Document:

EX-4.40

 Exhibit 4.40 

EXECUTION VERSION 

AMENDMENT AND INTERIM IMPLEMENTATION AGREEMENT 

amongst 
 ATLATSA RESOURCES
CORPORATION 
 and 

N1C RESOURCES INC. 
 and

 N2C RESOURCES INC 

and 
 RUSTENBURG PLATINUM
MINES LIMITED 
 (in its capacity as co-shareholder and preference shareholder of Holdco, Senior Agent, Senior Facilities Lender and OCSF
Lender) 
 and 
 PLATEAU
RESOURCES PROPRIETARY LIMITED 
 and 

BOKONI PLATINUM HOLDINGS PROPRIETARY LIMITED 
  

 

  
 

 

 

 
  

 and 

BOKONI PLATINUM MINE PROPRIETARY LIMITED 

and 
 MICAWBER 634
PROPRIETARY LIMITED 
 and 

MICAWBER 603 PROPRIETARY LIMITED 

and 
 PELAWAN FINANCE SPV
PROPRIETARY LIMITED 
 and 

THE TRUSTEES FOR THE TIME BEING OF THE PELAWAN TRUST 

and 
 THE TRUSTEES FOR THE
TIME BEING OF THE PELAWAN DIVIDEND TRUST 

  
 

 

 

 
  

 Table of Contents 

 

							
	 	 	 	  	Page No	 
			
	1.	 	 PART 1: DEFINITIONS AND INTERPRETATION
	  	 	1	  
	2.	 	 PART 2: INTRODUCTION
	  	 	12	  
	3.	 	 PART 3: CONDITIONS PRECEDENT
	  	 	13	  
	4.	 	 PART 4: AMENDMENTS TO THE FINANCE DOCUMENTS AND RPM FINANCE DOCUMENTS AND TERMINATION OF THE OCSF AGREEMENT
	  	 	14	  
	5.	 	 PART 5: IMPLEMENTATION
	  	 	28	  
	6.	 	 PART 6: MISCELLANEOUS PROVISIONS
	  	 	33	  
		
	 Schedule 1        Interim Funds Flow Statement
	  	 	43	  
	 Schedule 2        Term Sheet
	  	 	46	  
		
	SIGNATURE PAGE	  	 	59	  

  
 

 

	
	

  

							
	 1.      PART 1: DEFINITIONS AND INTERPRETATION

		
	 1.1
	 	 Words and expressions not otherwise defined in this Agreement shall bear the meaning given to them in the June 2009 Senior Facilities Agreement (as
defined below). In addition, unless otherwise stated or inconsistent with the context in which they appear, the following words and expressions used in this Agreement (including without limitation, in clauses 4.1 to 4.7) bear the following meanings
and other words derived from the same origins as such words (that is, cognate words) shall bear corresponding meanings:

				
	 1.1.1
	 		 	“Accrued Notional Interest Amount”	    	 on the date of calculation, the aggregate notional interest amount on the Loans, calculated in accordance with clauses 4.1.2.6.4 and 4.1.2.6.5;

				
	 1.1.2
	 		 	“Accrued Notional Interest Reference Amount”	    	 an amount of R226,532,264.58;

				
	 1.1.3
	 		 	“Additional Advance Amounts”	    	 the aggregate of the Subscription Advance Amount, the OSCF Settlement Advance Amount and the Additional SFA Advance Amounts;

				
	 1.1.4
	 		 	“Additional SFA Advance Amounts”	    	 the amount of R295 870 924.16;

				
	 1.1.5
	 		 	“AFSA”	    	 Arbitration Foundation of Southern Africa;

				
	 1.1.6
	 		 	“Agreement”	    	 this amendment and interim implementation agreement, including all Schedules, as amended from time to time;

				
	 1.1.7
	 		 	 “Atlatsa”
	    	 Atlatsa Resources Corporation (previously known as Anooraq Resources Corporation), registration number 10022-2033, a public company incorporated in accordance
with the laws of British Columbia, Canada;

  
 

 

  
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	 1.1.8
	 		 	 “Business Day”
	    	 any day which is not a Saturday, Sunday or gazetted public holiday in South Africa;

				
	 1.1.9
	 		 	 “Companies Act”
	    	 the Companies Act, 71 of 2008;

				
	 1.1.10
	 		 	“Conditions Precedent”	    	 the conditions precedent set out in clause 3;

				
	 1.1.11
	 		 	“First Holdco Opco Subscription Agreement”	    	 the first subscription agreement entered into, or to be entered into, between Holdco and Opco, on or about the Signature Date, in terms of which Holdco
subscribes for and Opco issues and allots the First Holdco Opco Subscription Shares;

				
	 1.1.12
	 		 	“First Holdco Opco Subscription Price”	    	 the aggregate subscription price for the First Holdco Opco Subscription Shares, being R3,398,107,403.92;

				
	 1.1.13
	 		 	“First Holdco Opco Subscription Shares”	    	 100 ordinary shares of R1,00 each in the authorised share capital of Opco, to be issued and allotted to Holdco pursuant to the First Holdco Opco Subscription
Agreement;

				
	 1.1.14
	 		 	“First Plateau Holdco Subscription Agreement”	    	 the first subscription agreement entered into, or to be entered into, between Plateau and Holdco, on or about the Signature Date, in terms of which Plateau
subscribes for and Holdco issues and allots the Plateau Holdco Subscription Shares;

				
	 1.1.15
	 		 	“First Plateau Holdco Subscription Price”	    	 the aggregate subscription price for the First Plateau Holdco Subscription Shares, being me Subscription Advance
Amount;

  
 

 

  
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	 1.1.16
	 		 	“First Plateau Holdco Subscription Shares”	    	 51 ordinary shares of R1,00 each in the authorised share capital of Holdco, to be issued and allotted to Plateau pursuant to the First Plateau Holdco
Subscription Agreement;

				
	 1.1.17
	 		 	“First RPM Holdco Subscription Agreement”	    	 the first subscription agreement entered into, or to be entered into, between RPM and Holdco, on or about the Signature Date, in terms of which RPM subscribes
for and Holdco issues and allots the First RPM Holdco Subscription Shares;

				
	 1.1.18
	 		 	“First RPM Holdco Subscription Price”	    	 the aggregate subscription price for the First RPM Holdco Subscription Shares, being R1,665,072,628.31;

				
	 1.1.19
	 		 	“First RPM Holdco Subscription Shares”	    	 49 ordinary shares of R1,00 each in the authorised share capital of Holdco, to be issued and allotted to RPM pursuant to the First RPM Holdco Subscription
Agreement;

				
	 1.1.20
	 		 	“Holdco”	    	 Bokoni Platinum Holdings Proprietary Limited, registration number 2007/016711/07, a private company incorporated in accordance with the laws of South
Africa;

				
	 1.1.21
	 		 	“Holdco Opco A Preference Share Subscription Agreement”	    	 the subscription agreement entered into between Holdco and Opco on or about 12 June 2009, in terms of which Holdco subscribed for and Opco issued and alloted
the Holdco Opco A Preference Shares;

  
 

 

  
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	 1.1.22
	 		 	“Holdco Opco A Preference Dividend”	    	 the A Preference Dividend, as defined in Schedule 2 of the Holdco Opco A Preference Share Subscription Agreement;

				
	 1.1.23
	 		 	“Holdco Opco A Preference Shares”	    	 the A Preference Shares, as defined in Schedule 2 of the Holdco Opco A Preference Share Subscription Agreement;

				
	 1.1.24
	 		 	“Holdco Opco Redemption Amount”	    	 the Redemption Amount, as defined in Schedule 2 of the Holdco Opco A Preference Share Subscription Agreement;

				
	 1.1.25
	 		 	 “Implementation

Bank”
	    	 The Standard Bank of South Africa Limited;

				
	 1.1.26
	 		 	Income Tax Act”	    	 the Income Tax Act, 58 of 1962;

				
	 1.1.27
	 		 	“Insolvency Act”	    	 the Insolvency Act, 24 of 1936;

				
	 1.1.28
	 		 	“Interim Closing Date”	    	 28 September 2012 or such other date as RPM and Plateau may agree to in writing;

				
	 1.1.29
	 		 	“Interim Funds Flow Statement”	    	 the Interim Funds Flow Statement attached as Schedule 1 to this Agreement;

				
	 1.1.30
	 		 	 “Interim
 Implementation

Steps”
	    	 the steps set out in clause 5.2, in the sequence reflected in such clause;

				
	 1.1.31
	 		 	“June 2009 Senior Facilities Agreement”	    	 the ZAR750,000,000 (inclusive of capitalised interest) term facility agreement dated 12 June 2009, between (as at the Signature Date),
amongst

  
 

 

  
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		 		 		    	 others, Atlatsa, N1C Resources, N2C Resources, the Borrower and RPM in its capacity as lender, senior agent and security agent, as amended from time to
time;

				
	 1.1.32
	 		 	 “Lender”
	    	 the Lender, as defined in the Senior Facilities Agreement;

				
	 1.1.33
	 		 	“N1C Resources”	    	 N1C Resources Inc., registration number CR-94610, a limited liability company incorporated in accordance with the laws of the Cayman Islands;

				
	 1.1.34
	 		 	“N2C Resources”	    	 N2C Resources Inc., registration number CR-94611, a limited liability company incorporated in accordance with the laws of the Cayman Islands;

				
	 1.1.35
	 		 	“New Senior Facilities Agreement”	    	 the new senior facilities agreement to be entered into between, amongst others, the parties to the June 2009 Senior Facilities Agreement after the Signature
Date, in terms of which RPM, as original lender, will advance to Plateau, as borrower, an amount of up to R2,300,000,000, including capitalised interest, (plus a further amount, to be agreed between the parties to this agreement, to facilitate the
capitalisation of the Holdco Group), on the terms set out in that agreement;

				
	 1.1.36
	 		 	“New Senior Facilities Utilisation Date”	    	 the date on which the first amount is advanced to Plateau under the New Senior Facilities Agreement;

				
	 1.1.37
	 		 	“OCSF Agreement”	    	 the OCSF Agreement, as defined in the RPM Funding Common Terms Agreement;

				
	 1.1.38
	 		 	“OCSF Facility”	    	 the OCSF Facility, as defined in the RPM Funding Common Terms Agreement;

 
 

 

  
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	 1.1.39
	 		 	“OCSF Lender”	    	 RPM, in its capacity as lender under the OCSF Facility;

				
	 1.1.40
	 		 	“OCSF Settlement Advance Amount”	    	 an amount equivalent to the OCSF Settlement Amount;

				
	 1.1.41
	 		 	“OCSF Settlement Amount”	    	 the amount required to be repaid by Plateau to the OSCF Lender to settle all amounts outstanding under the OSCF Facility on the Interim Closing Date, being the
amount referred to in clause 4.2.2.1.2;

				
	 1.1.42
	 		 	“Opco”	    	 Bokoni Platinum Mines Proprietary Limited, registration number 2007/016001/07, a private company incorporated in accordance with the laws of South
Africa;

				
	 1.1.43
	 		 	 “Opco
 Security
SPV”
	    	 Micawber 603 Proprietary Limited, registration number 2007/019599/07, a private company incorporated in accordance with the laws of South Africa;

				
	 1.1.44
	 		 	“Parties”	    	 collectively, Atlatsa, Plateau, N1C Resources, N2C Resources, RPM, the Lender, the OSCF Lender, the Senior Agent, Opco Security SPV, Plateau Security SPV,
Holdco, Opco, Pelawan SPV, Pelawan Dividend Trust, Pelawan Trust and a “Party” shall mean each or any of them, as the context requires;

				
	 1.1.45
	 		 	“Pelawan SPV”	    	 Pelawan Finance SPV Proprietary Limited (formerly Central Plaza Investments 78 Proprietary Limited), registration number 2006/032879/07, a private company
incorporated in accordance with the laws of South Africa;

  

 

  
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	 1.1.46
	 		 	“Pelawan Dividend Trust”	    	 the trustees for the time being of the Pelawan Dividend Trust, established in accordance with the trust deed with Master’s reference number
IT8410/2004;

				
	 1.1.47
	 		 	“Pelawan Trust”	    	 the trustees for the time being of the Pelawan Trust, established in accordance with the trust deed dated 2 September 2004, Master’s reference number
IT8411/2004;

				
	 1.1.48
	 		 	“Plateau”	    	 Plateau Resources Proprietary Limited, registration number 1996/013879/07, a private company incorporated in accordance with the laws of South
Africa;

				
	 1.1.49
	 		 	“Plateau Holdco A Preference Share Subscription Agreement”	    	 the subscription agreement entered into between Plateau and Holdco on or about 12 June 2009, in terms of which Plateau subscribes for and Holdco issues and
allots the Plateau Holdco A Preference Shares;

				
	 1.1.50
	 		 	“Plateau Holdco A Preference Dividend”	    	 the A Preference Dividend, as defined in Schedule 2 of the Plateau Holdco A Preference Share Subscription Agreement;

				
	 1.1.51
	 		 	“Plateau Holdco A Preference Shares”	    	 the A Preference Shares, as defined in the Plateau Holdco A Preference Share Subscription
Agreement;

  
 

 

  
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	 1.1.52
	 		 	“Plateau Holdco Redemption Amount”	    	 the Redemption Amount, as defined in the Plateau Holdco A Preference Share Subscription Agreement;

				
	 1.1.53
	 		 	“Plateau Security SPV”	    	 Micawber 634 Proprietary Limited, registration number 2007/025445/07, a private company incorporated in accordance with the laws of South Africa;

				
	 1.1.54
	 		 	“RPM”	    	 Rustenburg Platinum Mines Limited, registration number 1931/003380/06, a public company incorporated in accordance with the laws of South Africa;

				
	 1.1.55
	 		 	“RPM Funding Common Terms Agreement”	    	 the RPM Funding Common Terms Agreement dated 12 June 2009 between, amongst RPM, Plateau, Atlatsa, Pelawan SPV, N1C Resources, N2C Resources, Pelawan, Pelawan
Trust, Opco Security SPV and Plateau Security SPV;

				
	 1.1.56
	 		 	“RPM Holdco A Preference Share Subscription Agreement”	    	 the subscription agreement entered into between RPM and Holdco on or about 12 June 2009, in terms of which RPM subscribed for and Holdco issued and allotted the
RPM Holdco A Preference Shares;

				
	 1.1.57
	 		 	“RPM Holdco A Preference Dividend”	    	 the A Preference Dividend, as defined in Schedule 2 of the RPM Holdco A Preference Share Subscription
Agreement;

  
 

 

  
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	 1.1.58
	 		 	“RPM Holdco A Preference Shares”	    	 the A Preference Shares, as defined in Schedule 2 of the RPM Holdco A Preference Share Subscription Agreement;

				
	 1.1.59
	 		 	“RPM Holdco Redemption Amount”	    	 the Redemption Amount, as defined in Schedule 2 of the RPM Holdco A Preference Share Subscription Agreement;

				
	 1.1.60
	 		 	“RPM Plateau A Preference Share Subscription Agreement”	    	 the subscription agreement entered into between RPM and Plateau on or about 12 June 2009, in terms of which RPM subscribed for and Holdco issued and allotted
the RPM Plateau A Preference Shares;

				
	 1.1.61
	 		 	“RPM Plateau A Preference Dividend”	    	 the A Preference Dividend, as defined in Schedule 2 of the RPM Plateau A Preference Share Subscription Agreement;

				
	 1.1.62
	 		 	“RPM Plateau A Preference Shares”	    	 the A Preference Shares, as defined in Schedule 2 of the RPM Plateau A Preference Share Subscription Agreement;

				
	 1.1.63
	 		 	“RPM Plateau Redemption Amount”	    	 the Redemption Amount, as defined in Schedule 2 of the RPM Plateau A Preference Share Subscription Agreement;

				
	 1.1.64
	 		 	“Schedule”	    	 a schedule to this Agreement;

 
 

 

  
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	 1.1.65
	 		 	“Security Agent”	    	 the Security Agent, as defined in the June 2009 Senior Facilities Agreement;

				
	 1.1.66
	 		 	“Senior Agent”	    	 the Senior Agent, as defined in the June 2009 Senior Facilities Agreement;

				
	 1.1.67
	 		 	“Signature Date”	    	 the date on which this Agreement is signed (whether or not in counterpart) by the last signing of the Parties;

				
	 1.1.68
	 		 	“South Africa”	    	 the Republic of South Africa;

				
	 1.1.69
	 		 	“Subscription Advance Amount”	    	 the amount of R1,733,034,775.61;

				
	 1.1.70
	 		 	“Term Sheet”	    	 the term sheet entitled ‘Project Kingpin’, initialled by AAPL and Atlatsa on or about December 2011, attached hereto as Schedule 2;

				
	 1.1.71
	 		 	“Total Facility Outstandings”	    	 mean, at any time, and in relation to the June 2009 Senior Facility Agreement, the aggregate of all amounts of principal (including capitalised interest),
accrued and unpaid interest and all and any other amounts due and payable to the Senior Finance Parties by Plateau under the June 2009 Senior Facilities Agreement including, without limitation, any bona fide claim for direct damages or restitution
and any claim as a result of any recovery by Plateau of a payment or discharge on the grounds of preference, and any amounts which would be included in any of the above but for any discharge, non-provability or unenforceability of those amounts in
any insolvency or other proceedings;

				
	 1.1.72
	 		 	“VAT”	    	 value-added tax in terms of the VAT Act;

				
	 1.1.73
	 		 	“VAT Act”	    	 the Value Added Tax Act, 89 of 1991;

  
 

 

  
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	1.2	 If any provision in a definition is a substantive provision conferring rights or imposing obligations on any Party, notwithstanding that it is only
in the definition clause, effect shall be given to it as if it were a substantive provision of this Agreement. 

  

	1.3	 Any reference to an enactment is to that enactment as at the Signature Date and, in the event that any right and/or obligation shall arise in terms
of this Agreement, in respect of and/or in connection with such enactment after the Signature Date, such reference shall be to that enactment as amended and/or replaced as at the date for performance of such right and/or obligation.

  

	1.4	 Any reference in this Agreement to this Agreement or to any other agreement shall be construed as a reference to this Agreement or such other
agreement as the same may have been (including at any time prior to the Signature Date), or may from time to time be, amended, varied, novated or supplemented. 

 

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

 

	1.5.1	 any gender includes the other genders; 

  

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

 

	1.5.3	 the singular includes the plural and vice versa. 

  

	1.6	 Where any term is defined within the context of any particular clause in this Agreement, the term so defined, unless it is clear from the clause in
question that the term so defined has limited application to the relevant clause, shall bear the meaning ascribed to it for all purposes in terms of this Agreement, notwithstanding that that term has not been defined in this interpretation clause.

  

	1.7	 The rule of construction that, in the event of ambiguity, a contract shall be interpreted against the Party responsible for the drafting or
preparation of such contract, shall not apply. 

  

	1.8	 Where any number of days is prescribed, those days shall be reckoned exclusively of the first and inclusively of the last day unless the last day
falls on a day which is not a Business Day, in which event the last day shall be the next succeeding Business Day. 

  

 

  
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	1.9	 The Schedules to this Agreement forms an integral part hereof and words and expressions defined in this Agreement shall bear, unless the context
otherwise requires, the same meaning in such Schedules. 

  

	1.10	 If any words and expressions defined in clause 1.1 above are used in any clause in this Agreement which contains amendments to any Finance Document
or RPM Finance Document (“Amended Finance Document”), such words and expressions shall be deemed to be included by reference, as defined terms, into such Amended Finance Document. 

 

	2.	 PART 2: INTRODUCTION 

  

	2.1	 As part of a broader restructure of the funding arrangements in relation to the Borrower and the Holdco Group, and as interim implementation steps,
the Parties wish to: 

  

	2.1.1	 declare dividends in respect of the preference shares issued by each of Plateau, Holdco and Opco and redeem such preference shares;

  

	2.1.2	 record certain amendments to the interest rate applicable to the amounts outstanding under the OCSF Facility and under the June 2009 Senior
Facilities Agreement; 

  

	2.1.3	 repay the amounts outstanding under the OCSF Facility and terminate the OCSF Facility; and 

 

	2.1.4	 enable utilisations of the Additional SFA Advance Amount, for the same purposes as utilisations under the OCSF Facility were permitted prior to its
termination. 

  

	2.2	 In order to give effect to the redemption of the preference shares, repayment of the amounts outstanding under the OCSF Facility and replacement of
the terminated OCSF Facility on the Interim Closing Date in accordance with this Agreement, including the Interim Implementation Steps, read with the Interim Funds Flow Statement, Plateau has requested the Lender to amend the June 2009 Senior
Facilities Agreement to increase the amount available for utilisation by Plateau under the June 2009 Senior Facilities Agreement in order to (i) enable the advance of the Subscription Advance Amount and the OCSF Settlement

  
 

 

  
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Advance Amount and use of such amounts in accordance with the Interim Implementation Steps and (ii) allow further utilisations under the June 2009 Senior Facilities Agreement in order to
replace the amounts which would have been available under the OCSF Facility prior to its termination in accordance with this Agreement. 

  

	2.3	 The Parties accordingly wish to enter into this Agreement on the terms set out below. 

 

	3.	 PART 3: CONDITIONS PRECEDENT 

  

	3.1	 This entire Agreement (save in respect of clauses 1 to 3 (both inclusive) and clause 6, which shall be of immediate force and effect) shall be
subject to the fulfilment of the Conditions Precedent by not later than 26 September 2012, or such later date as the Parties may agree in writing, that: 

  

	3.1.1	 the Parties shall respectively have obtained all necessary corporate authorisations (including all board and shareholder resolutions, including all
required resolutions under sections 44, 45 and 46 of the Companies Act) required to enter into this Agreement and to give effect to the Interim Implementation Steps; 

 

	3.1.2	 Plateau has delivered a copy of the constitutional documents of Plateau or, if the Senior Agent already has a copy, a certificate of an authorised
signatory of the Company confirming that the copy in the Senior Agent’s possession is still correct, complete and in full force and effect as at a date no earlier than the Signature Date; 

 

	3.1.3	 a specimen of the signature of each person authorised on behalf of Plateau to sign this Agreement; 

 

	3.1.4	 a certificate of an authorised signatory of Plateau certifying that each copy document specified in this clause 3.1 is correct, complete and in
full force and effect as at a date no earlier than the Signature Date; 

  

	3.1.5	 a copy of any other authorisation or other document, opinion or assurance which the Senior Agent has notified Plateau is necessary or desirable in
connection with the entry into and performance of, and the transactions 

  
 

 

  
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contemplated by, this Agreement or for the validity and enforceability of this Agreement; 

  

	3.1.6	 RPM, Plateau, Holdco and Opco have instructed the Implementation Bank to give effect to the Interim Implementation Steps in accordance with the
Interim Funds Flow Statement, and the Implementation Bank has agreed to do so, on terms acceptable to RPM; and 

  

	3.1.7	 RPM and Plateau have received a copy of this Agreement, signed by each Party. 

 

	3.2	 The Conditions Precedent above are imposed for the benefit of all the Parties, and may not be waived except by unanimous written agreement amongst
the Parties at any time prior to the dates respectively specified for their fulfilment. 

  

	3.3	 The Parties shall use their respective reasonable commercial endeavours to procure the fulfilment of the Conditions Precedent as soon as reasonably
possible after the Signature Date. 

  

	3.4	 If any Condition Precedent shall not have been fulfilled, or waived by the Party, or Parties, entitled to effect such waiver, as the case may be,
by the date specified in clause 3.1 for its fulfilment (or such later date as the Parties may have in writing agreed), this Agreement (save in respect of clauses 1 to 3 (both inclusive) and clause 6, which shall remain of full force and effect,
shall lapse and shall be of no force and effect and none of the Parties shall have any claim against the others of them in terms hereof or arising from the failure of the Conditions Precedent, save for a claim arising as a result of a Party’s
failure to fulfil-comply with its obligations under this clause 3. 

  

	4.	 PART 4: AMENDMENTS TO THE FINANCE DOCUMENTS AND RPM FINANCE DOCUMENTS AND TERMINATION OF THE OCSF AGREEMENT 

 

	4.1	 AMENDMENTS TO THE JUNE 2009 SENIOR FACILITIES AGREEMENT 

 

	4.1.1	 General 

  

	4.1.1.1	 Pursuant to clause 40 (Amendments and waivers) of the June 2009 Senior Facilities Agreement, the Lenders have consented to the

  
 

 

  
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amendments to the June 2009 Senior Facilities Agreement contemplated by this Agreement. Accordingly, RPM in its capacity as Senior Agent is authorised to execute this Agreement on behalf of the
Finance Parties. 

  

	4.1.1.2	 The amendments set out in this clause 4.1 will amend the June 2009 Senior Facilities Agreement on and with effect from the Interim Closing Date.

  

	4.1.2	 Amendments and terms applicable to the Additional Advance Amount 

The June 2009 Senior Facilities Agreement and, to the extent applicable, each other Finance Document and each other RPM Finance
Document shall be deemed to be amended, in all respects, as specifically set out in this clause 4.1.2 below and to give effect to the principles set out in this clause 4.1.2 below. 

 

	4.1.2.1	 Increase of the Total Commitments 

  

	4.1.2.1.1	 The definition of “Commitments” is amended by adding the following sub-paragraph as sub-paragraph (a)(i) immediately after
sub-paragraph (a) of this definition: 

 (a)(i) in relation to RPM, as the sole Lender as at
28 September 2012, an amount equal to the Additional Advance Amounts; and”. 
  

	4.1.2.1.2	 The definition of “Total Commitments” is deleted and replaced with the following: 

“Total Commitments” means the aggregate of the Commitments, being R 525,725,465.76 plus the Additional
Advance Amounts.” 
  

	4.1.2.2	 Availability Period 

  

	4.1.2.2.1	 In relation to the Subscription Advance Amount and the OCSF Settlement Advance Amount, the Availability Period shall be a 

 
 

 

  
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period commencing at 07h00 on the Interim Closing Date and terminating at 17h00 on the Interim Closing Date. 

 

	4.1.2.2.2	 In relation to the Additional SFA Advance Amounts, the Availability Period shall be the period commencing on the Interim Closing Date and
terminating on the earlier of (i) the New Senior Facilities Utilisation Date and (ii) 31 August 2013. 

  

	4.1.2.3	 Purpose 

  

	4.1.2.3.1	 The Subscription Advance Amount and the OCSF Settlement Advance Amount may be drawn down on the Interim Closing Date and, notwithstanding any
provision to the contrary in the June 2009 Senior Facilities Agreement or any other Finance Document: 

  

	4.1.2.3.1.1	 the OCSF Settlement Advance Amount may be used only for the purposes of implementing step 2 of the Interim Implementation Steps set out below
(Payment of the OCSF Settlement Amount); and 

  

	4.1.2.3.1.2	 the Subscription Advance Amount may be used for only for the purposes of implementing step 4 of the Interim Implementation Steps set out below
(Subscription for ordinary shares in Holdco). 

  

	4.1.2.3.2	 The Additional SFA Advance Amount is intended to replace amounts that were available for utilisation under the OSCF Facility immediately prior to
its termination in accordance with clause 4.3 below. As such: 

  

	4.1.2.3.2.1	 an amount of R267,870,824.16 of the Additional SFA Advance Amount may be utilised at any time during the Availability Period referred to in clause
4.1.2.2.2 and, notwithstanding any provision to the contrary in the June 2009 Senior Facilities Agreement, any other Finance Document or any other RPM Finance Document, may be 

 
 

 

  
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used for any purpose for which the amounts drawn down under the OSCF Facility (as defined in the OCSF Agreement) were permitted to be used; 

 

	4.1.2.3.2.2	 an amount of R28,000,000 of the Additional SFA Advance Amount (“Guarantee Facility Portion”) may be utilised at any time during
the Availability Period referred to in clause 4.1.2.2.2 and, notwithstanding any provision to the contrary in the June 2009 Senior Facilities Agreement, any other Finance Document or any other RPM Finance Document, may be used for any purpose for
which the amounts drawn down under the Guarantee Facility (as defined in the OCSF Facility Agreement) were permitted to be used. 

  

	4.1.2.4	 Utilisation Request and utilisation conditions 

  

	4.1.2.4.1	 Notwithstanding any provision to the contrary in the June 2009 Senior Facilities Agreement Plateau shall only be entitled to deliver a Utilisation
Request in relation to the advance of the Subscription Advance Amount and the OCSF Settlement Advance Amount (in substantially the form attached as Schedule 3 to the June 2009 Senior Facilities Agreement) provided that such delivery is made to the
Senior Agent by no later than 11h00 on the Business Day immediately preceding the Interim Closing Date (or such later time as the Agent may agree to in writing). 

 

	4.1.2.4.2	 In addition and notwithstanding any provision to the contrary in the June 2009 Senior Facilities Agreement, Plateau shall only be entitled to
deliver a Utilisation Request in relation to each advance of the Additional SFA Advance Amount (or any part thereof), which Utilisation Request must be substantially the form of Schedule 3 to the June 2009 Senior Facilities Agreement and must be
delivered by no later than 10 Business Days prior to the proposed Utilisation Date (or such other period 

  

 

  
 17 

	
	

  

	 	 
as the Lender and Plateau may agree in writing); provided that such Utilisation Request must also (i) specify the amount of the Additional SFA Advance Amount requested for utilization,
(ii) specify if any Guarantee Facility Portion is requested, (iii) specify the purpose for which the Additional SFA Advance Amount will be used and (iv) confirm that each of the conditions of clause 6 of the OCSF Agreement (and
incorporated into the June 2009 Senior Facilities Agreement by reference in terms of clause 4.1.2.4.3 below) have been complied with. 

  

	4.1.2.4.3	 The provisions of clause 6 of the OCSF Agreement (Drawdowns) shall apply (mutatis mutandis) to any utilization of the Additional SFA
Advance Amount (or any part thereof); provided that the provisions of such clause 6 which relate specifically to the Guarantee Facility (as defined in the OCSF Agreement) shall apply (mutatis mutandis) to the Guarantee Facility Portion.

