(a).

"OFFICE" means a branch or office of a party, which may be such party's head or
home office.

"POTENTIAL EVENT OF DEFAULT" means any event which, with the giving of notice or
the lapse of time or both, would constitute an Event of Default.

"REFERENCE MARKET-MAKERS" means four leading dealers in the relevant market
selected by the party determining a Market Quotation in good faith (a) from
among dealers of the highest credit standing which satisfy all the criteria that
such party applies generally at the time in deciding whether to offer or to make
an extension of credit and (b) to the extent practicable, from among such
dealers having an office in the same city.

"RELEVANT JURISDICTION" means, with respect to a party, the jurisdiction (a) in
which the party is incorporated, organised, managed and controlled or considered
to have its seat, (b) where an Office through which the party is acting for
purposes of this Agreement is located, (c) in which the party executes this
Agreement and (d) in relation to any payment, from or through which such payment
is made.

"SCHEDULED PAYMENT DATE" means a date on which a payment or delivery is to be
made under Section 2(a)(i) with respect to a Transaction.

"SET-OFF" means set-off, offset, combination of accounts, right of retention or
withholding or similar right or requirement to which the payer of an amount
under Section 6 is entitled or subject (whether arising under this Agreement,
another contract, applicable law or otherwise) that is exercised by, or imposed
on, such payer.

"SETTLEMENT AMOUNT" means with respect to a party and any Early Termination
Date, the sum of:-

(a)  the Termination Currency Equivalent of the Market Quotations (whether
     positive or negative) for each Terminated Transaction or group of
     Terminated Transactions for which a Market Quotation is determined; and

(b)  such party's Loss (whether positive or negative and without reference to
     any Unpaid Amounts) for each Terminated Transaction or group of Terminated
     Transactions for which a Market Quotation cannot be determined or would not
     (in the reasonable belief of the party making the determination) produce a
     commercially reasonable result.

"SPECIFIED ENTITY" has the meaning specified in the Schedule.

"SPECIFIED INDEBTEDNESS" means, subject to the Schedule, any obligation (whether
present or future contingent or otherwise, as principal or surety or otherwise)
in respect of borrowed money.

"SPECIFIED TRANSACTION" means, subject to the Schedule, (a) any transaction
(including an agreement with respect thereto) now existing or hereafter entered
into between one party to this Agreement (or any Credit Support Provider or such
party or any applicable Specified Entry of such party) and the other party to
this Agreement (or any Credit Support Provider of such other party or any
applicable Specified Entity of such other party) which is a rate swap
transaction, basis swap, forward rate transaction, commodity swap, commodity
option, equity or equity index swap, equity or equity index option, bond option,
interest rate option, foreign exchange transaction, cap transaction, floor
transaction, collar transaction, currency swap transaction, cross currency rate
swap transaction, currency option or any other similar transaction (including
any option with respect to any of these transactions), (b) any combination of
these transactions and (c) any other transaction identified as a Specified
Transaction in this Agreement or the relevant confirmation.

"STAMP TAX" means any stamp, registration, documentation or similar tax.

"TAX" means any present or future tax, levy, impost, duty, charge, assessment or
fee of any nature (including interest penalties and additions thereto) that is
imposed by any government or other taxing authority in respect of any payment
under this Agreement other than a stamp, registration, documentation or similar
tax.

"TAX EVENT" has the meaning specified in Section 5(b).

"TAX EVENT UPON MERGER" has the meaning specified in Section 5(b).

CERTIFIED A TRUE COPY            /s/ David John Haddon              ISDA(R) 1992
        OF THE          ---------------------------------------
   ORIGINAL HEREOF      Commissioner of Oaths
                        DAVID JOHN HADDON
                        Seven Bridges Trading 14 (Pty) Ltd
                        Carse O'Gowrie Rd, Houghton Estate
                        JOHANNESBURG
                        Area of Appointment: Rep. of S.A.
                        Attorney Admitted in terms of Admission
                        of Attorneys Act No. 53 of 1979

                                       16

"TERMINATED TRANSACTIONS" means with respect to any Early Termination Date (a)
if resulting from a Termination Event, all Affected Transactions and (b) is
resulting from an Event of Default, all Transactions (in either case) in effect
immediately before the effectiveness of the notice designating that Early
Termination Date (or, if "Automatic Early Termination" applies immediately
before that Early Termination Date).

"TERMINATION CURRENCY" has the meaning specified in the Schedule.

"TERMINATION CURRENCY EQUIVALENT" means, in respect of any amount denominated in
the Termination Currency, such Termination Currency amount and, in respect of
any amount denominated in a currency other than the Termination Currency (the
"Other Currency"), the amount in the Termination Currency determined by the
party making the relevant determination as being required to purchase such
amount of such Other Currency as at the relevant Early Termination Date, or, if
the relevant Market Quotation or Loss (as the case may be), is determined as of
a later date, that later date, with the Termination Currency at the rate equal
to the spot exchange rate of the foreign exchange agent (selected as provided
below) for the purchase of such Other Currency with the Termination Currency at
or about 11:00 a.m. (in the city in which such foreign exchange agent is
located) on such date as would be customary for the determination of such a rate
for the purchase of such Other Currency for value on the relevant Early
Termination Date or that later date. The foreign exchange agent will, if only
one party is obliged to make a determination under Section 6(e), be selected in
good faith by that party and otherwise will be agreed by the parties.

"TERMINATION EVENT" means an illegality, a Tax Event or a Tax Event Upon Merger
or, if specified to be applicable, a Credit Event Upon Merger or an Additional
Termination Event.

"TERMINATION RATE" means a rate per annum equal to the arithmetic mean of the
cost (without proof or evidence of any actual cost) to each party (as certified
by such party) if it were to fund or of funding such amounts.

"UNPAID AMOUNTS" owing to any party means, with respect to an Early Termination
Date, the aggregate of (a) in respect of all Terminated Transactions, the
amounts that became payable (or that would have become payable but for Section
2(a)(iii) to such party under Section 2(a) (i) on or prior to such Early
Termination Date and which remain unpaid as at such Early Termination Date and
(b) in respect of each Terminated Transaction, for each obligation under Section
2(a)(i) which was (or would have been but for Section 2(a)(iii)) required to be
settled by delivery to such party on or prior to such Early Termination Date and
which has not been so settled as at such Early Termination Date, an amount equal
to the fair market value of that which was (or would have been) required to be
delivered as of the originally scheduled date for delivery, in each case
together with (to the extent permitted under applicable law) interest, in the
currency of such amounts, from (and including) the date such amounts or
obligations were or would have been required to have been paid or performed to
(but excluding) such Early Termination Date, at the Applicable Rate. Such
amounts of interest will be calculated on the basis of daily compounding and the
actual number of days elapsed. The fair market value of any obligation referred
to in clause (b) above shall be reasonably determined by the party obliged to
make the determination under Section 6(e) or, if each party is so obliged, it
shall be the average of the Termination Currency Equivalents of the fair market
values reasonably determined by both parties.

CERTIFIED A TRUE COPY            /s/ David John Haddon              ISDA(R) 1992
        OF THE          ---------------------------------------
   ORIGINAL HEREOF      Commissioner of Oaths
                        DAVID JOHN HADDON
                        Seven Bridges Trading 14 (Pty) Ltd
                        Carse O'Gowrie Rd, Houghton Estate
                        JOHANNESBURG
                        Area of Appointment: Rep. of S.A.
                        Attorney Admitted in terms of Admission
                        of Attorneys Act No. 53 of 1979

                                       17

IN WITNESS WHEREOF the parties have executed this document on the respective
dated specified below with effect from the date specified on the first page of
this document.

ABSA BANK LIMITED                             RANDGOLD RESOURCES LIMITED

/s/ Gawie J du Preez                          /s/ D. M. BRISTOW
-------------------------------------------   ----------------------------------
SIGNED BY: Absa Corporate and Merchant Bank   SIGNED BY:
Name: Gawie J du Preez                        Name: D. M. BRISTOW
Title: Head: Trade Management Services        Title: C.E.O.
       A67516                                 Date: 21-12-2004
Date:

/s/ ANTON GROBBELAAR                          /s/ R. A. WILLIAMS
-------------------------------------------   ----------------------------------
SIGNED BY:                                    SIGNED BY:
Name: ANTON GROBBELAAR                        Name: R. A. WILLIAMS
Title: General Manager                        Title: FINANCE DIRECTOR
       Sales & Distribution                   Date: 21/12/2004
       Group Treasury
       A74137
Date:

CERTIFIED A TRUE COPY            /s/ David John Haddon              ISDA(R) 1992
        OF THE          ---------------------------------------
   ORIGINAL HEREOF      Commissioner of Oaths
                        DAVID JOHN HADDON
                        Seven Bridges Trading 14 (Pty) Ltd
                        Carse O'Gowrie Rd, Houghton Estate
                        JOHANNESBURG
                        Area of Appointment: Rep. of S.A.
                        Attorney Admitted in terms of Admission
                        of Attorneys Act No. 53 of 1979

                                       18

(Multicurrency-Cross Border)                                    Ref: English Law

                                 [ISDA(R) LOGO]

                  International Swap Dealers Association, Inc.

                                    SCHEDULE

                                     to the

                                MASTER AGREEMENT

                      dated as of the 21ST OF DECEMBER 2004

                                     between

           ABSA BANK LIMITED            And        RANDGOLD RESOURCES LIMITED
 -------------------------------------        ----------------------------------
      A limited liability company                 A limited liability company
     incorporated under the laws of              incorporated under the laws of
      the Republic of South Africa.                 Jersey, Channel Islands

     REGISTRATION NO: 1986/004794/06                 REGISTRATION NO: 62686

         (PARTY "A")                                      (PARTY "B")

                                     PART 1

                             TERMINATION PROVISIONS

In this Agreement:

(a)  SPECIFIED ENTITY. "Specified Entity" does not apply.

(b)  SPECIFIED TRANSACTION. "Specified Transaction" shall have the meaning
     specified in Section 14.

(C)  CROSS DEFAULT. The "Cross Default" provisions of Section 5(a)(vi) will
     apply to Party A and will apply to Party B.

     (i)  The words "or other similar condition or event (however described)" in
          the second and third lines of the provision are deleted.

     (ii) The following proviso is added at the end of this Section: "Provided,
          however, that notwithstanding the foregoing, an Event of Default shall
          not occur if: (aa) the event or condition referred to in (1) or the
          failure to pay referred to in (2) is caused by an error or omission of
          an administrative or operational nature; and (bb) in respect of (2)
          (A) funds were available to such party, any Credit Support Provider of
          such party or any applicable Specified Entity of such party, as the
          case may be, to enable it to make the relevant payment when due and
          (B) such relevant payment is made within three Local Business Days
          after notice of such failure is given to such party, any Credit
          Support Provider of such party or any applicable Specified Entity of
          such party, as the case may be.".

     "SPECIFIED INDEBTEDNESS means any obligation (whether present or future,
     contingent or otherwise, as principal or surety or otherwise) in respect of
     borrowed money (other than indebtedness in respect of deposits received in
     the ordinary course of business).

     "THRESHOLD AMOUNT" means USD 10,000,000 for Party A and for Party B, or its
     equivalent in any other currency.

CERTIFIED A TRUE COPY            /s/ David John Haddon                    [SEAL]
        OF THE          ---------------------------------------
   ORIGINAL HEREOF      Commissioner of Oaths
                        DAVID JOHN HADDON
                        Seven Bridges Trading 14 (Pty) Ltd
                        Carse O'Gowrie Rd, Houghton Estate
                        JOHANNESBURG
                        Area of Appointment: Rep. of S.A.
                        Attorney Admitted in terms of Admission
                        of Attorneys Act No. 53 of 1979

                                        1

(d)  "CREDIT EVENT UPON MERGER. The "Credit Event Upon Merger" provisions of
     Section 5 (b) (iv) will apply to both Party A and Party B,

(e)  AUTOMATIC EARLY TERMINATION. provision of Section 6(a) will not apply to
     Party A and Party B; provided, however, that where there is an Event of
     Default under Section 5(a)(vii)(l), (3), (4), (5), (6) or to the extent
     analogous thereto, (8), and the Defaulting Party is governed by a system of
     law that would not otherwise permit termination to take place, then the
     Automatic Early Termination provisions of Section 6(a) will apply.

(f)  PAYMENTS ON EARLY TERMINATION. For the purposes of Section 6 (e) of this
     Agreement:

     (i)  Market Quotation will apply; and

     (ii) Second Method will apply.

(g)  TERMINATION CURRENCY. means the currency selected by the Non-defaulting
     Party or the party which is not the Affected Party, or, in circumstances
     where there are two Affected Parties, agreed by Party A and Party B, and
     failing such agreement the Termination Currency shall be UNITED STATES
     DOLLARS. However, the Termination Currency selected by the Non-defaulting
     Party or the party which is not the Affected Party (i) shall be one of the
     currencies in which payments in respect of the Terminated Transactions are
     required to be made, and (ii) shall be freely transferable into all other
     currencies in which payments are to be made in respect of any Terminated
     Transaction.

(h)  ADDITIONAL TERMINATION EVENT. ". Each of the following shall constitute an
     Additional Termination Event for the purpose of Section 5(b)(v) and Party B
     shall be the Affected Party.

     (i)  If the conditions precedent set forth in Clause 6 of the USD
          60,000,000 Loulo Project Finance Agreement are not satisfied on or
          before 31st March 2005. "Loulo Project Finance Agreement" means the
          Loan Agreement, dated 6th September 2004, between Societe des Mines de
          Loulo SA as borrower, Party B and Randgold Resources (Somilo) Limited
          as guarantors, various banks and financial institutions referred to
          therein as lenders, NM Rosthchild & Sons Limited and Societe Generale
          as mandated lead arrangers, Party A and Bayerishe Hypo- und
          Vereinsbank AG as lead arrangers and NM Rothschild & Sons Limited as
          facility agent for lenders;

     (ii) If the corporate cash balance (cash plus cash equivalents minus
          overdraft) of Party B falls below USD20,000,000, this Additional
          Termination Event being valid only up to the RRL Guarantee Release
          Date as such term is defined in the Loulo Project Finance Agreement of
          the Loulo mine referred to in (i) above;

     (iii) If Party B enters into or maintains in place any hedging or other
          similar trading arrangements with a trading counterparty pursuant to
          which it, or any of its Affiliates, is required to provide credit
          support, in cash or otherwise, to such counterparty in support of its
          obligations to such counterparty pursuant to such arrangements;

     (iv) If Party B or any of its Affiliates creates, incurs, assumes or
          suffers to exist any lien upon any of its properties, revenues or
          assets, whether now owned or hereafter acquired, except:

          (A)  liens for taxes, assessments or other governmental charges or
               levies not at the time delinquent or thereafter payable without
               penalty or being contested in good faith by appropriate
               proceedings and for which adequate reserves in accordance with
               GAAP shall have been set aside on its books;

          (B)  liens of carriers, warehousemen, mechanics, materialmen,
               suppliers and landlords incurred in the ordinary course of
               business for sums not overdue or being contested in good faith
               by appropriate proceedings and for which adequate reserves in
               accordance with GAAP shall have been set aside on its books;

          (C)  liens incurred in the ordinary course of business in connection
               with unemployment insurance or other forms of governmental
               insurance or benefits, or to secure performance of tenders,
               statutory obligations, leases and contracts (other than for
               financial indebtedness) entered into in the ordinary course of
               business or to secure obligations on surety or appeal bonds;

CERTIFIED A TRUE COPY            /s/ David John Haddon                    [SEAL]
       OF THE          ---------------------------------------
  ORIGINAL HEREOF      Commissioner of Oaths
                       DAVID JOHN HADDON
                       Seven Bridges Trading 14 (Pty) Ltd
                       Carse O'Gowrie Rd, Houghton Estate
                       JOHANNESBURG
                       Area of Appointment: Rep. of S.A.
                       Attorney Admitted in terms of Admission
                       of Attorneys Act No. 53 of 1979

                                        2

          (D)  judgment liens in existence less than ten (10) days after the
               entry thereof or with respect to which execution has been stayed
               or the payment of which is covered in full (subject to a
               customary deductible) by insurance maintained with responsible
               insurance companies; and

          (E)  liens incurred to secure obligations under the Morila Project
               Finance Agreement and other liens permitted to be incurred
               pursuant to the terms and conditions thereof. "Morila Project
               Finance Agreement" means the Loan Agreement, dated 21 December,
               1999, between Societe des Mines de Morila S.A., as the Borrower,
               Party B and Morila Limited, as the Randgold Completion
               Guarantors, the banks and financial institutions referred to
               therein as the Lenders, the Arrangers and the Co-Arrangers, and N
               M Rothschild & Sons Limited, as the Agent for the Lenders.

          (F)  liens incurred to secure obligations under the Loulo Project
               Finance Agreement (as such term is defined in this Part 1 (h) (i)
               above) and other liens permitted to be incurred pursuant to the
               terms and conditions thereof.

For the purposes of the foregoing Additional Termination Event, the obligations
secured by any lien created or incurred in the ordinary course of business
(other than any liens of the nature referred to in clause (A), (E) and (F)) may
not exceed U.S.$500,000 in the aggregate at any one time outstanding.

CERTIFIED A TRUE COPY            /s/ David John Haddon                    [SEAL]
        OF THE          ---------------------------------------
   ORIGINAL HEREOF      Commissioner of Oaths
                        DAVID JOHN HADDON
                        Seven Bridges Trading 14 (Pty) Ltd
                        Carse O'Gowrie Rd, Houghton Estate
                        JOHANNESBURG
                        Area of Appointment: Rep. of S.A.
                        Attorney Admitted in terms of Admission
                        of Attorneys Act No. 53 of 1979

                                        3

                                     PART 2

                              TAX REPRESENTATIONS

(a)  PAYER TAX REPRESENTATIONS. For the purposes of Section 3 (e), Party A and
     Party B each makes the following representation.

     It is not required by any applicable law, as modified by the practice of
     any relevant governmental revenue authority, of any Relevant Jurisdiction
     to make any deduction or withholding for or on account of any Tax from any
     payment (other than interest under Section 2 (e), 6 (d) (ii) or 6 (e) to be
     made by it to the other party under this Agreement. In making this
     representation, both Party A and Party B may rely on:-

     (i)  the accuracy of any representation made by the other party pursuant to
          Section 3 (f).

     (ii) the satisfaction of the agreement of the other party contained in
          Section 4 (a) (i) or 4 (a) (iii) and the accuracy and effectiveness of
          any document provided by the other party pursuant to Section 4 (a) (i)
          or 4 (a) (iii) and;

     (iii) the satisfaction of the agreement of the other party contained in
          Section 4 (d);

     provided that it shall not be a breach of this representation where
     reliance is placed on clause (ii) and the other party does not deliver a
     form or document under Section 4 (a) (iii) by reason of material prejudice
     to its legal or commercial position.

(b)  PAYEE TAX REPRESENTATIONS. Party A and Party B make no representations for
     the purpose of Section 3 (f) of this Agreement, unless otherwise provided
     in the relevant Confirmation.

CERTIFIED A TRUE COPY            /s/ David John Haddon                    [SEAL]
        OF THE          ---------------------------------------
   ORIGINAL HEREOF      Commissioner of Oaths
                        DAVID JOHN HADDON
                        Seven Bridges Trading 14 (Pty) Ltd
                        Carse O'Gowrie Rd, Houghton Estate
                        JOHANNESBURG
                        Area of Appointment: Rep. of S.A.
                        Attorney Admitted in terms of Admission
                        of Attorneys Act No. 53 of 1979

                                       4

                                     PART 3

                         AGREEMENT TO DELIVER DOCUMENTS

Each party agrees to deliver the following documents as applicable:-

(a)  For the purposes of Section 4(a)(i), tax forms, documents or certificates
     to be delivered are:

<TABLE>

-----------------------------------------------------------------------------------
 PARTY REQUIRED TO                                            DATE BY WHICH TO BE
  DELIVER DOCUMENT         FORM/DOCUMENT/CERTIFICATE                DELIVERED
-----------------------------------------------------------------------------------

Party A and Party B               No Documents                       --
-----------------------------------------------------------------------------------
</TABLE>

(B)  For the purposes of Section 4 (a) (ii), other documents to be delivered
     are:-

<TABLE>

----------------------------------------------------------------------------------------------------------
                                                                                           COVERED BY
 PARTY REQUIRED TO                                            DATE BY WHICH TO BE         SECTION 3(d)
  DELIVER DOCUMENT         FORM/DOCUMENT /CERTIFICATE               DELIVERED           REPRESENTATION
----------------------------------------------------------------------------------------------------------

Party A and Party B   Evidence reasonably satisfactory to   Upon execution of this    Yes
                      the other party as to the names,      Agreement and upon
                      true signatures and authority of      request.
                      the officers or officials signing
                      this Agreement, any Credit Support
                      Annex (if applicable) and any
                      Confirmation on its behalf.
-----------------------------------------------------------------------------------------------------------
Party A and Party B   Copy of a Board Resolution            Upon execution of this    Yes
                      authorising such party to enter       Agreement and upon
                      into this Agreement and any Credit    request.
                      Support Annex (if applicable).
-----------------------------------------------------------------------------------------------------------
Party A and Party B   A copy of the most recent annual      Promptly after request,   Yes, but the phrase
                      report containing consolidated        by the other party.       "true, accurate and
                      financial statements and such other                             complete" in Section
                      public information respecting its                               3 (d) shall be
                      condition or operations, financial                              deleted and the
                      or otherwise as the other party may                             words "true and fair"
                      reasonably request from time tot                                inserted in lieu
                      time.                                                           thereof.
-----------------------------------------------------------------------------------------------------------
Party B               Statutes                              Upon request by Party A   Yes
-----------------------------------------------------------------------------------------------------------
</TABLE>

CERTIFIED A TRUE COPY            /s/ David John Haddon                    [SEAL]
        OF THE          ---------------------------------------
   ORIGINAL HEREOF      Commissioner of Oaths
                        DAVID JOHN HADDON
                        Seven Bridges Trading 14 (Pty) Ltd
                        Carse O'Gowrie Rd, Houghton Estate
                        JOHANNESBURG
                        Area of Appointment: Rep. of S.A.
                        Attorney Admitted in terms of Admission
                        of Attorneys Act No. 53 of 1979

                                        5

                          PART 4

                      MISCELLANEOUS

(a)  ADDRESSES FOR NOTICES. For the purpose of Section 12(a):-

     (i)  Address for notices or communications to Party A:-

          Address:        ABSA BANK LIMITED
                          lst Floor, ABSA Towers North
                          180 Commissioner Street
                          Johannesburg, 2001
                          South Africa

          Attention:      Head: Trade Management Services

          Telephone No:   +27 11 350 2715
          Facsimile No:   +27 11 350 2808

          Address:        ABSA BANK LIMITED, LONDON BRANCH
                          75 King William Street
                          London EC4N 7AB
                          United Kingdom

          Attention:      Head: Treasury

          Telephone No:   094420 7 711 6400
          Facsimile No:   094420 7 711 6550

     (ii) Address for notices or communications to Party B:-

          Address:        Randgold Resources Limited
                          La Motte Chambers
                          St Helier
                          Jersey JE1 1BJ
                          Channel Islands

          Attention:      The Company Secretary

          Telephone No:   +44 1534 735 333
          Facsimile No:   +44 1534 735 444

(b)  PROCESS Agent. For the purpose of Section 13 (c):-

     Party A's process agent is: ABSA Bank Limited, London, 75 King
                                 William Street, London EC4N 7AB, United
                                 Kingdom

     Party B's process agent is: Randgold Resources Limited, 4th Floor, 2
                                 Savoy Court, Strand, London WC2R 0EZ

(c)  OFFICES. The provisions of Section 10 (a) will apply to this agreement.

(d)  MULTIBRANCH PARTY. For the purposes of Section 10 (c) of this Agreement:

     Party A is a Multibranch Party and may act through its Johannesburg, London
     and Singapore office for the purpose of this Agreement.

     Party B is not a Multibranch Party.

(e)  CALCULATION AGENT. The Calculation Agent is Party A, unless otherwise
     specified in a Confirmation in relation to the relevant Transaction.

CERTIFIED A TRUE COPY            /s/ David John Haddon                    [SEAL]
        OF THE          ---------------------------------------
   ORIGINAL HEREOF      Commissioner of Oaths
                        DAVID JOHN HADDON
                        Seven Bridges Trading 14 (Pty) Ltd
                        Carse O'Gowrie Rd, Houghton Estate
                        JOHANNESBURG
                        Area of Appointment: Rep. of S.A.
                        Attorney Admitted in terms of Admission
                        of Attorneys Act No. 53 of 1979

                                       6

(f)  CREDIT SUPPORT DOCUMENT: Not Applicable.

(g)  CREDIT SUPPORT PROVIDER.

     Credit Support Provider means in relation to Party A: Not Applicable
     Credit Support Provider means in relation to Party B: Not Applicable

(h)  GOVERNING LAW. This Agreement will be governed by and construed in
     accordance with English law.

(i)  NETTING OF PAYMENTS. Section 2 (c) (ii) of this Agreement will apply.

(j)  AFFILIATE. Affiliate will have the meaning specified in Section 14.

CERTIFIED A TRUE COPY            /s/ David John Haddon                    [SEAL]
        OF THE          ---------------------------------------
   ORIGINAL HEREOF      Commissioner of Oaths
                        DAVID JOHN HADDON
                        Seven Bridges Trading 14 (Pty) Ltd
                        Carse O'Gowrie Rd, Houghton Estate
                        JOHANNESBURG
                        Area of Appointment: Rep. of S.A.
                        Attorney Admitted in terms of Admission
                        of Attorneys Act No. 53 of 1979

                                       7

                                     PART 5

                                OTHER PROVISIONS

(a)  MODIFICATIONS TO THE AGREEMENT

     (i)  SECTION 2(A) OBLIGATIONS (GENERAL CONDITIONS) - is amended to add the
          following at the end thereof:

          "(iv) DEFERRAL OF PAYMENTS OR DELIVERY IN CONNECTION WITH ILLEGALITY:

               If a party gives a notice of Illegality, the due date for any
               payment or delivery scheduled to be made by the party which is
               not the Affected Party pursuant to Section 2 in connection with
               any Affected Transaction at any time after that notice is
               effective shall be deferred to the earliest to occur of (i) the
               date for settlement payment pursuant to Section 6(e), (ii) the
               effective payment or delivery by the Affected Party on the final
               Scheduled Payment Date for the Affected Transaction(s) and (iii)
               the date on which arrangements pursuant to Section 6(b)(ii) to
               avoid Illegality are effective.

               Any payment deferred pursuant to this provision shall be made on
               the deferred payment date together with interest accrued on each
               deferred amount from and including its originally scheduled due
               date to but excluding the deferred due date (or, if an Early
               Termination Date is designated, to but excluding the day
               designated as such) at the Non-default Rate. Any deliveries
               deferred pursuant to this provision shall be made on the deferred
               delivery date together with such compensation as the parties may
               reasonably agree."