  

	4.1.2.5	 Terms of advance 

  

	4.1.2.5.1	 On the Interim Closing Date, the Lender will advance and lend to Plateau, who shall borrow from the Lender an amount equal to the aggregate of the
Subscription Advance Amount and the OCSF Settlement Advance Amount. 

  

	4.1.2.5.2	 Utilisations under of the Additional SFA Advance Amount shall be made in accordance with the provisions of clause 4.1.2.4 above.

  

	4.1.2.5.3	 Save as otherwise expressly set out in this Agreement, the Lender will advance and Plateau shall borrow and repay the Additional Advance Amounts
advanced by the Lender on the same terms and conditions as the other amounts advanced to Plateau under the June 2009 Senior Facilities Agreement as at the Signature Date. 

 
 

 

  
 18 

	
	

  

	4.1.2.5.4	 The Additional Advance Amounts advanced by the Lender shall be added to the principal amount of the Loan, a portion of which will be repaid by
Plateau to the Senior Agent on the Interim Closing Date in accordance with Step 9 of the Interim Implementation Steps (Repayment of a portion of the Total Facility Outstandings) and the balance of which will be repaid by Plateau to the Senior
Agent on the dates referred to in clause 10.1(a) of the June 2009 Senior Facilities Agreement (as amended, including pursuant to an amendment dated 11 August 2011). For this purpose the amount of each payment made by Plateau on such dates shall
be increased pro rata by the Additional Advance Amounts which are outstanding as at the relevant payment date. 

  

	4.1.2.5.5	 Interest on the Additional Advance Amounts advanced by the Lender shall accrue at the rate referred to in clause 4.1.2.6 and shall be repaid on the
same dates specified in the June 2009 Senior Facilities Agreement (as amended, including pursuant to an amendment dated 11 August 2011). 

  

	4.1.2.6	 Interest Rate 

  

	4.1.2.6.1	 Clauses 14.1 and 14.2 of the June 2009 Senior Facilities Agreement are amended as set out below. 

 

	4.1.2.6.2	 Having regard to the interest rate principles agreed in the Term Sheet, the Parties agree that: 

 

	4.1.2.6.2.1	 for the period commencing on 1 July 2011 up to and including 30 April 2012, the aggregate accrued interest in relation to the Loans is
nil; and 

  

	4.1.2.6.2.2	 for the period commencing on 1 May 2012 to 27 September 2012, the aggregate accrued interest relation to the Loans is an amount of
R81,007,438.94, which amount shall be capitalised to the Loans outstandings on 27 September 2012. 

  

 

  
 19 

	
	

  

	4.1.2.6.3	 From the period commencing on 28 September 2012 to the earlier of (i) the New Senior Facilities Utilisation Date; and (ii) the
Termination Date, being (as at the Signature Date) 30 June 2018 (“the Interest Adjustment Period”), interest on each Loan for each Interest Period shall be calculated as set out below. 

 

	4.1.2.6.4	 A notional calculation will be made, in terms of which a notional interest rate is calculated to be the percentage rate per annum which is (unless
stated to be zero in clause 4.1.2.6.5): 

  

	4.1.2.6.4.1	 the applicable JIBAR, plus or minus (as the case may be) 

 

	4.1.2.6.4.2	 the applicable Margin, 

which notional interest shall be notionally applied to the Loans as if it accrues on the Loans, in each case, on a day to day
basis at a notional interest rate, is calculated, in arrears, and compounded at the end of each Interest Period. 
  

	4.1.2.6.5	 The above notional interest rate and Margin in relation to each Loan will be calculated on a sliding scale with reference to the Total Facility
Outstandings, in accordance with the following matrix (provided that the notional interest rate and Margin in relation to any Loan shall never be less than zero): 

 

															
	 Total Facility Outstandings
	  	2012	 	2013	 	2014	 	2015	 	2016	 	2017	 	2018
								
	 Up to ZAR1,000,000,000
	  	zero
 interest
	 	zero
 interest
	 	zero
 Interest
	 	JIBAR
 minus
 5.14%
	 	JIBAR
 minus
 3.11%
	 	JIBAR
 minus
 0.96%
	 	JIBAR
plus
1.30%
								
	 From (and including) ZAR1,000,000,000 up to ZAR2,000,000,000
	  	JIBAR
 minus
 0.73%
	 	JIBAR
 minus
 1.25%
	 	JIBAR
 plus
 3.02%
	 	JIBAR
 plus
 2.36%
	 	JIBAR
plus
4.39%	 	JIBAR
plus
6.54%	 	JIBAR
plus
6.30%
								
	 From (and including) ZAR2,000,000,000
	  	JIBAR
 plus
 9.27%
	 	JIBAR
 plus
 8.75%
	 	JIBAR
 plus
 8.02%
	 	JIBAR
 plus
 7.36%
	 	JIBAR
plus
11.89%	 	JIBAR
plus
11.54%	 	JIBAR
plus
11.30%

  
 

 

  
 20 

	
	

  

	4.1.2.7	 On the date upon which the Accrued Notional Interest Amount has reached an aggregate amount equal to the Accrued Notional Interest Reference
Amount, interest shall begin to accrue on (and shall be due and payable in respect of) the Loans at the same rate of interest as the notional rate of interest set out in clauses 4.1.2.6.4 and 4.1.2.6.5, which interest shall be calculated on the same
basis as the notional interest calculations set out in such clauses above. 

  

	4.1.2.8	 If on the New Senior Facilities Agreement Utilisation Date, the Accrued Notional Interest Amount (ie the “Actual Notional Interest
Amount”) is less than an amount equal to the Accrued Notional Interest Reference Amount, the notional interest rate and principles referred to in clauses 4.1.2.6.4 and 4.1.2.6.5 shall apply (mutatis mutandis) to the loans advanced
under the New Senior Facilities Agreement (“New Senior Facilities Loans”) and other amounts outstanding under the New Senior Facilities Agreement, until the aggregate of the notional interest amount on the New Senior Facilities
Loans plus the Actual Notional Interest Amount is equal to the Accrued Notional Interest Reference Amount, following which the provisions of clause 9 of the New Senior Facilities Agreement shall apply to the New Senior Facilities Loans and other
amounts outstanding under the New Senior Facilities Agreement. 

  

	4.1.2.9	 Representations 

Plateau (for itself and on behalf of each Obligor) confirms to the Lender that on the Signature Date and the Interim Closing
Date, the Repeating Representations: 
  

	4.1.2.9.1	 are true; and 

  

	4.1.2.9.2	 would also be true if references to the June 2009 Senior Facilities Agreement were construed as references to such agreement, as amended by this
Agreement. 

 Each Repeating Representation is applied to the circumstances existing at the time the
Repeating Representation is made. 
  
 

 

  
 21 

	
	

  

	4.1.2.10	 Security 

On the Interim Closing Date, Plateau (for itself and as agent for each other Obligor) confirms that: 

 

	4.1.2.10.1	 any Security created by it under the Transaction Security Documents extends to the obligations of the Obligors under the Finance Documents
(including the June 2009 Senior Facilities Agreement and each other Finance Document or RPM Finance Document, as amended by this Agreement), subject to any limitations set out in the Transaction Security Documents; 

 

	4.1.2.10.2	 the obligations of the Obligors arising under the June 2009 Senior Facilities Agreement as amended by this Agreement (and arising under any other
Finance Document or RPM Finance Document, as amended by this Agreement) are included in the secured obligations (as the same may be defined in the respective Transaction Security Documents) subject to any limitations set out in the Transaction
Security Documents; and 

  

	4.1.2.10.3	 the Security created under the Transaction Security Documents continues in full force and effect on the terms of the respective Transaction
Security Documents. 

  

	4.1.2.11	 Miscellaneous 

  

	4.1.2.11.1	 This Agreement is a Finance Document. 

  

	4.1.2.11.2	 Except as expressly otherwise provided in this Agreement, no amendment, variation or change is made to any Finance Document and all the Finance
Documents remain in full force and effect in accordance with their terms. 

  

	4.1.2.11.3	 Except to the extent expressly waived in this Agreement, no waiver of any provision of any Finance Document is given by the terms of this Agreement
and the Finance Parties expressly 

  
 

 

  
 22 

	
	

  

	 	 
reserve all their rights and remedies in respect of any breach of, or other Default under, the Finance Documents. 

 

	4.2	 AMENDMENTS TO THE OCSF AGREEMENT 

  

	4.2.1	 General 

  

	4.2.1.1	 The provisions of this clause 4.2 are supplemental to and amend the OCSF Agreement pursuant to clause 23.3 (General) of the RPM Funding
Common Terms Agreement. 

  

	4.2.1.2	 The amendments set out in this clause 4.1 will amend the OCSF Agreement on and with effect from the Interim Closing Date. 

 

	4.2.2	 Amendments 

The OCSF Agreement and, to the extent applicable, each of the other Finance Document and RPM Finance Document shall be deemed
to be amended, in all respects, as specifically set out in this clause 4.2.2 below and to give effect to the principles set out in this clause 4.2.2 below. 
  

	4.2.2.1	 Interest Rate and OCSF Settlement Amount 

  

	4.2.2.1.1	 The Interest Rate applicable to the capital amounts outstanding under the OCSF Facility shall be calculated in accordance with clause 4.1.2.6 and
for the periods referred to in clause 4.1.2.6, as if all capital amounts outstanding under the OCSF Facility constituted a Loan under the June 2009 Senior Facilities Agreement during such periods. Therefore (and having regard to the interest rate
principles agreed in the Term Sheet), the Parties agree: 

  

	4.2.2.1.1.1	 for the period commencing on 1 July 2011 up to and including 30 April 2012, the aggregate accrued interest in relation to the amounts
outstanding under the OCSF Facility is nil; and 

  

	4.2.2.1.1.2	 for the period commencing on 1 May 2012 to 27 September 2012, the aggregate accrued interest in 

 
 

 

  
 23 

	
	

  

	 	 
relation to amounts outstanding under the OCSF Facility is capitalized to the capital amounts outstanding under the OCSF Facility on 27 September 2012. 

 

	4.2.2.1.2	 Having regard to the amendment referred to in clause 4.2.2.1.1 above, the OCSF Settlement Amount as at 27 September 2012 is an amount of
R928,113,717.73. 

  

	4.3	 TERMINATION OF THE OCSF AGREEMENT 

  

	4.3.1	 On the Interim Closing Date and immediately after implementation of Step 2 of the Interim Implementation Steps, the Parties agree that the OCSF
Agreement shall be terminated. 

  

	4.3.2	 The termination of the OCSF Agreement referred to above shall be without prejudice to any Parties rights, remedies or obligations which have arisen
under any the OCSF Agreement (or any other Finance Document or RPM Finance Document) or by operation of law, on or before the Interim Closing Date, including in relation to the amendments to the OCSF Facility Agreement set out in clause 4.2 above.

  

	4.4	 AMENDMENTS TO THE RPM FUNDING LOAN AGREEMENT 

  

	4.4.1	 In this clause 4.4, references to “Loans” and “RPM OCSF Tranches” shall be to those terms, as defined in the RPM Funding Loan
Agreement. 

  

	4.4.2	 Having regard to the interest rate principles agreed in the Term Sheet, the Parties agree that: 

 

	4.4.2.1	 for the period commencing on 1 July 2011 up to and including 30 April 2012, the aggregate accrued interest in relation to the Loans and
the RPM OCSF Tranches is nil; and 

  

	4.4.2.2	 for the period commencing on 1 May 2012 to 27 September 2012, the aggregate accrued interest in relation to the Loans and the RPM OCSF
Tranches is an amount of R76,100,437.19, which amount shall be capitalized to the Loans and RPM OCSF Tranche outstandings on 27 September 2012. 

  

 

  
 24 

	
	

  

	4.4.3	 From the period commencing on 28 September 2012 to the date of repayment, the interest rate applicable to the Loans and the RPM OCSF Tranches
(as amended by the provisions of this clause 4.4) shall be zero. 

  

	4.4.4	 The Additional SFA Advance Amount available for utilisation under the June 2009 Senior Facilities Agreement is intended to replace amounts that
were available for utilisation under the OSCF Facility immediately prior to its termination in accordance with clause 4.3. In addition, the advance of the OCSF Settlement Advance Amount creates a Loan under the June 2009 Senior Facilities Agreement
which replace the advances under the OCSF Facility. As such, references in (i) the Opco Funding Loan Agreement, (ii) the Global Intercreditor Agreement, (iii) the RPM Funding Common Terms Agreement (iv) any other Finance Document
or (v) any other RPM Finance Document to the OCSF Facility and amounts utilised under the OCSF Facility (including references to the OCSF Tranches, and all derivative and related definitions and concepts) shall (mutatis mutandis) be
construed and implemented in all respects as references to the June 2009 Senior Facilities Agreement and the Additional Advance Amounts (or relevant part thereof) advanced by RPM under the June 2009 Senior Facilities Agreement.

  

	4.4.5	 Notwithstanding any provision to the contrary in the RPM Funding Loan Agreement, all references to Senior Debt Payment Dates shall be construed as
references to the Senior Debt Payment Dates in the June 2009 Senior Facilities Agreement (as amended) and not to Schedule 1 to the RPM Funding Loan Agreement. 

 

	4.5	 AMENDMENTS TO THE PLATEAU FUNDING LOAN AGREEMENT 

  

	4.5.1	 In this clause 4.5, references to “Loans” and “Plateau OCSF Tranches” shall be to those terms, as defined in the Plateau
Funding Loan Agreement. 

  

	4.5.2	 Having regard to the interest rate principles agreed in the Term Sheet, the Parties agree that: 

 
 

 

  
 25 

	
	

  

	4.5.2.1	 for the period commencing on 1 July 2011 up to and including 30 April 2012, the aggregate accrued interest in relation to the Loans and
the Plateau OCSF Tranches is nil; and 

  

	4.5.2.2	 for the period commencing on 1 May 2012 to 27 September 2012, the aggregate accrued interest in relation to the Loans and the Plateau
OCSF Tranches is an amount of R79,206,569.26, which amount shall be capitalized to the Loans and Plateau OCSF Tranche outstandings on 27 September 2012. 

  

	4.5.3	 From the period commencing on 28 September 2012 to the date of repayment, the interest rate applicable to the Loans and the Plateau OCSF
Tranches (as amended by the provisions of this clause 4.5) shall be zero. 

  

	4.5.4	 The Additional SFA Advance Amount available for utilisation under the June 2009 Senior Facilities Agreement is intended to replace amounts that
were available for utilisation under the OSCF Facility immediately prior to its termination in accordance with clause 4.3 above. In addition, the advance of the OCSF Settlement Advance Amount creates a Loan under the June 2009 Senior Facilities
Agreement which replace the advances under the OCSF Facility. As such, references in (i) the Opco Funding Loan Agreement, (ii) the Global Intercreditor Agreement, (iii) the RPM Funding Common Terms Agreement (iv) any other
Finance Document or (v) any other RPM Finance Document to the OCSF Facility and amounts utilised under the OCSF Facility (including references to the OCSF Tranches, and all derivative and related definitions and concepts) shall (mutatis
mutandis) be construed and implemented in all respects as references to the June 2009 Senior Facilities Agreement, the Additional Advance Amounts (or relevant part thereof) advanced by RPM under the June 2009 Senior Facilities Agreement.

  

	4.5.5	 Notwithstanding any provision to the contrary in the Plateau Funding Loan Agreement, all references to Senior Debt Payment Dates shall be construed
as references to the Senior Debt Payment Dates in the June 2009 Senior Facilities Agreement (as amended) and not to Schedule 1 to the Plateau Funding Loan Agreement. 

 
 

 

  
 26 

	
	

  

	4.6	 AMENDMENTS TO THE OPCO FUNDING LOAN AGREEMENT 

  

	4.6.1	 In this clause 4.6 references to “Loans” and “Opco OCSF Tranches” shall be to those terms, as defined in the Opco Funding Loan
Agreement. 

  

	4.6.2	 Having regard to the interest rate principles agreed in the Term Sheet, the Parties agree that: 

 

	4.6.2.1	 for the period commencing on 1 July 2011 up to and including 30 April 2012, the aggregate accrued interest in relation to the Loans and
the Opco OCSF Tranches is nil; and 

  

	4.6.2.2	 for the period commencing on 1 May 2012 to 27 September 2012, the aggregate accrued interest in relation to the Loans and the Opco OCSF
Tranches is an amount of R155,307,006.25, which amount shall be capitalized to the Loans and Opco OCSF Tranche outstandings on 27 September 2012. 

  

	4.6.3	 From the period commencing on 28 September 2012 to the date of repayment, the interest rate applicable to the Loans and the Opco OCSF Tranches
(as amended by the provisions of this clause 4.64.4) shall be zero. 

  

	4.6.4	 The Additional SFA Advance Amount available for utilisation under the June 2009 Senior Facilities Agreement is intended to replace amounts that
were available for utilisation under the OSCF Facility immediately prior to its termination in accordance with clause 4.3 above. In addition, the advance of the OCSF Settlement Advance Amount creates a Loan under the June 2009 Senior Facilities
Agreement which replace the advances under the OCSF Facility. As such, references in (i) the Opco Funding Loan Agreement, (ii) the Global Intercreditor Agreement, (iii) the RPM Funding Common Terms Agreement (iv) any other
Finance Document or (v) any other RPM Finance Document to the OCSF Facility and amounts utilised under the OCSF Facility (including references to the OCSF Tranches, and all derivative and related definitions and concepts) shall (mutatis
mutandis) 

  
 

 

  
 27 

	
	

  

	 	 
be construed and implemented in all respects as references to the June 2009 Senior Facilities Agreement, the Additional Advance Amounts (or relevant part thereof) advanced by RPM under the June
2009 Senior Facilities Agreement. 

  

	4.6.5	 Notwithstanding any provision to the contrary in the Opco Funding Loan Agreement, all references to Senior Debt Payment Dates shall be construed as
references to the Senior Debt Payment Dates in the June 2009 Senior Facilities Agreement (as amended ) and not to Schedule 1 to the Opco Funding Loan Agreement. 

 

	4.7	 AMENDMENTS TO GLOBAL INTERCREDITOR AGREEMENT, RPM FUNDING COMMON TERMS AGREEMENT AND OTHER FINANCE DOCUMENTS 

The Parties agree that even though not each Finance Document or RPM Finance Document is expressly amended by this Agreement,
each such Finance Document and RPM Finance Document shall be construed and implemented with reference to and incorporating the principles and amendments set out in this Agreement, mutatis mutandis. 

 

	5.	 PART 5: IMPLEMENTATION 

  

	5.1	 COMPOSITE AND INDIVISIBLE TRANSACTION 

The Interim Implementation Steps referred to in clause 5.2 form part of a composite and indivisible transaction. If any of
these Interim Implementation Steps cannot be or are not completed, for any reason whatsoever, on the Interim Closing Date, none of the transactions shall be completed and this Agreement shall terminate, save in respect of clauses 1 to 3 (both
inclusive) and clause 6, which shall remain of full force and effect, provided that such termination shall be without prejudice to any rights in law or in terms of this Agreement which any Party may have against any other. 

 
 

 

  
 28 

	
	

  

	5.2	 IMPLEMENTATION PROCESS 

On the Interim Closing Date, the Parties will proceed with the steps set out below, in sequential order on the basis that no
Party is obliged to implement any step unless each preceding step has been completed. 
  

	5.2.1	 Step 1 - Draw down of the OCSF Settlement Advance Amount  

Plateau shall drawdown the OCSF Settlement Advance Amount from the Lender in accordance with the terms and conditions of the
June 2009 Senior Facilities Agreement, as amended (including the amendments referred to in clause 4.1). [Refer to Step 1 of the Interim Funds Flow Statement.] 
  

	5.2.2	 Step 2 - Payment of the OCSF Settlement Amount 

Plateau shall use the OSCF Settlement Advance Amount received under Step 1 above to repay the OCSF Settlement Amount to the
OCSF Lender in cash in immediately accessible funds by way of electronic funds transfer to the OCSF Lender. [Refer to Step 2 of the Interim Funds Flow Statement.] 
  

	5.2.3	 Step 3 - Draw down of the Subscription Advance Amount 

Plateau shall draw down the Subscription Advance Amount from the Lender in accordance with the terms and conditions of the June
2009 Senior Facilities Agreement, as amended (including the amendments referred to in clause 4.1. [Refer to Step 3 of the Interim Funds Flow Statement.] 
  

	5.2.4	 Step 4 - Subscription for ordinary shares in Holdco 

 

	5.2.4.1	 Step 4A 

  

	5.2.4.1.1	 Plateau shall use the Subscription Advance Amount to pay the First Plateau Holdco Subscription Price in cash in immediately accessible funds by way
of electronic funds transfer to Holdco in respect of the First Plateau Holdco Subscription Shares [Refer to Step 4A of the Funds Flow Statement]. 

  

 

  
 29 

	
	

  

	5.2.4.1.2	 Holdco shall allot and issue the First Plateau Holdco Subscription Shares to Plateau. Holdco shall update its member’s register to reflect
Plateau’s increased holding of ordinary shares and deliver to Plateau share certificates in respect of the First Plateau Holdco Subscription Shares. 

  

	5.2.4.2	 Step 4B 

  

	5.2.4.2.1	 RPM shall pay the First RPM Holdco Subscription Price in cash in immediately accessible funds by way of electronic funds transfer to Holdco in
respect of the First RPM Holdco Subscription Shares. [Refer to Step 4B of the Interim Funds Flow Statement.] 

  

	5.2.4.2.2	 Holdco shall allot and issue the First RPM Holdco Subscription Shares to RPM. Holdco shall update its member’s register to reflect RPM’s
increased holding of ordinary shares and deliver to RPM share certificates in respect of the First RPM Holdco Subscription Shares. 

  

	5.2.5	 Step 5 - Subscription for First Holdco Opco Subscription Shares 

 

	5.2.5.1	 Holdco shall use the aggregate proceeds of the First Plateau Holdco Subscription Price and the First RPM Holdco Subscription Price to pay the First
Holdco Opco Subscription Price in cash in immediately accessible funds by way of electronic funds transfer to Opco in respect of the First Holdco Opco Subscription Shares. [Refer to Step 5 of the Interim Funds Flow Statement.] 

 

	5.2.5.2	 Opco shall allot and issue the First Holdco Opco Subscription Shares to Holdco. Opco shall update its member’s register to reflect
Holdco’s increased holding of ordinary shares and deliver to Holdco share certificates in respect of the First Holdco Opco Subscription Shares. 

  

 

  
 30 

	
	

  

	5.2.6	 Step 6 - Opco’s utilisation of subscription proceeds 

 

	5.2.6.1	 Step 6A - Declaration of a dividend and redemption of Holdco Opco A Preference Shares 

Opco shall use the proceeds of the First Holdco Opco Subscription Price to: 

 

	5.2.6.1.1	 declare and pay the Holdco Opco A Preference Dividend to Holdco; and 

 

	5.2.6.1.2	 pay the Holdco Opco Redemption Amount to Holdco in respect of the redemption of the Holdco Opco A Preference Shares. 

[Refer to Step 6A of the Interim Funds Flow Statement.] 

 

	5.2.6.2	 Step 6B - Surrender of share certificates in respect of the Holdco Opco A Preference Shares 

Against receipt of the aggregate of the Holdco Opco A Preference Dividend and the Holdco Opco Redemption Amount, Holdco shall
surrender the share certificates in respect of the Holdco Opco A Preference Shares to Opco. 
  

	5.2.7	 Step 7 - Declaration of dividend and redemption of each of Plateau Holdco A Preference Shares and RPM Holdco A Preference Shares

  

	5.2.7.1	 Step 7A: Declaration of dividend and redemption 

Holdco shall use the proceeds of the aggregate of the Holdco Opco A Preference Dividend and the Holdco Opco Redemption Amount
received pursuant to Step 6 above to: 
  

	5.2.7.1.1	 declare and pay the Plateau Holdco A Preference Dividend to Plateau; 

 

	5.2.7.1.2	 declare and pay the RPM Holdco A Preference Dividend to RPM; 

 
 

 

  
 31 

	
	

  

	5.2.7.1.3	 pay the Plateau Holdco Redemption Amount to Plateau in respect of the redemption of the Plateau Holdco A Preference Shares; and

  

	5.2.7.1.4	 pay the RPM Holdco Redemption Amount to RPM in respect of the redemption of the RPM Holdco A Preference Shares; 

[Refer to Step 7A of the Interim Funds Flow Statement.] 

 

	5.2.7.2	 Step 7B - Surrender of share certificates in respect of the Plateau Holdco A Preference Shares 

Against receipt of the aggregate of the Plateau Holdco A Preference Dividend and the Plateau Holdco Redemption Amount, Plateau
shall surrender the share certificates in respect of the Plateau Holdco A Preference Shares to Holdco. 
  

	5.2.7.3	 Step 7C - Surrender of share certificates in respect of the RPM Holdco A Preference Shares 

Against receipt of the aggregate of the RPM Holdco A Preference Dividend and the RPM Holdco Redemption Amount, RPM shall
surrender the share certificates in respect of the RPM Holdco A Preference Shares to Holdco. 
  

	5.2.8	 Step 8 - Declaration of dividend and redemption of RPM Plateau A Preference Shares 

 

	5.2.8.1	 Step 8A - Declaration of a dividend and redemption of RPM Plateau A Preference Shares 

Plateau shall use the proceeds of the Plateau Holdco A Preference Dividend and the Plateau Holdco Redemption Amount received
pursuant to Step 7A above other than an amount of R10 398 208.65 (“Retained Amount”) to: 
  

	5.2.8.1.1	 declare and pay the RPM Plateau A Preference Dividend to RPM; and 

 
 

 

  
 32 

	
	

  

	5.2.8.1.2	 pay the RPM Plateau Redemption Amount to RPM in respect of the redemption of the RPM Plateau A Preference Shares. 

[Refer to Step 8A of the Interim Funds Flow Statement.] 

 

	5.2.8.2	 Step 8B - Surrender of share certificates in respect of the RPM Plateau A Preference Shares 

Against receipt of the aggregate of the RPM Plateau A Preference Dividend and the RPM Plateau Redemption Amount, RPM shall
surrender the share certificates in respect of the RPM Plateau A Preference Shares to Plateau. 
  

	5.2.9	 Step 9 - Repayment of a portion of the Total Facility Outstandings 

Plateau shall use the Retained Amount referred to in Step 8 to repay a portion of the Total Facility Outstandings. 

[Refer to Step 9 of the Interim Funds Flow Statement.] 

 

	5.3	 GENERAL PROVISIONS APPLICABLE TO IMPLEMENTATION 

  

	5.3.1	 Each Party agrees that its signature of this Agreement constitutes an irrevocable instruction to the Implementation Bank to transfer funds on the
Interim Closing Date in accordance with the Interim Funds Flow Statement. 

  

	5.3.2	 Save for the amendments to the June 2009 Senior Facilities Agreement and the OCSF Agreement referred to in clauses 4.1 and 4.2, and the termination
of the OCSF Agreement referred to in clause 4.3, Transaction Documents shall remain in full force and effect. 

  

	6.	 PART 6: MISCELLANEOUS PROVISIONS  

  

	6.1	 CONFIDENTIALITY 

  

	6.1.1	 For the purposes of this clause 6.1, “Confidential Information” means the details of the negotiations leading to the Term Sheet, this
Agreement, the terms of the Interim Implementation Steps and the Transaction Documents and/or the information in respect of Anglo American Platinum Limited 

  

 

  
 33 

	
	

  

	 	 
and/or Atlatsa obtained by the Parties during the course of such negotiations and/or pursuant to the conclusion or implementation of the Interim Implementation Steps (in so far as such is
confidential in nature) (“the Confidential Information”). 

  

	6.1.2	 Each of the Parties undertakes to the other that it will keep all Confidential Information confidential and to use it only for the purposes of the
proposed transactions under the Transaction Documents and to disclose it only to its officers, directors, employees, consultants and professional advisers who: 

 

	6.1.2.1	 are required to know (and then only to the extent that each such person is so required); 

 

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

 

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

 

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

  

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

  

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

  

	6.1.3.2	 that is or becomes public knowledge, otherwise than pursuant to a breach of this Agreement by the disclosing Party; or 

 

	6.1.3.3	 that is required by the provisions of any law, or during any court proceedings, or by the rules or regulations of any recognised stock exchange to
be disclosed. In addition, the provisions of this clause 6 

  
 

 

  
 34 

	
	

  

	 	 
shall not restrict the disclosure of Confidential Information to prospective investors for the purposes of raising capital or to any person pursuant to a bona fide due diligence
investigation into the Party or its business or affairs. 

  

	6.1.4	 A breach of this clause 6.1 shall not entitle any Party to cancel this Agreement or any other Transaction Document. 

 

	6.2	 BREACH 

  

	6.2.1	 If a Party breaches any provision of this Agreement and remains in breach of such provision for 10 Business Days after written notice to that Party
requiring that Party to rectify that breach, the aggrieved Party shall be entitled (without derogating from any of its other rights or remedies under this Agreement or at law), at its option: 

 

	6.2.1.1	 to sue for immediate specific performance of any of the defaulting Party’s obligations under this Agreement, whether or not such obligation is
then due; or 

  

	6.2.1.2	 to cancel this Agreement, in which case written notice of the cancellation shall be given to the defaulting Party, and the cancellation shall take
effect on the giving of the notice, provided that no Party shall be entitled to cancel this Agreement unless the breach is a material breach, 

and in either event the aggrieved Party shall be entitled to claim any damages it has suffered, provided that any such damages
shall sound in money and shall be payable in cash. 
  

	6.2.2	 Notwithstanding the provisions of clause 6.2.1.2, neither of the Parties shall be entitled to cancel this Agreement after the Closing Date.

  

	6.3	 ARBITRATION 

  

	6.3.1	 separate, divisible agreement 

This clause is a separate, divisible agreement from the rest of this Agreement and shall: 

 
 

 

  
 35 

	
	

  

	6.3.1.1	 not be or become void, voidable or unenforceable by reason only of any alleged misrepresentation, mistake, duress, undue influence, impossibility
(initial or supervening), illegality, immorality, absence of consensus, lack of authority or other cause relating in substance to the rest of the Agreement and not to this clause. The Parties intend that any such issue shall at all times be and
remain subject to arbitration in terms of this clause; 

  

	6.3.1.2	 remain in effect even if the Agreement terminates or is cancelled. 

 

	6.3.2	 disputes subject to arbitration 

Save as may be expressly provided for elsewhere in this Agreement for the resolution of particular disputes, any other dispute
arising out of or in connection with this Agreement or the subject matter of this Agreement, including without limitation, any dispute concerning: 
  

	6.3.2.1	 the existence of the Agreement apart from this clause; 

  

	6.3.2.2	 the interpretation and effect of the Agreement; 

  

	6.3.2.3	 the Parties’ respective rights or obligations under the Agreement; 

 

	6.3.2.4	 the rectification of the Agreement; 

  

	6.3.2.5	 the breach, termination or cancellation of the Agreement or any matter arising out of the breach, termination or cancellation;

  

	6.3.2.6	 damages arising in delict, compensation for unjust enrichment or any other claim, whether or not the rest of the Agreement apart from this clause
is valid and enforceable, 

 shall be referred to arbitration in terms of this 6.2. 

 

	6.3.3	 appointment of arbitrator 

  

	6.3.3.1	 The Parties shall agree on the arbitrator who shall be an attorney or advocate on the panel of arbitrators of AFSA. If agreement is not reached
within 10 Business Days after any Party calls in writing for 

  
 

 

  
 36 

	
	

  

	 	 
such agreement, the arbitrator shall be an attorney or advocate nominated by the Registrar of AFSA for the time being. 

 

	6.3.3.2	 The request to nominate an arbitrator shall be in writing outlining the claim and any counterclaim of which the Party concerned is aware and, if
desired, suggesting suitable nominees for appointment as arbitrator, and a copy shall be furnished to the other Parties who may, within 7 days, submit written comments on the request to the addressee of the request with a copy to the first Party.

  

	6.3.4	 venue and period for completion of arbitration 

The arbitration shall be held in Johannesburg and the Parties shall endeavour to ensure that it is completed within 90 days
after notice requiring the claim to be referred to arbitration is given. 
  

	6.3.5	 Arbitration Act - rules 

The arbitration shall be governed by the Arbitration Act, 1965, or any replacement Act and shall take place in accordance with
the Commercial Arbitration Rules of AFSA. 
  

	6.3.6	 Application to court for urgent interim relief 

Nothing contained in this clause 6.3 shall prohibit a Party from approaching any court of competent jurisdiction for urgent
interim relief pending determination of the dispute by arbitration. 
  

	6.4	 POSTAL ADDRESSES AND ADDRESSES FOR SERVICE OF LEGAL DOCUMENTS 

 

	6.4.1	 The Parties choose the following addresses at which notices in connection with this Agreement and/or documents in legal proceedings in connection
with this Agreement may be served (i.e. their domicilia citandi et executandi): 

  

 

  
 37 

	
	

  

	6.4.1.1	 in the case of RPM: 

  

			
	 physical address:
	  	 55 Marshall Street

		  	 Marshalltown

		  	 Johannesburg

		
	 fax number:
	  	 (011) 373 5111

 and shall be marked for the attention of: The Company Secretary, the Finance Director and the
Financial Controller; 
  

	6.4.1.2	 in the case of the Atlatsa (and each other party for whom no specific address is provided for in this clause 6.4): 

 

			
	 physical address:
	  	 4th Floor, 82 Grayston Drive

		  	 Off Esterhysen Lane

		  	 Sandton

		
	 fax number:
	  	 (011) 833 0836

 and shall be marked for the attention of: The Company Secretary; 

 

	6.4.1.3	 in the case of the Plateau: 

  

			
	 physical address:
	  	 4th Floor, 82 Grayston Drive

		  	 Off Esterhysen Lane

		  	 Sandton

		
	 fax number:
	  	 (011) 833 0836

 and shall be marked for the attention of: The Company Secretary; 

 

	6.4.1.4	 in the case of the N2C Resources: 

  

			
	 physical address:
	  	 4th Floor, 82 Grayston Drive

		  	 Off Esterhysen Lane

		  	 Sandton

		
	 fax number:
	  	 (011) 833 0836

 and shall be marked for the attention of: The Company Secretary; 

 
 

 

  
 38 

	
	

  

	6.4.1.5	 in the case of the Holdco: 

  

			
	 physical address:
	  	 4th Floor, 82 Grayston Drive

		  	 Off Esterhysen Lane

		  	 Sandton

		
	 fax number:
	  	 (011) 883 0836

 and shall be marked for the attention of: The Company Secretary; 

 

	6.4.1.6	 in the case of the Opco: 

  

			
	 physical address:
	  	 4th Floor, 82 Grayston Drive

		  	 Off Esterhysen Lane

		  	 Sandton

		
	 fax number:
	  	 (011) 883 0836

 and shall be marked for the attention of: The Managing Director; 

 

	6.4.2	 The notice shall be deemed to have been duly given: 

  

	6.4.2.1	 5 Business Days after posting, if posted by registered post (airmail, if available) to the Party’s address in terms of clause 6.4.1;

  

	6.4.2.2	 on delivery, if delivered to the Party’s physical address in terms of clause 6.4.1 between 08h30 and 17h00 on a Business Day (or on the first
Business Day after that if delivered outside such hours); 

  

	6.4.2.3	 on despatch, if sent to the Party’s then fax number or e-mail address between 08h30 and 17h00 on a Business Day (or on the first Business Day
after that if despatched outside such hours); 

 unless the addressor is aware, at the time the notice
would otherwise be deemed to have been given, that the notice is unlikely to have been received by the addressee through no act or omission of the addressee. 
  

	6.4.3	 A Party may change that Party’s address for this purpose to another physical address in South Africa, by notice in writing to the other
Parties such change to be effective only on and with effect from the 7th Business Day after the giving of such notice. 

 
 

 

  
 39 

	
	

  

	6.4.4	 Notwithstanding anything to the contrary herein contained, a written notice or communication actually received by a Party shall be an adequate
service of such written notice or communication to that Party notwithstanding that the notice or communication was not sent to or delivered or served at that Party’s chosen domicilium citandi et executandi. 

 

	6.5	 GENERAL 

  

	6.5.1	 entire contract 

This Agreement (read with the other Transaction Documents) contains all the express provisions agreed on by the Parties with
regard to the subject matter of the Agreement and supersedes and novates in its entirety any previous understandings or agreements between the Parties in respect thereof, and the Parties waive the right to rely on any alleged provision not expressly
contained in the Transaction Documents. 
  

	6.5.2	 no stipulation for the benefit of a third person 

Save as is expressly provided for in this Agreement, no provision of this Agreement constitutes a stipulation for the benefit
of a third person (ie a stipulatio alteri) which, if accepted by the person, would bind any Party in favour of that person. 
  

	6.5.3	 no representations 

A Party may not rely on any representation which allegedly induced that Party to enter into this Agreement, unless the
representation is recorded in this Agreement. 
  

	6.5.4	 variation, cancellation and waiver 

No contract varying, adding to, deleting from or cancelling this Agreement, and no waiver of any right under this Agreement,
shall be effective unless reduced to writing and signed by or on behalf of the relevant Parties to which such term of the Agreement or right relates. 
  

 

  
 40 

	
	

  

	6.5.5	 indulgences 

The grant of any indulgence, extension of time or relaxation of any provision by a Party under this Agreement shall not
constitute a waiver of any right by the grantor or prevent or adversely affect the exercise by the grantor of any existing or future right of the grantor. 
  

	6.5.6	 cession and delegation 

A Party may not cede any or all of that Party’s rights or delegate any or all of that Party’s obligations under this
Agreement without the prior written consent of the other Parties. 
  

	6.5.7	 applicable law 

This Agreement is to be governed, interpreted and implemented in accordance with the laws of South Africa. 

 

	6.5.8	 costs 

Any costs, including all legal costs on an attorney and own client basis and VAT, incurred by a Party arising out of or in
connection with a breach by another Party shall be borne by the Party in breach. 
  

	6.5.9	 signature in counterparts 

This Agreement may be executed in counterparts, each of which shall be deemed to be an original and which together shall
constitute one and the same agreement. 
  

	6.5.10	 independent advice 

Each of the Parties hereby respectively agrees and acknowledges that: 

 

	6.5.10.1	 it has been free to secure independent legal advice as to the nature and effect of each provision of this Agreement and that it has either taken
such independent legal advice or has dispensed with the necessity of doing so; and 

  
 

 

  
 41 

	
	

  

	6.5.10.2	 each provision of this Agreement (and each provision of the Schedules) is fair and reasonable in all the circumstances and is part of the overall
intention of the Parties in connection with this Agreement. 

  

	6.5.11	 co-operation 

Each of the Parties undertakes at all times to act in good faith and to do all such things, perform all such acts and take all
such steps, and to procure the doing of all such things, within its power and control, as may be open to it and necessary for and incidental to the putting into effect or maintenance of the terms, conditions and import of this Agreement and the
Transaction Documents. 
  

	6.5.12	 contract override 

In relation to the implementation of the Interim Implementation Steps prior to and on the Interim Closing Date, in the event of
any conflict between the provisions of this Agreement and any other Transaction Document, the provisions of this Agreement shall prevail. 
  

	6.5.13	 counterparts 

This Agreement and/or any document required to be signed by any Party in accordance with the Implementation Process, may be
executed in counterparts, all of which together constitute one and the same instrument. A facsimile shall constitute a valid counterpart for all such purposes. 
  

 

  
 42 

	
	

  

 Schedule 1 

Interim Funds Flow Statement 
  

																																									
	 	 	 Before 
	 	 	 After
	 
	 	 	Pleateu/RPM	 	 	Pleateu/Holdco	 	 	RPM/Holdco	 	 	Holdco	 	 	Opco	 	 	Pleateu/RPM	 	 	Pleateu/Holdco	 	 	RPM/Holdco	 	 	Holdco	 	 	Opco	 
											
	 A preference
	 	 	1,722,636,567	  	 	 	1,733,034,776	  	 	 	1,665,072,628	  	 	 	3,398,107,404	  	 	 	3,398,107,404	  	 				 				 				 				 			
	 OCSF balance
	 	 	928,113,718	  	 				 				 				 				 				 				 				 				 			
	 Senior facility
	 	 	679,603,703	  	 				 				 				 				 	 	3,330,353,988	  	 				 				 				 			
	 Shareholder loans
	 				 				 				 				 				 				 				 				 				 			
	 OCSF Tranche
	 				 	 	388,569,974	  	 	 	853,724,093	  	 	 	1,742,294,067	  	 	 	1,742,294,067	  	 				 				 				 				 			
	 Senior tranche
	 				 	 	653,453,080	  	 	 	627,827,598	  	 	 	1,281,280,678	  	 	 	1,281,280,678	  	 				 				 				 				 			
											
	 After interim funding
	 				 				 				 				 				 				 				 				 				 			
	 Ordinary shares
	 				 				 				 				 				 				 	 	1,733,034,776	  	 	 	1,665,072,628	  	 	 	3,398,107,404	  	 	 	3,398,107,404	  
	 Consolidated interest free shareholder loan
	 				 				 				 				 				 				 	 	1,542,023,054	  	 	 	1,481,551,691	  	 	 	3,023,574,745	  	 	 	3,023,574,745	  
											
		 	 	3,330,353,988	  	 	 	3,275,057,830	  	 	 	3,146,624,319	  	 	 	6,421,682,149	  	 	 	6,421,682,149	  	 	 	3,330,353,988	  	 	 	3,275,057,830	  	 	 	3,146,624,319	  	 	 	6,421,682,149	  	 	 	6,421,682,149	  
	 Check
	 				 				 				 				 				 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
											
	 Senior facility
	 				 				 				 				 				 	 	3,330,353,988	  	 				 				 				 			
	 Settlement of purchase price for properties
	 				 				 				 				 				 	 	1,700,000,000	  	 				 				 				 			
	 net amount
	 				 				 				 				 				 	 	1,630,353,988	  	 				 				 				 			
	 Less: *notional interest benefit
	 				 				 				 				 				 	 	(226,532,265	) 	 				 				 				 			
	 Starting balance should be under term sheet
	 				 				 				 				 				 	 	1,403,821,723	  	 				 				 				 			

  

			
	 

	  	

  
 43 

	
	 

  

 INTERIM CLOSING FLOW OF FUNDS 

 

	
	

  
 44 

	
	 

  

 Figures to Update 

 

					
	 Advance to
	  			
	 Plateau
	  			
	 OCSF
	  	 	928,113,718	  
	 A preference 
	  			
	 shares
	  	 	1,722,636,567	  
		  	  
	  
	 
		  	 	2,650,750,285	  
		  	  
	  
	 
		
	 RPM
	  			
	 A preference 
	  			
	 shares
	  	 	1,665,072,628	  
		
	 Plateau
	  			
	 A preference 
	  			
	 shares
	  	 	1,733,034,776	  

			
		  	

  

  
 45 

	
	 

  

 Schedule 2 

Term Sheet 
  

			
	 

	  	PLATINUM

 Project Kingpin 

Term Sheet 
 December 2011 

Strictly private and confidential 
  

 

  
 46 

			
	 

	 	47

  

			
	 

	  	PLATINUM

 Definitions and interpretations commencing on page 8 of this Term
Sheet apply throughout, including the cover pages, unless the context indicates a contrary intention. 
  

 Terms and conditions 

This document (the “Term Sheet”) contains a summary of the key terms and conditions of the proposed refinancing and
capitalisation of Bokoni Platinum Holdings (Proprietary) Limited (“BHL”) (“the Transaction”). 
 The
following terms (read together with the Annexures hereto) represent the proposed key terms and conditions upon which Anglo American Platinum Limited (“Amplats”) and Anooraq Resources Corporation (“ARQ”) (the
“Parties”) Intend to implement the Transaction. 
 The terms and conditions contained in this Term Sheet are subject to:

  

	 	•	 	 Satisfactory Transaction Documents being prepared and concluded between the Parties; 

 

	 	•	 	 Fulfillment of the conditions precedent specified In the Transaction Documents; 

 

	 	•	 	 Legal counsel’s advice In general and well as any specific legal, tax and/or regulatory advice relating to issues that may arise out of the
Transaction; 

  

	 	•	 	 Amendment of the agreement regarding ARQ’s option to acquire a share in Amplats’ Polokwane smelter; and 

 

	 	•	 	 Amplats receiving legal opinion confirming that the Transaction does not trigger any obligations under the respective South African and/or Canadian
take-over codes as Amplats does not wish to trigger a mandatory offer to ARQ minorities in any jurisdiction. 

In the event that the Parties do not fulfill the conditions precedent to the Transaction Documents referred to above, then the
provisions of this Term Sheet shall not have any force or effect. 

  

					
		  	2	  	 

			
	

	 	48

  

			
	

	  	PLATINUM

 Definitions and interpretations commencing on page 8 of this Term
Sheet apply throughout, including the cover pages, unless the context indicates a contrary intention. 
  

													
	PARTIES	 	 Ÿ
	 	 Anooraq Resources Corporation and its subsidiaries; and

 

		 	 Ÿ
	 	 Anglo American Platinum Limited and its subsidiaries.

			
	BACKGROUND	 	 Ÿ
	 	 Amplats has material financial exposure to ARQ through a number of funding Instruments. The current amount owing to RPM in terms of various Plateau
funding facilities is approximately R2.8 billion as at 31 August 2011 (refer to Annexure A). In addition, Amplats also holds the R1.1 billion B1 Preference Shares into Pelawan SPV. The Parties are seeking to restructure the ARQ capital structure on
the terms and conditions set out In this Term Sheet.

			
	THE TRANSACTION	 	 Ÿ
	 	 The Transaction contemplated comprises an inter-conditional set of transactions including:

 

	 		 		 	 Ÿ
	 	 Sale by ARQ of its 51% attributable interest in Paschaskraal, De Kamp and Boikgantsho farms’ resources (refer to Annexure B) to Amplats for an
aggregate purchase consideration of R1,700 million in exchange for a reduction, for an equal value in the following order:

							
		 		 		 		 		 	 Ÿ
	 	 the A Preference Shares; and

							
		 		 		 		 		 	 Ÿ
	 	 OCSF;

					
		 		 		 	 Ÿ
	 	 Provision by Amplats of further funding to ARQ under the consolidated debt facility to support the BHL’s capital investment
programme;

					
		 		 		 	 Ÿ
	 	 Restructure of the B Preference Shares; and

					
		 		 		 	 Ÿ
	 	 The agreement regarding ARQ’s option to acquire a share in Amplats’ Polokwane Smelter Is to be amended to exclude all the assets sold as
part of the Transaction.

			
	CONSOLIDATED DEBT FACILITY	 	 Ÿ
	 	 The remaining facilities (from the Senior Debt Facility, OCSF, RPM Standby Facility and A Preference Shares) owing to Amplats by ARQ will be
consolidated into a single debt facility (“consolidated debt facility”). The consolidated debt facility will be split into 3 tranches;

	 		 		 	  

Ÿ
	 	  
 No interest will be charged on the remaining
facilities with effect from 1 July 2011 to the earlier of:

							
		 		 		 		 		 	 Ÿ
	 	 The date on which the conditions precedent to the Transaction Documents are fulfilled (“the effective date”); and

							
		 		 		 		 		 	 Ÿ
	 	 30 April 2012.

					
		 		 		 	 Ÿ
	 	 If the Transaction is not implemented by 30 April 2012 then the outstanding debt balances owing to Amplats on the remaining facilities at that time
(i.e. 1 May 2012) would attract interest at the current interest rates until the effective date.

					
		 		 		 	 Ÿ
	 	 The take-on balance of the consolidated debt facility will be approximately R1 billion (plus any drawdowns on the remaining facilities from 1 July
2011 to the effective date).

  

					
		  	3	  	

			
	

	 	49

  

			
	

	  	PLATINUM

 Definitions and interpretations commencing on page 8 of this Term
Sheet apply throughout, including the cover pages, unless the context indicates a contrary intention. 
  

													
		 		 		 	 Ÿ
	 	 The first R1 billion of debt will be referred to as the “first tranche”.

					
		 		 		 	 Ÿ
	 	 The consolidated debt facility increases by R1 billion (the “second tranche”) to R2 billion from 1 January 2012 until
30 December 2018 (inclusive).

					
		 		 		 	 Ÿ
	 	 The consolidated debt facility Increases by R300 million (the “third tranche”) to R2.3 billion from 1 January 2013 until
30 December 2018 (inclusive).

					
		 		 		 	 Ÿ
	 	 All capital draw-downs will be subject to annual capital drawdown limits to be agreed between the parties based on the Base Case Cash
Forecast.

					
		 		 		 	 Ÿ
	 	 The balances referred to include capitalised Interest.

					
		 		 		 	 Ÿ
	 	 Amplats will charge increasing interest rates (based on variable interest rates applicable at the time) on each tranche of the consolidated debt
facility to the extent that the balance of the consolidated debt facility (inclusive of capitalised interest) falls into that tranche. The table below reflects the indicative absolute % of interest (NACA) to be charged In relation to each tranche of
the consolidated debt facility:

  

																																					
	 Debt balance
	  	2012
(%)	  	2013
(%)	 	  	2014
(%)	 	  	2015
(%)	 	  	2016
(%)	 	  	2017
(%)	 	  	2018
(%)	 	  	2019
(%)	 	  	2020
(%)	 
	 First tranche (R1 billion)
	  	0.0	  	 	0.0	  	  	 	0.0	  	  	 	2.5	  	  	 	5.0	  	  	 	7.5	  	  	 	10.0	  	  	 	15.0	  	  	 	15.0	  
	 Second tranche (R1 billion)
	  	5.0	  	 	5.0	  	  	 	10.0	  	  	 	10.0	  	  	 	12.5	  	  	 	15.0	  	  	 	15.0	  	  	 	20.0	  	  	 	20.0	  
	 Third tranche (R300 million)
	  	15.0	  	 	15.0	  	  	 	15.0	  	  	 	15.0	  	  	 	20.0	  	  	 	20.0	  	  	 	20.0	  	  	 	25.0	  	  	 	25.0	  
	 Estimated weighted average (%)
	  	0.3	  	 	1.3	  	  	 	4.5	  	  	 	7.3	  	  	 	8.9	  	  	 	9.5	  	  	 	10.2	  	  	 	11.2	  	  	 	10.0	  

  

													
		 		 	 Ÿ
	 	 The above table is based on current implied interest rates and will be translated in the Transaction Documents as a percentage of 3 month
JIBAR.

				
		 		 	 Ÿ
	 	 Amplats will source a hedge Instrument on behalf of ARQ so that ARQ can swap the variable interest rate for a fixed interest rate at ARQ’s
expense. The expense to be included as part of the Base Case Cash Flow Forecast.

				
		 		 	 Ÿ
	 	 For illustrative purposes, using the Base Case Cash Forecast and applying the Interest rates, the anticipated resultant debt balance would
be:

  

																																									
	 Rm
	  	 	 	  	2012	 	 	2013	 	 	2014	 	 	2015	 	  	2016	 	  	2017	 	  	2018	 	  	2019	 	  	2020	 
	 Cash flow nominal
	  				  	 	(259	) 	 	 	(347	) 	 	 	(333	) 	 	 	177	  	  	 	543	  	  	 	480	  	  	 	715	  	  	 	530	  	  	 	498	  
	 Debt balance
	  	 	1,056	  	  	 	1,318	  	 	 	1,680	  	 	 	2,081	  	 	 	2,041	  	  	 	1,682	  	  	 	1,378	  	  	 	620	  	  	 	413	  	  	 	—  	  
	 Headroom to facility limit
	  				  	 	682	  	 	 	620	  	 	 	219	  	 	 	259	  	  	 	618	  	  	 	922	  	  	 	180	  	  	 	87	  	  	 	—  	  

  

													
			
	RESTRICTIONS ON THE CONSOLIDATED	 	 Ÿ
	 	 The overall cap on the consolidated debt facility is R2.3 billion inclusive of capitalised interest.

 

	 	 Ÿ
	 	 ARQ will utilise 90% of all its attributable cashflows in BHL to service

  

					
		  	4	  	

			
	

	 	50

  

			
	

	  	PLATINUM

 Definitions and interpretations commencing on page 8 of this Term
Sheet apply throughout, including the cover pages, unless the context indicates a contrary intention. 
  

													
	 DEBT FACILITY
	 		 	 the consolidated debt facility until such facility has been fully settled.

 

	 	 Ÿ
	 	 ARQ will need to reduce the consolidated debt facility owing to Amplats to an outstanding balance of no more than
R1 billion as at 31 December 2018 and no more than R500 million as at 31 December 2019.
  

		 	 Ÿ
	 	 The consolidated debt facility shall be fully repaid to RPM by no later than 31 December 2020.

			
	WORKING CAPITAL FACILITY	 	 Ÿ
	 	 Amplats will advance a working capital facility to ARQ.

 

	 	 Ÿ
	 	 The working capital facility will be available for drawdown during 2012, 2013 and 2014 at a maximum of R30 million per annum. Any unused amounts
will not be made available for drawdown in the following year.

			
		 	 Ÿ
	 	 Amplats will charge interest on the outstanding working capital facility at JIBAR+4% per annum.

			
		 	 Ÿ
	 	 Including capitalised interest, the balance of the working capital facility shall not exceed R90 million at any time.

			
		 	 Ÿ
	 	 ARQ will not pay any dividends until the working capital facility is fully repaid.

			
		 	 Ÿ
	 	 The working capital facility will be repayable in full by 31 December 2018.

			
	B PREFERENCE SHARES	 	 Ÿ
	 	 De-linking of the “B” Preference Shares structure by way of an amendment to the existing terms of the B Preference Shares or by way of a
conversion and Immediate replacement of the existing B Preference Shares, the result of which will be to provide Pelawan SPV with an ability to access its 111.6 million ARQ Ordinary Shares to the extent required to maintain the BEE shareholding in
ARQ at a level above 51% in the event of ARQ undertaking a rights offer / capital raise for financing/refinancing BHL approved expansion projects.

			
		 	 Ÿ
	 	 To the extent that ARQ issues new ARQ Ordinary Shares, Pelawan SPV shall convert its B3 Preference Shares to ARQ Ordinary Shares to the extent that
Pelawan’s equity shareholding in ARQ after such a rights offer would be above 51%, assuming and Including In the calculation that Amplats converted all its B Preference Shares to ARQ Ordinary Shares.

			
		 	 Ÿ
	 	 RPM undertakes not to convert its B Preference Shares into 115.8 million ARQ Ordinary Shares until the earlier of:

						
		 		 		 		 	 Ÿ
	 	 the consolidated debt facility is fully repaid; or

						
		 		 		 		 	 Ÿ
	 	 31 December 2018; or

						
		 		 		 		 	 Ÿ
	 	 a change of control of Pelawan and/or ARQ; or

						
		 		 		 		 	 Ÿ
	 	 a partial or full offer being made for all the shares in ARQ; or

						
		 		 		 		 	 Ÿ
	 	 a material breach of the provisions of the Transaction Documents by ARQ.

			
		 	 Ÿ
	 	 The de-linking of the B Preference Shares shall not affect the security

  

					
		  	5	  	

			
	

	 	51

  

			
	

	  	PLATINUM

 Definitions and interpretations commencing on page 8 of this Term
Sheet apply throughout, including the cover pages, unless the context indicates a contrary intention. 
  

													
		 		 	 granted in favour of RPM, which shall remain in full force and effect Irrespective of the revised structure.

			
	OTHER TERMS	 	 Ÿ
	 	 Extend the existing purchase of concentrate agreement (“Concentrate Agreement”) on its current terms up to 31 December 2020, It being
noted that at any time during this period, the Concentrate Agreement may be amended by mutual agreement between the contracting parties. Thereafter, the Concentrate Agreement will be renewable every 5 years on terms that are agreeable to both
Parties.

			
		 	 Ÿ
	 	 Additional ARQ management fee of up to 2% of BHL’s after tax profits if certain technical targets above plan are met.

			
		 	 Ÿ
	 	 “Delta 80” expansion project to be fast tracked but subject to Amplats internal approval process and project review process.

			
		 	 Ÿ
	 	 Improvement of management and key employee incentive structures and remuneration.

			
		 	 Ÿ
	 	 The HDSA ownership of ARQ may not fall below 51% before 31 December 2018.

			
	CONDITIONS PRECEDENT	 	 Ÿ
	 	 The implementation of the Transaction will be subject to:

 

	 		 		 	 Ÿ
	 	 Approval by the board of ARQ;

 

	 		 		 	 Ÿ
	 	 Drafting of Transaction Documents to the satisfaction of the Parties;

 

		 		 		 	 Ÿ
	 	 Approval of Transaction Documents by the board of Amplats;

					
		 		 		 	 Ÿ
	 	 Unconditional approval of the Transaction by the DMR, which will Include inter alia:

							
		 		 		 		 		 	 Ÿ
	 	 S11 (or similar legal) consent for the sale of the Mineral Properties, which may require proof of compliance with the Social and Labour Plans (“SLPs”)
that have been developed, as well as proof of compliance with the environmental management plans (“EMPs”) and mine works plans (“MWPs”); and

							
		 		 		 		 		 	 Ÿ
	 	 Agreement that the empowerment credits received from the original transaction involving Lebowa, Boikgantsho, Kwanda and Ga-Pasha must remain in place following
the Transaction, such that Amplats’ HDSA attributable ounces and /therefore its empowerment credentials are not prejudiced;

					
		 		 		 	 Ÿ
	 	 To the extent required, unconditional approval by the Competition Authorities of South Africa;

					
		 		 		 	 Ÿ
	 	 Approvals required in terms of the TSX listing rules;

					
		 		 		 	 Ÿ
	 	 Approval by the shareholders of ARQ;

					
		 		 		 	 Ÿ
	 	 Any other requisite regulatory approvals;

					
		 		 		 	 Ÿ
	 	 Other conditions precedent as is customary for a transaction of this nature;

					
		 		 		 	 Ÿ
	 	 Satisfactory due diligence by Amplats on (amongst others) –

  

					
		  	6	  	

			
	

	 	52

  

			
	

	  	PLATINUM

 Definitions and interpretations commencing on page 8 of this Term
Sheet apply throughout, including the cover pages, unless the context indicates a contrary intention. 
  

													
					
		 		 		 		 	 legal, technical, social issues and specifically Anooraq having the appropriate mining rights on the relevant farms being sold; and

					
		 		 		 	 Ÿ
	 	 Amplats acquiring unconditional title to the Mineral Properties (subject to the MPRDA).

			
	GENERAL UNDERTAKINGS	 	 Ÿ
	 	 Amplats shall have the right to refinance or restructure the consolidated debt facility post the Implementation of the Transaction and ARQ shall
co-operate with any such process, including any potential third party funder should Amplats decide to cede the consolidated debt facility or any part thereof to such party. The refinancing is to be undertaken on mutually agreed terms and as such
cannot be more onerous than the terms being offered to ARQ as part of the Transaction.

			
	CO-OPERATION AND GOOD FAITH	 	 Ÿ
	 	 The Parties will co-operate in matters of mutual concern and shall act with good faith in their dealings and relationships with one another. No
Party shall take any action, directly or indirectly, to avoid or frustrate the effect, purpose and Intent of any of the Transaction Documents.