     (ii) SECTION 3(A) - BASIC REPRESENTATIONS - is amended to add the following
          new sub-sections:

          (vi) NO RELIANCE. It has, in connection with the negotiation,
               execution and delivery of this Agreement and any Transaction (i)
               the knowledge and sophistication independently to appraise and
               understand the financial and legal terms and conditions of each
               Transaction and to assume the economic consequences and risks
               thereof and has, in fact, done so as a result of arm's-length
               dealings with the other party; (ii) to the extent necessary,
               consulted with its own independent financial, legal or other
               advisors and has made its own investment, hedging and trading
               decisions in connection with any Transaction based upon its own
               judgement and the advice of such advisors and not upon any view
               expressed by the other party; (iii) not relied upon any
               representations (whether written or oral) of the other party,
               other than the representations expressly set forth hereunder and
               in any Credit Support Document and is not in any fiduciary
               relationship with the other party; (iv) not obtained from the
               other party (directly or indirectly through any other person) any
               advice, counsel or assurances as to the expected or projected
               success, profitability, performance, results or benefits of any
               Transaction; and (v) determined to its satisfaction whether or
               not the rates, prices of amounts and other economic terms of any
               Transaction and the indicative quotations (if any) provided by
               the other party reflect those in the relevant market for similar
               transactions.

          (vii) CONTRACTING AS PRINCIPAL. Each party represents to the other
               party that it will be liable as principal for its obligations
               under this Agreement and under each Transaction."

     (vi) SECTION 6 - EARLY TERMINATION - is amended as follows:

          Section 6(e)(iii) - ADJUSTMENT FOR BANKRUPTCY - is completed to
          include the following sentence after the existing sentence:

          "In addition to, and notwithstanding anything to the contrary in the
          preceding sentence of this Section 6(e)(iii), if an Early Termination
          Date has occurred under Section 6(a) as a result of Automatic Early
          Termination, and if the Non-defaulting Party determines that it either
          sustained or incurred a loss or damage or benefited from a gain in
          respect of any Transaction, as a result of movement in interest rates,
          currency exchange rates or market quotations between the Early
          Termination Date and the date (the "Determination Date") upon which
          the Non-defaulting Party first becomes aware that the Early
          Termination Date has occurred under Section 6(a), THEN the amount of
          such loss or damage shall be added to the amount due by the Defaulting
          Party or deducted from the amount due by the Non-defaulting Party, as
          the case may be (in both cases pursuant to Section 6(e)(i)(3); or the
          amount of such gain shall be deducted from the amount due by the
          Defaulting Party or added to the amount due by the Non-defaulting
          Party, as the case may be (in both cases pursuant to Section
          6(e)(i)(3))."

CERTIFIED A TRUE COPY            /s/ David John Haddon              ISDA(R) 1992
        OF THE          ---------------------------------------
   ORIGINAL HEREOF      Commissioner of Oaths
                        DAVID JOHN HADDON
                        Seven Bridges Trading 14 (Pty) Ltd
                        Carse O'Gowrie Rd, Houghton Estate
                        JOHANNESBURG
                        Area of Appointment: Rep. of S.A.
                        Attorney Admitted in terms of Admission
                        of Attorneys Act No. 53 of 1979

                                       8

          The following is added as Paragraph (f) at the end of the provision:

          "(f) SET-OFF. Any amount (the "Early Termination Amount") payable to
               one party (the "Payee") by the other party (the "Payer") under
               Section 6(e), in circumstances where there is a Defaulting Party
               or one Affected Party in the case where a Termination Event under
               Section 5(b)(iv) has occurred, will, at the option of the party
               ("X") other than the Defaulting Party or the Affected Party (and
               without prior notice to the Defaulting Party or the Affected
               Party), be reduced by its set-off against any amount(s) (the
               "Other Agreement Amount") payable (whether at such time or in the
               future or upon the occurrence of a contingency) by the Payee to
               the Payer (irrespective of the currency, place of payment or
               booking office of the obligation) under any other agreement(s)
               between the Payee and the Payer or instrument(s) or
               undertaking(s) issued or executed by one party to, or in favour
               of, the other party (and the Other Agreement Amount will be
               discharged promptly and in all respects to the extent it is so
               set-off). X will give notice to the other party of any set-off
               effected under this Section 6(f).

               For this purpose, either the Early Termination Amount or Other
               Agreement Amount (or the relevant portion of such amounts) may be
               converted by X into the currency in which the other is
               denominated at the rate of exchange at which such party would be
               able, acting in a reasonable manner and in good faith, to
               purchase the relevant amount of such currency.

               If an obligation is unascertained, X may in good faith estimate
               that obligation and set-off in respect of the estimate, subject
               to the relevant party accounting to the other when the obligation
               is ascertained.

               Nothing in this Section 6(f) shall be effective to create a
               charge or other security interest. This Section 6(f) shall be
               without prejudice and in addition to any right of set-off,
               combination of accounts, lien or other right to which any party
               is at any time otherwise entitled (whether by operation of law,
               contract or otherwise)."

(b)  OTHER PROVISIONS

     (i)  TELEPHONE RECORDING. Each party agrees to be bound by any Transaction
          entered into between the parties from the time agreement is reached
          (whether by telephone, exchange of electronic messages or otherwise).
          Each party may, subject to its obtaining any consents and giving any
          notices which may be legally required, tape record any telephone
          conversation between the parties and each party agrees that any such
          tape recording shall be admissible in evidence in any court or other
          legal proceeding for the purpose of establishing any matters pertinent
          to such Transaction.

     (ii) PAYMENTS IN ESCROW. On any particular date on which both parties are
          required to make payments hereunder, either party may at its option
          and in its sole discretion notify the other party that payments on
          that date are to be made in escrow. In this case, deposit of the
          payment due earlier on that date shall be made by 2:00 p.m. (local
          time at the place for the earlier payment) on that date with an escrow
          agent selected by the party giving the notice, accompanied by
          irrevocable payment instructions (i) to release the deposited payment
          to the intended recipient upon receipt by the escrow agent of the
          required deposit of the corresponding payment from the other party on
          the same date accompanied by irrevocable payment instructions to the
          same effect or (ii) if the required deposit of the corresponding
          payment is not made on the same date, to return the payment deposited
          to the party that paid it in escrow. The party that elects to have
          payments made in escrow shall pay the costs of the escrow arrangements
          and shall make arrangements to provide that the intended recipient of
          the amount due to be deposited first shall be entitled to interest on
          the deposited payment for each day in the period of its deposit at the
          rate offered by the escrow agent for that day for overnight deposits
          in the relevant currency in the office where it holds that deposited
          payment (at 11:00 a.m. local time on that day) if that payment is not
          released by 5:00 p.m. local time on the date it is deposited for any
          reason other than the intended recipient's failure to make the escrow
          deposit it is required to make hereunder in a timely fashion.

                                       9

    (iii) SEVERABILITY. If any term, provision, covenant, or condition of this
          Agreement, or the application thereof to any party or circumstance,
          shall be held to be illegal, invalid or unenforceable (in whole or in
          part) for any reason, the remaining terms, provisions, covenants, and
          conditions hereof shall continue in full force and effect as if the
          Agreement had been executed with the illegal, invalid or unenforceable
          portion eliminated, so long as the Agreement as so modified continues
          to express, without material change, the original intentions of the
          parties as to the subject matter of this Agreement and the deletion of
          such portion of this Agreement will not substantially impair the

CERTIFIED A TRUE COPY            /s/ David John Haddon              ISDA(R) 1992
        OF THE          ---------------------------------------
   ORIGINAL HEREOF      Commissioner of Oaths
                        DAVID JOHN HADDON
                        Seven Bridges Trading 14 (Pty) Ltd
                        Carse O'Gowrie Rd, Houghton Estate
                        JOHANNESBURG
                        Area of Appointment: Rep. of S.A.
                        Attorney Admitted in terms of Admission
                        of Attorneys Act No. 53 of 1979

                                       10

          respective benefits or expectations of the parties of this Agreement.
          It shall in particular be understood that this Severability clause
          shall not affect the "single agreement" concept of Section 1(c) of
          this Agreement.

     (iv) CONFIRMATIONS.

          (1)  With respect to each Transaction, Party A shall, on or promptly
               after a Trade Date, send Party B a Confirmation. Upon receipt
               thereof, Party B will review the Confirmation and either (i)
               notify Party A of any errors or discrepancies in it, or (ii)
               confirm that the Confirmation correctly set forth the terms of
               the transaction to which the Confirmation relates by signing the
               Confirmation and returning it to Party A, or (iii) achieve an
               exchange of Confirmations as intended by section 9(e)(ii) of the
               Master Agreement by sending a Confirmation to Party A which
               agrees with the terms of the Confirmation sent by Party A to
               Party B.

          (2)  Any Specified Transaction into which the parties have entered or
               may enter and in respect of which confirming evidence does not
               expressly exclude the application of this Agreement shall be
               governed by this Agreement. Any such confirmation shall be a
               "Confirmation", and any such Specified Transaction shall be
               deemed to constitute a Transaction for the purpose of this
               Agreement. In particular, it is agreed that where in terms of
               standard industry practice confirmation is by SWIFT, such
               confirmation shall serve as a Confirmation irrespective of
               whether reference is made to this Agreement in such Confirmation
               and the appropriate definition booklets published by ISDA from
               time to time shall be deemed to be incorporated by reference in
               such Confirmation.

     (v)  INCORPORATION OF PROTOCOL TERMS. The parties agree that the
          definitions and provisions contained in Annexes 1 to 5 and section 6
          of the EMU Protocol Published by the International Swap and
          Derivatives Association, Inc. on the 6th of May, 1998 are incorporated
          into and apply to this Agreement.

     (vi) DEFINITIONS. Unless otherwise specified in a Confirmation, any term
          used in this Agreement which is defined in the ISDA 2000 Definitions,
          the 1997 ISDA Bullion Definitions and the 1993 ISDA Commodity
          Derivative Definitions as updated, amended or supplemented from time
          to time ("the ISDA Definitions") as published by the International
          Swaps and Derivatives Association, Inc. (the "Definitions") shall bear
          the meaning ascribed to them in the Definitions when used in this
          Agreement. The provisions of the Definitions are incorporated by
          reference to and shall be deemed a part of this Agreement. In the
          event of any inconsistency between the provisions of this Agreement
          and the Definitions, this Agreement will prevail. In the event of any
          inconsistency between this Agreement and the Confirmation, the
          Confirmation will prevail.

CERTIFIED A TRUE COPY            /s/ David John Haddon                    [SEAL]
        OF THE          ---------------------------------------
   ORIGINAL HEREOF      Commissioner of Oaths
                        DAVID JOHN HADDON
                        Seven Bridges Trading 14 (Pty) Ltd
                        Carse O'Gowrie Rd, Houghton Estate
                        JOHANNESBURG
                        Area of Appointment: Rep. of S.A.
                        Attorney Admitted in terms of Admission
                        of Attorneys Act No. 53 of 1979

                                       11

                                     PART 6

                      FX AND CURRENCY OPTIONS TRANSACTIONS

Notwithstanding anything to the contrary in this Agreement, for the purposes of
any Transaction hereunder which by its terms incorporates (or is deemed to
incorporate) the 1998 FX and Currency Option Definitions (the "1998
Definitions"), the following provisions shall apply:

(1)  SECTION 3.6(B)(I) - EFFECTIVENESS OF NOTICE OF EXERCISE - of the 1998
     Definitions is amended to read as follows:

     "(i) In the case of an American Style Option, a Notice of Exercise with
          respect to a Currency Option Transaction becomes effective (unless
          otherwise agreed): if received prior to 10:00 a.m. New York time on a
          Banking Day upon receipt thereof by Seller, and if received at any
          other time, only as of the opening of business of Seller on the first
          such Banking Day subsequent to receipt. Notwithstanding the foregoing,
          when the Seller is located in the Pacific Rim. 3:00 p.m. Tokyo time
          shall apply."

(2)  SECTION 3.4(B) - PREMIUM PAYMENT DATE - of the 1998 Definitions is amended
     by adding the following at the end thereof:

     If any Premium is not received on the Premium Payment Date, the Seller may
     elect: (1) to accept a late payment of such Premium or (2) to give written
     notice of such non-payment and, if such payment shall not be received
     within two (2) Local Business Days of such notice, treat the related
     Currency Option Transaction as void. The Buyer shall pay all out-of-pocket
     costs and actual damages incurred in connection with such unpaid or late
     Premium or void Currency Option Transaction (including, without limitation,
     a delta hedge and interest on such Premium at the Default Rate) with
     respect to such Currency Option.

(3)  The following "TERMINATION AND DISCHARGE OF CURRENCY OPTION TRANSACTIONS
     provision shall be added as Section 3.9 to the 1998 Definitions:

     "Unless otherwise agreed, any Currency Option Transaction written by a
     party will automatically be terminated and discharged, in whole or in part,
     as applicable, against a Currency Option Transaction written by the other
     party, such termination and discharge to occur automatically upon the
     payment in full of the last Premium payable in respect of such Currency
     Option Transactions; PROVIDED THAT such termination and discharge may only
     occur in respect of Currency Option Transactions:

     (a)  each being with respect to the same Put Currency and the same Call
          Currency;

     (b)  each having the same Expiration Date and Expiration Time;

     (c)  each being of the same style, i.e., either both being American,
          Bermuda, or European;

     (d)  each having the same Strike Price;

     (e)  neither of which shall have been exercised by delivery of a Notice of
          Exercise; and

     (f)  which have been booked into by the Head Office of Party A and by any
          Offices of Party B;

     and, upon the occurrence of such termination and discharge, neither party
     shall have any further obligation to the other party in respect of the
     relevant Currency Option Transactions or, as the case may be, parts thereof
     so terminated and discharged. In the case of a partial termination and
     discharge (i.e., where the relevant Currency Option Transactions are for
     different amounts of a Currency Pair), the remaining portion of the
     Currency Option Transaction which is partially discharged and terminated
     shall continue to be a Currency Option Transaction for all purposes of this
     Master Agreement, including this Section.