			
		 	 Ÿ
	 	 The Parties shall at all times co-operate and consult with each other insofar as may be reasonably necessary in order to procure the implementation
of the Transaction Documents.

			
		 	 Ÿ
	 	 Each of the Parties undertakes, on request, to use all reasonable endeavours to assist each of the other Parties In obtaining all necessary
governmental and regulatory consents, licences and approvals that may be appropriate in relation to the Transaction Documents and to promptly provide any relevant governmental or regulatory authority all such information as may be reasonably
required to obtain any consents, licences or approvals.

			
		 	 Ÿ
	 	 The Parties shall at all times co-operate with each other and shall use reasonable commercial endeavours for the purposes of doing, as quickly as
possible, all things necessary to further progress, negotiate and implement the Transactions.

			
	CONFIDENTIALITY	 	 Ÿ
	 	 This Term Sheet and its contents are Intended for the exclusive use of any of Pelawan and its shareholders or ARQ, and shall not be disclosed by
them to any person other than their legal and financial advisers for the purposes of the proposed transactions contemplated herein unless the prior written consent of Amplats is obtained.

			
		 	 Ÿ
	 	 No party to this Term Sheet shall discuss the terms contained herein or any aspect or provisions thereof in public or issue any press release or any
other public document or make any public statement in each case relating to or connected with or arising out of the Term Sheet and/or any aspect or provision of this Term Sheet (save for any such release, announcement or document which Is required
to be given, made or published by law on the proviso that ARQ will provide Amplats with sufficient notice to enable Amplats to seek urgent relief if ft so requires) without obtaining the prior written approval of the other parties to the contents
thereof and the manner of its presentation and publication;

  

					
		  	7	  	

			
	

	 	53

  

			
	

	  	PLATINUM

 Definitions and interpretations commencing on page 8 of this Term Sheet
apply throughout, including the cover pages, unless the context indicates a contrary intention. 
  

					
		 		 	 provided that such approval shall not be unreasonably withheld or delayed.

			
	 MARKETING AND ANNOUNCEMENTS
	 	 •
	 	 The Parties are to agree that no announcements and/or notices or any other public marketing material with respect to ARQ and/or the Transaction and/or the
contents of this Term Sheet, be released without the prior written consent of the Parties to such communication.

			
	 STOCK EXCHANGE ANNOUNCEMENT AND MONITORING OF CONFIDENTIALITY
	 	 •
	 	 If Amplats and ARQ reach agreement on the matters contemplated by this Term Sheet, the parties will proceed to publish a joint stock exchange announcement
giving details of the Transaction. This will be necessary pursuant to ARQ’s continuous disclosure obligations under the TSX Listing Rules. The parties will continue to monitor developments in relation to this matter carefully, to make sure that
confidentiality has not been lost (which could result in an announcement being required even though no Term Sheet has been executed).

			
	 COSTS
	 	 •
	 	 Each of the parties shall pay its own costs and expenses (including legal, accounting and financial advisory fees and expenses) in connection with the
transactions recorded herein

	
	DEFINITIONS
		
	 Amplats
	 	 Anglo American Platinum Limited including, where the context dictates, the relevant subsidiaries thereto (e.g. RPM)

		
	 ARQ
	 	 Anooraq Resources Corporation Limited Including, where the context dictates, the relevant subsidiaries thereto (e.g. Plateau)

		
	 ARQ Ordinary Shares
	 	 Shares in the issued ordinary share capital of ARQ which shares currently have a primary listing on the TSX and secondary listings on the JSE and
AMEX

		
	 Availability Period
	 	 The period during which Plateau is able to draw on the OCSF, being 3 years from the initial drawdown date (1 July 2009)

		
	 A Preference Shares
	 	 The existing A preference shares of about R1.5 billion held by RPM In Plateau prior to the restructuring of the debt

		
	 B Preference Shares
	 	 Collectively, the B1 Preference Shares, B2 Preference Shares and B3 Preference Shares

		
	 B1 Preference Shares
	 	 The cumulative convertible B1 preference shares in the authorised share capital of Pelawan SPV, issued to and subscribed for by RPM

		
	 B2 Preference Shares
	 	 The cumulative convertible B2 preference shares in the authorised share capital of Plateau, issued to and subscribed for by Pelawan
SPV

		
	 B3 Preference
	 	 The cumulative convertible B3 preference shares In the authorised share capital

  

					
		  	8	  	

			
	

	 	54

  

			
	

	  	PLATINUM

 Definitions and interpretations commencing on page 8 of this Term Sheet
apply throughout, including the cover pages, unless the context indicates a contrary intention. 
  

					
	 Shares
	 	 of Plateau, issued to and subscribed for by Pelawan SPV

		
	 Base Case Cash Forecast
	 	 The LOM plan and cash flow model regarding BHL as agreed between the Parties, including the development of the MPH Delta 80 UG 2 expansion project
and new UG2 concentrator at BHL, as reflected in that plan

		
	 BHL
	 	 Bokoni Platinum Holdings (Proprietary) Limited; formerly known as Richtrau No. 179 (Proprietary) Limited

		
	 DMR
	 	 Department of Mineral Resources

		
	 JSE
	 	 JSE Limited

		
	 Mineral Properties
	 	 51% of ARQ’s attributable interest in Paschaskraal, De Kamp and Boikgantsho farms as set out in Annexure B

		
	 Operating Cash Flow Shortfall Facility (OCSF)
	 	 The debt funding facility of up to a maximum of R750 million made available by Amplats or RPM to Plateau for the Availability Period to fund
Plateau’s pro rata share of the working capital and capital expenditure requirements in relation to BHL. In addition to the R750 million cash facility, the OCSF also includes a guarantee facility of R28 million

		
	 Pelawan
	 	 Pelawan Investments (Proprietary) Limited, the ultimate holding company of ARQ including, where the context dictates, the relevant subsidiaries
thereto

		
	 Pelawan SPV
	 	 Pelawan Finance SPV (Proprietary) Limited, a wholly owned subsidiary of Pelawan

		
	 Plateau
	 	 Plateau Resources (Proprietary) Limited, an indirect wholly owned subsidiary of ARQ

		
	 Preference Share Facilities
	 	 Collectively, the A Preference Share Facility and the B Preference Share Facility

		
	 RMB
	 	 Rand Merchant Bank, a division of FirstRand Bank Limited

		
	 RPM
	 	 Rustenburg Platinum Mines Limited, a wholly owned subsidiary of Amplats

		
	 RPM Standby Facility
	 	 Standby facility provided by RPM to Plateau from the initial drawdown date (1 July 2009) for up to 29/49 of RPM’s share of BHL’s free
cashflow, used to service any accrued and/or capitalised interest and scheduled capital payments on the Senior Debt Facility

		
	 SCB
	 	 Standard Chartered Bank

		
	 Senior Debt Facility
	 	 The R750 million senior debt financing facility provided by SCB to Plateau, allowing upfront drawdown In the amount of R500 million and interest
rollup for 3 years which facility has since been acquired by Amplats

		
	 Term Sheet
	 	 This term sheet dated on or about December 2011 relating to the proposed refinancing of Amplats’s joint venture with ARQ in BHL

  

					
		  	9	  	

			
	

	 	55

  

			
	

	  	PLATINUM

 Definitions and interpretations commencing on page 8 of this Term Sheet
apply throughout, including the cover pages, unless the context indicates a contrary intention. 
  

					
	 Transaction Documents
	 	 Written legal agreements and any other documents necessary to Implement the Transaction contemplated in this Term Sheet

		
	 TSX
	 	 The Toronto Stock Exchange

  

									
		 	  
	 		 	  
	 	
		 	 For / on behalf of Amplats
	 		 	 For / on behalf of ARQ
	 	

  

					
		  	10	  	

			
	

	 	56

  

			
	

	  	PLATINUM

 Definitions and interpretations commencing on page 8 of this Term Sheet
apply throughout, including the cover pages, unless the context indicates a contrary intention. 
  

 ANNEXURE A: ARQ CURRENT FUNDING STRUCTURE AS AT 30 JUNE 2011 (excluding capital drawdowns made
subsequent to 30 June 2011) 
  
 

 
  

							
	 Debt Instrument
	  	Principal
(incl Interest YTD)
ZAR	 	  	Current Coupon
	 A Preference Shares
	  	 	1,479,072,000	  	  	12% pref div
	 OCSF*
	  	 	536,937,437	  	  	15,84%
	 Senior Debt Facility
	  	 	679,603,703	  	  	9,575%
		  	  
	  
	 	  	  

	 TOTAL
	  	 	2,695,613,140	  	  	
		  	  
	  
	 	  	  

  

	*	 Includes commitment fees and guarantee fees and related interest thereon. 

  

					
		  	11	  	

			
	

	 	57

  

			
	

	  	PLATINUM

 Definitions and interpretations commencing on page 8 of this Term Sheet
apply throughout, including the cover pages, unless the context indicates a contrary intention. 
  

 ANNEXURE B: ATTRIBUTABLE RESOURCES UNDER CONSIDERATION 

 

																					
	 Mineral Resource Category by farm name
	  	Current
midpoint
negotiated
value
(R’m)1	 	  	Current
midpoint
negotiated
value
($’m)2	 	  	MOz
(4E)
Total3	 	  	MOz
(4E)
Attribu
table	 	  	Implied
$/Oz#	 
	 PASCHASKRAAL
	  				  				  				  				  			
	 Measured
	  				  				  	 	6.54	  	  				  			
	 Indicated
	  				  				  	 	8.71	  	  	 	7.78	  	  			
	 Measure and Indicated
	  				  				  	 	15.25	  	  				  			
	 Inferred
	  				  				  	 	10.75	  	  	 	5.48	  	  			
	 Measured, Indicated and Inferred
	  	 	1,100	  	  	 	162.7	  	  	 	26.00	  	  	 	13.26	  	  	 	12.27	  
	 DE KAMP
	  				  				  				  				  			
	 Measured
	  				  				  	 	—  	  	  				  			
	 Indicated
	  				  				  	 	—  	  	  				  			
	 Measured and Indicated
	  				  				  	 	—  	  	  				  			
	 Inferred
	  				  				  	 	23.83	  	  	 	12.15	  	  			
	 Measured, Indicated and Inferred
	  	 	400	  	  	 	59.2	  	  	 	23.83	  	  	 	12.15	  	  	 	4.87	  
	 BOIKGANTSHO
	  				  				  				  				  			
	 Measured
	  				  				  	 	—  	  	  	 	—  	  	  			
	 Indicated
	  				  				  	 	7.67	  	  	 	3.91	  	  			
	 Inferred
	  				  				  	 	4.11	  	  	 	2.10	  	  			
	 Measured, Indicated and Inferred
	  	 	200	  	  	 	29.6	  	  	 	11.78	  	  	 	6.01	  	  	 	4.93	  
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 TOTAL
	  	 	1,700	  	  	 	251.5	  	  				  	 	31.42	  	  	 	8.00	  
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

 Notes: 
  

	1.	 Based on the midpoint of the negotiated value as agreed by the Parties. 

	2.	 Converted at R6.76/US$ on 30 June 2011. 

	3.	 As indicated by ARQ. 

  

					
		  	12	  	

			
	

	 	58

  

			
	

	  	PLATINUM

 Definitions and interpretations commencing on page 8 of this Term Sheet
apply throughout, including the cover pages, unless the context indicates a contrary intention. 
  

 ANNEXURE C: RESULTANT CAPITAL STRUCTURE 

 

					
	 Description
	  	Amount
(ZARm)	 
	 Cash consideration for sale of attributable ounces (refer to Annexure B)
	  	 	1,700	  
	 Total effective cash consideration in exchange for redemption of the A Preference Share facility
	  	 	1,503	  
	 Total effective cash consideration in exchange for settlement against the OCSF
	  	 	197	  
	 Net debt position before the Transaction (using net debt at 30 June 2011)
	  	 	2,700	  
	 Resultant net debt position (using net debt at 30 June 2011)
	  	 	1,000	  

  

															
	 	  	Before the Transaction
(30 June 2011)	  	After the Transaction
(30 June 2011)	 
	 Debt Instrument
	  	Principal
(incl Interest
YTD)
ZAR	 	  	Coupon	  	Principal
(incl Interest
YTD)
ZAR	 	  	 	 
	 A Preference Shares
	  	 	1,479,072,000	  	  	12% pref div	  	 	0	  	  	 	                    	  
	 OCSF*
	  	 	536,937,437	  	  	15,84%	  	 	316,009,437	  	  			
	 Senior Debt Facility
	  	 	679,603,703	  	  	JIBAR+4%	  	 	679,603,703	  	  			
		  	  
	  
	 	  	  
	  	  
	  
	 	  	  
	  
	 
	 TOTAL
	  	 	2,695,613,140,	  	  		  	 	995,613,140	  	  			
		  	  
	  
	 	  	  
	  	  
	  
	 	  	  
	  
	 

  

	*	 Excludes capital drawdowns made against this facility subsequent to 30 June 2011. 

  

					
		  	13	  	

	
	

  

 SIGNATURE PAGE 

 

									
	 THE PARENT

	
	 Signed at Illovo on 26 September 2012.

			
	

	 		 	

	 For and on behalf of:
	 		 	 For and on behalf of:

			
	 ATLATSA RESOURCES CORPORATION
	 		 	 ATLATSA RESOURCES CORPORATION

					
	 Name:
	 	 T.M. MOTSISI
	 		 	 Name:
	 	 A.H.C.H. MOTAUNG

					
	 Office:
	 	 CHAIRMAN
	 		 	 Office:
	 	 DIRECTOR

		 	(who warrants his authority)	 		 		 	(who warrants his authority)

  
 

 

  

	
	59

	
	

  

 SIGNATURE PAGE 

 

									
	 N1C RESOURCES

	
	 Signed at Grand Cayman on 26 September 2012.

			
	

	 		 	 
	 For and on behalf of:
	 		 	 For and on behalf of:

			
	 N1C RESOURCES INC.
	 		 	 N1C RESOURCES INC.

					
	 Name:
	 	 GARY F. OAKLEY
	 		 	 Name:
	 	  

					
	 Office:
	 	 DIRECTOR
	 		 	 Office:
	 	  

		 	(who warrants his authority)	 		 		 	(who warrants his authority)

  

	
	60

	
	

	
	

  

 SIGNATURE PAGE 

 

									
	 N2C RESOURCES

	
	 Signed at Grand Cayman on 26 September 2012.

			
	

	 		 	 
	 For and on behalf of:
	 		 	 For and on behalf of:

			
	 N2C RESOURCES INC.
	 		 	 N2C RESOURCES INC.

					
	 Name:
	 	 GARY F. OAKLEY
	 		 	 Name:
	 	  

					
	 Office:
	 	 DIRECTOR
	 		 	 Office:
	 	  

		 	(who warrants his authority)	 		 		 	(who warrants his authority)

  

	
	61

	
	

  

 SIGNATURE PAGE 

 

									
	PLATEAU
	
	 Signed at Illovo on 26 September 2012.

			
	

	 		 	

	 For and on behalf of:
	 		 	 For and on behalf of:

			
	 PLATEAU RESOURCES PROPRIETARY LIMITED
	 		 	 PLATEAU RESOURCES PROPRIETARY LIMITED

					
	 Name:
	 	 T.M. MOTSISI
	 		 	 Name:
	 	 A.H.C MOTAUNG

					
	 Office:
	 	 DIRECTOR
	 		 	 Office:
	 	 DIRECTOR

		 	(who warrants his authority)	 		 		 	(who warrants his authority)

  
 

 

  

	
	62

	
	

  

 SIGNATURE PAGE 

HOLDCO 
 Signed at Illovo on 26 September
2012. 
  

									
	

	 		 	

	 For and on behalf of:
	 		 	 For and on behalf of:

			
	 BOKONI PLATINUM HOLDINGS PROPRIETARY LIMITED
	 		 	 BOKONI PLATINUM HOLDINGS PROPRIETARY LIMITED

					
	 Name:
	 	 T.M. MOTSISI
	 		 	 Name:
	 	 A.H.C.H. MOTAUNG

					
	 Office:
	 	 DIRECTOR
	 		 	 Office:
	 	 DIRECTOR

		 	(who warrants his authority)	 		 		 	(who warrants his authority)

  
 

 

  
 63 

	
	

  

 SIGNATURE PAGE 

OPCO 
 Signed at Illovo on 26 September
2012. 
  

									
	

	 		 	

	 For and on behalf of:
	 		 	 For and on behalf of:

			
	 BOKONI PLATINUM MINES PROPRIETARY LIMITED
	 		 	 BOKONI PLATINUM MINES PROPRIETARY LIMITED

					
	 Name:
	 	 T.M. MOTSISI
	 		 	 Name:
	 	 A.H.C.H MOTAUNG

					
	 Office:
	 	 DIRECTOR
	 		 	 Office:
	 	 DIRECTOR

		 	(who warrants his authority)	 		 		 	(who warrants his authority)

  
 

 

  
 64 

	
	

  

 SIGNATURE PAGE 

PLATEAU SECURITY SPV 
 Signed at Illovo on
26 September 2012. 
  

									
	 	 		 	 

	 For and on behalf of:
	 		 	 For and on behalf of:

			
	 MICAWBER 634 PROPRIETARY LIMITED
	 		 	 MICAWBER 634 PROPRIETARY LIMITED

					
	 Name:
	 	  
	 		 	 Name:
	 	 

		 		 		 		 	 B Hamuse

					
	 Office:
	 	  
	 		 	 Office:
	 	 Director

		 	(who warrants his authority)	 		 		 	(who warrants his authority)

  
 

 

  
 65 

	
	

  

 SIGNATURE PAGE 

OPCO SECURITY SPV 
 Signed at Illovo on 26
September 2012. 
  

									
	 	 		 	 

	 For and on behalf of:
	 		 	 For and on behalf of:

			
	 MICAWBER 603 PROPRIETARY LIMITED
	 		 	 MICAWBER 603 PROPRIETARY LIMITED

					
	 Name:
	 	  
	 		 	 Name:
	 	 B Hamuse

					
	 Office:
	 	  
	 		 	 Office:
	 	 Director

		 	(who warrants his authority)	 		 		 	(who warrants his authority)

  
 

 

  
 66 

	
	

  

 SIGNATURE PAGE 

RPM 
 Signed at Marshalltown on 25
September 2012. 
  

									
	 

	 		 	 
	 For and on behalf of:
	 		 	 For and on behalf of:

			
	 RUSTENBURG PLATINUM MINES LIMITED
	 		 	 RUSTENBURG PLATINUM MINES LIMITED

					
	 Name:
	 	 BONGANI NQWABABA
	 		 	 Name:
	 	  

					
	 Office:
	 	 DIRECTOR
	 		 	 Office:
	 	  

		 	(who warrants his authority)	 		 		 	(who warrants his authority)

  
 

 

  
 67 

	
	

  

 SIGNATURE PAGE 

THE SECURITY AGENT 
 Signed at
Marshalltown on 25 September 2012. 
  

									
	 

	 		 	 
	 For and on behalf of:
	 		 	 For and on behalf of:

			
	 RUSTENBURG PLATINUM MINES LIMITED
	 		 	 RUSTENBURG PLATINUM MINES LIMITED

					
	 Name:
	 	 BONGANI NQWABABA
	 		 	 Name:
	 	  

					
	 Office:
	 	 DIRECTOR
	 		 	 Office:
	 	  

		 	(who warrants his authority)	 		 		 	(who warrants his authority)

  
 

 

  
 69 

	
	

  

 SIGNATURE PAGE 

THE PELAWAN SPV 
 Signed at Illovo on
26 September 2012. 
  

									
	 

	 		 	 

	 For and on behalf of:
	 		 	 For and on behalf of:

			
	 PELAWAN FINANCE SPV PROPRIETARY LIMITED
	 		 	 PELAWAN FINANCE SPV PROPRIETARY LIMITED

					
	 Name:
	 	 T. M MOTSISI
	 		 	 Name:
	 	 A.H.C. MOTAUNG

					
	 Office:
	 	 DIRECTOR
	 		 	 Office:
	 	 DIRECTOR

		 	(who warrants his authority)	 		 		 	(who warrants his authority)

  
 

 

  
 70 

	
	

  

 SIGNATURE PAGE 

THE PELAWAN DIVIDEND TRUST 
 Signed at
Illovo on 26 September 2012. 
  

									
	 

	 		 	 

	 For and on behalf of:
	 		 	 For and on behalf of:

			
	 THE PELAWAN DIVIDEND TRUST
	 		 	 THE PELAWAN DIVIDEND TRUST

					
	 Name:
	 	 TUMELO MOATLHODI
	 		 	 Name:
	 	 ASNA CHRIS HAROLD MOTAUNG

					
	 Office:
	 	 TRUSTEE
	 		 	 Office:
	 	 TRUSTEE

		 	(who warrants his authority)	 		 		 	(who warrants his authority)

 THE PELAWAN TRUST 

Signed at                      on
             2012. 
  

									
	 	 		 	 
	 For and on behalf of:
	 		 	 For and on behalf of:

			
	 THE PELAWAN TRUST
	 		 	 THE PELAWAN TRUST

					
	 Name:
	 	 TUMELO MOATLHODI
	 		 	 Name:
	 	 ASNA CHRIS HAROLD MOTAUNG

					
	 Office:
	 	 TRUSTEE
	 		 	 Office:
	 	 TRUSTEE

		 	(who warrants his authority)	 		 		 	(who warrants his authority)

  
 

 

  
 71 

	
	

  

 SIGNATURE PAGE 

THE PELAWAN DIVIDEND TRUST 
 Signed at
Illovo on 26 September 2012. 
  

									
	 

	 		 	 

	 For and on behalf of:
	 		 	 For and on behalf of:

			
	 THE PELAWAN DIVIDEND TRUST
	 		 	 THE PELAWAN DIVIDEND TRUST

					
	 Name:
	 	 TUMELO MOATLHODI
	 		 	 Name:
	 	 ASNA CHRIS HAROLD MOTAUNG

					
	 Office:
	 	 TRUSTEE
	 		 	 Office:
	 	 TRUSTEE

		 	(who warrants his authority)	 		 		 	(who warrants his authority)

 THE PELAWAN TRUST 

Signed at Sandton on 26th September 2012. 

 

									
	 

	 		 	 
	 For and on behalf of:
	 		 	 For and on behalf of:

			
	 THE PELAWAN TRUST
	 		 	 THE PELAWAN TRUST

					
	 Name:
	 	 TUMELO MOATLHODI
	 		 	 Name:
	 	 ASNA CHRIS HAROLD MOTAUNG

					
	 Office:
	 	 TRUSTEE
	 		 	 Office:
	 	 TRUSTEE

		 	(who warrants his authority)	 		 		 	(who warrants his authority)

  
 

 

  
 72 

	
	

  

 SIGNATURE PAGE 

THE PELAWAN DIVIDEND TRUST 
 Signed at
Illovo on 26 September 2012. 
  

									
	 

	 		 	 

	 For and on behalf of:
	 		 	 For and on behalf of:

			
	 THE PELAWAN DIVIDEND TRUST
	 		 	 THE PELAWAN DIVIDEND TRUST

					
	 Name:
	 	 TUMELO MOATLHODI
	 		 	 Name:
	 	 ASNA CHRIS HAROLD MOTAUNG

					
	 Office:
	 	 TRUSTEE
	 		 	 Office:
	 	 TRUSTEE

		 	(who warrants his authority)	 		 		 	(who warrants his authority)

 THE PELAWAN TRUST 

Signed at Johannesburg on 26 September 2012. 
  

									
	 	 		 	 

	 For and on behalf of:
	 		 	 For and on behalf of:

			
	 THE PELAWAN TRUST
	 		 	 THE PELAWAN TRUST

					
	 Name:
	 	 TUMELO MOATLHODI
	 		 	 Name:
	 	 ASNA CHRIS HAROLD MOTAUNG

					
	 Office:
	 	 TRUSTEE
	 		 	 Office:
	 	 TRUSTEE

		 	(who warrants his authority)	 		 		 	(who warrants his authority)

  
 

 

  
 73EX-10.1

 Exhibit 10.1 

FIRST AMENDED AND RESTATED 

LIMITED PARTNERSHIP AGREEMENT 

OF 
 STRATEGIC STORAGE
OPERATING PARTNERSHIP II, L.P. 

 FIRST AMENDED AND RESTATED 

LIMITED PARTNERSHIP AGREEMENT 

OF 
 STRATEGIC STORAGE
OPERATING PARTNERSHIP II, L.P. 
 TABLE OF CONTENTS 
  

									
	 	  	 	  	 	  	Page	 
		
	ARTICLE 1          DEFINED TERMS	  	 	1	  
		
	ARTICLE 2          PARTNERSHIP FORMATION AND IDENTIFICATION	  	 	9	  
	 2.1
	  	 Formation
	  	 	9	  
	 2.2
	  	 Name, Office and Registered Agent
	  	 	9	  
	 2.3
	  	 Partners
	  	 	10	  
	 2.4
	  	 Term and Dissolution
	  	 	10	  
	 2.5
	  	 Filing of Certificate and Perfection of Limited Partnership
	  	 	10	  
	 2.6
	  	 Certificates Describing Partnership Units
	  	 	11	  
		
	ARTICLE 3          BUSINESS OF THE PARTNERSHIP	  	 	11	  
		
	ARTICLE 4          CAPITAL CONTRIBUTIONS AND ACCOUNTS	  	 	11	  
	 4.1
	  	 Capital Contributions
	  	 	11	  
	 4.2
	  	 Additional Capital Contributions and Issuances of Additional Partnership Interests
	  	 	11	  
	 4.3
	  	 Additional Funding
	  	 	13	  
	 4.4
	  	 Capital Accounts
	  	 	13	  
	 4.5
	  	 Percentage Interests
	  	 	14	  
	 4.6
	  	 No Interest on Contributions
	  	 	14	  
	 4.7
	  	 Return of Capital Contributions
	  	 	14	  
	 4.8
	  	 No Third Party Beneficiary
	  	 	14	  
		
	ARTICLE 5          PROFITS AND LOSSES; DISTRIBUTIONS	  	 	15	  
	 5.1
	  	 Allocation of Profit and Loss
	  	 	15	  
	 5.2
	  	 Distributions
	  	 	16	  
	 5.3
	  	 REIT Distribution Requirements
	  	 	20	  
	 5.4
	  	 No Right to Distributions In Kind
	  	 	20	  
	 5.5
	  	 Limitations of Return of Capital Contributions
	  	 	20	  
	 5.6
	  	 Distributions Upon Liquidation
	  	 	20	  
	 5.7
	  	 Substantial Economic Effect
	  	 	20	  
		
	ARTICLE 6          RIGHTS, OBLIGATIONS AND POWERS OF THE GENERAL PARTNER	  	 	21	  
	 6.1
	  	 Management of the Partnership
	  	 	21	  
	 6.2
	  	 Delegation of Authority
	  	 	23	  
	 6.3
	  	 Indemnification and Exculpation of Indemnitees
	  	 	23	  
	 6.4
	  	 Liability of the General Partner
	  	 	25	  
	 6.5
	  	 Reimbursement of General Partner
	  	 	26	  
	 6.6
	  	 Outside Activities
	  	 	26	  
	 6.7
	  	 Employment or Retention of Affiliates
	  	 	26	  
	 6.8
	  	 General Partner Participation
	  	 	26	  
	 6.9
	  	 Title to Partnership Assets
	  	 	27	  
	 6.10
	  	 Miscellaneous
	  	 	27	  

  
 i 

									
		
	ARTICLE 7          CHANGES IN GENERAL PARTNER	  	 	27	  
	 7.1
	  	 Transfer of the General Partner’s Partnership Interest
	  	 	27	  
	 7.2
	  	 Admission of a Substitute or Additional General Partner
	  	 	29	  
	 7.3
	  	 Effect of Bankruptcy, Withdrawal, Death or Dissolution of a General Partner
	  	 	29	  
	 7.4
	  	 Removal of a General Partner
	  	 	30	  
		
	ARTICLE 8          RIGHTS AND OBLIGATIONS OF THE LIMITED PARTNERS	  	 	30	  
	 8.1
	  	 Management of the Partnership
	  	 	30	  
	 8.2
	  	 Power of Attorney
	  	 	31	  
	 8.3
	  	 Limitation on Liability of Limited Partners
	  	 	31	  
	 8.4
	  	 Exchange Right
	  	 	31	  
		
	ARTICLE 9          TRANSFERS OF LIMITED PARTNERSHIP INTERESTS	  	 	33	  
	 9.1
	  	 Purchase for Investment
	  	 	33	  
	 9.2
	  	 Restrictions on Transfer of Limited Partnership Interests
	  	 	33	  
	 9.3
	  	 Admission of Substitute Limited Partner
	  	 	34	  
	 9.4
	  	 Rights of Assignees of Partnership Interests
	  	 	35	  
	 9.5
	  	 Effect of Bankruptcy, Death, Incompetence or Termination of a Limited Partner
	  	 	35	  
	 9.6
	  	 Joint Ownership of Interests
	  	 	35	  
	 9.7
	  	 Redemption of Partnership Units
	  	 	36	  
		
	ARTICLE 10        BOOKS AND RECORDS; ACCOUNTING; TAX MATTERS	  	 	36	  
	 10.1
	  	 Books and Records
	  	 	36	  
	 10.2
	  	 Custody of Partnership Funds; Bank Accounts
	  	 	36	  
	 10.3
	  	 Fiscal and Taxable Year
	  	 	36	  
	 10.4
	  	 Annual Tax Information and Report
	  	 	36	  
	 10.5
	  	 Tax Matters Partner; Tax Elections; Special Basis Adjustments
	  	 	36	  
	 10.6
	  	 Reports Made Available to Limited Partners
	  	 	37	  
		
	ARTICLE 11        AMENDMENT OF AGREEMENT; MERGER	  	 	37	  
		
	ARTICLE 12        GENERAL PROVISIONS	  	 	38	  
	 12.1
	  	 Notices
	  	 	38	  
	 12.2
	  	 Survival of Rights
	  	 	38	  
	 12.3
	  	 Additional Documents
	  	 	38	  
	 12.4
	  	 Severability
	  	 	38	  
	 12.5
	  	 Entire Agreement
	  	 	38	  
	 12.6
	  	 Pronouns and Plurals
	  	 	38	  
	 12.7
	  	 Headings
	  	 	38	  
	 12.8
	  	 Counterparts
	  	 	38	  
	 12.9
	  	 Governing Law
	  	 	39	  
			
	EXHIBIT A	 	GENERAL PARTNER AND ORIGINAL LIMITED PARTNER, CAPITAL CONTRIBUTIONS AND PERCENTAGE INTERESTS	  	 	41	  
			
	EXHIBIT B	 	NOTICE OF EXERCISE OF EXCHANGE RIGHT	  	 	42	  

  
 ii 

 FIRST AMENDED AND RESTATED 

LIMITED PARTNERSHIP AGREEMENT 

OF 
 STRATEGIC STORAGE
OPERATING PARTNERSHIP II, L.P. 
 Strategic Storage Operating Partnership II, L.P. (the “Partnership”) was formed as a limited
partnership under the laws of the State of Delaware, pursuant to a Certificate of Limited Partnership filed with the Office of the Secretary of State of the State of Delaware on January 9, 2013. This First Amended and Restated Limited
Partnership Agreement (“Agreement”) is entered into effective as of January 10, 2014, among Strategic Storage Trust II, Inc., a Maryland corporation (the “General Partner”), the Original Limited Partner and the Special
Limited Partner set forth on Exhibit A hereto, and the Limited Partners party hereto from time to time. Capitalized terms used herein but not otherwise defined shall have the meanings given them in Article 1. 

NOW, THEREFORE, in consideration of the foregoing, of mutual covenants between the parties hereto, and of other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE 1 

DEFINED TERMS 
 The
following defined terms used in this Agreement shall have the meanings specified below: 
 Act means the Delaware Revised Uniform
Limited Partnership Act, as it may be amended from time to time. 
 Additional Funds has the meaning set forth in Section 4.3.

 Additional Securities means any additional REIT Shares (other than REIT Shares issued in connection with an exchange pursuant to
Section 8.4 hereof) or rights, options, warrants or convertible or exchangeable securities containing the right to subscribe for or purchase REIT Shares, as set forth in Section 4.2(a)(ii). 

Administrative Expenses means (i) all administrative and operating costs and expenses incurred by the Partnership, (ii) those
administrative costs and expenses of the General Partner, including any salaries or other payments to directors, officers or employees of the General Partner, and any accounting and legal expenses of the General Partner, which expenses, the Partners
have agreed, are expenses of the Partnership and not the General Partner, and (iii) to the extent not included in clause (ii) above, REIT Expenses; provided, however, that Administrative Expenses shall not include any administrative costs
and expenses incurred by the General Partner that are attributable to Properties or partnership interests in a Subsidiary Partnership (other than this Partnership) that are owned by the General Partner directly. 

Advisor or Advisors means the Person or Persons, if any, appointed, employed or contracted with by the General Partner and responsible
for directing or performing the day-to-day business affairs of the General Partner, including any Person to whom the Advisor subcontracts substantially all of such functions. 

Advisory Agreement means the agreement among the Partnership, the General Partner and the Advisor pursuant to which the Advisor will
direct or perform the day-to-day business affairs of the General Partner and the Partnership. 

  
 1 

 Affiliate or Affiliated means, as to any other Person, any of the following: 

(a) any Person directly or indirectly owning, controlling or holding, with power to vote, 10% or more of the outstanding voting securities of
such other Person; 
 (b) any Person 10% or more of whose outstanding voting securities are directly or indirectly owned, controlled or
held, with power to vote, by such other Person; 
 (c) any Person directly or indirectly controlling, controlled by or under common control
with such other Person; 
 (d) any executive officer, director, trustee or general partner of such other Person; and 

(e) any legal entity for which such Person acts as an executive officer, director, trustee or general partner. 

Agreed Value means the fair market value of a Partner’s non-cash Capital Contribution as of the date of contribution as agreed to
by such Partner and the General Partner. The names and addresses of the General Partner and Original Limited Partner, number of Partnership Units issued to each of them, and their respective Capital Contributions as of the date of contribution is
set forth on Exhibit A. 
 Agreement means this First Amended and Restated Limited Partnership Agreement, as amended, modified
supplemented or restated from time to time, as the context requires. 
 Appraised Value means value according to an appraisal made by
an Independent Appraiser. 
 Articles of Incorporation means the General Partner’s Articles of Incorporation filed with the
Maryland State Department of Assessments and Taxation, as amended or restated from time to time. 
 Assets means the aggregate
carrying value of GAAP assets including but not limited to current, fixed, tangible and intangible assets, owned or held by, or for the account of, the General Partner, whether directly or indirectly through the Partnership or any Subsidiary,
excluding Properties and net deferred financing costs. 
 Book Value means, with respect to any Partnership asset, the asset’s
adjusted basis for federal income tax purposes, except that Book Values of all Partnership assets shall be adjusted in the event of a revaluation of Partnership property under Section 4.4 of this Agreement, in accordance with the rules set
forth in Section 1.704-1(b)(2)(iv)(f) and (g) of the Regulations. 
 Capital Account has the meaning provided in
Section 4.4 hereof. 
 Capital Contribution means the total amount of cash, cash equivalents, and the Agreed Value of any
Property or other asset (other than cash) contributed or agreed to be contributed, as the context requires, to the Partnership by each Partner pursuant to the terms of this Agreement. Any reference to the Capital Contribution of a Partner shall
include the Capital Contribution made by a predecessor holder of the Partnership Interest of such Partner. 
 Cash Amount means an
amount of cash equal to the product of the Value of one REIT Share and the REIT Shares Amount on the date of receipt by the General Partner of a Notice of Exchange. 

  
 2 

 Certificate means any instrument or document that is required under the laws of the State
of Delaware, or any other jurisdiction in which the Partnership conducts business, to be signed and sworn to by the Partners of the Partnership (either by themselves or pursuant to the power-of-attorney granted to the General Partner in
Section 8.2 hereof) and filed for recording in the appropriate public offices within the State of Delaware or such other jurisdiction to perfect or maintain the Partnership as a limited partnership, to effect the admission, withdrawal, or
substitution of any Partner of the Partnership, or to protect the limited liability of the Limited Partners as limited partners under the laws of the State of Delaware or such other jurisdiction. 

Code means the Internal Revenue Code of 1986, as amended, and as hereafter amended from time to time. Reference to any particular
provision of the Code shall mean that provision in the Code at the date hereof and any successor provision of the Code. 
 Common
Stockholders means holders of REIT Shares. 
 Conversion Factor means 1.0, provided that in the event that the General Partner
(i) declares or pays a dividend on its outstanding REIT Shares in REIT Shares or makes a distribution to all holders of its outstanding REIT Shares in REIT Shares, (ii) subdivides its outstanding REIT Shares, or (iii) combines its
outstanding REIT Shares into a smaller number of REIT Shares, the Conversion Factor shall be adjusted by multiplying the Conversion Factor by a fraction, the numerator of which shall be the number of REIT Shares issued and outstanding on the record
date for such dividend, distribution, subdivision or combination (assuming for such purposes that such dividend, distribution, subdivision or combination has occurred as of such time), and the denominator of which shall be the actual number of REIT
Shares (determined without the above assumption) issued and outstanding on such date and, provided further, that in the event that an entity other than an Affiliate of the General Partner shall become General Partner pursuant to any merger,
consolidation or combination of the General Partner with or into another entity (the “Successor Entity”), the Conversion Factor shall be adjusted by multiplying the Conversion Factor by the number of shares of the Successor Entity into
which one REIT Share is converted pursuant to such merger, consolidation or combination, determined as of the date of such merger, consolidation or combination. Any adjustment to the Conversion Factor shall become effective immediately after the
effective date of such event retroactive to the record date, if any, for such event; provided, however, that if the General Partner receives a Notice of Exchange after the record date, but prior to the effective date of such dividend, distribution,
subdivision or combination, the Conversion Factor shall be determined as if the General Partner had received the Notice of Exchange immediately prior to the record date for such dividend, distribution, subdivision or combination. 

Distributions means any dividends or other distributions of money or other property paid by the General Partner to the holders of its
REIT Shares or preferred stock, including dividends that may constitute a return of capital for federal income tax purposes. 
 Event of
Bankruptcy as to any Person means the filing of a petition for relief as to such Person as debtor or bankrupt under the Bankruptcy Code of 1978 or similar provision of law of any jurisdiction (except if such petition is contested by such Person
and has been dismissed within 90 days); insolvency or bankruptcy of such Person as finally determined by a court proceeding; filing by such Person of a petition or application to accomplish the same or for the appointment of a receiver or a trustee
for such Person or a substantial part of his assets; commencement of any proceedings relating to such Person as a debtor under any other reorganization, arrangement, insolvency, adjustment of debt or liquidation law of any jurisdiction, whether now
in existence or hereinafter in effect, either by such Person or by another, provided that if such proceeding is commenced by another, such Person indicates his approval of such proceeding, consents thereto or acquiesces therein, or such proceeding
is contested by such Person and has not been finally dismissed within 90 days. 

  
 3 

 Exchange Amount means either the Cash Amount or the REIT Shares Amount, as selected by the
General Partner in its sole and absolute discretion pursuant to Section 8.4(b) hereof. 
 Exchange Right has the meaning
provided in Section 8.4(a) hereof. 
 Exchanging Partner has the meaning provided in Section 8.4(a) hereof. 

Extraordinary Transaction means, whether in one or a series of transactions, the transfer or other disposition, directly or indirectly,
of all or substantially all of the business or securities of the General Partner, whether by way of a merger or consolidation, reorganization, recapitalization or restructuring, tender or exchange offer, negotiated purchase, leveraged buyout or
otherwise, or any other extraordinary corporate transaction involving the General Partner, excluding a Sale. 
 GAAP means generally
accepted accounting principles consistently applied as used in the United States. 
 General Partner means Strategic Storage Trust
II, Inc., a Maryland corporation, and any Person who becomes a substitute or additional General Partner as provided herein, and any of their successors as General Partner. 

General Partnership Interest means a Partnership Interest held by the General Partner that is a general partnership interest. 

Indemnitee means (i) the General Partner or a director, officer or employee of the General Partner or Partnership, (ii) the
Advisor or a director, officer, manager, member, employee of the Advisor or another agent of the Advisor if such agent is an Affiliate of the Advisor and (iii) such other Persons (including Affiliates of the General Partner, the Advisor or the
Partnership) as the General Partner may designate from time to time, in its sole and absolute discretion. 
 Independent Appraiser
means a person or entity, who is not an Affiliate of the Advisor or the members of the board of directors of the General Partner, who is engaged to a substantial extent in the business of rendering opinions regarding the value of assets of the type
held by the General Partner, and who is a qualified appraiser of real estate as determined by the members of the board of directors of the General Partner. Membership in a nationally recognized appraisal society such as the American Institute of
Real Estate Appraisers or the Society of Real Estate Appraisers shall be conclusive evidence of such qualification. 
 Independent
Director means a director of the General Partner who is not an officer or employee of the General Partner and meets the requirements for independence as defined by the Articles of Incorporation. 

Invested Capital means the amount calculated by multiplying the total number of REIT Shares purchased by Stockholders by (a) the
offering price for the Stock paid by such Stockholders in an Offering or (b) for Stock not purchased in an Offering, the issue price for the Stock; in each case reduced by any Distributions attributable to Net Sale Proceeds and any amounts paid
by the General Partner to repurchase shares of Stock pursuant to a plan for repurchase of the General Partner’s Stock. 
 Joint
Venture or Joint Ventures means those joint venture or general partnership arrangements in which the General Partner or the Partnership is a co-venturer or general partner which are established to acquire Properties. 

  
 4 

 Liabilities means the aggregate carrying value of GAAP liabilities owned or incurred by,
or for the account of, the General Partner, whether directly or indirectly through the Partnership or any Subsidiary, including mortgage indebtedness. 

Limited Partner means any Person named as a Limited Partner on Exhibit A attached hereto, and any Person who becomes a
Substitute Limited Partner, in such Person’s capacity as a Limited Partner in the Partnership. 
 Limited Partnership Interest
means the ownership interest of a Limited Partner in the Partnership at any particular time, including the right of such Limited Partner to any and all benefits to which such Limited Partner may be entitled as provided in this Agreement and in the
Act, together with the obligations of such Limited Partner to comply with all the provisions of this Agreement and of such Act. 

Listing means the approval of the REIT Shares, issued by the General Partner pursuant to an effective registration statement, on a
National Securities Exchange. Upon Listing, the shares shall be deemed Listed. 
 Loss has the meaning provided in
Section 5.1(f) hereof. 
 Market Value means the aggregate market value of all of the outstanding REIT Shares, measured by
taking the average closing price or average of bid and asked price, as the case may be, during the consecutive 30-day period commencing one hundred eighty (180) days following Listing. 

National Securities Exchange means any securities exchange registered with the SEC pursuant to Section 6 of the Securities
Exchange Act of 1934, as amended. 
 Net Sale Proceeds means in the case of a transaction described in clause (a) of the
definition of Sale, the net proceeds of any such transaction less the amount of all real estate commissions and closing costs paid by the Partnership. In the case of a transaction described in clause (b) of such definition, Net Sale Proceeds
means the net proceeds of any such transaction less the amount of any legal and other selling expenses incurred by the Partnership in connection with such transaction. In the case of a transaction described in clause (c) of such definition, Net
Sale Proceeds means the net proceeds of any such transaction actually distributed to the Partnership from the Joint Venture less any expenses incurred by the Partnership in connection with such transaction. In the case of a transaction or series of
transactions described in clause (d) of the definition of Sale, Net Sale Proceeds means the net proceeds of any such transaction less the amount of all commissions and closing costs paid by the Partnership. In the case of a transaction
described in clause (e) of such definition, Net Sale Proceeds means the net proceeds of any such transaction less the amount of all selling costs and other expenses incurred by the Partnership in connection with such transaction. Net Sale
Proceeds shall also include, in the case of any lease of a Property consisting of a building only, any amounts from tenants, borrowers or lessees that the General Partner, in its capacity as general partner of the Partnership determines, in its
discretion, to be economically equivalent to the proceeds of a Sale. Net Sale Proceeds shall be calculated after repayment of any outstanding indebtedness secured by the asset disposed of in the sale. 

Notice of Exchange means the Notice of Exercise of Exchange Right substantially in the form attached as Exhibit B hereto. 

Offer has the meaning set forth in Section 7.1(b)(ii) hereof. 

Offering means an offering of Stock that is either (a) registered with the SEC, or (b) exempt from such registration,
excluding Stock offered under any employee benefit plan. 

  
 5 

 Original Limited Partner means the Limited Partner designated as “Original Limited
Partner” on Exhibit A hereto. 
 Partner means any General Partner, Limited Partner or Special Limited Partner. 

Partner Nonrecourse Debt Minimum Gain has the meaning set forth in Regulations Section 1.704-2(i). A Partner’s share of
Partner Nonrecourse Debt Minimum Gain shall be determined in accordance with Regulations Section 1.704-2(i)(5). 
 Partnership
means Strategic Storage Operating Partnership II, L.P., a Delaware limited partnership. 
 Partnership Interest means an ownership
interest in the Partnership held by a Limited Partner, a Special Limited Partner or the General Partner and includes any and all benefits to which the holder of such a Partnership Interest may be entitled as provided in this Agreement, together with
all obligations of such Person to comply with the terms and provisions of this Agreement. 
 Partnership Minimum Gain has the meaning
set forth in Regulations Section 1.704-2(d). In accordance with Regulations Section 1.704-2(d), the amount of Partnership Minimum Gain is determined by first computing, for each Partnership nonrecourse liability, any gain the Partnership
would realize if it disposed of the property subject to that liability for no consideration other than full satisfaction of the liability, and then aggregating the separately computed gains. A Partner’s share of Partnership Minimum Gain shall
be determined in accordance with Regulations Section 1.704-2(g)(1). 
 Partnership Record Date means the record date established
by the General Partner for the distribution of cash pursuant to Section 5.2 hereof, which record date shall be the same as the record date established by the General Partner for a distribution to its stockholders of some or all of its portion
of such distribution. 
 Partnership Unit means a fractional, undivided share of the Partnership Interests of all Partners issued
hereunder. The allocation of Partnership Units among the Partners shall be as set forth on Exhibit A, as such Exhibit may be amended from time to time. 

Percentage Interest means the percentage ownership interest in the Partnership of each Partner, as determined by dividing the
Partnership Units owned by a Partner by the total number of Partnership Units then outstanding. 
 Person means any individual,
partnership, limited liability company, corporation, joint venture, trust or other entity. 
 Profit has the meaning provided in
Section 5.1(f) hereof. 
 Property or Properties means the real properties or real estate investments which are acquired
by the General Partner either directly or through the Partnership, Joint Ventures, partnerships or other entities. 
 Regulations
means the Federal income tax regulations promulgated under the Code, as amended and as hereafter amended from time to time. Reference to any particular provision of the Regulations shall mean that provision of the Regulations on the date hereof and
any successor provision of the Regulations. 

  
 6 

 Regulatory Allocations has the meaning set forth in Section 5.1(i) hereof. 

REIT means a real estate investment trust under Sections 856 through 860 of the Code. 

REIT Expenses means (i) costs and expenses relating to the formation and continuity of existence and operation of the General
Partner and any Subsidiaries thereof (which Subsidiaries shall, for purposes hereof, be included within the definition of General Partner), including taxes, fees and assessments associated therewith, any and all costs, expenses or fees payable to
any director, officer, or employee of the General Partner, (ii) costs and expenses relating to any Offering and registration of securities by the General Partner and all statements, reports, fees and expenses incidental thereto, including,
without limitation, underwriting discounts and sales commissions applicable to any such Offering of securities, and any costs and expenses associated with any claims made by any holders of such securities or any underwriters or placement agents
thereof, (iii) costs and expenses associated with any repurchase of any securities by the General Partner, (iv) costs and expenses associated with the preparation and filing of any periodic or other reports and communications by the
General Partner under federal, state or local laws or regulations, including filings with the SEC, (v) costs and expenses associated with compliance by the General Partner with laws, rules and regulations promulgated by any regulatory body,
including the SEC and any National Securities Exchange, (vi) costs and expenses associated with any 401(k) plan, incentive plan, bonus plan or other plan providing for compensation for the employees of the General Partner, (vii) costs and
expenses incurred by the General Partner relating to any issuing or redemption of Partnership Interests, and (viii) all other operating or administrative costs of the General Partner incurred in the ordinary course of its business on behalf of
or in connection with the Partnership. 
 REIT Share means a share of common stock, par value $0.001 per share, in the General
Partner (or successor entity, as the case may be), the terms and conditions of which are set forth in the Articles of Incorporation. 

REIT Shares Amount means a number of REIT Shares equal to the product of the number of Partnership Units offered for exchange by an
Exchanging Partner, multiplied by the Conversion Factor as adjusted to and including the Specified Exchange Date; provided that in the event the General Partner issues to all holders of REIT Shares rights, options, warrants or convertible or
exchangeable securities entitling the stockholders to subscribe for or purchase REIT Shares, or any other securities or property (collectively, the “rights”), and the rights have not expired at the Specified Exchange Date, then the REIT
Shares Amount shall also include the rights issuable to a holder of the REIT Shares Amount of REIT Shares on the record date fixed for purposes of determining the holders of REIT Shares entitled to rights. 

Sale or Sales means any transaction or series of transactions whereby: (a) the Partnership sells, grants, transfers,
conveys or relinquishes its ownership of any Property or portion thereof, including the lease of any Property consisting of the building only, and including any event with respect to any Property which gives rise to a significant amount of insurance
proceeds or condemnation awards; (b) the Partnership sells, grants, transfers, conveys or relinquishes its ownership of all or substantially all of the interest of the Partnership in any Joint Venture in which it is a co-venturer or partner;
(c) any Joint Venture in which the Partnership is a co-venturer or partner sells, grants, transfers, conveys or relinquishes its ownership of any Property or portion thereof, including any event with respect to any Property which gives rise to
insurance claims or condemnation awards; (d) the Partnership sells, grants, conveys, or relinquishes its interest in any asset, or portion thereof, including any event with respect to any asset which gives rise to a significant amount of
insurance proceeds or similar awards; or (e) the Partnership sells or otherwise disposes of or distributes all of its assets in liquidation of the Partnership. 

SEC means the Securities and Exchange Commission. 

  
 7 

 Securities Act means the Securities Act of 1933, as amended. 

Service means the Internal Revenue Service. 

Special Limited Partner means the Person designated as “Special Limited Partner” on Exhibit A hereto. 

Special Limited Partner Interest means the interest of the Special Limited Partner in the Partnership representing its right as the
holder of an interest in distributions described in Section 5.2 hereof (and any corresponding allocations of income, gain, loss and deduction under this Agreement). 

Specified Exchange Date means the first business day of the month that is at least 60 business days after the receipt by the General
Partner of the Notice of Exchange. 
 Stock means shares of stock of the General Partner of any class or series, including REIT
Shares, preferred stock or shares-in-trust. 
 Stockholders means the registered holders of the General Partner’s Stock. 

Stockholders’ 6% Return means, as of any date, an aggregate amount equal to a 6% cumulative, non-compounded, annual return on
Invested Capital; provided, however, that for purposes of calculating the Stockholders’ 6% Return, any non-taxable stock dividend shall not be included as a Distribution; and provided further that for purposes of determining the
Stockholders’ 6% Return, the return for each portion of the Invested Capital shall commence for purposes of the calculation upon the issuance of the Stock issued in connection with such capital. 

Subordinated Distribution Due Upon Extraordinary Transaction means (a) 15% of the amount by which (i) the Transaction Amount,
plus the total of all Distributions paid to Common Stockholders (excluding any stock dividends and Distributions paid on REIT Shares redeemed by the General Partner) from the General Partner’s inception until the date that Transaction Amount is
determined, exceeds (ii) the sum of (A) Invested Capital and (B) the total Distributions required to be paid to Common Stockholders in order to pay the Stockholders’ 6% Return from inception through the date Transaction Amount is
determined. 
 Subordinated Distribution Due Upon Termination means 15% of the amount, if any, by which (i) the Appraised Value
of the Properties, plus the Assets, less the Liabilities, at the Termination Date, plus total Distributions (excluding any stock dividend and Distributions paid on REIT Shares redeemed by the General Partner pursuant to its share redemption program)
through the Termination Date exceeds (ii) the sum of Invested Capital plus total Distributions required to be made to the Common Stockholders in order to pay the Stockholders’ 6% Return from inception through the Termination Date. 

Subordinated Incentive Listing Distribution means 15% of the amount by which (i) the Market Value, plus the total of all
Distributions paid to Common Stockholders (excluding any stock dividends and Distributions paid on REIT Shares redeemed by the General Partner) from the General Partner’s inception until the date that Market Value is determined, exceeds
(ii) the sum of (A) Invested Capital and (B) the total Distributions required to be paid to Common Stockholders in order to pay the Stockholders’ 6% Return from inception through the date Market Value is determined. 

Subsidiary means, with respect to any Person, any corporation or other entity of which a majority of (i) the voting power of the
voting equity securities or (ii) the outstanding equity interests is owned, directly or indirectly, by such Person. 

  
 8 

 Subsidiary Partnership means any partnership of which the partnership interests therein
are owned by the General Partner or a direct or indirect subsidiary of the General Partner. 
 Substitute Limited Partner means any
Person admitted to the Partnership as a Limited Partner pursuant to Section 9.3 hereof. 
 Successor Entity has the meaning
provided in the definition of “Conversion Factor” contained herein. 
 Surviving General Partner has the meaning set forth
in Section 7.1(c) hereof. 
 Termination means the termination of the Advisory Agreement. 

Termination Date means the date of termination of the Advisory Agreement. 

Transaction has the meaning set forth in Section 7.1(b) hereof. 

Transaction Amount means the aggregate value of all of the issued and outstanding REIT Shares using a per share value equal to the per
share value paid to the Stockholders in an Extraordinary Transaction. 
 Transfer has the meaning set forth in Section 9.2(a)
hereof. 
 Value means, with respect to REIT Shares, the average of the daily market price of such REIT Share for the ten
(10) consecutive trading days immediately preceding the date of such valuation. The market price for each such trading day shall be: (i) if the REIT Shares are Listed, the sale price, regular way, on such day, or if no such sale takes
place on such day, the average of the closing bid and asked prices, regular way, on such day; (ii) if the REIT Shares are not Listed, the last reported sale price on such day or, if no sale takes place on such day, the average of the closing
bid and asked prices on such day, as reported by a reliable quotation source designated by the General Partner; or (iii) if the REIT Shares are not Listed and no such last reported sale price or closing bid and asked prices are available, the
average of the reported high bid and low asked prices on such day, as reported by a reliable quotation source designated by the General Partner, or if there shall be no bid and asked prices on such day, the average of the high bid and low asked
prices, as so reported, on the most recent day (not more than ten (10) days prior to the date in question) for which prices have been so reported; provided that if there are no bid and asked prices reported during the ten
(10) days prior to the date in question, the value of the REIT Shares shall be determined by the General Partner acting in good faith on the basis of such quotations and other information as it considers, in its reasonable judgment,
appropriate. In the event the REIT Shares Amount includes rights that a holder of REIT Shares would be entitled to receive, then the value of such rights shall be determined by the General Partner acting in good faith on the basis of such quotations
and other information as it considers, in its reasonable judgment, appropriate. 
 ARTICLE 2 

PARTNERSHIP FORMATION AND IDENTIFICATION 

2.1 Formation. The Partnership was formed as a limited partnership pursuant to the Act for the purposes and upon the terms and
conditions set forth in this Agreement. 
 2.2 Name, Office and Registered Agent. The name of the Partnership is Strategic Storage
Operating Partnership II, L.P. The specified office and place of business of the Partnership shall be 111 Corporate Drive, Suite 120, Ladera Ranch, California 92694. The General Partner may at any time

  
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change the location of such office, provided the General Partner gives notice to the Partners of any such change. The name and address of the Partnership’s registered agent is The
Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801. The sole duty of the registered agent as such is to forward to the Partnership any notice that is served on him as registered agent. 

2.3 Partners. 
 (a) The
General Partner of the Partnership is Strategic Storage Trust II, Inc., a Maryland corporation. Its principal place of business is the same as that of the Partnership. 

(b) The Limited Partners are those Persons identified as Limited Partners on Exhibit A hereto, as amended from time to time. 

2.4 Term and Dissolution. 

(a) The Partnership shall have perpetual duration, except that the Partnership shall be dissolved upon the first to occur of any of the
following events: 
 (i) The occurrence of an Event of Bankruptcy as to a General Partner or the dissolution, death, removal or withdrawal
of a General Partner unless the business of the Partnership is continued pursuant to Section 7.3(b) hereof; provided that if a General Partner is on the date of such occurrence a partnership, the dissolution of such General Partner as a result
of the dissolution, death, withdrawal, removal or Event of Bankruptcy of a partner in such partnership shall not be an event of dissolution of the Partnership if the business of such General Partner is continued by the remaining partner or partners,
either alone or with additional partners, and such General Partner and such partners comply with any other applicable requirements of this Agreement; 

(ii) The passage of 90 days after the sale or other disposition of all or substantially all of the assets of the Partnership (provided that
if the Partnership receives an installment obligation as consideration for such sale or other disposition, the Partnership shall continue, unless sooner dissolved under the provisions of this Agreement, until such time as such note or notes are paid
in full); 
 (iii) The exchange of all Limited Partnership Interests (other than any of such interests held by the General Partner or
Affiliates of the General Partner) for REIT Shares or the securities of any other entity; or 
 (iv) The election by the General Partner
that the Partnership should be dissolved. 
 (b) Upon dissolution of the Partnership (unless the business of the Partnership is continued
pursuant to Section 7.3(b) hereof), the General Partner (or its trustee, receiver, successor or legal representative) shall amend or cancel the Certificate and liquidate the Partnership’s assets and apply and distribute the proceeds
thereof in accordance with Section 5.6 hereof. Notwithstanding the foregoing, the liquidating General Partner may either (i) defer liquidation of, or withhold from distribution for a reasonable time, any assets of the Partnership
(including those necessary to satisfy the Partnership’s debts and obligations), or (ii) distribute the assets to the Partners in kind. 

2.5 Filing of Certificate and Perfection of Limited Partnership. The General Partner shall execute, acknowledge, record and file at the
expense of the Partnership, the Certificate any and all amendments thereto and all requisite fictitious name statements and notices in such places and 

  
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jurisdictions as may be necessary to cause the Partnership to be treated as a limited partnership under, and otherwise to comply with, the laws of each state or other jurisdiction in which the
Partnership conducts business. 
 2.6 Certificates Describing Partnership Units. At the request of a Limited Partner, the General
Partner, at its option, may issue a certificate summarizing the terms of such Limited Partner’s interest in the Partnership, including the number of Partnership Units owned and the Percentage Interest represented by such Partnership Units as of
the date of such certificate. Any such certificate (i) shall be in form and substance as approved by the General Partner, (ii) shall not be negotiable and (iii) shall bear a legend to the following effect: 

This certificate is not negotiable. The Partnership Units represented by this certificate are governed by and transferable only
in accordance with the provisions of the Limited Partnership Agreement of Strategic Storage Operating Partnership II, L.P., as amended from time to time. 