CERTIFIED A TRUE COPY            /s/ David John Haddon                    [SEAL]
        OF THE          ---------------------------------------
   ORIGINAL HEREOF      Commissioner of Oaths
                        DAVID JOHN HADDON
                        Seven Bridges Trading 14 (Pty) Ltd
                        Carse O'Gowrie Rd, Houghton Estate
                        JOHANNESBURG
                        Area of Appointment: Rep. of S.A.
                        Attorney Admitted in terms of Admission
                        of Attorneys Act No. 53 of 1979

                                       12

IN WITNESS WHEREOF the parties have executed this document on the respective
dates specified below with effect from the date specified on the first page of
this document.

ABSA BANK LIMITED                                RANDGOLD RESOURCES LIMITED

/s/ Gawie J du Preez                             /s/ R.A. Willams
--------------------------------------------     -------------------------------
SIGNED BY: Absd Corporate and Merchant Bank      SIGNED BY:
Name: Gawie J du Preez                           Name: R.A. WILLAMS
Title: Head: Trade Management Services           Title: FINANCE DIRECTOR
       A67516                                    Date: 21.12.2004
Date:

/s/ ANTON GROBBELAAR                             /s/ D.M. Bristow
--------------------------------------------     -------------------------------
SIGNED BY:                                       SIGNED BY:
Name: ANTON GROBBELAAR                           Name: D.M. BRISTOW
Title: General Manager                           Title: C.E.O.
       Sales & Distribution                      Date: 21-12-2004
       Group Treasury
       A74137
Date:

CERTIFIED A TRUE COPY            /s/ David John Haddon
        OF THE          ---------------------------------------
   ORIGINAL HEREOF      Commissioner of Oaths
                        DAVID JOHN HADDON
                        Seven Bridges Trading 14 (Pty) Ltd
                        Carse O'Gowrie Rd, Houghton Estate
                        JOHANNESBURG
                        Area of Appointment: Rep. of S.A.
                        Attorney Admitted in terms of Admission
                        of Attorneys Act No. 53 of 1979

                                       13Dated __ December, 2004

                                     between

                           RANDGOLD RESOURCES LIMITED

                                     - and -

                          N M ROTHSCHILD & SONS LIMITED
                             as the Security Trustee

                                   ----------

                         AMENDED AND RESTATED DEBENTURE

                                   ----------

                          [MAYER BROWN ROWE & MAW LOGO]

                                11 Pilgrim Street
                                 London EC4V 6RW

                                TABLE OF CONTENTS

                                                                            PAGE
                                                                            ----
 1.   INTERPRETATION...........................................................1
 2.   COVENANT TO PAY..........................................................3
 3.   CHARGING SECTION.........................................................3
 4.   CONTINUING SECURITY, NO LIABILITY........................................4
 5.   FURTHER ASSURANCE........................................................5
 6.   NEGATIVE PLEDGE AND DISPOSAL RESTRICTIONS................................6
 7.   REPRESENTATIONS AND WARRANTIES...........................................6
 8.   UNDERTAKINGS.............................................................7
 9.   CHARGED SHARES...........................................................9
10.   ATTORNEY................................................................11
11.   ENFORCEMENT AND POWERS OF THE SECURITY TRUSTEE..........................12
12.   STATUS, POWERS, REMOVAL AND REMUNERATION OF RECEIVER....................13
13.   APPLICATION OF MONEYS...................................................15
14.   PROTECTION OF THIRD PARTIES.............................................16
15.   PROTECTION OF LENDER PARTIES AND RECEIVER...............................16
16.   COSTS AND EXPENSES......................................................17
17.   OTHER SECURITY, CUMULATIVE POWERS AND AVOIDANCE OF PAYMENTS.............17
18.   NOTICE OF SUBSEQUENT CHARGE.............................................19
19.   EXCLUSION OF POWERS OF LEASING..........................................19
20.   DELEGATION..............................................................19
21.   REDEMPTION OF PRIOR CHARGES.............................................19
22.   NOTICE..................................................................20
23.   NO IMPLIED WAIVERS......................................................20
24.   INVALIDITY OF ANY PROVISION.............................................20
25.   ASSIGNMENT..............................................................20
26.   CURRENCY................................................................20
27.   COUNTERPARTS............................................................21
28.   PERPETUITY PERIOD.......................................................21
29.   CERTIFICATES CONCLUSIVE.................................................21
30.   BENEFIT OF UNDERTAKINGS.................................................21
31.   GOVERNING LAW AND SUBMISSION TO JURISDICTION............................21

                                      -i-

SCHEDULES

SCHEDULE 1   FORM OF NOTICE OF ASSIGNMENT AND FORM OF ACKNOWLEDGEMENT

SCHEDULE 2   FORM OF NOTICE OF ASSIGNMENT OF INSURANCES AND FORM OF
             ACKNOWLEDGEMENT

                                      -ii-

THIS AMENDED AND RESTATED DEBENTURE (this "DEED") is made on __ December, 2004,
between:

(1)  RANDGOLD RESOURCES LIMITED, a company organised and existing under the laws
     of Jersey (the "COMPANY"); and

(2)  N M ROTHSCHILD & SONS LIMITED whose registered office is situated at New
     Court, St. Swithin's Lane, London EC4P 4DU in its capacity as the Facility
     Agent and the Security Trustee for the Lenders (in such capacity, the
     "SECURITY TRUSTEE", which expression shall include any person for the time
     being appointed as trustee or as an additional trustee for the purpose of,
     and in accordance with, this Deed).

WHEREAS:

(A)  The Company has entered into the U.S.$60,000,000 project term loan facility
     agreement, dated 6 September 2004, amongst the Borrower, the Company and
     Randgold Resources (Somilo) Limited as guarantors, various banks and other
     financial institutions as the lenders, N M Rothschild & Sons Limited and
     Societe Generale as the mandated lead arrangers, Absa Bank Limited and
     Bayerische Hypo- und Vereinsbank AG as the lead arrangers, and N M
     Rothschild & Sons Limited as the facility agent for the lenders (the "LOAN
     AGREEMENT");

(B)  As security for the obligations of the Obligors under the Loan Documents
     the Company has entered into a debenture, dated 6 September 2004, amongst
     the Company as chargor and N M Rothschild & Sons Limited as security
     trustee for the lenders (the "ORIGINAL DEBENTURE");

(C)  The Company and the Security Trustee wish to amend the terms of the
     Original Debenture.

NOW THIS DEED WITNESSES as follows:-

1.   INTERPRETATION

1.1  In this Deed, unless the context otherwise requires, the following
     expressions have the following meanings:

     "ASSIGNED AGREEMENT(S)" means the Project Documents, the Insurances, the
     Insurance Proceeds, the Required Risk Management Agreements entered into by
     the Company, and the Shareholder Loan Agreement, dated 30 August 2004
     between the Company and Randgold Resources (Somilo) Limited.

     "CHARGED PROPERTY" means all the assets, property, goodwill and undertaking
     of the Company from time to time charged or assigned to the Security
     Trustee pursuant to the terms of this Deed.

     "CHARGED SHARE ISSUER" means Randgold Resources (Somilo) Limited, a company
     organised and existing under the laws of Jersey.

     "CHARGED SHARES" means the two (2) ordinary shares of the Charged Share
     Issuer bearing certificate numbers "4" and "5";

     "COMPANY" has the meaning given to it in the preamble.

     "COUNTERPARTY NOTICE" means each notice in the form set out in Schedules 1
     and 2 or in such other form as is required by, or acceptable to, the
     Security Trustee.

     "DEED" means this debenture as amended, supplemented or substituted from
     time to time.

     "DEFAULT RATE" means the rate of interest, provided for under Clause 3.2.2
     of the Loan Agreement, for payment on overdue and unpaid sums thereunder.

     "DISTRIBUTION" means all stock dividends, liquidating dividends, shares of
     stock resulting from (or in connection with the exercise of) stock splits,
     reclassifications, warrants, options, non-cash dividends, mergers,
     consolidations and all other distributions (whether similar or dissimilar
     to the foregoing) on or with respect to any Charged Shares or other shares
     constituting Charged Property, but shall not include Dividends.

     "DIVIDEND" means cash dividends and cash distributions with respect to any
     Charged Shares made in the ordinary course of business and not a
     liquidating dividend.

     "INSURANCE PROCEEDS" means all monies which at any time may be or become
     payable to or received by the Company (whether as an insured party or as
     loss payee) pursuant to any Insurance and the proceeds of all claims
     thereunder.

     "INSURANCES" means all policies and contracts of insurance which have been
     or are from time to time taken out by or on behalf of the Company or (to
     the extent of its interest) such policies in which the Company has an
     interest (including as loss payee or additional insured) and including, for
     the avoidance of doubt, all future renewals of or replacements for such
     policies and contracts of insurance.

     "INTELLECTUAL PROPERTY" means, to the extent that the same shall relate to
     the Project, all patents and patent applications, trade and/or service
     marks and trade and/or service mark applications (and all goodwill
     associated with such applications), all brand and trade names, all
     copyrights and rights in the nature of copyright, all registered designs
     and applications for registered designs, design rights, computer
     programmes, all trade secrets, know-how and all other intellectual property
     rights now or in the future owned by the Company throughout the world or in
     which the Company shall have an interest together with the benefit of all
     present and future licences and agreements entered into or the benefit of
     which is enjoyed by the Company and ancillary and connected rights relating
     to the use or exploitation of any of the aforementioned rights.

     "LIABILITIES" means all Obligations of the Company now or hereafter due,
     owing or incurred to the Lender Parties (or any of them) in whatsoever
     manner in any currency or currencies whether present, future, actual or
     contingent, whether incurred solely or jointly with any other person and
     whether as principal or surety in each case under the Loan Documents (or
     any of them) together with all interest accruing thereon and all costs,
     charges and expenses incurred in connection therewith.

                                       -2-

     "RECEIVER" means any one or more administrative receivers, receivers and
     managers. administrators, liquidators or other insolvency officers
     appointed in any jurisdiction or (if the Security Trustee so specifies in
     the relevant appointment) any such officers appointed by the Security
     Trustee pursuant to this Deed in respect of the Company or over all or any
     of the Charged Property.

     "SECURITY TRUSTEE" has the meaning given to it in the preamble.

1.2  IN THIS DEED:

     (a)  the terms of the documents under which the Liabilities arise and of
          any side letters between the Company and the Facility Agent (or any of
          them) relating thereto are incorporated herein to the extent required
          for any purported disposition of the Charged Property contained in
          this Deed to be a valid disposition in accordance with Section 2(1) of
          the Law of Property (Miscellaneous Provisions) Act 1989;

     (b)  the parties intend that this document shall take effect as a deed;

     (c)  capitalised and other terms used but not defined in this Deed
          (including the preamble and recitals hereto) have the same meanings as
          in the Loan Agreement; and

     (d)  this Deed is a Loan Document and shall be interpreted and construed in
          accordance with the terms and provisions of the Loan Agreement
          (including Clauses 1.2 to 1.5 thereof which are hereby incorporated
          into this Deed with all necessary consequential changes).

2.   COVENANT TO PAY

     The Company covenants with the Security Trustee that it will pay to each
     Lender Party the Liabilities as and when the same fall due for payment to
     such Lender Party; PROVIDED, HOWEVER, that on and from the RRL Guarantee
     Release Date the Lender Parties' recourse to the Company in respect of the
     Company's obligations pursuant to this Clause 2 shall be limited to the
     Charged Property (as defined in the RRL Guarantee and including any
     proceeds thereof).

3.   CHARGING SECTION

3.1  FIXED CHARGES

     As a continuing security for the payment of the Liabilities, the Company
     hereby charges with full title guarantee in favour of the Security Trustee
     on trust for the Lender Parties the following property and rights, both
     present and future, from time to time owned by the Company or in which the
     Company is from time to time interested by way of first fixed charge:

     (a)  all Project Assets owned by the Company;

     (b)  the Charged Shares, together with all Distributions and Dividends from
          time to time accruing thereon;

                                       -3-

     (c)  (to the extent not effectively assigned by way of security pursuant to
          Clause 3.2) all rights and interests of the Company in and claims and
          benefits under the Assigned Agreements and all proceeds thereof; and

     (d)  all Intellectual Property relating to the Loulo Project and each
          Assigned Agreement.

3.2  ASSIGNMENT BY WAY OF SECURITY

     As further continuing security for the payment of the Liabilities, the
     Company assigns by way of security with full title guarantee (to the
     fullest extent capable of assignment) in favour of the Security Trustee on
     trust for the Lender Parties, all its rights, title and interest in and
     benefits under the Assigned Agreements. The foregoing assignment shall
     include:

     (a)  all claims for damages or other remedies in respect of any breach of
          any Assigned Agreement;

     (b)  all moneys whatsoever which are now or may at any time hereafter be or
          become due or owing to the Company under or arising out of the
          Assigned Agreements or in connection with the rights of the Company
          evidenced thereby; and

     (c)  all rights and remedies for enforcing the Assigned Agreements in the
          name of the Company or otherwise and all present and future right,
          title, benefit and interest in all guarantees, insurances,
          indemnities, mortgages, charges and other security of whatsoever
          nature (including all rights and remedies of enforcement) now or
          hereafter held by the Company in respect of all or any of the
          foregoing and all moneys from time to time becoming due or owing
          thereunder or in connection therewith.