ARTICLE 3 
 BUSINESS OF
THE PARTNERSHIP 
 The purpose and nature of the business to be conducted by the Partnership is (i) to conduct any business that
may be lawfully conducted by a limited partnership organized pursuant to the Act, provided, however, that such business shall be limited to and conducted in such a manner as to permit the General Partner at all times to qualify as a REIT, unless the
General Partner otherwise ceases to qualify as a REIT, (ii) to enter into any partnership, joint venture or other similar arrangement to engage in any of the foregoing or the ownership of interests in any entity engaged in any of the foregoing
and (iii) to do anything necessary or incidental to the foregoing. In connection with the foregoing, and without limiting the General Partner’s right in its sole and absolute discretion to cease qualifying as a REIT, the Partners
acknowledge that the General Partner’s current status as a REIT and the avoidance of income and excise taxes on the General Partner inures to the benefit of all the Partners and not solely to the General Partner. Notwithstanding the foregoing,
the Limited Partners agree that the General Partner may terminate its status as a REIT under the Code at any time to the full extent permitted under the Articles of Incorporation. The General Partner shall also be empowered to do any and all acts
and things necessary or prudent to ensure that the Partnership will not be classified as a “publicly traded partnership” for purposes of Section 7704 of the Code. 

ARTICLE 4 
 CAPITAL
CONTRIBUTIONS AND ACCOUNTS 
 4.1 Capital Contributions. The General Partner, Original Limited Partner and Special Limited
Partner have made Capital Contributions to the Partnership in exchange for the Partnership Interests set forth opposite their names on Exhibit A, as amended from time to time. 

4.2 Additional Capital Contributions and Issuances of Additional Partnership Interests. Except as provided in this Section 4.2 or
in Section 4.3, the Partners shall have no right or obligation to make any additional Capital Contributions or loans to the Partnership. The General Partner may contribute additional capital to the Partnership, from time to time, and receive
additional Partnership Interests in respect thereof, in the manner contemplated in this Section 4.2. 
 (a) Issuances of Additional
Partnership Interests. 

  
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 (i) General. The General Partner is hereby authorized to cause the Partnership to issue
such additional Partnership Interests in the form of Partnership Units for any Partnership purpose at any time or from time to time, to the Partners (including the General Partner) or to other Persons for such consideration and on such terms and
conditions as shall be established by the General Partner in its sole and absolute discretion, all without the approval of any Limited Partner. Any additional Partnership Interests issued thereby may be issued in one or more classes, or one or more
series of any of such classes, with such designations, preferences and relative, participating, optional or other special rights, powers and duties, including rights, powers and duties senior to Limited Partnership Interests, all as shall be
determined by the General Partner in its sole and absolute discretion and without the approval of any Limited Partner, subject to Delaware law, including, without limitation: (i) the allocations of items of Partnership income, gain, loss,
deduction and credit to each such class or series of Partnership Interests; (ii) the right of each such class or series of Partnership Interests to share in Partnership distributions; and (iii) the rights of each such class or series of
Partnership Interests upon dissolution and liquidation of the Partnership; provided, however, that no additional Partnership Interests shall be issued to the General Partner unless: 

(1) (A) the additional Partnership Interests are issued in connection with an issuance of REIT Shares of or other interests in the General
Partner, which shares or interests have designations, preferences and other rights, all such that the economic interests are substantially similar to the designations, preferences and other rights of the additional Partnership Interests issued to
the General Partner by the Partnership in accordance with this Section 4.2 and (B) the General Partner shall make a Capital Contribution to the Partnership in an amount equal to the proceeds raised in connection with the issuance of such
shares of stock of or other interests in the General Partner; 
 (2) the additional Partnership Interests are issued in exchange for
property owned by the General Partner with a fair market value, as determined by the General Partner, in good faith, equal to the value of the Partnership Interests; or 

(3) additional Partnership Interests are issued to all Partners holding Partnership Units in proportion to their respective Percentage
Interests. 
 In addition, the General Partner may acquire Partnership Interests from other Partners pursuant to this Agreement. In the
event that the Partnership issues Partnership Interests pursuant to this Section 4.2(a), the General Partner shall make such revisions to this Agreement (without any requirement of receiving approval of the Limited Partners) as it deems
necessary to reflect the issuance of such additional Partnership Interests and any special rights, powers, and duties associated therewith. 

Without limiting the foregoing, the General Partner is expressly authorized to cause the Partnership to issue Partnership Units for less than
fair market value, so long as the General Partner concludes in good faith that such issuance is in the best interests of the General Partner and the Partnership. 

(ii) Upon Issuance of Additional Securities. The General Partner shall not issue any Additional Securities other than to all holders
of REIT Shares, unless (A) the General Partner shall cause the Partnership to issue to the General Partner, as the General Partner may designate, Partnership Interests or rights, options, warrants or convertible or exchangeable securities of
the Partnership having designations, preferences and other rights, all such that the economic interests are substantially similar to those of the Additional Securities, and (B) the General Partner contributes the net proceeds from the issuance
of such Additional Securities and from any exercise of rights contained in such Additional Securities, directly and through the General Partner, to the Partnership; provided, however, that the General Partner is allowed to issue Additional
Securities in connection with an 

  
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acquisition of a property to be held directly by the General Partner, but if and only if, such direct acquisition and issuance of Additional Securities have been approved and determined to be in
the best interests of the General Partner and the Partnership by a majority of the Independent Directors (as defined in the Articles of Incorporation). Without limiting the foregoing, the General Partner is expressly authorized to issue Additional
Securities for less than fair market value, and to cause the Partnership to issue to the General Partner corresponding Partnership Interests, so long as (x) the General Partner concludes in good faith that such issuance is in the best interests
of the General Partner and the Partnership, including without limitation, the issuance of REIT Shares and corresponding Partnership Units pursuant to an employee share purchase plan providing for employee purchases of REIT Shares at a discount from
fair market value or employee stock options that have an exercise price that is less than the fair market value of the REIT Shares, either at the time of issuance or at the time of exercise, and (y) the General Partner contributes all proceeds
from such issuance to the Partnership. For example, in the event the General Partner issues REIT Shares for a cash purchase price and contributes all of the proceeds of such issuance to the Partnership as required hereunder, the General Partner
shall be issued a number of additional Partnership Units equal to the product of (A) the number of such REIT Shares issued by the General Partner, the proceeds of which were so contributed, multiplied by (B) a fraction, the numerator of
which is 100%, and the denominator of which is the Conversion Factor in effect on the date of such contribution. 
 (b) Certain Deemed
Contributions of Proceeds of Issuance of REIT Shares. In connection with any and all issuances of REIT Shares, the General Partner shall make Capital Contributions to the Partnership of the proceeds therefrom, provided that if the proceeds
actually received and contributed by the General Partner are less than the gross proceeds of such issuance as a result of any underwriter’s discount or other expenses paid or incurred in connection with such issuance, then the General Partner
shall be deemed to have made Capital Contributions to the Partnership in the aggregate amount of the gross proceeds of such issuance and the Partnership shall be deemed simultaneously to have paid such offering expenses in accordance with
Section 6.5 hereof and in connection with the required issuance of additional Partnership Units to the General Partner for such Capital Contributions pursuant to Section 4.2(a) hereof. 

4.3 Additional Funding. If the General Partner determines that it is in the best interests of the Partnership to provide for additional
Partnership funds (“Additional Funds”) for any Partnership purpose, the General Partner may (i) cause the Partnership to obtain such funds from outside borrowings, or (ii) elect to have the General Partner or any of its
Affiliates provide such Additional Funds to the Partnership through loans or otherwise. 
 4.4 Capital Accounts. A separate capital
account (a “Capital Account”) shall be established and maintained for each Partner in accordance with Regulations Section 1.704-1(b)(2)(iv). If (i) a new or existing Partner acquires an additional Partnership Interest in exchange
for more than a de minimis Capital Contribution, (ii) the Partnership distributes to a Partner more than a de minimis amount of Partnership property as consideration for a Partnership Interest, (iii) the Partnership is liquidated within
the meaning of Regulation Section 1.704-1(b)(2)(ii)(g) or (iv) a Partnership Interest (other than a de minimis interest) is granted as consideration for the provisions of services to or for the benefit of the Partnership by an existing
Partner acting in a partner capacity, or by a new Partner acting in a partner capacity in anticipation of being a Partner, the General Partner shall revalue the property of the Partnership to its fair market value (as determined by the General
Partner, in its sole and absolute discretion, and taking into account Section 7701(g) of the Code) in accordance with Regulations Section 1.704-1(b)(2)(iv)(f). When the Partnership’s property is revalued by the General Partner, the
Capital Accounts of the Partners shall be adjusted in accordance with Regulations Sections 1.704-1(b)(2)(iv)(f) and (g), which generally require such Capital Accounts to be adjusted to reflect the manner in which the unrealized gain or loss inherent
in such property (that has not been reflected in the Capital Accounts 

  
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previously) would be allocated among the Partners pursuant to Section 5.1 if there were a taxable disposition of such property for its fair market value (as determined by the General
Partner, in its sole and absolute discretion, and taking into account Section 7701(g) of the Code) on the date of the revaluation. 

4.5 Percentage Interests. If the number of outstanding Partnership Units increases or decreases during a taxable year, each
Partner’s Percentage Interest shall be adjusted by the General Partner effective as of the effective date of each such increase or decrease to a percentage equal to the number of Partnership Units held by such Partner divided by the aggregate
number of Partnership Units outstanding after giving effect to such increase or decrease. If the Partners’ Percentage Interests are adjusted pursuant to this Section 4.5, the Profits and Losses for the taxable year in which the adjustment
occurs shall be allocated between the part of the year ending on the day when the Partnership’s property is revalued by the General Partner and the part of the year beginning on the following day either (i) as if the taxable year had ended
on the date of the adjustment or (ii) based on the number of days in each part. The General Partner, in its sole and absolute discretion, shall determine which method shall be used to allocate Profits and Losses for the taxable year in which
the adjustment occurs. The allocation of Profits and Losses for the earlier part of the year shall be based on the Percentage Interests before adjustment, and the allocation of Profits and Losses for the later part shall be based on the adjusted
Percentage Interests. 
 4.6 No Interest on Contributions. No Partner shall be entitled to interest on its Capital Contribution. 

4.7 Return of Capital Contributions. No Partner shall be entitled to withdraw any part of its Capital Contribution or its Capital
Account or to receive any distribution from the Partnership, except as specifically provided in this Agreement. Except as otherwise provided herein, there shall be no obligation to return to any Partner or withdrawn Partner any part of such
Partner’s Capital Contribution for so long as the Partnership continues in existence. 
 4.8 No Third Party Beneficiary. No
creditor or other third party having dealings with the Partnership shall have the right to enforce the right or obligation of any Partner to make Capital Contributions or loans or to pursue any other right or remedy hereunder or at law or in equity,
it being understood and agreed that the provisions of this Agreement shall be solely for the benefit of, and may be enforced solely by, the parties hereto and their respective successors and assigns. None of the rights or obligations of the Partners
herein set forth to make Capital Contributions or loans to the Partnership shall be deemed an asset of the Partnership for any purpose by any creditor or other third party, nor may such rights or obligations be sold, transferred or assigned by the
Partnership or pledged or encumbered by the Partnership to secure any debt or other obligation of the Partnership or of any of the Partners. In addition, it is the intent of the parties hereto that no distribution to any Limited Partner shall be
deemed a return of money or other property in violation of the Act. However, if any court of competent jurisdiction holds that, notwithstanding the provisions of this Agreement, any Limited Partner is obligated to return such money or property, such
obligation shall be the obligation of such Limited Partner and not of the General Partner. Without limiting the generality of the foregoing, a deficit Capital Account of a Partner shall not be deemed to be a liability of such Partner nor an asset or
property of the Partnership and upon a liquidation within the meaning of Treas. Reg. Section 1.704-1(b)(2)(ii)(g), if any Partner has a deficit Capital Account (after giving effect to all contributions,
distributions, allocations and other Capital Account adjustments for all taxable years, including the year during which such liquidation occurs), such Partner shall have no obligation to make any Capital Contribution to reduce or eliminate the
negative balance of such Partner’s Capital Account. 

  
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 ARTICLE 5 

PROFITS AND LOSSES; DISTRIBUTIONS 

5.1 Allocation of Profit and Loss. 

(a) General. Profit and Loss of the Partnership for each fiscal year or other applicable period of the Partnership shall be allocated
among the General Partner and the Limited Partners in accordance with their respective Percentage Interests provided that, subject to the next sentence of this Section 5.1(a), Profit, and to the extent necessary, individual items of income or
gain, shall be allocated to the Special Limited Partner until the Special Limited Partner has received aggregate allocations of Profit, income or gain for all fiscal years equal to the aggregate amount of distributions the Special Limited Partner is
entitled to receive or has received with respect to the Special Limited Partnership Interest for such year and for all prior fiscal years. Items of income, gain, loss, and deduction with respect to Sales shall first be allocated among the Partners,
including the Special Limited Partner, for each fiscal year in a manner that will as nearly as possible cause the Capital Account balance of each Partner at the end of such fiscal year or other applicable period to equal the amount of distributions
that would be made to such Partner if the Partnership were (i) dissolved and terminated, (ii) its affairs wound up and its assets sold for cash equal to their Book Value, (iii) all Partnership liabilities were satisfied (limited with
respect to each nonrecourse liability to the Book Value of the assets securing such liability); and (iv) the net assets of the Partnership were distributed in accordance with Sections 5.2 (a) and (b) hereof to the Partners immediately
after giving effect to such allocation. The General Partner may, in its reasonable discretion, make such other assumptions (whether or not consistent with the above assumptions) as it deems necessary or appropriate in order to effectuate the
intended economic arrangement of the Partners. 
 (b) Minimum Gain Chargeback. Notwithstanding any provision to the contrary,
(i) any expense of the Partnership that is a “nonrecourse deduction” within the meaning of Regulations Section 1.704-2(b)(1) shall be allocated in accordance with the Partners’ respective Percentage Interests, (ii) any
expense of the Partnership that is a “partner nonrecourse deduction” within the meaning of Regulations Section 1.704-2(i)(2) shall be allocated to the Partner that bears the “economic risk of loss” with respect to the
“partner nonrecourse debt” within the meaning of Regulations Section 1.704-2(b)(4) to which such partner nonrecourse deduction is attributable in accordance with Regulations Section 1.704-2(i)(1), (iii) if there is a net
decrease in Partnership Minimum Gain within the meaning of Regulations Section 1.704-2(f)(1) for any Partnership taxable year, then, subject to the exceptions set forth in Regulations Section 1.704-2(f)(2),(3), (4) and (5), items of
gain and income shall be allocated among the Partners in accordance with Regulations Section 1.704-2(f) and the ordering rules contained in Regulations Section 1.704-2(j), and (iv) if there is a net decrease in Partner Nonrecourse
Debt Minimum Gain within the meaning of Regulations Section 1.704-2(i)(4) for any Partnership taxable year, then, subject to the exceptions set forth in Regulations Section 1.704-(2)(g), items of gain and income shall be allocated among
the Partners in accordance with Regulations Section 1.704-2(i)(4) and the ordering rules contained in Regulations Section 1.704-2(j). A Partner’s “interest in partnership profits” for purposes of determining its share of the
nonrecourse liabilities of the Partnership within the meaning of Regulations Section 1.752-3(a)(3) shall be such Partner’s Percentage Interest. 

(c) Qualified Income Offset. If a Partner unexpectedly receives in any taxable year an adjustment, allocation, or distribution
described in subparagraphs (4), (5), or (6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit balance in such Partner’s Capital Account that exceeds the sum of such Partner’s shares of Partnership
Minimum Gain and Partner Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), such Partner shall be allocated specially for such taxable year (and, if necessary, later taxable years) items
of income and gain in an amount and manner sufficient to eliminate such deficit Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(d); provided, that an allocation pursuant to this
Section 5.1(c) shall be made only if and to the extent that such Partner would have a deficit Capital Account balance after all other allocations provided for in Article 5 have been tentatively 

  
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made as if this Section 5.1(c) were not in this Agreement. This Section 5.1(c) is intended to constitute a “qualified income offset” under Section 1.704-1(b)(2)(ii)(d) of
the Regulations and shall be interpreted consistently therewith. 
 (d) Capital Account Deficits. Loss shall not be allocated to a
Limited Partner to the extent that such allocation would cause or increase a deficit in such Partner’s Capital Account at the end of any fiscal year (after reduction to reflect the items described in Regulations
Section 1.704-1(b)(2)(ii)(d)(4), (5) and (6)) in excess of the sum of such Partner’s shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g)
and 1.704-2(i). 
 (e) Allocations Between Transferor and Transferee. If a Partner transfers any part or all of its Partnership
Interest, the distributive shares of the various items of Profit and Loss allocable among the Partners during such fiscal year of the Partnership shall be allocated between the transferor and the transferee Partner either (i) as if the
Partnership’s fiscal year had ended on the date of the transfer, or (ii) based on the number of days of such fiscal year that each was a Partner without regard to the results of Partnership activities in the respective portions of such
fiscal year in which the transferor and the transferee were Partners. The General Partner, in its sole and absolute discretion, shall determine which method shall be used to allocate the distributive shares of the various items of Profit and Loss
between the transferor and the transferee Partner. 
 (f) Definition of Profit and Loss. “Profit” and “Loss” and
any items of income, gain, expense, or loss referred to in this Agreement shall be determined in accordance with federal income tax accounting principles, as modified by Regulations Section 1.704-1(b)(2)(iv), except that Profit and Loss shall
not include items of income, gain and expense that are specially allocated pursuant to Sections 5.1(b), 5.1(c) or 5.1(d). All allocations of income, Profit, gain, Loss and expense (and all items contained therein) for federal income tax purposes
shall be identical to all allocations of such items set forth in this Section 5.1, except as otherwise required by Section 704(c) of the Code and Regulations Section 1.704-1(b)(4). The General Partner shall have the authority to elect
the method to be used by the Partnership for allocating items of income, gain, and expense as required by Section 704(c) of the Code including a method that may result in a Partner receiving a disproportionately larger share of the Partnership
tax depreciation deductions, and such election shall be binding on all Partners. 
 (g) Curative Allocations. The allocations set
forth in Section 5.1(b), (c) and (d) of this Agreement (the “Regulatory Allocations”) are intended to comply with certain requirements of the Regulations. The General Partner is authorized to offset all Regulatory
Allocations either with other Regulatory Allocations or with special allocations of other items of Partnership income, gain, loss or deduction pursuant to this Section 5.1(g). Therefore, notwithstanding any other provision of this
Section 5.1 (other than the Regulatory Allocations), the General Partner shall make such offsetting special allocations of Partnership income, gain, loss or deduction in whatever manner it deems appropriate so that, after such offsetting
allocations are made, each Partner’s Capital Account is, to the extent possible, equal to the Capital Account balance such Partner would have had if the Regulatory Allocations were not part of this Agreement and all Partnership items were
allocated pursuant to Section 5.1(a) and (e). 
 5.2 Distributions. 

(a) Cash Available for Distribution. The Partnership shall distribute cash (other than Net Sale Proceeds) on a quarterly (or, at the
election of the General Partner, more frequent) basis, in an amount determined by the General Partner in its sole and absolute discretion, to the Partners (other than the Special Limited Partner) who are Partners on the Partnership Record Date with
respect to such quarter (or other distribution period) in accordance with their respective Percentage Interests on the Partnership 

  
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Record Date; provided, however, that if a new or existing Partner acquires an additional Partnership Interest in exchange for a Capital Contribution on any date other than the next day after a
Partnership Record Date, the cash distribution attributable to such additional Partnership Interest relating to the Partnership Record Date next following the issuance of such additional Partnership Interest (or relating to the Partnership Record
Date if such Partnership Interest was acquired on a Partnership Record Date) shall be reduced in the proportion to (i) the number of days that such additional Partnership Interest is held by such Partner bears to (ii) the number of days
between such Partnership Record Date (including such Partnership Record Date) and the immediately preceding Partnership Record Date. 
 (b)
Net Sale Proceeds. Subject to Section 5.2(g), Net Sale Proceeds shall be distributed as follows: 
 (i) First, 100% to
the Partners (other than the Special Limited Partner) who are Partners on the Partnership Record Date in accordance with their respective Percentage Interests on the Partnership Record Date until the General Partner has received cumulative
distributions under Section 5.2(a) and this Section 5.2(b), plus any amounts received in redemption of Partnership Units under Section 9.7 of this Agreement or otherwise, equal to the sum of the Stockholders’ 6% Return and the
aggregate Capital Contributions made by the General Partner to the Partnership, determined by taking into account the dates on which all such Capital Contributions, distributions and redemptions were made; and 

(ii) Second, (A) 85% to the Partners (other than the Special Limited Partner) who are Partners on the Partnership Record Date in
accordance with their respective Percentage Interests on the Partnership Record Date, and (B) 15% to the Special Limited Partner on the Partnership Record Date. 

(c) Subordinated Incentive Listing Distribution. Upon Listing, and as soon as practicable following the determination of Market Value,
the General Partner shall cause the Partnership to distribute to the Special Limited Partner in complete redemption of the Special Limited Partner Interest the Subordinated Incentive Listing Distribution. The Subordinated Incentive Listing
Distribution shall be due and payable to the Special Limited Partner no earlier than one hundred eighty (180) days and no later than two hundred seventy (270) days after Listing in either cash, Partnership Units or REIT Shares (or any
combination thereof) in the sole discretion of the Independent Directors. 
 (d) Subordinated Distribution Due Upon Termination. Upon
a Termination, unless such Termination is a voluntary Termination by mutual assent of the General Partner and the SST Special Limited Partner (a “Voluntary Termination”) or such Termination is by the General Partner because of a material
breach of the Advisory Agreement by the Advisor as a result of willful or intentional misconduct or bad faith on behalf of the Advisor, the General Partner shall cause the Partnership to distribute to the Special Limited Partner in complete
redemption of the Special Limited Partner Interest the Subordinated Distribution Due Upon Termination payable in the form of a non-interest bearing promissory note (the “Termination Note”). If the Termination Note has not been paid in full
on the earlier of (a) the date the REIT Shares are Listed, or (b) within three (3) years from the Termination Date, then the holder of the Termination Note, its successors or assigns, may elect to convert the balance of the
distributions due under the Termination Note into Partnership Units or REIT Shares at a price per share equal to the average closing price of the REIT Shares over the ten (10) trading days immediately preceding the date of such election if the
REIT Shares are Listed at such time. If the REIT Shares are not Listed within three (3) years from the Termination Date, the holder of the Termination Note, its successors or assigns, may elect to convert the balance of the distributions
due under the Termination Note into Partnership Units or REIT Shares at a price per share equal to the fair market value for such REIT Shares as determined by the board of directors of the General Partner based upon the Appraised Value of the
Properties, plus the 

  
 17 

 
Assets, less the Liabilities, on the date of election. If the General Partner consummates an Extraordinary Transaction and the Termination Note has not yet been paid in full, the Termination Note
shall be paid in full on the closing date of the Extraordinary Transaction. In accordance with Section 736 of the Code, the Termination Note shall be disregarded for applicable income tax purposes and the Special Limited Partner shall continue
to be treated as a partner in the Partnership in respect of its Special Limited Partner Interest for such purposes until the Partnership has satisfied all its obligations under the Termination Note. In the event of a Voluntary Termination, no
Subordinated Distribution Due Upon Termination is payable to the Special Limited Partner, and the Special Limited Partner will be entitled to a redemption of the Special Limited Partner Interest in accordance with either Section 5.2(b),
(c) or (e) hereof, as applicable. In the event of a Termination by the General Partner because of a material breach of the Advisory Agreement by the Advisor as a result of willful or intentional misconduct or bad faith on behalf of the
Advisor, no Subordinated Distribution Due Upon Termination is payable to the Special Limited Partner, and the Special Limited Partnership Interest shall be redeemed for no consideration. 

(e) Subordinated Distribution Upon Extraordinary Transaction. Upon the occurrence of an Extraordinary Transaction, the General Partner
shall cause the Partnership to distribute to the Special Limited Partner in complete redemption of the Special Limited Partner Interest the Subordinated Distribution Due Upon Extraordinary Transaction. The Subordinated Distribution Due Upon
Extraordinary Transaction shall be paid to the Special Limited Partner on the closing date of the Extraordinary Transaction. The Special Limited Partner may elect to receive the Subordinated Distribution Due Upon Extraordinary Transaction in cash,
Partnership Units or REIT Shares (or any combination thereof) in its sole discretion. 
 (f) Distributions of Cash to Pay Taxes.
Anything in Sections 5.2(c), (d) and (e) notwithstanding, in the event that a distribution under Sections 5.2 (c), (d), or (e) is made other than in cash, a Special Limited Partner may elect, by written notice to the General Partner,
to receive in cash a portion of such distribution equal to the amount the Special Limited Partner has determined in good faith that it or its members will owe in federal or state income taxes on account of such distribution for the year in which the
distribution is received. Furthermore, in the event that a Special Limited Partner has determined in good faith, or a taxing authority has determined, that the Special Limited Partner or its members is subject to federal or state income tax
immediately on any deferred portion of any distribution under Sections 5.2(c), (d) or (e), the Special Limited Partner shall notify the General Partner in writing of such determination and the General Partner shall cause the Partnership to
distribute, prior to the due date for payment of any such income tax, cash, in prepayment of such deferred distributions, in an amount at least equal to the amount of federal and state income tax reasonably estimated by the Special Limited Partner
to be currently payable. 
 (g) Coordination of Special Limited Partner Distributions. The following provisions shall apply to the
General Partner in connection with distributions made pursuant to Sections 5.2(b), (c), (d) or (e) herein: 
 (i) Any Net Sale
Proceeds paid to the Special Limited Partner pursuant to Section 5.2(b) prior to Listing shall reduce dollar for dollar the amount of the Subordinated Incentive Listing Distribution distributed pursuant to Section 5.2(c). If the Special
Limited Partner receives the Subordinated Incentive Listing Distribution pursuant to Section 5.2(c), the Special Limited Partner will no longer be entitled to receive distributions of Net Sale Proceeds pursuant to Section 5.2(b), a
Termination Note pursuant to Section 5.2(d) or the Subordinated Distribution Due Upon Extraordinary Transaction pursuant to Section 5.2(e). 

(ii) Any Net Sale Proceeds paid to the Special Limited Partner pursuant to Section 5.2(b) prior to the Termination Date shall reduce
dollar for dollar the amount of the Termination 

  
 18 

 
Note to be issued and distributed pursuant to Section 5.2(d). If the Special Limited Partner receives a Termination Note pursuant to Section 5.2(d), (A) the Special Limited Partner
will no longer be entitled to receive distributions of Net Sale Proceeds pursuant to Section 5.2(b), the Subordinated Incentive Listing Distribution pursuant to Section 5.2(c) or the Subordinated Distribution Due Upon Extraordinary
Transaction pursuant to Section 5.2(e), and (B) any Net Sale Proceeds received by the Partnership after the Termination Date shall be applied first to satisfy the Partnership’s obligation to make distributions pursuant to the
Termination Note. 
 (iii) Any Net Sale Proceeds paid to the Special Limited Partner pursuant to Section 5.2(b) prior to an
Extraordinary Transaction shall reduce dollar for dollar the amount of the Subordinated Distribution Due Upon Extraordinary Transaction to be distributed pursuant to Section 5.2(e). If the Special Limited Partner receives the Subordinated
Distribution Due Upon Extraordinary Transaction pursuant to Section 5.2(e), the Special Limited Partner will no longer be entitled to receive distributions of Net Sale Proceeds pursuant to Section 5.2(b), the Subordinated Incentive Listing
Distribution pursuant to Section 5.2(c) or a Termination Note pursuant to Section 5.2(d). 
 (iv) If the priority distribution of
Net Sale Proceeds to the Special Limited Partner pursuant to this Section 5.2(g) prevents the Partnership from being able to distribute sufficient amounts to the General Partner pursuant to Section 5.2(b) to enable the General Partner to
satisfy its REIT requirements under the Code, the General Partner may in its sole discretion cause the Partnership to distribute some or all of the Net Sale Proceeds otherwise subject to the priority distribution to the Special Limited Partner
pursuant to Section 5.2(g) to the General Partner in an amount sufficient to enable the General Partner to pay distributions to the Stockholders necessary to satisfy the REIT requirements under the Code. 

(h) Withholding; Partnership Loans. Notwithstanding any other provision of this Agreement, the General Partner is authorized to take
any action that it determines to be necessary or appropriate to cause the Partnership to comply with any withholding requirements established under the Code or any other federal, state or local law including, without limitation, pursuant to Sections
1441, 1442, 1445 and 1446 of the Code. To the extent that the Partnership is required to withhold and pay over to any taxing authority any amount resulting from the allocation or distribution of income to any Partner or assignee (including by reason
of Section 1446 of the Code), either (i) if the actual amount to be distributed to the Partner equals or exceeds the amount required to be withheld by the Partnership, the amount withheld shall be treated as a distribution of cash in the
amount of such withholding to such Partner, or (ii) if the actual amount to be distributed to the Partner is less than the amount required to be withheld by the Partnership, the excess of the amount required to be withheld over the actual
amount to be distributed shall be treated as a loan (a “Partnership Loan”) from the Partnership to the Partner on the day the Partnership pays over such amount to a taxing authority. A Partnership Loan shall be repaid through withholding
by the Partnership with respect to subsequent distributions to the applicable Partner or assignee. In the event that a Limited Partner (a “Defaulting Limited Partner”) fails to pay any amount owed to the Partnership with respect to the
Partnership Loan within 15 days after demand for payment thereof is made by the Partnership on the Limited Partner, the General Partner, in its sole and absolute discretion, may elect to make the payment to the Partnership on behalf of such
Defaulting Limited Partner. In such event, on the date of payment, the General Partner shall be deemed to have extended a loan (a “General Partner Loan”) to the Defaulting Limited Partner in the amount of the payment made by the General
Partner and shall succeed to all rights and remedies of the Partnership against the Defaulting Limited Partner as to that amount. Without limitation, the General Partner shall have the right to receive any distributions that otherwise would be made
by the Partnership to the Defaulting Limited Partner until such time as the General Partner Loan has been paid in full, and any such distributions so received by the General Partner shall be treated as having been received by the Defaulting Limited
Partner and immediately paid to the General Partner. 