     Notwithstanding the foregoing, as long as no Event of Default has occurred
     and is continuing, the Company may, subject to the terms and conditions of
     the Loan Agreement and the other Loan Documents, receive and retain the
     proceeds of any such claims or any such moneys and may exercise all such
     rights and remedies and receive and retain the proceeds of their exercise.

3.3  TRUST

     The parties hereto agree that the Security Trustee shall hold the Charged
     Property and all covenants, undertakings, charges, representations, and
     other rights and securities given, constituted, or created under or
     pursuant to this Deed on trust for all the Lender Parties on and subject to
     the terms of this Deed, and the Lender Parties acknowledge such
     declaration.

4.   CONTINUING SECURITY, NO LIABILITY

4.1  CONTINUING NATURE

     The security constituted by this Deed is to be a continuing security to the
     Security Trustee on trust for the Lender Parties notwithstanding any
     intermediate payment or settlement of account or other matter or thing
     whatsoever and in particular the

                                       -4-

     intermediate satisfaction by the Company or any other person of the whole
     or any part of the Liabilities.

4.2  ADDITIONAL SECURITY

     The security constituted by this Deed is to be in addition and without
     prejudice to any other security which the Security Trustee or any other
     Lender Party may now or hereafter hold for the Liabilities or any part
     thereof and this security may be enforced against the Company without first
     having recourse to any other rights of the Security Trustee or any other
     Lender Party.

4.3  NO LIABILITY

     Notwithstanding anything herein to the contrary:

     (a)  the Company shall remain liable under the Assigned Agreements to the
          extent set forth therein to perform all of its duties and obligations
          thereunder to the same extent as if this Deed had not been executed;

     (b)  the exercise by the Security Trustee of any of its rights hereunder
          shall not release the Company from any of its duties or obligations
          under the Assigned Agreements; and

     (c)  the Security Trustee shall have no obligation or liability under any
          of the Assigned Agreements by reason of this Deed nor shall the
          Security Trustee be obligated to perform any of the obligations or
          duties of the Company thereunder or to take any action to collect or
          enforce any claim for payment assigned hereunder.

5.   FURTHER ASSURANCE

5.1  GENERAL

     (a)  The Company will at its own expense promptly execute such deeds,
          assurances, agreements, instruments and otherwise do such acts and
          things as the Security Trustee may require for perfecting and
          protecting the security created (or intended to be created) by this
          Deed or facilitating the realisation thereof or otherwise for
          enforcing the same or exercising any of the Security Trustee's rights
          hereunder. In particular, but without limitation, the Company will:

          (i)  execute a legal assignment in such form as the Security Trustee
               may reasonably require over all or any of the debts, rights,
               claims and contracts hereby charged; and

          (ii) otherwise execute all charges, mortgages, transfers, conveyances,
               assignments and assurances whatsoever with respect to the Charged
               Property and give all notices, orders, instructions and
               directions whatsoever which the Security Trustee may reasonably
               consider necessary to more fully give effect to the security and
               other rights created and granted in favour of the Security
               Trustee pursuant to this Deed.

                                       -5-

     (b)  Any security document required to be executed by the Company pursuant
          to this Clause will be prepared at the cost of the Company and will
          contain provisions substantially corresponding to the provisions set
          out in this Deed.

5.2  REGISTER OF TRADE MARKS

     The Company, as registered proprietor, hereby appoints the Security Trustee
     as its agent to apply for the particulars of this Deed and of its interest
     in the Intellectual Property and any other or future trade marks or trade
     mark applications registered or to be registered in the United Kingdom in
     the name of the Company to be made on the Register of Trade Marks under
     Section 25(1) of the Trade Marks Act 1994 and the Company hereby agrees to
     execute all documents and forms required to enable such particulars to be
     entered on the Register of Trade Marks.

6.   NEGATIVE PLEDGE AND DISPOSAL RESTRICTIONS

     Except to the extent permitted by the terms of the Loan Agreement, during
     the continuance of the security constituted by this Deed the Company will
     not without the prior consent in writing of the Security Trustee (acting on
     the instructions of such of the Lender Parties as may be required pursuant
     to Clause 14.1 of the Loan Agreement):

     (a)  create, incur, assume or suffer to exist any lien upon the whole or
          any part of the Charged Property; or

     (b)  sell, transfer, lease or otherwise dispose of any of, or grant
          options, warrants or other rights with respect to, any part of the
          Charged Property, or agree or attempt to do so.

7.   REPRESENTATIONS AND WARRANTIES

7.1  MATTERS REPRESENTED

     In order to induce the Security Trustee to enter into this Deed and, in the
     case of the Lenders, to make and continue Loans under the Loan Agreement,
     the Company represents and warrants unto each Lender Party as set forth in
     this Clause. The representations and warranties set forth in this Clause
     shall be made upon the delivery of each Borrowing Request and each
     Continuation Notice, and shall be deemed to have been made on each
     Borrowing Date (both immediately before and immediately after the
     application of the proceeds of the relevant Loans), the Mechanical
     Completion Date, the Economic Completion Date, the Group Members
     Undertakings Release Date, the RRL Guarantee Release Date and on any date
     on which any person grants further security to any Lender Party pursuant to
     Clause 10.15 of the Loan Agreement.

7.2  GENERAL

     The Company represents and warrants unto each Lender Party that:

     (a)  POWER AND AUTHORITY: Its memorandum and articles of association or
          other constitutional documents incorporate provisions which
          respectively ensure,

                                       -6-

          and all necessary corporate, shareholder and other action has been
          taken to ensure, that:

          (i)  it is authorised to sign or execute under seal or as a deed (as
               appropriate) and deliver this Deed and perform the transactions
               contemplated hereby and to create the security in the terms
               contained in this Deed; and

          (ii) this Deed is admissible in evidence in England and Jersey.

     (b)  NO CONTRAVENTION: Neither the execution and delivery of this Deed nor
          the performance of any of its obligations hereunder do or will:

          (i)  conflict with its memorandum or articles of association or other
               constitutional documents; or

          (ii) cause any borrowing, negative pledge or other limitation on the
               Company or the powers of the directors or other officers of the
               Company to be exceeded.

     (c)  DEBTS: It is not unable to pay its debts within the meaning of Section
          123 of the Insolvency Act 1986 or within the meaning of any equivalent
          legislation in Jersey.

     (d)  NO LIENS: It has good and marketable title to all its assets and none
          of the assets of the Company is affected by any lien other than a
          Permitted Lien and the Company is not a party to, nor is it or any of
          its assets bound or affected by, any order, licence, permit, consent,
          agreement or instrument under which the Company is, or in certain
          events may be, required to create, assume or permit to arise any lien
          other than a lien expressly permitted by the Loan Agreement and this
          Deed.

     (e)  CHARGED SHARES: All of the Charged Shares are duly authorised and
          validly issued, fully paid and non-assessable and constitute the
          entire issued and outstanding shares of the Charged Share Issuer.

8.   UNDERTAKINGS

8.1  DURATION OF UNDERTAKINGS

     The Company undertakes to the Security Trustee in the terms of the
     following provisions of this Clause 8, such undertakings to commence on the
     date of this Deed and to continue for so long as the security constituted
     by this Deed (or any part thereof) remains in force.

8.2  GENERAL UNDERTAKINGS

     (a)  NOT JEOPARDISE SECURITY: The Company will not do or cause or permit to
          be done anything which may in any way materially depreciate,
          jeopardise or otherwise prejudice the value to the Security Trustee of
          the security constituted by this Deed.

                                       -7-

     (b)  OBSERVE COVENANTS: The Company will observe and perform all covenants
          and stipulations from time to time affecting the Charged Property
          (including any lease) and all terms and conditions of the Loan
          Agreement (including Clause 10.11 thereof) and the other Loan
          Documents as the same relate to any of the Charged Property.

8.3  ASSIGNED AGREEMENTS

     In addition to its undertakings contained in the other Loan Documents, the
     Company will immediately, upon execution of this Deed, give notice to the
     other parties to the Assigned Agreements that it has assigned its rights
     under the Assigned Agreements to the Security Trustee by way of security
     pursuant to this Deed, such notice to be substantially in the form of the
     Counterparty Notice for such other party.

8.4  DEPOSIT OF DOCUMENTS

     The Company will promptly on request deposit with the Security Trustee (or
     as it shall direct) all such documents relating to the Charged Property as
     the Security Trustee may from time to time reasonably require.

8.5  RETENTION OF DOCUMENTS

     The Security Trustee may retain any document delivered to it pursuant to
     Clause 8.4 or otherwise until the security created by this Deed is released
     and if, for any reason it delivers any such document before such time to
     the Company it may by notice to the Company require that the relevant
     document be redelivered to it and the Company shall immediately comply (or
     procure compliance) with such notice.

8.6  POWER TO REMEDY

     If the Company fails to comply with any of the covenants set out in Clauses
     8.2 to 8.5, the Company will allow (and hereby irrevocably authorises) the
     Security Trustee and/or such persons as it shall nominate to take such
     action on behalf of the Company as shall be necessary to ensure that such
     covenants are complied with. In particular but without limitation, if the
     Company shall be in default of effecting or maintaining insurances or in
     producing certified copies of any such policy or receipt to the Security
     Trustee on demand, the Security Trustee may take out or renew such
     insurances in any sum which the Security Trustee may think expedient and
     all money expended and costs incurred by the Security Trustee under this
     provision shall form part of the Liabilities.

8.7  INDEMNITY

     The Company will indemnify the Security Trustee and will keep the Security
     Trustee indemnified against all losses, costs, charges and expenses
     incurred by the Security Trustee as a result of a breach by the Company of
     its obligations under this Clause and in connection with the exercise by
     the Security Trustee of its rights contained in Clause 8.6. All sums the
     subject of this indemnity will be payable by the Company to the Security
     Trustee on demand and if not so paid will bear interest at the Default
     Rate. Any unpaid interest will be compounded at such intervals as the
     Security Trustee may select from time to time.

                                       -8-

9.   CHARGED SHARES

9.1  CHARGED SHARES

     (a)  The Company shall:

          (i)  CALLS: duly and promptly pay all calls, instalments or other
               monies which may from time to time become due in respect of any
               of the Charged Shares, it being acknowledged by the Company that
               none of the Lender Parties shall in any circumstances incur any
               liability whatsoever in respect of any such calls, instalments or
               other monies;

          (ii) SHARE CERTIFICATES: deliver to the Security Trustee all
               certificates or instruments representing or evidencing any
               Charged Shares in suitable form for transfer by delivery and
               accompanied by all necessary instruments of transfer or
               assignment, duly executed in blank;

          (iii) ADDITIONAL CERTIFICATES: if the Company shall become entitled to
               receive or shall receive any stock or other certificate
               (including any certificate representing a Dividend or a
               Distribution in connection with any reclassification, increase or
               reduction of capital or any certificate issued in connection with
               any reorganisation), option or rights, whether in addition to, in
               substitution of, as a conversion of, or in exchange for any
               portion of the Charged Shares (or otherwise in respect thereof),
               accept the same as the agent of the Security Trustee, hold the
               same in trust (but without being obliged to create any
               registerable security interest) for the Security Trustee, in the
               exact form received, duly endorsed (in blank) by the Company to
               the Security Trustee, and if required by the Security Trustee,
               together with a duly executed undated blank stock transfer form
               or other equivalent instrument of transfer acceptable to the
               Security Trustee, to be held by the Security Trustee, subject to
               the terms of this Deed, as additional security for the
               Liabilities;

          (iv) ADDITIONAL SHARES IN THE CHARGED SHARE ISSUER: except as
               permitted to the contrary by any Loan Document, at all times,
               keep charged and assigned to the Security Trustee pursuant hereto
               all Charged Shares, all Dividends and Distributions with respect
               thereto, all interest, principal and other proceeds received by
               the Security Trustee and all other Charged Shares, instruments,
               proceeds, and rights from time to time received by or
               distributable to the Company in respect of any Charged Shares and
               will not permit the Charged Share Issuer to issue any shares
               which shall not have been immediately duly charged hereunder on a
               first priority perfected basis;

          (v)  PAYMENT OF DIVIDENDS, ETC TO THE SECURITY TRUSTEE: after any
               Event of Default shall have occurred and be subsisting, promptly
               upon receipt of notice thereof by the Company and without any
               request therefor by the Security Trustee, to deliver (properly
               endorsed where required hereby or requested by the Security
               Trustee) to the Security Trustee all Dividends, Distributions,
               all interest, all principal, all other

                                       -9-

               cash payments, and all proceeds of any Charged Shares which form
               part of the Charged Property, all of which shall be held by the
               Security Trustee for the benefit of the Lender Parties as
               additional Charged Property for use in accordance with Clause 13;
               and

          (vi) SECURED PROPERTY HELD ON TRUST: hold separate and apart from its
               other property in trust for the Security Trustee all Dividends,
               Distributions, interest, principal, cash payments, and proceeds
               which may at any time and from time to time be held by the
               Company, but which the Company is obliged to deliver to the
               Security Trustee, pursuant to the terms of this Deed, until
               delivery to the Security Trustee.

     (b)  DIVIDENDS: In the event that any Dividend or other payment is to be
          paid on any Charged Share at a time when no Event of Default has
          occurred and is subsisting or would result therefrom, such Dividend or
          payment shall be paid directly to the Company and the Security Trustee
          hereby releases any such Dividend or payment from the security created
          by this Debenture. If any Event of Default has occurred and is
          subsisting, then any such Dividend or payment shall be paid directly
          to the Security Trustee and any such Dividend or payment shall form
          part of the Charged Property.

     (c)  STOCK TRANSFERS: The Company agrees that all Charged Shares delivered
          by the Company pursuant to this Deed will be accompanied by duly
          executed undated blank stock transfer forms, or other equivalent
          instruments of transfer acceptable to the Security Trustee. The
          Company will, from time to time upon the request of the Security
          Trustee, promptly deliver to the Security Trustee such stock transfer
          forms, instruments, and similar documents, satisfactory in form and
          substance to the Security Trustee, with respect to the Charged
          Property as the Security Trustee may reasonably request and will, from
          time to time upon the request of the Security Trustee after the
          occurrence of any Event of Default, promptly transfer any Charged
          Shares or other shares constituting Charged Property into the name of
          any nominee designated by the Security Trustee.

     (d)  VOTING: The Security Trustee agrees that unless an Event of Default
          shall have occurred and be subsisting, the Company shall have the
          exclusive voting power with respect to the Charged Shares; provided,
          however, that no vote shall be cast, or consent, waiver, or
          ratification given, or action taken by the Company that would impair
          any Charged Property or be inconsistent with or violate any provision
          of the Loan Agreement or any other Loan Document (including this
          Deed).

     (e)  VOTING AFTER DEFAULT: After any Event of Default shall have occurred
          and be subsisting and the Security Trustee has notified the Company of
          the Security Trustee's intention to exercise its voting power under
          this Clause 9.1(e):

          (i)  the Security Trustee may exercise (to the exclusion of the
               Company) the voting power and all other incidental rights of
               ownership with respect to any Charged Shares and the Company
               hereby grants the

                                      -10-

               Security Trustee an irrevocable proxy, exercisable under such
               circumstances, to vote the Charged Shares; and

          (ii) promptly to deliver to the Security Trustee such additional
               proxies and other documents as may be necessary to allow the
               Security Trustee to exercise such voting power.

     (f)  LIQUIDATION OF CHARGED SHARE ISSUER: In addition, any sums paid upon
          or in respect of the Charged Shares upon the liquidation or
          dissolution of the Charged Share Issuer shall be held by the Security
          Trustee as additional security for the Liabilities. If any sums of
          money or property so paid or distributed in respect of any Charged
          Shares shall be received by the Company, then the Company shall, until
          such money or property is paid or delivered to the Security Trustee,
          hold such money or property in trust for the Security Trustee,
          segregated from other funds of the Company, as additional collateral
          securing the Liabilities.

10.  ATTORNEY

     The Company hereby irrevocably and by way of security appoints the Security
     Trustee and every Receiver of the Charged Property or any part thereof
     appointed hereunder and any person nominated for the purpose by the
     Security Trustee or any Receiver (in writing under hand signed by an
     officer of the Security Trustee or any Receiver) severally as its attorney
     (with full power of substitution and delegation) in its name and on its
     behalf and as its act and deed to execute, seal and deliver (using the
     company seal where appropriate) and otherwise perfect and do any deed,
     assurance, agreement, instrument, act or thing which it ought to execute
     and do under the terms of this Deed or any other Loan Document or which may
     be reasonably required in the exercise of any rights or powers conferred on
     the Security Trustee or any Receiver hereunder or otherwise for any of the
     purposes of this Deed and the Company hereby covenants with the Security
     Trustee to ratify and confirm all acts or things made, done or executed by
     such attorney as aforesaid. The power of attorney hereby granted is as
     regards the Security Trustee and its delegates (and as the Company hereby
     acknowledges) granted irrevocably and for value as part of the security
     constituted by this Deed to secure proprietary interests in and the
     performance of obligations owed to the respective donees within the meaning
     of the Powers of Attorney Act 1971.

11.  ENFORCEMENT AND POWERS OF THE SECURITY TRUSTEE

11.1 CONSOLIDATION

     The restriction on the consolidation of mortgages imposed by Section 93 of
     the Law of Property Act 1925 shall not apply to this Deed or to any
     security given to the Security Trustee pursuant to this Deed.

11.2 EXCLUSION OF CERTAIN PROVISIONS

     Section 103 of the Law of Property Act 1925 shall not apply to the charges
     created by this Deed which shall immediately become enforceable and the
     power of sale and other powers conferred by Section 101 of such Act (as
     varied or extended by this

                                      -11-

     security) shall be immediately exercisable at any time after an Event of
     Default has occurred.

11.3 STATUTORY POWERS

     The powers conferred on mortgagees or receivers or administrative receivers
     by the Law of Property Act 1925 and the Insolvency Act 1986 (as the case
     may be) shall apply to the security constituted by this Deed except insofar
     as they are expressly or impliedly excluded and where there is ambiguity or
     conflict between the powers contained in such Acts and those contained in
     this Deed, then this Deed shall prevail.

11.4 POWER OF SALE

     The statutory power of sale exercisable by the Security Trustee under this
     Deed is hereby extended so as to authorise the Security Trustee to sever
     any fixtures from the property to which they are attached and sell them
     separately from such property.

11.5 APPOINTMENT OF RECEIVER

     At any time after an Event of Default has occurred and is continuing and
     has not been waived or if so requested by the Company, the Security Trustee
     may by writing under hand signed by any officer or manager of the Security
     Trustee appoint any person (or persons) to be a Receiver of all or any part
     of the Charged Property.

11.6 LEASING AND SURRENDERS

     The statutory powers of leasing and accepting surrenders conferred upon the
     Security Trustee by the Law of Property Act 1925 shall be extended so as to
     authorise the Security Trustee to lease, make agreements for leases at a
     premium or otherwise, accept surrenders of leases and grant options or vary
     or reduce any sum payable under any leases or tenancy agreements as the
     Security Trustee thinks fit without the need to comply with any of the
     provisions of Sections 99 and 100 of such Act.

11.7 POWER OF MORTGAGEES

     All or any of the powers conferred upon mortgagees by the Law of Property
     Act 1925 as hereby varied or extended and all or any of the rights and
     powers conferred by this Deed on a Receiver (whether expressly or
     impliedly) may be exercised by the Security Trustee without further notice
     to the Company at any time after this security shall have become
     enforceable and the Security Trustee may exercise such rights and powers
     irrespective of whether the Security Trustee has taken possession or has
     appointed a Receiver of the Charged Property.

12.  STATUS, POWERS, REMOVAL AND REMUNERATION OF RECEIVER

12.1 RECEIVER AS AGENT OF COMPANY

     Any Receiver appointed hereunder shall be the agent of the Company and the
     Company shall be solely responsible for his acts or defaults and for his
     remuneration and liable on any contracts or engagements made or entered
     into by him and in no circumstances whatsoever shall the Security Trustee
     or any Lender Party be in any way responsible for any misconduct,
     negligence or default of the Receiver.

                                      -12-

12.2 POWERS OF RECEIVER

     Any Receiver appointed hereunder shall have power in addition to the powers
     conferred by the Law of Property Act 1925 and Schedule 1 of the Insolvency
     Act 1986 (which are hereby incorporated into this Deed) and notwithstanding
     the liquidation of the Company:

     (a)  to take possession of, collect and get in all or any part of the
          Charged Property and for that purpose to take any proceedings in the
          name of the Company or otherwise as he thinks fit;

     (b)  generally to manage the Charged Property and to manage or carry on,
          reconstruct, amalgamate, diversify or concur in carrying on the
          business or any part thereof of the Company as he may think fit;

     (c)  to make any arrangement or compromise or enter into or cancel any
          contracts which he shall think expedient in the interests of the
          Security Trustee and the Lender Parties;

     (d)  for the purpose of exercising any of the powers, authorities and
          discretions conferred on him by this Deed and/or defraying any costs
          or expenses which may be incurred by him in the exercise thereof or
          for any other purpose to raise or borrow money or incur any other
          liability on such terms whether secured or unsecured as he may think
          fit and whether to rank for payment in priority to this security or
          not;

     (e)  without restriction to sell, let or lease, or concur in selling,
          letting or leasing, and to vary the terms of, determine, surrender or
          accept surrenders of, leases or tenancies of, or grant options and
          licences over or otherwise dispose of or deal with, all or any part of
          the Charged Property without being responsible for loss or damage, and
          so that any such sale, lease or disposition may be made for cash
          payable by instalments, loan stock or other debt obligations or for
          shares or securities of another company or other valuable
          consideration, and the Receiver may form and promote, or concur in
          forming and promoting, a company or companies to purchase, lease,
          licence or otherwise acquire interests in all or any of the Charged
          Property or otherwise, arrange for such companies to trade or cease to
          trade and to purchase, lease, license or otherwise acquire all or any
          of the Charged Property on such terms and conditions whether or not
          including payment by instalments secured or unsecured as he may think
          fit;

     (f)  to make and effect all repairs, renewals and improvements to the
          Charged Property or any part of it as he may think fit and maintain,
          renew, take out or increase insurances;

     (g)  to exercise all voting and other rights attaching to the Charged
          Shares and stocks, shares and other securities owned by the Company
          and comprised in the Charged Property in such manner as he may think
          fit;

     (h)  to redeem any prior encumbrance and settle and pass the accounts of
          the person entitled to the prior encumbrance so that any accounts so
          settled and

                                      -13-

          passed shall (subject to any manifest error) be conclusive and binding
          on the Company and the money so paid shall be deemed to be an expense
          properly incurred by the Receiver;

     (i)  to appoint and discharge employees, officers, managers, agents,
          professionals and others for any of the purposes hereof or to guard or
          protect the Charged Property upon such terms as to remuneration or
          otherwise as he may think fit and to dismiss the same or discharge any
          persons appointed by the Company;

     (j)  to settle, refer to arbitration, compromise and arrange any claims,
          accounts, disputes, questions and demands with or by any person or
          body who is or claims to be a creditor of the Company or relating in
          any way to the Charged Property or any part thereof;

     (k)  to bring, prosecute, enforce, defend and discontinue all such actions
          and proceedings or submit to arbitration in the name of the Company in
          relation to the Charged Property or any part thereof as he shall think
          fit;

     (l)  to sever and sell plant, machinery or other fixtures sold separately
          from the property to which they may be annexed;

     (m)  to implement or continue the development of (and obtain all consents
          required in connection therewith) and/or complete any buildings or
          structures on, any real property comprised in the Charged Property and
          do all acts and things incidental thereto;

     (n)  to purchase or acquire any land and purchase, acquire or grant any
          interest in or right over land;

     (o)  to make calls conditionally or unconditionally on the members of the
          Company in respect of uncalled capital; and

     (p)  to do all such other acts and things (including signing and executing
          all documents and deeds) as may be considered by the Receiver to be
          incidental or conducive to any of the matters or powers aforesaid or
          otherwise incidental or conducive to the preservation, improvement or
          realisation of the Charged Property and to use the name of the Company
          for all the purposes aforesaid.

12.3 REMOVAL

     The Security Trustee may by written notice remove from time to time any
     Receiver appointed by it (subject to the provisions of Section 45 of the
     Insolvency Act 1986 in the case of an administrative receivership) and,
     whenever it may deem appropriate, appoint a new Receiver in the place of
     any Receiver whose appointment has terminated, for whatever reason.

12.4 REMUNERATION

     The Security Trustee may from time to time fix the remuneration of any
     Receiver appointed by it.

                                      -14-

12.5 MULTIPLE RECEIVERS

     If at any time there is more than one Receiver of all or any part of the
     Charged Property, each Receiver may exercise individually all of the powers
     conferred on a Receiver under this Deed and to the exclusion of the other
     Receiver or Receivers (unless the document appointing such Receiver states
     otherwise).

13.  APPLICATION OF MONEYS

13.1 ORDER OF APPLICATION

     All moneys received by the Security Trustee or any Receiver appointed
     hereunder shall be applied by it or him in the following order:

     (a)  in payment of the costs, charges and expenses incurred, and payments
          made, by the Security Trustee and/or any Receiver (including the
          payment of preferential debts);

     (b)  in payment of remuneration to the Receiver at such rates as may be
          agreed between him and the Security Trustee at or any time after his
          appointment;

     (c)  in or towards satisfaction of the Liabilities (in such order as the
          Security Trustee shall require on behalf of the Lender Parties or as
          may be set forth in the Loan Agreement); and

     (d)  the surplus (if any) shall be paid to the Company or other persons
          lawfully entitled to it.

13.2 INSURANCE PROCEEDS

     All moneys received by virtue of any insurance maintained or effected in
     respect of the Charged Property shall be applied as set forth in the Loan
     Agreement (including Clause 10.14 thereof).

13.3 EXCLUSION OF CERTAIN PROVISIONS

     Sections 109(6) and (8) of the Law of Property Act 1925 shall not apply to
     a Receiver appointed under this Deed.

13.4 SUSPENSE ACCOUNT

     The Security Trustee and any Receiver may place and keep (for such time as
     it or he shall think prudent) any money received, recovered or realised
     pursuant to this Deed in or at a separate suspense account for so long and
     in such manner as the Security Trustee may from time to time determine (to
     the credit of either the Company or the Lender Parties as the Security
     Trustee shall think fit) and the Receiver may retain the same for such
     period as he and the Security Trustee consider expedient without having any
     obligation to apply the same or any part thereof in or towards discharge of
     the Liabilities.