  
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 Any amounts treated as a Partnership Loan or a General Partner Loan pursuant to this
Section 5.2(b) shall bear interest at the lesser of (i) the base rate on corporate loans at large United States money center commercial banks, as published from time to time in The Wall Street Journal, or (ii) the maximum lawful rate
of interest on such obligation, such interest to accrue from the date the Partnership or the General Partner, as applicable, is deemed to extend the loan until such loan is repaid in full. 

(i) Limitation on Distributions. In no event may a Partner receive a distribution of cash with respect to a Partnership Unit if such
Partner is entitled to receive a cash distribution as the holder of record of a REIT Share for which all or part of such Partnership Unit has been or will be exchanged. 

5.3 REIT Distribution Requirements. The General Partner shall use its commercially reasonable efforts to cause the Partnership to
distribute amounts sufficient to enable the General Partner to pay stockholder dividends that will allow the General Partner to (i) meet its distribution requirement for qualification as a REIT as set forth in Section 857 of the Code and
(ii) avoid any federal income or excise tax liability imposed by the Code. 
 5.4 No Right to Distributions In Kind. No Partner
shall be entitled to demand property other than cash in connection with any distributions by the Partnership. 
 5.5 Limitations of
Return of Capital Contributions. Notwithstanding any of the provisions of this Article 5, no Partner shall have the right to receive and the General Partner shall not have the right to make, a distribution that includes a return of all or part
of a Partner’s Capital Contributions, unless after giving effect to the return of a Capital Contribution, the sum of all Partnership liabilities, other than the liabilities to a Partner for the return of his Capital Contribution, does not
exceed the fair market value of the Partnership’s assets. 
 5.6 Distributions Upon Liquidation. Upon liquidation of the
Partnership, after payment of, or adequate provision for, debts and obligations of the Partnership, including any Partner loans, any remaining assets of the Partnership shall be distributed to all Partners with positive Capital Accounts in
accordance with their respective positive Capital Account balances. For purposes of the preceding sentence, the Capital Account of each Partner shall be determined after all adjustments have been made in accordance with Sections 4.4, 5.1 and 5.2
resulting from Partnership operations and from all sales and dispositions of all or any part of the Partnership’s assets. To the extent deemed advisable by the General Partner, appropriate arrangements (including the use of a liquidating trust)
may be made to assure that adequate funds are available to pay any contingent debts or obligations. 
 5.7 Substantial Economic
Effect. It is the intent of the Partners that the allocations of Profit and Loss under this Agreement have substantial economic effect (or be consistent with the Partners’ interests in the Partnership in the case of the allocation of losses
attributable to nonrecourse debt) within the meaning of Section 704(b) of the Code as interpreted by the Regulations promulgated pursuant thereto. Article 5 and other relevant provisions of this Agreement shall be interpreted in a manner
consistent with such intent. 

  
 20 

 ARTICLE 6 

RIGHTS, OBLIGATIONS AND 

POWERS OF THE GENERAL PARTNER 

6.1 Management of the Partnership. 

(a) Except as otherwise expressly provided in this Agreement, the General Partner shall have full, complete and exclusive discretion to manage
and control the business of the Partnership for the purposes herein stated, and shall make all decisions affecting the business and assets of the Partnership. Subject to the restrictions specifically contained in this Agreement, the powers of the
General Partner shall include, without limitation, the authority to take the following actions on behalf of the Partnership: 
 (i) to
acquire, purchase, own, operate, lease and dispose of any real property and any other property or assets including, but not limited to notes and mortgages, that the General Partner determines are necessary or appropriate or in the best interests of
the business of the Partnership; 
 (ii) to construct buildings and make other improvements on the properties owned or leased by the
Partnership; 
 (iii) to authorize, issue, sell, redeem or otherwise purchase any Partnership Interests or any securities (including
secured and unsecured debt obligations of the Partnership, debt obligations of the Partnership convertible into any class or series of Partnership Interests, or options, rights, warrants or appreciation rights relating to any Partnership Interests)
of the Partnership; 
 (iv) to borrow or lend money for the Partnership, issue or receive evidences of indebtedness in connection
therewith, refinance, increase the amount of, modify, amend or change the terms of, or extend the time for the payment of, any such indebtedness, and secure such indebtedness by mortgage, deed of trust, pledge or other lien on the Partnership’s
assets; 
 (v) to pay, either directly or by reimbursement, for all Administrative Expenses to third parties or to the General Partner or
its Affiliates as set forth in this Agreement; 
 (vi) to guarantee or become a co-maker of indebtedness of the General Partner or any
Subsidiary thereof, refinance, increase the amount of, modify, amend or change the terms of, or extend the time for the payment of, any such guarantee or indebtedness, and secure such guarantee or indebtedness by mortgage, deed of trust, pledge or
other lien on the Partnership’s assets; 
 (vii) to use assets of the Partnership (including, without limitation, cash on hand) for
any purpose consistent with this Agreement, including, without limitation, payment, either directly or by reimbursement, of all Administrative Expenses of the General Partner, the Partnership or any Subsidiary of either, to third parties or to the
General Partner as set forth in this Agreement; 
 (viii) to lease all or any portion of any of the Partnership’s assets, whether or
not the terms of such leases extend beyond the termination date of the Partnership and whether or not any portion of the Partnership’s assets so leased are to be occupied by the lessee, or, in turn, subleased in whole or in part to others, for
such consideration and on such terms as the General Partner may determine; 
 (ix) to prosecute, defend, arbitrate, or compromise any and
all claims or liabilities in favor of or against the Partnership, on such terms and in such manner as the General Partner may reasonably determine, and similarly to prosecute, settle or defend litigation with respect to the Partners, the
Partnership, or the Partnership’s assets; 

  
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 (x) to file applications, communicate, and otherwise deal with any and all governmental agencies
having jurisdiction over, or in any way affecting, the Partnership’s assets or any other aspect of the Partnership business; 
 (xi)
to make or revoke any election permitted or required of the Partnership by any taxing authority; 
 (xii) to maintain such insurance
coverage for public liability, fire and casualty, and any and all other insurance for the protection of the Partnership, for the conservation of Partnership assets, or for any other purpose convenient or beneficial to the Partnership, in such
amounts and such types, as it shall determine from time to time; 
 (xiii) to determine whether or not to apply any insurance proceeds for
any property to the restoration of such property or to distribute the same; 
 (xiv) to establish one or more divisions of the Partnership,
to hire and dismiss employees of the Partnership or any division of the Partnership, and to retain legal counsel, accountants, consultants, real estate brokers, and such other persons, as the General Partner may deem necessary or appropriate in
connection with the Partnership business and to pay therefor such reasonable remuneration as the General Partner may deem reasonable and proper; 

(xv) to retain other services of any kind or nature in connection with the Partnership business, and to pay therefor such remuneration as the
General Partner may deem reasonable and proper; 
 (xvi) to negotiate and conclude agreements on behalf of the Partnership with respect to
any of the rights, powers and authority conferred upon the General Partner; 
 (xvii) to maintain accurate accounting records and to file
promptly all federal, state and local income tax returns on behalf of the Partnership; 
 (xviii) to distribute Partnership cash or other
Partnership assets in accordance with this Agreement; 
 (xix) to form or acquire an interest in, and contribute property to, any further
limited or general partnerships, limited liability companies, joint ventures or other relationships that it deems desirable (including, without limitation, the acquisition of interests in, and the contributions of property to, its Subsidiaries and
any other Person in which it has an equity interest from time to time); 
 (xx) to establish Partnership reserves for working capital,
capital expenditures, contingent liabilities, or any other valid Partnership purpose; 
 (xxi) to merge, consolidate or combine the
Partnership with or into another Person; 
 (xxii) to do any and all acts and things necessary or prudent to ensure that the Partnership
will not be classified as a “publicly traded partnership” for purposes of Section 7704 of the Code; and 

  
 22 

 (xxiii) to take such other action, execute, acknowledge, swear to or deliver such other
documents and instruments, and perform any and all other acts that the General Partner deems necessary or appropriate for the formation, continuation and conduct of the business and affairs of the Partnership (including, without limitation, all
actions consistent with allowing the General Partner at all times to qualify as a REIT unless the General Partner voluntarily terminates its REIT status) and to possess and enjoy all of the rights and powers of a general partner as provided by the
Act. 
 (b) Except as otherwise provided herein, to the extent the duties of the General Partner require expenditures of funds to be paid to
third parties, the General Partner shall not have any obligations hereunder except to the extent that partnership funds are reasonably available to it for the performance of such duties, and nothing herein contained shall be deemed to authorize or
require the General Partner, in its capacity as such, to expend its individual funds for payment to third parties or to undertake any individual liability or obligation on behalf of the Partnership. 

6.2 Delegation of Authority. The General Partner may delegate any or all of its powers, rights and obligations hereunder, and may
appoint, employ, contract or otherwise deal with any Person for the transaction of the business of the Partnership, which Person may, under supervision of the General Partner, perform any acts or services for the Partnership as the General Partner
may approve. 
 6.3 Indemnification and Exculpation of Indemnitees. 

(a) The Partnership shall indemnify an Indemnitee from and against any and all losses, claims, damages, liabilities, joint or several,
expenses (including reasonable legal fees and expenses), judgments, fines, settlements, and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, that relate to the
operations of the Partnership as set forth in this Agreement in which any Indemnitee may be involved, or is threatened to be involved, as a party or otherwise. 

Notwithstanding the foregoing, the Partnership shall not provide for indemnification for an Indemnitee for any liability or loss suffered by
any of them in contravention of Delaware law and unless all of the following conditions are met: 
 (i) The Indemnitee determined, in good
faith, that the course of conduct that caused the loss or liability was in the best interests of the Partnership. 
 (ii) The Indemnitee
was acting on behalf of or performing services for the Partnership. 
 (iii) Such liability or loss was not the result of: 

(A) negligence or misconduct by the Indemnitee (excluding the Independent Directors); or 

(B) gross negligence or willful misconduct by the Independent Directors. 

Any indemnification pursuant to this Section 6.3 shall be made only out of the assets of the Partnership. 

(b) Notwithstanding the foregoing, the Partnership shall not indemnify an Indemnitee or any Person acting as a broker-dealer for any loss,
liability or expense arising from or out of 

  
 23 

 
an alleged violation of federal or state securities laws by such party unless one or more of the following conditions are met: (i) there has been a successful adjudication on the merits of
each count involving alleged material securities law violations as to the particular Indemnitee; (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the particular Indemnitee; or
(iii) a court of competent jurisdiction approves a settlement of the claims against a particular Indemnitee and finds that indemnification of the settlement and the related costs should be made, and the court considering the request for
indemnification has been advised of the position of the Securities and Exchange Commission and of the published position of any state securities regulatory authority in which securities were offered or sold as to indemnification for violations of
securities laws. 
 (c) The Partnership shall pay or reimburse reasonable legal expenses and other costs incurred by the Indemnitee in
advance of the final disposition of a proceeding only if (in addition to the procedures required by the Act) all of the following are satisfied: (a) the proceeding relates to acts or omissions with respect to the performance of duties or
services on behalf of the Partnership, (b) the legal proceeding was initiated by a third party who is not a Limited Partner or, if by a Limited Partner acting in his or her capacity as such, a court of competent jurisdiction approves such
advancement, and (c) the Indemnitee undertakes to repay the amount paid or reimbursed by the Partnership, together with the applicable legal rate of interest thereon, if it is ultimately determined that the Indemnitee is not entitled to
indemnification. 
 (d) The indemnification provided by this Section 6.3 shall be in addition to any other rights to which an
Indemnitee or any other Person may be entitled under any agreement, pursuant to any vote of the Partners, as a matter of law or otherwise, and shall continue as to an Indemnitee who has ceased to serve in such capacity. 

(e) The Partnership may purchase and maintain insurance, on behalf of the Indemnitees and such other Persons as the General Partner shall
determine, against any liability that may be asserted against or expenses that may be incurred by such Person in connection with the Partnership’s activities, regardless of whether the Partnership would have the power to indemnify such Person
against such liability under the provisions of this Agreement. 
 (f) For purposes of this Section 6.3, the Partnership shall be deemed
to have requested an Indemnitee to serve as fiduciary of an employee benefit plan whenever the performance by it of its duties to the Partnership also imposes duties on, or otherwise involves services by, it to the plan or participants or
beneficiaries of the plan; excise taxes assessed on an Indemnitee with respect to an employee benefit plan pursuant to applicable law shall constitute fines within the meaning of this Section 6.3; and actions taken or omitted by the Indemnitee
with respect to an employee benefit plan in the performance of its duties for a purpose reasonably believed by it to be in the interest of the participants and beneficiaries of the plan shall be deemed to be for a purpose which is not opposed to the
best interests of the Partnership. 
 (g) In no event may an Indemnitee subject the Limited Partners to personal liability by reason of the
indemnification provisions set forth in this Agreement. 
 (h) An Indemnitee shall not be denied indemnification in whole or in part under
this Section 6.3 because the Indemnitee had an interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the terms of this Agreement. 

(i) The provisions of this Section 6.3 are for the benefit of the Indemnitees, their heirs, successors, assigns and administrators and
shall not be deemed to create any rights for the benefit of any other Persons. 

  
 24 

 (j) Neither the amendment nor repeal of this Section 6.3, nor the adoption or amendment of
any other provision of the Agreement inconsistent with Section 6.3, shall apply to or affect in any respect the applicability with respect to any act or failure to act which occurred prior to such amendment, repeal or adoption. 

6.4 Liability of the General Partner. 

(a) Notwithstanding anything to the contrary set forth in this Agreement, the General Partner shall not be liable for monetary damages to the
Partnership or any Partners for losses sustained or liabilities incurred as a result of errors in judgment or of any act or omission if the General Partner acted in good faith. The General Partner shall not be in breach of any duty that the General
Partner may owe to the Limited Partners or the Partnership or any other Persons under this Agreement or of any duty stated or implied by law or equity provided the General Partner, acting in good faith, abides by the terms of this Agreement. 

(b) The Limited Partners expressly acknowledge that the General Partner is acting on behalf of the Partnership, itself and its stockholders
collectively, that the General Partner is under no obligation to consider the separate interests of the Limited Partners (including, without limitation, the tax consequences to Limited Partners or the tax consequences of some, but not all, of the
Limited Partners) in deciding whether to cause the Partnership to take (or decline to take) any actions. In the event of a conflict between the interests of its stockholders on one hand and the Limited Partners on the other, the General Partner
shall endeavor in good faith to resolve the conflict in a manner not adverse to either its stockholders or the Limited Partners; provided, however, that for so long as the General Partner directly owns a controlling interest in the Partnership, any
such conflict that the General Partner, in its sole and absolute discretion, determines cannot be resolved in a manner not adverse to either its stockholders or the Limited Partner shall be resolved in favor of the stockholders. The General Partner
shall not be liable for monetary damages for losses sustained, liabilities incurred, or benefits not derived by Limited Partners in connection with such decisions, provided that the General Partner has acted in good faith. 

(c) Subject to its obligations and duties as General Partner set forth in Section 6.1 hereof, the General Partner may exercise any of the
powers granted to it under this Agreement and perform any of the duties imposed upon it hereunder either directly or by or through its agents. The General Partner shall not be responsible for any misconduct or negligence on the part of any such
agent appointed by it in good faith. 
 (d) Notwithstanding any other provisions of this Agreement or the Act, any action of the General
Partner on behalf of the Partnership or any decision of the General Partner to refrain from acting on behalf of the Partnership, undertaken in the good faith belief that such action or omission is necessary or advisable in order (i) to protect
the ability of the General Partner to continue to qualify as a REIT or (ii) to prevent the General Partner from incurring any taxes under Section 857, Section 4981, or any other provision of the Code, is expressly authorized under
this Agreement and is deemed approved by all of the Limited Partners. 
 (e) Any amendment, modification or repeal of this Section 6.4
or any provision hereof shall be prospective only and shall not in any way affect the limitations on the General Partner’s liability to the Partnership and the Limited Partners under this Section 6.4 as in effect immediately prior to such
amendment, modification or repeal with respect to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when claims relating to such matters may arise or be asserted. 

  
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 6.5 Reimbursement of General Partner. 

(a) Except as provided in this Section 6.5 and elsewhere in this Agreement (including the provisions of Articles 5 and 6 regarding
distributions, payments, and allocations to which it may be entitled), the General Partner shall not be compensated for its services as general partner of the Partnership. 

(b) The General Partner shall be reimbursed on a monthly basis, or such other basis as the General Partner may determine in its sole and
absolute discretion, for all Administrative Expenses. 
 6.6 Outside Activities. Subject to the Articles of Incorporation and any
agreements entered into by the General Partner or its Affiliates with the Partnership or a Subsidiary, any officer, director, employee, agent, trustee, Affiliate or stockholder of the General Partner shall be entitled to and may have business
interests and engage in business activities in addition to those relating to the Partnership, including business interests and activities substantially similar or identical to those of the Partnership. Neither the Partnership nor any of the Limited
Partners shall have any rights by virtue of this Agreement in any such business ventures, interest or activities. None of the Limited Partners nor any other Person shall have any rights by virtue of this Agreement or the partnership relationship
established hereby in any such business ventures, interests or activities, and the General Partner shall have no obligation pursuant to this Agreement to offer any interest in any such business ventures, interests and activities to the Partnership
or any Limited Partner, even if such opportunity is of a character which, if presented to the Partnership or any Limited Partner, could be taken by such Person. 

6.7 Employment or Retention of Affiliates. 

(a) Any Affiliate of the General Partner may be employed or retained by the Partnership and may otherwise deal with the Partnership (whether
as a buyer, lessor, lessee, manager, furnisher of goods or services, broker, agent, lender or otherwise) and may receive from the Partnership any compensation, price, or other payment therefor which the General Partner determines to be fair and
reasonable. 
 (b) The Partnership may lend or contribute to its Subsidiaries or other Persons in which it has an equity investment, and
such Persons may borrow funds from the Partnership, on terms and conditions established in the sole and absolute discretion of the General Partner. The foregoing authority shall not create any right or benefit in favor of any Subsidiary or any other
Person. 
 (c) The Partnership may transfer assets to joint ventures, other partnerships, corporations or other business entities in which
it is or thereby becomes a participant upon such terms and subject to such conditions as the General Partner deems are consistent with this Agreement and applicable law. 

(d) Except as expressly permitted by this Agreement, neither the General Partner nor any of its Affiliates shall sell, transfer or convey any
property to, or purchase any property from, the Partnership, directly or indirectly, except pursuant to transactions that are on terms that are fair and reasonable to the Partnership. 

6.8 General Partner Participation. The General Partner agrees that all business activities of the General Partner, including activities
pertaining to the acquisition, development or ownership of self-storage properties or other properties, shall be conducted through the Partnership or one or more Subsidiary Partnerships; provided, however, that the General Partner is allowed to make
a direct acquisition, but if and only if, such acquisition is made in connection with the issuance of Additional Securities, which direct acquisition and issuance have been approved and determined to be in the best interests of the General Partner
and the Partnership by a majority of the Independent Directors. 

  
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 6.9 Title to Partnership Assets. Title to Partnership assets, whether real, personal or
mixed and whether tangible or intangible, shall be deemed to be owned by the Partnership as an entity, and no Partner, individually or collectively, shall have any ownership interest in such Partnership assets or any portion thereof. Title to any or
all of the Partnership assets may be held in the name of the Partnership, the General Partner or one or more nominees, as the General Partner may determine, including Affiliates of the General Partner. The General Partner hereby declares and
warrants that any Partnership assets for which legal title is held in the name of the General Partner or any nominee or Affiliate of the General Partner shall be held by the General Partner for the use and benefit of the Partnership in accordance
with the provisions of this Agreement; provided, however, that the General Partner shall use its best efforts to cause beneficial and record title to such assets to be vested in the Partnership as soon as reasonably practicable. All Partnership
assets shall be recorded as the property of the Partnership in its books and records, irrespective of the name in which legal title to such Partnership assets is held. 

6.10 Miscellaneous. In the event the General Partner redeems any REIT Shares (other than REIT Shares redeemed in accordance with the
share redemption program of the General Partner through proceeds received from the General Partner’s distribution reinvestment plan), then the General Partner shall cause the Partnership to purchase from the General Partner a number of
Partnership Units as determined based on the application of the Conversion Factor on the same terms that the General Partner exchanged such REIT Shares. Moreover, if the General Partner makes a cash tender offer or other offer to acquire REIT
Shares, then the General Partner shall cause the Partnership to make a corresponding offer to the General Partner to acquire an equal number of Partnership Units held by the General Partner. In the event any REIT Shares are exchanged by the General
Partner pursuant to such offer, the Partnership shall redeem an equivalent number of the General Partner’s Partnership Units for an equivalent purchase price based on the application of the Conversion Factor. 

ARTICLE 7 
 CHANGES IN
GENERAL PARTNER 
 7.1 Transfer of the General Partner’s Partnership Interest. 

(a) The General Partner shall not transfer all or any portion of its General Partnership Interest or withdraw as General Partner except as
provided in or in connection with a transaction contemplated by Section 7.1(b), (c) or (d). 
 (b) Except as otherwise provided in
Section 7.1(c) or (d) hereof, the General Partner shall not engage in any merger, consolidation or other combination with or into another Person or sale of all or substantially all of its assets, (other than in connection with a change in
the General Partner’s state of incorporation or organizational form) in each case which results in a change of control of the General Partner (a “Transaction”), unless: 

(i) the approval of the holders of a majority of the Partnership Units (including the Partnership Units held by the General Partner or an
Affiliate thereof) is obtained; 
 (ii) as a result of such Transaction all Limited Partners will receive for each Partnership Unit an
amount of cash, securities, or other property equal to the product of the Conversion Factor and the greatest amount of cash, securities or other property paid in the Transaction to a holder of one REIT Share in consideration of one REIT Share,
provided that if, in connection with the Transaction, a purchase, tender or exchange offer (“Offer”) shall have been made to and accepted by the holders of 

  
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more than 50% of the outstanding REIT Shares, each holder of Partnership Units shall be given the option to exchange its Partnership Units for the greatest amount of cash, securities, or other
property which a Limited Partner would have received had it (A) exercised its Exchange Right and (B) sold, tendered or exchanged pursuant to the Offer the REIT Shares received upon exercise of the Exchange Right immediately prior to the
expiration of the Offer; or 
 (iii) the General Partner is the surviving entity in the Transaction and either (A) the holders of REIT
Shares do not receive cash, securities, or other property in the Transaction or (B) all Limited Partners (other than the General Partner or any Subsidiary) receive an amount of cash, securities, or other property (expressed as an amount per
REIT Share) that is no less than the product of the Conversion Factor and the greatest amount of cash, securities, or other property (expressed as an amount per REIT Share) received in the Transaction by any holder of REIT Shares. 

(c) Notwithstanding Section 7.1(b), the General Partner may merge with or into or consolidate with another entity if immediately after
such merger or consolidation (i) substantially all of the assets of the successor or surviving entity (the “Surviving General Partner”), other than Partnership Units held by the General Partner, are contributed, directly or
indirectly, to the Partnership as a Capital Contribution in exchange for Partnership Units with a fair market value equal to the value of the assets so contributed as determined by the Surviving General Partner in good faith and (ii) the
Surviving General Partner expressly agrees to assume all obligations of the General Partner, as appropriate, hereunder. Upon such contribution and assumption, the Surviving General Partner shall have the right and duty to amend this Agreement as set
forth in this Section 7.1(c). The Surviving General Partner shall in good faith arrive at a new method for the calculation of the Cash Amount, the REIT Shares Amount and Conversion Factor for a Partnership Unit after any such merger or
consolidation so as to approximate the existing method for such calculation as closely as reasonably possible. Such calculation shall take into account, among other things, the kind and amount of securities, cash and other property that was
receivable upon such merger or consolidation by a holder of REIT Shares or options, warrants or other rights relating thereto, and to which a holder of Partnership Units could have acquired had such Partnership Units been exchanged immediately prior
to such merger or consolidation. Such amendment to this Agreement shall provide for adjustment to such method of calculation, which shall be as nearly equivalent as may be practicable to the adjustments provided for with respect to the Conversion
Factor. The Surviving General Partner also shall in good faith modify the definition of REIT Shares and make such amendments to Section 8.4 hereof so as to approximate the existing rights and obligations set forth in Section 8.4 as closely
as reasonably possible. The above provisions of this Section 7.1(c) shall similarly apply to successive mergers or consolidations permitted hereunder. 

In respect of any transaction described in the preceding paragraph, the General Partner is required to use its commercially reasonable efforts
to structure such transaction to avoid causing the Limited Partners to recognize a gain for federal income tax purposes by virtue of the occurrence of or their participation in such transaction, provided such efforts are consistent with the exercise
of the General Partner’s board of directors’ fiduciary duties to the stockholders of the General Partner under applicable law. 

(d) Notwithstanding Section 7.1(b), 

(i) a General Partner may transfer all or any portion of its General Partnership Interest to (A) a wholly-owned Subsidiary of such
General Partner or (B) the owner of all of the ownership interests of such General Partner, and following a transfer of all of its General Partnership Interest, may withdraw as General Partner; and 

  
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 (ii) the General Partner may engage in Transactions not required by law or by the rules of any
National Securities Exchange on which the REIT Shares are listed to be submitted to the vote of the holders of the REIT Shares. 
 7.2
Admission of a Substitute or Additional General Partner. A Person shall be admitted as a substitute or additional General Partner of the Partnership only if the following terms and conditions are satisfied: 

(a) the Person to be admitted as a substitute or additional General Partner shall have accepted and agreed to be bound by all the terms and
provisions of this Agreement by executing a counterpart thereof and such other documents or instruments as may be required or appropriate in order to effect the admission of such Person as a General Partner, and a certificate evidencing the
admission of such Person as a General Partner shall have been filed for recordation and all other actions required by Section 2.5 hereof in connection with such admission shall have been performed; 

(b) if the Person to be admitted as a substitute or additional General Partner is a corporation or a partnership it shall have provided the
Partnership with evidence satisfactory to counsel for the Partnership of such Person’s authority to become a General Partner and to be bound by the terms and provisions of this Agreement; and 

(c) counsel for the Partnership shall have rendered an opinion (relying on such opinions from other counsel and the state or any other
jurisdiction as may be necessary) that the admission of the person to be admitted as a substitute or additional General Partner is in conformity with the Act, that none of the actions taken in connection with the admission of such Person as a
substitute or additional General Partner will cause (i) the Partnership to be classified other than as a partnership for federal income tax purposes, or (ii) the loss of any Limited Partner’s limited liability. 

7.3 Effect of Bankruptcy, Withdrawal, Death or Dissolution of a General Partner. 

(a) Upon the occurrence of an Event of Bankruptcy as to a General Partner (and its removal pursuant to Section 7.4(a) hereof) or the
death, withdrawal, removal or dissolution of a General Partner (except that, if a General Partner is on the date of such occurrence a partnership, the withdrawal, death, dissolution, Event of Bankruptcy as to, or removal of a partner in, such
partnership shall be deemed not to be a dissolution of such General Partner if the business of such General Partner is continued by the remaining partner or partners), the Partnership shall be dissolved and terminated unless the Partnership is
continued pursuant to Section 7.3(b) hereof. The merger of the General Partner with or into any entity that is admitted as a substitute or successor General Partner pursuant to Section 7.2 hereof shall not be deemed to be the withdrawal,
dissolution or removal of the General Partner. 
 (b) Following the occurrence of an Event of Bankruptcy as to a General Partner (and its
removal pursuant to Section 7.4(a) hereof) or the death, withdrawal, removal or dissolution of a General Partner (except that, if a General Partner is on the date of such occurrence a partnership, the withdrawal, death, dissolution, Event of
Bankruptcy as to, or removal of a partner in, such partnership shall be deemed not to be a dissolution of such General Partner if the business of such General Partner is continued by the remaining partner or partners), the Limited Partners, within
90 days after such occurrence, may elect to continue the business of the Partnership for the balance of the term specified in Section 2.4 hereof by selecting, subject to Section 7.2 hereof and any other provisions of this Agreement, a
substitute General Partner by consent of a majority in interest of the Limited Partners. If the Limited Partners elect to continue the business of the Partnership and admit a substitute General Partner, the relationship with the Partners and of any
Person who has acquired an interest of a Partner in the Partnership shall be governed by this Agreement. 

  
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 7.4 Removal of a General Partner. 

(a) Upon the occurrence of an Event of Bankruptcy as to, or the dissolution of, a General Partner, such General Partner shall be deemed to be
removed automatically; provided, however, that if a General Partner is on the date of such occurrence a partnership, the withdrawal, death, dissolution, Event of Bankruptcy as to or removal of a partner in such partnership shall be deemed not to be
a dissolution of the General Partner if the business of such General Partner is continued by the remaining partner or partners. The Limited Partners may not remove the General Partner, with or without cause. 