                                      -15-

14.  PROTECTION OF THIRD PARTIES

14.1 NO DUTY TO ENQUIRE

     No purchaser from, or other person dealing with, the Security Trustee
     and/or any Receiver shall be obliged or concerned to enquire whether the
     right of the Security Trustee or any Receiver to exercise any of the powers
     conferred by this Deed has arisen or become exercisable, or whether any of
     the Liabilities remains outstanding or be concerned with notice to the
     contrary, or whether any event has happened to authorise the Receiver to
     act or as to the propriety or validity of the exercise or purported
     exercise of any such power and the title of such a purchaser and the
     position of such a person shall not be impeachable by reference to any of
     those matters.

14.2 RECEIPT ON ABSOLUTE DISCHARGE

     The receipt of the Security Trustee or any Receiver shall be an absolute
     and a conclusive discharge to a purchaser and shall relieve him of any
     obligation to see to the application of any moneys paid to or by the
     direction of the Security Trustee or any Receiver.

14.3 PURCHASER

     In Clauses 14.1 and 14.2 the term "purchaser" includes any person
     acquiring, for money or money's worth, any lease of, or lien over, or any
     other interest or right whatsoever in relation to, any of the Charged
     Property.

15.  PROTECTION OF LENDER PARTIES AND RECEIVER

15.1 NO LIABILITY FOR EXERCISE OF POWERS

     By way of supplement to the Trustee Act 1925, neither the Security Trustee,
     any Lender Party nor any Receiver shall be liable in respect of all or any
     part of the Charged Property or for any loss or damage which arises out of
     the exercise or the attempted or purported exercise of, or the failure to
     exercise any of, their respective powers, unless such loss or damage is
     caused by its or his gross negligence or wilful misconduct.

15.2 POSSESSION OF CHARGED PROPERTY

     Without prejudice to the generality of Clause 15.1, entry into possession
     of the Charged Property shall not render the Security Trustee, the Lender
     Parties or the Receiver liable to account as mortgagee in possession and if
     and whenever the Security Trustee enters into possession of the Charged
     Property, it shall be entitled at any time at its discretion to go out of
     such possession.

16.  COSTS AND EXPENSES

16.1 INDEMNITY

     The Company will fully indemnify each of the Security Trustee, each Lender
     Party and any Receiver appointed hereunder on demand from and against any
     expense

                                      -16-

     (including legal fees on a full indemnity basis), loss, damage or liability
     which any of them may incur in connection with the negotiation,
     preparation, execution, modification, amendment, release and/or enforcement
     or attempted enforcement of, or preservation of the rights under, this Deed
     or in relation to any of the Charged Property, including any present or
     future stamp or other taxes or duties and any penalties or interest with
     respect thereto which may be imposed by any competent jurisdiction in
     connection with the execution or enforcement of this Deed or in consequence
     of any payment being made pursuant to this Deed (whether made by the
     Company or a third person) being impeached or declared void for any reason
     whatsoever.

16.2 DEFAULT INTEREST

     The amounts payable under Clause 16.1 above shall carry default interest at
     the Default Rate as well after as before judgment, from the dates on which
     they were paid, incurred or charged by the Security Trustee, the relevant
     Lender Party or the Receiver (as the case may be) and shall form part of
     the Liabilities and accordingly be secured on the Charged Property under
     the charges contained in this Deed. All such default interest shall be
     compounded at such intervals as the Security Trustee may select from time
     to time.

17.  OTHER SECURITY, CUMULATIVE POWERS AND AVOIDANCE OF PAYMENTS

17.1 SECURITY NON-EXCLUSIVE

     This security is in addition to, and shall neither be merged in, nor in any
     way exclude or prejudice or be affected by any other lien, right of
     recourse or other right whatsoever, present or future, (or the invalidity
     thereof) which the Security Trustee or any Lender Party may now or at any
     time hereafter hold or have (or would apart from this security hold or
     have) from the Company or any other person in respect of the Liabilities.

17.2 POWERS CUMULATIVE, ETC

     The powers which this Deed confers on the Security Trustee and any Receiver
     appointed hereunder are cumulative, without prejudice to their respective
     powers under the general law, and may be exercised as often as the Security
     Trustee or the Receiver thinks appropriate. The Security Trustee or the
     Receiver may, in connection with the exercise of their powers, join or
     concur with any person in any transaction, scheme or arrangement
     whatsoever. The Company acknowledges that the respective powers of the
     Security Trustee and the Receiver will in no circumstances whatsoever be
     suspended, waived or otherwise prejudiced by anything other than an express
     waiver or variation in writing.

17.3 AMOUNTS DEEMED NOT PAID

     If the Security Trustee reasonably considers that any amount paid by the
     Company in respect of the Liabilities is capable of being avoided or set
     aside on the liquidation or administration of the Company or otherwise,
     then for the purposes of this Deed (other

                                      -17-

     than any provision requiring the payment of interest at the Default Rate)
     such amount shall not be considered to have been paid.

17.4 SETTLEMENT AND DISCHARGE

     Any settlement or discharge between the Company and the Security Trustee
     shall be conditional upon no security or payment to the Security Trustee by
     the Company or any other person being avoided or set-aside or ordered to be
     refunded or reduced by virtue of any provision or enactment relating to
     bankruptcy, insolvency or liquidation for the time being in force and if
     such condition is not satisfied (but without limiting the other rights of
     the Security Trustee hereunder or under applicable law), such settlement or
     discharge shall be of no effect and the security created by this Deed shall
     remain and/or shall be reinstated in full force and effect as if such
     settlement or discharge had not occurred and the Security Trustee shall, on
     behalf of the Lender Parties, be entitled to recover from the Company on
     demand the value (to the extent of the value of the outstanding Liabilities
     at the time of such demand) of the security or payment so avoided,
     set-aside, refunded or reduced.

17.5 RETENTION

     (a)  The Security Trustee may, in its absolute discretion, retain all or
          part of its security and other rights under this Deed as security for
          the Liabilities for a period of 25 months after the Liabilities shall
          have been paid and discharged in full.

     (b)  If at any time within that period of 25 months a petition is presented
          to a competent court for a winding-up order to be made in respect of
          the Company, steps are taken to wind up the Company voluntarily, an
          application is made to a competent court for an administration order
          to be made in respect of the Company, then the Security Trustee may
          continue to retain all or part of its rights under this Deed for any
          further period as the Security Trustee may in its absolute discretion
          determine.

18.  NOTICE OF SUBSEQUENT CHARGE

     If the Security Trustee or any Lender Party receives notice of any
     subsequent lien or other interest affecting all or any of the Charged
     Property then it may open a new account or accounts for the Company in its
     books and if it does not do so then (unless it gives express written notice
     to the contrary to the Company) as from the time of receipt of such notice
     by the Security Trustee or the relevant Lender Party, all payments made by
     the Company to the Security Trustee or the relevant Lender Party (in the
     absence of any express appropriation to the contrary) shall be treated as
     having been credited to a new account of the Company and not as having been
     applied in reduction of the Liabilities.

19.  EXCLUSION OF POWERS OF LEASING

     During the continuance of this security the statutory and other powers of
     leasing, letting, entering into agreements for leases or lettings and
     accepting or agreeing to accept surrenders of leases or tenancies shall not
     be exercisable by the Company in relation to the Charged Property or any
     part thereof.

                                      -18-

20.  DELEGATION

     By way of supplement to the Trustee Act 1925, the Security Trustee or any
     Receiver may delegate by power of attorney or in any other manner all or
     any of the powers, authorities and discretions which are for the time being
     exercisable by it or him under this Deed to any person or persons as it or
     he shall think fit. Any such delegation may be made upon such terms and
     conditions (including the power to subdelegate) as the Security Trustee or
     such Receiver may think fit. Neither the Security Trustee nor the Receiver
     will, in the absence of their own gross negligence or wilful misconduct, be
     liable or responsible to the Company or any other person for any losses,
     liabilities or expenses arising from any act, default, omission or
     misconduct on the part of any such delegate.

21.  REDEMPTION OF PRIOR CHARGES

     The Security Trustee may at any time following the security constituted by
     this Deed becoming enforceable redeem any and all prior liens on or
     relating to the Charged Property or any part thereof or procure the
     transfer of such liens to itself and may settle and pass the accounts of
     the person or persons entitled to the prior liens. The Security Trustee
     shall use its best efforts to give prior notice to the Company of any such
     action but failure to give such notice shall not invalidate or otherwise
     prejudice such action. Any account so settled and passed shall be
     conclusive and binding on the Company. The Company will on demand pay to
     the Security Trustee all principal monies, interest, costs, charges,
     losses, liabilities and expenses of and incidental to any such redemption
     or transfer.

22.  NOTICE

     All notices and other communication provided to any party hereto in
     connection with this Deed shall be in writing and the provisions of Clause
     14.2 of the Loan Agreement are hereby incorporated into this Deed with all
     necessary consequential changes.

23.  NO IMPLIED WAIVERS

23.1 FAILURE OR DELAY IN ACTING

     No failure or delay by the Security Trustee or any Lender Party in
     exercising any right, power or privilege under this Deed shall operate as a
     waiver thereof nor shall 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.

23.2 RIGHTS AND REMEDIES CUMULATIVE

     The rights and remedies of the Security Trustee (acting on behalf of the
     Lender Parties) provided in this Deed are cumulative and not exclusive of
     any rights or remedies provided by law.

23.3 LIMITED EFFECT

     A waiver given or consent granted by the Security Trustee under this Deed
     will be effective only if given in writing and then only in the instance
     and for the purpose for which it is given.

                                      -19-

24.  INVALIDITY OF ANY PROVISION

     If any provision of this Deed is or becomes invalid, illegal or
     unenforceable in any jurisdiction in any respect under any law, the
     validity, legality and enforceability of the remaining provisions will not
     be affected or impaired in any way.

25.  ASSIGNMENT

     The Security Trustee may at any time assign or otherwise transfer all or
     any part of its rights under this Deed in accordance with and subject to
     the terms of the Loan Agreement. The Company may not assign or otherwise
     transfer all or any part of its rights or obligations under this Deed.

26.  CURRENCY

     (a)  All monies received or held by any Lender Party or any Receiver under
          this Deed may be converted into such other currency as such Lender
          Party or Receiver considers necessary or desirable to cover the
          obligations and liabilities comprised in the Liabilities at the spot
          rate of exchange of such Lender Party (or, in respect of a Receiver,
          the spot rate of exchange of the Security Trustee) then prevailing for
          purchasing the required currency with the existing currency.

     (b)  No payment to any Lender Party (whether under any judgement or court
          order or otherwise) shall discharge the obligation or liability of the
          Company in respect of which it was made unless and until the Lender
          Party shall have received payment in full in the currency in which the
          obligation or liability was incurred and to the extent that the amount
          of any such payment shall on actual conversion into such currency fall
          short of such obligation or liability expressed in that currency, the
          relevant Lender Party shall have a further separate cause of action
          against the Company and shall be entitled to enforce the security
          constituted by this Deed to recover the amount of the shortfall.

27.  COUNTERPARTS

     This Deed may be executed in any number of counterparts and all of such
     counterparts taken together shall be deemed to constitute one and the same
     instrument.

28.  PERPETUITY PERIOD

     For purposes of the Perpetuities and Accumulations Act 1964 any trust
     created under this Deed shall be deemed to have been created for a period
     of eighty (80) years commencing on the date of this Deed.

29.  CERTIFICATES CONCLUSIVE

     A certificate, determination, notification or opinion of the Security
     Trustee as to any amount payable under any Loan Document will be conclusive
     and binding on the Company except in the case of manifest error.

                                      -20-

30.  BENEFIT OF UNDERTAKINGS

     The Security Trustee shall hold the benefit of the covenants, charges and
     other undertakings given by the Company pursuant to this Deed upon trust
     for the Lender Parties, provided that the Security Trustee's sole
     obligations to the Lenders shall be those set out in Clause 12 of the Loan
     Agreement.

31.  GOVERNING LAW AND SUBMISSION TO JURISDICTION

     (a)  GOVERNING LAW: This Deed and all matters and disputes relating hereto
          shall be governed and construed in accordance with English law.

     (b)  JURISDICTION: Each of the parties hereto irrevocably agrees for the
          benefit of each of the Lender Parties that the courts of England shall
          have non-exclusive jurisdiction to hear and determine any suit, action
          or proceeding, and to settle any disputes, which may arise out of or
          in connection with this Deed and, for such purposes, irrevocably
          submits to the non-exclusive jurisdiction of such courts.

     (c)  FORUM: The Company irrevocably waives any objection which it might now
          or hereafter have to the courts referred to in clause (b) being
          nominated as the forum to hear and determine any suit, action or
          proceeding, and to settle any disputes, which may arise out of or in
          connection with this Deed and agrees not to claim that any such court
          is not a convenient or appropriate forum.

     (d)  PROCESS AGENT: The Company agrees that the process by which any suit,
          action or proceeding is begun may be served on it by being delivered
          in connection with any suit, action or proceeding in England, to it
          at:

          Randgold Resources Limited
          4th Floor
          Savoy Court
          Strand
          London WC2R 0EZ

     (e)  NON-EXCLUSIVE: The submission to the jurisdiction of the courts
          referred to in clause (b) shall not (and shall not be construed so as
          to) limit the right of the Lender Parties or any of them to take
          proceedings against the Company in any other court of competent
          jurisdiction nor shall the taking of proceedings in any one or more
          jurisdictions preclude the taking of proceedings in any other
          jurisdiction, whether concurrently or not.

     (f)  WAIVER OF IMMUNITY: To the extent that the Company may be entitled in
          any jurisdiction to claim for itself or its assets, immunity from
          suit, execution, attachment or other legal process whatsoever, it
          hereby irrevocably agrees not to claim and hereby irrevocably waives
          such immunity to the fullest extent permitted by the laws of such
          jurisdiction.

                                      -21-

                                   SCHEDULE 1
            FORM OF NOTICE OF ASSIGNMENT AND FORM OF ACKNOWLEDGEMENT

                                     PART I
                          FORM OF NOTICE OF ASSIGNMENT

To:   [_________]

From: Randgold Resources Limited (the "COMPANY")

      and

      N M Rothschild & Sons Limited as Security Trustee

                                                                      [Date]

                                                                      [__], [__]

Dear Sirs,

                              NOTICE OF ASSIGNMENT

We refer to the [__] Agreement (the "AGREEMENT") between the Company and [__],
dated [__], [__].

We hereby notify you that Randgold Resources Limited (the "COMPANY") has
assigned to N M Rothschild & Sons Limited, as Security Trustee (the "SECURITY
TRUSTEE") pursuant to a Debenture, dated 2 September, 2004 (the "DEBENTURE"),
between the Company and the Security Trustee (in connection with the Loan
Agreement, dated 2 September, 2004 (the "LOAN AGREEMENT"), among, inter alia,
the Borrower, the Company, the Guarantors referred to therein, the lenders
referred to therein, the Mandated Lead Arrangers referred to therein, and N M
Rothschild & Sons Limited, as the Facility Agent), all its present and future
right, title and interest under, to and in the Agreement as security for certain
obligations owed by the Company to the Lender Parties (as defined therein) and
the Security Trustee.

Words and expressions defined in the Debenture shall, unless otherwise defined
herein, have the same meaning when used in this letter (the "NOTICE OF
ASSIGNMENT").

[A copy of the Debenture is enclosed for your attention and we request that you
take note of its provisions.]

Please note the following:

1.   The Company shall at all times remain solely liable to you for the
     performance of all of the obligations assumed by it under or in respect of
     the Agreement.

2.   The Company irrevocably and unconditionally instructs you to pay the full
     amount of any sum which you are (or would, but for the Debenture, be) at
     any time obliged to pay to it under or in respect of the Agreement:

                                      -22-

     unless and until the Security Trustee gives you notice of an Event of
     Default, to the following bank account:

          Account No: 411848086

          Branch:     Citibank, N.A., Jersey Branch
                      Global Corporate Banking, Jersey
                      38 Esplanade
                      St. Helier
                      Jersey
                      Channel Islands
                      JE4 8QB

          Currency:   United States Dollars;

          and,

     (g)  at all times after the Security Trustee has given you notice of an
          Event of Default as referred to in paragraph (a) above, to such bank
          account as the Security Trustee may from time to time specify to you.

3.   The Security Trustee has agreed that the Company may exercise all of the
     rights, powers, discretions and remedies which would (but for the
     Debenture) be vested in the Company under and in respect of the Agreement
     unless and except to the extent that the Security Trustee gives you notice
     of an Event of Default. Upon and after the giving of any such notice of an
     Event of Default, the Security Trustee shall be entitled to exercise and
     give directions regarding the exercise of all or any of those rights,
     powers, discretions and remedies (to the exclusion of the Company and to
     the exclusion of any directions given at any time by or on behalf of the
     Company) to the extent specified in the notice of an Event of Default.

4.   The Company has irrevocably and unconditionally appointed the Security
     Trustee to be its attorney to do (among other things) all things which the
     Company itself could do in relation to the Agreement.

5.   The Company confirms that:

     in the event of any conflict between communications received from the
     Company and from the Security Trustee, the communication from the Security
     Trustee shall prevail; and

     (h)  none of the instructions, authorisations and confirmations in this
          notice can be revoked or varied in any way except with the Security
          Trustee's specific prior written consent.

Please acknowledge receipt of this notice, and confirm your agreement to it, by
executing and returning to the Security Trustee an original copy of the Form of
Acknowledgement attached to this notice of assignment.

                                      -23-

This notice is governed by English law.

Yours truly,

----------------------------------------
Randgold Resources Limited

----------------------------------------
N M Rothschild & Sons Limited,
   as Security Trustee

                                      -24-

                                   SCHEDULE 1

                                     PART II
                             FORM OF ACKNOWLEDGEMENT

To:   N M Rothschild & Sons Limited
      New Court
      St. Swithin's Lane
      London EC4P 4DU

      Facsimile No: +44 207 280 5139

      (as Security Trustee)

Attn: David Street/Derek McCrone

Dear Sirs,

RE: [DESCRIBE ASSIGNED AGREEMENT] (THE "AGREEMENT")

We acknowledge receipt of the Notice of Assignment, dated [__], [__], (a copy of
which is attached to this letter) [and the copy of the Debenture enclosed with
that notice]. Words and expressions defined in the Debenture and the attached
Notice of Assignment shall, unless otherwise defined herein, have the same
meanings in this letter.

In consideration of the Lender Parties agreeing to provide finance and financial
support pursuant to the Loan Documents, we confirm that:

we consent to the assignment of the Agreement and have noted, and will act in
accordance with, the terms of the Notice of Assignment;

6.   we have not previously received notice of any other assignment of the
     Agreement and we are not aware of any interest of any third party in any of
     the Company's rights, benefits, interests or claims under or in respect of
     the Agreement;

7.   we irrevocably and unconditionally agree to pay the full amount of any sum
     which we are (or would but for the Debenture, be) at any time obliged to
     pay under or in respect of the Agreement:

     unless and until the Security Trustee gives us notice of an Event of
     Default, to the Operating Account;

     (i)  at all times, after the Security Trustee has given us notice of an
          Event of Default, to such bank account as the Security Trustee may
          from time to time specify;

8.   we acknowledge that the Company shall at all times remain solely liable to
     us for the performance of all of the obligations assumed by it under the
     Agreement, and that neither the Security Trustee nor any other Lender Party
     is or will be under any

                                      -25-

     liability or obligation whatever in the event of any failure by the Company
     to perform its obligations under the Agreement.

This letter is governed by English law.

Yours truly,

[__]

by

[__]

                                      -26-

                                   SCHEDULE 2
     FORM OF NOTICE OF ASSIGNMENT OF INSURANCES AND FORM OF ACKNOWLEDGEMENT

                                     PART I
                          FORM OF NOTICE OF ASSIGNMENT

To:   [INSERT NAME AND ADDRESS OF INSURANCE COMPANY/UNDERWRITER]

From: Randgold Resources Limited (the "COMPANY")

      and

      N M Rothschild & Sons Limited (the "SECURITY TRUSTEE")

                                                                          [Date]

Dear Sirs,

                              NOTICE OF ASSIGNMENT

We, the Company, hereby give you notice that pursuant to a Debenture, dated 2
September, 2004, and made between ourselves and the Security Trustee (such
Debenture, as the same may be amended, assigned, novated or supplemented from
time to time, being below called the "DEBENTURE"), we have assigned and agreed
to assign to the Security Trustee all our rights, title, benefits, interests and
claims, present and future, in and to the Insurances and all Insurance Proceeds
(including all claims relating to such Insurances and all rights to require
payment of any amount under such Insurances and return premium payable in
respect of such Insurances) (together the "ASSIGNED PROPERTY").

Words and expressions defined in the Debenture shall, unless otherwise defined
herein, have the same meaning in this letter (the "NOTICE OF ASSIGNMENT").

[A copy of the Debenture is enclosed for your attention and we request that you
take note of its provisions.]

Please note the following:

The Company shall at all times remain solely liable to you for the performance
of all of the obligations assumed by it under or in respect of the Insurances
(including the payment of all premiums, calls, contributions or other sums from
time to time payable in respect of the Insurances).

9.   The Company irrevocably and unconditionally instructs you to pay all moneys
     including the proceeds of all claims which at any time may be or would, but
     for the Debenture, be or become payable by you to the Company under or in
     respect of the Insurances as follows:

                                      -27-

     unless and until the Security Trustee gives you notice of an Event of
     Default, in accordance with the loss payable clause contained in the
     relevant policy(ies) of insurances; and

     (j)  at any time after the Security Trustee gives you notice of an Event of
          Default, to such bank account or otherwise as the Security Trustee may
          from time to time direct.

10.  The Security Trustee has agreed that the Company may exercise all the
     rights, powers, discretions and remedies which would (but for the
     Debenture) be vested in the Company under and in respect of the Assigned
     Property and you should continue to give notices under the Insurances to
     the Company unless and except to the extent that the Security Trustee gives
     you notice of an Event of Default. Upon and after the giving of any such
     notice of an Event of Default, the Security Trustee shall be entitled to
     exercise and give directions regarding the exercise of all or any of those
     rights, powers, discretions and remedies (to the exclusion of the Company
     and to the exclusion of any directions given at any time by or on behalf of
     the Company) to the extent specified in the notice of an Event of Default.

11.  The Company has irrevocably and unconditionally appointed the Security
     Trustee to be its attorney to do (among other things) all things which the
     Company itself could do in relation to the Assigned Property.

12.  The Company confirms that:

     in the event of any conflict between communications received from the
     Company and from the Security Trustee, the communication from the Security
     Trustee shall prevail; and

     (k)  none of the instructions, authorisations and confirmations in this
          notice can be revoked or varied in any way except with the Security
          Trustee's specific prior written consent.

This Notice of Assignment is governed by and shall be construed in accordance
with English law.

                                      -28-

Please acknowledge receipt of this Notice of Assignment and confirm that you
will comply with the other provisions of this Notice of Assignment by executing
and returning an original copy of the Form of Acknowledgement attached to this
Notice of Assignment to the Security Trustee at the address set out in the Form
of Acknowledgement.

Yours truly,

---------------------------------
Randgold Resources Limited

---------------------------------
N M Rothschild and Sons Limited,
   as Security Trustee

                                      -29-

                                   SCHEDULE 2

                                     PART II
                             FORM OF ACKNOWLEDGEMENT

To:   N M Rothschild and Sons Limited
      New Court
      St. Swithin's Lane
      London EC4P 4DU

      Facsimile No: +44 207 280 5139

Attn: David Street/ Derek McCrone

Dear Sirs,

We acknowledge receipt of the Notice of Assignment, dated [__], [__], (the
"NOTICE"), a copy of which is attached, and agree to be bound by its terms and
conditions [and further acknowledge receipt of the copy of the Debenture
enclosed with the Notice]. Words and expressions defined in the Notice shall,
unless otherwise defined herein, have the same meanings in this letter.

In consideration of the Lenders approving and continuing to approve the
placement of Insurances with us from time to time, we undertake and confirm to
you in the terms set out in this letter.

We will ensure that the interest of the Security Trustee (as assignee of the
Assigned Property) and a copy of the endorsement set out in the Exhibit of this
Acknowledgement will be duly noted and endorsed on all slips, cover notes,
policy documents and other documents relating to the Insurances.

13.  We agree to ensure and procure that any and all claims, proceeds or other
     moneys payable under or in respect of the Assigned Property are paid in
     accordance with the required loss payable provisions in the relevant
     policy(ies) or otherwise as directed in the Notice.

14.  We also confirm that we have not, as at the date of this letter, received
     notice that any other person has or will have any right or interest
     whatsoever in, or has made or will be making any claim or demand or be
     taking any action against the Assigned Property or any part thereof, and
     if, after the date hereof, we receive any such notice, we shall immediately
     give written notice thereof to the Security Trustee.

                                      -30-

This letter shall be governed by and construed in accordance with English law.

Yours truly,

---------------------------------------------
[Name of broker/underwriter/insurance company]

                                      -31-

                                   SCHEDULE 3

                           EXHIBIT TO ACKNOWLEDGEMENT
                               NOTICE OF DEBENTURE

        [TO BE ENDORSED ON EACH POLICY OR OTHER INSTRUMENT OF INSURANCE]

Notice has been received from Randgold Resources Limited (the "COMPANY") that by
a Debenture dated 2 September, 2004 and made between the Company and N M
Rothschild & Sons Limited whose registered office is at New Court, St. Swithin's
Lane, London EC4P 4DU, (the "SECURITY TRUSTEE" including for this purpose its
successors and assigns) the Company has assigned to the Security Trustee (acting
as security trustee for the Lender Parties) all the Company's rights, title,
benefits, interests and claims, present and future, in and to the Insurances,
(including the insurance constituted by the policy on which this notice is
endorsed) and all Insurance Proceeds (including all claims relating to them and
all rights to require payment of any amount under them and all returns of
premium payable in respect of them).

All moneys which at any time may be or would, but for the Debenture, be or
become payable by you to the Company pursuant to the Insurances (including the
insurance constituted by the policy on which this notice is endorsed) and the
proceeds of all claims shall be paid in accordance with the loss payable clause
contained in the relevant policy(ies) unless and until the Security Trustee
gives you notice of an Event of Default, in which event you should make all
future payments as directed by the Security Trustee.

                                      -32-

IN WITNESS whereof this Deed has been duly executed and delivered as of the day
and year first before written.

THE COMPANY

EXECUTED and DELIVERED as a deed     )
by RANDGOLD RESOURCES                )
LIMITED acting by:                   )

                                        /s/ Roger A. Williams
                                        ----------------------------------------
                                        Signature

                                        Roger A. Williams
                                        ----------------------------------------
                                        Name Printed

                                        Title: Finance Director

                                        ----------------------------------------
                                        Signature

                                        ----------------------------------------
                                        Name Printed

                                        Title:

THE SECURITY TRUSTEE

Signed as a deed for and on behalf of     )
N M ROTHSCHILD & SONS                     )
LIMITED by                                )

/s/ D. Street
---------------------
(Director)

and

/s/ C. Coleman
----------------------------
(Director/Company Secretary/
Assistant Company Secretary)

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