(b) If a General Partner has been removed pursuant to this Section 7.4 and the Partnership is continued pursuant to Section 7.3
hereof, such General Partner shall promptly transfer and assign its General Partnership Interest in the Partnership to the substitute General Partner approved by a majority in interest of the Limited Partners in accordance with Section 7.3(b)
hereof and otherwise admitted to the Partnership in accordance with Section 7.2 hereof. At the time of assignment, the removed General Partner shall be entitled to receive from the substitute General Partner the fair market value of the General
Partnership Interest of such removed General Partner as reduced by any damages caused to the Partnership by such General Partner. Such fair market value shall be determined by an appraiser mutually agreed upon by the General Partner and a majority
in interest of the Limited Partners within 10 days following the removal of the General Partner. In the event that the parties are unable to agree upon an appraiser, the removed General Partner and a majority in interest of the Limited Partners each
shall select an appraiser. Each such appraiser shall complete an appraisal of the fair market value of the removed General Partner’s General Partnership Interest within 30 days of the General Partner’s removal, and the fair market value of
the removed General Partner’s General Partnership Interest shall be the average of the two appraisals; provided, however, that if the higher appraisal exceeds the lower appraisal by more than 20% of the amount of the lower appraisal, the two
appraisers, no later than 40 days after the removal of the General Partner, shall select a third appraiser who shall complete an appraisal of the fair market value of the removed General Partner’s General Partnership Interest no later than 60
days after the removal of the General Partner. In such case, the fair market value of the removed General Partner’s General Partnership Interest shall be the average of the two appraisals closest in value. 

(c) The General Partnership Interest of a removed General Partner, during the time after default until transfer under Section 7.4(b),
shall be converted to that of a special Limited Partner; provided, however, such removed General Partner shall not have any rights to participate in the management and affairs of the Partnership, and shall not be entitled to any portion of the
income, expense, profit, gain or loss allocations or cash distributions allocable or payable, as the case may be, to the Limited Partners. Instead, such removed General Partner shall receive and be entitled only to retain distributions or
allocations of such items that it would have been entitled to receive in its capacity as General Partner, until the transfer is effective pursuant to Section 7.4(b). 

(d) All Partners shall have given and hereby do give such consents, shall take such actions and shall execute such documents as shall be
legally necessary and sufficient to effect all the foregoing provisions of this Section. 
 ARTICLE 8 

RIGHTS AND OBLIGATIONS OF THE LIMITED PARTNERS 

8.1 Management of the Partnership. The Limited Partners shall not participate in the management or control of Partnership business nor
shall they transact any business for the Partnership, nor shall they have the power to sign for or bind the Partnership, such powers being vested solely and exclusively in the General Partner. 

  
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 8.2 Power of Attorney. Each Limited Partner hereby irrevocably appoints the General
Partner its true and lawful attorney-in-fact, who may act for each Limited Partner and in its name, place and stead, and for its use and benefit, to sign, acknowledge, swear to, deliver, file or record, at the appropriate public offices, any and all
documents, certificates, and instruments as may be deemed necessary or desirable by the General Partner to carry out fully the provisions of this Agreement and the Act in accordance with their terms, which power of attorney is coupled with an
interest and shall survive the death, dissolution or legal incapacity of the Limited Partner, or the transfer by the Limited Partner of any part or all of its Partnership Interest. For the purposes of this Section 8.2, the term “Limited
Partner” shall be deemed to include the Special Limited Partner, unless the context otherwise requires. 
 8.3 Limitation on
Liability of Limited Partners. No Limited Partner shall be liable for any debts, liabilities, contracts or obligations of the Partnership. A Limited Partner shall be liable to the Partnership only to make payments of its Capital Contribution, if
any, as and when due hereunder. After its Capital Contribution is fully paid, no Limited Partner shall, except as otherwise required by the Act, be required to make any further Capital Contributions or other payments or lend any funds to the
Partnership. 
 8.4 Exchange Right. 

(a) Subject to Sections 8.4(b), 8.4(c), 8.4(d), 8.4(e) and 8.4(f) and the provisions of any agreements between the Partnership and one or more
Limited Partners with respect to Partnership Units held by them, each Limited Partner shall have the right (the “Exchange Right”) to require the Partnership to redeem on a Specified Exchange Date all or a portion of the Partnership Units
held by such Limited Partner at an exchange price equal to and in the form of the Cash Amount to be paid by the Partnership, provided that such Partnership Units shall have been outstanding for at least one year. The Exchange Right shall be
exercised pursuant to a Notice of Exchange delivered to the Partnership (with a copy to the General Partner) by the Limited Partner who is exercising the Exchange Right (the “Exchanging Partner”); provided, however, that the Partnership
shall not be obligated to satisfy such Exchange Right if the General Partner elects to purchase the Partnership Units subject to the Notice of Exchange pursuant to Section 8.4(b); and provided, further, that no Limited Partner may deliver more
than two Notices of Exchange during each calendar year. A Limited Partner may not exercise the Exchange Right for less than 1,000 Partnership Units or, if such Limited Partner holds less than 1,000 Partnership Units, all of the Partnership Units
held by such Partner. The Exchanging Partner shall have no right, with respect to any Partnership Units so exchanged, to receive any distribution paid with respect to Partnership Units if the record date for such distribution is on or after the
Specified Exchange Date. 
 (b) Notwithstanding the provisions of Section 8.4(a), a Limited Partner that exercises the Exchange Right
shall be deemed to have offered to sell the Partnership Units described in the Notice of Exchange to the General Partner, and the General Partner may, in its sole and absolute discretion, elect to purchase directly and acquire such Partnership Units
by paying to the Exchanging Partner either the Cash Amount or the REIT Shares Amount, as elected by the General Partner (in its sole and absolute discretion), on the Specified Exchange Date, whereupon the General Partner shall acquire the
Partnership Units offered for exchange by the Exchanging Partner and shall be treated for all purposes of this Agreement as the owner of such Partnership Units. If the General Partner shall elect to exercise its right to purchase Partnership Units
under this Section 8.4(b) with respect to a Notice of Exchange, it shall so notify the Exchanging Partner within five Business Days after the receipt by the General Partner of such Notice of Exchange. Unless the General Partner (in its sole and
absolute discretion) shall exercise its right to purchase Partnership Units from the Exchanging Partner pursuant to this Section 8.4(b), the General Partner shall have no obligation to the Exchanging Partner or the Partnership with respect to
the Exchanging Partner’s exercise of the Exchange Right. In the event the General Partner shall exercise its right to purchase Partnership Units with respect to the exercise of an Exchange Right in the manner

  
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described in the first sentence of this Section 8.4(b), the Partnership shall have no obligation to pay any amount to the Exchanging Partner with respect to such Exchanging Partner’s
exercise of such Exchange Right, and each of the Exchanging Partner, the Partnership, and the General Partner, as the case may be, shall treat the transaction between the General Partner, as the case may be, and the Exchanging Partner for federal
income tax purposes as a sale of the Exchanging Partner’s Partnership Units to the General Partner, as the case may be. Each Exchanging Partner agrees to execute such documents as the General Partner may reasonably require in connection with
the issuance of REIT Shares upon exercise of the Exchange Right. 
 (c) Notwithstanding the provisions of Section 8.4(a) and 8.4(b), a
Limited Partner shall not be entitled to exercise the Exchange Right if the delivery of REIT Shares to such Partner on the Specified Exchange Date by the General Partner pursuant to Section 8.4(b) (regardless of whether or not the General
Partner would in fact exercise its rights under Section 8.4(b)) would (i) result in such Partner or any other person owning, directly or indirectly, REIT Shares in excess of the Ownership Limit (as defined in the Articles of Incorporation
and calculated in accordance therewith), except as provided in the Articles of Incorporation, (ii) result in REIT Shares being owned by fewer than 100 persons (determined without reference to any rules of attribution), except as provided in the
Articles of Incorporation, (iii) result in the General Partner being “closely held” within the meaning of Section 856(h) of the Code, or (iv) cause the General Partner to own, directly or constructively, 9.9% or more of the
ownership interests in a tenant within the meaning of Section 856(d)(2)(B) of the Code. The General Partner, in its sole and absolute discretion, may waive the restriction on exchange set forth in this Section 8.4(c). 

(d) Any Cash Amount to be paid to an Exchanging Partner pursuant to this Section 8.4 shall be paid on the Specified Exchange Date;
provided, however, that the General Partner may elect to cause the Specified Exchange Date to be delayed for up to an additional 180 days to the extent required for the General Partner to cause additional REIT Shares to be issued to provide
financing to be used to make such payment of the Cash Amount. Notwithstanding the foregoing, the General Partner agrees to use its best efforts to cause the closing of the acquisition of exchanged Partnership Units hereunder to occur as quickly as
reasonably possible. 
 (e) Notwithstanding any other provision of this Agreement, the General Partner shall place appropriate restrictions
on the ability of the Limited Partners to exercise their Exchange Rights as and if deemed necessary to ensure that the Partnership does not constitute a “publicly traded partnership” under section 7704 of the Code. If and when the General
Partner determines that imposing such restrictions is necessary, the General Partner shall give prompt written notice thereof (a “Restriction Notice”) to each of the Limited Partners, which notice shall be accompanied by a copy of an
opinion of counsel to the Partnership which states that, in the opinion of such counsel, restrictions are necessary in order to avoid the Partnership being treated as a “publicly traded partnership” under section 7704 of the Code. 

(f) Notwithstanding anything else in this Agreement to the contrary, Strategic Storage Advisor II, LLC is prohibited from exchanging or
otherwise transferring the Partnership Units purchased by it on August 2, 2013 for $200,000 cash, so long as it continues acting as the Advisor pursuant to the Advisory Agreement. 

  
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 ARTICLE 9 

TRANSFERS OF LIMITED PARTNERSHIP INTERESTS 

9.1 Purchase for Investment. 

(a) Each Limited Partner hereby represents and warrants to the General Partner and to the Partnership that the acquisition of its Partnership
Interests is made as a principal for its account for investment purposes only and not with a view to the resale or distribution of such Partnership Interest. 

(b) Each Limited Partner agrees that it will not sell, assign or otherwise transfer its Partnership Interest or any fraction thereof, whether
voluntarily or by operation of law or at judicial sale or otherwise, to any Person who does not make the representations and warranties to the General Partner set forth in Section 9.1(a) above and similarly agree not to sell, assign or transfer
such Partnership Interest or fraction thereof to any Person who does not similarly represent, warrant and agree. 
 9.2 Restrictions on
Transfer of Limited Partnership Interests. 
 (a) Subject to the provisions of 9.2(b), (c) and (d), no Limited Partner may offer,
sell, assign, hypothecate, pledge or otherwise transfer all or any portion of its Limited Partnership Interest, or any of such Limited Partner’s economic rights as a Limited Partner, whether voluntarily or by operation of law or at judicial
sale or otherwise (collectively, a “Transfer”) without the consent of the General Partner, which consent may be granted or withheld in its sole and absolute discretion. Any such purported transfer undertaken without such consent shall be
considered to be null and void ab initio and shall not be given effect. The General Partner may require, as a condition of any Transfer to which it consents, that the transferor assume all costs incurred by the Partnership in connection therewith.

 (b) No Limited Partner may withdraw from the Partnership other than as a result of a permitted Transfer (i.e., a Transfer consented to as
contemplated by clause (a) above or clause (c) below or a Transfer pursuant to Section 9.5 below) of all of its Partnership Units pursuant to this Article 9 or pursuant to an exchange of all of its Partnership Units pursuant to
Section 8.4. Upon the permitted Transfer or redemption of all of a Limited Partner’s Partnership Interest, such Limited Partner shall cease to be a Limited Partner. 

(c) Subject to 9.2(d), (e) and (f) below, a Limited Partner may Transfer, with the consent of the General Partner, all or a portion
of its Partnership Units to (i) a parent or parent’s spouse, natural or adopted descendant or descendants, spouse of such descendant, or brother or sister, or a trust created by such Limited Partner for the benefit of such Limited Partner
and/or any such Person(s), of which trust such Limited Partner or any such Person(s) is a trustee, (ii) a corporation controlled by a Person or Persons named in (i) above, or (iii) if the Limited Partner is an entity, its beneficial
owners. 
 (d) No Limited Partner may effect a Transfer of its Limited Partnership Interest, in whole or in part, if, in the opinion of
legal counsel for the Partnership, such proposed Transfer would otherwise violate any applicable federal or state securities or blue sky law (including investment suitability standards). 

(e) No Transfer by a Limited Partner of its Partnership Units, in whole or in part, may be made to any Person if (i) in the opinion of
legal counsel for the Partnership, the transfer would result in the Partnership’s being treated as an association taxable as a corporation (other than a qualified REIT subsidiary within the meaning of Section 856(i) of the Code),
(ii) in the opinion of legal counsel for the Partnership, it would adversely affect the ability of the General Partner to continue to qualify as a REIT or subject the General Partner to any additional taxes under Section 857 or
Section 4981 of the Code, or (iii) such transfer is effectuated through an “established securities market” or a “secondary market (or the substantial equivalent thereof)” within the meaning of Section 7704 of the
Code. 

  
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 (f) No transfer of any Partnership Units may be made to a lender to the Partnership or any Person
who is related (within the meaning of Regulations Section 1.752-4(b)) to any lender to the Partnership whose loan constitutes a nonrecourse liability (within the meaning of Regulations Section 1.752-1(a)(2)), without the consent of the
General Partner, which may be withheld in its sole and absolute discretion, provided that as a condition to such consent the lender will be required to enter into an arrangement with the Partnership and the General Partner to exchange or redeem for
the Cash Amount any Partnership Units in which a security interest is held simultaneously with the time at which such lender would be deemed to be a partner in the Partnership for purposes of allocating liabilities to such lender under
Section 752 of the Code. 
 (g) Any Transfer in contravention of any of the provisions of this Article 9 shall be void and ineffectual
and shall not be binding upon, or recognized by, the Partnership. 
 (h) Prior to the consummation of any Transfer under this Article 9, the
transferor and/or the transferee shall deliver to the General Partner such opinions, certificates and other documents as the General Partner shall request in connection with such Transfer. 

9.3 Admission of Substitute Limited Partner. 

(a) Subject to the other provisions of this Article 9, an assignee of the Limited Partnership Interest of a Limited Partner (which shall be
understood to include any purchaser, transferee, donee, or other recipient of any disposition of such Limited Partnership Interest) shall be deemed admitted as a Limited Partner of the Partnership only with the consent of the General Partner and
upon the satisfactory completion of the following: 
 (i) The assignee shall have accepted and agreed to be bound by the terms and
provisions of this Agreement by executing a counterpart or an amendment thereof, including a revised Exhibit A, and such other documents or instruments as the General Partner may require in order to effect the admission of such Person as a
Limited Partner. 
 (ii) To the extent required, an amended Certificate evidencing the admission of such Person as a Limited Partner shall
have been signed, acknowledged and filed for record in accordance with the Act. 
 (iii) The assignee shall have delivered a letter
containing the representation set forth in Section 9.1(a) hereof and the agreement set forth in Section 9.1(b) hereof. 
 (iv) If
the assignee is a corporation, partnership or trust, the assignee shall have provided the General Partner with evidence satisfactory to counsel for the Partnership of the assignee’s authority to become a Limited Partner under the terms and
provisions of this Agreement. 
 (v) The assignee shall have executed a power of attorney containing the terms and provisions set forth in
Section 8.2 hereof. 
 (vi) The assignee shall have paid all legal fees and other expenses of the Partnership and the General Partner
and filing and publication costs in connection with its substitution as a Limited Partner. 

  
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 (vii) The assignee has obtained the prior written consent of the General Partner to its
admission as a Substitute Limited Partner, which consent may be given or denied in the exercise of the General Partner’s sole and absolute discretion. 

(b) For the purpose of allocating Profits and Losses and distributing cash received by the Partnership, a Substitute Limited Partner shall be
treated as having become, and appearing in the records of the Partnership as, a Partner upon the filing of the Certificate described in Section 9.3(a)(ii) hereof or, if no such filing is required, the later of the date specified in the transfer
documents or the date on which the General Partner has received all necessary instruments of transfer and substitution. 
 (c) The General
Partner shall cooperate with the Person seeking to become a Substitute Limited Partner by preparing the documentation required by this Section and making all official filings and publications. The Partnership shall take all such action as promptly
as practicable after the satisfaction of the conditions in this Article 9 to the admission of such Person as a Limited Partner of the Partnership. 

9.4 Rights of Assignees of Partnership Interests. 

(a) Subject to the provisions of Sections 9.1 and 9.2 hereof, except as required by operation of law, the Partnership shall not be obligated
for any purposes whatsoever to recognize the assignment by any Limited Partner of its Partnership Interest until the Partnership has received notice thereof. 

(b) Any Person who is the assignee of all or any portion of a Limited Partner’s Limited Partnership Interest, but does not become a
Substitute Limited Partner and desires to make a further assignment of such Limited Partnership Interest, shall be subject to all the provisions of this Article 9 to the same extent and in the same manner as any Limited Partner desiring to make an
assignment of its Limited Partnership Interest. 
 9.5 Effect of Bankruptcy, Death, Incompetence or Termination of a Limited Partner.
The occurrence of an Event of Bankruptcy as to a Limited Partner, the death of a Limited Partner or a final adjudication that a Limited Partner is incompetent (which term shall include, but not be limited to, insanity) shall not cause the
termination or dissolution of the Partnership, and the business of the Partnership shall continue if an order for relief in a bankruptcy proceeding is entered against a Limited Partner, the trustee or receiver of his estate or, if he dies, his
executor, administrator or trustee, or, if he is finally adjudicated incompetent, his committee, guardian or conservator, shall have the rights of such Limited Partner for the purpose of settling or managing his estate property and such power as the
bankrupt, deceased or incompetent Limited Partner possessed to assign all or any part of his Partnership Interest and to join with the assignee in satisfying conditions precedent to the admission of the assignee as a Substitute Limited Partner. 

9.6 Joint Ownership of Interests. A Partnership Interest may be acquired by two individuals as joint tenants with right of
survivorship, provided that such individuals either are married or are related and share the same home as tenants in common. The written consent or vote of both owners of any such jointly held Partnership Interest shall be required to constitute the
action of the owners of such Partnership Interest; provided, however, that the written consent of only one joint owner will be required if the Partnership has been provided with evidence satisfactory to the counsel for the Partnership that the
actions of a single joint owner can bind both owners under the applicable laws of the state of residence of such joint owners. Upon the death of one owner of a Partnership Interest held in a joint tenancy with a right of survivorship, the
Partnership Interest shall become owned solely by the survivor as a Limited Partner and not as an assignee. The Partnership need not recognize the death of one of the owners of a 

  
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jointly-held Partnership Interest until it shall have received notice of such death. Upon notice to the General Partner from either owner, the General Partner shall cause the Partnership Interest
to be divided into two equal Partnership Interests, which shall thereafter be owned separately by each of the former owners. 
 9.7
Redemption of Partnership Units. The General Partner will cause the Partnership to redeem Partnership Units, to the extent it shall have legally available funds therefor, at any time the General Partner redeems shares of capital stock in
itself. The number and class or series of Partnership Units redeemed and the redemption price shall equal the number (multiplied by the Conversion Factor) of shares of capital stock the General Partner redeems and the redemption price at which the
General Partner redeems such shares, respectively. 
 ARTICLE 10 

BOOKS AND RECORDS; ACCOUNTING; TAX MATTERS 

10.1 Books and Records. At all times during the continuance of the Partnership, the Partners shall keep or cause to be kept at the
Partnership’s specified office true and complete books of account in accordance with generally accepted accounting principles, including: (a) a current list of the full name and last known business address of each Partner, (b) a copy
of the Certificate of Limited Partnership and all certificates of amendment thereto, (c) copies of the Partnership’s federal, state and local income tax returns and reports, (d) copies of this Agreement and amendments thereto and any
financial statements of the Partnership for the three most recent years and (e) all documents and information required under the Act. Any Partner or its duly authorized representative, upon paying the costs of collection, duplication and
mailing, shall be entitled to inspect or copy such records during ordinary business hours. 
 10.2 Custody of Partnership Funds; Bank
Accounts. 
 (a) All funds of the Partnership not otherwise invested shall be deposited in one or more accounts maintained in such
banking or brokerage institutions as the General Partner shall determine, and withdrawals shall be made only on such signature or signatures as the General Partner may, from time to time, determine. 

(b) All deposits and other funds not needed in the operation of the business of the Partnership may be invested by the General Partner in
investment grade instruments (or investment companies whose portfolio consists primarily thereof), government obligations, certificates of deposit, bankers’ acceptances and municipal notes and bonds. The funds of the Partnership shall not be
commingled with the funds of any other Person except for such commingling as may necessarily result from an investment in those investment companies permitted by this Section 10.2(b). 

10.3 Fiscal and Taxable Year. The fiscal and taxable year of the Partnership shall be the calendar year. 

10.4 Annual Tax Information and Report. Within 90 days after the end of each fiscal year of the Partnership, the General Partner shall
furnish to each person who was a Limited Partner at any time during such year the tax information necessary to file such Limited Partner’s individual tax returns as shall be reasonably required by law. 

10.5 Tax Matters Partner; Tax Elections; Special Basis Adjustments. 

(a) The General Partner shall be the Tax Matters Partner of the Partnership within the meaning of Section 6231(a)(7) of the Code. As Tax
Matters Partner, the General Partner shall have 

  
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the right and obligation to take all actions authorized and required, respectively, by the Code for the Tax Matters Partner. The General Partner shall have the right to retain professional
assistance in respect of any audit of the Partnership by the Service and all out-of-pocket expenses and fees incurred by the General Partner on behalf of the Partnership as Tax Matters Partner shall constitute Partnership expenses. In the event the
General Partner receives notice of a final Partnership adjustment under Section 6223(a)(2) of the Code, the General Partner shall either (i) file a court petition for judicial review of such final adjustment within the period provided
under Section 6226(a) of the Code, a copy of which petition shall be mailed to all Limited Partners on the date such petition is filed, or (ii) mail a written notice to all Limited Partners, within such period, that describes the General
Partner’s reasons for determining not to file such a petition. 
 (b) All elections required or permitted to be made by the Partnership
under the Code or any applicable state or local tax law shall be made by the General Partner in its sole and absolute discretion. 
 (c) In
the event of a transfer of all or any part of the Partnership Interest of any Partner, the Partnership, at the option of the General Partner, may elect pursuant to Section 754 of the Code to adjust the basis of the Partnership’s assets.
Notwithstanding anything contained in Article 5 of this Agreement, any adjustments made pursuant to Section 754 of the Code shall affect only the successor in interest to the transferring Partner and in no event shall be taken into account in
establishing, maintaining or computing Capital Accounts for the other Partners for any purpose under this Agreement. Each Partner will furnish the Partnership with all information necessary to give effect to such election. 

10.6 Reports Made Available to Limited Partners. 

(a) As soon as practicable after the close of each fiscal quarter (other than the last quarter of the fiscal year), upon written request by a
Limited Partner to the General Partner, the General Partner will make available, without cost, to each Limited Partner a quarterly report containing financial statements of the Partnership, or of the General Partner if such statements are prepared
solely on a consolidated basis with the General Partner, for such fiscal quarter, presented in accordance with generally accepted accounting principles. As soon as practicable after the close of each fiscal year, upon written request by a Limited
Partner to the General Partner, the General Partner will make available, without cost, to each Limited Partner an annual report containing financial statements of the Partnership, or of the General Partner if such statements are prepared solely on a
consolidated basis with the General Partner, for such fiscal year, presented in accordance with generally accepted accounting principles. 

(b) Any Partner shall further have the right to a private audit of the books and records of the Partnership at the expense of such Partner,
provided such audit is made for Partnership purposes and is made during normal business hours. 
 ARTICLE 11 

AMENDMENT OF AGREEMENT; MERGER 

The General Partner’s consent shall be required for any amendment to this Agreement. The General Partner, without the consent of the
Limited Partners, may amend this Agreement in any respect or merge or consolidate the Partnership with or into any other partnership or business entity (as defined in Section 17-211 of the Act) in a transaction pursuant to Section 7.1(b),
(c) or (d) hereof; provided, however, that the following amendments and any other merger or consolidation of the Partnership shall require the consent of the holders of a majority of the Partnership Units (excluding the Partnership Units
held by the General Partner or an Affiliate thereof): 
 (a) any amendment affecting the operation of the Conversion Factor or the Exchange
Right (except as provided in Section 8.4(d) or 7.1(c) hereof) in a manner adverse to the Limited Partners; 

  
 37 

 (b) any amendment that would adversely affect the rights of the Limited Partners to receive the
distributions payable to them hereunder, other than with respect to the issuance of additional Partnership Interests pursuant to Section 4.2 hereof; 

(c) any amendment that would alter the Partnership’s allocations of Profit and Loss to the Limited Partners, other than with respect to
the issuance of additional Partnership Interests pursuant to Section 4.2 hereof; or 
 (d) any amendment that would impose on the
Limited Partners any obligation to make additional Capital Contributions to the Partnership. 
 ARTICLE 12 

GENERAL PROVISIONS 
 12.1
Notices. All communications required or permitted under this Agreement shall be in writing and shall be deemed to have been given when delivered personally or upon deposit in the United States mail, registered, postage prepaid return receipt
requested, to the Partners at the addresses set forth in Exhibit A attached hereto; provided, however, that any Partner may specify a different address by notifying the General Partner in writing of such different address. Notices to the
Partnership shall be delivered at or mailed to its specified office. 
 12.2 Survival of Rights. Subject to the provisions hereof
limiting transfers, this Agreement shall be binding upon and inure to the benefit of the Partners and the Partnership and their respective legal representatives, successors, transferees and assigns. 

12.3 Additional Documents. Each Partner agrees to perform all further acts and execute, swear to, acknowledge and deliver all further
documents which may be reasonable, necessary, appropriate or desirable to carry out the provisions of this Agreement or the Act. 
 12.4
Severability. If any provision of this Agreement shall be declared illegal, invalid, or unenforceable in any jurisdiction, then such provision shall be deemed to be severable from this Agreement (to the extent permitted by law) and in any
event such illegality, invalidity or unenforceability shall not affect the remainder hereof. 
 12.5 Entire Agreement. This Agreement
and exhibits attached hereto constitute the entire Agreement of the Partners and supersede all prior written agreements and prior and contemporaneous oral agreements, understandings and negotiations with respect to the subject matter hereof. 

12.6 Pronouns and Plurals. When the context in which words are used in the Agreement indicates that such is the intent, words in the
singular number shall include the plural and the masculine gender shall include the neuter or female gender as the context may require. 

12.7 Headings. The Article headings or sections in this Agreement are for convenience only and shall not be used in construing the
scope of this Agreement or any particular Article. 
 12.8 Counterparts. This Agreement may be executed in several counterparts, each
of which shall be deemed to be an original copy and all of which together shall constitute one and the same instrument binding on all parties hereto, notwithstanding that all parties shall not have signed the same counterpart. 

  
 38 

 12.9 Governing Law. This Agreement shall be governed by and construed in accordance with
the laws of the State of Delaware; provided, however, that causes of action for violations of federal or state securities laws shall not be governed by this Section 12.9. 

[Signatures appear on next page.] 

  
 39 

 IN WITNESS WHEREOF, the parties hereto have hereunder affixed their signatures to this Amended
and Restated Limited Partnership Agreement, all as of the 10th day of January, 2014. 
  

			
	GENERAL PARTNER:
	
	STRATEGIC STORAGE TRUST II, INC.
		
	By:	 	 /s/ H. Michael Schwartz

		 	H. Michael Schwartz, President
	
	ORIGINAL LIMITED PARTNER:
	
	STRATEGIC STORAGE ADVISOR II, LLC
		
	By:	 	 /s/ H. Michael Schwartz

		 	H. Michael Schwartz, President
	
	SPECIAL LIMITED PARTNER:
	
	 STRATEGIC STORAGE ADVISOR II, LLC

		
	 By:
	 	 /s/ H. Michael Schwartz

		 	H. Michael Schwartz, President

  
 40 

 EXHIBIT A 
  

													
	Percentage Partner Interest	  	Cash 
Contribution	 	  	Agreed Value of 
Capital 
Contribution	 	  	Partnership Units	 
				
	 GENERAL PARTNER: (1)
  

Strategic Storage Trust II, Inc.

111 Corporate Drive

Suite 120

Ladera Ranch, California 92694
	  	$	1,000	  	  	$	1,000	  	  	 	100	  
				
	 ORIGINAL LIMITED PARTNER: (1)

 
 Strategic Storage Advisor II, LLC

111 Corporate Drive

Suite 120

Ladera Ranch, California 92694
	  	$	200,000	  	  	$	200,000	  	  	 	20,000	  
				
	 SPECIAL LIMITED PARTNER:

 
 Strategic Storage Advisor II, LLC

111 Corporate Drive

Suite 120

Ladera Ranch, California 92694
	  	 	None	  	  	 	Not applicable	  	  	 	None	  
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
				
	 Totals
	  	$	201,000	  	  	$	201,000	  	  	 	20,100	  

  

	(1)	The initial cash contributions of the General Partner in the amount of $1,000 and the Original Limited Partner in the amount of $200,000 were made on August 2, 2013. 

  
 41 

 EXHIBIT B 

NOTICE OF EXERCISE OF EXCHANGE RIGHT 

In accordance with Section 8.4 of the Amended and Restated Limited Partnership Agreement (the “Agreement”) of Strategic Storage
Operating Partnership II, L.P., the undersigned hereby irrevocably (i) presents for exchange             Partnership Units in Strategic Storage Operating Partnership II, L.P. in
accordance with the terms of the Agreement and the Exchange Right referred to in Section 8.4 thereof, (ii) surrenders such Partnership Units and all right, title and interest therein, and (iii) directs that the Cash Amount or REIT
Shares Amount (as defined in the Agreement) as determined by the General Partner deliverable upon exercise of the Exchange Right be delivered to the address specified below, and if REIT Shares (as defined in the Agreement) are to be delivered, such
REIT Shares be registered or placed in the name(s) and at the address(es) specified below. 
  

			
	Dated:                     ,         
	
	  

	(Name of Limited Partner)
	
	  

	(Signature of Limited Partner)
	
	  

	(Mailing Address)
	
	  

	(City) (State) (Zip Code)
	
	Signature Guaranteed by:
	
	  

	
	If REIT Shares are to be issued, issue to:
		
	Name:	 	
	  

	
	Social Security or Tax I.D. Number:
	
	  

  
 42

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